Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 23, 2017 | Jun. 30, 2016 | |
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Entity Registrant Name | Ladder Capital Corp | ||
Entity Public Float | $ 469,299,779 | ||
Entity Central Index Key | 1,577,670 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Class A common stock | |||
Entity Common Stock, Shares Outstanding | 72,291,533 | ||
Class B common stock | |||
Entity Common Stock, Shares Outstanding | 38,434,658 |
Combined Consolidated Balance S
Combined Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 44,615 | $ 108,959 |
Cash collateral held by broker | 19,402 | 30,811 |
Mortgage loan receivables held for investment, net, at amortized cost | 1,996,095 | 1,738,645 |
Mortgage loan receivables held for sale | 357,882 | 571,764 |
Real estate securities, available-for-sale | 2,100,947 | 2,407,217 |
Real estate and related lease intangibles, net | 822,338 | 834,779 |
Investments in unconsolidated joint ventures | 34,025 | 33,797 |
FHLB stock | 77,915 | 77,915 |
Derivative instruments | 5,018 | 2,821 |
Due from brokers | 10 | 0 |
Accrued interest receivable | 24,439 | 22,776 |
Other assets | 95,651 | 65,728 |
Total assets | 5,578,337 | 5,895,212 |
Liabilities | ||
Debt obligations, net | 3,942,138 | 4,274,723 |
Due to brokers | 394 | 0 |
Derivative instruments | 3,446 | 5,504 |
Amount payable pursuant to tax receivable agreement | 2,520 | 1,910 |
Dividends payable | 24,682 | 17,456 |
Accrued expenses | 66,597 | 78,142 |
Other liabilities | 29,006 | 26,069 |
Total liabilities | 4,068,783 | 4,403,804 |
Commitments and contingencies | 0 | 0 |
Equity | ||
Additional paid-in capital | 992,307 | 776,866 |
Treasury stock, 1,095,048 and 548,861 shares, at cost | (11,244) | (5,812) |
Retained Earnings/(Dividends in Excess of Earnings) | (11,148) | 60,618 |
Accumulated other comprehensive income (loss) | 1,365 | (3,556) |
Total shareholders’ equity | 971,390 | 828,215 |
Noncontrolling interest in operating partnership | 533,246 | 657,380 |
Noncontrolling interest in consolidated joint ventures | 4,918 | 5,813 |
Total equity | 1,509,554 | 1,491,408 |
Total liabilities and equity | 5,578,337 | 5,895,212 |
Class A common stock | ||
Equity | ||
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 72,681,218 and 55,758,710 shares issued and 71,586,170 and 55,209,849 shares outstanding Class B common stock, par value $0.001 per share, 100,000,000 shares authorized; 38,002,344 and 44,055,987 shares issued and outstanding | 72 | 55 |
Class B common stock | ||
Equity | ||
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 72,681,218 and 55,758,710 shares issued and 71,586,170 and 55,209,849 shares outstanding Class B common stock, par value $0.001 per share, 100,000,000 shares authorized; 38,002,344 and 44,055,987 shares issued and outstanding | $ 38 | $ 44 |
Combined Consolidated Balance 3
Combined Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Treasury stock, shares (in shares) | 1,095,048 | 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) | 72,681,218 | 55,758,710 |
Common stock, outstanding shares (in shares) | 71,586,170 | 55,209,849 |
Class B common stock | ||
Common stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized shares (in shares) | 100,000,000 | 100,000,000 |
Common stock, issued shares (in shares) | 38,002,344 | 44,055,987 |
Common stock, outstanding shares (in shares) | 38,002,344 | 44,055,987 |
Combined Consolidated Statement
Combined Consolidated Statements of Income - USD ($) $ in Thousands | Dec. 02, 2016 | Sep. 01, 2016 | Jun. 01, 2016 | Mar. 01, 2016 | Dec. 01, 2015 | Sep. 01, 2015 | Jun. 08, 2015 | Mar. 12, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Net interest income | ||||||||||||||||||||
Interest income | $ 60,721 | $ 60,284 | $ 55,766 | $ 59,601 | $ 62,903 | $ 63,013 | $ 59,239 | $ 56,384 | $ 236,372 | $ 241,539 | $ 187,325 | |||||||||
Interest expense | 120,827 | 113,303 | 77,574 | |||||||||||||||||
Net interest income | 115,545 | 128,236 | 109,751 | |||||||||||||||||
Provision for loan losses | 300 | 600 | 600 | |||||||||||||||||
Net interest income after provision for loan losses | 28,517 | 29,599 | 27,214 | 29,915 | 33,297 | 33,328 | 31,602 | 29,409 | 115,245 | 127,636 | 109,151 | |||||||||
Other income | ||||||||||||||||||||
Operating lease income | 77,277 | 80,465 | 56,649 | |||||||||||||||||
Tenant recoveries | 5,958 | 9,907 | 9,183 | |||||||||||||||||
Sale of loans, net | 26,009 | 71,066 | 145,275 | |||||||||||||||||
Realized gain (loss) on securities | 7,724 | 24,007 | 26,977 | |||||||||||||||||
Unrealized gain (loss) on Agency interest-only securities | (56) | (1,249) | 2,144 | |||||||||||||||||
Realized gain on sale of real estate, net | 20,636 | 40,386 | 29,760 | |||||||||||||||||
Fee and other income | 21,365 | 15,205 | 11,704 | |||||||||||||||||
Net result from derivative transactions | (1,409) | (38,937) | (94,798) | |||||||||||||||||
Earnings (loss) from investment in unconsolidated joint ventures | 426 | 371 | 1,990 | |||||||||||||||||
Gain on assignment of mortgage loan financing | 0 | 0 | 432 | |||||||||||||||||
Gain (loss) on extinguishment of debt | 5,382 | 0 | (150) | |||||||||||||||||
Total other income | 163,312 | 201,221 | 189,166 | |||||||||||||||||
Costs and expenses | ||||||||||||||||||||
Salaries and employee benefits | 64,270 | 61,612 | 82,144 | |||||||||||||||||
Operating expenses | 20,552 | 25,103 | 25,398 | |||||||||||||||||
Real estate operating expenses | 29,953 | 35,886 | 32,670 | |||||||||||||||||
Real estate acquisition costs | 592 | 1,983 | 2,404 | |||||||||||||||||
Fee expense | 3,703 | 4,521 | 3,023 | |||||||||||||||||
Depreciation and amortization | 39,447 | 39,061 | 28,447 | |||||||||||||||||
Total costs and expenses | 45,335 | 40,615 | 37,405 | 35,162 | 38,347 | 42,260 | 44,180 | 43,379 | 158,517 | 168,166 | 174,086 | |||||||||
Income (loss) before taxes | 72,394 | 58,319 | 1,644 | (12,317) | 67,133 | (1,383) | 73,874 | 21,067 | 120,040 | 160,691 | 124,231 | |||||||||
Income tax expense (benefit) | 773 | 8,721 | (2,301) | (873) | 10,457 | (4,181) | 5,177 | 3,104 | 6,320 | 14,557 | 26,605 | |||||||||
Net income (loss) | 71,621 | 49,598 | 3,945 | (11,444) | 56,676 | 2,798 | 68,697 | 17,963 | 113,720 | 146,134 | 97,626 | |||||||||
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures | (298) | 439 | (235) | 232 | (2,146) | 85 | 684 | (191) | 138 | (1,568) | 370 | |||||||||
Pre-IPO net loss attributable to predecessor unitholders | 0 | 0 | 12,628 | |||||||||||||||||
Net (income) loss attributable to noncontrolling interest in operating partnership | (29,467) | (22,429) | (908) | 5,673 | (27,407) | 430 | (35,171) | (8,597) | (47,131) | (70,745) | (66,437) | |||||||||
Net income (loss) attributable to Class A common shareholders | $ 41,856 | $ 27,608 | $ 2,802 | $ (5,539) | $ 27,123 | $ 3,313 | $ 34,210 | $ 9,175 | $ 66,727 | $ 73,821 | $ 44,187 | |||||||||
Earnings per share: | ||||||||||||||||||||
Basic (in dollars per share) | $ 0.64 | $ 0.44 | $ 0.05 | $ (0.09) | $ 0.51 | $ 0.06 | $ 0.68 | $ 0.18 | $ 1.08 | $ 1.43 | $ 0.90 | |||||||||
Diluted (in dollars per share) | 0.63 | 0.44 | 0.05 | (0.09) | 0.50 | 0.06 | 0.67 | 0.15 | $ 1.06 | $ 1.42 | $ 0.86 | |||||||||
Weighted average shares outstanding: | ||||||||||||||||||||
Basic (in shares) | 49,296,417 | 61,998,089 | 51,702,188 | 49,296,417 | ||||||||||||||||
Diluted (in shares) | 97,583,310 | 107,638,788 | 51,870,808 | 97,583,310 | ||||||||||||||||
Dividends per share of Class A common stock (in dollars per share) | $ 0.460 | $ 0.275 | $ 0.275 | $ 0.275 | $ 1.450 | $ 0.275 | $ 0.250 | $ 0.250 | ||||||||||||
Class A Common Stock | ||||||||||||||||||||
Costs and expenses | ||||||||||||||||||||
Net income (loss) attributable to Class A common shareholders | $ 44,187 | $ 66,727 | $ 73,821 | $ 44,187 | ||||||||||||||||
Earnings per share: | ||||||||||||||||||||
Basic (in dollars per share) | $ 0.90 | $ 1.08 | $ 1.43 | |||||||||||||||||
Diluted (in dollars per share) | $ 0.86 | $ 1.06 | $ 1.42 | |||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||
Basic (in shares) | 49,296,417 | 61,998,089 | 51,702,188 | |||||||||||||||||
Diluted (in shares) | 97,583,310 | 107,638,788 | 51,870,808 | |||||||||||||||||
Dividends per share of Class A common stock (in dollars per share) | $ 0.460 | $ 0.275 | $ 0.275 | $ 0.275 | $ 1.450 | $ 0.275 | $ 0.250 | $ 0.250 | $ 1.285 | $ 2.225 | $ 0 |
Combined Consolidated Statemen5
Combined Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Net income (loss) | $ 113,720 | $ 146,134 | $ 97,626 | |
Unrealized gain (loss) on securities, net of tax: | ||||
Unrealized gain (loss) on real estate securities, available for sale | [1] | 20,947 | (11,403) | 43,179 |
Reclassification adjustment for (gains) included in net income | [2] | (12,428) | (25,142) | (25,163) |
Total other comprehensive income (loss) | 8,519 | (36,545) | 18,016 | |
Comprehensive income | 122,239 | 109,589 | 115,642 | |
Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint ventures | 138 | (1,568) | 370 | |
Comprehensive income of combined Class A common shareholders and Operating Partnership unitholders | 122,377 | 108,021 | 116,012 | |
Comprehensive (income) attributable to predecessor unitholders | 0 | 0 | (4,380) | |
Comprehensive (income) attributable to noncontrolling interest in operating partnership | (52,230) | (54,247) | (66,957) | |
Unrealized gain (loss) on real estate securities, available for sale, tax | 500 | 5,800 | 0 | |
Reclassification adjustment for (gains) included in net income, tax | (500) | (5,800) | 0 | |
Class A Common Stock | ||||
Unrealized gain (loss) on securities, net of tax: | ||||
Comprehensive income attributable to Class A common shareholders | $ 70,147 | $ 53,774 | $ 44,675 | |
[1] | Amounts are net of provision for (benefit from) income taxes of $0.5 million and $5.8 million for the years ended December 31, 2015 and 2014 , respectively and none for the year ended December 31, 2016 | |||
[2] | Amounts are net of (provision for) benefit from income taxes of $(0.5) million and $5.8 million for the years ended December 31, 2015 and 2014 , respectively and none for the year ended December 31, 2016 |
Combined Consolidated Statemen6
Combined Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Class A Common Stock | Class B Common Stock | Predecessor’s Partners’ CapitalSeries A Preferred Unit | Predecessor’s Partners’ CapitalSeries B Preferred Unit | Predecessor’s Partners’ CapitalCommon Units | Predecessor’s Partners’ CapitalLP Units | Common StockClass A Common Stock | Common StockClass B Common Stock | Additional Paid-in-Capital | Treasury Stock | Retained Earnings/(Dividends in Excess of Earnings) | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests Operating Partnership | Noncontrolling Interest in Consolidated Joint Ventures |
Beginning Balance (in shares) at Dec. 31, 2013 | 0 | 0 | |||||||||||||
Beginning Balance at Dec. 31, 2013 | $ 1,185,234 | $ 825,985 | $ 290,847 | $ 59,565 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 8,837 | |||
Increase Decrease in Stockholders' Equity | |||||||||||||||
Contributions | 1,841 | 1,841 | |||||||||||||
Distributions | (50,502) | (369) | (47,926) | (2,207) | |||||||||||
Equity based compensation | 14,451 | 290 | 332 | 13,829 | |||||||||||
Issuance of common stock (IPO) (in shares) | 16,925,000 | ||||||||||||||
Issuance of common stock (IPO) | 259,037 | $ 16 | 259,021 | ||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares) | (10,000) | ||||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units | (125) | (125) | |||||||||||||
Forfeitures (in shares) | (40,000) | (6,000) | |||||||||||||
Forfeitures | 0 | ||||||||||||||
Offering costs | (20,523) | (20,523) | |||||||||||||
Reorganization transactions | 0 | (828,577) | (291,680) | (60,441) | 1,180,698 | ||||||||||
Exchange of capital for common stock (in shares) | 33,673,000 | ||||||||||||||
Exchange of capital for common stock | 0 | (483,602) | $ 34 | 468,694 | 14,874 | ||||||||||
Exchange of predecessor LP Units for common stock (in shares) | 48,537,000 | ||||||||||||||
Exchange of predecessor LP Units for common stock | 0 | (697,096) | 697,096 | ||||||||||||
Exchange of noncontrolling interest for common stock (in shares) | 874,000 | (874,000) | |||||||||||||
Exchange of noncontrolling interest for common stock | 0 | $ 1 | 12,502 | 324 | (12,827) | ||||||||||
Adjustment for deferred taxes/tax receivable agreement as a result of the exchange of Class B shares | 152 | 152 | |||||||||||||
Net income (loss) | 97,626 | (7,471) | (2,631) | (2,526) | 44,187 | 66,437 | (370) | ||||||||
Other comprehensive income (loss) | 18,016 | 10,063 | 3,543 | 3,402 | 488 | 520 | |||||||||
Rebalancing of ownership percentage between Company and Operating Partnership | 0 | 5,360 | (30) | (5,330) | |||||||||||
Ending Balance (in shares) at Dec. 31, 2014 | 51,432,000 | 47,647,000 | |||||||||||||
Ending Balance at Dec. 31, 2014 | 1,505,207 | $ 0 | $ 0 | $ 0 | $ 0 | $ 51 | $ 0 | 725,538 | $ 0 | 44,187 | 15,656 | 711,674 | 8,101 | ||
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 (in shares) | 700,000 | ||||||||||||||
Grants of restricted stock | 0 | $ 1 | (1) | ||||||||||||
Purchase of treasury stock (in shares) | (84,000) | ||||||||||||||
Purchase of treasury stock | (994) | (994) | |||||||||||||
Re-issuance of treasury stock (in shares) | 26,000 | ||||||||||||||
Re-issuance of treasury stock | 0 | ||||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares) | (262,000) | (5,000) | |||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units | (4,897) | (4,818) | (79) | ||||||||||||
Forfeitures (in shares) | (188,000) | ||||||||||||||
Forfeitures | 0 | ||||||||||||||
Dividends declared | (57,390) | (57,390) | |||||||||||||
Exchange of noncontrolling interest for common stock (in shares) | 3,586,000 | (3,586,000) | |||||||||||||
Exchange of noncontrolling interest for common stock | 0 | $ 3 | $ (3) | 53,011 | 645 | (53,656) | |||||||||
Adjustment for deferred taxes/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 (loss) | (36,545) | (20,046) | (16,499) | ||||||||||||
Rebalancing of ownership percentage between Company and Operating Partnership | 0 | (733) | 189 | 544 | |||||||||||
Ending Balance (in shares) at Dec. 31, 2015 | 55,210,000 | 44,056,000 | |||||||||||||
Ending Balance at Dec. 31, 2015 | 1,491,408 | $ 55 | $ 44 | 776,866 | (5,812) | 60,618 | (3,556) | 657,380 | 5,813 | ||||||
Increase Decrease in Stockholders' Equity | |||||||||||||||
Contributions | 250 | 250 | 0 | ||||||||||||
Distributions | (40,562) | (39,805) | (757) | ||||||||||||
Equity based compensation | 17,640 | 516 | 17,124 | ||||||||||||
Grants of restricted stock (in shares) | 794,000 | ||||||||||||||
Grants of restricted stock | 0 | $ 1 | (1) | ||||||||||||
Purchase of treasury stock (in shares) | (424,000) | ||||||||||||||
Purchase of treasury stock | (4,652) | (4,652) | |||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares) | (73,000) | (1,000) | |||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units | (786) | (780) | (6) | ||||||||||||
Forfeitures (in shares) | (48,000) | ||||||||||||||
Forfeitures | 0 | ||||||||||||||
Dividends declared | (74,393) | (74,393) | |||||||||||||
Stock dividends (in shares) | 5,606,000 | 4,469,000 | |||||||||||||
Stock dividends | 0 | $ 6 | $ 4 | 64,090 | (64,100) | ||||||||||
Exchange of noncontrolling interest for common stock (in shares) | 10,521,149 | (10,521,149) | 10,521,000 | (10,521,000) | |||||||||||
Exchange of noncontrolling interest for common stock | 0 | $ 10 | $ (10) | 144,629 | 1,202 | (145,831) | |||||||||
Adjustment for deferred taxes/tax receivable agreement as a result of the exchange of Class B shares | (1,590) | (1,590) | |||||||||||||
Net income (loss) | 113,720 | 66,727 | 47,131 | (138) | |||||||||||
Other comprehensive income (loss) | 8,519 | 3,420 | 5,099 | ||||||||||||
Rebalancing of ownership percentage between Company and Operating Partnership | 0 | 7,797 | 299 | (8,096) | |||||||||||
Ending Balance (in shares) at Dec. 31, 2016 | 71,586,000 | 38,003,000 | |||||||||||||
Ending Balance at Dec. 31, 2016 | $ 1,509,554 | $ 72 | $ 38 | $ 992,307 | $ (11,244) | $ (11,148) | $ 1,365 | $ 533,246 | $ 4,918 |
Combined Consolidated Statemen7
Combined Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Class B common stock | ||
Common stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Combined Consolidated Statemen8
Combined Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Cash flows from operating activities: | ||||
Net income (loss) | $ 113,720 | $ 146,134 | $ 97,626 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
(Gain) loss on extinguishment of debt | (5,382) | 0 | 150 | |
Depreciation and amortization | 39,447 | 39,061 | 28,447 | |
Unrealized (gain) loss on derivative instruments | (4,224) | (10,182) | 14,378 | |
Unrealized (gain) loss on Agency interest-only securities | 56 | 1,249 | (2,144) | |
Unrealized (gain) loss on investment in mutual fund | 14 | 0 | 0 | |
Provision for loan losses | 300 | 600 | 600 | |
Amortization of equity based compensation | 17,640 | 13,788 | 14,451 | |
Amortization of deferred financing costs included in interest expense | 7,459 | 5,757 | 5,802 | |
Amortization of premium on mortgage loan financing | (894) | (902) | (629) | |
Amortization of above- and below-market lease intangibles | (108) | (249) | 652 | |
Amortization of premium/(accretion) of discount and other fees on loans | (8,941) | (12,241) | (6,918) | |
Amortization of premium/(accretion) of discount and other fees on securities | 76,475 | 87,906 | 91,306 | |
Realized gain on sale of mortgage loan receivables held for sale | (26,009) | (71,066) | (145,275) | |
Realized gain on disposition of loan | 0 | (820) | 0 | |
Realized (gain) loss on real estate securities | (7,724) | (24,007) | (26,977) | |
Realized gain on sale of real estate, net | (20,636) | (40,386) | (29,760) | |
Realized gain on assignment of mortgage loan financing | 0 | 0 | (432) | |
Realized gain on sale of derivative instruments | 24 | 0 | 0 | |
Origination of mortgage loan receivables held for sale | (1,128,651) | (2,594,141) | (3,345,372) | |
Purchases of mortgage loan receivables held for sale | 73,421 | 0 | 0 | |
Repayment of mortgage loan receivables held for sale | 1,768 | 2,308 | 1,293 | |
Proceeds from sales of mortgage loan receivables held for sale | 1,440,195 | 2,509,090 | 3,523,689 | |
Income from investments in unconsolidated joint ventures in excess of distributions received | (426) | (371) | (1,990) | |
Distributions from operations of investment in unconsolidated joint ventures | 1,017 | 294 | 1,957 | |
Deferred tax asset | 1,868 | 2,900 | (7,175) | |
Changes in operating assets and liabilities: | ||||
Accrued interest receivable | (1,662) | 621 | (9,687) | |
Other assets | (3,673) | (1,770) | (17,446) | |
Accrued expenses and other liabilities | (9,085) | (12,985) | 22,126 | |
Net cash provided by (used in) operating activities | 409,147 | 40,588 | 208,672 | |
Cash flows from investing activities: | ||||
Reduction (addition) of cash collateral held by broker for derivatives | 7,616 | 16,918 | (13,864) | |
Purchase of derivative instruments | (73) | 0 | (7) | |
Sale of derivative instruments | 39 | 0 | 0 | |
Purchases of real estate securities | (977,062) | (725,888) | (2,157,391) | |
Repayment of real estate securities | 684,143 | 186,902 | 186,310 | |
Proceeds from sales of real estate securities | 539,295 | 845,648 | 768,590 | |
Purchase of FHLB stock | 0 | (7,984) | (22,890) | |
Sale of FHLB stock | 0 | 2,409 | 0 | |
Origination of mortgage loan receivables held for investment | (919,023) | (963,023) | (1,201,968) | |
Repayment of mortgage loan receivables held for investment | 649,914 | 752,452 | 214,511 | |
Reduction (addition) of cash collateral held by broker | 3,793 | (5,291) | (53) | |
Addition (reduction) of deposits received for loan originations | 960 | (2,368) | (91) | |
Escrow cash and title deposits included in other assets | (4,014) | 5,375 | (9,621) | |
Capital contributions to investment in unconsolidated joint ventures | 0 | (31,085) | 0 | |
Distributions received from investments in unconsolidated joint ventures in excess of income | 48 | 3,747 | 3,255 | |
Capitalization of interest on investment in unconsolidated joint ventures | (867) | (341) | 0 | |
Capital contributions to investment in mutual fund | (10,001) | 0 | 0 | |
Purchases of real estate | (62,495) | (197,501) | (254,497) | |
Capital improvements of real estate | (10,640) | (8,375) | (5,192) | |
Proceeds from sale of real estate | 72,953 | [1] | 98,558 | 123,444 |
Net cash provided by (used in) investing activities | (25,414) | (29,847) | (2,369,464) | |
Cash flows from financing activities: | ||||
Deferred financing costs paid | (5,927) | (2,330) | (9,863) | |
Proceeds from borrowings under debt obligations | 12,359,830 | 16,280,023 | 16,885,636 | |
Repayment of borrowings under debt obligations | (12,689,064) | (16,137,339) | (14,907,233) | |
Cash dividends paid to Class A common shareholders | (67,166) | (39,934) | 0 | |
Partners’ capital distributions | 0 | 0 | (369) | |
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock | (786) | (4,897) | (125) | |
Purchase of treasury stock | (4,652) | (994) | 0 | |
Issuance of common stock | 0 | 0 | 259,037 | |
Common stock offering costs | 0 | 0 | (20,523) | |
Net cash provided by (used in) financing activities | (448,077) | 22,000 | 2,158,268 | |
Net increase (decrease) in cash | (64,344) | 32,741 | (2,524) | |
Cash and cash equivalents at beginning of period | 108,959 | 76,218 | 78,742 | |
Cash and cash equivalents at end of period | 44,615 | 108,959 | 76,218 | |
Supplemental information: | ||||
Cash paid for interest, net of amounts capitalized | 115,246 | 107,362 | 63,171 | |
Cash paid for income taxes | 8,775 | 7,306 | 45,981 | |
Non-cash investing and financing activities: | ||||
Securities and derivatives purchased, not settled | (394) | 0 | 0 | |
Securities sold, not settled | 0 | 4 | 3 | |
Origination of mortgage loans receivable held for investment | 50,400 | 0 | 0 | |
Repayment of mortgage loans receivable held for investment | (70,678) | 0 | 0 | |
Settlement of mortgage loan receivable held for investment by real estate | 0 | 4,620 | 0 | |
Acquisitions | 0 | 15,249 | 0 | |
Dispositions | 0 | (62,093) | 0 | |
Receivable from qualified intermediary - other assets | 0 | 6,483 | 0 | |
Real estate acquired in settlement of mortgage loan receivable held for investment | 0 | 6,700 | 0 | |
Net settlement of sale of real estate, subject to debt - real estate | 0 | (11,310) | 0 | |
Net settlement of sale of real estate, subject to debt - debt obligations | 0 | 51,060 | 0 | |
Exchange of noncontrolling interest for common stock | 145,841 | 53,659 | 0 | |
Change in deferred tax asset related to exchanges of noncontrolling interest for common stock | 980 | (320) | 1,014 | |
Dividends declared, not paid | 23,364 | 17,456 | 0 | |
Stock dividends | 64,100 | 0 | 0 | |
Proceeds from sale of real estate related to prior year sales | (6,500) | |||
Operating Partnership | ||||
Cash flows from financing activities: | ||||
Capital contributed by noncontrolling interests in operating partnership | 250 | 0 | 0 | |
Capital distributed to noncontrolling interests in operating partnership | (39,805) | (68,673) | (47,926) | |
Consolidated Joint Venture | ||||
Cash flows from financing activities: | ||||
Capital contributed by noncontrolling interests in operating partnership | 0 | 74 | 1,841 | |
Capital distributed to noncontrolling interests in operating partnership | $ (757) | $ (3,930) | $ (2,207) | |
[1] | Includes cash proceeds received in the current year that relate to prior year sales of real estate of $6.5 million . |
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS | 12 Months Ended |
Dec. 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 December 31, 2016 , Ladder Capital Corp has a 65.3% 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 and related real estate business lines 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 (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 this 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. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 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”). 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 the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. Noncontrolling interests in consolidated subsidiaries are defined as “the portion of the equity (net assets) in the subsidiaries not attributable, directly or indirectly, to a parent.” Noncontrolling interests are presented as a separate component of capital in the combined consolidated balance sheets. In addition, the presentation of net income attributes earnings to shareholders/unitholders (controlling interest) and noncontrolling interests. Emerging Growth Company Status The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act (“JOBS Act”), and is eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies,” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended (the “Sarbanes-Oxley Act”), reduced disclosure obligations regarding executive compensation in the Company’s periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. However, the Company chose to “opt out” of such extended transition period, and as a result, it will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. Section 107 of the JOBS Act provides that the Company’s decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable. The Company could remain an “emerging growth company” for up to five years from the date of the IPO, or until the earliest of (i) the last day of the first fiscal year in which its annual gross revenues exceed $1 billion; (ii) the date that the Company becomes a “large accelerated filer” as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of its common stock that is held by nonaffiliates exceeds $700 million as of the last business day of its most recently completed second fiscal quarter; or (iii) the date on which the Company has issued more than $1 billion in nonconvertible debt during the preceding three-year period. Use of Estimates The preparation of the combined consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the balance sheets and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of resulting changes are reflected in the combined consolidated financial statements in the period the changes are deemed to be necessary. Significant estimates made in the accompanying combined consolidated financial statements include, but are not limited to the following: • valuation of real estate securities; • allocation of purchase price for acquired real estate; • impairment, and useful lives, of real estate; • useful lives of intangible assets; • valuation of derivative instruments; • valuation of deferred tax asset; • amounts payable pursuant to the Tax Receivable Agreement; • determination of effective yield for recognition of interest income; • adequacy of provision for loan losses; • determination of other than temporary impairment of real estate securities and investments in unconsolidated joint ventures; • certain estimates and assumptions used in the accrual of incentive compensation and calculation of the fair value of equity compensation issued to employees; • determination of the effective tax rate for income tax provision; and • certain estimates and assumptions used in the allocation of revenue and expenses for our segment reporting. Cash and Cash Equivalents The Company considers all investments with original maturities of three months or less, at the time of acquisition, to be cash equivalents. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of December 31, 2016 and 2015 . At December 31, 2016 and 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 December 31, 2016 and 2015 , included in other assets on the Company’s combined consolidated balance sheets are $24.9 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. Mortgage Loans Receivable Held for Investment Loans that the Company has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for loan losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the interest method, adjusted for actual prepayments. Upon the decision to sell such loans, the Company will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value less cost to sell on the combined consolidated balance sheets. The Company evaluates each loan classified as a mortgage loan receivable held for investment for impairment at least quarterly. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s contractual effective rate or the fair value of the collateral, if recovery of the Company’s investment is expected solely from the collateral. The Company’s loans are typically collateralized by real estate. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management personnel, who utilize various data sources, including (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and other market data. Upon the completion of the process above, the Company concluded that no loans originated by the Company were impaired as of December 31, 2016 and 2015 . Significant judgment is required when evaluating loans for impairment, therefore actual results over time could be materially different. In addition, the Company assesses a portfolio-based loan loss provision. The Company estimates its loan loss provision based on its historical loss experience and expectation of losses inherent in the investment portfolio but not yet realized. Since inception, the Company has had no events of impairment on any of the loans it has originated, however, to ensure that the risk exposures are properly measured and the appropriate reserves are taken, the Company assesses a loan loss provision balance that will grow over time with its portfolio and the related risk as the assets are aged and approach maturity and ultimate refinancing where applicable. Real Estate Securities The Company designates its real estate securities investments on the date of acquisition of the investment. Real estate securities that the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are designated as available-for-sale and are carried at estimated fair value with the net unrealized gains or losses on all securities, except for Government National Mortgage Association (“GNMA”) interest-only and Federal Home Loan Mortgage Corp (“FHLMC”) interest-only securities (collectively, “Agency interest-only securities”), recorded as a component of other comprehensive income (loss) in shareholders’ equity. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in earnings in the combined consolidated statements of income in accordance with ASC 815. The Company’s recognition of interest income from its Agency interest-only and all other securities, including effective interest from amortization of premiums, follows the Company’s Revenue Recognition policy, as disclosed within this Note for recognizing interest income on its securities. The interest income recognized from the Company’s Agency interest-only securities is recorded in interest income on the combined consolidated statements of income. The Company uses the specific identification method when determining the cost of securities sold and the amount of gain (loss) on securities recognized in earnings. The Company accounts for the changes in the fair value of the unfunded portion of its GNMA Construction securities, which are included in real estate securities, available-for-sale, on the combined consolidated balance sheet, as available for sale securities. Unrealized losses on securities that, in the judgment of management, are other than temporary are charged against earnings as a loss in the combined consolidated statements of income. When the estimated fair value of an available-for-sale security is less than amortized cost, the Company will consider whether there is an other-than-temporary impairment in the value of the security. An impairment will be considered other-than-temporary based on consideration of several factors, including (i) if the Company intends to sell the security, (ii) if it is more likely than not that the Company will be required to sell the security before recovering its cost, or (iii) the Company does not expect to recover the security’s cost basis (i.e., a credit loss). A credit loss will have occurred if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis. If the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is other-than-temporary and will be recognized currently in earnings equal to the entire difference between fair value and amortized cost. If a credit loss exists, but the Company does not intend to, nor is it more likely than not that it will be required to sell before recovery, the impairment is other-than-temporary and will be separated into (i) the estimated amount relating to the credit loss, and (ii) the amount relating to all other factors. Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss recognized in other comprehensive income. Estimating cash flows and determining whether there is other-than-temporary impairment require management to exercise judgment and make significant assumptions, including, but not limited to, assumptions regarding estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses, and the timing of income recognized on these securities, could differ from reported amounts. The Company utilizes an internal model as its primary pricing source to develop its prices for its commercial mortgage-backed securities (“CMBS”) and other commercial real estate securities guaranteed by a U.S. governmental agency or by a government sponsored entity (together, “U.S. Agency Securities”). Different judgments and assumptions could result in materially different estimates of fair value. To confirm its own valuations, the Company requests prices for each of its CMBS and U.S. Agency Securities investments from three different sources, including third parties that provide pricing services and brokers, although since broker quotes for the same or similar securities in which Ladder has invested are non-binding, the Company does not consider them to be a primary source for valuation. The Company may also develop a price for a security based on its direct observations of market activity and other observations. Typically, at least two prices per security are obtained. Prior to using a third-party pricing service for valuation, the Company develops an understanding of the valuation methodologies used by such pricing services through discussions with their representatives and review of their valuation methodologies used for different types of securities. The Company understands that the pricing services develop estimates of fair value for CMBS and U.S. Agency Securities using various techniques, including discussion with their internal trading desks, proprietary models and matrix pricing approaches. The Company does not have access to, and is therefore not able to review in detail, the inputs used by the pricing services in developing their estimates of fair value. However, on at least a monthly basis as part of our closing process, the Company evaluates the fair value information provided by the pricing services by comparing this information for reasonableness against its direct observations of market activity for similar securities and anecdotal information obtained from market participants that, in its assessment, is relevant to the determination of fair value. This process may result in the Company “challenging” the estimate of fair value for a security if it is unable to reconcile the estimate provided by the pricing service with its assessment of fair value for the security. Accordingly, in following this approach, the Company’s objective is to ensure that the information used by pricing services in their determination of fair value of securities is reasonable and appropriate. Since inception, the Company has not encountered significant variation in the values obtained from the various pricing sources. In the extremely limited occasions where the prices received were challenged, the challenge resulted in the prices provided by the pricing services being updated to reflect current market updates or cash flow assumptions. Real Estate The Company generally acquires real estate assets through cash purchases. Based on the Company’s strategic plan to realize the maximum value from the real estate acquired, properties are classified as Real estate, net or Real estate held for sale in the combined consolidated balance sheets. When the Company intends to hold, operate or develop the property for a period of at least 12 months, assets are classified as Real estate, net, and when the Company intends to market these properties for sale in the near term, assets are classified as Real estate held for sale in the combined consolidated balance sheets. The Company records acquired real estate at cost and makes assessments as to the useful lives of depreciable assets. The Company considers the period of future benefit of the asset to determine its appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful life of 20 to 47 years for buildings, four to 15 years for building fixtures and improvements and the remaining lease term for acquired intangible lease assets. The Company classifies most of its investments in real estate as held and used. The Company measures and records a property that is classified as held and used at its carrying amount, adjusted for any depreciation expense and impairments, as applicable and are included in Real estate, net in the combined consolidated balance sheets. Certain of the Company’s real estate investments are condominium units that the Company intends to sell over time. As of January 1, 2014, the date the Company adopted the accounting guidance in ASU 2014-8, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-8”), the results of operations and the related gain or loss on sale of properties that have been sold are reflected in other income and are not presented in discontinued operations in the combined consolidated statements of income due to fact that the disposal does not represent a strategic shift that has (or will have) a major effect on the Company’s operations and financial results and full disposal is not expected to be completed within one year . Prior to January 1, 2014, the results of operations and the related gain or loss on sale of condominium units that have been sold are not reflected as held for sale or presented in discontinued operations in the combined consolidated statements of income due to the significant continuing involvement in the real estate held through the consolidated homeowners association. Certain of the Company’s real estate is leased to others on a net lease basis where the tenant is generally responsible for payment of real estate taxes, property, building and general liability insurance and property and building maintenance. These leases are for fixed terms of varying length and provide for annual rentals. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The cumulative excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable within other assets in the combined consolidated balance sheets. Allocation of Purchase Price for Acquired Real Estate In accordance with the guidance for business combinations, the Company determines whether a transaction or other event is a business combination. If the transaction is determined to be a business combination, the Company determines if the transaction should be considered to be between entities under common control. The acquisition of an entity under common control is accounted for on the carryover basis of accounting whereby the assets and liabilities of the companies are recorded on the same basis as they were carried by the company under common control. All other business combinations, including rental property, are accounted for by applying the acquisition method of accounting. The Company will immediately expense acquisition related costs and fees associated with such acquisitions. Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases, (ii) in-place leases and (iii) tenant relationships. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed exceed the purchase consideration of a transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The value of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships but in no event do the amortization periods for intangible assets exceed the depreciable lives of the buildings. If a tenant terminates its lease, the unamortized portion of the in-place lease value and tenant relationship intangibles are charged to expense. The fair value of other investments and debt assumed are valued using techniques consistent with those disclosed in Note 8 , depending on the nature of the investments or debt. The fair value of other assumed assets and liabilities are based on best information available at the time of the acquisition. Impairment of Property Held for Use On a periodic basis, management assesses whether there are any indicators that the value of the Company’s properties classified as held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, current and historical operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without debt service charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future. Real Estate Held for Sale In accordance with accounting guidance found in ASC Topic 360 - Property, Plant, and Equipment (“ASC 360”), when assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, an impairment charge will be recorded in the combined consolidated statements of income. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used. A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell. Sales of Real Estate Gains on sales of real estate are recognized pursuant to the provisions included in ASC 360-20, Real Estate Sales (“ASC 360-20”). The specific timing of a sale is measured against various criteria in ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, depending on the circumstances, the Company may not record a sale or it may record a sale but may defer some or all of the gain recognition. If the criteria for full accrual are not met, the Company may account for the transaction by applying the finance, leasing, profit sharing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria for the full accrual method are met. Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as investments in unconsolidated joint ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in commercial real estate joint ventures) are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the v |
MORTGAGE LOAN RECEIVABLES (Note
MORTGAGE LOAN RECEIVABLES (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Loans on Real Estate [Abstract] | |
MORTGAGE LOAN RECEIVABLES | 3. MORTGAGE LOAN RECEIVABLES December 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 $ 2,011,309 $ 2,000,095 7.17 % 1.66 Provision for loan losses N/A (4,000 ) Total mortgage loan receivables held for investment, at amortized cost 2,011,309 1,996,095 Mortgage loan receivables held for sale 360,518 357,882 4.20 % 4.55 Total $ 2,371,827 $ 2,353,977 6.73 % 2.10 (1) December 31, 2016 London Interbank Offered Rate (“LIBOR”) rates are used to calculate weighted average yield for floating rate loans. As of December 31, 2016 , $205.4 million , or 10.3% , of the carrying value of our mortgage loan receivables held for investment, at amortized cost, were at fixed interest rates and $1.8 billion , or 89.7% , of the carrying value of our mortgage loan receivables held for investment, at amortized cost, were at variable interest rates, linked to LIBOR, some of which include interest rate floors. As of December 31, 2016 , $360.5 million , or 100.0% , of the carrying value of our mortgage loan receivables held for sale were at fixed interest rates. December 31, 2015 ($ 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 6.83 % 2.58 (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): December 31, 2016 December 31, 2015 Outstanding Face Amount Carrying Value Outstanding Face Amount Carrying Value Mortgage loan receivables held for investment, at amortized cost First mortgage loans $ 1,843,006 $ 1,832,626 $ 1,462,228 $ 1,456,212 Mezzanine loans 168,303 167,469 287,328 286,133 Total mortgage loan receivables held for investment, at amortized cost 2,011,309 2,000,095 1,749,556 1,742,345 Mortgage loan receivables held for sale First mortgage loans 360,518 357,882 571,638 571,764 Total mortgage loan receivables held for sale 360,518 357,882 571,638 571,764 Provision for loan losses N/A (4,000 ) N/A (3,700 ) Total $ 2,371,827 $ 2,353,977 $ 2,321,194 $ 2,310,409 For the years ended December 31, 2016 , 2015 and 2014 , the activity in our loan portfolio was as follows ($ in thousands): Mortgage loan receivables held for investment, at amortized cost (1) Mortgage loan receivables held for sale Balance, December 31, 2015 $ 1,738,645 $ 571,764 Origination of mortgage loan receivables 969,401 (2) 1,128,651 Purchases of mortgage loan receivables — 73,421 Repayment of mortgage loan receivables (720,592 ) (3) (1,768 ) Proceeds from sales of mortgage loan receivables(4) — (1,440,195 ) Realized gain on sale of mortgage loan receivables — 26,009 Accretion/amortization of discount, premium and other fees 8,941 — Loan loss provision (300 ) — Balance, December 31, 2016 $ 1,996,095 $ 357,882 Mortgage loan Mortgage loan receivables held for sale Balance, December 31, 2014 $ 1,521,053 $ 417,955 Origination of mortgage loan receivables 963,023 2,594,141 Repayment of mortgage loan receivables (752,452 ) (2,308 ) Proceeds from sales of mortgage loan receivables — (2,509,090 ) Non-cash disposition of loan via foreclosure (4,620 ) — Realized gain on sale of mortgage loan receivables — 71,066 Accretion/amortization of discount, premium and other fees 12,241 — Loan loss provision (600 ) — Balance, December 31, 2015 $ 1,738,645 $ 571,764 Mortgage loan Mortgage loan receivables held for sale Balance, December 31, 2013 $ 539,078 $ 440,490 Origination of mortgage loan receivables 1,201,968 3,345,372 Repayment of mortgage loan receivables (214,511 ) (1,293 ) Proceeds from sales of mortgage loan receivables — (3,523,689 ) Realized gain on sale of mortgage loan receivables — 145,275 Transfer between held for investment and held for sale (11,800 ) 11,800 Accretion/amortization of discount, premium and other fees 6,918 — Loan loss provision (600 ) — Balance, December 31, 2014 $ 1,521,053 $ 417,955 (1) Includes provision for loan losses of $4.0 million , $3.7 million and $3.1 million as of December 31, 2016 , 2015 and 2014 , respectively. (2) Includes $50.4 million of non-cash originations. (3) Includes $70.7 million of non-cash repayments. (4) Includes $2.6 million of unrealized losses on loans recorded as other than temporary impairments related to lower of cost or market adjustments for the year ended December 31, 2016 . During the years ended December 31, 2016 , 2015 and 2014 , the transfers of financial assets via sales of loans were treated as sales under ASC Topic 860 — Transfers and Servicing. At December 31, 2016 and 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 December 31, 2016 and 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 December 31, 2016 , two of the Company’s loans, which were originated simultaneously as part of a single transaction, and had a carrying value of $26.9 million , were in default. The borrower is currently in bankruptcy court, however, the Company determined that no impairment was necessary, continues to accrue interest on these loans because the loans’ collateral value was in excess of the outstanding balances and pursue its legal remedies. As of December 31, 2016 , accrued but unpaid interest totaled $3.5 million , which included $2.2 million of default interest. As of December 31, 2015 , no loans were in default. As of December 31, 2016 and 2015 there were no loans on non-accrual status. At December 31, 2014, there was one loan on non-accrual status with an amortized cost of $5.5 million and an unamortized discount of $2.6 million included in our mortgage loan receivables held for investment, at amortized cost on our combined consolidated balance sheets. This loan was not originated by the Company. Instead, it was credit impaired at the time of acquisition, which was reflected in Ladder’s purchase price. During the year ended December 31, 2015, the Company acquired, via foreclosure, title to real estate, which had a total fair value of $6.7 million and previously served as collateral for the mortgage loan receivable discussed above. The acquisition was accounted for in real estate, net, at fair value on the date of foreclosure. A gain of $0.8 million on disposition of loan, representing the difference between the fair value of the property and the $5.9 million carrying value of the loan on the date of foreclosure, is included in fee and other income in the Company’s combined consolidated statement of income for the year ended December 31, 2015. Provision for Loan Losses ($ in thousands) Year Ended December 31, 2016 2015 2014 Provision for loan losses at beginning of period $ 3,700 $ 3,100 $ 2,500 Provision for loan losses 300 600 600 Provision for loan losses at end of period $ 4,000 $ 3,700 $ 3,100 |
REAL ESTATE SECURITIES (Notes)
REAL ESTATE SECURITIES (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
REAL ESTATE SECURITIES | 4. REAL ESTATE SECURITIES Commercial mortgage backed securities (“CMBS”), CMBS interest-only securities, Agency securities, Government National Mortgage Association (“GNMA”) construction securities and Government National Mortgage Association (“GNMA”) permanent securities are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. GNMA and 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 December 31, 2016 and 2015 ($ in thousands): December 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) $ 1,676,680 $ 1,698,616 $ 10,880 $ (8,101 ) $ 1,701,395 131 AAA 3.26 % 2.81 % 3.55 CMBS interest-only(2) 8,160,458 (3) 343,438 1,273 (2,540 ) 342,171 60 AAA 0.87 % 3.45 % 2.99 GNMA interest-only(4) 478,577 (3) 18,994 159 (2,332 ) 16,821 17 AA+ 0.73 % 4.19 % 4.44 Agency securities(2) 774 802 — (22 ) 780 2 AA+ 2.90 % 1.29 % 3.27 GNMA permanent securities(2) 38,327 39,144 882 (246 ) 39,780 9 AA+ 4.09 % 3.80 % 10.30 Total $ 10,354,816 $ 2,100,994 $ 13,194 $ (13,241 ) $ 2,100,947 219 1.27 % 2.94 % 3.60 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 GNMA construction securities(2) 27,091 27,581 1,058 — 28,639 1 AA+ 4.10 % 3.86 % 9.33 GNMA 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, Agency securities, GNMA construction securities, and GNMA 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 unrealized gain (loss) on Agency interest-only securities in the combined consolidated statements of income in accordance with ASC 815. The following is a breakdown of the carrying value of the Company’s securities by remaining maturity based upon expected cash flows at December 31, 2016 and 2015 ($ in thousands): December 31, 2016 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS(1) $ 132,730 $ 1,156,026 $ 412,639 $ — $ 1,701,395 CMBS interest-only(1) 11,188 330,983 — — 342,171 GNMA interest-only(2) — 15,914 724 183 16,821 Agency securities(1) — 780 — — 780 GNMA permanent securities(1) — 4,488 27,675 7,617 39,780 Total $ 143,918 $ 1,508,191 $ 441,038 $ 7,800 $ 2,100,947 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 GNMA construction securities(1) — 386 28,253 — 28,639 GNMA 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, Agency securities, GNMA construction securities, and GNMA 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 $4.7 million , $1.6 million and $3.9 million in unrealized losses on securities recorded as other than temporary impairments for the years ended December 31, 2016 , 2015 and 2014 |
REAL ESTATE AND RELATED LEASE I
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET | 5. REAL ESTATE AND RELATED LEASE INTANGIBLES, NET The following tables present additional detail related to our real estate portfolio ($ in thousands): December 31, 2016 December 31, 2015 Land $ 143,286 $ 138,128 Building 646,372 640,206 In-place leases and other intangibles 154,687 139,501 Less: Accumulated depreciation and amortization (122,007 ) (83,056 ) Real estate and related lease intangibles, net $ 822,338 $ 834,779 Below market lease intangibles, net (other liabilities) $ (16,506 ) $ (17,021 ) The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Year Ended December 31, 2016 2015 2014 Depreciation expense (1) $ 26,031 $ 23,922 $ 18,034 Amortization expense 13,302 15,031 10,238 Total real estate depreciation and amortization expense $ 39,333 $ 38,953 $ 28,272 (1) Depreciation expense on the combined consolidated statements of income also includes $0.1 million , $0.1 million and $0.2 million of depreciation on corporate fixed assets for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Company’s intangible assets are comprised of in-place leases, favorable leases compared to market leases and other intangibles. At December 31, 2016 , gross intangible assets totaled $154.7 million with total accumulated amortization of $48.1 million , resulting in net intangible assets of $106.6 million , including $7.0 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 years ended December 31, 2016 , 2015 and 2014 , the Company recorded a net reduction in operating lease income of $1.3 million , $1.4 million and $1.3 million , respectively, for amortization of above market lease intangibles acquired. For the years ended December 31, 2016 , 2015 and 2014 , the Company recorded a net increase in operating lease income of $1.4 million , $1.8 million and $0.9 million , respectively, for amortization of below market lease intangibles acquired. The following table presents expected amortization expense during the next five years and thereafter related to the acquired in-place lease intangibles for property owned as of December 31, 2016 ($ in thousands): Period Ending December 31, Amount 2017 $ 10,307 2018 8,219 2019 8,175 2020 8,175 2021 8,101 Thereafter 63,578 Total $ 106,555 There were $0.7 million and $5.0 million of unbilled rent receivables included in other assets on the combined consolidated balance sheets as of December 31, 2016 and 2015 , respectively. There was unencumbered real estate of $70.3 million and $47.8 million as of December 31, 2016 and 2015 , respectively. The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases or rent escalations under other leases from tenants) at December 31, 2016 ($ in thousands): Period Ending December 31, Amount 2017 $ 73,960 2018 68,757 2019 63,666 2020 61,789 2021 56,929 Thereafter 500,481 Total $ 825,582 Acquisitions During the year ended December 31, 2016 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) April 2016 Land St. Paul, MN $ 200 100.0% April 2016 Net Lease Dimmitt, TX 1,319 100.0% April 2016 Net Lease Philo, IL 1,156 100.0% April 2016 Net Lease St. Charles, MN 1,198 100.0% May 2016 Net Lease San Antonio, TX 1,096 100.0% May 2016 Net Lease Borger, TX 978 100.0% June 2016 Net Lease Champaign, IL 1,324 100.0% June 2016 Net Lease Decatur-Sunnyside, IL 1,181 100.0% June 2016 Net Lease Flora Vista, NM 1,305 100.0% June 2016 Net Lease Mountain Grove, MO 1,279 100.0% June 2016 Net Lease Rantoul, IL 1,204 100.0% June 2016 Net Lease Decatur-Pershing, IL 1,365 100.0% June 2016 Net Lease Cape Girardeau, MO 1,281 100.0% June 2016 Net Lease Linn, MO 1,122 100.0% July 2016 Net Lease Union, MO 1,227 100.0% July 2016 Net Lease Pawnee, IL 1,201 100.0% July 2016 Net Lease Lamar, MO 1,176 100.0% August 2016 Other Ewing, NJ 30,640 100.0% October 2016 Other Peoria, IL 2,760 100.0% October 2016 Net Lease Dryden Township, MI 1,190 100.0% November 2016 Net Lease Fayetteville, NC 6,971 100.0% November 2016 Net Lease Springfield, IL 1,322 100.0% Total $ 62,495 (1) Properties were consolidated as of acquisition date. On October 1, 2016, the Company early adopted Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). As a result of this adoption, acquisitions of real estate do not meet the revised definition of a business and are treated as asset acquisitions rather than business combinations. The measurement of assets and liabilities acquired will no longer be recorded at fair value and the Company will now allocate purchase consideration based on relative fair values. Real estate acquisition costs are no longer expensed as incurred and will now be capitalized as a component of the cost of the assets acquired. The purchase prices were allocated to the net assets acquired, which also include asset acquisitions occurring on or after October 1, 2016, during the year ended December 31, 2016 , as follows ($ in thousands): Purchase Price Allocation Land $ 9,242 Building 39,609 Intangibles 15,854 Below Market Lease Intangibles (2,210 ) Total purchase price $ 62,495 The weighted average amortization period for intangible assets acquired during the year ended December 31, 2016 was 19.5 years. During the year ended December 31, 2015 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) January 2015 Net Lease Jacksonville, NC $ 7,877 100.0% January 2015 Net Lease Iberia, MO 1,328 100.0% January 2015 Net Lease Isle, MN 1,078 100.0% January 2015 Net Lease Pine Island, MN 1,142 100.0% January 2015 Net Lease Kings Mountain, NC 21,241 100.0% February 2015 Net Lease Village of Menomonee Falls, WI 17,050 100.0% February 2015 Net Lease Rockland, MA 7,316 100.0% February 2015 Net Lease Crawfordsville, IA 6,000 100.0% February 2015 Net Lease Boardman Township, OH 5,400 100.0% March 2015 Net Lease Hilliard, OH 6,384 100.0% March 2015 Net Lease Weathersfield Township, OH 5,200 100.0% March 2015 Net Lease Rotterdam, NY 12,000 100.0% March 2015 Net Lease Wheaton, MO 970 100.0% March 2015 Net Lease Paynesville, MN 1,254 100.0% March 2015 Net Lease Loveland, CO 5,600 100.0% March 2015 Net Lease Battle Lake, MN 1,098 100.0% March 2015 Net Lease Yorktown, TX 1,207 100.0% March 2015 Net Lease St. Francis, MN 1,117 100.0% May 2015 Net Lease Red Oak, IA 1,185 100.0% May 2015 Net Lease Zapata, TX 1,150 100.0% June 2015 Net Lease Aurora, MN 952 100.0% June 2015 Net Lease Canyon Lake, TX 1,377 100.0% June 2015 Net Lease Wheeler, TX 1,075 100.0% June 2015 Other Grand Rapids, MI 9,300 97.0% June 2015 Other Grand Rapids, MI 6,300 97.0% June 2015 Net Lease Bridgeport, IL 1,186 100.0% June 2015 Net Lease Peoria, IL 1,226 100.0% June 2015 Net Lease Pleasanton, TX 1,316 100.0% June 2015 Other Wayne, NJ 9,700 100.0% June 2015 Net Lease Warren, MN 1,055 100.0% Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) June 2015 Net Lease Tremont, IL 1,150 100.0% August 2015 Net Lease Ponce, Puerto Rico 8,900 100.0% August 2015 Net Lease Effingham County, IL 1,195 100.0% August 2015 Net Lease Lebanon, MI 1,200 100.0% August 2015 Net Lease Minot, ND 6,644 100.0% August 2015 Net Lease Floresville, TX 1,251 100.0% August 2015 Net Lease Kerrville, TX 1,174 97.0% September 2015 Net Lease De Soto, IL 1,066 97.0% September 2015 Net Lease Biscoe, NC 1,216 100.0% September 2015 Net Lease Moultrie, GA 1,305 100.0% September 2015 Net Lease Rose Hill, NC 1,420 100.0% September 2015 Net Lease Rockingham, NC 1,158 100.0% October 2015 Net Lease Wilmington, IL 1,309 100.0% October 2015 Net Lease Danville, IL 1,074 100.0% October 2015 Net Lease Bloomington, IL 1,193 100.0% October 2015 Net Lease Lincoln County , MO 1,072 100.0% October 2015 Net Lease Montrose, MN 1,167 100.0% October 2015 Net Lease Jenks, OK 12,160 100.0% October 2015 Net Lease Grove, OK 5,030 100.0% October 2015 Net Lease Farmington, IL 1,303 100.0% October 2015 Net Lease Bixby, OK 10,978 100.0% October 2015 Net Lease Rice, MN 1,200 100.0% November 2015 Net Lease Gordonville, MO 1,125 100.0% December 2015 Net Lease Malone, NY 1,466 100.0% December 2015 Net Lease Mercedes, TX 1,204 100.0% December 2015 Net Lease Albion, PA 1,525 100.0% December 2015 Net Lease Radford, VA 1,564 100.0% December 2015 Net Lease Rural Retreat, VA 1,399 100.0% December 2015 Net Lease Mount Vernon, AL 1,224 100.0% Total purchases of real estate $ 212,756 October 2015 Other Carmel, NY 6,700 100.0% Total real estate acquired via foreclosure $ 6,700 Total real estate acquisitions $ 219,456 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the net assets acquired during the year ended December 31, 2015 , as follows ($ in thousands): Purchase Price Allocation Land $ 32,260 Building 166,556 Intangibles 32,084 Below Market Lease Intangibles (11,444 ) Total purchase price $ 219,456 The weighted average amortization period for intangible assets acquired during the year ended December 31, 2015 was 22.6 years. During the year ended December 31, 2015, the Company acquired, via foreclosure, title to one commercial retail operating property, which had a total fair value of $6.7 million and previously served as collateral for mortgage loan receivables held for investment. The acquisition was accounted for at fair value on the date of foreclosure. This loan was not originated by the Company. Instead, it was credit impaired at the time of acquisition, which was reflected in Ladder’s purchase price. A gain of $0.8 million on disposition of loan, representing the difference between the fair value of the property and the $5.9 million carrying value of the loan on the date of foreclosure, is included in fee and other income in the Company’s combined consolidated statement of income for the year ended December 31, 2015. During the year ended December 31, 2014 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) August 2014 Net Lease O'Fallon, IL $ 8,000 100.0% August 2014 Net Lease El Centro, CA 4,277 100.0% August 2014 Other Richmond, VA 19,850 77.5% August 2014 Net Lease Conyers, GA 32,530 100.0% September 2014 Other St. Paul, MN 62,340 97.0% October 2014 Net Lease Bennett, CO 3,522 100.0% October 2014 Net Lease Memphis, TN 5,310 100.0% November 2014 Net Lease Ankemy, IA 16,510 100.0% November 2014 Net Lease Springfield, MO 11,675 100.0% November 2014 Net Lease Sheldon, IA 4,300 100.0% November 2014 Net Lease Cedar Rapids, IA 11,000 100.0% November 2014 Net Lease Fairfield, IA 10,695 100.0% November 2014 Net Lease Muscatine, IA 7,150 100.0% November 2014 Net Lease Owatonna, MN 9,970 100.0% November 2014 Net Lease Bellport, NY 18,100 100.0% November 2014 Net Lease Woodland Park, CO 3,969 100.0% November 2014 Net Lease Evansville, IN 9,000 100.0% December 2014 Net Lease Plattsmouth, NE 7,979 100.0% December 2014 Net Lease Worthington, MN 8,320 100.0% Total $ 254,497 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the net assets acquired during the year ended December 31, 2014 , as follows ($ in thousands): Purchase Price Allocation Land $ 41,908 Building 168,714 Intangibles 48,819 Below Market Lease Intangibles (4,944 ) Total purchase price $ 254,497 The weighted average amortization period for intangible assets acquired during the year ended December 31, 2014 was 17.1 years. Sales The Company sold the following properties during the year ended December 31, 2016 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining Mar 2016 Net Lease Rockland, MA 7,922 7,210 712 1 — — Sep 2016 Net Lease Crawfordsville, IN 6,192 5,726 466 1 — — Various Condominium Las Vegas, NV 34,049 18,907 15,142 — 73 59 Various Condominium Miami, FL 18,307 13,991 4,316 — 65 88 Totals $ 66,470 $ 45,834 $ 20,636 The Company sold the following properties during the year ended December 31, 2015 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining May 2015 Net Lease Plattsmouth, NE $ 8,440 $ 7,983 $ 457 1 — — May 2015 Net Lease Worthington, MN 8,793 8,321 472 1 — — May 2015 Net Lease Loveland, CO 6,249 5,600 649 1 — — Sep 2015 Net Lease Village of Menomonee Falls, WI 17,856 (1) 16,827 1,029 (2) 1 — — Nov 2015 Other Minneapolis, MN 62,093 (3) 49,022 13,071 (4) 1 — — Various Condominium Las Vegas, NV 38,779 22,310 16,469 — 88 132 Various Condominium Miami, FL 29,924 22,942 6,982 — 99 153 Totals $ 172,134 $ 133,005 $ 39,129 (5) (1) Includes $11.3 million of mortgage debt assumed by the buyer, which is included in non-cash transactions on the Company’s combined consolidated statement of cash flows. (2) Excludes $0.3 million of gain on mortgage debt assumed by the buyer, which is included in realized gain on sale of real estate, net on the Company’s combined consolidated statement of cash flows. (3) Includes $39.8 million of mortgage debt assumed by the buyer, which is included in non-cash transactions on the Company’s combined consolidated statement of cash flows. (4) Excludes $1.1 million of gain on mortgage debt assumed by the buyer, which is included in realized gain on sale of real estate, net on the Company’s combined consolidated statement of cash flows. (5) Includes $0.2 million loss on sales of fixed assets, which is included in realized gain on sale of real estate, net on the Company’s combined consolidated statements of income. The Company sold the following properties during the year ended December 31, 2014 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining May 2014 Net Lease Tilton, NH $ 8,432 $ 6,743 $ 1,689 1 — — Jun 2014 Other Richmond, VA 16,754 15,643 1,111 1 — — Sep 2014 Net Lease Yulee, FL 1,436 1,246 190 1 — — Sep 2014 Net Lease Middleburg, FL 1,262 1,077 185 1 — — Sep 2014 Net Lease Jonesboro, AR 9,413 8,016 1,397 1 — — Sep 2014 Net Lease Mt. Juliet, TN 10,168 8,724 1,444 1 — — Various Condominium Las Vegas, NV 52,976 33,925 19,051 — 113 220 Various Condominium Miami, FL 23,003 18,310 4,693 — 72 252 Totals $ 123,444 $ 93,684 $ 29,760 Real Estate Sold or Classified as Held for Sale On January 1, 2014, the Company early adopted ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , and as the properties sold or classified as real estate held for sale in the years ended December 31, 2016 , 2015 and 2014 did not represent a strategic shift (as the Company is not entirely exiting markets or property types), they have not been reflected as part of discontinued operations. 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 2016 acquisition adjustments made to present financial results as though the acquisition of such properties occurred on January 1, 2015 , through the date of acquisition, 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 and the 2014 acquisition adjustments made to present financial results as though the acquisition of the properties occurred on January 1, 2013 , through the date of acquisition. This unaudited pro forma information may not be indicative of the results that actually would have occurred if these transactions had been in effect on the dates indicated, nor do they purport to represent our future results of operations ($ in thousands): Year Ended December 31, 2016 Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 77,277 $ 2,473 $ 79,750 Net income (loss) 113,720 2,080 115,800 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures 138 — 138 Net (income) loss attributable to noncontrolling interest in operating partnership (47,131 ) (865 ) (47,996 ) Net income attributable to Class A common shareholders 66,727 1,215 67,942 The Company recorded $2.8 million in revenues and $(0.3) million in earnings (losses) from its 2016 acquisitions for the year ended December 31, 2016 , which are included in our combined consolidated statements of income. Year Ended December 31, 2015 Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 80,465 $ 10,966 $ 91,431 Net income 146,134 7,363 153,497 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (1,568 ) — (1,568 ) Net (income) loss attributable to noncontrolling interest in operating partnership (70,745 ) (3,334 ) (74,079 ) Net income attributable to Class A common shareholders 73,821 4,029 77,850 The Company recorded $14.0 million in revenues and $3.2 million in earnings from its 2015 acquisitions for the year ended December 31, 2015 , which are included in our combined consolidated statements of income. Year Ended December 31, 2014 Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 56,649 $ 34,446 $ 91,095 Net income 97,626 10,518 108,144 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures 370 257 627 Net (income) loss attributable to predecessor unitholders 12,628 — 12,628 Net (income) loss attributable to noncontrolling interest in operating partnership (66,437 ) (4,922 ) (71,359 ) Net income attributable to Class A common shareholders 44,187 5,852 50,039 The Company recorded $7.3 million in revenues and $(1.6) million in earnings (losses) from its 2014 acquisitions for the year ended December 31, 2014 , which are included in our 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 2016 as if they were incurred on January 1, 2015 , the properties acquired in 2015 as if they were incurred on January 1, 2014 and the properties acquired in 2014 as if they were incurred on January 1, 2013 |
INVESTMENT IN UNCONSOLIDATED JO
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | 6. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES As of December 31, 2016 , the Company had an aggregate investment of $34.0 million in its equity method joint ventures with unaffiliated third parties. Included in the Company’s investments in unconsolidated joint ventures as of December 31, 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 $30.3 million . The Company’s maximum exposure to loss is limited to its investment in the VIE. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. In general, future costs of development not financed through a third party will be funded with capital contributions from the Company and its outside partner in accordance with their respective ownership percentages. The following is a summary of the Company’s investments in unconsolidated joint ventures, which we account for using the equity method, as of December 31, 2016 and 2015 ($ in thousands): Entity December 31, 2016 December 31, 2015 Ladder Capital Realty Income Partnership I LP $ — $ 49 Grace Lake JV, LLC 3,719 2,891 24 Second Avenue Holdings LLC 30,306 30,857 Investment in unconsolidated joint ventures $ 34,025 $ 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 years ended December 31, 2016 , 2015 and 2014 ($ in thousands): Year Ended December 31, Entity 2016 2015 2014 Ladder Capital Realty Income Partnership I LP $ 892 $ 116 $ 1,090 Grace Lake JV, LLC 953 823 900 24 Second Avenue Holdings LLC (1,419 ) (568 ) — Earnings from investment in unconsolidated joint ventures $ 426 $ 371 $ 1,990 Ladder Capital Realty Income Partnership I LP On April 15, 2011, the Company entered into a limited partnership agreement, becoming the general partner and acquiring a 10% limited partnership interest in LCRIP I to invest in first mortgage loans held for investment and acted as general partner and manager to LCRIP I. The Company accounted for its interest in LCRIP I using the equity method of accounting, as it exerted significant influence but the unrelated limited partners had 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 was entitled to a fee based upon the average net equity invested in LCRIP I, which was subject to a fee reduction in the event average net equity invested in LCRIP I exceeded $100.0 million . As discussed in “Out-of-Period Adjustments” in Note 2. Significant Accounting Policies , during 2016 the Company recorded an additional return on equity of $0.9 million in this investment in unconsolidated joint venture predominately relating to prior years. During the years ended December 31, 2016 , 2015 and 2014 , the Company recorded $6,905 , $77,447 and $0.4 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 LLC”), 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 and does not control the entity. 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 years ended December 31, 2016 and 2015 , the Company recorded $1.4 million and $0.6 million , respectively, 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 years ended December 31, 2016 and 2015 , the Company capitalized $0.9 million and $0.3 million , respectively, of interest expense, using a weighted average interest rate, which is recorded in investment in unconsolidated joint ventures in the combined consolidated balance sheets. As of December 31, 2016 and 2015 , 24 Second Avenue had $21.6 million and $13.1 million , respectively, of loans payable. As of December 31, 2016 , the existing building has been demolished and we are anticipating completion in 2018. Our operating partner entered into a construction loan in the amount of $50.5 million to fund the project. As of December 31, 2016, draws of $21.6 million have been taken against the construction loan. The Company has no remaining capital commitment to our operating partner. Combined Summary Financial Information for Unconsolidated Joint Ventures The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2016 and 2015 ($ in thousands): December 31, 2016 December 31, 2015 Total assets $ 138,298 $ 131,214 Total liabilities 94,964 88,973 Partners’/members’ capital $ 43,334 $ 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 years ended December 31, 2016 , 2015 and 2014 ($ in thousands): Year Ended December 31, 2016 2015 2014 Total revenues $ 17,047 $ 18,886 $ 26,059 Total expenses 15,861 15,849 16,864 Net income $ 1,186 $ 3,037 $ 9,195 |
DEBT OBLIGATIONS, NET
DEBT OBLIGATIONS, NET | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
DEBT OBLIGATIONS, NET | 7. DEBT OBLIGATIONS, NET The details of the Company’s debt obligations at December 31, 2016 and December 31, 2015 are as follows ($ in thousands): December 31, 2016 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at December 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 $ 183,604 $ 416,396 2.45% - 3.27% 10/30/2018 (2) (3) $ 292,628 $ 293,618 Committed Loan Repurchase Facility 450,000 184,158 265,842 2.95% - 3.70% 5/24/2017 (4) (3) 286,848 288,267 Committed Loan Repurchase Facility 400,000 100,979 299,021 2.95% - 3.99% 4/9/2017 (5) (6) 235,878 236,696 Committed Loan Repurchase Facility 100,000 27,132 72,868 2.90% - 3.13% 6/28/2019 — (3) 36,166 36,410 Committed Loan Repurchase Facility 100,000 71,290 28,710 2.93% - 3.68% 8/2/2019 (7) (3) 110,271 110,897 Total Committed Loan Repurchase Facilities 1,650,000 567,163 1,082,837 961,791 965,888 Committed Securities Repurchase Facility 400,000 228,317 171,683 1.00% - 2.59% 7/1/2018 N/A (8) 272,402 272,402 Uncommitted Securities Repurchase Facility N/A (9) 311,705 N/A (9) 1.00% - 2.41% 1/2017 - 3/2017 N/A (8) 368,638 368,638 Total Repurchase Facilities 2,050,000 1,107,185 1,254,520 1,602,831 1,606,928 Revolving Credit Facility 143,000 25,000 118,000 3.16% 2/11/2017 (10) N/A (11) N/A (11) N/A (11) Mortgage Loan Financing 590,106 590,106 — 4.25% - 6.75% 2018 - 2026 N/A (12) 757,468 875,160 (13) Borrowings from the FHLB 1,998,931 1,660,000 338,931 0.43% - 2.74% 2017 - 2024 N/A (14) 2,162,779 2,167,017 Senior Unsecured Notes 563,872 559,847 (15) — 5.875% - 7.375% 2017 - 2021 N/A N/A (16) N/A (16) N/A (16) Total Debt Obligations $ 5,345,909 $ 3,942,138 $ 1,711,451 $ 4,523,078 $ 4,649,105 (1) December 31, 2016 LIBOR rates are used to calculate interest rates for floating rate debt. (2) Three additional 12 -month periods at Company’s option. No new advances are permitted after the initial maturity date, or if the lender consents, October 30, 2019, the initial extended maturity date. (3) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (4) Three additional 12 -month periods at Company’s option. (5) Two additional 364 -day periods at Company’s option. (6) First mortgage and mezzanine commercial real estate loans. It does not include the real estate collateralizing such loans. (7) One additional 12 -month extension period and two additional 6 -month extension periods at Company’s option. (8) Commercial real estate securities. It does not include the real estate collateralizing such securities. (9) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (10) Two additional 12 -month extension periods at Company’s option. (11) The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries. (12) Real estate. (13) Using undepreciated carrying value of commercial real estate to approximate fair value. (14) First mortgage commercial real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities. (15) Presented net of unamortized debt issuance costs of $4.0 million at December 31, 2016 . (16) 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 five committed master repurchase agreements, as outlined in the December 31, 2016 table above, totaling $1.7 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 $400.0 million . The Company’s repurchase facilities include covenants covering net worth requirements, minimum liquidity levels, and maximum leverage ratios. The Company believes it was in compliance with all covenants as of December 31, 2016 and 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. 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 such facility to May 24, 2020. On May 26, 2016, the Company entered into an amendment to its committed repurchase facility with a major banking institution to memorialize the replacement of the servicer under such facility. On June 27, 2016, the Company executed an amendment and extension of one of its credit facilities with a major banking institution, with an effective date of July 1, 2016, providing for, among other things, the extension of the maximum term of the facility to July 1, 2018 and increasing the maximum funding capacity to $400.0 million . On June 28, 2016, the Company entered into a committed loan repurchase facility with a major banking institution with total capacity of $100.0 million and a final maturity date of June 28, 2019. On August 3, 2016, the Company executed a committed loan repurchase facility with a major banking institution with total capacity of $100.0 million and an initial maturity date of August 2, 2019, with one twelve -month extension period, followed by two six -month extension periods. In connection with the execution of this new facility, the Company terminated its existing committed loan repurchase facility with total capacity of $35.0 million . On November 9, 2016, the Company entered into an amendment to its committed repurchase facility with a major banking institution to, among other things, extend the initial term to October 30, 2018 and add three ( 3 ) additional one year extension options to the term thereof, provided that the Company will not be permitted to obtain advances under such facility after October 30, 2018, or if the lender thereunder consents, October 30, 2019. As of December 31, 2016 , we had repurchase agreements with nine counterparties, with total debt obligations outstanding of $1.1 billion . As of December 31, 2016 , three counterparties, Deutsche Bank, J.P. Morgan and Wells Fargo , held collateral that exceeded the amounts borrowed under the related repurchase agreements by more than $75.5 million , or 5% of our total equity. As of December 31, 2016 , the weighted average haircut, or the percent of collateral value in excess of the loan amount, under our repurchase agreements was 31.1% . There have been no significant fluctuations in haircuts across asset classes on our repurchase facilities. 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”). 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 believed it was in compliance with all covenants as of December 31, 2015 . The Credit Agreement matured on June 23, 2016 with no further extension options. 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 in this Annual Report, the Company considers its committed loan master repurchase facilities, borrowings under the Credit Agreement and Revolving Credit Facility to be revolving debt arrangements. As such, the Company continues to defer and present costs associated with these facilities as an asset, subsequently amortizing those costs ratably over the term of each revolving debt arrangement. As of December 31, 2016 , 2015 and 2014 , the amount of unamortized costs relating to such facilities are $4.9 million , $3.4 million and $4.0 million , respectively, and are included in other assets in the combined consolidated balance sheets. Uncommitted Securities Repurchase Facilities The Company has also entered into multiple master repurchase agreements with several counterparties collateralized by real estate securities. The borrowings under these agreements have typical advance rates between 70% and 95% of the fair value of collateral. Mortgage Loan Financing During the years ended December 31, 2016 , 2015 and 2014 , the Company executed 18 , 36 and 5 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 December 31, 2016 . These loans have carrying amounts of $590.1 million , $544.7 million and $447.4 million , net of unamortized premiums of $5.6 million , $6.1 million and $5.3 million at December 31, 2016 , 2015 and 2014 , respectively, representing proceeds received upon financing greater than the contractual amounts due under these agreements. The premiums are being amortized over the remaining life of the respective debt instruments using the effective interest method. The Company recorded $0.9 million , $0.9 million and $0.6 million of premium amortization, which decreased interest expense, for the years ended December 31, 2016 , 2015 and 2014 , respectively. The loans are collateralized by real estate and related lease intangibles, net, of $757.5 million and $711.1 million as of December 31, 2016 and 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 March 21, 2016, Tuebor’s advance limit was updated to the lowest of $2.9 billion , 40% of Tuebor’s total assets or 150% of the Company’s total equity. As of December 31, 2016 , Tuebor had $1.7 billion of borrowings outstanding (with an additional $338.9 million of committed term financing available from the FHLB), with terms of overnight to seven years (with a weighted average of 2.4 years ), interest rates of 0.43% to 2.74% (with a weighted average of 1.12% ), and advance rates of 49.6% to 95.2% of the collateral. As of December 31, 2016 , collateral for the borrowings was comprised of $1.4 billion of CMBS and U.S. Agency Securities and $724.0 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 eight years (with a weighted average of 1.4 years ), interest rates of 0.28% to 2.74% (with a weighted average of 0.84% ), and advance rates of 58.7% to 95.2% of the collateral. As of December 31, 2015 , collateral for the borrowings was comprised of $1.7 billion of CMBS and U.S. Agency Securities and $568.2 million of first mortgage commercial real estate loans. 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 $349.9 million of the member’s capital was restricted from transfer to Tuebor’s parent without prior approval of state insurance regulators at December 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 42.1% of the Company’s outstanding debt obligations as of December 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 will 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. At any time on or after April 1, 2017, the 2017 Notes are redeemable at the option of the Company, in whole or in part, upon not less than 30 nor more than 60 days’ notice, without penalty. 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 year ended December 31, 2106, 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. At any time on or after August 1, 2020, the 2021 Notes are redeemable at the option of the Company, in whole or in part, upon not less than 30 nor more than 60 days’ notice, without penalty. 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 year ended December 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 December 31, 2016 , the Company has a 65.3% 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 $4.0 million and $6.9 million are included in senior unsecured notes as of December 31, 2016 and 2015 , respectively. Combined Maturity of Debt Obligations The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by Maturity (1) 2017 $ 1,759,701 2018 734,469 2019 79,770 2020 113,802 2021 337,441 Thereafter 915,409 Subtotal $ 3,940,592 Debt issuance costs included in senior unsecured notes (4,025 ) Premiums included in mortgage loan financing 5,571 Total 3,942,138 (1) Contractual payments under current maturities, some of which are subject to extensions. The maturities listed above for 2017 include $1.5 billion relating to debt obligations that are subject to existing Company controlled extension options for one or more additional one-year periods or could be refinanced by other existing facilities as of December 31, 2016 . The Company is currently evaluating plans to address the $291.5 million of 2017 Notes. The Company may utilize a combination of the existing corporate cash balances it maintains at banks and a mix of (1) draws on our revolving credit facility; (2) net proceeds from the sales of securities that can be converted to cash; (3) proceeds from potential capital markets transactions off of our existing shelf or in private transactions (e.g., corporate note obligations, equity, other instruments); (4) draws against repurchase facilities that hold eligible collateral with available capacity for additional draws; (5) proceeds from mortgage borrowings secured by our currently unencumbered real estate assets; and (6) other sources including cash flows from normal operations. Accordingly, management believes the Company has the ability to meet these contractual obligations as they come due. 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 $899.4 million of the total equity is restricted from payment as a dividend by the Company at December 31, 2016 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 8. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is based upon market quotations, broker quotations, counterparty quotations or pricing services quotations, which provide valuation estimates based upon reasonable market order indications and are subject to significant variability based on market conditions, such as interest rates, credit spreads and market liquidity. The fair value of the mortgage loan receivables held for sale is based upon a securitization model utilizing market data from recent securitization spreads and pricing. Fair Value Summary Table The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2016 and 2015 are as follows ($ in thousands): December 31, 2016 Weighted Average Outstanding Face Amount Amortized Cost Basis Fair Value Fair Value Method Yield % Remaining Maturity/Duration (years) Assets: CMBS(1) $ 1,676,680 $ 1,698,276 $ 1,701,395 Internal model, third-party inputs 2.81 % 3.55 CMBS interest-only(1) 8,160,458 (2) 343,534 342,171 Internal model, third-party inputs 3.45 % 2.99 GNMA interest-only(3) 478,577 (2) 18,994 16,821 Internal model, third-party inputs 4.19 % 4.44 Agency securities(1) 774 802 780 Internal model, third-party inputs 1.29 % 3.27 GNMA permanent securities(1) 38,327 39,145 39,780 Internal model, third-party inputs 3.80 % 10.30 Mortgage loan receivables held for investment, at amortized cost 2,011,309 1,996,095 2,014,973 Discounted Cash Flow(4) 7.17 % 1.66 Mortgage loan receivables held for sale 360,518 357,882 359,897 Internal model, third-party inputs(5) 4.20 % 4.55 FHLB stock(6) 77,915 77,915 77,915 (6) 4.25 % N/A Nonhedge derivatives(1)(7) 847,000 N/A 5,018 Counterparty quotations N/A 0.25 Liabilities: Repurchase agreements - short-term 629,430 629,430 629,430 Discounted Cash Flow(8) 2.10 % 0.18 Repurchase agreements - long-term 477,756 477,756 477,756 Discounted Cash Flow(9) 2.00 % 1.70 Revolving credit facility 25,000 25,000 25,000 Discounted Cash Flow(10) 3.16 % 0.12 Mortgage loan financing 589,152 590,106 595,778 Discounted Cash Flow(9) 4.85 % 7.15 Borrowings from the FHLB 1,660,000 1,660,000 1,662,178 Discounted Cash Flow 1.12 % 2.42 Senior unsecured notes 563,872 559,847 550,562 Broker quotations, pricing services 6.67 % 2.81 Nonhedge derivatives(1)(7) 100,400 N/A 3,446 Counterparty quotations N/A 3.21 (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 repurchase agreements - long term and 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 revolving credit facility is estimated to approximate carrying amount primarily due to the short interest rate reset risk ( 30 days ) of the financings and the high credit quality of the assets collateralizing these positions. 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 GNMA construction securities(1) 27,091 27,581 28,639 Internal model, third-party inputs 3.86 % 9.33 GNMA 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. The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2016 and 2015 ($ in thousands): December 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) $ 1,676,680 $ — $ — $ 1,701,395 $ 1,701,395 CMBS interest-only(1) 8,160,458 (2) — — 342,171 342,171 GNMA interest-only(3) 478,577 (2) — — 16,821 16,821 Agency securities(1) 774 — — 780 780 GNMA permanent securities(1) 38,327 — — 39,780 39,780 Nonhedge derivatives(4) 847,000 — 5,018 — 5,018 $ — $ 5,018 $ 2,100,947 $ 2,105,965 Liabilities: Nonhedge derivatives(4) 100,400 $ — $ 3,446 $ — $ 3,446 Financial Instruments Not Reported at Fair Value on Combined Consolidated Statements of Financial Condition Outstanding Face Amount Fair Value Level 1 Level 2 Level 3 Total Assets: Mortgage loan receivable held for investment $ 2,011,309 $ — $ — $ 2,014,973 $ 2,014,973 Mortgage loan receivable held for sale 360,518 — — 359,897 359,897 FHLB stock 77,915 — — 77,915 77,915 $ — $ — $ 2,452,785 $ 2,452,785 Liabilities: 0 Repurchase agreements - short-term 629,430 $ — $ — $ 629,430 $ 629,430 Repurchase agreements - long-term 477,756 — — 477,756 477,756 Revolving credit facility 25,000 — — 25,000 25,000 Mortgage loan financing 589,152 — — 595,778 595,778 Borrowings from the FHLB 1,660,000 — — 1,662,178 1,662,178 Senior unsecured notes 563,872 — — 550,562 550,562 $ — $ — $ 3,940,704 $ 3,940,704 (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 GNMA construction securities(1) 27,091 — — 28,639 28,639 GNMA 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 years ended December 31, 2016 and 2015 ($ in thousands): Level 3 2016 2015 Balance at January 1, $ 2,407,217 $ 2,683,745 Transfer from level 2 — 86,576 Purchases 977,456 720,010 Sales (539,295 ) (839,868 ) Paydowns/maturities (684,143 ) (160,612 ) Amortization of premium/discount (76,475 ) (70,763 ) Unrealized gain/(loss) 8,463 (36,610 ) Realized gain/(loss) on sale 7,724 24,739 Balance at December 31, $ 2,100,947 $ 2,407,217 The following is quantitative information about significant unobservable inputs in our Level 3 measurements for those assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2016 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS (1) $ 1,701,395 Discounted cash flow Yield (4) 1.35 % 2.87 % 9.18 % Duration (years)(5) 0.04 3.55 9.01 CMBS interest-only (1) 342,171 (2) Discounted cash flow Yield (4) 2.84 % 4.04 % 4.8 % Duration (years)(5) 0.00 2.99 4.37 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only (3) 16,821 (2) Discounted cash flow Yield (4) 0.87 % 7.22 % 48.64 % Duration (years)(5) 1.69 4.44 20.66 Prepayment speed (CPJ)(5) 5.00 13.80 35.00 Agency securities (1) 780 Discounted cash flow Yield (4) 1.4 % 2.17 % 2.63 % Duration (years)(5) 2.61 3.27 4.39 GNMA permanent securities (1) 39,780 Discounted cash flow Yield (4) 2.63 % 3.65 % 6.92 % Duration (years)(5) 1.92 10.30 15.66 Total $ 2,100,947 (1) CMBS, CMBS interest-only securities, Agency securities, GNMA construction securities, and GNMA 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 Agency securities (1) 28,639 Discounted cash flow Yield (4) 0.58 % 3.47 % 3.51 % Duration (years)(5) 0.00 10.34 10.48 GNMA 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, GNMA construction securities, and GNMA 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) |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 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 December 31, 2016 and 2015 ($ in thousands): December 31, 2016 Fair Value Remaining Maturity (years) Contract Type Notional Asset(1) Liability(1) Futures 5-year Swap $ 602,200 $ 3,210 $ 2 0.25 10-year Swap 226,700 1,674 266 0.25 5-year U.S. Treasury Note 21,800 93 — 0.25 10-year U.S. Treasury Note Ultra 3,200 38 — 0.25 Total futures 853,900 5,015 268 Swaps 3 Month LIBOR(2) 50,000 — 2,697 3.72 Credit derivatives CMBX 10,000 3 — 5.08 CDX 33,500 — 481 1.97 Total credit derivatives 43,500 3 481 Total derivatives $ 947,400 $ 5,018 $ 3,446 (1) Shown as derivative instruments, at fair value, in the accompanying combined consolidated balance sheets. (2) The Company is paying fixed interest rates on these swaps. 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 3 Month LIBOR(2) 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. (2) The Company is paying fixed interest rates on these swaps. The following table indicates the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the combined consolidated statements of operations for the years ended December 31, 2016 , 2015 and 2014 ($ in thousands): Year Ended December 31, 2016 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ 3,608 $ (3,954 ) $ (346 ) Swaps 956 (1,264 ) (308 ) Credit Derivatives (340 ) (415 ) (755 ) Total $ 4,224 $ (5,633 ) $ (1,409 ) Year Ended December 31, 2015 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ 9,214 $ (46,816 ) $ (37,602 ) Swaps 661 (1,992 ) (1,331 ) Credit Derivatives 307 (311 ) (4 ) Total $ 10,182 $ (49,119 ) $ (38,937 ) Year Ended December 31, 2014 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Caps $ — $ (7 ) $ (7 ) Futures $ (16,065 ) $ (74,946 ) $ (91,011 ) Swaps 1,780 (5,161 ) (3,381 ) Credit Derivatives (86 ) (313 ) (399 ) Total $ (14,371 ) $ (80,427 ) $ (94,798 ) The Company’s counterparties held $11.3 million and $18.9 million of cash margin as collateral for derivatives as of December 31, 2016 and 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 December 31, 2016 and 2015 , the Company was in compliance with these requirements and not in default on its indebtedness. As of December 31, 2016 and 2015 , there was $6.2 million and $5.9 million |
OFFSETTING ASSETS AND LIABILITI
OFFSETTING ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2016 | |
Offsetting [Abstract] | |
OFFSETTING ASSETS AND LIABILITIES | 10. OFFSETTING ASSETS AND LIABILITIES The following tables present both gross information and net information about derivatives and other instruments eligible for offset in the statement of financial position as of December 31, 2016 and 2015 . The Company’s accounting policy is to record derivative asset and liability positions on a gross basis, therefore, the following tables present the gross derivative asset and liability positions recorded on the balance sheets, while also disclosing the eligible amounts of financial instruments and cash collateral to the extent those amounts could offset the gross amount of derivative asset and liability positions. The actual amounts of collateral posted by or received from counterparties may be in excess than the amounts disclosed in the following tables as the following only disclose amounts eligible to be offset to the extent of the recorded gross derivative positions. As of December 31, 2016 Offsetting of Financial Assets and Derivative Assets ($ 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 $ 5,018 $ — $ 5,018 $ — $ — $ 5,018 Total $ 5,018 $ — $ 5,018 $ — $ — $ 5,018 (1) Included in cash collateral held by broker on combined consolidated balance sheets. As of December 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 $ 3,446 $ — $ 3,446 $ — $ 3,446 — Repurchase agreements 1,107,185 — 1,107,185 1,107,185 — — Total $ 1,110,631 $ — $ 1,110,631 $ 1,107,185 $ 3,446 $ — (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 December 31, 2016 and 2015 |
EQUITY STRUCTURE AND ACCOUNTS
EQUITY STRUCTURE AND ACCOUNTS | 12 Months Ended |
Dec. 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 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 year ended December 31, 2016 , 10,521,149 Series REIT LP Units and 10,521,149 Series TRS LP Units were collectively exchanged for 10,521,149 shares of Class A common stock and 10,521,149 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. During the year ended December 31, 2016 , the Company repurchased 424,317 shares of Class A common stock at an average of $10.96 per share for a total aggregate purchase price of $4.7 million . During the year ended December 31, 2015 , the Company repurchased 84,203 shares of Class A common stock at an average of $11.81 per share for a total aggregate purchase price of $1.0 million . All repurchased shares are recorded in treasury stock at cost. As of December 31, 2016 , the Company has a remaining amount available for repurchase of $44.4 million , which represents 4.5% in the aggregate of its outstanding Class A common stock, based on the closing price of $13.72 per share on such date. The following table is a summary of the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2016 and 2015 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2015 $ 49,006 Additional authorizations — Repurchases paid 424,317 (4,653 ) Repurchases unsettled — Authorizations remaining as of December 31, 2016 $ 44,353 (1) Amount excludes commissions paid associated with share repurchases. Shares Amount(1) Authorizations remaining as of December 31, 2014 $ 50,000 Additional authorizations — Repurchases paid 84,203 (994 ) Repurchases unsettled — Authorizations remaining as of December 31, 2015 $ 49,006 (1) Amount excludes commissions paid associated with share repurchases. Dividends In order for the Company to maintain its qualification as a REIT under the Code, it must annually distribute at least 90% of its taxable income. The Company has paid and in the future intends to declare regular quarterly distributions to its shareholders in an amount approximating the REIT’s 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 years ended December 31, 2016 and 2015 : Declaration Date Dividend per Share March 1, 2016 $ 0.275 June 1, 2016 0.275 September 1, 2016 0.275 December 2, 2016 0.460 Total $ 1.285 March 12, 2015 $ 0.250 June 8, 2015 0.250 September 1, 2015 0.275 December 1, 2015 1.450 Total $ 2.225 The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2016 and 2015 : Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain March 10, 2016 April 1, 2016 $ 0.275 $ 0.254 $ — $ 0.021 $ — June 13, 2016 July 1, 2016 0.275 0.254 — 0.021 — September 12, 2016 October 3, 2016 0.275 0.254 — 0.021 — December 27, 2016 January 24, 2017 (1) 0.401 0.370 — 0.031 — Total $ 1.226 $ 1.132 $ — $ 0.094 $ — (1) $0.401 of the $0.460 fourth quarter dividend paid on January 24, 2017 is considered a 2016 dividend for U.S. federal income tax purposes. $0.059 is considered a 2017 dividend for U.S. federal income tax purposes and will be reflected in 2017 tax reporting. Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends (1) Capital Gain Unrecaptured 1250 Gain (2) April 6, 2015 April 15, 2015 $ 0.250 $ 0.250 $ 0.250 $ — $ — June 15, 2015 July 1, 2015 0.250 0.250 0.250 — — September 10, 2015 October 1, 2015 0.275 0.275 0.275 — — December 10, 2015 January 21, 2016 (3) 1.450 1.306 0.156 0.144 0.020 Total $ 2.225 $ 2.081 $ 0.931 $ 0.144 $ 0.020 (1) For 2015, Qualified Dividends represents the portion of total Ordinary Dividends which constitutes “qualified dividend income,” as defined by the Internal Revenue Code. (2) For 2015, Unrecaptured 1250 Gain represents the portion of total Capital Gain which constitutes gain required to be taxed as “Unrecaptured Section 1250 Gain,” as defined by the Internal Revenue Code. (3) The fourth quarter dividend paid on January 21, 2016 is considered a 2015 dividend for U.S. federal income tax purposes. Stock Dividend and Distribution of Accumulated Earnings and Profits In order to qualify as a REIT the Company must annually distribute at least 90% of its taxable income. In addition, the Company was required to make a one-time distribution of its undistributed accumulated earnings and profits attributable to taxable periods ending prior to January 1, 2015 (the “E&P Distribution”). The E&P Distribution requirement was $48.3 million or $0.90 per share. Pursuant to the terms of an IRS private letter ruling (the “Private Letter Ruling”), the Company elected, subject to the cash/stock election by its shareholders described below, to pay its fourth quarter 2015 and 2016 dividends in a mix of cash and stock and have such dividends be treated as a taxable distribution to its shareholders for U.S. federal income tax purposes. In order to comply with the Private Letter Ruling, shareholders had the option to elect to receive the fourth quarter 2015 and 2016 dividends in all cash (a “Cash Election”), or all shares of Ladder’s Class A common stock (a “Share Election”). Shareholders who did not return an election form, or who otherwise failed to properly complete an election form, were deemed to have made a Share Election. The total amount of cash paid to all shareholders was limited to a maximum of 20% of the total value of each of the fourth quarter 2015 and 2016 dividends (the “Cash Amount”). The aggregate amount of the dividends owed to shareholders who made Cash Elections exceeded the Cash Amount, and accordingly, the Cash Amount was prorated among such shareholders, with the remaining portion of the fourth quarter 2015 or 2016 dividend, as applicable, paid to such shareholders in shares of Ladder’s Class A common stock plus cash in lieu of any fractional shares. Shareholders making Stock Elections received the full amount of the dividend in shares of Ladder’s Class A common stock plus cash in lieu of any fractional shares. The Company believes that the total value of its 2015 dividends was sufficient to fully distribute its 2015 taxable income and its accumulated earnings and profits. On January 24, 2017 , the Company paid an aggregate of $20.8 million in cash to its Class A shareholders, accrued for dividends payable on unvested restricted stock and unvested options with dividend equivalent rights of $0.7 million and issued 815,819 shares of its Class A common stock, equivalent to $11.5 million , in connection with the fourth quarter 2016 dividend totaling $0.46 per share. The total number of shares of Class A common stock distributed pursuant to the fourth quarter 2016 dividend was determined based on shareholder elections and the volume weighted average price of $14.06 per share of Class A common stock on the New York Stock Exchange for the three trading days after January 12, 2017 , the date that election forms were due. The Company also issued 432,314 shares of its Class B common stock and each of Series REIT and Series TRS of LCFH issued 1,248,133 of their respective Series LP units corresponding to the aggregate number of Class A and Class B shares issued by the Company. The Company believes that the total value of its 2016 dividend was sufficient to fully distribute its 2016 taxable income. Changes in Accumulated Other Comprehensive Income The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2016 , 2015 and 2014 ($ 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) 3,420 5,099 8,519 Exchange of noncontrolling interest for common stock 1,202 (1,202 ) — Rebalancing of ownership percentage between Company and Operating Partnership 299 (299 ) — December 31, 2016 $ 1,365 $ 759 $ 2,124 Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income of Noncontrolling Interests Total Accumulated Other Comprehensive Income December 31, 2014 $ 15,656 $ 14,494 $ 30,150 Other comprehensive income (loss) (20,046 ) (16,499 ) (36,545 ) Exchange of noncontrolling interest for common stock 645 (645 ) — Rebalancing of ownership percentage between Company and Operating Partnership 189 (189 ) — December 31, 2015 $ (3,556 ) $ (2,839 ) $ (6,395 ) Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income of Noncontrolling Interests Total Accumulated Other Comprehensive Income December 31, 2013 $ — $ 12,134 $ 12,134 Other comprehensive income (loss) 488 17,528 18,016 Exchange of capital for common stock 14,874 (14,874 ) — Exchange of noncontrolling interest for common stock 324 (324 ) — Rebalancing of ownership percentage between Company and Operating Partnership (30 ) 30 — December 31, 2014 $ 15,656 $ 14,494 $ 30,150 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 |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 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 year ended December 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 $8.1 million as of December 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 eight office buildings, one warehouse, one |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 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 years ended December 31, 2016 and 2015 and the period February 11, 2014 through December 31, 2014 consist of the following: ($ in thousands except share amounts) For the Year Ended December 31, 2016 For the Year Ended December 31, 2015 For the Period February 11, 2014 through December 31, 2014 Basic Net income (loss) available for Class A common shareholders $ 66,727 $ 73,821 $ 44,187 Diluted Net income (loss) available for Class A common shareholders $ 114,156 $ 73,821 $ 84,228 Weighted average shares outstanding Basic 61,998,089 51,702,188 49,296,417 Diluted 107,638,788 51,870,808 97,583,310 Net income per share information is not applicable for reporting periods prior to February 11, 2014. The calculation of basic and diluted net income (loss) per share amounts for the years ended December 31, 2016 and 2015 and the period February 11, 2014 through December 31, 2014 are described and presented below. Basic Net Income (Loss) per Share Numerator: utilizes net income (loss) available for Class A common shareholders for the years ended December 31, 2016 and 2015 and the period February 11, 2014 through December 31, 2014 , respectively. Denominator: utilizes the weighted average shares of Class A common stock for the years ended December 31, 2016 and 2015 and the period February 11, 2014 through December 31, 2014 , respectively. Diluted Net Income (Loss) per Share Numerator: utilizes net income (loss) available for Class A common shareholders for the years ended December 31, 2016 and 2015 and the period February 11, 2014 through December 31, 2014 , 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 years ended December 31, 2016 and 2015 and the period February 11, 2014 through December 31, 2014 , 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 Year Ended December 31, 2016 For the Year Ended December 31, 2015 For the Period February 11, 2014 through December 31, 2014 Basic Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 66,727 $ 73,821 $ 44,187 Denominator: Weighted average number of shares of Class A common stock outstanding 61,998,089 51,702,188 49,296,417 Basic net income (loss) per share of Class A common stock $ 1.08 $ 1.43 $ 0.90 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 66,727 $ 73,821 $ 44,187 Add (deduct) - dilutive effect of: Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss) 47,130 — 66,437 Additional corporate tax (expense) benefit 299 — (26,396 ) Diluted net income (loss) attributable to Class A common shareholders $ 114,156 $ 73,821 $ 84,228 Denominator: Basic weighted average number of shares of Class A common stock outstanding 61,998,089 51,702,188 49,296,417 Add - dilutive effect of: Shares issuable relating to converted Class B common shareholders 45,118,668 — 48,145,875 Incremental shares of unvested Class A restricted stock 522,031 168,620 141,018 Diluted weighted average number of shares of Class A common stock outstanding 107,638,788 51,870,808 97,583,310 Diluted net income (loss) per share of Class A common stock $ 1.06 $ 1.42 $ 0.86 For the year ended December 31, 2016 , shares issuable relating to converted Class B common shareholders are excluded from the calculation of diluted EPS as the inclusion of such potential common shares in the calculation would be anti-dilutive. |
STOCK BASED COMPENSATION PLANS
STOCK BASED COMPENSATION PLANS | 12 Months Ended |
Dec. 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 met its performance criteria for the years ended December 31, 2016, 2015 and 2014. 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 met its performance criteria for the years ended December 31, 2016 and 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, 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 met its performance criteria for the year ended December 31, 2016. 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 and the 2016 stock option awards included dividend equivalent rights. 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 $17.6 million , $13.8 million and $14.5 million , for the years ended December 31, 2016 , 2015 and 2014 , respectively. A summary of the grants is presented below ($ in thousands): Year Ended December 31, 2016 2015 2014 Number Weighted Average Fair Value Number Weighted Average Fair Value Number of Units Weighted Average Fair Value Grants - Class A Common Stock (restricted) 793,598 $ 9,118 726,327 $ 13,353 1,687,513 $ 28,637 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 Predecessor compensation expense $ — $ — $ (290 ) LP Units compensation expense — (124 ) (2,052 ) Ladder compensation expense (17,640 ) (13,664 ) (12,109 ) Total amortization to compensation expense $ (17,640 ) $ (13,788 ) $ (14,451 ) The table below presents the number of unvested shares and outstanding stock options at December 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 (770,568 ) (504 ) Forfeited (48,467 ) — — Expired — Nonvested/Outstanding at December 31, 2016 1,475,866 982,135 — Exercisable at December 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 December 31, 2016 there was $6.1 million of total unrecognized compensation cost related to certain share-based compensation awards that is expected to be recognized over a period of up to 26 months , with a weighted-average remaining vesting period of 19.3 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 December 31, 2016 , there are 373,871 phantom units outstanding, all of which are vested, resulting in a liability of $6.1 million , which is included in accrued expenses on the combined consolidated balance sheets. As of December 31, 2015 , there are 555,318 phantom units outstanding, of which 60,899 are unvested, resulting in a liability of $6.9 million , which is included in accrued expenses on the combined consolidated balance sheets. Ladder Capital Corp Deferred Compensation Plan On July 3, 2014, the Company adopted a new, nonqualified deferred compensation plan, which was amended and restated on March 17, 2015 (the “2014 Deferred Compensation Plan”), in which certain eligible employees participate. Pursuant to the 2014 Deferred Compensation Plan, participants may elect, or in some cases non-management participants may be required, to defer all or a portion of their annual cash performance-based bonuses into the 2014 Deferred Compensation Plan. Generally, if a participant’s total compensation is in excess of a certain threshold, a portion of a participant’s performance-based annual bonus is required to be deferred into the 2014 Deferred Compensation Plan. Otherwise, a portion of the participant’s annual bonus may be deferred into the 2014 Deferred Compensation Plan at the election of the participant, so long as such elections are timely made in accordance with the terms and procedures of the 2014 Deferred Compensation Plan. In the event that a participant elects to (or is required to) defer a portion of his or her compensation pursuant to the 2014 Deferred Compensation Plan, such amount is not paid to the participant and is instead credited to such participant’s notional account under the 2014 Deferred Compensation Plan. Such amounts are then invested on a phantom basis in Class A common stock of the Company, or the phantom units, and a participant’s account is credited with any dividends or other distributions received by holders of Class A common stock of the Company, which are subject to the same vesting and payment conditions as the applicable contributions. Elective contributions are immediately vested upon contribution. Mandatory contributions are subject to one-third vesting over a three -year period on a straight-line basis following the applicable year in which the related compensation was earned. If a participant’s employment with the Company is terminated by the Company other than for cause and such termination is within six months following a change in control (each, as defined in the 2014 Deferred Compensation Plan), then the participant will fully vest in his or her unvested account balances. Furthermore, the unvested account balances will fully vest in the event of the participant’s death, disability, retirement (as defined in the 2014 Deferred Compensation Plan) or in the event of certain hostile takeovers of the board of directors of the Company. In the event that a participant’s employment is terminated by the Company other than for cause, the participant will vest in the portion of the participant’s account that would have vested had the participant remained employed through the end of the year in which such termination occurs, subject to, in such case or in the case of retirement, the participant’s timely execution of a general release of claims in favor of the Company. Unvested amounts are otherwise generally forfeited upon the participant’s resignation or termination of employment, and vested mandatory contributions are generally forfeited upon the participant’s termination for cause. Amounts deferred into the 2014 Deferred Compensation Plan are paid upon the earliest to occur of (1) a change in control, (2) within sixty ( 60 ) days following the end of the participant’s employment with the Company, or (3) the date of payment of the annual bonus payments following December 31 of the third calendar year following the applicable year to which the underlying deferred annual compensation relates. Payment is made in cash equal to the fair market value of the number of phantom units credited to a participant’s account, provided that, if the participant’s termination was by the Company for cause or was a voluntary resignation other than on account of such participant’s retirement, the amount paid is based on the lowest fair market value of a share of Class A common stock during the forty-five day period following such termination of employment. The amount of the final cash payment may be more or less than the amount initially deferred into the 2014 Deferred Compensation Plan, depending upon the change in the value of the Class A common stock of the Company during such period. As of December 31, 2016 , there are 273,709 phantom units outstanding, of which 134,281 are unvested, resulting in a liability of $3.6 million , which is included in accrued expenses on the combined consolidated balance sheets. As of December 31, 2015 , there are 131,901 phantom units outstanding, of which 87,934 are unvested, resulting in a liability of $1.6 million , which is included in accrued expenses on the combined consolidated balance sheets. Bonus Payments On February 8, 2017 , the board of directors of Ladder Capital Corp approved 2016 bonus payments to employees, including officers, totaling $39.5 million , which included $10.2 million of equity based compensation. The bonuses were accrued for as of December 31, 2016 and paid to employees in full on February 21, 2017 . On February 10, 2016 , the board of directors of Ladder Capital Corp approved 2015 bonus payments to employees, including officers, totaling $46.8 million , which included $10.3 million of equity based compensation. The bonuses were accrued for as of December 31, 2015 and paid to employees in full on February 17, 2016 . During the years ended December 31, 2016 , 2015 and 2014 , the Company recorded compensation expense of $29.2 million , $34.4 million and $47.8 million |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 15. INCOME TAXES Prior to February 11, 2014, the Company had not been subject to U.S. federal income taxes as the predecessor entity was a Limited Liability Limited Partnership (“LLLP”), but had been subject to the New York City Unincorporated Business Tax (“NYC UBT”). As a result of the IPO, a portion of the Company’s income was subject to U.S. federal, state and local corporate income taxes and taxed at the prevailing corporate tax rates in addition to being subject to NYC UBT. Other than as described below, the Company is operating as a REIT effective January 1, 2015, the Company’s income will generally no longer be subject to U.S. federal, state and local corporate income taxes to the extent such income is distributed to shareholders. Certain of the Company’s subsidiaries have elected to be treated as TRSs. TRSs permit the Company to participate in certain activities from which REITs are generally precluded, as long as these activities meet specific criteria, are conducted within the parameters of certain limitations established by the Code, and are conducted in entities which elect to be treated as taxable subsidiaries under the Code. To the extent these criteria are met, the Company will continue to maintain its qualification as a REIT. The Company’s TRSs are not consolidated for U.S. federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in TRSs. Components of the provision for income taxes consist of the following ($ in thousands): Year Ended December 31, 2016 2015 2014 Current expense (benefit) U.S. Federal $ (386 ) $ 9,020 $ 23,609 State and local 4,838 2,637 10,170 Total current expense (benefit) 4,452 11,657 33,779 Deferred expense (benefit) U.S. Federal 1,417 2,247 (4,357 ) State and local 451 653 (2,817 ) Total deferred expense (benefit) 1,868 2,900 (7,174 ) Provision for income tax expense (benefit) $ 6,320 $ 14,557 $ 26,605 There were $0.8 million , corporate taxes payable (receivable) as of December 31, 2016 . Corporate taxes payable (receivable) as of December 31, 2015 were $4.3 million . There were $0.4 million NYC UBT taxes payable (receivable) at December 31, 2016 . NYC UBT taxes payable (receivable) at December 31, 2015 were $1.1 million . Prepaid corporate taxes as of December 31, 2016 and December 31, 2015 were $13.4 million and $12.5 million , respectively. A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2016 , 2015 and 2014 is as follows: Year Ended December 31, 2016 2015 2014 US statutory tax rate 35.00 % 35.00 % 35.00 % REIT income not subject to corporate income tax (34.38 )% (32.37 )% — % Increase due to state and local taxes 4.41 % (1) 1.40 % 3.78 % Deferred tax asset write-off upon conversion to REIT — % 1.44 % — % Change in valuation allowance 0.42 % 3.29 % — % Other (0.19 )% 0.39 % (17.37 )% Effective income tax rate 5.26 % 9.15 % 21.41 % (1) The increase in state taxes shown above is primarily related to additional tax expense of $3.3 million pertaining to a New York State tax audit, further discussed below. The differences between the Company’s statutory rate and effective tax rate are largely determined by the amount of income subject to tax by the Company’s TRS subsidiaries. The Company expects that its future effective tax rate will be determined in a similar manner. As of December 31, 2016 and 2015 , the Company’s net deferred tax assets were $2.1 million and $5.0 million , respectively, and are included in other assets in the Company’s combined consolidated balance sheets. The Company believes it is more likely than not that the net deferred tax assets will be realized in the future. Realization of the net deferred tax assets is dependent upon our generation of sufficient taxable income in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences. The amount of net deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change. The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands): December 31, 2016 December 31, 2015 Deferred Tax Assets Basis difference in operating partnerships $ 2,023 $ 3,998 Unrealized gains (losses) 99 971 Unrealized gains (losses) - derivatives 5,668 5,239 Valuation allowance (5,668 ) (5,239 ) Total Deferred Tax Assets $ 2,122 $ 4,969 As of December 31, 2016 and 2015 , the Company had a deferred tax asset of $5.7 million and $5.2 million , respectively, 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 December 31, 2016 , the tax years 2012, 2013, 2014 and 2015 remain open to examination by the major taxing jurisdictions in which the Company is subject to taxes. The Company acquired certain corporate entities in the IPO Reorganization Transactions. The related acquisition agreements provided an indemnification to the Company by the transferor of any amounts due for any potential tax liabilities owed by these entities for tax years prior to their acquisition. During the three months ended September 30, 2016, management proposed a settlement pertaining to a New York State tax audit for these corporate entities (which are now wholly owned). As a result of the settlement, management recorded income tax expense in the amount of $3.3 million and a corresponding payable to the State of New York. The settlement was finalized during the three months ended December 31, 2016. Pursuant to the indemnification, Management expected to recover such amounts and, accordingly, recorded fee and other income in the amount of $3.3 million as well as a corresponding receivable from the indemnity counterparties. As of December 31, 2016 , the Company had recovered $0.5 million , and as of January 31, 2017, the Company recovered all amounts owed by the indemnity counterparties. The IRS has recently begun a routine audit of the Company’s U.S. federal income tax return for tax year 2014. The Company does not expect the audit to result in any material changes to the Company’s financial position. The Company does not expect tax expense to have an impact on either short or long-term liquidity or capital needs. 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 December 31, 2016 and 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 December 31, 2016 and 2015 , the Company has no t recognized any interest or penalties related to uncertain tax positions. In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record a significant liability for unrecognized tax benefits within the next twelve months. Tax Receivable Agreement Upon consummation of the IPO, the Company entered into a Tax Receivable Agreement with the Continuing LCFH Limited Partners. Under the Tax Receivable Agreement the Company generally is required to pay to those Continuing LCFH Limited Partners that exchange their interests in LCFH and Class B shares of the Company for Class A shares of the Company, 85% of the applicable cash savings, if any, in U.S. federal, state and local income tax that the Company realizes (or is deemed to realize in certain circumstances) as a result of (i) the increase in tax basis in its proportionate share of LCFH’s assets that is attributable to the Company as a result of the exchanges and (ii) payments under the Tax Receivable Agreement, including any tax benefits related to imputed interest deemed to be paid by the Company as a result of such agreement. The Company may make future payments under the Tax Receivable Agreement if the tax benefits are realized. We would then benefit from the remaining 15% of cash savings in income tax that we realize. For purposes of the Tax Receivable Agreement, cash savings in income tax will be computed by comparing our actual income tax liability to the amount of such taxes that we would have been required to pay had there been no increase to the tax basis of the assets of LCFH as a result of the exchanges and had we not entered into the Tax Receivable Agreement. Payments to a Continuing LCFH Limited Partner under the Tax Receivable Agreement are triggered by each exchange and are payable annually commencing following the Company’s filing of its income tax return for the year of such exchange. The timing of the payments may be subject to certain contingencies, including the Company having sufficient taxable income to utilize all of the tax benefits defined in the Tax Receivable Agreement. As of December 31, 2016 and December 31, 2015 , pursuant to the Tax Receivable Agreement, the Company had $2.5 million and $1.9 million , respectively, included in amount payable pursuant to tax receivable agreement in the combined consolidated balance sheets for Continuing LCFH Limited Partners. The amount and timing of any payments may vary based on a number of factors, including the absence of any material change in the relevant tax law, the Company continuing to earn sufficient taxable income to realize all tax benefits, and assuming no additional exchanges that are subject to the Tax Receivable Agreement. Depending upon the outcome of these factors, the Company may be obligated to make substantial payments pursuant to the Tax Receivable Agreement. The actual payment amounts may differ from these estimated amounts, as the liability will reflect changes in prevailing tax rates, the actual benefit the Company realizes on its annual income tax returns, and any additional exchanges. To determine the current amount of the payments due, the Company estimates the amount of the Tax Receivable Agreement payments that will be made within twelve months of the balance sheet date. As described in Note 1 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 16. RELATED PARTY TRANSACTIONS Ladder Select Bond Fund On October 18, 2016, Ladder Capital Asset Management LLC (“LCAM”), a subsidiary of the Company and a registered investment adviser, launched the Ladder Select Bond Fund (the “Fund”), a mutual fund. In addition, on October 18, 2016, the Company made a $10.0 million investment in the Fund, which is included in other assets in the combined consolidated balance sheets. Members of senior management have also invested $1.6 million in aggregate in the Fund since inception. LCAM earns a 0.75% fee on assets under management, which may be reduced for expenses incurred in excess of the Fund’s expense cap of 0.95% . 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, approximately one year, interest-only mezzanine loan, to Halletts Investors LLC (“Borrower”), an entity affiliated with Douglas Durst, one of the Company’s directors and chairman of The Durst Organization. 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, was 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. The loan matured on and was repaid in full as of June 3, 2016. For the years ended December 31, 2016 and 2015 , the Company earned $1.0 million and $1.4 million , respectively, 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 years ended December 31, 2016 and 2015 , for loans originated in accordance with this agreement. The Company incurred $0.4 million in fees for the year ended December 31, 2014 . As of December 31, 2016 and 2015 , $0.3 million |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 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 was recorded in other income on the combined consolidated statements of income. In 2011, the Company entered into a lease for its primary office space, which commenced on October 1, 2011 and expires on January 31, 2022 with no extension option. In 2012, the Company entered into a lease for secondary office space. The lease commenced on May 15, 2012 and would have expired on May 14, 2015 with no extension option. This lease was amended, however, on October 2, 2014, extending the expiration date from May 14, 2015 to May 14, 2018. The Company recorded $1.2 million , $1.5 million and $1.8 million , of rental expense for the years ended December 31, 2016 , 2015 and 2014 , respectively, which is included in operating expenses in the combined consolidated statements of income. The following is a schedule of future minimum rental payments required under the above operating leases ($ in thousands): Period Ending December 31, Amount 2017 $ 1,249 2018 1,206 2019 1,180 2020 1,180 2021 1,180 Thereafter 99 Total $ 6,094 GNMA Construction Loan Securities The Company commits to purchase GNMA construction loan securities over a typical period of six to twelve months . As of December 31, 2016 , the Company 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 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 December 31, 2016 , the Company’s off-balance sheet arrangements consisted of $147.7 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 consisted of $146.3 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 $1.4 million |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | 18. SEGMENT REPORTING The Company has determined that it has three reportable segments based on how the chief operating decision maker reviews and manages the business. These reportable segments include loans, securities, and real estate. The loans segment includes mortgage loan receivables held for investment (balance sheet loans) and mortgage loan receivables held for sale (conduit loans). The securities segment is composed of all of the Company’s activities related to commercial real estate securities, which include investments in CMBS and U.S. Agency Securities. The real estate segment includes net leased properties, office buildings, a warehouse and condominium units. Corporate/other includes the Company’s investments in joint ventures, other asset management activities and operating expenses. The Company evaluates performance based on the following financial measures for each segment ($ in thousands): Loans Securities Real Estate(1) Corporate/Other(2) Company Total Year ended December 31, 2016 Interest income $ 161,315 $ 74,987 $ 10 $ 60 $ 236,372 Interest expense (25,531 ) (9,740 ) (25,333 ) (60,223 ) (120,827 ) Net interest income (expense) 135,784 65,247 (25,323 ) (60,163 ) 115,545 Provision for loan losses (300 ) — — — (300 ) Net interest income (expense) after provision for loan losses 135,484 65,247 (25,323 ) (60,163 ) 115,245 Operating lease income — — 77,277 — 77,277 Tenant recoveries — — 5,958 — 5,958 Sale of loans, net 26,009 — — — 26,009 Realized gain on securities — 7,724 — — 7,724 Unrealized gain (loss) on Agency interest-only securities — (56 ) — — (56 ) Realized gain (loss) on sale of real estate, net — — 20,636 — 20,636 Fee and other income 7,547 — 7,253 6,565 21,365 Net result from derivative transactions 8,371 (9,780 ) — — (1,409 ) Earnings from investment in unconsolidated joint ventures — — (466 ) 892 426 Gain (loss) on extinguishment of debt — — — 5,382 5,382 Total other income (expense) 41,927 (2,112 ) 110,658 12,839 163,312 Salaries and employee benefits (11,000 ) — — (53,270 ) (64,270 ) Operating expenses — — — (20,552 ) (20,552 ) Real estate operating expenses — — (29,953 ) — (29,953 ) Real estate acquisition costs — — (592 ) — (592 ) Fee expense (2,343 ) (166 ) (618 ) (576 ) (3,703 ) Depreciation and amortization — — (39,354 ) (93 ) (39,447 ) Total costs and expenses (13,343 ) (166 ) (70,517 ) (74,491 ) (158,517 ) Tax (expense) benefit — — — (6,320 ) (6,320 ) Segment profit (loss) $ 164,068 $ 62,969 $ 14,818 $ (128,135 ) $ 113,720 Total assets as of December 31, 2016 $ 2,353,977 $ 2,100,947 $ 856,363 $ 267,050 $ 5,578,337 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Year ended December 31, 2015 Interest income $ 165,403 $ 76,083 $ — $ 53 $ 241,539 Interest expense (24,039 ) (7,256 ) (23,873 ) (58,135 ) (113,303 ) Net interest income (expense) 141,364 68,827 (23,873 ) (58,082 ) 128,236 Provision for loan losses (600 ) — — — (600 ) Net interest income (expense) after provision for loan losses 140,764 68,827 (23,873 ) (58,082 ) 127,636 Operating lease income — — 80,465 — 80,465 Tenant recoveries — — 9,907 — 9,907 Sale of loans, net 71,066 — — — 71,066 Realized gain on securities — 24,007 — — 24,007 Unrealized gain (loss) on Agency interest-only securities — (1,249 ) — — (1,249 ) Realized gain on sale of real estate, net 2,346 — 38,040 — 40,386 Fee and other income 5,999 230 5,989 2,987 15,205 Net result from derivative transactions (12,609 ) (26,328 ) — — (38,937 ) Earnings from investment in unconsolidated joint ventures — — 255 116 371 Total other income 66,802 (3,340 ) 134,656 3,103 201,221 Salaries and employee benefits (16,531 ) — — (45,081 ) (61,612 ) Operating expenses 381 — — (25,484 ) (25,103 ) Real estate operating expenses — — (35,886 ) — (35,886 ) Real estate acquisition costs — — (1,982 ) (1 ) (1,983 ) Fee expense (1,693 ) (40 ) (470 ) (2,318 ) (4,521 ) Depreciation and amortization — — (38,953 ) (108 ) (39,061 ) Total costs and expenses (17,843 ) (40 ) (77,291 ) (72,992 ) (168,166 ) Tax (expense) benefit — — — (14,557 ) (14,557 ) Segment profit (loss) $ 189,723 $ 65,447 $ 33,492 $ (142,528 ) $ 146,134 Total assets as of December 31, 2015 $ 2,310,409 $ 2,407,217 $ 868,528 $ 309,058 $ 5,895,212 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Year ended December 31, 2014 Interest income $ 113,943 $ 73,331 $ — $ 51 $ 187,325 Interest expense (13,205 ) (6,588 ) (15,984 ) (41,797 ) (77,574 ) Net interest income (expense) 100,738 66,743 (15,984 ) (41,746 ) 109,751 Provision for loan losses (600 ) — — — (600 ) Net interest income (expense) after provision for loan losses 100,138 66,743 (15,984 ) (41,746 ) 109,151 Operating lease income — — 56,649 — 56,649 Tenant recoveries — — 9,183 — 9,183 Sale of loans, net 145,275 — — — 145,275 Gain on securities — 26,977 — — 26,977 Unrealized gain (loss) on Agency interest-only securities — 2,144 — — 2,144 Sale of real estate, net 1,525 — 28,235 — 29,760 Fee and other income 3,854 — 5,374 2,476 11,704 Net result from derivative transactions (34,599 ) (60,199 ) — — (94,798 ) Earnings from investment in unconsolidated joint ventures — — 900 1,090 1,990 Gain on assignment of mortgage loan financing — — 432 — 432 Loss on extinguishment of debt — — — (150 ) (150 ) Total other income 116,055 (31,078 ) 100,773 3,416 189,166 Salaries and employee benefits (22,400 ) — — (59,744 ) (82,144 ) Operating expenses 235 — — (25,633 ) (25,398 ) Real estate operating expenses — — (32,670 ) — (32,670 ) Real estate acquisition costs — — (2,400 ) (4 ) (2,404 ) Fee expense (2,172 ) (65 ) (83 ) (703 ) (3,023 ) Depreciation and amortization — — (28,271 ) (176 ) (28,447 ) Total costs and expenses (24,337 ) (65 ) (63,424 ) (86,260 ) (174,086 ) Tax (expense) benefit — — — (26,605 ) (26,605 ) Segment profit (loss) $ 191,856 $ 35,600 $ 21,365 $ (151,195 ) $ 97,626 Total assets as of December 31, 2014 $ 1,939,008 $ 2,815,566 $ 771,129 $ 288,532 $ 5,814,235 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $34.0 million and $33.7 million as of December 31, 2016 and 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 $48,771 as of December 31, 2015 , the Company’s investment in FHLB stock of $77.9 million as of December 31, 2016 and 2015 , the Company’s deferred tax asset of $2.1 million and $5.0 million as of December 31, 2016 and 2015 , respectively and the Company’s senior unsecured notes of $559.8 million and $612.6 million as of December 31, 2016 and 2015 |
QUARTERLY FINANCIAL DATA (UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA (UNAUDITED) | 19. QUARTERLY FINANCIAL DATA (UNAUDITED) The following summarizes the combined consolidated quarterly financial information for the Company ($ in thousands except per share and dividend amounts): Q4 2016(1) Q3 2016 Q2 2016 Q1 2016(1) Interest income $ 60,721 $ 60,284 $ 55,766 $ 59,601 Net interest income after provision for loan losses 28,517 29,599 27,214 29,915 Other income (loss) 89,212 69,335 11,835 (7,070 ) Costs and expenses 45,335 40,615 37,405 35,162 Income (loss) before taxes 72,394 58,319 1,644 (12,317 ) Income tax expense (benefit) 773 8,721 (2,301 ) (873 ) Net income (loss) 71,621 49,598 3,945 (11,444 ) Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (298 ) 439 (235 ) 232 Net (income) loss attributable to noncontrolling interest in operating partnership (29,467 ) (22,429 ) (908 ) 5,673 Net income (loss) attributable to Class A common shareholders $ 41,856 $ 27,608 $ 2,802 $ (5,539 ) Earnings per share: Basic $ 0.64 $ 0.44 $ 0.05 $ (0.09 ) Diluted $ 0.63 $ 0.44 $ 0.05 $ (0.09 ) Dividends per share of common stock $ 0.460 $ 0.275 $ 0.275 $ 0.275 Q4 2015 Q3 2015 Q2 2015 Q1 2015 Interest income $ 62,903 $ 63,013 $ 59,239 $ 56,384 Net interest income after provision for loan losses 33,297 33,328 31,602 29,409 Other income 72,183 (2) 7,549 86,452 35,037 Costs and expenses 38,347 42,260 44,180 43,379 Income (loss) before taxes 67,133 (1,383 ) 73,874 21,067 Income tax expense (benefit) 10,457 (4,181 ) 5,177 3,104 Net income 56,676 2,798 68,697 17,963 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (2,146 ) 85 684 (191 ) Net (income) loss attributable to noncontrolling interest in operating partnership (27,407 ) 430 (35,171 ) (8,597 ) Net income attributable to Class A common shareholders $ 27,123 $ 3,313 $ 34,210 $ 9,175 Earnings per share: Basic $ 0.51 $ 0.06 $ 0.68 $ 0.18 Diluted $ 0.50 $ 0.06 $ 0.67 $ 0.15 Dividends per share of common stock $ 1.450 $ 0.275 $ 0.250 $ 0.250 (1) See Note 2. Significant Accounting Policies , “Out-of-Period Adjustments” for out-of-period adjustments included in the three month periods ended March 31, 2016 and December 31, 2016. (2) |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | The Company has evaluated subsequent events through the issuance date of the financial statements and determined that the following disclosure is necessary: Senior Unsecured Notes During the period from January 1, 2017 through February 24, 2017 , the Company retired $6.1 million of principal of the 2017 Notes for a repurchase price of $6.2 million recognizing a $55,155 net loss on extinguishment of debt after recognizing $24,455 of unamortized debt issuance costs associated with the retired debt. The remaining $291.5 million in aggregate principal amount of the 2017 Notes is due October 2, 2017. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | Schedule III-Real Estate and Accumulated Depreciation Ladder Capital Corp December 31, 2016 ($ in thousands) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Real Estate: Retail Property in Springfield, IL $ — $ 391 $ 784 $ 147 $ — $ 391 $ 784 $ 231 $ 1,406 $ (4 ) 11/16/16 2016 15-40yrs Retail Property in Fayetteville, NC — 1,379 3,121 2,471 — 1,379 3,121 2,471 6,971 (30 ) 11/15/16 2008 12-37yrs Retail Property in Dryden Township, MI — 177 893 120 — 177 893 209 1,279 (6 ) 10/26/16 2016 15-40yrs Retail Property in Lamar, MO — 164 903 109 — 164 903 171 1,238 (14 ) 07/22/16 2016 15-40yrs Retail Property in Union, MO — 267 867 93 — 267 867 207 1,341 (17 ) 07/01/16 2016 15-40yrs Retail Property in Pawnee, IL — 249 775 177 — 249 775 205 1,229 (15 ) 07/01/16 2016 15-40yrs Retail Property in Linn, MO — 89 920 113 — 89 920 182 1,191 (16 ) 06/30/16 2016 15-40yrs Retail Property in Cape Girardeau, MO 1,016 453 702 126 — 453 702 217 1,372 (14 ) 06/30/16 2016 15-40yrs Retail Property in Decatur-Pershing, IL — 395 923 47 — 395 923 155 1,473 (16 ) 06/30/16 2016 15-40yrs Retail Property in Rantoul, IL — 100 1,023 81 — 100 1,023 178 1,301 (18 ) 06/21/16 2016 15-40yrs Retail Property in Flora Vista, NM — 272 864 169 — 272 864 198 1,334 (22 ) 06/06/16 2016 15-35yrs Retail Property in Mountain Grove, MO — 163 1,026 90 — 163 1,026 212 1,401 (21 ) 06/03/16 2016 15-40yrs Retail Property in Decatur-Sunnyside, IL 945 182 954 45 — 182 954 138 1,274 (17 ) 06/03/16 2016 15-40yrs Retail Property in Champaign, IL — 365 915 44 — 365 915 150 1,430 (18 ) 06/03/16 2016 15-40yrs Retail Property in San Antonio, TX 886 252 703 141 — 252 703 196 1,151 (20 ) 05/06/16 2015 15-35yrs Retail Property in Borger, TX 782 68 800 110 — 68 800 180 1,048 (20 ) 05/06/16 2016 15-40yrs Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Dimmitt, TX 1,045 86 1,077 156 — 86 1,077 236 1,399 (27 ) 04/26/16 2016 15-40yrs Retail Property in St. Charles, MN 959 200 843 155 — 200 843 226 1,269 (27 ) 04/26/16 2016 15-30yrs Retail Property in Philo, IL 922 160 889 107 — 160 889 188 1,237 (20 ) 04/26/16 2016 15-40yrs Retail Property in Radford, VA 1,139 411 896 257 — 411 896 257 1,564 (43 ) 12/23/15 2015 15-40yrs Retail Property in Rural Retreat, VA 1,049 328 811 260 — 328 811 260 1,399 (37 ) 12/23/15 2015 15-40yrs Retail Property in Albion, PA 1,137 100 1,033 392 — 100 1,033 392 1,525 (63 ) 12/23/15 2015 14-50yrs Retail Property in Mount Vernon, AL 954 187 876 161 — 187 876 174 1,237 (36 ) 12/23/15 2015 14-44yrs Retail Property in Malone, NY 1,089 183 1,154 137 — 183 1,154 137 1,474 (42 ) 12/16/15 2015 14-39yrs Retail Property in Mercedes, TX 840 257 874 132 — 257 874 132 1,263 (30 ) 12/16/15 2015 15-45yrs Retail Property in Gordonville, MO 775 247 787 173 — 247 787 173 1,207 (33 ) 11/10/15 2015 15-40yrs Retail Property in Rice, MN 821 199 859 184 — 199 859 184 1,242 (49 ) 10/28/15 2015 15-30yrs Retail Property in Bixby, OK 7,993 2,610 7,776 1,765 — 2,610 7,776 1,765 12,151 (342 ) 10/27/15 2012 12-37yrs Retail Property in Farmington, IL 900 96 1,161 150 — 96 1,161 150 1,407 (44 ) 10/23/15 2015 15-40yrs Retail Property in Grove, OK 3,643 402 4,364 817 — 402 4,364 817 5,583 (204 ) 10/20/15 2012 12-37yrs Retail Property in Jenks, OK 8,845 2,617 8,695 2,107 — 2,617 8,695 2,107 13,419 (412 ) 10/19/15 2009 9-38yrs Retail Property in Bloomington, IL 821 173 984 137 — 173 984 137 1,294 (40 ) 10/14/15 2015 15-40yrs Retail Property in Montrose, MN 789 149 876 169 — 149 876 169 1,194 (51 ) 10/14/15 2015 15-30yrs Retail Property in Lincoln County , MO 742 149 800 188 — 149 800 188 1,137 (35 ) 10/14/15 2015 15-40yrs Retail Property in Wilmington, IL 907 160 1,078 160 — 160 1,078 160 1,398 (44 ) 10/07/15 2015 15-40yrs Retail Property in Danville, IL 742 158 870 133 — 158 870 133 1,161 (34 ) 10/07/15 2015 15-40yrs Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Moultrie, GA 934 170 962 173 — 170 962 173 1,305 (56 ) 09/22/15 2014 14-44yrs Retail Property in Rose Hill, NC 1,004 245 973 203 — 245 973 203 1,421 (55 ) 09/22/15 2014 14-44yrs Retail Property in Rockingham, NC 825 73 922 163 — 73 922 163 1,158 (49 ) 09/22/15 2014 14-44yrs Retail Property in Biscoe, NC 863 147 905 165 — 147 905 165 1,217 (50 ) 09/22/15 2014 14-44yrs Retail Property in De Soto, IA 707 139 795 176 — 139 795 176 1,110 (40 ) 09/08/15 2015 15-35yrs Retail Property in Kerrville, TX 769 186 849 200 — 186 849 200 1,235 (51 ) 08/28/15 2015 15-35yrs Retail Property in Floresville, TX 815 268 828 216 — 268 828 216 1,312 (52 ) 08/28/15 2015 15-35yrs Retail Property in Minot, ND 4,703 1,856 4,472 618 — 1,856 4,472 618 6,946 (207 ) 08/19/15 2012 13-38yrs Retail Property in Lebanon, MO 821 359 724 178 — 359 724 178 1,261 (37 ) 08/14/15 2015 15-40yrs Retail Property in Effingham County, IL 821 273 773 205 — 273 773 205 1,251 (43 ) 08/10/15 2015 15-40yrs Retail Property in Ponce, Puerto Rico 6,528 1,365 6,662 1,318 — 1,365 6,662 1,318 9,345 (322 ) 08/03/15 2012 12-37yrs Retail Property in Tremont, IL 792 165 860 168 — 165 860 168 1,193 (50 ) 06/25/15 2015 15-35yrs Retail Property in Pleasanton, TX 869 312 850 216 — 312 850 216 1,378 (58 ) 06/24/15 2015 15-35yrs Retail Property in Peoria, IL 859 180 934 179 — 180 934 179 1,293 (54 ) 06/24/15 2015 15-35yrs Retail Property in Bridgeport, IL 825 192 874 175 — 192 874 175 1,241 (50 ) 06/24/15 2015 15-35yrs Retail Property in Warren, MN 697 108 825 156 — 108 825 156 1,089 (57 ) 06/24/15 2015 15-30yrs Retail Property in Canyon Lake, TX 911 291 932 221 — 291 932 221 1,444 (61 ) 06/18/15 2015 15-35yrs Retail Property in Wheeler, TX 720 53 887 188 — 53 887 188 1,128 (57 ) 06/18/15 2015 15-35yrs Retail Property in Aurora, MN 631 126 709 157 — 126 709 157 992 (41 ) 06/18/15 2015 15-40yrs Retail Property in Red Oak, IA 778 190 839 179 — 190 839 179 1,208 (63 ) 05/07/15 2014 15-35yrs Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Zapata, TX 746 62 998 144 — 62 998 144 1,204 (78 ) 05/07/15 2015 15-35yrs Retail Property in St. Francis, MN 732 105 911 164 — 105 911 164 1,180 (81 ) 03/26/15 2014 15-35yrs Retail Property in Yorktown, TX 784 97 1,005 199 — 97 1,005 199 1,301 (87 ) 03/25/15 2015 15-35yrs Retail Property in Battle Lake, MN 719 136 875 157 — 136 875 157 1,168 (84 ) 03/25/15 2014 15-30yrs Retail Property in Paynesville, MN 803 246 815 192 — 246 815 192 1,253 (71 ) 03/05/15 2015 15-40yrs Retail Property in Wheaton, MO 653 73 800 97 — 73 800 97 970 (61 ) 03/05/15 2015 15-40yrs Retail Property in Rotterdam, NY 8,890 2,530 7,924 2,165 — 2,530 7,924 2,165 12,619 (1,160 ) 03/03/15 1996 8-20yrs Retail Property in Hilliard, OH 4,593 654 4,870 860 — 654 4,870 860 6,384 (332 ) 03/02/15 2007 12-41yrs Retail Property in Niles, OH 3,732 437 4,084 679 — 437 4,084 679 5,200 (276 ) 03/02/15 2007 12-41yrs Retail Property in Youngstown, OH 3,844 380 4,363 657 — 380 4,363 657 5,400 (305 ) 02/20/15 2005 12-40yrs Retail Property in Kings Mountain, NC 18,731 1,368 19,533 3,267 5,834 1,368 24,383 3,267 29,018 (1,953 ) 01/29/15 1995 10-35yrs Retail Property in Iberia, MO 899 130 1,033 165 — 130 1,033 165 1,328 (84 ) 01/23/15 2015 14-39yrs Retail Property in Pine Island, MN 773 112 845 185 — 112 845 185 1,142 (81 ) 01/23/15 2014 15-40yrs Retail Property in Isle, MN 727 120 787 171 — 120 787 171 1,078 (78 ) 01/23/15 2014 15-40yrs Retail Property in Jacksonville, NC 5,705 1,863 5,749 1,019 — 1,863 5,749 1,019 8,631 (442 ) 01/22/15 2014 15-44yrs Retail Property in Evansville, IN 6,456 1,788 6,348 864 — 1,788 6,348 864 9,000 (547 ) 11/26/14 2014 15-35yrs Retail Property in Woodland Park, CO 2,810 668 2,681 620 — 668 2,681 620 3,969 (295 ) 11/14/14 2014 15-35yrs Retail Property in Bellport, NY 12,874 3,601 12,465 2,034 — 3,601 12,465 2,034 18,100 (1,152 ) 11/13/14 2014 15-35yrs Retail Property in Ankeny, IA 11,743 3,180 10,513 2,817 — 3,180 10,513 2,843 16,536 (1,023 ) 11/04/14 2013 14-39yrs Retail Property in Springfield, MO 8,392 3,658 6,296 1,721 — 3,658 6,296 1,870 11,824 (668 ) 11/04/14 2011 12-37yrs Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Cedar Rapids, IA 7,824 1,569 7,553 1,878 — 1,569 7,553 1,878 11,000 (862 ) 11/04/14 2012 10-30yrs Retail Property in Fairfield, IA 7,610 1,132 7,779 1,784 — 1,132 7,779 1,800 10,711 (746 ) 11/04/14 2011 12-37yrs Retail Property in Owatonna, MN 7,151 1,399 7,125 1,446 — 1,398 7,125 1,564 10,087 (714 ) 11/04/14 2010 11-36yrs Retail Property in Muscatine, IA 5,128 1,060 6,636 (546 ) — 1,060 6,636 1,307 9,003 (709 ) 11/04/14 2013 10-29yrs Retail Property in Sheldon, IA 3,084 633 3,053 614 — 633 3,053 708 4,394 (305 ) 11/04/14 2011 12-37yrs Retail Property in Memphis, TN 3,930 1,986 2,800 524 — 1,987 2,800 803 5,590 (617 ) 10/24/14 1962 5-15yrs Retail Property in Bennett, CO 2,494 470 2,503 549 — 470 2,503 563 3,536 (294 ) 10/02/14 2014 14-34yrs Retail Property in Conyers, GA 22,847 876 27,396 4,258 — 876 27,396 4,258 32,530 (2,345 ) 08/28/14 2014 15-45yrs Retail Property in O'Fallon, IL 5,689 2,488 5,388 124 — 2,488 5,388 1,063 8,939 (1,218 ) 08/08/14 1984 7-15yrs Retail Property in El Centro, CA 2,985 569 3,133 575 — 569 3,133 575 4,277 (294 ) 08/08/14 2014 15-50yrs Retail Property in Durant, OK 3,229 593 3,900 498 — 593 3,900 498 4,991 (513 ) 01/28/13 2007 10-40yrs Retail Property in Gallatin, TN 3,301 1,725 2,616 721 — 1,725 2,615 721 5,061 (464 ) 12/28/12 2007 11-40yrs Retail Property in Mt. Airy, NC 2,931 728 3,353 411 — 728 3,353 621 4,702 (530 ) 12/27/12 2007 9-39yrs Retail Property in Aiken, SC 3,860 1,588 3,480 858 — 1,588 3,480 858 5,926 (567 ) 12/21/12 2008 11-41yrs Retail Property in Johnson City, TN 3,431 917 3,606 739 — 917 3,606 739 5,262 (571 ) 12/21/12 2007 11-40yrs Retail Property in Palmview, TX 4,582 938 4,837 1,045 — 938 4,837 1,045 6,820 (655 ) 12/19/12 2012 11-44yrs Retail Property in Ooltewah, TN 3,837 903 3,957 843 — 903 3,957 843 5,703 (612 ) 12/18/12 2008 11-41yrs Retail Property in Abingdon, VA 3,081 682 3,733 273 — 682 3,733 666 5,081 (583 ) 12/18/12 2006 11-41yrs Retail Property in Wichita, KS 4,801 1,187 4,850 1,163 — 1,187 4,850 1,163 7,200 (987 ) 12/14/12 2012 14-34yrs Retail Property in North Dartmouth, MA 19,046 7,033 19,745 3,187 — 7,034 19,745 3,187 29,966 (5,227 ) 09/21/12 1989 10-20yrs Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Vineland, NJ 13,971 1,483 17,742 3,282 — 1,482 17,742 3,282 22,506 (3,655 ) 09/21/12 2003 12-30yrs Retail Property in Saratoga Springs, NY 12,553 748 13,936 5,538 — 748 13,936 5,538 20,222 (3,435 ) 09/21/12 1994 15-27yrs Retail Property in Waldorf, MD 11,672 4,933 11,684 2,186 — 4,933 11,684 2,882 19,499 (2,930 ) 09/21/12 1999 10-25yrs Retail Property in Mooresville, NC 10,952 2,616 12,462 2,566 — 2,615 12,462 2,566 17,643 (3,073 ) 09/21/12 2000 12-24yrs Retail Property in Sennett, NY 4,752 1,147 4,480 1,849 — 1,147 4,480 1,849 7,476 (1,360 ) 09/21/12 1996 10-23yrs Retail Property in DeLeon Springs, FL 821 239 782 221 — 239 782 221 1,242 (216 ) 08/13/12 2011 15-35yrs Retail Property in Orange City, FL 797 229 853 235 — 229 853 235 1,317 (230 ) 05/23/12 2011 15-35yrs Retail Property in Satsuma, FL 717 79 821 192 — 79 821 192 1,092 (224 ) 04/19/12 2011 15-35yrs Retail Property in Greenwood, AR 3,424 1,038 3,415 694 — 1,038 3,416 694 5,148 (611 ) 04/12/12 2009 13-43yrs Retail Property in Snellville, GA 5,322 1,293 5,724 983 — 1,293 5,724 983 8,000 (1,236 ) 04/04/12 2011 14-34yrs Retail Property in Columbia, SC 5,177 2,148 4,629 1,023 — 2,148 4,629 1,023 7,800 (1,044 ) 04/04/12 2001 14-34yrs Retail Property in Millbrook, AL 4,616 970 5,971 — — 970 5,971 — 6,941 (895 ) 03/28/12 2008 32yrs Retail Property in Pittsfield, MA 11,135 1,801 11,555 1,344 — 1,801 11,555 1,344 14,700 (2,131 ) 02/17/12 2011 14-34yrs Retail Property in Spartanburg, SC 2,701 827 2,567 476 — 828 2,567 772 4,167 (684 ) 01/14/11 2007 12-42yrs Retail Property in Tupelo, MS 3,090 1,119 3,070 939 — 1,119 3,070 939 5,128 (806 ) 08/13/10 2007 12-47yrs Retail Property in Lilburn, GA 3,474 1,090 3,673 1,028 — 1,090 3,673 1,028 5,791 (932 ) 08/12/10 2007 12-47yrs Retail Property in Douglasville, GA 3,264 1,717 2,705 987 — 1,717 2,705 987 5,409 (736 ) 08/12/10 2008 13-48yrs Retail Property in Elkton, MD 2,928 963 3,049 860 — 963 3,049 860 4,872 (780 ) 07/27/10 2008 14-49yrs Retail Property in Lexington, SC 2,898 1,644 2,219 869 — 1,645 2,219 869 4,733 (667 ) 06/28/10 2009 13-48yrs Total Net Lease 385,324 96,304 411,126 81,470 5,834 96,305 415,976 88,015 600,296 (56,650 ) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Office in Peoria, IL — 888 415 1,457 — 888 415 1,579 2,882 (29 ) 10/21/16 1926 5-15yrs Office in Wayne, NJ 21,856 2,744 20,212 7,684 — 2,743 20,212 8,323 31,278 (523 ) 08/04/16 2009 15-45yrs Shopping Center in Carmel, NY — 2,041 3,632 1,033 727 2,041 4,116 1,033 7,190 (353 ) 10/14/15 1985 5-20yrs Office in Wayne, NJ 6,670 1,386 5,474 2,840 — 1,386 5,474 2,840 9,700 (638 ) 06/24/15 1980 10-40yrs Warehouse in Grand Rapids, MI 7,239 497 8,157 1,077 474 498 8,157 1,077 9,732 (587 ) 06/18/15 1963 8-35yrs Office in Grand Rapids, MI 4,928 547 5,157 596 — 547 5,157 596 6,300 (514 ) 06/18/15 1992 6-28yrs Office in St. Paul, MN 48,446 9,615 33,682 19,243 22,346 10,714 36,226 20,520 67,460 (12,793 ) 09/22/14 1900 7-19yrs Office in Richmond, VA 15,803 4,539 12,633 2,678 7,119 4,539 13,608 2,704 20,851 (3,743 ) 08/14/14 1986 4-33yrs Office in Richmond, VA 88,090 14,632 87,628 16,145 28,052 14,631 91,407 17,611 123,649 (30,750 ) 06/07/13 1984 4-41yrs Office in Oakland County, MI 11,747 1,147 7,707 9,146 7,299 1,147 11,381 9,932 22,460 (12,049 ) 02/01/13 1989 4-35yrs Total Other 204,779 38,036 184,697 61,899 66,017 39,134 196,153 66,215 301,502 (61,979 ) Condominium in Miami, FL — 10,487 67,895 1,618 1,522 2,951 20,626 455 24,032 (1,585 ) 11/21/13 2010 7-47yrs Condominium in Las Vegas, NV — 4,900 114,100 — 1,342 4,900 13,616 — 18,516 (1,794 ) 12/20/12 2006 40yrs Total Condominium — 15,387 181,995 1,618 2,864 7,851 34,242 455 42,548 (1) (3,379 ) Total Real Estate $ 590,103 $ 149,727 $ 777,818 $ 144,987 $ 74,715 $ 143,290 $ 646,371 $ 154,685 $ 944,346 (2) $ (122,008 ) (1) Gross carrying value amounts are charged off as cost of sales upon delivery of condo units. (2) The aggregate cost for U.S. federal income tax purposes is $900.1 million at December 31, 2016 . Reconciliation of Real Estate: The following table reconciles real estate from December 31, 2015 to December 31, 2016 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2015 $ 917,835 $ 842,140 $ 75,695 Reclassification of intangibles to accumulated amortization 1,316 1,316 — Improvements and additions 75,345 72,963 2,382 Acquisitions through foreclosures — — — Dispositions (50,150 ) (14,622 ) (35,528 ) Impairments — — — Balance at December 31, 2016 $ 944,346 $ 901,797 $ 42,549 The following table reconciles real estate from December 31, 2014 to December 31, 2015 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2014 $ 819,591 $ 697,965 $ 121,626 Improvements and additions 232,582 230,915 1,667 Acquisitions through foreclosures 6,706 6,706 — Dispositions (141,044 ) (93,446 ) (47,598 ) Impairments — — — Balance at December 31, 2015 $ 917,835 $ 842,140 $ 75,695 The following table reconciles real estate from December 31, 2013 to December 31, 2014 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2013 $ 649,820 $ 474,465 $ 175,355 Improvements and additions 267,367 267,367 — Acquisitions through foreclosures — — — Dispositions (97,596 ) (43,867 ) (53,729 ) Impairments — — — Balance at December 31, 2014 $ 819,591 $ 697,965 $ 121,626 Reconciliation of Accumulated Depreciation and Amortization: The following table reconciles accumulated depreciation and amortization from December 31, 2015 to December 31, 2016 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2015 $ 83,056 $ 78,376 $ 4,680 Reclassification of intangibles to accumulated amortization 1,316 1,316 Additions 40,726 39,398 1,328 Dispositions (3,090 ) (460 ) (2,630 ) Balance at December 31, 2016 $ 122,008 $ 118,630 $ 3,378 The following table reconciles accumulated depreciation and amortization from December 31, 2014 to December 31, 2015 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2014 $ 50,605 $ 45,856 $ 4,749 Additions 40,490 38,213 2,277 Dispositions (8,039 ) (5,693 ) (2,346 ) Balance at December 31, 2015 $ 83,056 $ 78,376 $ 4,680 The following table reconciles accumulated depreciation and amortization from December 31, 2013 to December 31, 2014 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2013 $ 25,601 $ 23,061 $ 2,540 Additions 28,916 25,212 3,704 Dispositions (3,912 ) (2,417 ) (1,495 ) Balance at December 31, 2014 $ 50,605 $ 45,856 $ 4,749 |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate | Schedule IV-Mortgage Loans on Real Estate Ladder Capital Corp December 31, 2016 ($ in thousands) Type of Loan Underlying Property Type Interest Rates (1) Effective Maturity Dates Periodic Payment Terms (2) Prior Liens Face amount of Mortgages Carrying Amount of Mortgages Principal Amount of Mortgages Subject to Delinquent Principal or Interest (3) First Mortgages individually >3% First Mortgage Hotel 5.15% 9/6/2017 IO $ — $ 97,500 $ 97,297 $ — First Mortgage Hotel 5.75% 12/6/2017 IO — 97,296 97,248 — First Mortgage Multi-family 2.87% 4/6/2020 IO — 120,000 120,000 — First Mortgage Office 4.6% 12/6/2021 IO — 107,250 106,421 — First Mortgage Hotel 9.4% 1/6/2017 IO — 98,345 98,345 — First Mortgages individually <3% First Mortgage Hotel, Industrial, Mobile Home Park, Mixed Use, Multi-family, Office, Retail 4.15% - 12.25% 2017 - 2033 — 1,683,133 1,671,197 26,850 Total First Mortgages $ — $ 2,203,524 $ 2,190,508 $ 26,850 Subordinated Mortgages individually <3% Subordinate Mortgage Hotel, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Residential, Retail 5.00% - 15.00% 2017 - 2025 1,263,892 168,303 167,469 — Total Subordinated Mortgages $ 1,263,892 $ 168,303 $ 167,469 $ — Total Mortgages $ 1,263,892 $ 2,371,827 $ 2,357,977 $ 26,850 Provision for Loan Losses N/A N/A $ (4,000 ) N/A Total Mortgages after Provision for Loan Losses $ 1,263,892 $ 2,371,827 $ 2,353,977 (4) $ 26,850 (1) Interest rates as of December 31, 2016 . (2) IO = Interest only. P&I = Principal and interest. (3) As discussed in Note 3. Mortgage Loan Receivables , as of December 31, 2016 , two of the Company’s loans, which were originated simultaneously as part of a single transaction, and had a carrying value of $26.9 million , were in default. (4) The aggregate cost for U.S. federal income tax purposes is $2.4 billion . Reconciliation of mortgage loans on real estate: The following tables reconcile mortgage loans on real estate from December 31, 2013 to December 31, 2016 ($ in thousands): Mortgage loan receivables held for investment, at amortized cost Mortgage loan receivables held for sale Total Mortgage loan receivables Balance December 31, 2015 $ 1,738,645 $ 571,764 $ 2,310,409 Origination of mortgage loan receivables 969,401 1,128,651 2,098,052 Purchases of mortgage loan receivables — 73,421 73,421 Repayment of mortgage loan receivables (720,592 ) (1,768 ) (722,360 ) Proceeds from sales of mortgage loan receivables — (1,440,195 ) (1,440,195 ) Realized gain on sale of mortgage loan receivables — 26,009 26,009 Accretion/amortization of discount, premium and other fees 8,941 — 8,941 Loan loss provision (300 ) — (300 ) Balance December 31, 2016 $ 1,996,095 $ 357,882 $ 2,353,977 Mortgage loan receivables held for investment, at amortized cost Mortgage loan receivables held for sale Total Mortgage loan receivables Balance December 31, 2014 $ 1,521,053 $ 417,955 $ 1,939,008 Origination of mortgage loan receivables 963,023 2,594,141 3,557,164 Repayment of mortgage loan receivables (752,452 ) (2,308 ) (754,760 ) Proceeds from sales of mortgage loan receivables — (2,509,090 ) (2,509,090 ) Non-cash disposition of loan via foreclosure (4,620 ) — (4,620 ) Realized gain on sale of mortgage loan receivables — 71,066 71,066 Accretion/amortization of discount, premium and other fees 12,241 — 12,241 Loan loss provision (600 ) — (600 ) Balance December 31, 2015 $ 1,738,645 $ 571,764 $ 2,310,409 Mortgage loan receivables held for investment, at amortized cost Mortgage loan receivables held for sale Total Mortgage loan receivables Balance December 31, 2013 $ 539,078 $ 440,490 $ 979,568 Origination of mortgage loan receivables 1,201,968 3,345,372 4,547,340 Repayment of mortgage loan receivables (214,511 ) (1,293 ) (215,804 ) Proceeds from sales of mortgage loan receivables — (3,523,689 ) (3,523,689 ) Realized gain on sale of mortgage loan receivables — 145,275 145,275 Transfer between held for investment and held for sale (11,800 ) 11,800 — Accretion/amortization of discount, premium and other fees 6,918 — 6,918 Loan loss provision (600 ) — (600 ) Balance December 31, 2014 $ 1,521,053 $ 417,955 $ 1,939,008 |
SIGNIFICANT ACCOUNTING POLICI31
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 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”). 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 the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’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. |
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 • |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all investments with original maturities of three months or less, at the time of acquisition, to be cash equivalents. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of December 31, 2016 and 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 December 31, 2016 and 2015 , included in other assets on the Company’s combined consolidated balance sheets are $24.9 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. |
Mortgage Loans Receivables Held for Investment | Mortgage Loans Receivable Held for Investment Loans that the Company has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for loan losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the interest method, adjusted for actual prepayments. Upon the decision to sell such loans, the Company will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value less cost to sell on the combined consolidated balance sheets. The Company evaluates each loan classified as a mortgage loan receivable held for investment for impairment at least quarterly. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s contractual effective rate or the fair value of the collateral, if recovery of the Company’s investment is expected solely from the collateral. The Company’s loans are typically collateralized by real estate. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management personnel, who utilize various data sources, including (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and other market data. Upon the completion of the process above, the Company concluded that no loans originated by the Company were impaired as of December 31, 2016 and 2015 . Significant judgment is required when evaluating loans for impairment, therefore actual results over time could be materially different. |
Real Estate Securities | Real Estate Securities The Company designates its real estate securities investments on the date of acquisition of the investment. Real estate securities that the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are designated as available-for-sale and are carried at estimated fair value with the net unrealized gains or losses on all securities, except for Government National Mortgage Association (“GNMA”) interest-only and Federal Home Loan Mortgage Corp (“FHLMC”) interest-only securities (collectively, “Agency interest-only securities”), recorded as a component of other comprehensive income (loss) in shareholders’ equity. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in earnings in the combined consolidated statements of income in accordance with ASC 815. The Company’s recognition of interest income from its Agency interest-only and all other securities, including effective interest from amortization of premiums, follows the Company’s Revenue Recognition policy, as disclosed within this Note for recognizing interest income on its securities. The interest income recognized from the Company’s Agency interest-only securities is recorded in interest income on the combined consolidated statements of income. The Company uses the specific identification method when determining the cost of securities sold and the amount of gain (loss) on securities recognized in earnings. The Company accounts for the changes in the fair value of the unfunded portion of its GNMA Construction securities, which are included in real estate securities, available-for-sale, on the combined consolidated balance sheet, as available for sale securities. Unrealized losses on securities that, in the judgment of management, are other than temporary are charged against earnings as a loss in the combined consolidated statements of income. When the estimated fair value of an available-for-sale security is less than amortized cost, the Company will consider whether there is an other-than-temporary impairment in the value of the security. An impairment will be considered other-than-temporary based on consideration of several factors, including (i) if the Company intends to sell the security, (ii) if it is more likely than not that the Company will be required to sell the security before recovering its cost, or (iii) the Company does not expect to recover the security’s cost basis (i.e., a credit loss). A credit loss will have occurred if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis. If the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is other-than-temporary and will be recognized currently in earnings equal to the entire difference between fair value and amortized cost. If a credit loss exists, but the Company does not intend to, nor is it more likely than not that it will be required to sell before recovery, the impairment is other-than-temporary and will be separated into (i) the estimated amount relating to the credit loss, and (ii) the amount relating to all other factors. Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss recognized in other comprehensive income. Estimating cash flows and determining whether there is other-than-temporary impairment require management to exercise judgment and make significant assumptions, including, but not limited to, assumptions regarding estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses, and the timing of income recognized on these securities, could differ from reported amounts. The Company utilizes an internal model as its primary pricing source to develop its prices for its commercial mortgage-backed securities (“CMBS”) and other commercial real estate securities guaranteed by a U.S. governmental agency or by a government sponsored entity (together, “U.S. Agency Securities”). Different judgments and assumptions could result in materially different estimates of fair value. To confirm its own valuations, the Company requests prices for each of its CMBS and U.S. Agency Securities investments from three different sources, including third parties that provide pricing services and brokers, although since broker quotes for the same or similar securities in which Ladder has invested are non-binding, the Company does not consider them to be a primary source for valuation. The Company may also develop a price for a security based on its direct observations of market activity and other observations. Typically, at least two prices per security are obtained. Prior to using a third-party pricing service for valuation, the Company develops an understanding of the valuation methodologies used by such pricing services through discussions with their representatives and review of their valuation methodologies used for different types of securities. The Company understands that the pricing services develop estimates of fair value for CMBS and U.S. Agency Securities using various techniques, including discussion with their internal trading desks, proprietary models and matrix pricing approaches. The Company does not have access to, and is therefore not able to review in detail, the inputs used by the pricing services in developing their estimates of fair value. However, on at least a monthly basis as part of our closing process, the Company evaluates the fair value information provided by the pricing services by comparing this information for reasonableness against its direct observations of market activity for similar securities and anecdotal information obtained from market participants that, in its assessment, is relevant to the determination of fair value. This process may result in the Company “challenging” the estimate of fair value for a security if it is unable to reconcile the estimate provided by the pricing service with its assessment of fair value for the security. Accordingly, in following this approach, the Company’s objective is to ensure that the information used by pricing services in their determination of fair value of securities is reasonable and appropriate. |
Real Estate | Real Estate The Company generally acquires real estate assets through cash purchases. Based on the Company’s strategic plan to realize the maximum value from the real estate acquired, properties are classified as Real estate, net or Real estate held for sale in the combined consolidated balance sheets. When the Company intends to hold, operate or develop the property for a period of at least 12 months, assets are classified as Real estate, net, and when the Company intends to market these properties for sale in the near term, assets are classified as Real estate held for sale in the combined consolidated balance sheets. The Company records acquired real estate at cost and makes assessments as to the useful lives of depreciable assets. The Company considers the period of future benefit of the asset to determine its appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful life of 20 to 47 years for buildings, four to 15 years for building fixtures and improvements and the remaining lease term for acquired intangible lease assets. The Company classifies most of its investments in real estate as held and used. The Company measures and records a property that is classified as held and used at its carrying amount, adjusted for any depreciation expense and impairments, as applicable and are included in Real estate, net in the combined consolidated balance sheets. Certain of the Company’s real estate investments are condominium units that the Company intends to sell over time. As of January 1, 2014, the date the Company adopted the accounting guidance in ASU 2014-8, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-8”), the results of operations and the related gain or loss on sale of properties that have been sold are reflected in other income and are not presented in discontinued operations in the combined consolidated statements of income due to fact that the disposal does not represent a strategic shift that has (or will have) a major effect on the Company’s operations and financial results and full disposal is not expected to be completed within one year . Prior to January 1, 2014, the results of operations and the related gain or loss on sale of condominium units that have been sold are not reflected as held for sale or presented in discontinued operations in the combined consolidated statements of income due to the significant continuing involvement in the real estate held through the consolidated homeowners association. |
Allocation of Purchase Price for Acquired Real Estate | Allocation of Purchase Price for Acquired Real Estate In accordance with the guidance for business combinations, the Company determines whether a transaction or other event is a business combination. If the transaction is determined to be a business combination, the Company determines if the transaction should be considered to be between entities under common control. The acquisition of an entity under common control is accounted for on the carryover basis of accounting whereby the assets and liabilities of the companies are recorded on the same basis as they were carried by the company under common control. All other business combinations, including rental property, are accounted for by applying the acquisition method of accounting. The Company will immediately expense acquisition related costs and fees associated with such acquisitions. Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases, (ii) in-place leases and (iii) tenant relationships. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed exceed the purchase consideration of a transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The value of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships but in no event do the amortization periods for intangible assets exceed the depreciable lives of the buildings. If a tenant terminates its lease, the unamortized portion of the in-place lease value and tenant relationship intangibles are charged to expense. The fair value of other investments and debt assumed are valued using techniques consistent with those disclosed in Note 8 |
Impairment pf Property Held for Use | Impairment of Property Held for Use |
Real Estate Held for Sale | Real Estate Held for Sale In accordance with accounting guidance found in ASC Topic 360 - Property, Plant, and Equipment (“ASC 360”), when assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, an impairment charge will be recorded in the combined consolidated statements of income. |
Sales of Real Estate | Sales of Real Estate Gains on sales of real estate are recognized pursuant to the provisions included in ASC 360-20, Real Estate Sales |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as investments in unconsolidated joint ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. |
Capitalization of Interest | Capitalization of Interest Capitalization of costs begins when the activities necessary to get the development project ready for its intended use begins, which include costs incurred before the beginning of construction. Capitalization of costs ceases when the development project is substantially complete and ready for its intended use. Determining when a development project commences, and when it is substantially complete and ready for its intended use involves a degree of judgment. We generally consider a development project to be substantially complete and ready for its intended use upon receipt of a certificate of occupancy. We cease cost capitalization if activities necessary for the development of the property have been suspended. Capitalized costs are allocated to the specific components of a project that are benefited. |
Valuation of Financial Instruments | Valuation of Financial Instruments |
Valuation Hierarchy | Valuation Hierarchy In accordance with the authoritative guidance on fair value measurements and disclosures under ASC 820, Fair Value Measurement, the methodologies used for valuing such instruments have been categorized into three broad levels as follows: Level 1 - Quoted prices in active markets for identical instruments. Level 2 - Valuations based principally on other observable market parameters, including: • Quoted prices in active markets for similar instruments, • Quoted prices in less active or inactive markets for identical or similar instruments, • Other observable inputs (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates), and • Market corroborated inputs (derived principally from or corroborated by observable market data). Level 3 - Valuations based significantly on unobservable inputs. • Valuations based on third party indications (broker quotes, counterparty quotes or pricing services) which were, in turn, based significantly on unobservable inputs or were otherwise not supportable as Level 2 valuations, and • Valuations based on internal models with significant unobservable inputs. Pursuant to the authoritative guidance, these levels form a hierarchy. The Company follows this hierarchy for its financial instruments measured at fair value on a recurring basis. The classifications are based on the lowest level of input that is significant to the fair value measurement. |
Tuebor/Federal Home Loan Bank Membership | Tuebor/Federal Home Loan Bank Membership Tuebor Captive Insurance Company LLC (“Tuebor”), was licensed in Michigan and approved to operate as a captive insurance company as well as being approved to become a member of the Federal Home Loan Bank (“FHLB”), with membership finalized with the purchase of stock, in the FHLB on July 11, 2012. That approval allowed Tuebor to purchase capital stock in the FHLB, the prerequisite to obtaining financing on eligible collateral. Refer to Note 7, Debt Obligations, Net . |
Debt Issuance Costs | Debt Issuance Costs In April 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Beginning April 1, 2015, the Company elected to early adopt ASU 2015-03 and appropriately retrospectively applied the guidance to its senior unsecured notes, to all periods presented. Unamortized debt issuance costs of $4.0 million are included in senior unsecured notes as of December 31, 2016 , and unamortized debt issuance costs of $6.9 million are included in senior unsecured notes as of December 31, 2015 . This new guidance is framed around how to account for costs related to term debt and it does not address how to present fees paid to lenders or other costs to secure revolving lines of credit, which are, at the outset, not associated with an outstanding borrowing. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), which amends ASC 835-30, Interest - Imputation of Interest. From time to time, a subsidiary of the Company will originate a loan (each, an “Intercompany Loan,” and collectively, “Intercompany Loans”) to another subsidiary of the Company to finance the purchase of real estate. The mortgage loan receivable and the related obligation do not appear in the Company’s combined consolidated balance sheets as they are eliminated upon consolidation. Once the Company issues (sells) an Intercompany Loan to a third party securitization trust (for cash), the related mortgage note is held for the first time by a creditor external to the Company. The accounting for the securitization of an Intercompany Loan—a financial instrument that has never been recognized in our combined consolidated financial statements as an asset—is considered a financing transaction under ASC 470, Debt, and ASC 835, Interest. The periodic securitization of the Company’s mortgage loans involves both Intercompany Loans and mortgage loans made to third parties with the latter recognized as financial assets in the Company’s combined consolidated financial statements as part of an integrated transaction. The Company receives aggregate proceeds equal to the transaction’s all-in securitization value and sales price. In accordance with the guidance under ASC 835, when initially measuring the obligation arising from an Intercompany Loan’s securitization, the Company allocates the proceeds from each securitization transaction between the third-party loans and each Intercompany Loan so securitized on a relative fair value basis determined in accordance with the guidance in ASC 820, Fair Value Measurement. The difference between the amount allocated to each Intercompany Loan and the loan’s face amount is recorded as a premium or discount, and is amortized, using the effective interest method, as a reduction or increase in reported interest expense, respectively. |
Derivative Instruments | Derivative Instruments In the normal course of business, the Company is exposed to the effect of interest rate changes and may undertake a strategy to limit these risks through the use of derivatives. To address exposure to interest rates, the Company uses derivatives primarily to economically hedge the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The Company may use a variety of derivative instruments that are considered conventional, or “plain vanilla” derivatives, including interest rate swaps, futures, caps, collars and floors, to manage interest rate risk. To determine the fair value of derivative instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date. Standard market conventions and techniques such as discounted cash flow analysis, option-pricing models, and termination cost may be used to determine fair value. All such methods of measuring fair value for derivative instruments result in an estimate of fair value, and such value may never actually be realized. |
Repurchase Agreements | Repurchase Agreements |
Deferred Tax Asset and Amount Due Pursuant to Tax Receivable Agreement | Deferred Tax Asset and Amount Due Pursuant to Tax Receivable Agreement In conjunction with the IPO, the Company is treated for U.S. federal income tax purposes as having directly purchased LP Units in LCFH from the existing unitholders. In the future, additional Series REIT LP Units, LC TRS I Shares (or Series TRS LP Units in lieu of such LC TRS I Shares) and shares of our Class B common stock may be exchanged for shares of Class A common stock in the Company. The initial purchase and these future exchanges may result in an increase in the tax basis of LCFH’s assets attributable to the Company’s interest in LCFH. These increases in the tax basis of LCFH’s assets attributable to the Company’s interest in LCFH would not have been available but for this initial purchase and future exchanges. Such increases in tax basis may increase (for tax purposes) depreciation and amortization deductions and therefore reduce the amount of income tax the Company would otherwise be required to pay in the future. The Tax Receivable Agreement provides for the payment by the Company to the TRA Members of 85% of the amount of cash savings in U.S. federal, state and local income tax or franchise tax that the Company actually realizes as a result of (a) the increase in tax basis attributable to exchanges by the TRA Members and (b) tax benefits related to imputed interest deemed to be paid by the Company as a result of this Tax Receivable Agreement. The Company may benefit from the remaining 15% of cash savings, if any, in income tax that it realizes and record any such estimated tax benefits as an increase to additional paid-in-capital. For purposes of the Tax Receivable Agreement, cash savings in income tax will be computed by comparing the Company’s actual income tax liability to the amount of such taxes that it would have been required to pay had there been no increase to the tax basis of the assets of LCFH as a result of the exchanges and had it not entered into the Tax Receivable Agreement. The term of the Tax Receivable Agreement commenced upon consummation of the IPO and will continue until all such tax benefits have been utilized or expired, unless the Company exercises its right to terminate the Tax Receivable Agreement for an amount based on an agreed value of payments remaining to be made under the agreement. The Company has recorded the estimated tax benefits related to the increase in tax basis and imputed interest as a result of the future exchanges described above as a deferred tax asset in the combined consolidated statements of financial condition. The amount due to the TRA Members related to the Tax Receivable Agreement as a result of the future exchanges described above is recorded as amount due pursuant to Tax Receivable Agreement in the combined consolidated statements of financial condition. |
Income Taxes | Income Taxes The Company has elected to be qualified and taxed as a REIT under the Code effective January 1, 2015. The Company is subject to federal income taxation at corporate rates on its REIT taxable income; however, the Company is allowed a deduction for the amount of dividends paid to its stockholders, thereby subjecting the distributed net income of the Company to taxation at the stockholder level only. Any income associated with a TRS is fully taxable because a TRS is subject to federal and state income taxes as a domestic C corporation based upon its net income. The Company is also subject to U.S. federal income tax (and possibly state and local taxes) to the extent it recognizes any “built-in gains” that existed as of the date of the REIT Election for the five year period following the REIT Election. The Company intends to continue to operate in a manner consistent with and to elect to be treated as a REIT for tax purposes. Prior to electing REIT status, a portion of the Company’s income was subject to U.S. federal, state and local corporate income taxes and taxed at the prevailing corporate tax rates in addition to being subject to NYC UBT. Prior to February 11, 2014, the Company’s predecessor had not been subject to U.S. federal income taxes as the predecessor entity is a Limited Liability Limited Partnership, but had been subject to the New York City Unincorporated Business Tax (“NYC UBT”). The Company accounts for income taxes in accordance with ASC Topic 740 - Income Taxes (“ASC 740”) , which requires the recognition of tax benefits or expenses on the temporary differences between financial reporting and tax bases of assets and liabilities. The Company determines whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement which could result in the Company recording a tax liability that would reduce shareholders’ equity. |
Interest Income | Interest Income Interest income is accrued based on the outstanding principal amount and contractual terms of the Company’s loans and securities. Discounts or premiums associated with the purchase of loans and investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected recovery period of the investment. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections. The Company has historically collected, and expects to continue to collect, all contractual amounts due on its originated loans. As a result, the Company does not adjust the projected cash flows to reflect anticipated credit losses for these loans. If the performance of a credit deteriorated security is more favorable than forecasted, the Company will generally accrete more credit discount into interest income than initially or previously expected. These adjustments are made prospectively beginning in the period subsequent to the determination that a favorable change in performance is projected. Conversely, if the performance of a credit deteriorated security is less favorable than forecasted, an other-than-temporary impairment may be taken, and the amount of discount accreted into income will generally be less than previously expected. The effective yield on securities is based on the projected cash flows from each security, which is estimated based on the Company’s observation of the then current information and events and will include assumptions related to interest rates, prepayment rates and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses (if applicable), and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield/interest income recognized on such securities. Actual maturities of the securities are affected by the contractual lives of the associated mortgage collateral, periodic payments of scheduled principal, and repayments of principal. Therefore, actual maturities of the securities will generally be shorter than stated contractual maturities. For loans classified as held for investment and that the Company has not elected to record at fair value under FASB ASC 825, origination fees and direct loan origination costs are recognized in interest income over the loan term as a yield adjustment using the effective interest method. For loans classified as held for sale and that the Company has not elected to record at fair value under FASB ASC 825, origination fees and direct loan origination costs are deferred adjusting the basis of the loan and are realized as a portion of the gain/(loss) on sale of loans when sold. As of December 31, 2016 , the Company did not hold any loans for which the fair value option was elected. For our CMBS rated below AA, which represents 2.6% of the Company’s CMBS portfolio as of December 31, 2016 , cash flows from a security are estimated by applying assumptions used to determine the fair value of such security and the excess of the future cash flows over the investment are recognized as interest income under the effective yield method. The Company will review and, if appropriate, make adjustments to, its cash flow projections at least quarterly and monitor these projections based on input and analysis received from external sources and its judgment about interest rates, prepayment rates, the timing and amount of credit losses and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in interest income recognized and amortization of any premium or discount on, or the carrying value of, such securities. |
Recognition of Operating Lease Income and Tenant Recoveries | Recognition of Operating Lease Income and Tenant Recoveries Operating lease income is recognized on a straight-line basis over the respective lease terms. We classify amounts currently recognized as income, and expected to be received in later years, as assets in other assets in the accompanying combined consolidated balance sheets. Amounts received currently, but recognized as income in future years, are classified in other liabilities in the accompanying combined consolidated balance sheets. We commence recognition of operating lease income at the date the property is ready for its intended use and the tenant takes possession of or controls the physical use of the property. Tenant recoveries related to reimbursement of real estate taxes, insurance, utilities, repairs and maintenance, and other operating expenses are recognized as revenue in the period during which the applicable expenses are incurred. |
Sales of Loans | Sales of Loans |
Transfers of Financial Assets | Transfers of Financial Assets |
Debt Issued | Debt Issuance Costs In April 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Beginning April 1, 2015, the Company elected to early adopt ASU 2015-03 and appropriately retrospectively applied the guidance to its senior unsecured notes, to all periods presented. Unamortized debt issuance costs of $4.0 million are included in senior unsecured notes as of December 31, 2016 , and unamortized debt issuance costs of $6.9 million are included in senior unsecured notes as of December 31, 2015 . This new guidance is framed around how to account for costs related to term debt and it does not address how to present fees paid to lenders or other costs to secure revolving lines of credit, which are, at the outset, not associated with an outstanding borrowing. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), which amends ASC 835-30, Interest - Imputation of Interest. From time to time, a subsidiary of the Company will originate a loan (each, an “Intercompany Loan,” and collectively, “Intercompany Loans”) to another subsidiary of the Company to finance the purchase of real estate. The mortgage loan receivable and the related obligation do not appear in the Company’s combined consolidated balance sheets as they are eliminated upon consolidation. Once the Company issues (sells) an Intercompany Loan to a third party securitization trust (for cash), the related mortgage note is held for the first time by a creditor external to the Company. The accounting for the securitization of an Intercompany Loan—a financial instrument that has never been recognized in our combined consolidated financial statements as an asset—is considered a financing transaction under ASC 470, Debt, and ASC 835, Interest. The periodic securitization of the Company’s mortgage loans involves both Intercompany Loans and mortgage loans made to third parties with the latter recognized as financial assets in the Company’s combined consolidated financial statements as part of an integrated transaction. The Company receives aggregate proceeds equal to the transaction’s all-in securitization value and sales price. In accordance with the guidance under ASC 835, when initially measuring the obligation arising from an Intercompany Loan’s securitization, the Company allocates the proceeds from each securitization transaction between the third-party loans and each Intercompany Loan so securitized on a relative fair value basis determined in accordance with the guidance in ASC 820, Fair Value Measurement. The difference between the amount allocated to each Intercompany Loan and the loan’s face amount is recorded as a premium or discount, and is amortized, using the effective interest method, as a reduction or increase in reported interest expense, respectively. |
Fee and Other Income | Fee and Other Income Fee and other income is composed of income from the management of our institutional partnership and managed accounts, dividend income on our investment in FHLB stock, as well as from origination fees, exit fees and other fees on the loans we originate and in which we invest. For the year ended |
Fee Expense | Fee Expense Fee expense is composed primarily of fees related to financing arrangements, transaction related costs and management fees incurred. In addition, fees under a loan referral agreement with Meridian Capital Group LLC (“Meridian”), as disclosed in Note 16 |
Share Based Compensation Plan | Stock Based Compensation Plan The Company accounts for its equity-based compensation awards using the fair value method, which requires an estimate of fair value of the award at the time of grant. The Company recognizes the compensation expense related to the time-based vesting criteria on a straight-line basis over the requisite service period. Accruals of compensation cost for an award with a performance condition shall be based on the probable outcome of that performance condition. Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. During the year ended December 31, 2016, the Company made a policy election to account for forfeitures as they occur rather than on an estimated basis. |
Recently Adopted and Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2014, the 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 August 2014, the FASB issued ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (a consensus of the FASB Emerging Issues Task Force) (“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 August 2014, the 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 adopted this update in the year ended December 31, 2016. The adoption did not have a material effect 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. Since the Company was previously consolidating the Operating Partnership, however, 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 June 2015, the 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 was 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 September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments (“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 March 2016, the FASB issued ASU 2016-07, Investments - Equity Method and Joint Ventures (Topic 323) (“ASU 2016-07”). ASU 2016-07 simplifies the transition to the equity method of accounting. ASU 2016-07 eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. Instead, the equity method of accounting will be applied prospectively from the date significant influence is obtained. The new standard should be applied prospectively for investments that qualify for the equity method of accounting in interim and annual periods beginning after December 15, 2016. Early adoption is permitted and the Company elected to early adopt this standard as of October 1, 2016. The adoption of this standard did not have a material effect on the Company’s combined consolidated financial statements. In March 2016, the FASB issued 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 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, ASU 2016-09 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 adopted this update in the year ended December 31, 2016. The adoption did not have a material effect on the Company’s combined consolidated financial statements; however, the Company did make a policy election to account for forfeitures as they occur rather than on an estimated basis. In December 2016, the FASB issued ASU 2016-19, Technical Corrections and Improvements (“ASU 2016-19”). The amendments cover a wide range of topics in the FASB ASC. The amendments make corrections and improvements to the ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. ASU 2016-19 is effective for the Company immediately. The adoption did not have a material effect on the Company’s combined consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). The amendments in this ASU clarify the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. Early application of the amendments in this ASU is allowed for transactions for which the acquisition date occurs before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. This ASU will be effective for the Company on January 1, 2018, however, the Company elected to adopt ASU 2017-01 as of October 1, 2016, with prospective application to any business development transaction. The adoption of the ASU changes the Company’s determination of whether a real estate transaction is a sale or an acquisition of a business or an asset. Acquisitions of real estate or in-substance real estate generally will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. In January 2017, the FASB issued ASU 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323) (“ASU 2017-03”). This ASU amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force (“EITF”) meetings. The SEC guidance that specifically relates to the Company’s combined consolidated financial statements was from the September 2016 meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance as well as any amendments issued prior to adoption, on revenue (ASU 2014-09), leases (ASU 2016-02) and credit losses on financial instruments (ASU 2016-13) in accordance with Staff Accounting Bulletin (“SAB”) Topic 11.M. Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, additional qualitative disclosures should be considered. The ASU incorporates these SEC staff views into ASC 250 and adds references to that guidance in the transition paragraphs of each of the three new standards. The adoption of this ASU did not have a material effect on the Company's combined consolidated financial statements. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the 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. FASB allows two adoption methods under ASU 2014-09. Under the full retrospective method, a company will apply the rules to contracts in all reporting periods presented, subject to certain allowable exceptions. Under the modified retrospective method, a company will apply the rules to all contracts existing as of January 1, 2018, recognizing in beginning retained earnings an adjustment for the cumulative effect of the change and providing additional disclosures comparing results to previous rules. The Company continues to evaluate the available adoption methods and has not yet selected which transition method it will apply. The Company believes the effects on its existing accounting policies will be associated with its non-leasing revenue components, specifically the amount, timing and presentation of tenant expense reimbursements revenue. The Company is also currently evaluating the impact to the amount and timing of historical real estate sales and associated gain recognition. The Company continues to evaluate other areas of the standard and is currently assessing the impact on its combined consolidated financial statements. The Company expects to adopt this update beginning January 1, 2018. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”). This update provides clarifying guidance regarding the application of ASU 2014-09 when another party, along with the reporting entity, is involved in providing a good or a service to a customer. In these circumstances, an entity is required to determine whether the nature of its promise is to provide that good or service to the customer (that is, the entity is a principal) or to arrange for the good or service to be provided to the customer by the other party (that is, the entity is an agent). In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2016-10”), which clarifies the identification of performance obligations and the licensing implementation guidance. In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 Emerging Issues Task Force (“EITF”) Meeting (SEC Update) (“ASU 2016-11”), which rescinds SEC paragraphs pursuant to SEC staff announcements. These rescissions include changes to topics pertaining to accounting for shipping and handling fees and costs and accounting for consideration given by a vendor to a customer. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”), which provides clarifying guidance in certain narrow areas and adds some practical expedients. The effective dates for these ASUs are the same as the effective date for ASU No. 2014-09, for annual and interim periods beginning after December 15, 2017. The Company is reviewing its policies and processes to ensure compliance with the requirements in these updates. In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers (“ASU 2016-20”). The amendments in this ASU affect the guidance in ASU 2014-09, which is not yet effective. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements of Topic 606 (and any other Topic amended by Update 2014-09). ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , defers the effective date of ASU 2014-09 by one year. In January 2016, the 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 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 year or interim period financial statements that have not yet been issued or, by all other entities, that have not yet been made available for issuance of this guidance, is 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 February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either 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. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term 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. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sale-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes the previous lease standard, Leases (Topic 840) . The standard is effective for the Company on January 1, 2019, with an early adoption permitted. The Company continues to evaluate the effect the adoption of ASU 2016-02 will have on the Company's financial position and/or results of operations. The Company currently believes that the adoption of ASU 2016-02 will not have a material impact for operating leases where it is a lessor and will continue to record revenues from rental properties for its operating leases on a straight-line basis. However, for leases where the Company is the lessee, primarily for the Company's corporate headquarters and regional offices leases, the Company will be required to record a lease liability and a right of use asset on its Combined Consolidated Balance Sheet at fair vale upon adoption. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The guidance changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted for annual and interim periods beginning after December 15, 2018. The Company must apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company is currently assessing the impact of this standard on the consolidated financial statements. In general, the allowance for credit losses is expected to increase when changing from an incurred loss to expected loss methodology. The models and methodologies that are currently used in estimating the allowance for credit losses are being evaluated to identify the changes necessary to meet the requirements of the new standard. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 provides cash flow statement classification guidance for certain transactions, including how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. For a public company, ASU 2016-15 is effective for annual reporting periods beginning after December 15, 2017, 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 and currently does not anticipate any significant change to its combined consolidated financial statements when adopted. In October 2016, the FASB issued ASU 2016-17, Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control (“ASU 2016-17”). ASU 2016-17 changes how a reporting entity that is a decision maker should consider indirect interests in a VIE held through an entity under common control. If a decision maker must evaluate whether it is the primary beneficiary of a VIE, it will only need to consider its proportionate indirect interest in the VIE held through a common control party. ASU 2016-17 amends ASU 2015-02, which the Company adopted on January 1, 2016, and which currently directs the decision maker to treat the common control party’s interest in the VIE as if the decision maker held the interest itself. ASU 2016-17 is effective for public business entities in fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, with early adoption permitted. We are in the process of evaluating the impact of adopting ASU 2016-17 on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). ASU 2016-18 requires the inclusion of restricted cash with cash and cash equivalents when reconciling the beginning-of-the period and end-of-period total amounts shown on the statement of cash flows. For a public company, ASU 2016-18 is effective for annual reporting periods, beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted in any interim or annual period. A reporting entity should apply the amendment on a retrospective basis as of the beginning of the fiscal year for which the amendment is effective. The Company is currently assessing the impact that this guidance will have on its combined consolidated financial statements when adopted. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350) |
MORTGAGE LOAN RECEIVABLES (Tabl
MORTGAGE LOAN RECEIVABLES (Tables) | 12 Months Ended |
Dec. 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 6.83 % 2.58 (1) December 31, 2015 December 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 $ 2,011,309 $ 2,000,095 7.17 % 1.66 Provision for loan losses N/A (4,000 ) Total mortgage loan receivables held for investment, at amortized cost 2,011,309 1,996,095 Mortgage loan receivables held for sale 360,518 357,882 4.20 % 4.55 Total $ 2,371,827 $ 2,353,977 6.73 % 2.10 (1) December 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): December 31, 2016 December 31, 2015 Outstanding Face Amount Carrying Value Outstanding Face Amount Carrying Value Mortgage loan receivables held for investment, at amortized cost First mortgage loans $ 1,843,006 $ 1,832,626 $ 1,462,228 $ 1,456,212 Mezzanine loans 168,303 167,469 287,328 286,133 Total mortgage loan receivables held for investment, at amortized cost 2,011,309 2,000,095 1,749,556 1,742,345 Mortgage loan receivables held for sale First mortgage loans 360,518 357,882 571,638 571,764 Total mortgage loan receivables held for sale 360,518 357,882 571,638 571,764 Provision for loan losses N/A (4,000 ) N/A (3,700 ) Total $ 2,371,827 $ 2,353,977 $ 2,321,194 $ 2,310,409 |
Schedule of activity in loan portfolio | For the years ended December 31, 2016 , 2015 and 2014 , the activity in our loan portfolio was as follows ($ in thousands): Mortgage loan receivables held for investment, at amortized cost (1) Mortgage loan receivables held for sale Balance, December 31, 2015 $ 1,738,645 $ 571,764 Origination of mortgage loan receivables 969,401 (2) 1,128,651 Purchases of mortgage loan receivables — 73,421 Repayment of mortgage loan receivables (720,592 ) (3) (1,768 ) Proceeds from sales of mortgage loan receivables(4) — (1,440,195 ) Realized gain on sale of mortgage loan receivables — 26,009 Accretion/amortization of discount, premium and other fees 8,941 — Loan loss provision (300 ) — Balance, December 31, 2016 $ 1,996,095 $ 357,882 Mortgage loan Mortgage loan receivables held for sale Balance, December 31, 2014 $ 1,521,053 $ 417,955 Origination of mortgage loan receivables 963,023 2,594,141 Repayment of mortgage loan receivables (752,452 ) (2,308 ) Proceeds from sales of mortgage loan receivables — (2,509,090 ) Non-cash disposition of loan via foreclosure (4,620 ) — Realized gain on sale of mortgage loan receivables — 71,066 Accretion/amortization of discount, premium and other fees 12,241 — Loan loss provision (600 ) — Balance, December 31, 2015 $ 1,738,645 $ 571,764 Mortgage loan Mortgage loan receivables held for sale Balance, December 31, 2013 $ 539,078 $ 440,490 Origination of mortgage loan receivables 1,201,968 3,345,372 Repayment of mortgage loan receivables (214,511 ) (1,293 ) Proceeds from sales of mortgage loan receivables — (3,523,689 ) Realized gain on sale of mortgage loan receivables — 145,275 Transfer between held for investment and held for sale (11,800 ) 11,800 Accretion/amortization of discount, premium and other fees 6,918 — Loan loss provision (600 ) — Balance, December 31, 2014 $ 1,521,053 $ 417,955 (1) Includes provision for loan losses of $4.0 million , $3.7 million and $3.1 million as of December 31, 2016 , 2015 and 2014 , respectively. (2) Includes $50.4 million of non-cash originations. (3) Includes $70.7 million of non-cash repayments. (4) Includes $2.6 million of unrealized losses on loans recorded as other than temporary impairments related to lower of cost or market adjustments for the year ended December 31, 2016 |
Schedule of provision for loan losses | Provision for Loan Losses ($ in thousands) Year Ended December 31, 2016 2015 2014 Provision for loan losses at beginning of period $ 3,700 $ 3,100 $ 2,500 Provision for loan losses 300 600 600 Provision for loan losses at end of period $ 4,000 $ 3,700 $ 3,100 |
REAL ESTATE SECURITIES (Tables)
REAL ESTATE SECURITIES (Tables) | 12 Months Ended |
Dec. 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 December 31, 2016 and 2015 ($ in thousands): December 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) $ 1,676,680 $ 1,698,616 $ 10,880 $ (8,101 ) $ 1,701,395 131 AAA 3.26 % 2.81 % 3.55 CMBS interest-only(2) 8,160,458 (3) 343,438 1,273 (2,540 ) 342,171 60 AAA 0.87 % 3.45 % 2.99 GNMA interest-only(4) 478,577 (3) 18,994 159 (2,332 ) 16,821 17 AA+ 0.73 % 4.19 % 4.44 Agency securities(2) 774 802 — (22 ) 780 2 AA+ 2.90 % 1.29 % 3.27 GNMA permanent securities(2) 38,327 39,144 882 (246 ) 39,780 9 AA+ 4.09 % 3.80 % 10.30 Total $ 10,354,816 $ 2,100,994 $ 13,194 $ (13,241 ) $ 2,100,947 219 1.27 % 2.94 % 3.60 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 GNMA construction securities(2) 27,091 27,581 1,058 — 28,639 1 AA+ 4.10 % 3.86 % 9.33 GNMA 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, Agency securities, GNMA construction securities, and GNMA 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) |
Schedule of fair value of the Company's securities by remaining maturity based upon expected cash flows | The following is a breakdown of the carrying value of the Company’s securities by remaining maturity based upon expected cash flows at December 31, 2016 and 2015 ($ in thousands): December 31, 2016 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS(1) $ 132,730 $ 1,156,026 $ 412,639 $ — $ 1,701,395 CMBS interest-only(1) 11,188 330,983 — — 342,171 GNMA interest-only(2) — 15,914 724 183 16,821 Agency securities(1) — 780 — — 780 GNMA permanent securities(1) — 4,488 27,675 7,617 39,780 Total $ 143,918 $ 1,508,191 $ 441,038 $ 7,800 $ 2,100,947 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 GNMA construction securities(1) — 386 28,253 — 28,639 GNMA 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, Agency securities, GNMA construction securities, and GNMA permanent securities are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. (2) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. |
REAL ESTATE AND RELATED LEASE34
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables) | 12 Months Ended |
Dec. 31, 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): December 31, 2016 December 31, 2015 Land $ 143,286 $ 138,128 Building 646,372 640,206 In-place leases and other intangibles 154,687 139,501 Less: Accumulated depreciation and amortization (122,007 ) (83,056 ) Real estate and related lease intangibles, net $ 822,338 $ 834,779 Below market lease intangibles, net (other liabilities) $ (16,506 ) $ (17,021 ) |
Schedule of depreciation and amortization expense recorded | The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Year Ended December 31, 2016 2015 2014 Depreciation expense (1) $ 26,031 $ 23,922 $ 18,034 Amortization expense 13,302 15,031 10,238 Total real estate depreciation and amortization expense $ 39,333 $ 38,953 $ 28,272 (1) Depreciation expense on the combined consolidated statements of income also includes $0.1 million , $0.1 million and $0.2 million of depreciation on corporate fixed assets for the years ended December 31, 2016 , 2015 and 2014 |
Schedule of expected amortization expense related to the acquired in-place lease intangibles, for property owned | The following table presents expected amortization expense during the next five years and thereafter related to the acquired in-place lease intangibles for property owned as of December 31, 2016 ($ in thousands): Period Ending December 31, Amount 2017 $ 10,307 2018 8,219 2019 8,175 2020 8,175 2021 8,101 Thereafter 63,578 Total $ 106,555 |
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 December 31, 2016 ($ in thousands): Period Ending December 31, Amount 2017 $ 73,960 2018 68,757 2019 63,666 2020 61,789 2021 56,929 Thereafter 500,481 Total $ 825,582 |
Schedule of real estate properties acquired | During the year ended December 31, 2014 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) August 2014 Net Lease O'Fallon, IL $ 8,000 100.0% August 2014 Net Lease El Centro, CA 4,277 100.0% August 2014 Other Richmond, VA 19,850 77.5% August 2014 Net Lease Conyers, GA 32,530 100.0% September 2014 Other St. Paul, MN 62,340 97.0% October 2014 Net Lease Bennett, CO 3,522 100.0% October 2014 Net Lease Memphis, TN 5,310 100.0% November 2014 Net Lease Ankemy, IA 16,510 100.0% November 2014 Net Lease Springfield, MO 11,675 100.0% November 2014 Net Lease Sheldon, IA 4,300 100.0% November 2014 Net Lease Cedar Rapids, IA 11,000 100.0% November 2014 Net Lease Fairfield, IA 10,695 100.0% November 2014 Net Lease Muscatine, IA 7,150 100.0% November 2014 Net Lease Owatonna, MN 9,970 100.0% November 2014 Net Lease Bellport, NY 18,100 100.0% November 2014 Net Lease Woodland Park, CO 3,969 100.0% November 2014 Net Lease Evansville, IN 9,000 100.0% December 2014 Net Lease Plattsmouth, NE 7,979 100.0% December 2014 Net Lease Worthington, MN 8,320 100.0% Total $ 254,497 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the net assets acquired during the year ended December 31, 2014 , as follows ($ in thousands): Purchase Price Allocation Land $ 41,908 Building 168,714 Intangibles 48,819 Below Market Lease Intangibles (4,944 ) Total purchase price $ 254,497 year ended December 31, 2016 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) April 2016 Land St. Paul, MN $ 200 100.0% April 2016 Net Lease Dimmitt, TX 1,319 100.0% April 2016 Net Lease Philo, IL 1,156 100.0% April 2016 Net Lease St. Charles, MN 1,198 100.0% May 2016 Net Lease San Antonio, TX 1,096 100.0% May 2016 Net Lease Borger, TX 978 100.0% June 2016 Net Lease Champaign, IL 1,324 100.0% June 2016 Net Lease Decatur-Sunnyside, IL 1,181 100.0% June 2016 Net Lease Flora Vista, NM 1,305 100.0% June 2016 Net Lease Mountain Grove, MO 1,279 100.0% June 2016 Net Lease Rantoul, IL 1,204 100.0% June 2016 Net Lease Decatur-Pershing, IL 1,365 100.0% June 2016 Net Lease Cape Girardeau, MO 1,281 100.0% June 2016 Net Lease Linn, MO 1,122 100.0% July 2016 Net Lease Union, MO 1,227 100.0% July 2016 Net Lease Pawnee, IL 1,201 100.0% July 2016 Net Lease Lamar, MO 1,176 100.0% August 2016 Other Ewing, NJ 30,640 100.0% October 2016 Other Peoria, IL 2,760 100.0% October 2016 Net Lease Dryden Township, MI 1,190 100.0% November 2016 Net Lease Fayetteville, NC 6,971 100.0% November 2016 Net Lease Springfield, IL 1,322 100.0% Total $ 62,495 (1) Properties were consolidated as of acquisition date. On October 1, 2016, the Company early adopted Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). As a result of this adoption, acquisitions of real estate do not meet the revised definition of a business and are treated as asset acquisitions rather than business combinations. The measurement of assets and liabilities acquired will no longer be recorded at fair value and the Company will now allocate purchase consideration based on relative fair values. Real estate acquisition costs are no longer expensed as incurred and will now be capitalized as a component of the cost of the assets acquired. The purchase prices were allocated to the net assets acquired, which also include asset acquisitions occurring on or after October 1, 2016, during the year ended December 31, 2016 , as follows ($ in thousands): Purchase Price Allocation Land $ 9,242 Building 39,609 Intangibles 15,854 Below Market Lease Intangibles (2,210 ) Total purchase price $ 62,495 The weighted average amortization period for intangible assets acquired during the year ended December 31, 2016 was 19.5 years. During the year ended December 31, 2015 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) January 2015 Net Lease Jacksonville, NC $ 7,877 100.0% January 2015 Net Lease Iberia, MO 1,328 100.0% January 2015 Net Lease Isle, MN 1,078 100.0% January 2015 Net Lease Pine Island, MN 1,142 100.0% January 2015 Net Lease Kings Mountain, NC 21,241 100.0% February 2015 Net Lease Village of Menomonee Falls, WI 17,050 100.0% February 2015 Net Lease Rockland, MA 7,316 100.0% February 2015 Net Lease Crawfordsville, IA 6,000 100.0% February 2015 Net Lease Boardman Township, OH 5,400 100.0% March 2015 Net Lease Hilliard, OH 6,384 100.0% March 2015 Net Lease Weathersfield Township, OH 5,200 100.0% March 2015 Net Lease Rotterdam, NY 12,000 100.0% March 2015 Net Lease Wheaton, MO 970 100.0% March 2015 Net Lease Paynesville, MN 1,254 100.0% March 2015 Net Lease Loveland, CO 5,600 100.0% March 2015 Net Lease Battle Lake, MN 1,098 100.0% March 2015 Net Lease Yorktown, TX 1,207 100.0% March 2015 Net Lease St. Francis, MN 1,117 100.0% May 2015 Net Lease Red Oak, IA 1,185 100.0% May 2015 Net Lease Zapata, TX 1,150 100.0% June 2015 Net Lease Aurora, MN 952 100.0% June 2015 Net Lease Canyon Lake, TX 1,377 100.0% June 2015 Net Lease Wheeler, TX 1,075 100.0% June 2015 Other Grand Rapids, MI 9,300 97.0% June 2015 Other Grand Rapids, MI 6,300 97.0% June 2015 Net Lease Bridgeport, IL 1,186 100.0% June 2015 Net Lease Peoria, IL 1,226 100.0% June 2015 Net Lease Pleasanton, TX 1,316 100.0% June 2015 Other Wayne, NJ 9,700 100.0% June 2015 Net Lease Warren, MN 1,055 100.0% Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) June 2015 Net Lease Tremont, IL 1,150 100.0% August 2015 Net Lease Ponce, Puerto Rico 8,900 100.0% August 2015 Net Lease Effingham County, IL 1,195 100.0% August 2015 Net Lease Lebanon, MI 1,200 100.0% August 2015 Net Lease Minot, ND 6,644 100.0% August 2015 Net Lease Floresville, TX 1,251 100.0% August 2015 Net Lease Kerrville, TX 1,174 97.0% September 2015 Net Lease De Soto, IL 1,066 97.0% September 2015 Net Lease Biscoe, NC 1,216 100.0% September 2015 Net Lease Moultrie, GA 1,305 100.0% September 2015 Net Lease Rose Hill, NC 1,420 100.0% September 2015 Net Lease Rockingham, NC 1,158 100.0% October 2015 Net Lease Wilmington, IL 1,309 100.0% October 2015 Net Lease Danville, IL 1,074 100.0% October 2015 Net Lease Bloomington, IL 1,193 100.0% October 2015 Net Lease Lincoln County , MO 1,072 100.0% October 2015 Net Lease Montrose, MN 1,167 100.0% October 2015 Net Lease Jenks, OK 12,160 100.0% October 2015 Net Lease Grove, OK 5,030 100.0% October 2015 Net Lease Farmington, IL 1,303 100.0% October 2015 Net Lease Bixby, OK 10,978 100.0% October 2015 Net Lease Rice, MN 1,200 100.0% November 2015 Net Lease Gordonville, MO 1,125 100.0% December 2015 Net Lease Malone, NY 1,466 100.0% December 2015 Net Lease Mercedes, TX 1,204 100.0% December 2015 Net Lease Albion, PA 1,525 100.0% December 2015 Net Lease Radford, VA 1,564 100.0% December 2015 Net Lease Rural Retreat, VA 1,399 100.0% December 2015 Net Lease Mount Vernon, AL 1,224 100.0% Total purchases of real estate $ 212,756 October 2015 Other Carmel, NY 6,700 100.0% Total real estate acquired via foreclosure $ 6,700 Total real estate acquisitions $ 219,456 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the net assets acquired during the year ended December 31, 2015 , as follows ($ in thousands): Purchase Price Allocation Land $ 32,260 Building 166,556 Intangibles 32,084 Below Market Lease Intangibles (11,444 ) Total purchase price $ 219,456 |
Schedule of properties sold | The Company sold the following properties during the year ended December 31, 2016 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining Mar 2016 Net Lease Rockland, MA 7,922 7,210 712 1 — — Sep 2016 Net Lease Crawfordsville, IN 6,192 5,726 466 1 — — Various Condominium Las Vegas, NV 34,049 18,907 15,142 — 73 59 Various Condominium Miami, FL 18,307 13,991 4,316 — 65 88 Totals $ 66,470 $ 45,834 $ 20,636 The Company sold the following properties during the year ended December 31, 2015 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining May 2015 Net Lease Plattsmouth, NE $ 8,440 $ 7,983 $ 457 1 — — May 2015 Net Lease Worthington, MN 8,793 8,321 472 1 — — May 2015 Net Lease Loveland, CO 6,249 5,600 649 1 — — Sep 2015 Net Lease Village of Menomonee Falls, WI 17,856 (1) 16,827 1,029 (2) 1 — — Nov 2015 Other Minneapolis, MN 62,093 (3) 49,022 13,071 (4) 1 — — Various Condominium Las Vegas, NV 38,779 22,310 16,469 — 88 132 Various Condominium Miami, FL 29,924 22,942 6,982 — 99 153 Totals $ 172,134 $ 133,005 $ 39,129 (5) (1) Includes $11.3 million of mortgage debt assumed by the buyer, which is included in non-cash transactions on the Company’s combined consolidated statement of cash flows. (2) Excludes $0.3 million of gain on mortgage debt assumed by the buyer, which is included in realized gain on sale of real estate, net on the Company’s combined consolidated statement of cash flows. (3) Includes $39.8 million of mortgage debt assumed by the buyer, which is included in non-cash transactions on the Company’s combined consolidated statement of cash flows. (4) Excludes $1.1 million of gain on mortgage debt assumed by the buyer, which is included in realized gain on sale of real estate, net on the Company’s combined consolidated statement of cash flows. (5) Includes $0.2 million loss on sales of fixed assets, which is included in realized gain on sale of real estate, net on the Company’s combined consolidated statements of income. The Company sold the following properties during the year ended December 31, 2014 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining May 2014 Net Lease Tilton, NH $ 8,432 $ 6,743 $ 1,689 1 — — Jun 2014 Other Richmond, VA 16,754 15,643 1,111 1 — — Sep 2014 Net Lease Yulee, FL 1,436 1,246 190 1 — — Sep 2014 Net Lease Middleburg, FL 1,262 1,077 185 1 — — Sep 2014 Net Lease Jonesboro, AR 9,413 8,016 1,397 1 — — Sep 2014 Net Lease Mt. Juliet, TN 10,168 8,724 1,444 1 — — Various Condominium Las Vegas, NV 52,976 33,925 19,051 — 113 220 Various Condominium Miami, FL 23,003 18,310 4,693 — 72 252 Totals $ 123,444 $ 93,684 $ 29,760 |
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 2016 acquisition adjustments made to present financial results as though the acquisition of such properties occurred on January 1, 2015 , through the date of acquisition, 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 and the 2014 acquisition adjustments made to present financial results as though the acquisition of the properties occurred on January 1, 2013 , through the date of acquisition. This unaudited pro forma information may not be indicative of the results that actually would have occurred if these transactions had been in effect on the dates indicated, nor do they purport to represent our future results of operations ($ in thousands): Year Ended December 31, 2016 Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 77,277 $ 2,473 $ 79,750 Net income (loss) 113,720 2,080 115,800 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures 138 — 138 Net (income) loss attributable to noncontrolling interest in operating partnership (47,131 ) (865 ) (47,996 ) Net income attributable to Class A common shareholders 66,727 1,215 67,942 The Company recorded $2.8 million in revenues and $(0.3) million in earnings (losses) from its 2016 acquisitions for the year ended December 31, 2016 , which are included in our combined consolidated statements of income. Year Ended December 31, 2015 Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 80,465 $ 10,966 $ 91,431 Net income 146,134 7,363 153,497 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (1,568 ) — (1,568 ) Net (income) loss attributable to noncontrolling interest in operating partnership (70,745 ) (3,334 ) (74,079 ) Net income attributable to Class A common shareholders 73,821 4,029 77,850 The Company recorded $14.0 million in revenues and $3.2 million in earnings from its 2015 acquisitions for the year ended December 31, 2015 , which are included in our combined consolidated statements of income. Year Ended December 31, 2014 Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 56,649 $ 34,446 $ 91,095 Net income 97,626 10,518 108,144 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures 370 257 627 Net (income) loss attributable to predecessor unitholders 12,628 — 12,628 Net (income) loss attributable to noncontrolling interest in operating partnership (66,437 ) (4,922 ) (71,359 ) Net income attributable to Class A common shareholders 44,187 5,852 50,039 The Company recorded $7.3 million in revenues and $(1.6) million in earnings (losses) from its 2014 acquisitions for the year ended December 31, 2014 , which are included in our combined consolidated statements of income. |
INVESTMENT IN UNCONSOLIDATED 35
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of the Company's investments in unconsolidated joint ventures, which the entity accounts for using the equity method | The following is a summary of the Company’s investments in unconsolidated joint ventures, which we account for using the equity method, as of December 31, 2016 and 2015 ($ in thousands): Entity December 31, 2016 December 31, 2015 Ladder Capital Realty Income Partnership I LP $ — $ 49 Grace Lake JV, LLC 3,719 2,891 24 Second Avenue Holdings LLC 30,306 30,857 Investment in unconsolidated joint ventures $ 34,025 $ 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 years ended December 31, 2016 , 2015 and 2014 ($ in thousands): Year Ended December 31, Entity 2016 2015 2014 Ladder Capital Realty Income Partnership I LP $ 892 $ 116 $ 1,090 Grace Lake JV, LLC 953 823 900 24 Second Avenue Holdings LLC (1,419 ) (568 ) — Earnings from investment in unconsolidated joint ventures $ 426 $ 371 $ 1,990 |
Summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests | The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2016 and 2015 ($ in thousands): December 31, 2016 December 31, 2015 Total assets $ 138,298 $ 131,214 Total liabilities 94,964 88,973 Partners’/members’ capital $ 43,334 $ 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 years ended December 31, 2016 , 2015 and 2014 ($ in thousands): Year Ended December 31, 2016 2015 2014 Total revenues $ 17,047 $ 18,886 $ 26,059 Total expenses 15,861 15,849 16,864 Net income $ 1,186 $ 3,037 $ 9,195 |
DEBT OBLIGATIONS, NET (Tables)
DEBT OBLIGATIONS, NET (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of repurchase agreement | The details of the Company’s debt obligations at December 31, 2016 and December 31, 2015 are as follows ($ in thousands): December 31, 2016 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at December 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 $ 183,604 $ 416,396 2.45% - 3.27% 10/30/2018 (2) (3) $ 292,628 $ 293,618 Committed Loan Repurchase Facility 450,000 184,158 265,842 2.95% - 3.70% 5/24/2017 (4) (3) 286,848 288,267 Committed Loan Repurchase Facility 400,000 100,979 299,021 2.95% - 3.99% 4/9/2017 (5) (6) 235,878 236,696 Committed Loan Repurchase Facility 100,000 27,132 72,868 2.90% - 3.13% 6/28/2019 — (3) 36,166 36,410 Committed Loan Repurchase Facility 100,000 71,290 28,710 2.93% - 3.68% 8/2/2019 (7) (3) 110,271 110,897 Total Committed Loan Repurchase Facilities 1,650,000 567,163 1,082,837 961,791 965,888 Committed Securities Repurchase Facility 400,000 228,317 171,683 1.00% - 2.59% 7/1/2018 N/A (8) 272,402 272,402 Uncommitted Securities Repurchase Facility N/A (9) 311,705 N/A (9) 1.00% - 2.41% 1/2017 - 3/2017 N/A (8) 368,638 368,638 Total Repurchase Facilities 2,050,000 1,107,185 1,254,520 1,602,831 1,606,928 Revolving Credit Facility 143,000 25,000 118,000 3.16% 2/11/2017 (10) N/A (11) N/A (11) N/A (11) Mortgage Loan Financing 590,106 590,106 — 4.25% - 6.75% 2018 - 2026 N/A (12) 757,468 875,160 (13) Borrowings from the FHLB 1,998,931 1,660,000 338,931 0.43% - 2.74% 2017 - 2024 N/A (14) 2,162,779 2,167,017 Senior Unsecured Notes 563,872 559,847 (15) — 5.875% - 7.375% 2017 - 2021 N/A N/A (16) N/A (16) N/A (16) Total Debt Obligations $ 5,345,909 $ 3,942,138 $ 1,711,451 $ 4,523,078 $ 4,649,105 (1) December 31, 2016 LIBOR rates are used to calculate interest rates for floating rate debt. (2) Three additional 12 -month periods at Company’s option. No new advances are permitted after the initial maturity date, or if the lender consents, October 30, 2019, the initial extended maturity date. (3) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (4) Three additional 12 -month periods at Company’s option. (5) Two additional 364 -day periods at Company’s option. (6) First mortgage and mezzanine commercial real estate loans. It does not include the real estate collateralizing such loans. (7) One additional 12 -month extension period and two additional 6 -month extension periods at Company’s option. (8) Commercial real estate securities. It does not include the real estate collateralizing such securities. (9) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (10) Two additional 12 -month extension periods at Company’s option. (11) The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries. (12) Real estate. (13) Using undepreciated carrying value of commercial real estate to approximate fair value. (14) First mortgage commercial real estate loans and investment grade commercial real estate securities. It does not include the real estate collateralizing such loans and securities. (15) Presented net of unamortized debt issuance costs of $4.0 million at December 31, 2016 . (16) 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) 2017 $ 1,759,701 2018 734,469 2019 79,770 2020 113,802 2021 337,441 Thereafter 915,409 Subtotal $ 3,940,592 Debt issuance costs included in senior unsecured notes (4,025 ) Premiums included in mortgage loan financing 5,571 Total 3,942,138 (1) Contractual payments under current maturities, some of which are subject to extensions. The maturities listed above for 2017 include $1.5 billion relating to debt obligations that are subject to existing Company controlled extension options for one or more additional one-year periods or could be refinanced by other existing facilities as of December 31, 2016 . |
FAIR VALUE OF FINANCIAL INSTR37
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of fair value | The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2016 and 2015 are as follows ($ in thousands): December 31, 2016 Weighted Average Outstanding Face Amount Amortized Cost Basis Fair Value Fair Value Method Yield % Remaining Maturity/Duration (years) Assets: CMBS(1) $ 1,676,680 $ 1,698,276 $ 1,701,395 Internal model, third-party inputs 2.81 % 3.55 CMBS interest-only(1) 8,160,458 (2) 343,534 342,171 Internal model, third-party inputs 3.45 % 2.99 GNMA interest-only(3) 478,577 (2) 18,994 16,821 Internal model, third-party inputs 4.19 % 4.44 Agency securities(1) 774 802 780 Internal model, third-party inputs 1.29 % 3.27 GNMA permanent securities(1) 38,327 39,145 39,780 Internal model, third-party inputs 3.80 % 10.30 Mortgage loan receivables held for investment, at amortized cost 2,011,309 1,996,095 2,014,973 Discounted Cash Flow(4) 7.17 % 1.66 Mortgage loan receivables held for sale 360,518 357,882 359,897 Internal model, third-party inputs(5) 4.20 % 4.55 FHLB stock(6) 77,915 77,915 77,915 (6) 4.25 % N/A Nonhedge derivatives(1)(7) 847,000 N/A 5,018 Counterparty quotations N/A 0.25 Liabilities: Repurchase agreements - short-term 629,430 629,430 629,430 Discounted Cash Flow(8) 2.10 % 0.18 Repurchase agreements - long-term 477,756 477,756 477,756 Discounted Cash Flow(9) 2.00 % 1.70 Revolving credit facility 25,000 25,000 25,000 Discounted Cash Flow(10) 3.16 % 0.12 Mortgage loan financing 589,152 590,106 595,778 Discounted Cash Flow(9) 4.85 % 7.15 Borrowings from the FHLB 1,660,000 1,660,000 1,662,178 Discounted Cash Flow 1.12 % 2.42 Senior unsecured notes 563,872 559,847 550,562 Broker quotations, pricing services 6.67 % 2.81 Nonhedge derivatives(1)(7) 100,400 N/A 3,446 Counterparty quotations N/A 3.21 (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 repurchase agreements - long term and 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 revolving credit facility is estimated to approximate carrying amount primarily due to the short interest rate reset risk ( 30 days ) of the financings and the high credit quality of the assets collateralizing these positions. 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 GNMA construction securities(1) 27,091 27,581 28,639 Internal model, third-party inputs 3.86 % 9.33 GNMA 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) |
Summary of financial assets and liabilities, both reported at fair value on a recurring basis or amortized cost/par | The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2016 and 2015 ($ in thousands): December 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) $ 1,676,680 $ — $ — $ 1,701,395 $ 1,701,395 CMBS interest-only(1) 8,160,458 (2) — — 342,171 342,171 GNMA interest-only(3) 478,577 (2) — — 16,821 16,821 Agency securities(1) 774 — — 780 780 GNMA permanent securities(1) 38,327 — — 39,780 39,780 Nonhedge derivatives(4) 847,000 — 5,018 — 5,018 $ — $ 5,018 $ 2,100,947 $ 2,105,965 Liabilities: Nonhedge derivatives(4) 100,400 $ — $ 3,446 $ — $ 3,446 Financial Instruments Not Reported at Fair Value on Combined Consolidated Statements of Financial Condition Outstanding Face Amount Fair Value Level 1 Level 2 Level 3 Total Assets: Mortgage loan receivable held for investment $ 2,011,309 $ — $ — $ 2,014,973 $ 2,014,973 Mortgage loan receivable held for sale 360,518 — — 359,897 359,897 FHLB stock 77,915 — — 77,915 77,915 $ — $ — $ 2,452,785 $ 2,452,785 Liabilities: 0 Repurchase agreements - short-term 629,430 $ — $ — $ 629,430 $ 629,430 Repurchase agreements - long-term 477,756 — — 477,756 477,756 Revolving credit facility 25,000 — — 25,000 25,000 Mortgage loan financing 589,152 — — 595,778 595,778 Borrowings from the FHLB 1,660,000 — — 1,662,178 1,662,178 Senior unsecured notes 563,872 — — 550,562 550,562 $ — $ — $ 3,940,704 $ 3,940,704 (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 GNMA construction securities(1) 27,091 — — 28,639 28,639 GNMA 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) |
Schedule of changes in Level 3 of financial instruments | The following table summarizes changes in Level 3 financial instruments reported at fair value on the combined consolidated statements of financial condition for the years ended December 31, 2016 and 2015 ($ in thousands): Level 3 2016 2015 Balance at January 1, $ 2,407,217 $ 2,683,745 Transfer from level 2 — 86,576 Purchases 977,456 720,010 Sales (539,295 ) (839,868 ) Paydowns/maturities (684,143 ) (160,612 ) Amortization of premium/discount (76,475 ) (70,763 ) Unrealized gain/(loss) 8,463 (36,610 ) Realized gain/(loss) on sale 7,724 24,739 Balance at December 31, $ 2,100,947 $ 2,407,217 |
Schedule of quantitative information | The following is quantitative information about significant unobservable inputs in our Level 3 measurements for those assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2016 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS (1) $ 1,701,395 Discounted cash flow Yield (4) 1.35 % 2.87 % 9.18 % Duration (years)(5) 0.04 3.55 9.01 CMBS interest-only (1) 342,171 (2) Discounted cash flow Yield (4) 2.84 % 4.04 % 4.8 % Duration (years)(5) 0.00 2.99 4.37 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only (3) 16,821 (2) Discounted cash flow Yield (4) 0.87 % 7.22 % 48.64 % Duration (years)(5) 1.69 4.44 20.66 Prepayment speed (CPJ)(5) 5.00 13.80 35.00 Agency securities (1) 780 Discounted cash flow Yield (4) 1.4 % 2.17 % 2.63 % Duration (years)(5) 2.61 3.27 4.39 GNMA permanent securities (1) 39,780 Discounted cash flow Yield (4) 2.63 % 3.65 % 6.92 % Duration (years)(5) 1.92 10.30 15.66 Total $ 2,100,947 (1) CMBS, CMBS interest-only securities, Agency securities, GNMA construction securities, and GNMA 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 Agency securities (1) 28,639 Discounted cash flow Yield (4) 0.58 % 3.47 % 3.51 % Duration (years)(5) 0.00 10.34 10.48 GNMA 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, GNMA construction securities, and GNMA 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) |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 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 December 31, 2016 and 2015 ($ in thousands): December 31, 2016 Fair Value Remaining Maturity (years) Contract Type Notional Asset(1) Liability(1) Futures 5-year Swap $ 602,200 $ 3,210 $ 2 0.25 10-year Swap 226,700 1,674 266 0.25 5-year U.S. Treasury Note 21,800 93 — 0.25 10-year U.S. Treasury Note Ultra 3,200 38 — 0.25 Total futures 853,900 5,015 268 Swaps 3 Month LIBOR(2) 50,000 — 2,697 3.72 Credit derivatives CMBX 10,000 3 — 5.08 CDX 33,500 — 481 1.97 Total credit derivatives 43,500 3 481 Total derivatives $ 947,400 $ 5,018 $ 3,446 (1) Shown as derivative instruments, at fair value, in the accompanying combined consolidated balance sheets. (2) The Company is paying fixed interest rates on these swaps. 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 3 Month LIBOR(2) 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 years ended December 31, 2016 , 2015 and 2014 ($ in thousands): Year Ended December 31, 2016 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ 3,608 $ (3,954 ) $ (346 ) Swaps 956 (1,264 ) (308 ) Credit Derivatives (340 ) (415 ) (755 ) Total $ 4,224 $ (5,633 ) $ (1,409 ) Year Ended December 31, 2015 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ 9,214 $ (46,816 ) $ (37,602 ) Swaps 661 (1,992 ) (1,331 ) Credit Derivatives 307 (311 ) (4 ) Total $ 10,182 $ (49,119 ) $ (38,937 ) Year Ended December 31, 2014 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Caps $ — $ (7 ) $ (7 ) Futures $ (16,065 ) $ (74,946 ) $ (91,011 ) Swaps 1,780 (5,161 ) (3,381 ) Credit Derivatives (86 ) (313 ) (399 ) Total $ (14,371 ) $ (80,427 ) $ (94,798 ) |
OFFSETTING ASSETS AND LIABILI39
OFFSETTING ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Offsetting [Abstract] | |
Schedule of offsetting of financial assets | As of December 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 $ 5,018 $ — $ 5,018 $ — $ — $ 5,018 Total $ 5,018 $ — $ 5,018 $ — $ — $ 5,018 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 |
Schedule of offsetting of financial liabilities | As of December 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 $ 3,446 $ — $ 3,446 $ — $ 3,446 — Repurchase agreements 1,107,185 — 1,107,185 1,107,185 — — Total $ 1,110,631 $ — $ 1,110,631 $ 1,107,185 $ 3,446 $ — 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 $ — |
EQUITY STRUCTURE AND ACCOUNTS (
EQUITY STRUCTURE AND ACCOUNTS (Tables) | 12 Months Ended |
Dec. 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 years ended December 31, 2016 and 2015 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2015 $ 49,006 Additional authorizations — Repurchases paid 424,317 (4,653 ) Repurchases unsettled — Authorizations remaining as of December 31, 2016 $ 44,353 (1) Amount excludes commissions paid associated with share repurchases. Shares Amount(1) Authorizations remaining as of December 31, 2014 $ 50,000 Additional authorizations — Repurchases paid 84,203 (994 ) Repurchases unsettled — Authorizations remaining as of December 31, 2015 $ 49,006 (1) |
Schedule of dividends declared and paid | The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2016 and 2015 : Declaration Date Dividend per Share March 1, 2016 $ 0.275 June 1, 2016 0.275 September 1, 2016 0.275 December 2, 2016 0.460 Total $ 1.285 March 12, 2015 $ 0.250 June 8, 2015 0.250 September 1, 2015 0.275 December 1, 2015 1.450 Total $ 2.225 years ended December 31, 2016 and 2015 : Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain March 10, 2016 April 1, 2016 $ 0.275 $ 0.254 $ — $ 0.021 $ — June 13, 2016 July 1, 2016 0.275 0.254 — 0.021 — September 12, 2016 October 3, 2016 0.275 0.254 — 0.021 — December 27, 2016 January 24, 2017 (1) 0.401 0.370 — 0.031 — Total $ 1.226 $ 1.132 $ — $ 0.094 $ — (1) $0.401 of the $0.460 fourth quarter dividend paid on January 24, 2017 is considered a 2016 dividend for U.S. federal income tax purposes. $0.059 is considered a 2017 dividend for U.S. federal income tax purposes and will be reflected in 2017 tax reporting. Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends (1) Capital Gain Unrecaptured 1250 Gain (2) April 6, 2015 April 15, 2015 $ 0.250 $ 0.250 $ 0.250 $ — $ — June 15, 2015 July 1, 2015 0.250 0.250 0.250 — — September 10, 2015 October 1, 2015 0.275 0.275 0.275 — — December 10, 2015 January 21, 2016 (3) 1.450 1.306 0.156 0.144 0.020 Total $ 2.225 $ 2.081 $ 0.931 $ 0.144 $ 0.020 (1) For 2015, Qualified Dividends represents the portion of total Ordinary Dividends which constitutes “qualified dividend income,” as defined by the Internal Revenue Code. (2) For 2015, Unrecaptured 1250 Gain represents the portion of total Capital Gain which constitutes gain required to be taxed as “Unrecaptured Section 1250 Gain,” as defined by the Internal Revenue Code. (3) The fourth quarter dividend paid on January 21, 2016 is considered a 2015 dividend for U.S. federal income tax purposes. |
Schedule of tax treatment of aggregate distributions per share of common stock paid | The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2016 and 2015 : Declaration Date Dividend per Share March 1, 2016 $ 0.275 June 1, 2016 0.275 September 1, 2016 0.275 December 2, 2016 0.460 Total $ 1.285 March 12, 2015 $ 0.250 June 8, 2015 0.250 September 1, 2015 0.275 December 1, 2015 1.450 Total $ 2.225 years ended December 31, 2016 and 2015 : Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain March 10, 2016 April 1, 2016 $ 0.275 $ 0.254 $ — $ 0.021 $ — June 13, 2016 July 1, 2016 0.275 0.254 — 0.021 — September 12, 2016 October 3, 2016 0.275 0.254 — 0.021 — December 27, 2016 January 24, 2017 (1) 0.401 0.370 — 0.031 — Total $ 1.226 $ 1.132 $ — $ 0.094 $ — (1) $0.401 of the $0.460 fourth quarter dividend paid on January 24, 2017 is considered a 2016 dividend for U.S. federal income tax purposes. $0.059 is considered a 2017 dividend for U.S. federal income tax purposes and will be reflected in 2017 tax reporting. Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends (1) Capital Gain Unrecaptured 1250 Gain (2) April 6, 2015 April 15, 2015 $ 0.250 $ 0.250 $ 0.250 $ — $ — June 15, 2015 July 1, 2015 0.250 0.250 0.250 — — September 10, 2015 October 1, 2015 0.275 0.275 0.275 — — December 10, 2015 January 21, 2016 (3) 1.450 1.306 0.156 0.144 0.020 Total $ 2.225 $ 2.081 $ 0.931 $ 0.144 $ 0.020 (1) For 2015, Qualified Dividends represents the portion of total Ordinary Dividends which constitutes “qualified dividend income,” as defined by the Internal Revenue Code. (2) For 2015, Unrecaptured 1250 Gain represents the portion of total Capital Gain which constitutes gain required to be taxed as “Unrecaptured Section 1250 Gain,” as defined by the Internal Revenue Code. (3) The fourth quarter dividend paid on January 21, 2016 is considered a 2015 dividend for U.S. federal income tax purposes. |
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 amortized cost basis of securities classified as available for sale for the years ended December 31, 2016 , 2015 and 2014 ($ 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) 3,420 5,099 8,519 Exchange of noncontrolling interest for common stock 1,202 (1,202 ) — Rebalancing of ownership percentage between Company and Operating Partnership 299 (299 ) — December 31, 2016 $ 1,365 $ 759 $ 2,124 Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income of Noncontrolling Interests Total Accumulated Other Comprehensive Income December 31, 2014 $ 15,656 $ 14,494 $ 30,150 Other comprehensive income (loss) (20,046 ) (16,499 ) (36,545 ) Exchange of noncontrolling interest for common stock 645 (645 ) — Rebalancing of ownership percentage between Company and Operating Partnership 189 (189 ) — December 31, 2015 $ (3,556 ) $ (2,839 ) $ (6,395 ) Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income of Noncontrolling Interests Total Accumulated Other Comprehensive Income December 31, 2013 $ — $ 12,134 $ 12,134 Other comprehensive income (loss) 488 17,528 18,016 Exchange of capital for common stock 14,874 (14,874 ) — Exchange of noncontrolling interest for common stock 324 (324 ) — Rebalancing of ownership percentage between Company and Operating Partnership (30 ) 30 — December 31, 2014 $ 15,656 $ 14,494 $ 30,150 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 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 years ended December 31, 2016 and 2015 and the period February 11, 2014 through December 31, 2014 consist of the following: ($ in thousands except share amounts) For the Year Ended December 31, 2016 For the Year Ended December 31, 2015 For the Period February 11, 2014 through December 31, 2014 Basic Net income (loss) available for Class A common shareholders $ 66,727 $ 73,821 $ 44,187 Diluted Net income (loss) available for Class A common shareholders $ 114,156 $ 73,821 $ 84,228 Weighted average shares outstanding Basic 61,998,089 51,702,188 49,296,417 Diluted 107,638,788 51,870,808 97,583,310 |
Schedule of calculation of basic and diluted net income per share amounts | (In thousands except share amounts) For the Year Ended December 31, 2016 For the Year Ended December 31, 2015 For the Period February 11, 2014 through December 31, 2014 Basic Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 66,727 $ 73,821 $ 44,187 Denominator: Weighted average number of shares of Class A common stock outstanding 61,998,089 51,702,188 49,296,417 Basic net income (loss) per share of Class A common stock $ 1.08 $ 1.43 $ 0.90 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 66,727 $ 73,821 $ 44,187 Add (deduct) - dilutive effect of: Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss) 47,130 — 66,437 Additional corporate tax (expense) benefit 299 — (26,396 ) Diluted net income (loss) attributable to Class A common shareholders $ 114,156 $ 73,821 $ 84,228 Denominator: Basic weighted average number of shares of Class A common stock outstanding 61,998,089 51,702,188 49,296,417 Add - dilutive effect of: Shares issuable relating to converted Class B common shareholders 45,118,668 — 48,145,875 Incremental shares of unvested Class A restricted stock 522,031 168,620 141,018 Diluted weighted average number of shares of Class A common stock outstanding 107,638,788 51,870,808 97,583,310 Diluted net income (loss) per share of Class A common stock $ 1.06 $ 1.42 $ 0.86 |
STOCK BASED COMPENSATION PLANS
STOCK BASED COMPENSATION PLANS (Tables) | 12 Months Ended |
Dec. 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): Year Ended December 31, 2016 2015 2014 Number Weighted Average Fair Value Number Weighted Average Fair Value Number of Units Weighted Average Fair Value Grants - Class A Common Stock (restricted) 793,598 $ 9,118 726,327 $ 13,353 1,687,513 $ 28,637 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 Predecessor compensation expense $ — $ — $ (290 ) LP Units compensation expense — (124 ) (2,052 ) Ladder compensation expense (17,640 ) (13,664 ) (12,109 ) Total amortization to compensation expense $ (17,640 ) $ (13,788 ) $ (14,451 ) |
Schedule of Nonvested Shares Activity | The table below presents the number of unvested shares and outstanding stock options at December 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 (770,568 ) (504 ) Forfeited (48,467 ) — — Expired — Nonvested/Outstanding at December 31, 2016 1,475,866 982,135 — Exercisable at December 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 |
(Tables)
(Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of provision for income taxes | Components of the provision for income taxes consist of the following ($ in thousands): Year Ended December 31, 2016 2015 2014 Current expense (benefit) U.S. Federal $ (386 ) $ 9,020 $ 23,609 State and local 4,838 2,637 10,170 Total current expense (benefit) 4,452 11,657 33,779 Deferred expense (benefit) U.S. Federal 1,417 2,247 (4,357 ) State and local 451 653 (2,817 ) Total deferred expense (benefit) 1,868 2,900 (7,174 ) Provision for income tax expense (benefit) $ 6,320 $ 14,557 $ 26,605 |
Schedule of reconcilation of U.S. federal statutory and effective income tax rates | A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2016 , 2015 and 2014 is as follows: Year Ended December 31, 2016 2015 2014 US statutory tax rate 35.00 % 35.00 % 35.00 % REIT income not subject to corporate income tax (34.38 )% (32.37 )% — % Increase due to state and local taxes 4.41 % (1) 1.40 % 3.78 % Deferred tax asset write-off upon conversion to REIT — % 1.44 % — % Change in valuation allowance 0.42 % 3.29 % — % Other (0.19 )% 0.39 % (17.37 )% Effective income tax rate 5.26 % 9.15 % 21.41 % (1) The increase in state taxes shown above is primarily related to additional tax expense of $3.3 million |
Schedule of components of deferred tax assets and liabilities | The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands): December 31, 2016 December 31, 2015 Deferred Tax Assets Basis difference in operating partnerships $ 2,023 $ 3,998 Unrealized gains (losses) 99 971 Unrealized gains (losses) - derivatives 5,668 5,239 Valuation allowance (5,668 ) (5,239 ) Total Deferred Tax Assets $ 2,122 $ 4,969 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 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 2017 $ 1,249 2018 1,206 2019 1,180 2020 1,180 2021 1,180 Thereafter 99 Total $ 6,094 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Company's performance evaluation by segment | The Company evaluates performance based on the following financial measures for each segment ($ in thousands): Loans Securities Real Estate(1) Corporate/Other(2) Company Total Year ended December 31, 2016 Interest income $ 161,315 $ 74,987 $ 10 $ 60 $ 236,372 Interest expense (25,531 ) (9,740 ) (25,333 ) (60,223 ) (120,827 ) Net interest income (expense) 135,784 65,247 (25,323 ) (60,163 ) 115,545 Provision for loan losses (300 ) — — — (300 ) Net interest income (expense) after provision for loan losses 135,484 65,247 (25,323 ) (60,163 ) 115,245 Operating lease income — — 77,277 — 77,277 Tenant recoveries — — 5,958 — 5,958 Sale of loans, net 26,009 — — — 26,009 Realized gain on securities — 7,724 — — 7,724 Unrealized gain (loss) on Agency interest-only securities — (56 ) — — (56 ) Realized gain (loss) on sale of real estate, net — — 20,636 — 20,636 Fee and other income 7,547 — 7,253 6,565 21,365 Net result from derivative transactions 8,371 (9,780 ) — — (1,409 ) Earnings from investment in unconsolidated joint ventures — — (466 ) 892 426 Gain (loss) on extinguishment of debt — — — 5,382 5,382 Total other income (expense) 41,927 (2,112 ) 110,658 12,839 163,312 Salaries and employee benefits (11,000 ) — — (53,270 ) (64,270 ) Operating expenses — — — (20,552 ) (20,552 ) Real estate operating expenses — — (29,953 ) — (29,953 ) Real estate acquisition costs — — (592 ) — (592 ) Fee expense (2,343 ) (166 ) (618 ) (576 ) (3,703 ) Depreciation and amortization — — (39,354 ) (93 ) (39,447 ) Total costs and expenses (13,343 ) (166 ) (70,517 ) (74,491 ) (158,517 ) Tax (expense) benefit — — — (6,320 ) (6,320 ) Segment profit (loss) $ 164,068 $ 62,969 $ 14,818 $ (128,135 ) $ 113,720 Total assets as of December 31, 2016 $ 2,353,977 $ 2,100,947 $ 856,363 $ 267,050 $ 5,578,337 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Year ended December 31, 2015 Interest income $ 165,403 $ 76,083 $ — $ 53 $ 241,539 Interest expense (24,039 ) (7,256 ) (23,873 ) (58,135 ) (113,303 ) Net interest income (expense) 141,364 68,827 (23,873 ) (58,082 ) 128,236 Provision for loan losses (600 ) — — — (600 ) Net interest income (expense) after provision for loan losses 140,764 68,827 (23,873 ) (58,082 ) 127,636 Operating lease income — — 80,465 — 80,465 Tenant recoveries — — 9,907 — 9,907 Sale of loans, net 71,066 — — — 71,066 Realized gain on securities — 24,007 — — 24,007 Unrealized gain (loss) on Agency interest-only securities — (1,249 ) — — (1,249 ) Realized gain on sale of real estate, net 2,346 — 38,040 — 40,386 Fee and other income 5,999 230 5,989 2,987 15,205 Net result from derivative transactions (12,609 ) (26,328 ) — — (38,937 ) Earnings from investment in unconsolidated joint ventures — — 255 116 371 Total other income 66,802 (3,340 ) 134,656 3,103 201,221 Salaries and employee benefits (16,531 ) — — (45,081 ) (61,612 ) Operating expenses 381 — — (25,484 ) (25,103 ) Real estate operating expenses — — (35,886 ) — (35,886 ) Real estate acquisition costs — — (1,982 ) (1 ) (1,983 ) Fee expense (1,693 ) (40 ) (470 ) (2,318 ) (4,521 ) Depreciation and amortization — — (38,953 ) (108 ) (39,061 ) Total costs and expenses (17,843 ) (40 ) (77,291 ) (72,992 ) (168,166 ) Tax (expense) benefit — — — (14,557 ) (14,557 ) Segment profit (loss) $ 189,723 $ 65,447 $ 33,492 $ (142,528 ) $ 146,134 Total assets as of December 31, 2015 $ 2,310,409 $ 2,407,217 $ 868,528 $ 309,058 $ 5,895,212 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Year ended December 31, 2014 Interest income $ 113,943 $ 73,331 $ — $ 51 $ 187,325 Interest expense (13,205 ) (6,588 ) (15,984 ) (41,797 ) (77,574 ) Net interest income (expense) 100,738 66,743 (15,984 ) (41,746 ) 109,751 Provision for loan losses (600 ) — — — (600 ) Net interest income (expense) after provision for loan losses 100,138 66,743 (15,984 ) (41,746 ) 109,151 Operating lease income — — 56,649 — 56,649 Tenant recoveries — — 9,183 — 9,183 Sale of loans, net 145,275 — — — 145,275 Gain on securities — 26,977 — — 26,977 Unrealized gain (loss) on Agency interest-only securities — 2,144 — — 2,144 Sale of real estate, net 1,525 — 28,235 — 29,760 Fee and other income 3,854 — 5,374 2,476 11,704 Net result from derivative transactions (34,599 ) (60,199 ) — — (94,798 ) Earnings from investment in unconsolidated joint ventures — — 900 1,090 1,990 Gain on assignment of mortgage loan financing — — 432 — 432 Loss on extinguishment of debt — — — (150 ) (150 ) Total other income 116,055 (31,078 ) 100,773 3,416 189,166 Salaries and employee benefits (22,400 ) — — (59,744 ) (82,144 ) Operating expenses 235 — — (25,633 ) (25,398 ) Real estate operating expenses — — (32,670 ) — (32,670 ) Real estate acquisition costs — — (2,400 ) (4 ) (2,404 ) Fee expense (2,172 ) (65 ) (83 ) (703 ) (3,023 ) Depreciation and amortization — — (28,271 ) (176 ) (28,447 ) Total costs and expenses (24,337 ) (65 ) (63,424 ) (86,260 ) (174,086 ) Tax (expense) benefit — — — (26,605 ) (26,605 ) Segment profit (loss) $ 191,856 $ 35,600 $ 21,365 $ (151,195 ) $ 97,626 Total assets as of December 31, 2014 $ 1,939,008 $ 2,815,566 $ 771,129 $ 288,532 $ 5,814,235 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $34.0 million and $33.7 million as of December 31, 2016 and 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 $48,771 as of December 31, 2015 , the Company’s investment in FHLB stock of $77.9 million as of December 31, 2016 and 2015 , the Company’s deferred tax asset of $2.1 million and $5.0 million as of December 31, 2016 and 2015 , respectively and the Company’s senior unsecured notes of $559.8 million and $612.6 million as of December 31, 2016 and 2015 |
QUARTERLY FINANCIAL DATA (UNA46
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly consolidated financial data | The following summarizes the combined consolidated quarterly financial information for the Company ($ in thousands except per share and dividend amounts): Q4 2016(1) Q3 2016 Q2 2016 Q1 2016(1) Interest income $ 60,721 $ 60,284 $ 55,766 $ 59,601 Net interest income after provision for loan losses 28,517 29,599 27,214 29,915 Other income (loss) 89,212 69,335 11,835 (7,070 ) Costs and expenses 45,335 40,615 37,405 35,162 Income (loss) before taxes 72,394 58,319 1,644 (12,317 ) Income tax expense (benefit) 773 8,721 (2,301 ) (873 ) Net income (loss) 71,621 49,598 3,945 (11,444 ) Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (298 ) 439 (235 ) 232 Net (income) loss attributable to noncontrolling interest in operating partnership (29,467 ) (22,429 ) (908 ) 5,673 Net income (loss) attributable to Class A common shareholders $ 41,856 $ 27,608 $ 2,802 $ (5,539 ) Earnings per share: Basic $ 0.64 $ 0.44 $ 0.05 $ (0.09 ) Diluted $ 0.63 $ 0.44 $ 0.05 $ (0.09 ) Dividends per share of common stock $ 0.460 $ 0.275 $ 0.275 $ 0.275 Q4 2015 Q3 2015 Q2 2015 Q1 2015 Interest income $ 62,903 $ 63,013 $ 59,239 $ 56,384 Net interest income after provision for loan losses 33,297 33,328 31,602 29,409 Other income 72,183 (2) 7,549 86,452 35,037 Costs and expenses 38,347 42,260 44,180 43,379 Income (loss) before taxes 67,133 (1,383 ) 73,874 21,067 Income tax expense (benefit) 10,457 (4,181 ) 5,177 3,104 Net income 56,676 2,798 68,697 17,963 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (2,146 ) 85 684 (191 ) Net (income) loss attributable to noncontrolling interest in operating partnership (27,407 ) 430 (35,171 ) (8,597 ) Net income attributable to Class A common shareholders $ 27,123 $ 3,313 $ 34,210 $ 9,175 Earnings per share: Basic $ 0.51 $ 0.06 $ 0.68 $ 0.18 Diluted $ 0.50 $ 0.06 $ 0.67 $ 0.15 Dividends per share of common stock $ 1.450 $ 0.275 $ 0.250 $ 0.250 (1) See Note 2. Significant Accounting Policies , “Out-of-Period Adjustments” for out-of-period adjustments included in the three month periods ended March 31, 2016 and December 31, 2016. (2) |
ORGANIZATION AND OPERATIONS (De
ORGANIZATION AND OPERATIONS (Details) $ / shares in Units, $ in Millions | Feb. 11, 2014USD ($)shares | Dec. 31, 2014 | Dec. 31, 2016shares | Dec. 31, 2015shares | Feb. 10, 2014Class_of_Stock$ / 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% | 85.00% | |||
Percentage of applicable cash saving in income tax available for the entity | 15.00% | 15.00% | |||
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 | 71,586,170 | 55,209,849 | ||
Shares issued to the Exchanging Existing Owners | 33,672,192 | ||||
Class B common stock | |||||
ORGANIZATION AND OPERATIONS | |||||
Shares outstanding | 48,537,414 | 38,002,344 | 44,055,987 | ||
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 | ||||
LCFH | Class A common stock | |||||
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 | ||||
Series REIT | |||||
ORGANIZATION AND OPERATIONS | |||||
Percentage of investment of operating partner | 51.90% | ||||
Limited partners ownership interest (in percent) | 48.10% | ||||
Series REIT | LCFH | |||||
ORGANIZATION AND OPERATIONS | |||||
Ownership interest in subsidiaries (in percent) | 100.00% | ||||
Series TRS | LCFH | |||||
ORGANIZATION AND OPERATIONS | |||||
Ownership interest in subsidiaries (in percent) | 100.00% | ||||
LCFH | LCFH | |||||
ORGANIZATION AND OPERATIONS | |||||
Ownership interest in LCFH | 65.30% |
SIGNIFICANT ACCOUNTING POLICI48
SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016loan | Dec. 31, 2016number_mortgage_loans_impaired | Dec. 31, 2015loan | Dec. 31, 2015number_mortgage_loans_impaired | |
Basis of accounting and principles of combination and consolidation | |||||||||||||||||
Maximum cash amount insured at several financial institutions | $ 250,000 | $ 250,000 | $ 250,000 | ||||||||||||||
Number of originated loans impaired | 0 | 0 | 0 | 0 | |||||||||||||
Expected term for completion of real estate disposals | 1 year | ||||||||||||||||
Unamortized debt issuance costs | 4,025,000 | ||||||||||||||||
Percentage of applicable cash saving in income tax distributable to specified unitholders | 85.00% | 85.00% | |||||||||||||||
Percentage of applicable cash saving in income tax available for the entity | 15.00% | 15.00% | |||||||||||||||
Percentage of commercial mortgage backed securities rated below AA | 2.60% | 2.60% | |||||||||||||||
Additional deferred financing cost amortization | $ 7,459,000 | 5,757,000 | $ 5,802,000 | ||||||||||||||
Income tax expense (benefit) | $ 773,000 | $ 8,721,000 | $ (2,301,000) | $ (873,000) | 10,457,000 | $ (4,181,000) | $ 5,177,000 | $ 3,104,000 | 6,320,000 | 14,557,000 | 26,605,000 | ||||||
Additional return on equity from Company's investments | 1,017,000 | 294,000 | 1,957,000 | ||||||||||||||
Depreciation and amortization | $ 39,447,000 | 39,061,000 | $ 28,447,000 | ||||||||||||||
Out-of-Period Adjustment | |||||||||||||||||
Basis of accounting and principles of combination and consolidation | |||||||||||||||||
Additional deferred financing cost amortization | 500,000 | ||||||||||||||||
Depreciation and amortization | 1,200,000 | ||||||||||||||||
Out-of-Period Adjustment | Noncontrolling Interest in 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 | ||||||||||||||||
Out-of-Period Adjustment Related to Prior Years | |||||||||||||||||
Basis of accounting and principles of combination and consolidation | |||||||||||||||||
Depreciation and amortization | $ 600,000 | ||||||||||||||||
Senior Unsecured Notes | Various Dates | |||||||||||||||||
Basis of accounting and principles of combination and consolidation | |||||||||||||||||
Unamortized debt issuance costs | 6,900,000 | 6,900,000 | 4,000,000 | ||||||||||||||
Building | Minimum | |||||||||||||||||
Basis of accounting and principles of combination and consolidation | |||||||||||||||||
Estimated useful lives of real estate | 20 years | ||||||||||||||||
Building | Maximum | |||||||||||||||||
Basis of accounting and principles of combination and consolidation | |||||||||||||||||
Estimated useful lives of real estate | 47 years | ||||||||||||||||
Building Fixtures and Improvements | Minimum | |||||||||||||||||
Basis of accounting and principles of combination and consolidation | |||||||||||||||||
Estimated useful lives of real estate | 4 years | ||||||||||||||||
Building Fixtures and Improvements | Maximum | |||||||||||||||||
Basis of accounting and principles of combination and consolidation | |||||||||||||||||
Estimated useful lives of real estate | 15 years | ||||||||||||||||
Other Assets | |||||||||||||||||
Basis of accounting and principles of combination and consolidation | |||||||||||||||||
Tenant security deposits | $ 19,000,000 | $ 19,000,000 | $ 24,900,000 |
MORTGAGE LOAN RECEIVABLES - Sch
MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Mortgage Loans on Real Estate [Line Items] | ||||
Outstanding Face Amount | $ 2,371,827 | $ 2,321,194 | ||
Provision for loan losses | (4,000) | (3,700) | $ (3,100) | $ (2,500) |
Carrying Value | $ 2,353,977 | $ 2,310,409 | ||
Weighted Average Yield (as a percent) | 6.73% | 6.83% | ||
Remaining Maturity (years) | 2 years 1 month 6 days | 2 years 6 months 29 days | ||
Mortgage loan receivables held for investment, at amortized cost | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Outstanding Face Amount | $ 2,011,309 | $ 1,749,556 | ||
Carrying Value, gross | 2,000,095 | 1,742,345 | ||
Provision for loan losses | (4,000) | (3,700) | ||
Carrying Value | $ 1,996,095 | $ 1,738,645 | ||
Weighted Average Yield (as a percent) | 7.17% | 7.56% | ||
Remaining Maturity (years) | 1 year 7 months 28 days | 1 year 4 months 17 days | ||
Mortgage loan receivables held for sale | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Outstanding Face Amount | $ 360,518 | $ 571,638 | ||
Carrying Value | $ 357,882 | $ 571,764 | ||
Weighted Average Yield (as a percent) | 4.20% | 4.56% | ||
Remaining Maturity (years) | 4 years 6 months 18 days | 6 years 2 months 12 days |
MORTGAGE LOAN RECEIVABLES - Add
MORTGAGE LOAN RECEIVABLES - Additional Information (Details) | 12 Months Ended | ||||||||
Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | Dec. 31, 2016USD ($) | Dec. 31, 2016loan | Dec. 31, 2016number_mortgage_loans_impaired | Dec. 31, 2015USD ($) | Dec. 31, 2015loan | Dec. 31, 2015number_mortgage_loans_impaired | |
Mortgage Loans on Real Estate [Line Items] | |||||||||
Loans receivable with fixed rates of interest | $ 205,400,000 | $ 343,200,000 | |||||||
Percentage of loans receivable with fixed rates of interest | 10.30% | 19.70% | |||||||
Unamortized discounts included in mortgage loan receivables held for investment, at amortized cost | 600,000 | 700,000 | |||||||
Number of mortgage loans impaired | 0 | 0 | 0 | 0 | |||||
Accrued and unpaid interest receivable | 24,439,000 | 22,776,000 | |||||||
Amortized cost of non-accrual loans | 2,353,977,000 | 2,310,409,000 | |||||||
Real estate acquired in settlement of mortgage loan receivable held for investment | $ 0 | $ 6,700,000 | $ 0 | ||||||
Mortgage loans on real estate, carrying amount | 2,357,977,000 | ||||||||
Mortgage Loans on Real Estate, Interest Rate | 6.73% | 6.83% | |||||||
Remaining Maturity (years) | 2 years 1 month 6 days | 2 years 6 months 29 days | |||||||
Other | |||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||
Real estate acquired in settlement of mortgage loan receivable held for investment | $ 6,700,000 | ||||||||
Gain (Loss) on Sale of Mortgage Loans | $ 800,000 | ||||||||
Mortgage loans on real estate, carrying amount | 5,900,000 | ||||||||
Mortgage loan receivables held for investment, at amortized cost | |||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||
Loans receivable with fixed rates of interest | 1,800,000,000 | 1,400,000,000 | |||||||
Percentage of loans receivable with fixed rates of interest | 89.70% | 80.30% | |||||||
Number or loans in default | loan | 2 | 0 | |||||||
Loans in default, carrying value | 26,900,000 | ||||||||
Impairment recorded on defaulted loans | $ 0 | ||||||||
Accrued and unpaid interest receivable | 3,500,000 | ||||||||
Default interest included in accrued and unpaid interest receivable | 2,200,000 | ||||||||
Amortized cost of non-accrual loans | 1,996,095,000 | 1,738,645,000 | |||||||
Mortgage Loans on Real Estate, Interest Rate | 7.17% | 7.56% | |||||||
Remaining Maturity (years) | 1 year 7 months 28 days | 1 year 4 months 17 days | |||||||
Mortgage loan receivables held for sale | |||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||
Loans receivable with fixed rates of interest | 360,500,000 | 571,800,000 | |||||||
Percentage of loans receivable with fixed rates of interest | 100.00% | 100.00% | |||||||
Amortized cost of non-accrual loans | $ 357,882,000 | $ 571,764,000 | |||||||
Mortgage Loans on Real Estate, Interest Rate | 4.20% | 4.56% | |||||||
Remaining Maturity (years) | 4 years 6 months 18 days | 6 years 2 months 12 days | |||||||
Loan on non-accrual status | |||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||
Unamortized discounts included in mortgage loan receivables held for investment, at amortized cost | $ 2,600,000 | ||||||||
Number of loans on non-accrual status | loan | 0 | 0 | 1 | ||||||
Amortized cost of non-accrual loans | $ 5,500,000 |
MORTGAGE LOAN RECEIVABLES - Mor
MORTGAGE LOAN RECEIVABLES - Mortgage Loan Receivables by Loan Type (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Mortgage Loans on Real Estate [Line Items] | ||||
Outstanding Face Amount | $ 2,371,827 | $ 2,321,194 | ||
Provision for loan losses | (4,000) | (3,700) | $ (3,100) | $ (2,500) |
Carrying Value | 2,353,977 | 2,310,409 | ||
First mortgage loan, held for investment | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Outstanding Face Amount | 1,843,006 | 1,462,228 | ||
Carrying Value, Gross | 1,832,626 | 1,456,212 | ||
Mezzanine loan, held for investment | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Outstanding Face Amount | 168,303 | 287,328 | ||
Carrying Value, Gross | 167,469 | 286,133 | ||
Mortgage loan receivables held for investment, at amortized cost | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Outstanding Face Amount | 2,011,309 | 1,749,556 | ||
Carrying Value, Gross | 2,000,095 | 1,742,345 | ||
Provision for loan losses | (4,000) | (3,700) | ||
Carrying Value | 1,996,095 | 1,738,645 | ||
First mortgage loan, held for sale | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Outstanding Face Amount | 360,518 | 571,638 | ||
Carrying Value | 357,882 | 571,764 | ||
Mortgage loan receivables held for sale | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Outstanding Face Amount | 360,518 | 571,638 | ||
Carrying Value | $ 357,882 | $ 571,764 |
MORTGAGE LOAN RECEIVABLES - Act
MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Activity in loan portfolio | |||
Balance at the beginning of the period | $ 2,310,409 | $ 1,939,008 | $ 979,568 |
Origination of mortgage loan receivables | 2,098,052 | 3,557,164 | 4,547,340 |
Purchases of mortgage loan receivables | 73,421 | ||
Repayment of mortgage loan receivables | (722,360) | (754,760) | (215,804) |
Proceeds from sales of mortgage loan receivables | (1,440,195) | (2,509,090) | (3,523,689) |
Non-cash disposition of loans | (4,620) | ||
Realized gain on sale of mortgage loan receivables | 26,009 | 71,066 | 145,275 |
Transfer between held for investment and held for sale | 0 | ||
Accretion/amortization of discount, premium and other fees | 8,941 | 12,241 | 6,918 |
Loan loss provision | (300) | (600) | (600) |
Balance at the end of the period | 2,353,977 | 2,310,409 | 1,939,008 |
Provision for Loan and Lease Losses | 4,000 | ||
Non-cash origination of mortgage loans | 50,400 | 0 | 0 |
Mortgage loan receivables held for investment, at amortized cost | |||
Activity in loan portfolio | |||
Balance at the beginning of the period | 1,738,645 | 1,521,053 | 539,078 |
Origination of mortgage loan receivables | 969,401 | 963,023 | 1,201,968 |
Purchases of mortgage loan receivables | 0 | ||
Repayment of mortgage loan receivables | (720,592) | (752,452) | (214,511) |
Proceeds from sales of mortgage loan receivables | 0 | 0 | 0 |
Non-cash disposition of loans | (4,620) | ||
Realized gain on sale of mortgage loan receivables | 0 | 0 | 0 |
Transfer between held for investment and held for sale | (11,800) | ||
Accretion/amortization of discount, premium and other fees | 8,941 | 12,241 | 6,918 |
Loan loss provision | (300) | (600) | (600) |
Balance at the end of the period | 1,996,095 | 1,738,645 | 1,521,053 |
Provision for Loan and Lease Losses | 4,000 | 3,700 | 3,100 |
Non-cash origination of mortgage loans | 50,378 | ||
Mortgage loan receivables held for sale | |||
Activity in loan portfolio | |||
Balance at the beginning of the period | 571,764 | 417,955 | 440,490 |
Origination of mortgage loan receivables | 1,128,651 | 2,594,141 | 3,345,372 |
Purchases of mortgage loan receivables | 73,421 | ||
Repayment of mortgage loan receivables | (1,768) | (2,308) | (1,293) |
Proceeds from sales of mortgage loan receivables | (1,440,195) | (2,509,090) | (3,523,689) |
Non-cash disposition of loans | 0 | ||
Realized gain on sale of mortgage loan receivables | 26,009 | 71,066 | 145,275 |
Transfer between held for investment and held for sale | 11,800 | ||
Accretion/amortization of discount, premium and other fees | 0 | 0 | 0 |
Loan loss provision | 0 | 0 | 0 |
Balance at the end of the period | 357,882 | $ 571,764 | $ 417,955 |
Unrealized losses on loans recorded as other than temporary impairments | $ 2,600 |
MORTGAGE LOAN RECEIVABLES - Pro
MORTGAGE LOAN RECEIVABLES - Provision for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Provision for loan losses at beginning of period | $ 3,700 | $ 3,100 | $ 2,500 |
Provision for loan losses | 300 | 600 | 600 |
Provision for loan losses at end of period | $ 4,000 | $ 3,700 | $ 3,100 |
REAL ESTATE SECURITIES - Summar
REAL ESTATE SECURITIES - Summary of Securities (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)securities | Dec. 31, 2015USD ($)securities | |
Schedule of Available-for-sale Securities [Line Items] | ||
Outstanding Face Amount | $ 10,354,816 | $ 10,084,386 |
Amortized Cost Basis | 2,100,994 | 2,415,727 |
Gross Unrealized Gains | 13,194 | 6,936 |
Gross Unrealized Losses | (13,241) | (15,446) |
Carrying Value | $ 2,100,947 | $ 2,407,217 |
Number of Securities | securities | 219 | 200 |
Weighted Average Coupon % | 1.27% | 1.44% |
Weighted Average Yield % | 2.94% | 3.60% |
Remaining Duration (years) | 3 years 7 months 6 days | 3 years 3 months 14 days |
CMBS | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Outstanding Face Amount | $ 1,676,680 | $ 1,972,492 |
Amortized Cost Basis | 1,698,616 | 1,994,928 |
Gross Unrealized Gains | 10,880 | 4,643 |
Gross Unrealized Losses | (8,101) | (8,065) |
Carrying Value | $ 1,701,395 | $ 1,991,506 |
Number of Securities | securities | 131 | 119 |
Weighted Average Coupon % | 3.26% | 3.17% |
Weighted Average Yield % | 2.81% | 2.59% |
Remaining Duration (years) | 3 years 6 months 18 days | 3 years 1 month 24 days |
CMBS interest-only | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Outstanding Face Amount | $ 8,160,458 | $ 7,436,379 |
Amortized Cost Basis | 343,438 | 348,222 |
Gross Unrealized Gains | 1,273 | 1,027 |
Gross Unrealized Losses | (2,540) | (4,826) |
Carrying Value | $ 342,171 | $ 344,423 |
Number of Securities | securities | 60 | 48 |
Weighted Average Coupon % | 0.87% | 1.02% |
Weighted Average Yield % | 3.45% | 3.81% |
Remaining Duration (years) | 2 years 11 months 26 days | 3 years 4 months 2 days |
GNMA interest-only | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Outstanding Face Amount | $ 478,577 | $ 632,175 |
Amortized Cost Basis | 18,994 | 28,311 |
Gross Unrealized Gains | 159 | 44 |
Gross Unrealized Losses | (2,332) | (2,161) |
Carrying Value | $ 16,821 | $ 26,194 |
Number of Securities | securities | 17 | 20 |
Weighted Average Coupon % | 0.73% | 0.80% |
Weighted Average Yield % | 4.19% | 4.26% |
Remaining Duration (years) | 4 years 5 months 8 days | 5 years 2 months 19 days |
Agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Outstanding Face Amount | $ 774 | |
Amortized Cost Basis | 802 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (22) | |
Carrying Value | $ 780 | |
Number of Securities | securities | 2 | |
Weighted Average Coupon % | 2.90% | |
Weighted Average Yield % | 1.29% | |
Remaining Duration (years) | 3 years 3 months 7 days | |
GNMA 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 | |
GNMA permanent securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Outstanding Face Amount | $ 38,327 | $ 16,249 |
Amortized Cost Basis | 39,144 | 16,685 |
Gross Unrealized Gains | 882 | 164 |
Gross Unrealized Losses | (246) | (394) |
Carrying Value | $ 39,780 | $ 16,455 |
Number of Securities | securities | 9 | 12 |
Weighted Average Coupon % | 4.09% | 4.52% |
Weighted Average Yield % | 3.80% | 3.94% |
Remaining Duration (years) | 10 years 3 months 18 days | 5 years 5 months 4 days |
REAL ESTATE SECURITIES - Securi
REAL ESTATE SECURITIES - Securities by Remaining Maturity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Within 1 year | $ 143,918 | $ 612,752 | |
1-5 years | 1,508,191 | 1,260,381 | |
5-10 years | 441,038 | 533,604 | |
After 10 years | 7,800 | 480 | |
Fair value of real estate securities | 2,100,947 | 2,407,217 | |
Other than temporary impairments included in consolidated statements of income | (4,700) | (1,600) | $ (3,900) |
CMBS | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Within 1 year | 132,730 | 610,526 | |
1-5 years | 1,156,026 | 891,752 | |
5-10 years | 412,639 | 489,228 | |
After 10 years | 0 | 0 | |
Fair value of real estate securities | 1,701,395 | 1,991,506 | |
CMBS interest-only | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Within 1 year | 11,188 | 0 | |
1-5 years | 330,983 | 344,423 | |
5-10 years | 0 | 0 | |
After 10 years | 0 | 0 | |
Fair value of real estate securities | 342,171 | 344,423 | |
GNMA interest-only | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Within 1 year | 0 | 6 | |
1-5 years | 15,914 | 17,159 | |
5-10 years | 724 | 8,549 | |
After 10 years | 183 | 480 | |
Fair value of real estate securities | 16,821 | 26,194 | |
Agency securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Within 1 year | 0 | ||
1-5 years | 780 | ||
5-10 years | 0 | ||
After 10 years | 0 | ||
Fair value of real estate securities | 780 | ||
GNMA 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 | ||
GNMA permanent securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Within 1 year | 0 | 2,220 | |
1-5 years | 4,488 | 6,661 | |
5-10 years | 27,675 | 7,574 | |
After 10 years | 7,617 | 0 | |
Fair value of real estate securities | $ 39,780 | $ 16,455 |
REAL ESTATE AND RELATED LEASE56
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Real estate and related lease intangibles, net | ||
Less: Accumulated depreciation and amortization | $ (122,007) | $ (83,056) |
Real estate and related lease intangibles, net | 822,338 | 834,779 |
Other Liabilities | ||
Real estate and related lease intangibles, net | ||
Below market lease intangibles, net (other liabilities) | (16,506) | (17,021) |
In-place leases and other intangibles | ||
Real estate and related lease intangibles, net | ||
Real estate | 154,687 | 139,501 |
Land | ||
Real estate and related lease intangibles, net | ||
Real estate | 143,286 | 138,128 |
Building | ||
Real estate and related lease intangibles, net | ||
Real estate | $ 646,372 | $ 640,206 |
REAL ESTATE AND RELATED LEASE57
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Depreciation and Amortization Expense on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate [Abstract] | |||
Depreciation expense | $ 26,031 | $ 23,922 | $ 18,034 |
Amortization expense | 13,302 | 15,031 | 10,238 |
Total real estate depreciation and amortization expense | 39,333 | 38,953 | 28,272 |
Depreciation on corporate fixed assets | $ 100 | $ 100 | $ 200 |
REAL ESTATE AND RELATED LEASE58
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||
Gross intangible assets | $ 154,700 | $ 139,500 | |
Accumulated amortization | 48,100 | 32,700 | |
Net intangible assets | 106,600 | 106,800 | |
Unamortized favorable/unfavorable lease intangibles | 7,000 | 6,500 | |
Unbilled rent receivables | 700 | 5,000 | |
Unencumbered real estates | 70,300 | 47,800 | |
Real estate acquired in settlement of mortgage loan receivable held for investment | 0 | 6,700 | $ 0 |
Mortgage loans on real estate, carrying amount | 2,357,977 | ||
Net increase in operating lease income, amortization of below market lease intangibles | 1,400 | 1,800 | 900 |
Above Market Leases | |||
Business Acquisition [Line Items] | |||
Net reduction in operating lease income, amortizatin of avobe market leases | $ 1,300 | 1,400 | $ 1,300 |
Other | |||
Business Acquisition [Line Items] | |||
Real estate acquired in settlement of mortgage loan receivable held for investment | 6,700 | ||
Realized gain on sale of real estate, net | 800 | ||
Mortgage loans on real estate, carrying amount | $ 5,900 |
REAL ESTATE AND RELATED LEASE59
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Net intangible assets | $ 106,600 | $ 106,800 |
In-place leases intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
2,017 | 10,307 | |
2,018 | 8,219 | |
2,019 | 8,175 | |
2,020 | 8,175 | |
2,021 | 8,101 | |
Thereafter | 63,578 | |
Net intangible assets | $ 106,555 |
REAL ESTATE AND RELATED LEASE60
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Real Estate [Abstract] | |
2,017 | $ 73,960 |
2,018 | 68,757 |
2,019 | 63,666 |
2,020 | 61,789 |
2,021 | 56,929 |
Thereafter | 500,481 |
Total | $ 825,582 |
REAL ESTATE AND RELATED LEASE61
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Properties Acquired (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||
Purchase Price | $ 62,495 | $ 219,456 | $ 254,497 |
Real estate acquired in settlement of mortgage loan receivable held for investment | 0 | 6,700 | 0 |
Land | St. Paul, MN | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 200 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Dimmitt, TX | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,319 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Philo, IL | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,156 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | St. Charles, MN | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,198 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | San Antonio, TX | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,096 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Borger, TX | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 978 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Champaign, IL | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,324 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Decatur-Sunnyside, IL | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,181 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Flora Vista, NM | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,305 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Mountain Grove, MO | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,279 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Rantoul, IL | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,204 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Decatur-Pershing, IL | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,365 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Cape Girardeau, MO | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,281 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Linn, MO | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,122 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Union, MO | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,227 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Pawnee, IL | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,201 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Lamar, MO | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,176 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Peoria, IL | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,226 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Dryden Township, MI | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,190 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Fayetteville, NC | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 6,971 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Springfield, IL | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,322 | ||
Ownership Interest (percent) | 100.00% | ||
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% | ||
Net Lease | Red Oak, IA | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,185 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Zapata, TX | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,150 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Aurora, MN | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 952 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Canyon Lake, TX | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,377 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Wheeler, TX | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,075 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Bridgeport, IL | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,186 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Pleasanton, TX | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,316 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Warren, MN | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,055 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Tremont, IL | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,150 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Ponce, Puerto Rico | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 8,900 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Effingham County, IL | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,195 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Lebanon, MI | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,200 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Minot, ND | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 6,644 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Floresville, TX | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,251 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Kerrville, TX | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,174 | ||
Ownership Interest (percent) | 97.00% | ||
Net Lease | De Soto, IL | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,066 | ||
Ownership Interest (percent) | 97.00% | ||
Net Lease | Biscoe, NC | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,216 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Moultrie, GA | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,305 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Rose Hill, NC | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,420 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Rockingham, NC | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,158 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Wilmington, IL | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,309 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Danville, IL | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,074 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Bloomington, IL | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,193 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Lincoln County , MO | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,072 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Montrose, MN | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,167 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Jenks, OK | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 12,160 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Grove, OK | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 5,030 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Farmington, IL | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,303 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Bixby, OK | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 10,978 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Rice, MN | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,200 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Gordonville, MO | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,125 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Malone, NY | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,466 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Mercedes, TX | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,204 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Albion, PA | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,525 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Radford, VA | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,564 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Rural Retreat, VA | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,399 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Mount Vernon, AL | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 1,224 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | O'Fallon, IL | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 8,000 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | El Centro, CA | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 4,277 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Conyers, GA | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 32,530 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Bennett, CO | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 3,522 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Memphis, TN | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 5,310 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Ankemy, IA | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 16,510 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Springfield, MO | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 11,675 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Sheldon, IA | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 4,300 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Cedar Rapids, IA | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 11,000 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Fairfield, IA | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 10,695 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Muscatine, IA | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 7,150 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Owatonna, MN | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 9,970 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Bellport, NY | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 18,100 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Woodland Park, CO | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 3,969 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Evansville, IN | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 9,000 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Plattsmouth, NE | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 7,979 | ||
Ownership Interest (percent) | 100.00% | ||
Net Lease | Worthington, MN | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 8,320 | ||
Ownership Interest (percent) | 100.00% | ||
Other | |||
Business Acquisition [Line Items] | |||
Real estate acquired in settlement of mortgage loan receivable held for investment | $ 6,700 | ||
Other | St. Paul, MN | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 62,340 | ||
Ownership Interest (percent) | 97.00% | ||
Other | Ewing, NJ | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 30,640 | ||
Ownership Interest (percent) | 100.00% | ||
Other | Peoria, IL | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 2,760 | ||
Ownership Interest (percent) | 100.00% | ||
Other | Grand Rapids, MI | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 9,300 | ||
Ownership Interest (percent) | 97.00% | ||
Other | Grand Rapids, MI | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 6,300 | ||
Ownership Interest (percent) | 97.00% | ||
Other | Wayne, NJ | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 9,700 | ||
Ownership Interest (percent) | 100.00% | ||
Other | Carmel, NY | |||
Business Acquisition [Line Items] | |||
Real estate acquired in settlement of mortgage loan receivable held for investment | $ 6,700 | ||
Ownership Interest (percent) | 100.00% | ||
Other | Richmond, VA | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 19,850 | ||
Ownership Interest (percent) | 77.50% | ||
Real Estate | |||
Business Acquisition [Line Items] | |||
Purchase Price | $ 212,756 |
REAL ESTATE AND RELATED LEASE62
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate [Abstract] | |||
Land | $ 9,242 | $ 32,260 | $ 41,908 |
Building | 39,609 | 166,556 | 168,714 |
Intangibles | 15,854 | 32,084 | 48,819 |
Below Market Lease Intangibles | (2,210) | (11,444) | (4,944) |
Purchase Price | $ 62,495 | $ 219,456 | $ 254,497 |
Weighted average amortization period for intangible assets acquired | 19 years 6 months | 22 years 7 months 6 days | 17 years 1 month 6 days |
REAL ESTATE AND RELATED LEASE63
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | ||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | $ 72,953 | [1] | $ 98,558 | $ 123,444 |
Real estate and related lease intangibles, net | 822,338 | 834,779 | ||
Realized gain on sale of real estate, net | 20,636 | 40,386 | 29,760 | |
Other | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Realized gain on sale of real estate, net | 800 | |||
2016 Disposal Properties | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | 66,470 | |||
Real estate and related lease intangibles, net | 45,834 | |||
Realized gain on sale of real estate, net | 20,636 | |||
2016 Disposal Properties | Net Lease | Rockland, MA | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | 7,922 | |||
Real estate and related lease intangibles, net | 7,210 | |||
Realized gain on sale of real estate, net | $ 712 | |||
Number of properties disposed | property | 1 | |||
Number of units sold | property | 0 | |||
Number of units remaining | property | 0 | |||
2016 Disposal Properties | Net Lease | Crawfordsville, IN | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | $ 6,192 | |||
Real estate and related lease intangibles, net | 5,726 | |||
Realized gain on sale of real estate, net | $ 466 | |||
Number of properties disposed | property | 1 | |||
Number of units sold | property | 0 | |||
Number of units remaining | property | 0 | |||
2016 Disposal Properties | Condominium | Las Vegas, NV | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | $ 34,049 | |||
Real estate and related lease intangibles, net | 18,907 | |||
Realized gain on sale of real estate, net | $ 15,142 | |||
Number of properties disposed | property | 0 | |||
Number of units sold | property | 73 | |||
Number of units remaining | property | 59 | |||
2016 Disposal Properties | Condominium | Miami, FL | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | $ 18,307 | |||
Real estate and related lease intangibles, net | 13,991 | |||
Realized gain on sale of real estate, net | $ 4,316 | |||
Number of properties disposed | property | 0 | |||
Number of units sold | property | 65 | |||
Number of units remaining | property | 88 | |||
2015 Disposal Properties | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | 172,134 | |||
Real estate and related lease intangibles, net | 133,005 | |||
Realized gain on sale of real estate, net | 39,129 | |||
2015 Disposal Properties | Realized gain on sale of real estate, net | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Realized loss on sale of real estate, net | (200) | |||
2015 Disposal Properties | Net Lease | Plattsmouth, NE | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | 8,440 | |||
Real estate and related lease intangibles, net | 7,983 | |||
Realized gain on sale of real estate, net | $ 457 | |||
Number of properties disposed | property | 1 | |||
Number of units sold | property | 0 | |||
Number of units remaining | property | 0 | |||
2015 Disposal Properties | Net Lease | Worthington, MN | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | $ 8,793 | |||
Real estate and related lease intangibles, net | 8,321 | |||
Realized gain on sale of real estate, net | $ 472 | |||
Number of properties disposed | property | 1 | |||
Number of units sold | property | 0 | |||
Number of units remaining | property | 0 | |||
2015 Disposal Properties | Net Lease | Loveland, CO | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | $ 6,249 | |||
Real estate and related lease intangibles, net | 5,600 | |||
Realized gain on sale of real estate, net | $ 649 | |||
Number of properties disposed | property | 1 | |||
Number of units sold | property | 0 | |||
Number of units remaining | property | 0 | |||
2015 Disposal Properties | Net Lease | Village of Menomonee Falls, WI | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | $ 17,856 | |||
Real estate and related lease intangibles, net | 16,827 | |||
Realized gain on sale of real estate, net | $ 1,029 | |||
Number of properties disposed | property | 1 | |||
Number of units sold | property | 0 | |||
Number of units remaining | property | 0 | |||
Morgage debt assumed by buyer in real estate sale | $ 11,300 | |||
Realized gain on sale of real estate, net | (300) | |||
2015 Disposal Properties | Condominium | Las Vegas, NV | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | 38,779 | |||
Real estate and related lease intangibles, net | 22,310 | |||
Realized gain on sale of real estate, net | $ 16,469 | |||
Number of properties disposed | property | 0 | |||
Number of units sold | property | 88 | |||
Number of units remaining | property | 132 | |||
2015 Disposal Properties | Condominium | Miami, FL | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | $ 29,924 | |||
Real estate and related lease intangibles, net | 22,942 | |||
Realized gain on sale of real estate, net | $ 6,982 | |||
Number of properties disposed | property | 0 | |||
Number of units sold | property | 99 | |||
Number of units remaining | property | 153 | |||
2015 Disposal Properties | Other | Minneapolis, MN | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | $ 62,093 | |||
Real estate and related lease intangibles, net | 49,022 | |||
Realized gain on sale of real estate, net | $ 13,071 | |||
Number of properties disposed | property | 1 | |||
Number of units sold | property | 0 | |||
Morgage debt assumed by buyer in real estate sale | $ 39,800 | |||
Realized gain on sale of real estate, net | $ 1,100 | |||
2014 Disposal Properties | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | 123,444 | |||
Real estate and related lease intangibles, net | 93,684 | |||
Realized gain on sale of real estate, net | 29,760 | |||
2014 Disposal Properties | Net Lease | Tilton, NH | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | 8,432 | |||
Real estate and related lease intangibles, net | 6,743 | |||
Realized gain on sale of real estate, net | $ 1,689 | |||
Number of properties disposed | property | 1 | |||
Number of units sold | property | 0 | |||
Number of units remaining | property | 0 | |||
2014 Disposal Properties | Net Lease | Yulee, FL | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | $ 1,436 | |||
Real estate and related lease intangibles, net | 1,246 | |||
Realized gain on sale of real estate, net | $ 190 | |||
Number of properties disposed | property | 1 | |||
Number of units sold | property | 0 | |||
Number of units remaining | property | 0 | |||
2014 Disposal Properties | Net Lease | Middleburg, FL | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | $ 1,262 | |||
Real estate and related lease intangibles, net | 1,077 | |||
Realized gain on sale of real estate, net | $ 185 | |||
Number of properties disposed | property | 1 | |||
Number of units sold | property | 0 | |||
Number of units remaining | property | 0 | |||
2014 Disposal Properties | Net Lease | Jonesboro, AR | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | $ 9,413 | |||
Real estate and related lease intangibles, net | 8,016 | |||
Realized gain on sale of real estate, net | $ 1,397 | |||
Number of properties disposed | property | 1 | |||
Number of units sold | property | 0 | |||
Number of units remaining | property | 0 | |||
2014 Disposal Properties | Net Lease | Mt. Juliet, TN | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | $ 10,168 | |||
Real estate and related lease intangibles, net | 8,724 | |||
Realized gain on sale of real estate, net | $ 1,444 | |||
Number of properties disposed | property | 1 | |||
Number of units sold | property | 0 | |||
Number of units remaining | property | 0 | |||
2014 Disposal Properties | Condominium | Las Vegas, NV | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | $ 52,976 | |||
Real estate and related lease intangibles, net | 33,925 | |||
Realized gain on sale of real estate, net | $ 19,051 | |||
Number of properties disposed | property | 0 | |||
Number of units sold | property | 113 | |||
Number of units remaining | property | 220 | |||
2014 Disposal Properties | Condominium | Miami, FL | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | $ 23,003 | |||
Real estate and related lease intangibles, net | 18,310 | |||
Realized gain on sale of real estate, net | $ 4,693 | |||
Number of properties disposed | property | 0 | |||
Number of units sold | property | 72 | |||
Number of units remaining | property | 252 | |||
2014 Disposal Properties | Other | Richmond, VA | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of real estate | $ 16,754 | |||
Real estate and related lease intangibles, net | 15,643 | |||
Realized gain on sale of real estate, net | $ 1,111 | |||
Number of properties disposed | property | 1 | |||
Number of units sold | property | 0 | |||
Number of units remaining | property | 0 | |||
[1] | Includes cash proceeds received in the current year that relate to prior year sales of real estate of $6.5 million . |
REAL ESTATE AND RELATED LEASE64
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Unaudited Pro Forma (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Operating lease income | $ 77,277 | $ 80,465 | $ 56,649 | ||||||||
Net income | $ 71,621 | $ 49,598 | $ 3,945 | $ (11,444) | $ 56,676 | $ 2,798 | $ 68,697 | $ 17,963 | 113,720 | 146,134 | 97,626 |
Net loss attributable to noncontrolling interest in consolidated joint ventures | 138 | (1,568) | 370 | ||||||||
Pre-IPO net loss attributable to predecessor unitholders | 0 | 0 | 12,628 | ||||||||
Net (income) loss attributable to noncontrolling interest in operating partnership | (29,467) | (22,429) | (908) | 5,673 | (27,407) | 430 | (35,171) | (8,597) | (47,131) | (70,745) | (66,437) |
Net income attributable to Class A common shareholders | $ 41,856 | $ 27,608 | $ 2,802 | $ (5,539) | $ 27,123 | $ 3,313 | $ 34,210 | $ 9,175 | 66,727 | 73,821 | 44,187 |
2016 Acquisitions | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Revenue recorded from acquisitions | 2,800 | ||||||||||
Earnings (losses) recorded from acquisitions | (300) | ||||||||||
2015 Acquisitions | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Revenue recorded from acquisitions | 14,000 | ||||||||||
Earnings (losses) recorded from acquisitions | 3,200 | ||||||||||
2014 Acquisitions | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Revenue recorded from acquisitions | 7,300 | ||||||||||
Earnings (losses) recorded from acquisitions | (1,600) | ||||||||||
Acquisitions | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Operating lease income | 2,473 | 10,966 | 34,446 | ||||||||
Net income | 2,080 | 7,363 | 10,518 | ||||||||
Net loss attributable to noncontrolling interest in consolidated joint ventures | 0 | 0 | 257 | ||||||||
Pre-IPO net loss attributable to predecessor unitholders | 0 | ||||||||||
Net (income) loss attributable to noncontrolling interest in operating partnership | (865) | (3,334) | (4,922) | ||||||||
Net income attributable to Class A common shareholders | 1,215 | 4,029 | 5,852 | ||||||||
Consolidated Pro Forma | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Operating lease income | 79,750 | 91,431 | 91,095 | ||||||||
Net income | 115,800 | 153,497 | 108,144 | ||||||||
Net loss attributable to noncontrolling interest in consolidated joint ventures | 138 | (1,568) | 627 | ||||||||
Pre-IPO net loss attributable to predecessor unitholders | 12,628 | ||||||||||
Net (income) loss attributable to noncontrolling interest in operating partnership | (47,996) | (74,079) | (71,359) | ||||||||
Net income attributable to Class A common shareholders | $ 67,942 | $ 77,850 | $ 50,039 |
INVESTMENT IN UNCONSOLIDATED 65
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Apr. 30, 2012 | Mar. 31, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2016USD ($)Joint_Venture | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Aug. 07, 2015USD ($) | Mar. 22, 2013 | Apr. 15, 2011 | |
Schedule of Equity Method Investments [Line Items] | |||||||||
Investments in unconsolidated joint ventures | $ 34,025,000 | $ 33,797,000 | |||||||
Number of unconsolidated joint ventures | Joint_Venture | 1 | ||||||||
Additional return on equity from Company's investments | $ 1,017,000 | 294,000 | $ 1,957,000 | ||||||
Management fees | 21,365,000 | 15,205,000 | 11,704,000 | ||||||
Expenses from investment | 15,861,000 | 15,849,000 | 16,864,000 | ||||||
Out-of-Period Adjustment | Noncontrolling Interest in Consolidated Joint Ventures | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Additional return on equity from Company's investments | $ 900,000 | ||||||||
Ladder Capital Realty Income Partnership I LP | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investments in unconsolidated joint ventures | 0 | 49,000 | |||||||
Minimum average net equity partnership investment as a basis for management fee reduction | 100,000,000 | ||||||||
Management fees | $ 0 | 6,905 | 77,447 | $ 400,000 | |||||
Ladder Capital Realty Income Partnership I LP | 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 | $ 3,719,000 | 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 Holdings LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investments in unconsolidated joint ventures | $ 30,306,000 | 30,857,000 | |||||||
Ownership interest (as a percent) | 73.80% | ||||||||
Amount contributed | $ 31,100,000 | ||||||||
Profit multiplier ratio | 1.70 | ||||||||
Ownership percentage after achievement of profit multiplier ratio | 50.00% | ||||||||
Expenses from investment | 1,400,000 | 600,000 | |||||||
Interest costs capitalized | 900,000 | 300,000 | |||||||
24 Second Avenue Holdings LLC | 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% | ||||||||
24 Second Avenue Holdings LLC | Co-venturer | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Loans payable outstanding from unconsolidated joint venture | 21,600,000 | $ 13,100,000 | |||||||
24 Second Avenue Holdings LLC | Co-venturer | Construction Loan | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Committed amount on credit agreement | 50,500,000 | ||||||||
Outstanding amount under credit agreement | 21,600,000 | ||||||||
Remaining borrowing capacity under credit agreement | $ 0 |
INVESTMENT IN UNCONSOLIDATED 66
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Investments in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated joint ventures | $ 34,025 | $ 33,797 |
Ladder Capital Realty Income Partnership I LP | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated joint ventures | 0 | 49 |
Grace Lake JV, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated joint ventures | 3,719 | 2,891 |
24 Second Avenue Holdings LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated joint ventures | $ 30,306 | $ 30,857 |
INVESTMENT IN UNCONSOLIDATED 67
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Summary of Allocated Earning from Investment in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Earnings (loss) from investment in unconsolidated joint ventures | $ 426 | $ 371 | $ 1,990 |
Ladder Capital Realty Income Partnership I LP | |||
Schedule of Equity Method Investments [Line Items] | |||
Earnings (loss) from investment in unconsolidated joint ventures | 892 | 116 | 1,090 |
Grace Lake JV, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Earnings (loss) from investment in unconsolidated joint ventures | 953 | 823 | 900 |
24 Second Avenue Holdings LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Earnings (loss) from investment in unconsolidated joint ventures | $ (1,419) | $ (568) | $ 0 |
INVESTMENT IN UNCONSOLIDATED 68
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Results from Operations of the Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financial Position | |||
Total assets | $ 138,298 | $ 131,214 | |
Total liabilities | 94,964 | 88,973 | |
Partners’/members’ capital | 43,334 | 42,241 | |
Results from Operations | |||
Total revenues | 17,047 | 18,886 | $ 26,059 |
Total expenses | 15,861 | 15,849 | 16,864 |
Net income | $ 1,186 | $ 3,037 | $ 9,195 |
DEBT OBLIGATIONS, NET - Schedul
DEBT OBLIGATIONS, NET - Schedule of Company's Debt Obligations (Details) | Aug. 03, 2016USD ($)Extension | Apr. 19, 2016Extension | Oct. 25, 2015USD ($)Extension | Dec. 31, 2016USD ($)Extension | Dec. 31, 2015USD ($)Extension | Jul. 01, 2016USD ($) | Jun. 28, 2016USD ($) | Aug. 14, 2015USD ($)Extension | Apr. 10, 2015USD ($) | Feb. 19, 2015Extension |
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Debt obligations outstanding | $ 1,107,185,000 | $ 1,260,755,000 | ||||||||
Debt obligations, net | 3,942,138,000 | 4,274,723,000 | ||||||||
Carrying Amount of Collateral | 0 | 0 | ||||||||
Unamortized debt issuance costs | (4,025,000) | |||||||||
Committed Loan Repurchase Facilities | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Committed amount on master repurchase agreement | 1,650,000,000 | 1,485,000,000 | ||||||||
Debt obligations outstanding | 567,163,000 | 704,149,000 | ||||||||
Committed but Unfunded | 1,082,837,000 | 780,851,000 | ||||||||
Carrying Amount of Collateral | 961,791,000 | 1,101,593,000 | ||||||||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 965,888,000 | $ 1,176,417,000 | ||||||||
Committed Loan Repurchase Facilities | 10/30/2018 | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Committed amount on master repurchase agreement | 600,000,000 | |||||||||
Debt obligations outstanding | 183,604,000 | |||||||||
Committed but Unfunded | 416,396,000 | |||||||||
Carrying Amount of Collateral | 292,628,000 | |||||||||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 293,618,000 | |||||||||
Number of extension maturity periods | Extension | 3 | |||||||||
Length of extension options | 12 months | 1 year | ||||||||
Committed Loan Repurchase Facilities | 10/30/2018 | Minimum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 2.45% | |||||||||
Committed Loan Repurchase Facilities | 10/30/2018 | Maximum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 3.27% | |||||||||
Committed Loan Repurchase Facilities | 5/24/2017 | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Committed amount on master repurchase agreement | $ 450,000,000 | |||||||||
Debt obligations outstanding | 184,158,000 | |||||||||
Committed but Unfunded | 265,842,000 | |||||||||
Carrying Amount of Collateral | 286,848,000 | |||||||||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 288,267,000 | |||||||||
Number of extension maturity periods | Extension | 2 | 3 | ||||||||
Length of extension options | 1 year | 12 months | ||||||||
Committed Loan Repurchase Facilities | 5/24/2017 | Minimum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 2.95% | |||||||||
Committed Loan Repurchase Facilities | 5/24/2017 | Maximum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 3.70% | |||||||||
Committed Loan Repurchase Facilities | 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 | 100,979,000 | |||||||||
Committed but Unfunded | 299,021,000 | |||||||||
Carrying Amount of Collateral | 235,878,000 | |||||||||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 236,696,000 | |||||||||
Number of extension maturity periods | Extension | 2 | |||||||||
Length of extension options | 364 days | |||||||||
Committed Loan Repurchase Facilities | 4/9/2017 | Minimum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 2.95% | |||||||||
Committed Loan Repurchase Facilities | 4/9/2017 | Maximum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 3.99% | |||||||||
Committed Loan Repurchase Facilities | 6/28/2019 | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Committed amount on master repurchase agreement | $ 100,000,000 | $ 100,000,000 | ||||||||
Debt obligations outstanding | 27,132,000 | |||||||||
Committed but Unfunded | 72,868,000 | |||||||||
Carrying Amount of Collateral | 36,166,000 | |||||||||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 36,410,000 | |||||||||
Committed Loan Repurchase Facilities | 6/28/2019 | Minimum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 2.90% | |||||||||
Committed Loan Repurchase Facilities | 6/28/2019 | Maximum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 3.13% | |||||||||
Committed Loan Repurchase Facilities | 8/2/2019 | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Committed amount on master repurchase agreement | $ 100,000,000 | $ 100,000,000 | ||||||||
Debt obligations outstanding | 71,290,000 | |||||||||
Committed but Unfunded | 28,710,000 | |||||||||
Carrying Amount of Collateral | 110,271,000 | |||||||||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 110,897,000 | |||||||||
Number of extension maturity periods | Extension | 1 | 1 | ||||||||
Length of extension options | 12 months | 12 months | ||||||||
Number of additional extension maturity periods | Extension | 2 | 2 | ||||||||
Length of additional extension maturity periods | 6 months | 6 months | ||||||||
Committed Loan Repurchase Facilities | 8/2/2019 | Minimum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 2.93% | |||||||||
Committed Loan Repurchase Facilities | 8/2/2019 | Maximum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 3.68% | |||||||||
Committed Loan Repurchase Facilities | 10/30/2016 | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Committed amount on master repurchase agreement | $ 600,000,000 | $ 600,000,000 | ||||||||
Debt obligations outstanding | 229,533,000 | |||||||||
Committed but Unfunded | 370,467,000 | |||||||||
Carrying Amount of Collateral | 364,978,000 | |||||||||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 366,676,000 | |||||||||
Number of extension maturity periods | Extension | 2 | 1 | ||||||||
Length of extension options | 12 months | |||||||||
Committed Loan Repurchase Facilities | 10/30/2016 | Minimum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 2.08% | |||||||||
Committed Loan Repurchase Facilities | 10/30/2016 | Maximum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 2.93% | |||||||||
Committed Loan Repurchase Facilities | 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 | |||||||||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 342,307,000 | |||||||||
Number of extension maturity periods | Extension | 2 | |||||||||
Length of extension options | 364 days | |||||||||
Committed Loan Repurchase Facilities | 4/10/2016 | Minimum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 2.44% | |||||||||
Committed Loan Repurchase Facilities | 4/10/2016 | Maximum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 4.33% | |||||||||
Committed Loan Repurchase Facilities | 4/10/2016 | Consolidated Subsidiaries | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Debt obligations outstanding | $ 36,500,000 | |||||||||
Committed Loan Repurchase Facilities | 5/24/2016 | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Committed amount on master repurchase agreement | 450,000,000 | |||||||||
Debt obligations outstanding | 269,779,000 | |||||||||
Committed but Unfunded | 180,221,000 | |||||||||
Carrying Amount of Collateral | 436,901,000 | |||||||||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 466,640,000 | |||||||||
Number of extension maturity periods | Extension | 2 | |||||||||
Length of extension options | 12 months | |||||||||
Committed Loan Repurchase Facilities | 5/24/2016 | Minimum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 2.58% | |||||||||
Committed Loan Repurchase Facilities | 5/24/2016 | Maximum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 4.33% | |||||||||
Committed Loan Repurchase Facilities | 5/24/2016 | Consolidated Subsidiaries | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Debt obligations outstanding | $ 28,200,000 | |||||||||
Committed Loan Repurchase Facilities | 10/24/2016 | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Committed amount on master repurchase agreement | $ 35,000,000 | 35,000,000 | ||||||||
Debt obligations outstanding | 575,000 | |||||||||
Committed but Unfunded | $ 34,425,000 | |||||||||
Interest Rate(s) (as a percent) | 3.02% | |||||||||
Carrying Amount of Collateral | $ 0 | |||||||||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 794,000 | |||||||||
Number of extension maturity periods | Extension | 2 | 2 | ||||||||
Length of extension options | 6 months | 6 months | ||||||||
Committed Loan Repurchase Facilities | 10/24/2016 | Consolidated Subsidiaries | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Debt obligations outstanding | $ 800,000 | |||||||||
Committed Securities Repurchase Facility | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Committed amount on master repurchase agreement | $ 400,000,000 | |||||||||
Number of extension maturity periods | Extension | 1 | |||||||||
Committed Securities Repurchase Facility | 10/31/2016 | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Committed amount on master repurchase agreement | 300,000,000 | |||||||||
Debt obligations outstanding | 161,887,000 | |||||||||
Committed but Unfunded | 138,113,000 | |||||||||
Carrying Amount of Collateral | 193,530,000 | |||||||||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 193,530,000 | |||||||||
Committed Securities Repurchase Facility | 10/31/2016 | Minimum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 0.88% | |||||||||
Committed Securities Repurchase Facility | 10/31/2016 | Maximum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 1.34% | |||||||||
Committed Securities Repurchase Facility | 7/1/2018 | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Committed amount on master repurchase agreement | 400,000,000 | $ 400,000,000 | ||||||||
Debt obligations outstanding | 228,317,000 | |||||||||
Committed but Unfunded | 171,683,000 | |||||||||
Carrying Amount of Collateral | 272,402,000 | |||||||||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 272,402,000 | |||||||||
Committed Securities Repurchase Facility | 7/1/2018 | Minimum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 1.00% | |||||||||
Committed Securities Repurchase Facility | 7/1/2018 | Maximum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 2.59% | |||||||||
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 | |||||||||
Securities Sold under Agreements to Repurchase, 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 | Various Dates | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Debt obligations outstanding | $ 311,705,000 | |||||||||
Carrying Amount of Collateral | 368,638,000 | |||||||||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 368,638,000 | |||||||||
Uncommitted Securities Repurchase Facilities | Various Dates | Minimum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 1.00% | |||||||||
Uncommitted Securities Repurchase Facilities | Various Dates | Maximum | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Interest Rate(s) (as a percent) | 2.41% | |||||||||
Total Repurchase Facilities | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Committed amount on master repurchase agreement | $ 2,050,000,000 | $ 1,785,000,000 | ||||||||
Debt obligations outstanding | 1,107,185,000 | 1,260,755,000 | ||||||||
Committed but Unfunded | 1,254,520,000 | 918,964,000 | ||||||||
Carrying Amount of Collateral | 1,602,831,000 | 1,753,738,000 | ||||||||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 1,606,928,000 | 1,828,562,000 | ||||||||
Borrowing 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 | |||||||||
Securities Sold under Agreements to Repurchase, 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 | 25,000,000 | 0 | ||||||||
Committed but Unfunded | $ 118,000,000 | $ 75,000,000 | ||||||||
Interest Rate(s) (as a percent) | 3.16% | |||||||||
Number of extension maturity periods | Extension | 2 | |||||||||
Length of extension options | 12 months | |||||||||
Mortgage Loan Financing | 2/11/2017 | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
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 | $ 590,106,000 | $ 544,663,000 | ||||||||
Debt obligations outstanding | 590,106,000 | 544,663,000 | ||||||||
Committed but Unfunded | 0 | 0 | ||||||||
Carrying Amount of Collateral | 757,468,000 | 711,090,000 | ||||||||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 875,160,000 | $ 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 | $ 1,998,931,000 | $ 2,237,113,000 | ||||||||
Debt obligations outstanding | 1,660,000,000 | 1,856,700,000 | ||||||||
Committed but Unfunded | 338,931,000 | 380,413,000 | ||||||||
Carrying Amount of Collateral | 2,162,779,000 | 2,317,534,000 | ||||||||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 2,167,017,000 | $ 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) | 0.43% | 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 | $ 619,555,000 | ||||||||
Senior unsecured notes | 559,847,000 | 612,605,000 | ||||||||
Committed but Unfunded | 0 | 0 | ||||||||
Unamortized debt issuance costs | $ (4,000,000) | $ (6,900,000) | ||||||||
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% | ||||||||
Total Debt Obligations | ||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||
Debt issued | $ 5,345,909,000 | $ 5,311,331,000 | ||||||||
Debt obligations, net | 3,942,138,000 | 4,274,723,000 | ||||||||
Committed but Unfunded | 1,711,451,000 | 1,424,377,000 | ||||||||
Carrying Amount of Collateral | 4,523,078,000 | 4,782,362,000 | ||||||||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 4,649,105,000 | $ 4,940,696,000 |
DEBT OBLIGATIONS, NET - Additio
DEBT OBLIGATIONS, NET - Additional Information (Details) | Aug. 03, 2016USD ($)Extension | Apr. 19, 2016Extension | Mar. 21, 2016USD ($) | Oct. 25, 2015USD ($)Extension | Oct. 31, 2014 | Feb. 11, 2014USD ($)Extension | Jan. 24, 2013USD ($)Financing_Counterparty | Dec. 31, 2016USD ($)counterpartyagreementExtension | Dec. 31, 2015USD ($)agreementExtension | Dec. 31, 2014USD ($)agreement | Feb. 24, 2017USD ($) | Jul. 01, 2016USD ($) | Jun. 28, 2016USD ($) | Feb. 19, 2016 | Aug. 14, 2015USD ($)Extension | Apr. 10, 2015USD ($)Extension | Feb. 19, 2015Extension | Sep. 19, 2012USD ($) |
Committed Loan and Securities Repurchase Facilities | ||||||||||||||||||
Debt obligations outstanding | $ 1,107,185,000 | $ 1,260,755,000 | ||||||||||||||||
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | ||||||||||||||||||
Contractual payments under current maturities subject to extensions | 1,759,701,000 | |||||||||||||||||
Restricted equity from payment as dividend | 899,400,000 | |||||||||||||||||
Mortgage Loans on Real Estate [Abstract] | ||||||||||||||||||
Amortization of premiums | $ (894,000) | (902,000) | $ (629,000) | |||||||||||||||
Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | ||||||||||||||||||
Percent of FHLB advances to total debt obligations outstanding | 42.10% | |||||||||||||||||
Tuebor | ||||||||||||||||||
Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | ||||||||||||||||||
Amount restricted from transfer | $ 349,900,000 | |||||||||||||||||
Revolving credit facility | One-Month LIBOR | ||||||||||||||||||
Committed Loan and Securities Repurchase Facilities | ||||||||||||||||||
Number of extension maturity periods | Extension | 2 | |||||||||||||||||
Length of extension options | 12 months | |||||||||||||||||
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | ||||||||||||||||||
Basis spread on variable rate (as a percent) | 3.50% | |||||||||||||||||
Committed amount on credit agreement | $ 143,000,000 | |||||||||||||||||
Debt borrowings term | 3 years | |||||||||||||||||
Letters of credit | ||||||||||||||||||
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | ||||||||||||||||||
Committed amount on credit agreement | $ 25,000,000 | |||||||||||||||||
Term master repurchase agreement | ||||||||||||||||||
Committed Loan and Securities Repurchase Facilities | ||||||||||||||||||
Committed amount on master repurchase agreement | $ 400,000,000 | |||||||||||||||||
Number of extension maturity periods | Extension | 1 | |||||||||||||||||
Committed Loan repurchase facility | ||||||||||||||||||
Committed Loan and Securities Repurchase Facilities | ||||||||||||||||||
Number of agreements | agreement | 5 | |||||||||||||||||
Committed amount on master repurchase agreement | $ 1,650,000,000 | 1,485,000,000 | ||||||||||||||||
Debt obligations outstanding | 567,163,000 | 704,149,000 | ||||||||||||||||
Total Repurchase Facilities | ||||||||||||||||||
Committed Loan and Securities Repurchase Facilities | ||||||||||||||||||
Committed amount on master repurchase agreement | 2,050,000,000 | 1,785,000,000 | ||||||||||||||||
Debt obligations outstanding | $ 1,107,185,000 | $ 1,260,755,000 | ||||||||||||||||
Total Repurchase Facilities | Deutshe Bank, J.P. Morgan and Wells Fargo | ||||||||||||||||||
Committed Loan and Securities Repurchase Facilities | ||||||||||||||||||
Repurchase agreements, number of counterparties | counterparty | 9 | |||||||||||||||||
Excess collateral over amounts borrowed under repurchase agreements | $ 75,500,000 | |||||||||||||||||
Ratio indebtedness over total equity (as a percent) | 5.00% | |||||||||||||||||
Haircut on repurchase agreements (as a percent) | 31.10% | |||||||||||||||||
Uncommitted securities Repurchase Facilities | Minimum | ||||||||||||||||||
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | ||||||||||||||||||
Advance rates (as a percent) | 70.00% | |||||||||||||||||
Uncommitted securities Repurchase Facilities | Maximum | ||||||||||||||||||
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | ||||||||||||||||||
Advance rates (as a percent) | 95.00% | |||||||||||||||||
Committed Loan Repurchase and Revolving Credit Facilities | ||||||||||||||||||
Committed Loan and Securities Repurchase Facilities | ||||||||||||||||||
Number of extension maturity periods | Extension | 1 | |||||||||||||||||
Length of additional extension maturity periods | 1 year | |||||||||||||||||
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | ||||||||||||||||||
Contractual payments under current maturities subject to extensions | $ 1,500,000,000 | |||||||||||||||||
10/30/2018 | Committed Loan repurchase facility | ||||||||||||||||||
Committed Loan and Securities Repurchase Facilities | ||||||||||||||||||
Committed amount on master repurchase agreement | $ 600,000,000 | |||||||||||||||||
Number of extension maturity periods | Extension | 3 | |||||||||||||||||
Length of extension options | 12 months | 1 year | ||||||||||||||||
Debt obligations outstanding | $ 183,604,000 | |||||||||||||||||
5/24/2017 | Committed Loan repurchase facility | ||||||||||||||||||
Committed Loan and Securities Repurchase Facilities | ||||||||||||||||||
Committed amount on master repurchase agreement | $ 450,000,000 | |||||||||||||||||
Number of extension maturity periods | Extension | 2 | 3 | ||||||||||||||||
Length of extension options | 1 year | 12 months | ||||||||||||||||
Debt obligations outstanding | $ 184,158,000 | |||||||||||||||||
4/9/2017 | Committed Loan repurchase facility | ||||||||||||||||||
Committed Loan and Securities Repurchase Facilities | ||||||||||||||||||
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 | $ 100,979,000 | |||||||||||||||||
6/28/2019 | Committed Loan repurchase facility | ||||||||||||||||||
Committed Loan and Securities Repurchase Facilities | ||||||||||||||||||
Committed amount on master repurchase agreement | 100,000,000 | $ 100,000,000 | ||||||||||||||||
Debt obligations outstanding | 27,132,000 | |||||||||||||||||
8/2/2019 | Committed Loan repurchase facility | ||||||||||||||||||
Committed Loan and Securities Repurchase Facilities | ||||||||||||||||||
Committed amount on master repurchase agreement | $ 100,000,000 | $ 100,000,000 | ||||||||||||||||
Number of extension maturity periods | Extension | 1 | 1 | ||||||||||||||||
Length of extension options | 12 months | 12 months | ||||||||||||||||
Debt obligations outstanding | $ 71,290,000 | |||||||||||||||||
Number of additional extension maturity periods | Extension | 2 | 2 | ||||||||||||||||
Length of additional extension maturity periods | 6 months | 6 months | ||||||||||||||||
7/1/2018 | Term master repurchase agreement | ||||||||||||||||||
Committed Loan and Securities Repurchase Facilities | ||||||||||||||||||
Committed amount on master repurchase agreement | $ 400,000,000 | $ 400,000,000 | ||||||||||||||||
Debt obligations outstanding | 228,317,000 | |||||||||||||||||
5/24/2016 | Committed Loan repurchase facility | ||||||||||||||||||
Committed Loan and Securities Repurchase Facilities | ||||||||||||||||||
Committed amount on master repurchase agreement | $ 450,000,000 | |||||||||||||||||
Number of extension maturity periods | Extension | 2 | |||||||||||||||||
Length of extension options | 12 months | |||||||||||||||||
Debt obligations outstanding | $ 269,779,000 | |||||||||||||||||
4/10/2019 | Term master repurchase agreement | ||||||||||||||||||
Committed Loan and Securities Repurchase Facilities | ||||||||||||||||||
Number of extension maturity periods | Extension | 1 | |||||||||||||||||
10/30/2016 | Committed Loan repurchase facility | ||||||||||||||||||
Committed Loan and Securities Repurchase Facilities | ||||||||||||||||||
Committed amount on master repurchase agreement | $ 600,000,000 | $ 600,000,000 | ||||||||||||||||
Number of extension maturity periods | Extension | 2 | 1 | ||||||||||||||||
Length of extension options | 12 months | |||||||||||||||||
Debt obligations outstanding | $ 229,533,000 | |||||||||||||||||
10/24/2016 | Committed Loan repurchase facility | ||||||||||||||||||
Committed Loan and Securities Repurchase Facilities | ||||||||||||||||||
Committed amount on master repurchase agreement | $ 35,000,000 | $ 35,000,000 | ||||||||||||||||
Number of extension maturity periods | Extension | 2 | 2 | ||||||||||||||||
Length of extension options | 6 months | 6 months | ||||||||||||||||
Debt obligations outstanding | $ 575,000 | |||||||||||||||||
Committed amount or master repurchase facility terminated | $ 35,000,000 | |||||||||||||||||
1/2016 | Uncommitted securities Repurchase Facilities | ||||||||||||||||||
Committed Loan and Securities Repurchase Facilities | ||||||||||||||||||
Debt obligations outstanding | 394,719,000 | |||||||||||||||||
Credit and Security Agreement | One-Month LIBOR | ||||||||||||||||||
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | ||||||||||||||||||
Basis spread on variable rate (as a percent) | 1.85% | |||||||||||||||||
Credit Agreement and Revolving Credit Facility | ||||||||||||||||||
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | ||||||||||||||||||
Unamortized debt issuance costs | $ 4,900,000 | $ 3,400,000 | $ 4,000,000 | |||||||||||||||
Credit Agreement | ||||||||||||||||||
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | ||||||||||||||||||
Committed amount on credit agreement | $ 50,000,000 | |||||||||||||||||
Number of multiple committed financing counterparties | Financing_Counterparty | 1 | |||||||||||||||||
Mortgage loan financing | ||||||||||||||||||
Committed Loan and Securities Repurchase Facilities | ||||||||||||||||||
Number of agreements | agreement | 18 | 36 | 5 | |||||||||||||||
Mortgage Loans on Real Estate [Abstract] | ||||||||||||||||||
Mortgage loan financing | $ 590,100,000 | $ 544,700,000 | $ 447,400,000 | |||||||||||||||
Net unamortized premiums | 5,600,000 | 6,100,000 | 5,300,000 | |||||||||||||||
Amortization of premiums | 900,000 | 900,000 | $ 600,000 | |||||||||||||||
Pledged assets, real estate and lease intangibles, net | $ 757,500,000 | $ 711,100,000 | ||||||||||||||||
Mortgage loan financing | Minimum | ||||||||||||||||||
Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | ||||||||||||||||||
Stated interest rate on debt instrument (as a percent) | 4.25% | |||||||||||||||||
Mortgage loan financing | Maximum | ||||||||||||||||||
Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | ||||||||||||||||||
Stated interest rate on debt instrument (as a percent) | 6.75% | |||||||||||||||||
Borrowings from the Federal Home Loan Bank | Tuebor | ||||||||||||||||||
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | ||||||||||||||||||
Debt borrowings term | 7 years | 8 years | ||||||||||||||||
Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | ||||||||||||||||||
Maximum advance limit | $ 2,900,000,000 | |||||||||||||||||
FHLB borrowings outstanding | $ 1,700,000,000 | $ 1,900,000,000 | ||||||||||||||||
Additional committed term financing available from FHLB | $ 338,900,000 | $ 380,400,000 | ||||||||||||||||
Weighted average term | 2 years 4 months 24 days | 1 year 4 months 24 days | ||||||||||||||||
Weighted average interest rate | 1.12% | 0.84% | ||||||||||||||||
Maximum percent of FHLB advances to total assets | 40.00% | |||||||||||||||||
Borrowings from the Federal Home Loan Bank | Tuebor | Ladder Capital Corp | ||||||||||||||||||
Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | ||||||||||||||||||
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 | ||||||||||||||||||
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | ||||||||||||||||||
Advance rates (as a percent) | 49.60% | 58.70% | ||||||||||||||||
Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | ||||||||||||||||||
Stated interest rate on debt instrument (as a percent) | 0.43% | 0.28% | ||||||||||||||||
Borrowings from the Federal Home Loan Bank | Tuebor | Maximum | ||||||||||||||||||
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | ||||||||||||||||||
Advance rates (as a percent) | 95.20% | 95.20% | ||||||||||||||||
Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | ||||||||||||||||||
Stated interest rate on debt instrument (as a percent) | 2.74% | 2.74% | ||||||||||||||||
Borrowings from the Federal Home Loan Bank | Tuebor | CMBS and U.S. Agency Securities | ||||||||||||||||||
Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | ||||||||||||||||||
Collateral for debt instrument | $ 1,400,000,000 | $ 1,700,000,000 | ||||||||||||||||
Borrowings from the Federal Home Loan Bank | Tuebor | First mortgage commercial real estate loans | ||||||||||||||||||
Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | ||||||||||||||||||
Collateral for debt instrument | 724,000,000 | $ 568,200,000 | ||||||||||||||||
Senior Unsecured Notes | Senior Notes Due, 2017 | ||||||||||||||||||
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | ||||||||||||||||||
Debt instrument, aggregate amount | $ 297,700,000 | $ 325,000,000 | ||||||||||||||||
Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | ||||||||||||||||||
Stated interest rate on debt instrument (as a percent) | 7.375% | |||||||||||||||||
Senior Unsecured Notes | Senior Notes Due, 2017 | Scenario, Forecast | ||||||||||||||||||
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | ||||||||||||||||||
Debt instrument, aggregate amount | $ 291,500,000 |
DEBT OBLIGATIONS, NET - Senior
DEBT OBLIGATIONS, NET - Senior Unsecured Notes (Details) - USD ($) | Dec. 17, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 24, 2016 | Nov. 05, 2014 | Aug. 01, 2014 | Sep. 19, 2012 |
Debt Instrument [Line Items] | ||||||||
Gain (loss) on extinguishment of debt | $ 5,382,000 | $ 0 | $ (150,000) | |||||
Unamortized debt issuance costs | $ (4,025,000) | |||||||
LCFH | LCFH | ||||||||
Debt Instrument [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 65.30% | |||||||
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, minimum number of days to give notice for redemption without penalty | 30 days | |||||||
Debt instrument, maximum number of days to give notice for redemption without penalty | 60 days | |||||||
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, minimum number of days to give notice for redemption without penalty | 30 days | |||||||
Debt instrument, maximum number of days to give notice for redemption without penalty | 60 days | |||||||
Debt instrument, authorized repurchase amount | $ 100,000,000 | |||||||
Senior Notes Due, 2017 | Senior Unsecured Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, repurchase price amount | $ 5,600,000 | $ 21,400,000 | ||||||
Debt instrument, repurchased face amount | 5,400,000 | 21,900,000 | ||||||
Gain (loss) on extinguishment of debt | $ (200,000) | 300,000 | ||||||
Unamortized debt issuance costs | (200,000) | |||||||
Senior Notes Due 2021 | Senior Unsecured Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, repurchase price amount | 28,200,000 | |||||||
Debt instrument, repurchased face amount | 33,800,000 | |||||||
Gain (loss) on extinguishment of debt | 5,100,000 | |||||||
Unamortized debt issuance costs | $ (400,000) | |||||||
LCFH | LCFC | ||||||||
Debt Instrument [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||||||
Senior Unsecured Notes | Various Dates | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, aggregate amount | $ 563,872,000 | 619,555,000 | ||||||
Unamortized debt issuance costs | $ (4,000,000) | $ (6,900,000) |
DEBT OBLIGATIONS, NET - Sched72
DEBT OBLIGATIONS, NET - Schedule of Repayments Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
2,017 | $ 1,759,701 | |
2,018 | 734,469 | |
2,019 | 79,770 | |
2,020 | 113,802 | |
2,021 | 337,441 | |
Thereafter | 915,409 | |
Subtotal | 3,940,592 | |
Debt issuance costs included in senior unsecured notes | (4,025) | |
Premiums included in mortgage loan financing | 5,571 | |
Debt Obligations | $ 3,942,138 | $ 4,274,723 |
FAIR VALUE OF FINANCIAL INSTR73
FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Assets: | ||
Fair Value | $ 2,452,785 | $ 2,416,966 |
Liabilities: | ||
Fair Value | 3,940,704 | 4,271,537 |
Repurchase agreements - short term | ||
Liabilities: | ||
Outstanding Face Amount | 629,430 | 1,224,942 |
Fair Value | 629,430 | 1,224,942 |
Repurchase agreements - long term | ||
Liabilities: | ||
Outstanding Face Amount | 477,756 | 35,813 |
Fair Value | 477,756 | 35,813 |
Revolving credit facility | ||
Liabilities: | ||
Outstanding Face Amount | 25,000 | |
Fair Value | $ 25,000 | |
Fair Value Assumptions: | ||
Period of short interest rate reset risk | 30 days | |
Revolving credit facility | Discounted Cash Flow | ||
Liabilities: | ||
Outstanding Face Amount | $ 25,000 | |
Amortized Cost Basis | 25,000 | |
Fair Value | $ 25,000 | |
Fair Value Assumptions: | ||
Weighted average yield % | 3.16% | |
Weighted Average Remaining Maturity/Duration | 3 days | |
Mortgage loan financing | ||
Liabilities: | ||
Outstanding Face Amount | $ 589,152 | 540,764 |
Fair Value | 595,778 | 557,841 |
Borrowings from the FHLB | ||
Liabilities: | ||
Outstanding Face Amount | 1,660,000 | 1,856,700 |
Fair Value | 1,662,178 | 1,861,584 |
Senior unsecured notes | ||
Liabilities: | ||
Outstanding Face Amount | 563,872 | 619,555 |
Fair Value | 550,562 | 591,357 |
Mortgage loan receivables held for investment, at amortized cost | ||
Assets: | ||
Outstanding Face Amount | 2,011,309 | 1,749,556 |
Fair Value | $ 2,014,973 | 1,756,774 |
Fair Value Assumptions: | ||
Period of short interest rate reset risk | 30 days | |
Mortgage loan receivables held for sale | ||
Assets: | ||
Outstanding Face Amount | $ 360,518 | 571,638 |
Fair Value | 359,897 | 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 | |
Recurring | ||
Assets: | ||
Fair Value | 2,105,965 | $ 2,410,038 |
Recurring | Repurchase agreements - short term | Discounted Cash Flow | ||
Liabilities: | ||
Outstanding Face Amount | 629,430 | 1,224,942 |
Amortized Cost Basis | 629,430 | 1,224,942 |
Fair Value | $ 629,430 | $ 1,224,942 |
Fair Value Assumptions: | ||
Weighted average yield % | 2.10% | 1.67% |
Weighted Average Remaining Maturity/Duration | 5 days | 13 days |
Recurring | Repurchase agreements - long term | Discounted Cash Flow | ||
Liabilities: | ||
Outstanding Face Amount | $ 477,756 | $ 35,813 |
Amortized Cost Basis | 477,756 | 35,813 |
Fair Value | $ 477,756 | $ 35,813 |
Fair Value Assumptions: | ||
Weighted average yield % | 2.00% | 1.87% |
Weighted Average Remaining Maturity/Duration | 1 year 8 months 12 days | 1 year 4 months 24 days |
Recurring | Mortgage loan financing | Discounted Cash Flow | ||
Liabilities: | ||
Outstanding Face Amount | $ 589,152 | $ 540,764 |
Amortized Cost Basis | 590,106 | 544,663 |
Fair Value | $ 595,778 | $ 557,841 |
Fair Value Assumptions: | ||
Weighted average yield % | 4.85% | 4.86% |
Weighted Average Remaining Maturity/Duration | 7 years 1 month 24 days | 7 years 11 months 4 days |
Recurring | Borrowings from the FHLB | Discounted Cash Flow | ||
Liabilities: | ||
Outstanding Face Amount | $ 1,660,000 | $ 1,856,700 |
Amortized Cost Basis | 1,660,000 | 1,856,700 |
Fair Value | $ 1,662,178 | $ 1,861,584 |
Fair Value Assumptions: | ||
Weighted average yield % | 1.12% | 0.84% |
Weighted Average Remaining Maturity/Duration | 2 years 5 months 1 day | 1 year 5 months 1 day |
Recurring | Senior unsecured notes | Broker quotations, pricing services | ||
Liabilities: | ||
Outstanding Face Amount | $ 563,872 | $ 619,555 |
Amortized Cost Basis | 559,847 | 612,605 |
Fair Value | $ 550,562 | $ 591,357 |
Fair Value Assumptions: | ||
Weighted average yield % | 6.67% | 6.65% |
Weighted Average Remaining Maturity/Duration | 2 years 9 months 21 days | 3 years 7 months 9 days |
Recurring | Nonhedge derivatives | ||
Liabilities: | ||
Derivative liability face amount | $ 100,400 | $ 374,200 |
Fair Value | 3,446 | 5,504 |
Recurring | Nonhedge derivatives | Counterparty quotations | ||
Liabilities: | ||
Derivative liability face amount | 100,400 | 374,200 |
Fair Value | $ 3,446 | $ 5,504 |
Fair Value Assumptions: | ||
Weighted Average Remaining Maturity/Duration | 3 years 2 months 15 days | 3 years 5 months 1 day |
Recurring | CMBS | ||
Assets: | ||
Outstanding Face Amount | $ 1,676,680 | $ 1,972,492 |
Fair Value | 1,701,395 | 1,991,506 |
Recurring | CMBS | Internal model, third-party inputs | ||
Assets: | ||
Outstanding Face Amount | 1,676,680 | 1,972,492 |
Amortized Cost Basis | 1,698,276 | 1,994,928 |
Fair Value | $ 1,701,395 | $ 1,991,506 |
Fair Value Assumptions: | ||
Weighted average yield % | 2.81% | 2.59% |
Weighted Average Remaining Maturity/Duration | 3 years 6 months 18 days | 3 years 1 month 24 days |
Recurring | CMBS interest-only | ||
Assets: | ||
Outstanding Face Amount | $ 8,160,458 | $ 7,436,379 |
Fair Value | 342,171 | 344,423 |
Recurring | CMBS interest-only | Internal model, third-party inputs | ||
Assets: | ||
Outstanding Face Amount | 8,160,458 | 7,436,379 |
Amortized Cost Basis | 343,534 | 348,222 |
Fair Value | $ 342,171 | $ 344,423 |
Fair Value Assumptions: | ||
Weighted average yield % | 3.45% | 3.81% |
Weighted Average Remaining Maturity/Duration | 2 years 11 months 26 days | 3 years 4 months 2 days |
Recurring | GNMA interest-only | ||
Assets: | ||
Outstanding Face Amount | $ 478,577 | $ 632,175 |
Fair Value | 16,821 | 26,194 |
Recurring | GNMA interest-only | Internal model, third-party inputs | ||
Assets: | ||
Outstanding Face Amount | 478,577 | 632,175 |
Amortized Cost Basis | 18,994 | 28,311 |
Fair Value | $ 16,821 | $ 26,194 |
Fair Value Assumptions: | ||
Weighted average yield % | 4.19% | 4.26% |
Weighted Average Remaining Maturity/Duration | 4 years 5 months 8 days | 5 years 2 months 19 days |
Recurring | GNMA construction securities | ||
Assets: | ||
Outstanding Face Amount | $ 27,091 | |
Fair Value | 28,639 | |
Recurring | GNMA 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 | Agency securities | ||
Assets: | ||
Outstanding Face Amount | $ 774 | |
Fair Value | 780 | |
Recurring | Agency securities | Internal model, third-party inputs | ||
Assets: | ||
Outstanding Face Amount | 774 | |
Amortized Cost Basis | 802 | |
Fair Value | $ 780 | |
Fair Value Assumptions: | ||
Weighted average yield % | 1.29% | |
Weighted Average Remaining Maturity/Duration | 3 years 3 months 7 days | |
Recurring | GNMA permanent securities | ||
Assets: | ||
Outstanding Face Amount | $ 38,327 | $ 16,249 |
Fair Value | 39,780 | 16,455 |
Recurring | GNMA permanent securities | Internal model, third-party inputs | ||
Assets: | ||
Outstanding Face Amount | 38,327 | 16,249 |
Amortized Cost Basis | 39,145 | 16,685 |
Fair Value | $ 39,780 | $ 16,455 |
Fair Value Assumptions: | ||
Weighted average yield % | 3.80% | 3.94% |
Weighted Average Remaining Maturity/Duration | 10 years 3 months 18 days | 5 years 5 months 4 days |
Recurring | Mortgage loan receivables held for investment, at amortized cost | Discounted Cash Flow | ||
Assets: | ||
Outstanding Face Amount | $ 2,011,309 | $ 1,749,556 |
Amortized Cost Basis | 1,996,095 | 1,738,645 |
Fair Value | $ 2,014,973 | $ 1,756,774 |
Fair Value Assumptions: | ||
Weighted average yield % | 7.17% | 7.56% |
Weighted Average Remaining Maturity/Duration | 1 year 7 months 28 days | 1 year 4 months 17 days |
Recurring | Mortgage loan receivables held for sale | Internal model, third-party inputs | ||
Assets: | ||
Outstanding Face Amount | $ 360,518 | $ 571,638 |
Amortized Cost Basis | 357,882 | 571,764 |
Fair Value | $ 359,897 | $ 582,277 |
Fair Value Assumptions: | ||
Weighted average yield % | 4.20% | 4.56% |
Weighted Average Remaining Maturity/Duration | 4 years 6 months 18 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 % | 4.25% | 3.50% |
Recurring | Nonhedge derivatives | ||
Assets: | ||
Derivative asset face amount | $ 847,000 | $ 868,700 |
Fair Value | 5,018 | 2,821 |
Recurring | Nonhedge derivatives | Counterparty quotations | ||
Assets: | ||
Derivative asset face amount | 847,000 | 868,700 |
Fair Value | $ 5,018 | $ 2,821 |
Fair Value Assumptions: | ||
Weighted Average Remaining Maturity/Duration | 7 days | 21 days |
FAIR VALUE OF FINANCIAL INSTR74
FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Fair Value | $ 2,452,785 | $ 2,416,966 |
Liabilities: | ||
Fair Value | 3,940,704 | 4,271,537 |
Repurchase agreements - short-term | ||
Liabilities: | ||
Outstanding Face Amount | 629,430 | 1,224,942 |
Fair Value | 629,430 | 1,224,942 |
Repurchase agreements - long-term | ||
Liabilities: | ||
Outstanding Face Amount | 477,756 | 35,813 |
Fair Value | 477,756 | 35,813 |
Revolving credit facility | ||
Liabilities: | ||
Outstanding Face Amount | 25,000 | |
Fair Value | 25,000 | |
Mortgage loan financing | ||
Liabilities: | ||
Outstanding Face Amount | 589,152 | 540,764 |
Fair Value | 595,778 | 557,841 |
Borrowings from the FHLB | ||
Liabilities: | ||
Outstanding Face Amount | 1,660,000 | 1,856,700 |
Fair Value | 1,662,178 | 1,861,584 |
Senior unsecured notes | ||
Liabilities: | ||
Outstanding Face Amount | 563,872 | 619,555 |
Fair Value | 550,562 | 591,357 |
Mortgage loan receivables held for investment, at amortized cost | ||
Assets: | ||
Outstanding Face Amount | 2,011,309 | 1,749,556 |
Fair Value | 2,014,973 | 1,756,774 |
Mortgage loan receivables held for sale | ||
Assets: | ||
Outstanding Face Amount | 360,518 | 571,638 |
Fair Value | 359,897 | 582,277 |
FHLB stock | ||
Assets: | ||
Outstanding Face Amount | 77,915 | 77,915 |
Fair Value | 77,915 | 77,915 |
Level 3 | ||
Assets: | ||
Fair Value | 2,452,785 | 2,416,966 |
Liabilities: | ||
Fair Value | 3,940,704 | 4,271,537 |
Level 3 | Repurchase agreements - short-term | ||
Liabilities: | ||
Fair Value | 629,430 | 1,224,942 |
Level 3 | Repurchase agreements - long-term | ||
Liabilities: | ||
Fair Value | 477,756 | 35,813 |
Level 3 | Revolving credit facility | ||
Liabilities: | ||
Fair Value | 25,000 | |
Level 3 | Mortgage loan financing | ||
Liabilities: | ||
Fair Value | 595,778 | 557,841 |
Level 3 | Borrowings from the FHLB | ||
Liabilities: | ||
Fair Value | 1,662,178 | 1,861,584 |
Level 3 | Senior unsecured notes | ||
Liabilities: | ||
Fair Value | 550,562 | 591,357 |
Level 3 | Mortgage loan receivables held for investment, at amortized cost | ||
Assets: | ||
Fair Value | 2,014,973 | 1,756,774 |
Level 3 | Mortgage loan receivables held for sale | ||
Assets: | ||
Fair Value | 359,897 | 582,277 |
Level 3 | FHLB stock | ||
Assets: | ||
Fair Value | 77,915 | 77,915 |
Recurring | ||
Assets: | ||
Fair Value | 2,105,965 | 2,410,038 |
Recurring | Nonhedge derivatives | ||
Liabilities: | ||
Derivative liability face amount | 100,400 | 374,200 |
Fair Value | 3,446 | 5,504 |
Recurring | CMBS | ||
Assets: | ||
Outstanding Face Amount | 1,676,680 | 1,972,492 |
Fair Value | 1,701,395 | 1,991,506 |
Recurring | CMBS interest-only | ||
Assets: | ||
Outstanding Face Amount | 8,160,458 | 7,436,379 |
Fair Value | 342,171 | 344,423 |
Recurring | GNMA interest-only | ||
Assets: | ||
Outstanding Face Amount | 478,577 | 632,175 |
Fair Value | 16,821 | 26,194 |
Recurring | GNMA construction securities | ||
Assets: | ||
Outstanding Face Amount | 27,091 | |
Fair Value | 28,639 | |
Recurring | Agency securities | ||
Assets: | ||
Outstanding Face Amount | 774 | |
Fair Value | 780 | |
Recurring | GNMA permanent securities | ||
Assets: | ||
Outstanding Face Amount | 38,327 | 16,249 |
Fair Value | 39,780 | 16,455 |
Recurring | Nonhedge derivatives | ||
Assets: | ||
Derivative asset face amount | 847,000 | 868,700 |
Fair Value | 5,018 | 2,821 |
Recurring | Level 2 | ||
Assets: | ||
Fair Value | 5,018 | 2,821 |
Recurring | Level 2 | Nonhedge derivatives | ||
Liabilities: | ||
Fair Value | 3,446 | 5,504 |
Recurring | Level 2 | Nonhedge derivatives | ||
Assets: | ||
Fair Value | 5,018 | 2,821 |
Recurring | Level 3 | ||
Assets: | ||
Fair Value | 2,100,947 | 2,407,217 |
Recurring | Level 3 | CMBS | ||
Assets: | ||
Fair Value | 1,701,395 | 1,991,506 |
Recurring | Level 3 | CMBS interest-only | ||
Assets: | ||
Fair Value | 342,171 | 344,423 |
Recurring | Level 3 | GNMA interest-only | ||
Assets: | ||
Fair Value | 16,821 | 26,194 |
Recurring | Level 3 | GNMA construction securities | ||
Assets: | ||
Fair Value | 28,639 | |
Recurring | Level 3 | Agency securities | ||
Assets: | ||
Fair Value | 780 | |
Recurring | Level 3 | GNMA permanent securities | ||
Assets: | ||
Fair Value | $ 39,780 | $ 16,455 |
FAIR VALUE OF FINANCIAL INSTR75
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Changes in Level 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 2,407,217 | $ 2,683,745 |
Transfer from level 2 | 0 | 86,576 |
Purchases | 977,456 | 720,010 |
Sales | (539,295) | (839,868) |
Paydowns/maturities | (684,143) | (160,612) |
Amortization of premium/discount | (76,475) | (70,763) |
Unrealized gain/(loss) | 8,463 | (36,610) |
Realized gain/(loss) on sale | 7,724 | 24,739 |
Ending balance | $ 2,100,947 | $ 2,407,217 |
FAIR VALUE OF FINANCIAL INSTR76
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Quantitative Information (Details) - Discounted Cash Flow - Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Carrying Value | $ 2,100,947 | $ 2,407,217 |
CMBS | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Carrying Value | $ 1,701,395 | $ 1,991,506 |
CMBS | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Yield (as a percent) | 1.35% | 0.00% |
Duration (in years) | 0 days | 0 years |
CMBS | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Yield (as a percent) | 2.87% | 2.19% |
Duration (in years) | 3 years 6 months 18 days | 4 years 21 days |
CMBS | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Yield (as a percent) | 9.18% | 9.21% |
Duration (in years) | 9 years 3 days | 7 years 10 months 28 days |
CMBS interest-only | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Carrying Value | $ 342,171 | $ 344,423 |
CMBS interest-only | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Yield (as a percent) | 2.84% | 0.09% |
Duration (in years) | 0 years | 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) | 2 years 11 months 26 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) | 4.80% | 4.51% |
Duration (in years) | 4 years 4 months 13 days | 4 years 2 months 26 days |
Prepayment speed | 100 | 100 |
GNMA interest-only | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Carrying Value | $ 16,821 | $ 26,194 |
GNMA interest-only | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Yield (as a percent) | 0.87% | 0.00% |
Duration (in years) | 1 year 8 months 8 days | 9 days |
Prepayment speed | 5 | 5 |
GNMA interest-only | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Yield (as a percent) | 7.22% | 9.21% |
Duration (in years) | 4 years 5 months 8 days | 2 years 4 months 28 days |
Prepayment speed | 13.80 | 14.57 |
GNMA interest-only | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Yield (as a percent) | 48.64% | 10.00% |
Duration (in years) | 20 years 7 months 28 days | 5 years 2 months 4 days |
Prepayment speed | 35 | 35 |
Agency securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Carrying Value | $ 780 | $ 28,639 |
Agency securities | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Yield (as a percent) | 1.40% | 0.58% |
Duration (in years) | 2 years 7 months 9 days | 0 years |
Agency securities | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Yield (as a percent) | 2.17% | 3.47% |
Duration (in years) | 3 years 3 months 7 days | 10 years 4 months 2 days |
Agency securities | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Yield (as a percent) | 2.63% | 3.51% |
Duration (in years) | 4 years 4 months 20 days | 10 years 5 months 23 days |
GNMA permanent securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Carrying Value | $ 39,780 | $ 16,455 |
GNMA permanent securities | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Yield (as a percent) | 2.63% | 0.00% |
Duration (in years) | 1 year 11 months 1 day | 1 year 7 months 28 days |
GNMA permanent securities | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Yield (as a percent) | 3.65% | 3.25% |
Duration (in years) | 10 years 3 months 18 days | 5 years 8 months 19 days |
GNMA permanent securities | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Yield (as a percent) | 6.92% | 6.62% |
Duration (in years) | 15 years 7 months 28 days | 7 years 2 months 15 days |
DERIVATIVE INSTRUMENTS - Schedu
DERIVATIVE INSTRUMENTS - Schedule of Derivatives Outstanding (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Notional | $ 947,400,000 | $ 1,242,900,000 |
Fair value, Asset | 5,018,000 | 2,821,000 |
Fair value, Liability | 3,446,000 | 5,504,000 |
5-year Swap | ||
Derivative [Line Items] | ||
Notional | 602,200,000 | 670,100,000 |
Fair value, Asset | 3,210,000 | 2,122,000 |
Fair value, Liability | $ 2,000 | $ 0 |
Remaining Maturity | 7 days | 7 days |
Term of derivative contract | 5 years | 5 years |
10-year Swap | ||
Derivative [Line Items] | ||
Notional | $ 226,700,000 | $ 477,900,000 |
Fair value, Asset | 1,674,000 | 463,000 |
Fair value, Liability | $ 266,000 | $ 1,451,000 |
Remaining Maturity | 7 days | 7 days |
Term of derivative contract | 10 years | 10 years |
5-year U.S. Treasury Note | ||
Derivative [Line Items] | ||
Notional | $ 21,800,000 | $ 800,000 |
Fair value, Asset | 93,000 | 3,000 |
Fair value, Liability | $ 0 | $ 0 |
Remaining Maturity | 7 days | 7 days |
Term of derivative contract | 5 years | 5 years |
10-year U.S. Treasury Note Ultra | ||
Derivative [Line Items] | ||
Notional | $ 3,200,000 | |
Fair value, Asset | 38,000 | |
Fair value, Liability | $ 0 | |
Remaining Maturity | 7 days | |
Term of derivative contract | 10 years | |
10-year U.S. Treasury Note | ||
Derivative [Line Items] | ||
Notional | $ 600,000 | |
Fair value, Asset | 3,000 | |
Fair value, Liability | $ 0 | |
Remaining Maturity | 7 days | |
Term of derivative contract | 10 years | |
Futures | ||
Derivative [Line Items] | ||
Notional | $ 853,900,000 | $ 1,149,400,000 |
Fair value, Asset | 5,015,000 | 2,591,000 |
Fair value, Liability | 268,000 | 1,451,000 |
3 Month LIBOR | ||
Derivative [Line Items] | ||
Notional | 50,000,000 | 50,000,000 |
Fair value, Asset | 0 | 0 |
Fair value, Liability | $ 2,697,000 | $ 3,686,000 |
Remaining Maturity | 3 years 8 months 19 days | 4 years 8 months 19 days |
CMBX | ||
Derivative [Line Items] | ||
Notional | $ 10,000,000 | $ 10,000,000 |
Fair value, Asset | 3,000 | 230,000 |
Fair value, Liability | $ 0 | $ 0 |
Remaining Maturity | 5 years 29 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 | $ 481,000 | $ 367,000 |
Remaining Maturity | 1 year 11 months 19 days | 2 years 11 months 1 day |
Credit Derivatives | ||
Derivative [Line Items] | ||
Notional | $ 43,500,000 | $ 43,500,000 |
Fair value, Asset | 3,000 | 230,000 |
Fair value, Liability | $ 481,000 | $ 367,000 |
DERIVATIVE INSTRUMENTS - Sche78
DERIVATIVE INSTRUMENTS - Schedule of Realized Gains (Losses) on Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Unrealized Gain/(Loss) | $ 4,224 | $ 10,182 | $ (14,371) |
Realized Gain/(Loss) | (5,633) | (49,119) | (80,427) |
Net Result from Derivative Transactions | (1,409) | (38,937) | (94,798) |
Caps | |||
Derivative [Line Items] | |||
Unrealized Gain/(Loss) | 0 | ||
Realized Gain/(Loss) | (7) | ||
Net Result from Derivative Transactions | (7) | ||
Futures | |||
Derivative [Line Items] | |||
Unrealized Gain/(Loss) | 3,608 | 9,214 | (16,065) |
Realized Gain/(Loss) | (3,954) | (46,816) | (74,946) |
Net Result from Derivative Transactions | (346) | (37,602) | (91,011) |
Swaps | |||
Derivative [Line Items] | |||
Unrealized Gain/(Loss) | 956 | 661 | 1,780 |
Realized Gain/(Loss) | (1,264) | (1,992) | (5,161) |
Net Result from Derivative Transactions | (308) | (1,331) | (3,381) |
Credit Derivatives | |||
Derivative [Line Items] | |||
Unrealized Gain/(Loss) | (340) | 307 | (86) |
Realized Gain/(Loss) | (415) | (311) | (313) |
Net Result from Derivative Transactions | $ (755) | $ (4) | $ (399) |
DERIVATIVE INSTRUMENTS - Additi
DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cash margins held as collateral for derivatives by counterparties | $ 11.3 | $ 18.9 |
Cash collateral held by counterparty | $ 6.2 | $ 5.9 |
OFFSETTING ASSETS AND LIABILI80
OFFSETTING ASSETS AND LIABILITIES - Schedule of Offsetting Financial Assets and Derivative Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Offsetting of derivative assets | ||
Gross amounts of recognized assets | $ 5,018 | $ 2,821 |
Gross amounts offset in the balance sheet | 0 | 0 |
Net amounts of assets presented in the balance sheet | 5,018 | 2,821 |
Gross amounts not offset in the balance sheet | ||
Financial instruments | 0 | 0 |
Cash collateral received/(posted) | 0 | 0 |
Net amount | $ 5,018 | $ 2,821 |
OFFSETTING ASSETS AND LIABILI81
OFFSETTING ASSETS AND LIABILITIES - Schedule of Offsetting Financial Liabilities and Derivative Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Offsetting of derivative liabilities | ||
Gross amounts of recognized liabilities | $ 3,446 | $ 5,504 |
Gross amounts offset in the balance sheet | 0 | 0 |
Net amounts of liabilities presented in the balance sheet | 3,446 | 5,504 |
Gross amounts not offset in the balance sheet | ||
Financial instruments | 0 | 0 |
Cash collateral posted/(received) | 3,446 | 5,504 |
Net amount | 0 | 0 |
Offsetting of repurchase agreements | ||
Debt obligations outstanding | 1,107,185 | 1,260,755 |
Gross amounts offset in the balance sheet | 0 | 0 |
Net amount of liabilities presented in the balance sheet | 1,107,185 | 1,260,755 |
Gross amounts not offset in the balance sheet | ||
Financial instruments | 1,107,185 | 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 | 1,110,631 | 1,266,259 |
Gross amounts offset in the balance sheet | 0 | 0 |
Net amount presented in the balance sheet | 1,110,631 | 1,266,259 |
Gross amounts not offset in the balance sheet | ||
Financial instruments collateral | 1,107,185 | 1,260,755 |
Cash collateral posted/(received) | 3,446 | 5,504 |
Net amount | $ 0 | $ 0 |
EQUITY STRUCTURE AND ACCOUNTS -
EQUITY STRUCTURE AND ACCOUNTS - Additional Information (Details) | Jan. 24, 2017USD ($)$ / sharesshares | Dec. 02, 2016$ / shares | Sep. 01, 2016$ / shares | Jun. 01, 2016$ / shares | Mar. 01, 2016$ / shares | Dec. 01, 2015$ / shares | Sep. 01, 2015$ / shares | Jun. 08, 2015$ / shares | Mar. 12, 2015$ / shares | Feb. 11, 2014USD ($) | Feb. 10, 2014$ / shares | Dec. 31, 2016USD ($)$ / shares | Sep. 30, 2016$ / shares | Jun. 30, 2016$ / shares | Mar. 31, 2016$ / shares | Dec. 31, 2015USD ($)$ / shares | Sep. 30, 2015$ / shares | Jun. 30, 2015$ / shares | Mar. 31, 2015$ / shares | Dec. 31, 2016USD ($)Class_of_StockVote$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / shares | Oct. 30, 2014USD ($) |
Class of Stock [Line Items] | |||||||||||||||||||||||
Number of classes of common stock | Class_of_Stock | 2 | ||||||||||||||||||||||
Purchase of treasury stock | $ (4,652,000) | $ (994,000) | |||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 17 | ||||||||||||||||||||||
Earnings and Profits (E&P) distribution requirement | $ 48,300,000 | ||||||||||||||||||||||
Earnings and Profits (E&P) distribution requirement (in dollars per share) | $ / shares | $ 0.90 | $ 0.90 | |||||||||||||||||||||
Dividends paid | 74,393,000 | $ 57,390,000 | |||||||||||||||||||||
Dividends per share of common stock (in dollars per share) | $ / shares | $ 0.460 | $ 0.275 | $ 0.275 | $ 0.275 | $ 1.450 | $ 0.275 | $ 0.250 | $ 0.250 | |||||||||||||||
Costs directly attributable to the Company's IPO | $ 0 | $ 0 | $ 20,523,000 | ||||||||||||||||||||
2014 Share Repurchase Authorization Program | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Percentage of aggregate common stock outstanding under Repurchase Program | 4.50% | 4.50% | |||||||||||||||||||||
Series REIT LP Units | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Exchange of noncontrolling interest for common stock (in shares) | shares | 10,521,149 | ||||||||||||||||||||||
Series TRS LP Units | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Exchange of noncontrolling interest for common stock (in shares) | shares | 10,521,149 | ||||||||||||||||||||||
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% | ||||||||||||||||||||||
Class A common stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Number of votes per share | Vote | 1 | ||||||||||||||||||||||
Exchange of noncontrolling interest for common stock (in shares) | shares | (10,521,149) | ||||||||||||||||||||||
Dividends per share of common stock (in dollars per share) | $ / shares | $ 0.460 | $ 0.275 | $ 0.275 | $ 0.275 | $ 1.450 | $ 0.275 | $ 0.250 | $ 0.250 | $ 1.285 | $ 2.225 | $ 0 | ||||||||||||
Costs directly attributable to the Company's IPO | $ 20,500,000 | ||||||||||||||||||||||
Class A common stock | 2014 Share Repurchase Authorization Program | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Authorized amount of stock repurchase | $ 0 | $ 0 | $ 0 | $ 0 | $ 50,000,000 | ||||||||||||||||||
Purchase of treasury stock (in shares) | shares | (424,317) | (84,203) | |||||||||||||||||||||
Treasury stock acquired, average cost (in dollars per share) | $ / shares | $ 10.96 | $ 11.81 | |||||||||||||||||||||
Purchase of treasury stock | $ (4,653,000) | $ (994,000) | |||||||||||||||||||||
Remaining amount available for repurchase | $ 44,353,000 | $ 49,006,000 | $ 44,353,000 | $ 49,006,000 | $ 50,000,000 | ||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 13.72 | $ 13.72 | |||||||||||||||||||||
Class B common stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Number of votes per share | Vote | 1 | ||||||||||||||||||||||
Exchange of noncontrolling interest for common stock (in shares) | shares | 10,521,149 | ||||||||||||||||||||||
Subsequent Event | Class A common stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Dividends paid | $ 20,800,000 | ||||||||||||||||||||||
Dividends, share-based compensation stock value | $ 700,000 | ||||||||||||||||||||||
Common stock issued as dividends (in shares) | shares | 815,819 | ||||||||||||||||||||||
Common stock equivalent dividends paid | $ 11,500,000 | ||||||||||||||||||||||
Common stock, dividends, weighted average price per share | $ / shares | $ 14.06 | ||||||||||||||||||||||
Subsequent Event | Class B common stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Common stock issued as dividends (in shares) | shares | 432,314 | ||||||||||||||||||||||
Subsequent Event | Series REIT LP Units | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Common stock issued as dividends (in shares) | shares | 1,248,133 |
EQUITY STRUCTURE AND ACCOUNTS83
EQUITY STRUCTURE AND ACCOUNTS - Schedule of Treasury Stock Repurchase Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Oct. 30, 2014 | |
Shares Repurchase Program [Roll Forward] | |||
Repurchases paid | $ (4,652,000) | $ (994,000) | |
2014 Share Repurchase Authorization Program | Class A common stock | |||
Shares Repurchase Program [Roll Forward] | |||
Authorizations remaining at beginning of the year | 49,006,000 | 50,000,000 | |
Additional authorizations | $ 0 | $ 0 | $ 50,000,000 |
Repurchases paid (in shares) | 424,317 | 84,203 | |
Repurchases paid | $ (4,653,000) | $ (994,000) | |
Repurchases unsettled | 0 | 0 | |
Authorizations remaining at the end of the year | $ 44,353,000 | $ 49,006,000 |
EQUITY STRUCTURE AND ACCOUNTS84
EQUITY STRUCTURE AND ACCOUNTS - Dividends Declared (Details) - $ / shares | Dec. 02, 2016 | Sep. 01, 2016 | Jun. 01, 2016 | Mar. 01, 2016 | Dec. 01, 2015 | Sep. 01, 2015 | Jun. 08, 2015 | Mar. 12, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | |||||||||||||||||||
Dividends per share of common stock (in dollars per share) | $ 0.460 | $ 0.275 | $ 0.275 | $ 0.275 | $ 1.450 | $ 0.275 | $ 0.250 | $ 0.250 | |||||||||||
Class A common stock | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Dividends per share of common stock (in dollars per share) | $ 0.460 | $ 0.275 | $ 0.275 | $ 0.275 | $ 1.450 | $ 0.275 | $ 0.250 | $ 0.250 | $ 1.285 | $ 2.225 | $ 0 |
EQUITY STRUCTURE AND ACCOUNTS85
EQUITY STRUCTURE AND ACCOUNTS -Tax Treatment of Aggregate Distributions Per Share of Common Stock Paid (Details) - Class A common stock - $ / shares | Jan. 24, 2017 | Oct. 03, 2016 | Jul. 01, 2016 | Apr. 01, 2016 | Jan. 21, 2016 | Oct. 01, 2015 | Jul. 01, 2015 | Apr. 15, 2015 | Jan. 21, 2016 | Jan. 24, 2017 |
Class of Stock [Line Items] | ||||||||||
Dividends paid per share of common stock (in dollars per share) | $ 0.275 | $ 0.275 | $ 0.275 | $ 0.275 | $ 0.250 | $ 0.250 | $ 2.225 | |||
Ordinary dividends per share of common stock (in dollars per share) | 0.254 | 0.254 | 0.254 | $ 1.306 | 0.275 | 0.250 | 0.250 | 2.081 | ||
Ordinary dividends per share of common stock treated as qualified dividends (in dollars per share) | 0 | 0 | 0 | 0.156 | 0.275 | 0.250 | 0.250 | 0.931 | ||
Ordinary dividends per share of common stock treated as capital gain (in dollars per share) | 0.021 | 0.021 | 0.021 | 0.144 | 0 | 0 | 0 | 0.144 | ||
Ordinary dividends per share of common stock treated as unrecaptured 1250 gain (in dollars per share) | $ 0 | $ 0 | $ 0 | 0.020 | $ 0 | $ 0 | $ 0 | $ 0.020 | ||
Subsequent Event | ||||||||||
Class of Stock [Line Items] | ||||||||||
Dividends paid per share of common stock (in dollars per share) | $ 0.401 | $ 1.226 | ||||||||
Ordinary dividends per share of common stock (in dollars per share) | 0.370 | 1.132 | ||||||||
Ordinary dividends per share of common stock treated as qualified dividends (in dollars per share) | 0 | 0 | ||||||||
Ordinary dividends per share of common stock treated as capital gain (in dollars per share) | 0.031 | 0.094 | ||||||||
Ordinary dividends per share of common stock treated as unrecaptured 1250 gain (in dollars per share) | 0 | $ 0 | ||||||||
Tax Year 2017 | Subsequent Event | ||||||||||
Class of Stock [Line Items] | ||||||||||
Dividends paid per share of common stock (in dollars per share) | 0.059 | |||||||||
Tax Year 2016 | Subsequent Event | ||||||||||
Class of Stock [Line Items] | ||||||||||
Dividends paid per share of common stock (in dollars per share) | $ 0.460 | |||||||||
Tax Year 2015 | ||||||||||
Class of Stock [Line Items] | ||||||||||
Dividends paid per share of common stock (in dollars per share) | $ 1.450 |
EQUITY STRUCTURE AND ACCOUNTS86
EQUITY STRUCTURE AND ACCOUNTS - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
AOCI Attributable to Parent [Roll Forward] | |||
Balance at the beginning of the year | $ (3,556) | ||
Other comprehensive income (loss) | 8,519 | $ (36,545) | $ 18,016 |
Exchange of capital for common stock | 0 | ||
Exchange of noncontrolling interest for common stock | 0 | 0 | 0 |
Balance at the end of the year | 1,365 | (3,556) | |
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Attributable to Parent [Roll Forward] | |||
Balance at the beginning of the year | (3,556) | 15,656 | 0 |
Other comprehensive income (loss) | 3,420 | (20,046) | 488 |
Exchange of capital for common stock | 14,874 | ||
Exchange of noncontrolling interest for common stock | 1,202 | 645 | 324 |
Rebalancing of ownership percentage between Company and Operating Partnership | 299 | 189 | (30) |
Balance at the end of the year | 1,365 | (3,556) | 15,656 |
Accumulated Other Comprehensive Income of Noncontrolling Interests | |||
AOCI Attributable to Parent [Roll Forward] | |||
Balance at the beginning of the year | (2,839) | 14,494 | 12,134 |
Other comprehensive income (loss) | 5,099 | (16,499) | 17,528 |
Exchange of capital for common stock | (14,874) | ||
Exchange of noncontrolling interest for common stock | (1,202) | (645) | (324) |
Rebalancing of ownership percentage between Company and Operating Partnership | (299) | (189) | 30 |
Balance at the end of the year | 759 | (2,839) | 14,494 |
Total Accumulated Other Comprehensive Income | |||
AOCI Attributable to Parent [Roll Forward] | |||
Balance at the beginning of the year | (6,395) | 30,150 | 12,134 |
Other comprehensive income (loss) | 8,519 | (36,545) | 18,016 |
Exchange of capital for common stock | 0 | ||
Exchange of noncontrolling interest for common stock | 0 | 0 | 0 |
Rebalancing of ownership percentage between Company and Operating Partnership | 0 | 0 | 0 |
Balance at the end of the year | $ 2,124 | $ (6,395) | $ 30,150 |
NONCONTROLLING INTERESTS (Detai
NONCONTROLLING INTERESTS (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)propertyJoint_Venture | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Noncontrolling Interest [Line Items] | |||
Increase in additional paid in capital and other comprehensive income | $ 0 | $ 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 | 8 | ||
Corporate Joint Venture | Warehouse | |||
Noncontrolling Interest [Line Items] | |||
Number of real estate properties | property | 1 | ||
Corporate Joint Venture | Shopping center | |||
Noncontrolling Interest [Line Items] | |||
Number of real estate properties | property | 1 | ||
Accumulated Other Comprehensive Income (Loss) and Additional Paid-in Capital | |||
Noncontrolling Interest [Line Items] | |||
Increase in additional paid in capital and other comprehensive income | $ 8,100 | ||
Noncontrolling Interests Operating Partnership | |||
Noncontrolling Interest [Line Items] | |||
Decrease in noncontrolling interest in Operating Partnership | 8,100 | ||
Increase in additional paid in capital and other comprehensive income | $ (8,096) | $ 544 | $ (5,330) |
EARNINGS PER SHARE - Net Income
EARNINGS PER SHARE - Net Income and Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share | ||||||||||||
Net income (loss) attributable to Class A common shareholders | $ 41,856 | $ 27,608 | $ 2,802 | $ (5,539) | $ 27,123 | $ 3,313 | $ 34,210 | $ 9,175 | $ 66,727 | $ 73,821 | $ 44,187 | |
Weighted average shares outstanding: | ||||||||||||
Basic (in shares) | 49,296,417 | 61,998,089 | 51,702,188 | 49,296,417 | ||||||||
Diluted (in shares) | 97,583,310 | 107,638,788 | 51,870,808 | 97,583,310 | ||||||||
Class A common stock | ||||||||||||
Earnings Per Share | ||||||||||||
Net income (loss) attributable to Class A common shareholders | $ 44,187 | $ 66,727 | $ 73,821 | $ 44,187 | ||||||||
Diluted Net income (loss) available for Class A common shareholders | $ 84,228 | $ 114,156 | $ 73,821 | |||||||||
Weighted average shares outstanding: | ||||||||||||
Basic (in shares) | 49,296,417 | 61,998,089 | 51,702,188 | |||||||||
Diluted (in shares) | 97,583,310 | 107,638,788 | 51,870,808 |
EARNINGS PER SHARE - Schedule o
EARNINGS PER SHARE - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | ||||||||||||
Net income (loss) attributable to Class A common shareholders | $ 41,856 | $ 27,608 | $ 2,802 | $ (5,539) | $ 27,123 | $ 3,313 | $ 34,210 | $ 9,175 | $ 66,727 | $ 73,821 | $ 44,187 | |
Denominator: | ||||||||||||
Weighted average number of shares of Class A common stock outstanding (in shares) | 49,296,417 | 61,998,089 | 51,702,188 | 49,296,417 | ||||||||
Basic net income (loss) per share of Class A common stock (in dollars per share) | $ 0.64 | $ 0.44 | $ 0.05 | $ (0.09) | $ 0.51 | $ 0.06 | $ 0.68 | $ 0.18 | $ 1.08 | $ 1.43 | $ 0.90 | |
Numerator: | ||||||||||||
Net income (loss) attributable to Class A common shareholders | $ 41,856 | $ 27,608 | $ 2,802 | $ (5,539) | $ 27,123 | $ 3,313 | $ 34,210 | $ 9,175 | $ 66,727 | $ 73,821 | $ 44,187 | |
Denominator: | ||||||||||||
Weighted average number of shares of Class A common stock outstanding (in shares) | 49,296,417 | 61,998,089 | 51,702,188 | 49,296,417 | ||||||||
Diluted weighted average number of shares of Class A common stock outstanding (in shares) | 97,583,310 | 107,638,788 | 51,870,808 | 97,583,310 | ||||||||
Diluted net income per share of Class A common stock (in dollars per share) | $ 0.63 | $ 0.44 | $ 0.05 | $ (0.09) | $ 0.50 | $ 0.06 | $ 0.67 | $ 0.15 | $ 1.06 | $ 1.42 | $ 0.86 | |
Class A common stock | ||||||||||||
Numerator: | ||||||||||||
Net income (loss) attributable to Class A common shareholders | $ 44,187 | $ 66,727 | $ 73,821 | $ 44,187 | ||||||||
Denominator: | ||||||||||||
Weighted average number of shares of Class A common stock outstanding (in shares) | 49,296,417 | 61,998,089 | 51,702,188 | |||||||||
Basic net income (loss) per share of Class A common stock (in dollars per share) | $ 0.90 | $ 1.08 | $ 1.43 | |||||||||
Numerator: | ||||||||||||
Net income (loss) attributable to Class A common shareholders | $ 44,187 | $ 66,727 | $ 73,821 | $ 44,187 | ||||||||
Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss) | 66,437 | 47,130 | 0 | |||||||||
Additional corporate tax (expense) benefit | (26,396) | 299 | 0 | |||||||||
Diluted Net income (loss) available for Class A common shareholders | $ 84,228 | $ 114,156 | $ 73,821 | |||||||||
Denominator: | ||||||||||||
Weighted average number of shares of Class A common stock outstanding (in shares) | 49,296,417 | 61,998,089 | 51,702,188 | |||||||||
Shares issuable relating to converted Class B common shareholders (in shares) | 48,145,875 | 45,118,668 | 0 | |||||||||
Incremental shares of unvested Class A restricted stock (in shares) | 141,018 | 522,031 | 168,620 | |||||||||
Diluted weighted average number of shares of Class A common stock outstanding (in shares) | 97,583,310 | 107,638,788 | 51,870,808 | |||||||||
Diluted net income per share of Class A common stock (in dollars per share) | $ 0.86 | $ 1.06 | $ 1.42 |
STOCK BASED COMPENSATION PLAN90
STOCK BASED COMPENSATION PLANS - Additional Information (Details) | Feb. 21, 2017USD ($) | Feb. 18, 2016USD ($)shares | Feb. 10, 2016USD ($) | Jun. 10, 2015USD ($)shares | Feb. 18, 2015USD ($)Vesting_Installmentshares | Feb. 03, 2015USD ($)shares | Feb. 11, 2014USD ($)Vesting_Installmentshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Feb. 12, 2014USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Period of recognition for unrecognized compensation costs | 26 months | ||||||||||
Recognized equity based compensation expense | $ 17,640,000 | $ 13,788,000 | $ 14,451,000 | ||||||||
Unrecognized compensation cost | $ 6,100,000 | ||||||||||
Weighted average remaining vesting period | 19 months 9 days | ||||||||||
Compensation bonus | $ 46,800,000 | ||||||||||
Bonus payment allocated to equity based compensation | $ 10,300,000 | ||||||||||
Compensation expense | $ 29,200,000 | 34,400,000 | 47,800,000 | ||||||||
Subsequent Event | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Compensation bonus | $ 39,500,000 | ||||||||||
Bonus payment allocated to equity based compensation | $ 10,200,000 | ||||||||||
Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of restricted shares granted (in shares) | shares | 960,532 | ||||||||||
Recognized equity based compensation expense | $ 17,640,000 | $ 13,664,000 | $ 12,109,000 | ||||||||
Stock Options | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of options granted (in shares) | shares | 380,949 | 670,256 | 0 | ||||||||
2014 Omnibus Incentive Plan | Members of Management and Employees | Restricted Stock | Time-based vesting | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting percentage | 50.00% | ||||||||||
2014 Omnibus Incentive Plan | Members of Management and Employees | Restricted Stock | 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 | Members of Management and Employees | Restricted Stock | Time Based Vesting on Eighteen Months Anniversary | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting percentage | 25.00% | ||||||||||
Vesting period | 18 months | ||||||||||
2014 Omnibus Incentive Plan | Members of Management and Employees | Restricted Stock | Time Based Vesting on Three Year Anniversary | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period | 3 years | ||||||||||
Vesting percentage scheduled to vest | 75.00% | ||||||||||
2014 Omnibus Incentive Plan | Harris | Restricted Stock | 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 | ||||||||||
Period of recognition for unrecognized compensation costs | 3 years | ||||||||||
2014 Omnibus Incentive Plan | Director | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Amount to be paid for Audit and Compensation Committee services | $ 15,000 | ||||||||||
Amount to be paid for nominating and corporate Governance Committee services | 10,000 | ||||||||||
2014 Omnibus Incentive Plan | Director | Restricted Stock | Time-based vesting | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Period of recognition for unrecognized compensation costs | 3 years | ||||||||||
2014 Omnibus Incentive Plan | Officers other than Harris and certain employees | Restricted Stock | Time-based vesting | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Period of recognition for unrecognized compensation costs | 3 years | ||||||||||
2014 Omnibus Incentive Plan | Alan Fishman | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Grant date fair value of awards granted | $ 1,000,000 | ||||||||||
2014 Omnibus Incentive Plan | Joel C Peterson | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Grant date fair value of awards granted | 100,000 | ||||||||||
Payment for directors fees | $ 75,000 | ||||||||||
2014 Omnibus Incentive Plan | Douglas Durst | Restricted Stock | |||||||||||
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 | ||||||||||
Grant date fair value of awards granted | $ 100,000 | ||||||||||
Share based compensation grant date fair value | $ 50,000 | ||||||||||
2014 Omnibus Incentive Plan | Senior Management | Restricted Stock | 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 | Senior Management | Stock Options | Time-based vesting | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
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% | |||||||||
2014 Omnibus Incentive Plan | Board of Directors | Restricted Stock | Time-based vesting | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Aggregate grant date fair value of stock options granted | $ 100,000 | ||||||||||
Phantom Equity Incentive Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Units outstanding (in shares) | shares | 373,871 | 555,318 | |||||||||
Units vested (in shares) | shares | 373,871 | ||||||||||
Units unvested (in shares) | shares | 60,899 | ||||||||||
Total employee's contribution, net of forfeitures and payouts related to terminations | $ 6,100,000 | $ 6,900,000 | |||||||||
2014 Deferred Compensation Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Units outstanding (in shares) | shares | 273,709 | 131,901 | |||||||||
Units unvested (in shares) | shares | 134,281 | 87,934 | |||||||||
Total employee's contribution, net of forfeitures and payouts related to terminations | $ 3,600,000 | $ 1,600,000 | |||||||||
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 | 726,327 | 1,687,513 | ||||||||
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 | Harris | Restricted Stock | 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 | Senior Management | Restricted Stock | |||||||||||
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 | Senior Management | Restricted Stock | 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 | Senior Management | Restricted Stock | 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 | Senior Management | Restricted Stock | 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 | Board of Directors | Restricted Stock | |||||||||||
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 | ||||||||
Grant date fair value of awards granted | $ 100,000 | $ 100,000 | |||||||||
Class A common stock | 2014 Omnibus Incentive Plan | Board of Directors | Restricted Stock | 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 | Board of Directors | Restricted Stock | 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 | Executive Officers | Restricted Stock | |||||||||||
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 PLAN91
STOCK BASED COMPENSATION PLANS - Summary of Grants (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized equity based compensation expense | $ (17,640) | $ (13,788) | $ (14,451) |
Predecessor | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized equity based compensation expense | $ 0 | 0 | (290) |
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 | $ (17,640) | $ (13,664) | $ (12,109) |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted (in shares) | 380,949 | 670,256 | 0 |
Weighted Average Fair Value of Options (in dollars) | $ 1,356 | $ 1,441 | $ 0 |
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 | $ (124) | $ (2,052) |
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 | 726,327 | 1,687,513 |
Weighted Average Fair Value (in dollars) | $ 9,118 | $ 13,353 | $ 28,637 |
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 | 0 |
Weighted Average Fair Value (in dollars) | $ 1,908 | $ 0 | $ 0 |
STOCK BASED COMPENSATION PLAN92
STOCK BASED COMPENSATION PLANS - Nonvested Shares Outstanding (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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) | (770,568) | ||
Forfeited (in shares) | (48,467) | ||
Nonvested/Outstanding at December 31, 2016 | 1,475,866 | 1,334,369 | |
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 | 0 |
Exercised (in shares) | 0 | ||
Forfeited (in shares) | 0 | ||
Expired (in shares) | 0 | ||
Nonvested/Outstanding December 31, 2016 | 982,135 | 601,186 | |
Exercisable at December 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 December 31, 2016 | 0 | 504 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) - USD ($) | Jan. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Contingency [Line Items] | |||||
Corporate taxes payable | $ 800,000 | $ 4,300,000 | |||
Prepaid taxes | 13,400,000 | 12,500,000 | |||
Net deferred tax assets | 2,100,000 | 5,000,000 | |||
Deferred tax asset relating to capital losses | 5,700,000 | 5,200,000 | |||
Interest and penalties recognized for uncertain tax positions | $ 0 | 0 | |||
Percentage of applicable cash saving in income tax distributable to specified unitholders | 85.00% | 85.00% | |||
Percentage of applicable cash saving in income tax available for the entity | 15.00% | 15.00% | |||
Amount due pursuant to tax receivable agreement | $ 2,520,000 | 1,910,000 | |||
Accrued Expenses | |||||
Income Tax Contingency [Line Items] | |||||
Liability for unrecognized tax benefits for uncertain income tax positions | 800,000 | 800,000 | |||
Indemnity Counterparty | |||||
Income Tax Contingency [Line Items] | |||||
Settlements receivable | 3,300,000 | ||||
Indemnity Counterparty | Subsequent Event | |||||
Income Tax Contingency [Line Items] | |||||
Amount recovered from indemnity counterparty | $ 3,300,000 | ||||
State and Local Jurisdiction | New York | |||||
Income Tax Contingency [Line Items] | |||||
Unincorporated business taxes payable (receivable) | 400,000 | $ 1,100,000 | |||
Income tax expense (benefit) | $ 3,300,000 | ||||
State income tax payable | 3,300,000 | ||||
Estimated insurance recovery recorded as other income and fees | 3,300,000 | ||||
Fee and other income | $ 500,000 |
INCOME TAXES - Components of th
INCOME TAXES - Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current expense (benefit) | |||||||||||
U.S. Federal | $ (386) | $ 9,020 | $ 23,609 | ||||||||
State and local | 4,838 | 2,637 | 10,170 | ||||||||
Total current expense (benefit) | 4,452 | 11,657 | 33,779 | ||||||||
Deferred expense (benefit) | |||||||||||
U.S. Federal | 1,417 | 2,247 | (4,357) | ||||||||
State and local | 451 | 653 | (2,817) | ||||||||
Total deferred expense (benefit) | 1,868 | 2,900 | (7,174) | ||||||||
Provision for income tax expense (benefit) | $ 773 | $ 8,721 | $ (2,301) | $ (873) | $ 10,457 | $ (4,181) | $ 5,177 | $ 3,104 | $ 6,320 | $ 14,557 | $ 26,605 |
INCOME TAXES - Tax Rate Reconci
INCOME TAXES - Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
US statutory tax rate | 35.00% | 35.00% | 35.00% |
REIT income not subject to corporate income tax | (34.38%) | (32.37%) | 0.00% |
Increase due to state and local taxes | 4.41% | 1.40% | 3.78% |
Deferred tax asset write-off upon conversion to REIT | 0.00% | 1.44% | 0.00% |
Change in valuation allowance | 0.42% | 3.29% | 0.00% |
Other | (0.19%) | 0.39% | (17.37%) |
Effective income tax rate | 5.26% | 9.15% | 21.41% |
INCOME TAXES - Components of De
INCOME TAXES - Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Tax Assets | ||
Basis difference in operating partnerships | $ 2,023 | $ 3,998 |
Unrealized gains (losses) | 99 | 971 |
Unrealized gains (losses) - derivatives | 5,668 | 5,239 |
Valuation allowance | (5,668) | (5,239) |
Total Deferred Tax Assets | $ 2,122 | $ 4,969 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) | Oct. 18, 2016USD ($) | Jun. 03, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | May 20, 2015USD ($)a |
RELATED PARTY TRANSACTIONS | ||||||
Percentage of loans receivable with fixed rates of interest | 10.30% | 19.70% | ||||
Halletts Investors LLC | Mezzanine loan | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Loans receivable from related party | $ 25,000,000 | |||||
Percentage of loans receivable with fixed rates of interest | 9.00% | |||||
Loans repaid at maturity by related party | $ 25 | |||||
Interest income on loans | $ 1,000,000 | $ 1,400,000 | ||||
Three Limited Liability Companies | Halletts Investors LLC | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Area of land | a | 9.66 | |||||
Meridian | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Fees incurred for loans originated | 0 | 0 | $ 400,000 | |||
Fees accrued and payable | $ 300,000 | $ 300,000 | ||||
Ladder Capital Asset Management LLC | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Investment in Mutual Fund | $ 10,000,000 | |||||
Fee earned on assets under management (as percentage) | 0.75% | |||||
Fund's cap expense (as percentage) | 0.95% | |||||
Ladder Capital Asset Management LLC | Senior Management | ||||||
RELATED PARTY TRANSACTIONS | ||||||
Investment in Mutual Fund | $ 1,600,000 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) | 12 Months Ended | ||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($) | Dec. 31, 2012Extension_Option | Dec. 31, 2011Extension_Option | |
Unfunded Loan Commitments | |||||
Number of extension options | Extension_Option | 0 | 0 | |||
Rent expense | $ 1,200,000 | $ 1,500,000 | $ 1,800,000 | ||
Mortgage loan receivables held for investment, at amortized cost | |||||
Unfunded Loan Commitments | |||||
Unfunded commitments of mortgage loan receivables held for investment | 147,700,000 | 112,800,000 | |||
First mortgage loan financing | |||||
Unfunded Loan Commitments | |||||
Unfunded commitments of mortgage loan receivables held for investment | 146,300,000 | 111,400,000 | |||
Mezzanine loan | |||||
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 CONTINGENCIES99
COMMITMENTS AND CONTINGENCIES - Future Minimum Rental Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Future minimum rental payments | |
2,017 | $ 1,249 |
2,018 | 1,206 |
2,019 | 1,180 |
2,020 | 1,180 |
2,021 | 1,180 |
Thereafter | 99 |
Total | $ 6,094 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
SEGMENT REPORTING | |||||||||||
Number of reportable segments | segment | 3 | ||||||||||
Income Statement [Abstract] | |||||||||||
Interest income | $ 60,721,000 | $ 60,284,000 | $ 55,766,000 | $ 59,601,000 | $ 62,903,000 | $ 63,013,000 | $ 59,239,000 | $ 56,384,000 | $ 236,372,000 | $ 241,539,000 | $ 187,325,000 |
Interest expense | (120,827,000) | (113,303,000) | (77,574,000) | ||||||||
Net interest income | 115,545,000 | 128,236,000 | 109,751,000 | ||||||||
Provision for loan losses | (300,000) | (600,000) | (600,000) | ||||||||
Net interest income after provision for loan losses | 28,517,000 | 29,599,000 | 27,214,000 | 29,915,000 | 33,297,000 | 33,328,000 | 31,602,000 | 29,409,000 | 115,245,000 | 127,636,000 | 109,151,000 |
Operating lease income | 77,277,000 | 80,465,000 | 56,649,000 | ||||||||
Tenant recoveries | 5,958,000 | 9,907,000 | 9,183,000 | ||||||||
Sale of loans, net | 26,009,000 | 71,066,000 | 145,275,000 | ||||||||
Realized gain on securities | 7,724,000 | 24,007,000 | 26,977,000 | ||||||||
Unrealized gain (loss) on Agency interest-only securities | (56,000) | (1,249,000) | 2,144,000 | ||||||||
Realized gain on sale of real estate, net | 20,636,000 | 40,386,000 | 29,760,000 | ||||||||
Fee and other income | 21,365,000 | 15,205,000 | 11,704,000 | ||||||||
Net result from derivative transactions | (1,409,000) | (38,937,000) | (94,798,000) | ||||||||
Earnings (loss) from investment in unconsolidated joint ventures | 426,000 | 371,000 | 1,990,000 | ||||||||
Gain on assignment of mortgage loan financing | 0 | 0 | 432,000 | ||||||||
Gain (loss) on extinguishment of debt | 5,382,000 | 0 | (150,000) | ||||||||
Other income (loss) | 89,212,000 | 69,335,000 | 11,835,000 | (7,070,000) | 72,183,000 | 7,549,000 | 86,452,000 | 35,037,000 | 189,166,000 | ||
Total other income | 163,312,000 | 201,221,000 | 189,166,000 | ||||||||
Salaries and employee benefits | (64,270,000) | (61,612,000) | (82,144,000) | ||||||||
Operating expenses | (20,552,000) | (25,103,000) | (25,398,000) | ||||||||
Real estate operating expenses | (29,953,000) | (35,886,000) | (32,670,000) | ||||||||
Real estate acquisition costs | (592,000) | (1,983,000) | (2,404,000) | ||||||||
Fee expense | (3,703,000) | (4,521,000) | (3,023,000) | ||||||||
Depreciation and amortization | (39,447,000) | (39,061,000) | (28,447,000) | ||||||||
Total costs and expenses | (45,335,000) | (40,615,000) | (37,405,000) | (35,162,000) | (38,347,000) | (42,260,000) | (44,180,000) | (43,379,000) | (158,517,000) | (168,166,000) | (174,086,000) |
Tax (expense) benefit | (773,000) | (8,721,000) | 2,301,000 | 873,000 | (10,457,000) | 4,181,000 | (5,177,000) | (3,104,000) | (6,320,000) | (14,557,000) | (26,605,000) |
Net income (loss) | 71,621,000 | $ 49,598,000 | $ 3,945,000 | $ (11,444,000) | 56,676,000 | $ 2,798,000 | $ 68,697,000 | $ 17,963,000 | 113,720,000 | 146,134,000 | 97,626,000 |
Total assets | 5,578,337,000 | 5,895,212,000 | 5,578,337,000 | 5,895,212,000 | 5,814,235,000 | ||||||
Investment in unconsolidated joint ventures | 34,025,000 | 33,797,000 | 34,025,000 | 33,797,000 | |||||||
Investment in FHLB stock | 77,915,000 | 77,915,000 | 77,915,000 | 77,915,000 | |||||||
Operating Segment | |||||||||||
Income Statement [Abstract] | |||||||||||
Investment in unconsolidated joint ventures | 34,000,000 | 33,700,000 | 34,000,000 | 33,700,000 | |||||||
Operating Segment | Loans | |||||||||||
Income Statement [Abstract] | |||||||||||
Interest income | 161,315,000 | 165,403,000 | 113,943,000 | ||||||||
Interest expense | (25,531,000) | (24,039,000) | (13,205,000) | ||||||||
Net interest income | 135,784,000 | 141,364,000 | 100,738,000 | ||||||||
Provision for loan losses | (300,000) | (600,000) | (600,000) | ||||||||
Net interest income after provision for loan losses | 135,484,000 | 140,764,000 | 100,138,000 | ||||||||
Operating lease income | 0 | 0 | 0 | ||||||||
Tenant recoveries | 0 | 0 | 0 | ||||||||
Sale of loans, net | 26,009,000 | 71,066,000 | 145,275,000 | ||||||||
Realized gain on securities | 0 | 0 | 0 | ||||||||
Unrealized gain (loss) on Agency interest-only securities | 0 | 0 | 0 | ||||||||
Realized gain on sale of real estate, net | 0 | 2,346,000 | 1,525,000 | ||||||||
Fee and other income | 7,547,000 | 5,999,000 | 3,854,000 | ||||||||
Net result from derivative transactions | 8,371,000 | (12,609,000) | (34,599,000) | ||||||||
Earnings (loss) from investment in unconsolidated joint ventures | 0 | 0 | 0 | ||||||||
Gain on assignment of mortgage loan financing | 0 | ||||||||||
Gain (loss) on extinguishment of debt | 0 | 0 | |||||||||
Other income (loss) | 116,055,000 | ||||||||||
Total other income | 41,927,000 | 66,802,000 | |||||||||
Salaries and employee benefits | (11,000,000) | (16,531,000) | (22,400,000) | ||||||||
Operating expenses | 0 | 381,000 | 235,000 | ||||||||
Real estate operating expenses | 0 | 0 | 0 | ||||||||
Real estate acquisition costs | 0 | 0 | 0 | ||||||||
Fee expense | (2,343,000) | (1,693,000) | (2,172,000) | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Total costs and expenses | (13,343,000) | (17,843,000) | (24,337,000) | ||||||||
Tax (expense) benefit | 0 | 0 | 0 | ||||||||
Net income (loss) | 164,068,000 | 189,723,000 | 191,856,000 | ||||||||
Total assets | 2,353,977,000 | 2,310,409,000 | 2,353,977,000 | 2,310,409,000 | 1,939,008,000 | ||||||
Operating Segment | Securities | |||||||||||
Income Statement [Abstract] | |||||||||||
Interest income | 74,987,000 | 76,083,000 | 73,331,000 | ||||||||
Interest expense | (9,740,000) | (7,256,000) | (6,588,000) | ||||||||
Net interest income | 65,247,000 | 68,827,000 | 66,743,000 | ||||||||
Provision for loan losses | 0 | 0 | 0 | ||||||||
Net interest income after provision for loan losses | 65,247,000 | 68,827,000 | 66,743,000 | ||||||||
Operating lease income | 0 | 0 | 0 | ||||||||
Tenant recoveries | 0 | 0 | 0 | ||||||||
Sale of loans, net | 0 | 0 | 0 | ||||||||
Realized gain on securities | 7,724,000 | 24,007,000 | 26,977,000 | ||||||||
Unrealized gain (loss) on Agency interest-only securities | (56,000) | (1,249,000) | 2,144,000 | ||||||||
Realized gain on sale of real estate, net | 0 | 0 | 0 | ||||||||
Fee and other income | 0 | 230,000 | 0 | ||||||||
Net result from derivative transactions | (9,780,000) | (26,328,000) | (60,199,000) | ||||||||
Earnings (loss) from investment in unconsolidated joint ventures | 0 | 0 | 0 | ||||||||
Gain on assignment of mortgage loan financing | 0 | ||||||||||
Gain (loss) on extinguishment of debt | 0 | 0 | |||||||||
Other income (loss) | (31,078,000) | ||||||||||
Total other income | (2,112,000) | (3,340,000) | |||||||||
Salaries and employee benefits | 0 | 0 | 0 | ||||||||
Operating expenses | 0 | 0 | 0 | ||||||||
Real estate operating expenses | 0 | 0 | 0 | ||||||||
Real estate acquisition costs | 0 | 0 | 0 | ||||||||
Fee expense | (166,000) | (40,000) | (65,000) | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Total costs and expenses | (166,000) | (40,000) | (65,000) | ||||||||
Tax (expense) benefit | 0 | 0 | 0 | ||||||||
Net income (loss) | 62,969,000 | 65,447,000 | 35,600,000 | ||||||||
Total assets | 2,100,947,000 | 2,407,217,000 | 2,100,947,000 | 2,407,217,000 | 2,815,566,000 | ||||||
Operating Segment | Real Estate | |||||||||||
Income Statement [Abstract] | |||||||||||
Interest income | 10,000 | 0 | 0 | ||||||||
Interest expense | (25,333,000) | (23,873,000) | (15,984,000) | ||||||||
Net interest income | (25,323,000) | (23,873,000) | (15,984,000) | ||||||||
Provision for loan losses | 0 | 0 | 0 | ||||||||
Net interest income after provision for loan losses | (25,323,000) | (23,873,000) | (15,984,000) | ||||||||
Operating lease income | 77,277,000 | 80,465,000 | 56,649,000 | ||||||||
Tenant recoveries | 5,958,000 | 9,907,000 | 9,183,000 | ||||||||
Sale of loans, net | 0 | 0 | 0 | ||||||||
Realized gain on securities | 0 | 0 | 0 | ||||||||
Unrealized gain (loss) on Agency interest-only securities | 0 | 0 | 0 | ||||||||
Realized gain on sale of real estate, net | 20,636,000 | 38,040,000 | 28,235,000 | ||||||||
Fee and other income | 7,253,000 | 5,989,000 | 5,374,000 | ||||||||
Net result from derivative transactions | 0 | 0 | 0 | ||||||||
Earnings (loss) from investment in unconsolidated joint ventures | (466,000) | 255,000 | 900,000 | ||||||||
Gain on assignment of mortgage loan financing | 432,000 | ||||||||||
Gain (loss) on extinguishment of debt | 0 | 0 | |||||||||
Other income (loss) | 100,773,000 | ||||||||||
Total other income | 110,658,000 | 134,656,000 | |||||||||
Salaries and employee benefits | 0 | 0 | 0 | ||||||||
Operating expenses | 0 | 0 | 0 | ||||||||
Real estate operating expenses | (29,953,000) | (35,886,000) | (32,670,000) | ||||||||
Real estate acquisition costs | (592,000) | (1,982,000) | (2,400,000) | ||||||||
Fee expense | (618,000) | (470,000) | (83,000) | ||||||||
Depreciation and amortization | (39,354,000) | (38,953,000) | (28,271,000) | ||||||||
Total costs and expenses | (70,517,000) | (77,291,000) | (63,424,000) | ||||||||
Tax (expense) benefit | 0 | 0 | 0 | ||||||||
Net income (loss) | 14,818,000 | 33,492,000 | 21,365,000 | ||||||||
Total assets | 856,363,000 | 868,528,000 | 856,363,000 | 868,528,000 | 771,129,000 | ||||||
Corporate/Other | |||||||||||
Income Statement [Abstract] | |||||||||||
Interest income | 60,000 | 53,000 | 51,000 | ||||||||
Interest expense | (60,223,000) | (58,135,000) | (41,797,000) | ||||||||
Net interest income | (60,163,000) | (58,082,000) | (41,746,000) | ||||||||
Provision for loan losses | 0 | 0 | 0 | ||||||||
Net interest income after provision for loan losses | (60,163,000) | (58,082,000) | (41,746,000) | ||||||||
Operating lease income | 0 | 0 | 0 | ||||||||
Tenant recoveries | 0 | 0 | 0 | ||||||||
Sale of loans, net | 0 | 0 | 0 | ||||||||
Realized gain on securities | 0 | 0 | 0 | ||||||||
Unrealized gain (loss) on Agency interest-only securities | 0 | 0 | 0 | ||||||||
Realized gain on sale of real estate, net | 0 | 0 | 0 | ||||||||
Fee and other income | 6,565,000 | 2,987,000 | 2,476,000 | ||||||||
Net result from derivative transactions | 0 | 0 | 0 | ||||||||
Earnings (loss) from investment in unconsolidated joint ventures | 892,000 | 116,000 | 1,090,000 | ||||||||
Gain on assignment of mortgage loan financing | 0 | ||||||||||
Gain (loss) on extinguishment of debt | 5,382,000 | (150,000) | |||||||||
Other income (loss) | 3,416,000 | ||||||||||
Total other income | 12,839,000 | 3,103,000 | |||||||||
Salaries and employee benefits | (53,270,000) | (45,081,000) | (59,744,000) | ||||||||
Operating expenses | (20,552,000) | (25,484,000) | (25,633,000) | ||||||||
Real estate operating expenses | 0 | 0 | 0 | ||||||||
Real estate acquisition costs | 0 | (1,000) | (4,000) | ||||||||
Fee expense | (576,000) | (2,318,000) | (703,000) | ||||||||
Depreciation and amortization | (93,000) | (108,000) | (176,000) | ||||||||
Total costs and expenses | (74,491,000) | (72,992,000) | (86,260,000) | ||||||||
Tax (expense) benefit | (6,320,000) | (14,557,000) | (26,605,000) | ||||||||
Net income (loss) | (128,135,000) | (142,528,000) | (151,195,000) | ||||||||
Total assets | 267,050,000 | 309,058,000 | 267,050,000 | 309,058,000 | $ 288,532,000 | ||||||
Investment in unconsolidated joint ventures | 48,771 | 48,771 | |||||||||
Investment in FHLB stock | 77,900,000 | 77,900,000 | 77,900,000 | 77,900,000 | |||||||
Deferred tax assets | 2,100,000 | 5,000,000 | 2,100,000 | 5,000,000 | |||||||
Corporate/Other | Senior Unsecured Notes | |||||||||||
Income Statement [Abstract] | |||||||||||
Senior Notes | $ 559,800,000 | $ 612,600,000 | $ 559,800,000 | $ 612,600,000 |
QUARTERLY FINANCIAL DATA (UN101
QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Additional return on equity from Company's investments | $ 1,017 | $ 294 | $ 1,957 | ||||||||
Interest income | $ 60,721 | $ 60,284 | $ 55,766 | $ 59,601 | $ 62,903 | $ 63,013 | $ 59,239 | $ 56,384 | 236,372 | 241,539 | 187,325 |
Net interest income after provision for loan losses | 28,517 | 29,599 | 27,214 | 29,915 | 33,297 | 33,328 | 31,602 | 29,409 | 115,245 | 127,636 | 109,151 |
Other income (loss) | 89,212 | 69,335 | 11,835 | (7,070) | 72,183 | 7,549 | 86,452 | 35,037 | 189,166 | ||
Costs and expenses | 45,335 | 40,615 | 37,405 | 35,162 | 38,347 | 42,260 | 44,180 | 43,379 | 158,517 | 168,166 | 174,086 |
Income (loss) before taxes | 72,394 | 58,319 | 1,644 | (12,317) | 67,133 | (1,383) | 73,874 | 21,067 | 120,040 | 160,691 | 124,231 |
Income tax expense (benefit) | 773 | 8,721 | (2,301) | (873) | 10,457 | (4,181) | 5,177 | 3,104 | 6,320 | 14,557 | 26,605 |
Net income | 71,621 | 49,598 | 3,945 | (11,444) | 56,676 | 2,798 | 68,697 | 17,963 | 113,720 | 146,134 | 97,626 |
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures | (298) | 439 | (235) | 232 | (2,146) | 85 | 684 | (191) | 138 | (1,568) | 370 |
Net (income) loss attributable to noncontrolling interest in operating partnership | (29,467) | (22,429) | (908) | 5,673 | (27,407) | 430 | (35,171) | (8,597) | (47,131) | (70,745) | (66,437) |
Net income (loss) attributable to Class A common shareholders | $ 41,856 | $ 27,608 | $ 2,802 | $ (5,539) | $ 27,123 | $ 3,313 | $ 34,210 | $ 9,175 | $ 66,727 | $ 73,821 | $ 44,187 |
Basic net income (loss) per share of Class A common stock (in dollars per share) | $ 0.64 | $ 0.44 | $ 0.05 | $ (0.09) | $ 0.51 | $ 0.06 | $ 0.68 | $ 0.18 | $ 1.08 | $ 1.43 | $ 0.90 |
Diluted (in dollars per share) | 0.63 | 0.44 | 0.05 | (0.09) | 0.50 | 0.06 | 0.67 | 0.15 | $ 1.06 | $ 1.42 | $ 0.86 |
Dividends per share of common stock (in dollars per share) | $ 0.460 | $ 0.275 | $ 0.275 | $ 0.275 | $ 1.450 | $ 0.275 | $ 0.250 | $ 0.250 | |||
Noncontrolling Interest in Consolidated Joint Ventures | Out-of-Period Adjustment | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Additional return on equity from Company's investments | $ 900 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) | Feb. 24, 2017 | Dec. 17, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 05, 2014 | Sep. 19, 2012 |
Subsequent Event [Line Items] | |||||||
Loss on extinguishment of debt | $ (5,382,000) | $ 0 | $ 150,000 | ||||
Senior Unsecured Notes | Senior Notes Due, 2017 | |||||||
Subsequent Event [Line Items] | |||||||
Debt instrument, repurchased face amount | $ 5,400,000 | 21,900,000 | |||||
Debt instrument, repurchase price amount | 5,600,000 | 21,400,000 | |||||
Loss on extinguishment of debt | $ 200,000 | (300,000) | |||||
Senior Unsecured Notes | Senior Notes Due, 2017 | |||||||
Subsequent Event [Line Items] | |||||||
Debt instrument, repurchase price amount | $ 325,000,000 | ||||||
Debt instrument, aggregate amount | $ 297,700,000 | $ 325,000,000 | |||||
Subsequent Event | Senior Unsecured Notes | Senior Notes Due, 2017 | |||||||
Subsequent Event [Line Items] | |||||||
Debt instrument, repurchased face amount | $ 6,100,000 | ||||||
Debt instrument, repurchase price amount | 6,200,000 | ||||||
Loss on extinguishment of debt | (55,155) | ||||||
Unamortized debt issuance costs | $ (24,455) |
Schedule III - Real Estate a103
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 590,103 | |||
Initial Cost to Company | ||||
Land | 149,727 | |||
Building | 777,818 | |||
Intangibles | 144,987 | |||
Cost Capitalized Subsequent to Acquisition | 74,715 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 143,290 | |||
Buildings | 646,371 | |||
Intangibles | 154,685 | |||
Total | 944,346 | $ 917,835 | $ 819,591 | $ 649,820 |
Accumulated Depreciation | (122,008) | $ (83,056) | $ (50,605) | $ (25,601) |
Aggregate cost for Federal income tax purposes | 900,100 | |||
Retail Property | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 385,324 | |||
Initial Cost to Company | ||||
Land | 96,304 | |||
Building | 411,126 | |||
Intangibles | 81,470 | |||
Cost Capitalized Subsequent to Acquisition | 5,834 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 96,305 | |||
Buildings | 415,976 | |||
Intangibles | 88,015 | |||
Total | 600,296 | |||
Accumulated Depreciation | (56,650) | |||
Retail Property | Springfield, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 391 | |||
Building | 784 | |||
Intangibles | 147 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 391 | |||
Buildings | 784 | |||
Intangibles | 231 | |||
Total | 1,406 | |||
Accumulated Depreciation | $ (4) | |||
Retail Property | Springfield, IL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Springfield, IL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Fayetteville, NC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 1,379 | |||
Building | 3,121 | |||
Intangibles | 2,471 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,379 | |||
Buildings | 3,121 | |||
Intangibles | 2,471 | |||
Total | 6,971 | |||
Accumulated Depreciation | $ (30) | |||
Retail Property | Fayetteville, NC | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 12 years | |||
Retail Property | Fayetteville, NC | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 37 years | |||
Retail Property | Dryden Township, MI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 177 | |||
Building | 893 | |||
Intangibles | 120 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 177 | |||
Buildings | 893 | |||
Intangibles | 209 | |||
Total | 1,279 | |||
Accumulated Depreciation | $ (6) | |||
Retail Property | Dryden Township, MI | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Dryden Township, MI | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Lamar, MO | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 164 | |||
Building | 903 | |||
Intangibles | 109 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 164 | |||
Buildings | 903 | |||
Intangibles | 171 | |||
Total | 1,238 | |||
Accumulated Depreciation | $ (14) | |||
Retail Property | Lamar, MO | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Lamar, MO | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Union, MO | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 267 | |||
Building | 867 | |||
Intangibles | 93 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 267 | |||
Buildings | 867 | |||
Intangibles | 207 | |||
Total | 1,341 | |||
Accumulated Depreciation | $ (17) | |||
Retail Property | Union, MO | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Union, MO | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Pawnee, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 249 | |||
Building | 775 | |||
Intangibles | 177 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 249 | |||
Buildings | 775 | |||
Intangibles | 205 | |||
Total | 1,229 | |||
Accumulated Depreciation | $ (15) | |||
Retail Property | Pawnee, IL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Pawnee, IL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Linn, MO | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 89 | |||
Building | 920 | |||
Intangibles | 113 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 89 | |||
Buildings | 920 | |||
Intangibles | 182 | |||
Total | 1,191 | |||
Accumulated Depreciation | $ (16) | |||
Retail Property | Linn, MO | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Linn, MO | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Cape Girardeau, MO | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,016 | |||
Initial Cost to Company | ||||
Land | 453 | |||
Building | 702 | |||
Intangibles | 126 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 453 | |||
Buildings | 702 | |||
Intangibles | 217 | |||
Total | 1,372 | |||
Accumulated Depreciation | $ (14) | |||
Retail Property | Cape Girardeau, MO | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Cape Girardeau, MO | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Decatur-Sunnyside, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 395 | |||
Building | 923 | |||
Intangibles | 47 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 395 | |||
Buildings | 923 | |||
Intangibles | 155 | |||
Total | 1,473 | |||
Accumulated Depreciation | $ (16) | |||
Retail Property | Decatur-Sunnyside, IL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Decatur-Sunnyside, IL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Rantoul, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 100 | |||
Building | 1,023 | |||
Intangibles | 81 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 100 | |||
Buildings | 1,023 | |||
Intangibles | 178 | |||
Total | 1,301 | |||
Accumulated Depreciation | $ (18) | |||
Retail Property | Rantoul, IL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Rantoul, IL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Flora Vista, NM | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 272 | |||
Building | 864 | |||
Intangibles | 169 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 272 | |||
Buildings | 864 | |||
Intangibles | 198 | |||
Total | 1,334 | |||
Accumulated Depreciation | $ (22) | |||
Retail Property | Flora Vista, NM | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Flora Vista, NM | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | Mountain Grove, MO | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 163 | |||
Building | 1,026 | |||
Intangibles | 90 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 163 | |||
Buildings | 1,026 | |||
Intangibles | 212 | |||
Total | 1,401 | |||
Accumulated Depreciation | $ (21) | |||
Retail Property | Mountain Grove, MO | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Mountain Grove, MO | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Decatur-Pershing, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 945 | |||
Initial Cost to Company | ||||
Land | 182 | |||
Building | 954 | |||
Intangibles | 45 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 182 | |||
Buildings | 954 | |||
Intangibles | 138 | |||
Total | 1,274 | |||
Accumulated Depreciation | $ (17) | |||
Retail Property | Decatur-Pershing, IL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Decatur-Pershing, IL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Champaign, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 365 | |||
Building | 915 | |||
Intangibles | 44 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 365 | |||
Buildings | 915 | |||
Intangibles | 150 | |||
Total | 1,430 | |||
Accumulated Depreciation | $ (18) | |||
Retail Property | Champaign, IL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Champaign, IL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | San Antonio, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 886 | |||
Initial Cost to Company | ||||
Land | 252 | |||
Building | 703 | |||
Intangibles | 141 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 252 | |||
Buildings | 703 | |||
Intangibles | 196 | |||
Total | 1,151 | |||
Accumulated Depreciation | $ (20) | |||
Retail Property | San Antonio, TX | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | San Antonio, TX | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | Borger, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 782 | |||
Initial Cost to Company | ||||
Land | 68 | |||
Building | 800 | |||
Intangibles | 110 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 68 | |||
Buildings | 800 | |||
Intangibles | 180 | |||
Total | 1,048 | |||
Accumulated Depreciation | $ (20) | |||
Retail Property | Borger, TX | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Borger, TX | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Dimmitt, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,045 | |||
Initial Cost to Company | ||||
Land | 86 | |||
Building | 1,077 | |||
Intangibles | 156 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 86 | |||
Buildings | 1,077 | |||
Intangibles | 236 | |||
Total | 1,399 | |||
Accumulated Depreciation | $ (27) | |||
Retail Property | Dimmitt, TX | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Dimmitt, TX | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | St. Charles, MN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 959 | |||
Initial Cost to Company | ||||
Land | 200 | |||
Building | 843 | |||
Intangibles | 155 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 200 | |||
Buildings | 843 | |||
Intangibles | 226 | |||
Total | 1,269 | |||
Accumulated Depreciation | $ (27) | |||
Retail Property | St. Charles, MN | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | St. Charles, MN | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 30 years | |||
Retail Property | Philo, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 922 | |||
Initial Cost to Company | ||||
Land | 160 | |||
Building | 889 | |||
Intangibles | 107 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 160 | |||
Buildings | 889 | |||
Intangibles | 188 | |||
Total | 1,237 | |||
Accumulated Depreciation | $ (20) | |||
Retail Property | Philo, IL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Philo, IL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Radford, VA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,139 | |||
Initial Cost to Company | ||||
Land | 411 | |||
Building | 896 | |||
Intangibles | 257 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 411 | |||
Buildings | 896 | |||
Intangibles | 257 | |||
Total | 1,564 | |||
Accumulated Depreciation | $ (43) | |||
Retail Property | Radford, VA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Radford, VA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Rural Retreat, VA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,049 | |||
Initial Cost to Company | ||||
Land | 328 | |||
Building | 811 | |||
Intangibles | 260 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 328 | |||
Buildings | 811 | |||
Intangibles | 260 | |||
Total | 1,399 | |||
Accumulated Depreciation | $ (37) | |||
Retail Property | Rural Retreat, VA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Rural Retreat, VA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Albion, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,137 | |||
Initial Cost to Company | ||||
Land | 100 | |||
Building | 1,033 | |||
Intangibles | 392 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 100 | |||
Buildings | 1,033 | |||
Intangibles | 392 | |||
Total | 1,525 | |||
Accumulated Depreciation | $ (63) | |||
Retail Property | Albion, PA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 14 years | |||
Retail Property | Albion, PA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 50 years | |||
Retail Property | Mount Vernon, AL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 954 | |||
Initial Cost to Company | ||||
Land | 187 | |||
Building | 876 | |||
Intangibles | 161 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 187 | |||
Buildings | 876 | |||
Intangibles | 174 | |||
Total | 1,237 | |||
Accumulated Depreciation | $ (36) | |||
Retail Property | Mount Vernon, AL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 14 years | |||
Retail Property | Mount Vernon, AL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 44 years | |||
Retail Property | Malone, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,089 | |||
Initial Cost to Company | ||||
Land | 183 | |||
Building | 1,154 | |||
Intangibles | 137 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 183 | |||
Buildings | 1,154 | |||
Intangibles | 137 | |||
Total | 1,474 | |||
Accumulated Depreciation | $ (42) | |||
Retail Property | Malone, NY | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 14 years | |||
Retail Property | Malone, NY | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 39 years | |||
Retail Property | Mercedes, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 840 | |||
Initial Cost to Company | ||||
Land | 257 | |||
Building | 874 | |||
Intangibles | 132 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 257 | |||
Buildings | 874 | |||
Intangibles | 132 | |||
Total | 1,263 | |||
Accumulated Depreciation | $ (30) | |||
Retail Property | Mercedes, TX | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Mercedes, TX | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 45 years | |||
Retail Property | Gordonville, MO | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 775 | |||
Initial Cost to Company | ||||
Land | 247 | |||
Building | 787 | |||
Intangibles | 173 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 247 | |||
Buildings | 787 | |||
Intangibles | 173 | |||
Total | 1,207 | |||
Accumulated Depreciation | $ (33) | |||
Retail Property | Gordonville, MO | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Gordonville, MO | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Rice, MN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 821 | |||
Initial Cost to Company | ||||
Land | 199 | |||
Building | 859 | |||
Intangibles | 184 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 199 | |||
Buildings | 859 | |||
Intangibles | 184 | |||
Total | 1,242 | |||
Accumulated Depreciation | $ (49) | |||
Retail Property | Rice, MN | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Rice, MN | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 30 years | |||
Retail Property | Bixby, OK | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7,993 | |||
Initial Cost to Company | ||||
Land | 2,610 | |||
Building | 7,776 | |||
Intangibles | 1,765 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,610 | |||
Buildings | 7,776 | |||
Intangibles | 1,765 | |||
Total | 12,151 | |||
Accumulated Depreciation | $ (342) | |||
Retail Property | Bixby, OK | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 12 years | |||
Retail Property | Bixby, OK | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 37 years | |||
Retail Property | Farmington, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 900 | |||
Initial Cost to Company | ||||
Land | 96 | |||
Building | 1,161 | |||
Intangibles | 150 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 96 | |||
Buildings | 1,161 | |||
Intangibles | 150 | |||
Total | 1,407 | |||
Accumulated Depreciation | $ (44) | |||
Retail Property | Farmington, IL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Farmington, IL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Grove, OK | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,643 | |||
Initial Cost to Company | ||||
Land | 402 | |||
Building | 4,364 | |||
Intangibles | 817 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 402 | |||
Buildings | 4,364 | |||
Intangibles | 817 | |||
Total | 5,583 | |||
Accumulated Depreciation | $ (204) | |||
Retail Property | Grove, OK | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 12 years | |||
Retail Property | Grove, OK | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 37 years | |||
Retail Property | Jenks, OK | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8,845 | |||
Initial Cost to Company | ||||
Land | 2,617 | |||
Building | 8,695 | |||
Intangibles | 2,107 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,617 | |||
Buildings | 8,695 | |||
Intangibles | 2,107 | |||
Total | 13,419 | |||
Accumulated Depreciation | $ (412) | |||
Retail Property | Jenks, OK | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 9 years | |||
Retail Property | Jenks, OK | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 38 years | |||
Retail Property | Bloomington, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 821 | |||
Initial Cost to Company | ||||
Land | 173 | |||
Building | 984 | |||
Intangibles | 137 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 173 | |||
Buildings | 984 | |||
Intangibles | 137 | |||
Total | 1,294 | |||
Accumulated Depreciation | $ (40) | |||
Retail Property | Bloomington, IL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Bloomington, IL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Montrose, MN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 789 | |||
Initial Cost to Company | ||||
Land | 149 | |||
Building | 876 | |||
Intangibles | 169 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 149 | |||
Buildings | 876 | |||
Intangibles | 169 | |||
Total | 1,194 | |||
Accumulated Depreciation | $ (51) | |||
Retail Property | Montrose, MN | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Montrose, MN | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 30 years | |||
Retail Property | Lincoln County , MO | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 742 | |||
Initial Cost to Company | ||||
Land | 149 | |||
Building | 800 | |||
Intangibles | 188 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 149 | |||
Buildings | 800 | |||
Intangibles | 188 | |||
Total | 1,137 | |||
Accumulated Depreciation | $ (35) | |||
Retail Property | Lincoln County , MO | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Lincoln County , MO | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Wilmington, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 907 | |||
Initial Cost to Company | ||||
Land | 160 | |||
Building | 1,078 | |||
Intangibles | 160 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 160 | |||
Buildings | 1,078 | |||
Intangibles | 160 | |||
Total | 1,398 | |||
Accumulated Depreciation | $ (44) | |||
Retail Property | Wilmington, IL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Wilmington, IL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Danville, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 742 | |||
Initial Cost to Company | ||||
Land | 158 | |||
Building | 870 | |||
Intangibles | 133 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 158 | |||
Buildings | 870 | |||
Intangibles | 133 | |||
Total | 1,161 | |||
Accumulated Depreciation | $ (34) | |||
Retail Property | Danville, IL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Danville, IL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Moultrie, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 934 | |||
Initial Cost to Company | ||||
Land | 170 | |||
Building | 962 | |||
Intangibles | 173 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 170 | |||
Buildings | 962 | |||
Intangibles | 173 | |||
Total | 1,305 | |||
Accumulated Depreciation | $ (56) | |||
Retail Property | Moultrie, GA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 14 years | |||
Retail Property | Moultrie, GA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 44 years | |||
Retail Property | Rose Hill, NC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,004 | |||
Initial Cost to Company | ||||
Land | 245 | |||
Building | 973 | |||
Intangibles | 203 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 245 | |||
Buildings | 973 | |||
Intangibles | 203 | |||
Total | 1,421 | |||
Accumulated Depreciation | $ (55) | |||
Retail Property | Rose Hill, NC | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 14 years | |||
Retail Property | Rose Hill, NC | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 44 years | |||
Retail Property | Rockingham, NC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 825 | |||
Initial Cost to Company | ||||
Land | 73 | |||
Building | 922 | |||
Intangibles | 163 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 73 | |||
Buildings | 922 | |||
Intangibles | 163 | |||
Total | 1,158 | |||
Accumulated Depreciation | $ (49) | |||
Retail Property | Rockingham, NC | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 14 years | |||
Retail Property | Rockingham, NC | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 44 years | |||
Retail Property | Biscoe, NC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 863 | |||
Initial Cost to Company | ||||
Land | 147 | |||
Building | 905 | |||
Intangibles | 165 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 147 | |||
Buildings | 905 | |||
Intangibles | 165 | |||
Total | 1,217 | |||
Accumulated Depreciation | $ (50) | |||
Retail Property | Biscoe, NC | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 14 years | |||
Retail Property | Biscoe, NC | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 44 years | |||
Retail Property | De Soto, IA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 707 | |||
Initial Cost to Company | ||||
Land | 139 | |||
Building | 795 | |||
Intangibles | 176 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 139 | |||
Buildings | 795 | |||
Intangibles | 176 | |||
Total | 1,110 | |||
Accumulated Depreciation | $ (40) | |||
Retail Property | De Soto, IA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | De Soto, IA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | Kerrville, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 769 | |||
Initial Cost to Company | ||||
Land | 186 | |||
Building | 849 | |||
Intangibles | 200 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 186 | |||
Buildings | 849 | |||
Intangibles | 200 | |||
Total | 1,235 | |||
Accumulated Depreciation | $ (51) | |||
Retail Property | Kerrville, TX | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Kerrville, TX | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | Floresville, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 815 | |||
Initial Cost to Company | ||||
Land | 268 | |||
Building | 828 | |||
Intangibles | 216 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 268 | |||
Buildings | 828 | |||
Intangibles | 216 | |||
Total | 1,312 | |||
Accumulated Depreciation | $ (52) | |||
Retail Property | Floresville, TX | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Floresville, TX | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | Minot, ND | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,703 | |||
Initial Cost to Company | ||||
Land | 1,856 | |||
Building | 4,472 | |||
Intangibles | 618 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,856 | |||
Buildings | 4,472 | |||
Intangibles | 618 | |||
Total | 6,946 | |||
Accumulated Depreciation | $ (207) | |||
Retail Property | Minot, ND | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 13 years | |||
Retail Property | Minot, ND | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 38 years | |||
Retail Property | Lebanon, MI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 821 | |||
Initial Cost to Company | ||||
Land | 359 | |||
Building | 724 | |||
Intangibles | 178 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 359 | |||
Buildings | 724 | |||
Intangibles | 178 | |||
Total | 1,261 | |||
Accumulated Depreciation | $ (37) | |||
Retail Property | Lebanon, MI | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Lebanon, MI | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Effingham County, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 821 | |||
Initial Cost to Company | ||||
Land | 273 | |||
Building | 773 | |||
Intangibles | 205 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 273 | |||
Buildings | 773 | |||
Intangibles | 205 | |||
Total | 1,251 | |||
Accumulated Depreciation | $ (43) | |||
Retail Property | Effingham County, IL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Effingham County, IL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Ponce, Puerto Rico | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6,528 | |||
Initial Cost to Company | ||||
Land | 1,365 | |||
Building | 6,662 | |||
Intangibles | 1,318 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,365 | |||
Buildings | 6,662 | |||
Intangibles | 1,318 | |||
Total | 9,345 | |||
Accumulated Depreciation | $ (322) | |||
Retail Property | Ponce, Puerto Rico | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 12 years | |||
Retail Property | Ponce, Puerto Rico | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 37 years | |||
Retail Property | Tremont, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 792 | |||
Initial Cost to Company | ||||
Land | 165 | |||
Building | 860 | |||
Intangibles | 168 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 165 | |||
Buildings | 860 | |||
Intangibles | 168 | |||
Total | 1,193 | |||
Accumulated Depreciation | $ (50) | |||
Retail Property | Tremont, IL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Tremont, IL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | Pleasanton, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 869 | |||
Initial Cost to Company | ||||
Land | 312 | |||
Building | 850 | |||
Intangibles | 216 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 312 | |||
Buildings | 850 | |||
Intangibles | 216 | |||
Total | 1,378 | |||
Accumulated Depreciation | $ (58) | |||
Retail Property | Pleasanton, TX | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Pleasanton, TX | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | Peoria, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 859 | |||
Initial Cost to Company | ||||
Land | 180 | |||
Building | 934 | |||
Intangibles | 179 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 180 | |||
Buildings | 934 | |||
Intangibles | 179 | |||
Total | 1,293 | |||
Accumulated Depreciation | $ (54) | |||
Retail Property | Peoria, IL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Peoria, IL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | Bridgeport, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 825 | |||
Initial Cost to Company | ||||
Land | 192 | |||
Building | 874 | |||
Intangibles | 175 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 192 | |||
Buildings | 874 | |||
Intangibles | 175 | |||
Total | 1,241 | |||
Accumulated Depreciation | $ (50) | |||
Retail Property | Bridgeport, IL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Bridgeport, IL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | Warren, MN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 697 | |||
Initial Cost to Company | ||||
Land | 108 | |||
Building | 825 | |||
Intangibles | 156 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 108 | |||
Buildings | 825 | |||
Intangibles | 156 | |||
Total | 1,089 | |||
Accumulated Depreciation | $ (57) | |||
Retail Property | Warren, MN | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Warren, MN | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 30 years | |||
Retail Property | Canyon Lake, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 911 | |||
Initial Cost to Company | ||||
Land | 291 | |||
Building | 932 | |||
Intangibles | 221 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 291 | |||
Buildings | 932 | |||
Intangibles | 221 | |||
Total | 1,444 | |||
Accumulated Depreciation | $ (61) | |||
Retail Property | Canyon Lake, TX | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Canyon Lake, TX | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | Wheeler, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 720 | |||
Initial Cost to Company | ||||
Land | 53 | |||
Building | 887 | |||
Intangibles | 188 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 53 | |||
Buildings | 887 | |||
Intangibles | 188 | |||
Total | 1,128 | |||
Accumulated Depreciation | $ (57) | |||
Retail Property | Wheeler, TX | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Wheeler, TX | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | Aurora, MN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 631 | |||
Initial Cost to Company | ||||
Land | 126 | |||
Building | 709 | |||
Intangibles | 157 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 126 | |||
Buildings | 709 | |||
Intangibles | 157 | |||
Total | 992 | |||
Accumulated Depreciation | $ (41) | |||
Retail Property | Aurora, MN | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Aurora, MN | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Red Oak, IA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 778 | |||
Initial Cost to Company | ||||
Land | 190 | |||
Building | 839 | |||
Intangibles | 179 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 190 | |||
Buildings | 839 | |||
Intangibles | 179 | |||
Total | 1,208 | |||
Accumulated Depreciation | $ (63) | |||
Retail Property | Red Oak, IA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Red Oak, IA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | Zapata, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 746 | |||
Initial Cost to Company | ||||
Land | 62 | |||
Building | 998 | |||
Intangibles | 144 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 62 | |||
Buildings | 998 | |||
Intangibles | 144 | |||
Total | 1,204 | |||
Accumulated Depreciation | $ (78) | |||
Retail Property | Zapata, TX | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Zapata, TX | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | St. Francis, MN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 732 | |||
Initial Cost to Company | ||||
Land | 105 | |||
Building | 911 | |||
Intangibles | 164 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 105 | |||
Buildings | 911 | |||
Intangibles | 164 | |||
Total | 1,180 | |||
Accumulated Depreciation | $ (81) | |||
Retail Property | St. Francis, MN | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | St. Francis, MN | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | Yorktown, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 784 | |||
Initial Cost to Company | ||||
Land | 97 | |||
Building | 1,005 | |||
Intangibles | 199 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 97 | |||
Buildings | 1,005 | |||
Intangibles | 199 | |||
Total | 1,301 | |||
Accumulated Depreciation | $ (87) | |||
Retail Property | Yorktown, TX | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Yorktown, TX | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | Battle Lake, MN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 719 | |||
Initial Cost to Company | ||||
Land | 136 | |||
Building | 875 | |||
Intangibles | 157 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 136 | |||
Buildings | 875 | |||
Intangibles | 157 | |||
Total | 1,168 | |||
Accumulated Depreciation | $ (84) | |||
Retail Property | Battle Lake, MN | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Battle Lake, MN | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 30 years | |||
Retail Property | Paynesville, MN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 803 | |||
Initial Cost to Company | ||||
Land | 246 | |||
Building | 815 | |||
Intangibles | 192 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 246 | |||
Buildings | 815 | |||
Intangibles | 192 | |||
Total | 1,253 | |||
Accumulated Depreciation | $ (71) | |||
Retail Property | Paynesville, MN | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Paynesville, MN | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Wheaton, MO | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 653 | |||
Initial Cost to Company | ||||
Land | 73 | |||
Building | 800 | |||
Intangibles | 97 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 73 | |||
Buildings | 800 | |||
Intangibles | 97 | |||
Total | 970 | |||
Accumulated Depreciation | $ (61) | |||
Retail Property | Wheaton, MO | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Wheaton, MO | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Rotterdam, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8,890 | |||
Initial Cost to Company | ||||
Land | 2,530 | |||
Building | 7,924 | |||
Intangibles | 2,165 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,530 | |||
Buildings | 7,924 | |||
Intangibles | 2,165 | |||
Total | 12,619 | |||
Accumulated Depreciation | $ (1,160) | |||
Retail Property | Rotterdam, NY | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 8 years | |||
Retail Property | Rotterdam, NY | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 20 years | |||
Retail Property | Hilliard, OH | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,593 | |||
Initial Cost to Company | ||||
Land | 654 | |||
Building | 4,870 | |||
Intangibles | 860 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 654 | |||
Buildings | 4,870 | |||
Intangibles | 860 | |||
Total | 6,384 | |||
Accumulated Depreciation | $ (332) | |||
Retail Property | Hilliard, OH | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 12 years | |||
Retail Property | Hilliard, OH | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 41 years | |||
Retail Property | Niles, OH | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,732 | |||
Initial Cost to Company | ||||
Land | 437 | |||
Building | 4,084 | |||
Intangibles | 679 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 437 | |||
Buildings | 4,084 | |||
Intangibles | 679 | |||
Total | 5,200 | |||
Accumulated Depreciation | $ (276) | |||
Retail Property | Niles, OH | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 12 years | |||
Retail Property | Niles, OH | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 41 years | |||
Retail Property | Youngstown, OH | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,844 | |||
Initial Cost to Company | ||||
Land | 380 | |||
Building | 4,363 | |||
Intangibles | 657 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 380 | |||
Buildings | 4,363 | |||
Intangibles | 657 | |||
Total | 5,400 | |||
Accumulated Depreciation | $ (305) | |||
Retail Property | Youngstown, OH | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 12 years | |||
Retail Property | Youngstown, OH | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Kings Mountain, NC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 18,731 | |||
Initial Cost to Company | ||||
Land | 1,368 | |||
Building | 19,533 | |||
Intangibles | 3,267 | |||
Cost Capitalized Subsequent to Acquisition | 5,834 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,368 | |||
Buildings | 24,383 | |||
Intangibles | 3,267 | |||
Total | 29,018 | |||
Accumulated Depreciation | $ (1,953) | |||
Retail Property | Kings Mountain, NC | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 10 years | |||
Retail Property | Kings Mountain, NC | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | Iberia, MO | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 899 | |||
Initial Cost to Company | ||||
Land | 130 | |||
Building | 1,033 | |||
Intangibles | 165 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 130 | |||
Buildings | 1,033 | |||
Intangibles | 165 | |||
Total | 1,328 | |||
Accumulated Depreciation | $ (84) | |||
Retail Property | Iberia, MO | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 14 years | |||
Retail Property | Iberia, MO | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 39 years | |||
Retail Property | Pine Island, MN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 773 | |||
Initial Cost to Company | ||||
Land | 112 | |||
Building | 845 | |||
Intangibles | 185 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 112 | |||
Buildings | 845 | |||
Intangibles | 185 | |||
Total | 1,142 | |||
Accumulated Depreciation | $ (81) | |||
Retail Property | Pine Island, MN | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Pine Island, MN | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Isle, MN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 727 | |||
Initial Cost to Company | ||||
Land | 120 | |||
Building | 787 | |||
Intangibles | 171 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 120 | |||
Buildings | 787 | |||
Intangibles | 171 | |||
Total | 1,078 | |||
Accumulated Depreciation | $ (78) | |||
Retail Property | Isle, MN | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Isle, MN | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Jacksonville, NC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,705 | |||
Initial Cost to Company | ||||
Land | 1,863 | |||
Building | 5,749 | |||
Intangibles | 1,019 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,863 | |||
Buildings | 5,749 | |||
Intangibles | 1,019 | |||
Total | 8,631 | |||
Accumulated Depreciation | $ (442) | |||
Retail Property | Jacksonville, NC | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Jacksonville, NC | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 44 years | |||
Retail Property | Evansville, IN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6,456 | |||
Initial Cost to Company | ||||
Land | 1,788 | |||
Building | 6,348 | |||
Intangibles | 864 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,788 | |||
Buildings | 6,348 | |||
Intangibles | 864 | |||
Total | 9,000 | |||
Accumulated Depreciation | $ (547) | |||
Retail Property | Evansville, IN | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Evansville, IN | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | Woodland Park, CO | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,810 | |||
Initial Cost to Company | ||||
Land | 668 | |||
Building | 2,681 | |||
Intangibles | 620 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 668 | |||
Buildings | 2,681 | |||
Intangibles | 620 | |||
Total | 3,969 | |||
Accumulated Depreciation | $ (295) | |||
Retail Property | Woodland Park, CO | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Woodland Park, CO | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | Bellport, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 12,874 | |||
Initial Cost to Company | ||||
Land | 3,601 | |||
Building | 12,465 | |||
Intangibles | 2,034 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,601 | |||
Buildings | 12,465 | |||
Intangibles | 2,034 | |||
Total | 18,100 | |||
Accumulated Depreciation | $ (1,152) | |||
Retail Property | Bellport, NY | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Bellport, NY | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | Ankemy, IA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 11,743 | |||
Initial Cost to Company | ||||
Land | 3,180 | |||
Building | 10,513 | |||
Intangibles | 2,817 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,180 | |||
Buildings | 10,513 | |||
Intangibles | 2,843 | |||
Total | 16,536 | |||
Accumulated Depreciation | $ (1,023) | |||
Retail Property | Ankemy, IA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 14 years | |||
Retail Property | Ankemy, IA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 39 years | |||
Retail Property | Springfield, MO | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8,392 | |||
Initial Cost to Company | ||||
Land | 3,658 | |||
Building | 6,296 | |||
Intangibles | 1,721 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,658 | |||
Buildings | 6,296 | |||
Intangibles | 1,870 | |||
Total | 11,824 | |||
Accumulated Depreciation | $ (668) | |||
Retail Property | Springfield, MO | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 12 years | |||
Retail Property | Springfield, MO | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 37 years | |||
Retail Property | Cedar Rapids, IA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7,824 | |||
Initial Cost to Company | ||||
Land | 1,569 | |||
Building | 7,553 | |||
Intangibles | 1,878 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,569 | |||
Buildings | 7,553 | |||
Intangibles | 1,878 | |||
Total | 11,000 | |||
Accumulated Depreciation | $ (862) | |||
Retail Property | Cedar Rapids, IA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 10 years | |||
Retail Property | Cedar Rapids, IA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 30 years | |||
Retail Property | Fairfield, IA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7,610 | |||
Initial Cost to Company | ||||
Land | 1,132 | |||
Building | 7,779 | |||
Intangibles | 1,784 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,132 | |||
Buildings | 7,779 | |||
Intangibles | 1,800 | |||
Total | 10,711 | |||
Accumulated Depreciation | $ (746) | |||
Retail Property | Fairfield, IA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 12 years | |||
Retail Property | Fairfield, IA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 37 years | |||
Retail Property | Owatonna, MN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7,151 | |||
Initial Cost to Company | ||||
Land | 1,399 | |||
Building | 7,125 | |||
Intangibles | 1,446 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,398 | |||
Buildings | 7,125 | |||
Intangibles | 1,564 | |||
Total | 10,087 | |||
Accumulated Depreciation | $ (714) | |||
Retail Property | Owatonna, MN | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 11 years | |||
Retail Property | Owatonna, MN | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 36 years | |||
Retail Property | Muscatine, IA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,128 | |||
Initial Cost to Company | ||||
Land | 1,060 | |||
Building | 6,636 | |||
Intangibles | (546) | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,060 | |||
Buildings | 6,636 | |||
Intangibles | 1,307 | |||
Total | 9,003 | |||
Accumulated Depreciation | $ (709) | |||
Retail Property | Muscatine, IA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 10 years | |||
Retail Property | Muscatine, IA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 29 years | |||
Retail Property | Sheldon, IA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,084 | |||
Initial Cost to Company | ||||
Land | 633 | |||
Building | 3,053 | |||
Intangibles | 614 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 633 | |||
Buildings | 3,053 | |||
Intangibles | 708 | |||
Total | 4,394 | |||
Accumulated Depreciation | $ (305) | |||
Retail Property | Sheldon, IA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 12 years | |||
Retail Property | Sheldon, IA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 37 years | |||
Retail Property | Memphis, TN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,930 | |||
Initial Cost to Company | ||||
Land | 1,986 | |||
Building | 2,800 | |||
Intangibles | 524 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,987 | |||
Buildings | 2,800 | |||
Intangibles | 803 | |||
Total | 5,590 | |||
Accumulated Depreciation | $ (617) | |||
Retail Property | Memphis, TN | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 10 years | |||
Retail Property | Memphis, TN | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Bennett, CO | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,494 | |||
Initial Cost to Company | ||||
Land | 470 | |||
Building | 2,503 | |||
Intangibles | 549 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 470 | |||
Buildings | 2,503 | |||
Intangibles | 563 | |||
Total | 3,536 | |||
Accumulated Depreciation | $ (294) | |||
Retail Property | Bennett, CO | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 14 years | |||
Retail Property | Bennett, CO | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 34 years | |||
Retail Property | Conyers, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 22,847 | |||
Initial Cost to Company | ||||
Land | 876 | |||
Building | 27,396 | |||
Intangibles | 4,258 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 876 | |||
Buildings | 27,396 | |||
Intangibles | 4,258 | |||
Total | 32,530 | |||
Accumulated Depreciation | $ (2,345) | |||
Retail Property | Conyers, GA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Conyers, GA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 45 years | |||
Retail Property | O'Fallon, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,689 | |||
Initial Cost to Company | ||||
Land | 2,488 | |||
Building | 5,388 | |||
Intangibles | 124 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,488 | |||
Buildings | 5,388 | |||
Intangibles | 1,063 | |||
Total | 8,939 | |||
Accumulated Depreciation | $ (1,218) | |||
Retail Property | O'Fallon, IL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 7 years | |||
Retail Property | O'Fallon, IL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | El Centro, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,985 | |||
Initial Cost to Company | ||||
Land | 569 | |||
Building | 3,133 | |||
Intangibles | 575 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 569 | |||
Buildings | 3,133 | |||
Intangibles | 575 | |||
Total | 4,277 | |||
Accumulated Depreciation | $ (294) | |||
Retail Property | El Centro, CA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | El Centro, CA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 50 years | |||
Retail Property | Durant, OK | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,229 | |||
Initial Cost to Company | ||||
Land | 593 | |||
Building | 3,900 | |||
Intangibles | 498 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 593 | |||
Buildings | 3,900 | |||
Intangibles | 498 | |||
Total | 4,991 | |||
Accumulated Depreciation | $ (513) | |||
Retail Property | Durant, OK | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 10 years | |||
Retail Property | Durant, OK | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Gallatin, TN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,301 | |||
Initial Cost to Company | ||||
Land | 1,725 | |||
Building | 2,616 | |||
Intangibles | 721 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,725 | |||
Buildings | 2,615 | |||
Intangibles | 721 | |||
Total | 5,061 | |||
Accumulated Depreciation | $ (464) | |||
Retail Property | Gallatin, TN | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 11 years | |||
Retail Property | Gallatin, TN | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Mt. Airy, NC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,931 | |||
Initial Cost to Company | ||||
Land | 728 | |||
Building | 3,353 | |||
Intangibles | 411 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 728 | |||
Buildings | 3,353 | |||
Intangibles | 621 | |||
Total | 4,702 | |||
Accumulated Depreciation | $ (530) | |||
Retail Property | Mt. Airy, NC | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 9 years | |||
Retail Property | Mt. Airy, NC | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 39 years | |||
Retail Property | Aiken, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,860 | |||
Initial Cost to Company | ||||
Land | 1,588 | |||
Building | 3,480 | |||
Intangibles | 858 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,588 | |||
Buildings | 3,480 | |||
Intangibles | 858 | |||
Total | 5,926 | |||
Accumulated Depreciation | $ (567) | |||
Retail Property | Aiken, SC | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 11 years | |||
Retail Property | Aiken, SC | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 41 years | |||
Retail Property | Johnson City, TN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,431 | |||
Initial Cost to Company | ||||
Land | 917 | |||
Building | 3,606 | |||
Intangibles | 739 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 917 | |||
Buildings | 3,606 | |||
Intangibles | 739 | |||
Total | 5,262 | |||
Accumulated Depreciation | $ (571) | |||
Retail Property | Johnson City, TN | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 11 years | |||
Retail Property | Johnson City, TN | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Retail Property | Palmview, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,582 | |||
Initial Cost to Company | ||||
Land | 938 | |||
Building | 4,837 | |||
Intangibles | 1,045 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 938 | |||
Buildings | 4,837 | |||
Intangibles | 1,045 | |||
Total | 6,820 | |||
Accumulated Depreciation | $ (655) | |||
Retail Property | Palmview, TX | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 11 years | |||
Retail Property | Palmview, TX | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 44 years | |||
Retail Property | Ooltewah, TN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,837 | |||
Initial Cost to Company | ||||
Land | 903 | |||
Building | 3,957 | |||
Intangibles | 843 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 903 | |||
Buildings | 3,957 | |||
Intangibles | 843 | |||
Total | 5,703 | |||
Accumulated Depreciation | $ (612) | |||
Retail Property | Ooltewah, TN | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 11 years | |||
Retail Property | Ooltewah, TN | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 41 years | |||
Retail Property | Abingdon, VA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,081 | |||
Initial Cost to Company | ||||
Land | 682 | |||
Building | 3,733 | |||
Intangibles | 273 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 682 | |||
Buildings | 3,733 | |||
Intangibles | 666 | |||
Total | 5,081 | |||
Accumulated Depreciation | $ (583) | |||
Retail Property | Abingdon, VA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 11 years | |||
Retail Property | Abingdon, VA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 41 years | |||
Retail Property | Wichita, KS | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,801 | |||
Initial Cost to Company | ||||
Land | 1,187 | |||
Building | 4,850 | |||
Intangibles | 1,163 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,187 | |||
Buildings | 4,850 | |||
Intangibles | 1,163 | |||
Total | 7,200 | |||
Accumulated Depreciation | $ (987) | |||
Retail Property | Wichita, KS | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 14 years | |||
Retail Property | Wichita, KS | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 34 years | |||
Retail Property | North Dartsmouth, MA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 19,046 | |||
Initial Cost to Company | ||||
Land | 7,033 | |||
Building | 19,745 | |||
Intangibles | 3,187 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,034 | |||
Buildings | 19,745 | |||
Intangibles | 3,187 | |||
Total | 29,966 | |||
Accumulated Depreciation | $ (5,227) | |||
Retail Property | North Dartsmouth, MA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 10 years | |||
Retail Property | North Dartsmouth, MA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 20 years | |||
Retail Property | Vineland, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 13,971 | |||
Initial Cost to Company | ||||
Land | 1,483 | |||
Building | 17,742 | |||
Intangibles | 3,282 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,482 | |||
Buildings | 17,742 | |||
Intangibles | 3,282 | |||
Total | 22,506 | |||
Accumulated Depreciation | $ (3,655) | |||
Retail Property | Vineland, NJ | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 12 years | |||
Retail Property | Vineland, NJ | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 30 years | |||
Retail Property | Saratoga Springs, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 12,553 | |||
Initial Cost to Company | ||||
Land | 748 | |||
Building | 13,936 | |||
Intangibles | 5,538 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 748 | |||
Buildings | 13,936 | |||
Intangibles | 5,538 | |||
Total | 20,222 | |||
Accumulated Depreciation | $ (3,435) | |||
Retail Property | Saratoga Springs, NY | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Saratoga Springs, NY | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 27 years | |||
Retail Property | Waldorf, MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 11,672 | |||
Initial Cost to Company | ||||
Land | 4,933 | |||
Building | 11,684 | |||
Intangibles | 2,186 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,933 | |||
Buildings | 11,684 | |||
Intangibles | 2,882 | |||
Total | 19,499 | |||
Accumulated Depreciation | $ (2,930) | |||
Retail Property | Waldorf, MD | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 10 years | |||
Retail Property | Waldorf, MD | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 25 years | |||
Retail Property | Mooresville, NC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 10,952 | |||
Initial Cost to Company | ||||
Land | 2,616 | |||
Building | 12,462 | |||
Intangibles | 2,566 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,615 | |||
Buildings | 12,462 | |||
Intangibles | 2,566 | |||
Total | 17,643 | |||
Accumulated Depreciation | $ (3,073) | |||
Retail Property | Mooresville, NC | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 12 years | |||
Retail Property | Mooresville, NC | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 24 years | |||
Retail Property | Sennett, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,752 | |||
Initial Cost to Company | ||||
Land | 1,147 | |||
Building | 4,480 | |||
Intangibles | 1,849 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,147 | |||
Buildings | 4,480 | |||
Intangibles | 1,849 | |||
Total | 7,476 | |||
Accumulated Depreciation | $ (1,360) | |||
Retail Property | Sennett, NY | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 10 years | |||
Retail Property | Sennett, NY | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 23 years | |||
Retail Property | DeLeon Springs, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 821 | |||
Initial Cost to Company | ||||
Land | 239 | |||
Building | 782 | |||
Intangibles | 221 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 239 | |||
Buildings | 782 | |||
Intangibles | 221 | |||
Total | 1,242 | |||
Accumulated Depreciation | $ (216) | |||
Retail Property | DeLeon Springs, FL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | DeLeon Springs, FL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | Orange City, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 797 | |||
Initial Cost to Company | ||||
Land | 229 | |||
Building | 853 | |||
Intangibles | 235 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 229 | |||
Buildings | 853 | |||
Intangibles | 235 | |||
Total | 1,317 | |||
Accumulated Depreciation | $ (230) | |||
Retail Property | Orange City, FL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Orange City, FL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | Satsuma, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 717 | |||
Initial Cost to Company | ||||
Land | 79 | |||
Building | 821 | |||
Intangibles | 192 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 79 | |||
Buildings | 821 | |||
Intangibles | 192 | |||
Total | 1,092 | |||
Accumulated Depreciation | $ (224) | |||
Retail Property | Satsuma, FL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Retail Property | Satsuma, FL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Retail Property | Greenwood, AR | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,424 | |||
Initial Cost to Company | ||||
Land | 1,038 | |||
Building | 3,415 | |||
Intangibles | 694 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,038 | |||
Buildings | 3,416 | |||
Intangibles | 694 | |||
Total | 5,148 | |||
Accumulated Depreciation | $ (611) | |||
Retail Property | Greenwood, AR | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 13 years | |||
Retail Property | Greenwood, AR | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 43 years | |||
Retail Property | Snellville, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,322 | |||
Initial Cost to Company | ||||
Land | 1,293 | |||
Building | 5,724 | |||
Intangibles | 983 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,293 | |||
Buildings | 5,724 | |||
Intangibles | 983 | |||
Total | 8,000 | |||
Accumulated Depreciation | $ (1,236) | |||
Retail Property | Snellville, GA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 14 years | |||
Retail Property | Snellville, GA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 34 years | |||
Retail Property | Columbia, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,177 | |||
Initial Cost to Company | ||||
Land | 2,148 | |||
Building | 4,629 | |||
Intangibles | 1,023 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,148 | |||
Buildings | 4,629 | |||
Intangibles | 1,023 | |||
Total | 7,800 | |||
Accumulated Depreciation | $ (1,044) | |||
Retail Property | Columbia, SC | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 14 years | |||
Retail Property | Columbia, SC | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 34 years | |||
Retail Property | Millbrook, AL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,616 | |||
Initial Cost to Company | ||||
Land | 970 | |||
Building | 5,971 | |||
Intangibles | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 970 | |||
Buildings | 5,971 | |||
Intangibles | 0 | |||
Total | 6,941 | |||
Accumulated Depreciation | $ (895) | |||
Estimated useful lives of real estate | 32 years | |||
Retail Property | Pittsfield, MA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 11,135 | |||
Initial Cost to Company | ||||
Land | 1,801 | |||
Building | 11,555 | |||
Intangibles | 1,344 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,801 | |||
Buildings | 11,555 | |||
Intangibles | 1,344 | |||
Total | 14,700 | |||
Accumulated Depreciation | $ (2,131) | |||
Retail Property | Pittsfield, MA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 14 years | |||
Retail Property | Pittsfield, MA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 34 years | |||
Retail Property | Spartanburg, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,701 | |||
Initial Cost to Company | ||||
Land | 827 | |||
Building | 2,567 | |||
Intangibles | 476 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 828 | |||
Buildings | 2,567 | |||
Intangibles | 772 | |||
Total | 4,167 | |||
Accumulated Depreciation | $ (684) | |||
Retail Property | Spartanburg, SC | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 12 years | |||
Retail Property | Spartanburg, SC | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 42 years | |||
Retail Property | Tupelo, MS | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,090 | |||
Initial Cost to Company | ||||
Land | 1,119 | |||
Building | 3,070 | |||
Intangibles | 939 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,119 | |||
Buildings | 3,070 | |||
Intangibles | 939 | |||
Total | 5,128 | |||
Accumulated Depreciation | $ (806) | |||
Retail Property | Tupelo, MS | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 12 years | |||
Retail Property | Tupelo, MS | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 47 years | |||
Retail Property | Lilburn, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,474 | |||
Initial Cost to Company | ||||
Land | 1,090 | |||
Building | 3,673 | |||
Intangibles | 1,028 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,090 | |||
Buildings | 3,673 | |||
Intangibles | 1,028 | |||
Total | 5,791 | |||
Accumulated Depreciation | $ (932) | |||
Retail Property | Lilburn, GA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 12 years | |||
Retail Property | Lilburn, GA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 47 years | |||
Retail Property | Douglasville, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,264 | |||
Initial Cost to Company | ||||
Land | 1,717 | |||
Building | 2,705 | |||
Intangibles | 987 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,717 | |||
Buildings | 2,705 | |||
Intangibles | 987 | |||
Total | 5,409 | |||
Accumulated Depreciation | $ (736) | |||
Retail Property | Douglasville, GA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 13 years | |||
Retail Property | Douglasville, GA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 48 years | |||
Retail Property | Elkton, MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,928 | |||
Initial Cost to Company | ||||
Land | 963 | |||
Building | 3,049 | |||
Intangibles | 860 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 963 | |||
Buildings | 3,049 | |||
Intangibles | 860 | |||
Total | 4,872 | |||
Accumulated Depreciation | $ (780) | |||
Retail Property | Elkton, MD | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 14 years | |||
Retail Property | Elkton, MD | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 49 years | |||
Retail Property | Lexington, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,898 | |||
Initial Cost to Company | ||||
Land | 1,644 | |||
Building | 2,219 | |||
Intangibles | 869 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,645 | |||
Buildings | 2,219 | |||
Intangibles | 869 | |||
Total | 4,733 | |||
Accumulated Depreciation | $ (667) | |||
Retail Property | Lexington, SC | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 13 years | |||
Retail Property | Lexington, SC | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 48 years | |||
Office building | Peoria, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 888 | |||
Building | 415 | |||
Intangibles | 1,457 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 888 | |||
Buildings | 415 | |||
Intangibles | 1,579 | |||
Total | 2,882 | |||
Accumulated Depreciation | $ (29) | |||
Office building | Peoria, IL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 5 years | |||
Office building | Peoria, IL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Office building | Wayne, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 21,856 | |||
Initial Cost to Company | ||||
Land | 2,744 | |||
Building | 20,212 | |||
Intangibles | 7,684 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,743 | |||
Buildings | 20,212 | |||
Intangibles | 8,323 | |||
Total | 31,278 | |||
Accumulated Depreciation | $ (523) | |||
Office building | Wayne, NJ | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 15 years | |||
Office building | Wayne, NJ | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 45 years | |||
Office building | Wayne, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6,670 | |||
Initial Cost to Company | ||||
Land | 1,386 | |||
Building | 5,474 | |||
Intangibles | 2,840 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,386 | |||
Buildings | 5,474 | |||
Intangibles | 2,840 | |||
Total | 9,700 | |||
Accumulated Depreciation | $ (638) | |||
Office building | Wayne, NJ | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 10 years | |||
Office building | Wayne, NJ | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 40 years | |||
Office building | Grand Rapids, MI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,928 | |||
Initial Cost to Company | ||||
Land | 547 | |||
Building | 5,157 | |||
Intangibles | 596 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 547 | |||
Buildings | 5,157 | |||
Intangibles | 596 | |||
Total | 6,300 | |||
Accumulated Depreciation | $ (514) | |||
Office building | Grand Rapids, MI | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 6 years | |||
Office building | Grand Rapids, MI | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 28 years | |||
Office building | St. Paul, MN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 48,446 | |||
Initial Cost to Company | ||||
Land | 9,615 | |||
Building | 33,682 | |||
Intangibles | 19,243 | |||
Cost Capitalized Subsequent to Acquisition | 22,346 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 10,714 | |||
Buildings | 36,226 | |||
Intangibles | 20,520 | |||
Total | 67,460 | |||
Accumulated Depreciation | $ (12,793) | |||
Office building | St. Paul, MN | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 7 years | |||
Office building | St. Paul, MN | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 19 years | |||
Office building | Richmond, VA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 15,803 | |||
Initial Cost to Company | ||||
Land | 4,539 | |||
Building | 12,633 | |||
Intangibles | 2,678 | |||
Cost Capitalized Subsequent to Acquisition | 7,119 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,539 | |||
Buildings | 13,608 | |||
Intangibles | 2,704 | |||
Total | 20,851 | |||
Accumulated Depreciation | $ (3,743) | |||
Office building | Richmond, VA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 4 years | |||
Office building | Richmond, VA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 33 years | |||
Office building | Richmond, VA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 88,090 | |||
Initial Cost to Company | ||||
Land | 14,632 | |||
Building | 87,628 | |||
Intangibles | 16,145 | |||
Cost Capitalized Subsequent to Acquisition | 28,052 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 14,631 | |||
Buildings | 91,407 | |||
Intangibles | 17,611 | |||
Total | 123,649 | |||
Accumulated Depreciation | $ (30,750) | |||
Office building | Richmond, VA | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 4 years | |||
Office building | Richmond, VA | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 41 years | |||
Office building | Oakland County, MI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 11,747 | |||
Initial Cost to Company | ||||
Land | 1,147 | |||
Building | 7,707 | |||
Intangibles | 9,146 | |||
Cost Capitalized Subsequent to Acquisition | 7,299 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,147 | |||
Buildings | 11,381 | |||
Intangibles | 9,932 | |||
Total | 22,460 | |||
Accumulated Depreciation | $ (12,049) | |||
Office building | Oakland County, MI | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 4 years | |||
Office building | Oakland County, MI | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Warehouse | Grand Rapids, MI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7,239 | |||
Initial Cost to Company | ||||
Land | 497 | |||
Building | 8,157 | |||
Intangibles | 1,077 | |||
Cost Capitalized Subsequent to Acquisition | 474 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 498 | |||
Buildings | 8,157 | |||
Intangibles | 1,077 | |||
Total | 9,732 | |||
Accumulated Depreciation | $ (587) | |||
Warehouse | Grand Rapids, MI | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 8 years | |||
Warehouse | Grand Rapids, MI | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 35 years | |||
Shopping center | Carmel, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 2,041 | |||
Building | 3,632 | |||
Intangibles | 1,033 | |||
Cost Capitalized Subsequent to Acquisition | 727 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,041 | |||
Buildings | 4,116 | |||
Intangibles | 1,033 | |||
Total | 7,190 | |||
Accumulated Depreciation | $ (353) | |||
Shopping center | Carmel, NY | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 5 years | |||
Shopping center | Carmel, NY | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 20 years | |||
Other | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 204,779 | |||
Initial Cost to Company | ||||
Land | 38,036 | |||
Building | 184,697 | |||
Intangibles | 61,899 | |||
Cost Capitalized Subsequent to Acquisition | 66,017 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 39,134 | |||
Buildings | 196,153 | |||
Intangibles | 66,215 | |||
Total | 301,502 | |||
Accumulated Depreciation | (61,979) | |||
Condominium | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 15,387 | |||
Building | 181,995 | |||
Intangibles | 1,618 | |||
Cost Capitalized Subsequent to Acquisition | 2,864 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,851 | |||
Buildings | 34,242 | |||
Intangibles | 455 | |||
Total | 42,548 | |||
Accumulated Depreciation | (3,379) | |||
Condominium | Miami, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company | ||||
Land | 10,487 | |||
Building | 67,895 | |||
Intangibles | 1,618 | |||
Cost Capitalized Subsequent to Acquisition | 1,522 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,951 | |||
Buildings | 20,626 | |||
Intangibles | 455 | |||
Total | 24,032 | |||
Accumulated Depreciation | $ (1,585) | |||
Condominium | Miami, FL | Minimum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 7 years | |||
Condominium | Miami, FL | Maximum | ||||
Gross Amount at which Carried at Close of Period | ||||
Estimated useful lives of real estate | 47 years | |||
Condominium | Las Vegas, NV | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 4,900 | |||
Building | 114,100 | |||
Intangibles | 0 | |||
Cost Capitalized Subsequent to Acquisition | 1,342 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,900 | |||
Buildings | 13,616 | |||
Intangibles | 0 | |||
Total | 18,516 | |||
Accumulated Depreciation | $ (1,794) | |||
Estimated useful lives of real estate | 40 years |
Schedule III - Real Estate a104
Schedule III - Real Estate and Accumulated Depreciation Schedule III - Reconciliation of Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Real Estate | |||
Balance at the beginning of the period | $ 917,835 | $ 819,591 | $ 649,820 |
Reclassification of intangibles to accumulated amortization | 1,316 | ||
Improvements and additions | 75,345 | 232,582 | 267,367 |
Acquisitions through foreclosures | 0 | 6,706 | 0 |
Dispositions | (50,150) | (141,044) | (97,596) |
Impairments | 0 | 0 | 0 |
Balance at the end of the period | 944,346 | 917,835 | 819,591 |
Commercial Real Estate | |||
Reconciliation of Real Estate | |||
Balance at the beginning of the period | 842,140 | 697,965 | 474,465 |
Reclassification of intangibles to accumulated amortization | 1,316 | ||
Improvements and additions | 72,963 | 230,915 | 267,367 |
Acquisitions through foreclosures | 0 | 6,706 | 0 |
Dispositions | (14,622) | (93,446) | (43,867) |
Impairments | 0 | 0 | 0 |
Balance at the end of the period | 901,797 | 842,140 | 697,965 |
Residential Real Estate | |||
Reconciliation of Real Estate | |||
Balance at the beginning of the period | 75,695 | 121,626 | 175,355 |
Reclassification of intangibles to accumulated amortization | 0 | ||
Improvements and additions | 2,382 | 1,667 | 0 |
Acquisitions through foreclosures | 0 | 0 | 0 |
Dispositions | (35,528) | (47,598) | (53,729) |
Impairments | 0 | 0 | 0 |
Balance at the end of the period | $ 42,549 | $ 75,695 | $ 121,626 |
Schedule III - Real Estate a105
Schedule III - Real Estate and Accumulated Depreciation Schedule III - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Balance at the beginning of the period | $ 83,056 | $ 50,605 | $ 25,601 |
Reclassification of intangibles to accumulated amortization | 1,316 | ||
Additions | 40,726 | 40,490 | 28,916 |
Dispositions | (3,090) | (8,039) | (3,912) |
Balance at the end of the period | 122,008 | 83,056 | 50,605 |
Commercial Real Estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Balance at the beginning of the period | 78,376 | 45,856 | 23,061 |
Reclassification of intangibles to accumulated amortization | 1,316 | ||
Additions | 39,398 | 38,213 | 25,212 |
Dispositions | (460) | (5,693) | (2,417) |
Balance at the end of the period | 118,630 | 78,376 | 45,856 |
Residential Real Estate | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Balance at the beginning of the period | 4,680 | 4,749 | 2,540 |
Reclassification of intangibles to accumulated amortization | |||
Additions | 1,328 | 2,277 | 3,704 |
Dispositions | (2,630) | (2,346) | (1,495) |
Balance at the end of the period | $ 3,378 | $ 4,680 | $ 4,749 |
Schedule IV - Mortgage Loans106
Schedule IV - Mortgage Loans on Real Estate (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($) | |
Mortgage Loans on Real Estate [Line Items] | |||
Mortgage Loans on Real Estate, Interest Rate | 6.73% | 6.83% | |
Prior Liens | $ 1,263,892 | ||
Face amount of Mortgages | 2,371,827 | ||
Mortgage loans on real estate, carrying amount | 2,357,977 | ||
Provision for Loan and Lease Losses | (4,000) | ||
Total Mortgages after Provision for Loan Losses | 2,353,977 | ||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | 26,850 | ||
Aggregate cost for Federal income tax purposes | $ 2,400,000 | ||
Mortgage loan receivables held for investment, at amortized cost | |||
Mortgage Loans on Real Estate [Line Items] | |||
Mortgage Loans on Real Estate, Interest Rate | 7.17% | 7.56% | |
Provision for Loan and Lease Losses | $ (4,000) | $ (3,700) | $ (3,100) |
Number or loans in default | loan | 2 | 0 | |
Loans in default, carrying value | $ 26,900 | ||
First mortgage loan | |||
Mortgage Loans on Real Estate [Line Items] | |||
Prior Liens | 0 | ||
Face amount of Mortgages | 2,203,524 | ||
Mortgage loans on real estate, carrying amount | 2,190,508 | ||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | 26,850 | ||
Subordinated Mortgages | |||
Mortgage Loans on Real Estate [Line Items] | |||
Prior Liens | 1,263,892 | ||
Face amount of Mortgages | 168,303 | ||
Mortgage loans on real estate, carrying amount | 167,469 | ||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | ||
Hotel | First Mortgage 5.15% | |||
Mortgage Loans on Real Estate [Line Items] | |||
Mortgage Loans on Real Estate, Interest Rate | 5.15% | ||
Prior Liens | $ 0 | ||
Face amount of Mortgages | 97,500 | ||
Mortgage loans on real estate, carrying amount | 97,297 | ||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | ||
Hotel | First Mortgage 5.75% | |||
Mortgage Loans on Real Estate [Line Items] | |||
Mortgage Loans on Real Estate, Interest Rate | 5.75% | ||
Prior Liens | $ 0 | ||
Face amount of Mortgages | 97,296 | ||
Mortgage loans on real estate, carrying amount | 97,248 | ||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | ||
Hotel | First Mortgage 9.4% | |||
Mortgage Loans on Real Estate [Line Items] | |||
Mortgage Loans on Real Estate, Interest Rate | 9.40% | ||
Prior Liens | $ 0 | ||
Face amount of Mortgages | 98,345 | ||
Mortgage loans on real estate, carrying amount | 98,345 | ||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | ||
Multi-family | First Mortgage 2.87% | |||
Mortgage Loans on Real Estate [Line Items] | |||
Mortgage Loans on Real Estate, Interest Rate | 2.87% | ||
Prior Liens | $ 0 | ||
Face amount of Mortgages | 120,000 | ||
Mortgage loans on real estate, carrying amount | 120,000 | ||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | ||
Office | First Mortgage 4.6% | |||
Mortgage Loans on Real Estate [Line Items] | |||
Mortgage Loans on Real Estate, Interest Rate | 4.60% | ||
Prior Liens | $ 0 | ||
Face amount of Mortgages | 107,250 | ||
Mortgage loans on real estate, carrying amount | 106,421 | ||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | 0 | ||
Hotel, Industrial, Mobile Home Park, Mixed Use, Multi-family, Office, Retail | First mortgages individually less than 3% | |||
Mortgage Loans on Real Estate [Line Items] | |||
Prior Liens | 0 | ||
Face amount of Mortgages | 1,683,133 | ||
Mortgage loans on real estate, carrying amount | 1,671,197 | ||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 26,850 | ||
Hotel, Industrial, Mobile Home Park, Mixed Use, Multi-family, Office, Retail | First mortgages individually less than 3% | Minimum | |||
Mortgage Loans on Real Estate [Line Items] | |||
Mortgage Loans on Real Estate, Interest Rate | 4.15% | ||
Hotel, Industrial, Mobile Home Park, Mixed Use, Multi-family, Office, Retail | First mortgages individually less than 3% | Maximum | |||
Mortgage Loans on Real Estate [Line Items] | |||
Mortgage Loans on Real Estate, Interest Rate | 12.25% | ||
Hotel, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Residential, Retail | Subordinated mortgages individually less than 3% | |||
Mortgage Loans on Real Estate [Line Items] | |||
Prior Liens | $ 1,263,892 | ||
Face amount of Mortgages | 168,303 | ||
Mortgage loans on real estate, carrying amount | 167,469 | ||
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | ||
Hotel, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Residential, Retail | Subordinated mortgages individually less than 3% | Minimum | |||
Mortgage Loans on Real Estate [Line Items] | |||
Mortgage Loans on Real Estate, Interest Rate | 5.00% | ||
Hotel, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Residential, Retail | Subordinated mortgages individually less than 3% | Maximum | |||
Mortgage Loans on Real Estate [Line Items] | |||
Mortgage Loans on Real Estate, Interest Rate | 15.00% |
Schedule IV - Mortgage Loans107
Schedule IV - Mortgage Loans on Real Estate - Reconcile Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Mortgage loans on Real Estate: | |||
Balance at the beginning of the period | $ 2,310,409 | $ 1,939,008 | $ 979,568 |
Origination of mortgage loan receivables | 2,098,052 | 3,557,164 | 4,547,340 |
Purchases of mortgage loan receivables | 73,421 | ||
Repayment of mortgage loan receivables | (722,360) | (754,760) | (215,804) |
Proceeds from sales of mortgage loan receivables | 1,440,195 | 2,509,090 | 3,523,689 |
Non-cash disposition of loan via foreclosure | (4,620) | ||
Sale of loans, net | 26,009 | 71,066 | 145,275 |
Transfer between held for investment and held for sale | 0 | ||
Accretion/amortization of discount, premium and other fees | 8,941 | 12,241 | 6,918 |
Loan loss provision | (300) | (600) | (600) |
Balance at the end of the period | 2,353,977 | 2,310,409 | 1,939,008 |
Mortgage loan receivables held for investment, at amortized cost | |||
Reconciliation of Mortgage loans on Real Estate: | |||
Balance at the beginning of the period | 1,738,645 | 1,521,053 | 539,078 |
Origination of mortgage loan receivables | 969,401 | 963,023 | 1,201,968 |
Purchases of mortgage loan receivables | 0 | ||
Repayment of mortgage loan receivables | (720,592) | (752,452) | (214,511) |
Proceeds from sales of mortgage loan receivables | 0 | 0 | 0 |
Non-cash disposition of loan via foreclosure | (4,620) | ||
Sale of loans, net | 0 | 0 | 0 |
Transfer between held for investment and held for sale | (11,800) | ||
Accretion/amortization of discount, premium and other fees | 8,941 | 12,241 | 6,918 |
Loan loss provision | (300) | (600) | (600) |
Balance at the end of the period | 1,996,095 | 1,738,645 | 1,521,053 |
Mortgage loan receivables held for sale | |||
Reconciliation of Mortgage loans on Real Estate: | |||
Balance at the beginning of the period | 571,764 | 417,955 | 440,490 |
Origination of mortgage loan receivables | 1,128,651 | 2,594,141 | 3,345,372 |
Purchases of mortgage loan receivables | 73,421 | ||
Repayment of mortgage loan receivables | (1,768) | (2,308) | (1,293) |
Proceeds from sales of mortgage loan receivables | 1,440,195 | 2,509,090 | 3,523,689 |
Non-cash disposition of loan via foreclosure | 0 | ||
Sale of loans, net | 26,009 | 71,066 | 145,275 |
Transfer between held for investment and held for sale | 11,800 | ||
Accretion/amortization of discount, premium and other fees | 0 | 0 | 0 |
Loan loss provision | 0 | 0 | 0 |
Balance at the end of the period | $ 357,882 | $ 571,764 | $ 417,955 |