Ladder Capital (LADR) 10-Q 10 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 08, 2017
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Entity Registrant Name	Ladder Capital Corp
Entity Central Index Key	1,577,670
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Entity Common Stock, Shares Outstanding		79,559,308
Class B common stock
Entity Common Stock, Shares Outstanding		31,162,013

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 62,568	$ 44,615
Restricted cash	54,440	44,813
Mortgage loan receivables held for investment, net, at amortized cost	2,300,093	1,996,095
Mortgage loan receivables held for sale	516,582	357,882
Real estate securities, available-for-sale	1,701,980	2,100,947
Real estate and related lease intangibles, net	814,353	822,338
Investments in unconsolidated joint ventures	34,185	34,025
FHLB stock	77,915	77,915
Derivative instruments	108	5,018
Due from brokers	22	10
Accrued interest receivable	27,264	24,439
Other assets	352,112	70,240
Total assets	5,941,622	5,578,337
Liabilities
Debt obligations, net	4,377,686	3,942,138
Due to brokers	2,561	394
Derivative instruments	4,207	3,446
Amount payable pursuant to tax receivable agreement	2,330	2,520
Dividends payable	1,017	24,682
Accrued expenses	43,496	66,597
Other liabilities	29,012	29,006
Total liabilities	4,460,309	4,068,783
Commitments and contingencies	0	0
Equity
Additional paid-in capital	1,106,394	992,307
Treasury stock, 2,030,591 and 1,095,048 shares, at cost	(24,501)	(11,244)
Retained Earnings/(Dividends in Excess of Earnings)	(39,697)	(11,148)
Accumulated other comprehensive income (loss)	4,834	1,365
Total shareholders’ equity	1,047,142	971,390
Noncontrolling interest in operating partnership	428,931	533,246
Noncontrolling interest in consolidated joint ventures	5,240	4,918
Total equity	1,481,313	1,509,554
Total liabilities and equity	5,941,622	5,578,337
Class A common stock
Equity
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 81,117,375 and 72,681,218 shares issued and 79,086,874 and 71,586,170 shares outstanding. Class B common stock, par value $0.001 per share, 100,000,000 shares authorized; 31,644,537 and 38,002,344 shares issued and outstanding	80	72
Class B common stock
Equity
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 81,117,375 and 72,681,218 shares issued and 79,086,874 and 71,586,170 shares outstanding. Class B common stock, par value $0.001 per share, 100,000,000 shares authorized; 31,644,537 and 38,002,344 shares issued and outstanding	$ 32	$ 38

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Treasury stock, shares (in shares)	2,030,591	1,095,048
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)	81,117,375	72,681,218
Common stock, outstanding shares (in shares)	79,086,784	71,586,170
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)	31,644,537	38,002,344
Common stock, outstanding shares (in shares)	31,644,537	38,002,344

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net interest income
Interest income	$ 57,512	$ 59,601
Interest expense	31,415	29,536
Net interest income	26,097	30,065
Provision for loan losses	0	150
Net interest income after provision for loan losses	26,097	29,915
Other income
Operating lease income	19,630	19,294
Tenant recoveries	1,579	1,335
Sale of loans, net	(999)	7,830
Realized gain (loss) on securities	5,361	(573)
Unrealized gain (loss) on Agency interest-only securities	159	660
Realized gain on sale of real estate, net	2,331	6,095
Fee and other income	4,466	2,975
Net result from derivative transactions	(1,981)	(50,862)
Earnings (loss) from investment in unconsolidated joint ventures	(74)	794
Gain (loss) on extinguishment of debt	(54)	5,382
Total other income	30,418	(7,070)
Costs and expenses
Salaries and employee benefits	16,042	12,615
Operating expenses	5,479	6,295
Real estate operating expenses	7,473	5,719
Real estate acquisition costs	(19)	0
Fee expense	693	731
Depreciation and amortization	8,592	9,802
Total costs and expenses	38,260	35,162
Income (loss) before taxes	18,255	(12,317)
Income tax expense (benefit)	(1,375)	(873)
Net income (loss)	19,630	(11,444)
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures	(322)	232
Net (income) loss attributable to noncontrolling interest in operating partnership	$ (5,838)	$ 5,673
Earnings per share:
Basic (in dollars per share)	$ 0.18	$ (0.09)
Diluted (in dollars per share)	$ 0.18	$ (0.09)
Weighted average shares outstanding:
Basic (in shares)	72,871,990	59,596,889
Diluted (in shares)	109,334,847	59,596,889
Class A Common Stock
Costs and expenses
Net income (loss) attributable to Class A common shareholders	$ 13,470	$ (5,539)
Earnings per share:
Basic (in dollars per share)	$ 0.18	$ (0.09)
Diluted (in dollars per share)	$ 0.18	$ (0.09)
Weighted average shares outstanding:
Basic (in shares)	72,871,990	59,596,889
Diluted (in shares)	109,334,847	59,596,889
Dividends per share of Class A common stock (in dollars per share)	$ 0.300	$ 0.275

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income (loss)	$ 19,630	$ (11,444)
Unrealized gain (loss) on securities, net of tax:
Unrealized gain (loss) on real estate securities, available for sale	10,485	34,394
Reclassification adjustment for (gains) included in net income	(5,734)	(11)
Total other comprehensive income (loss)	4,751	34,383
Comprehensive income	24,381	22,939
Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint ventures	(322)	232
Comprehensive income of combined Class A common shareholders and Operating Partnership unitholders	24,059	23,171
Comprehensive (income) attributable to noncontrolling interest in operating partnership	(7,472)	(9,243)
Class A Common Stock
Unrealized gain (loss) on securities, net of tax:
Comprehensive income attributable to Class A common shareholders	$ 16,587	$ 13,928

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	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 Interests in Consolidated Joint Ventures
Beginning Balance (in shares) at Dec. 31, 2015				55,210,000	44,056,000
Beginning 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
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)				10,521,000	(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
Increase Decrease in Stockholders' Equity
Distributions	(21,034)									(21,034)
Equity based compensation	7,254					104				7,150
Grants of restricted stock (in shares)				832,000
Grants of restricted stock	0			$ 1		(1)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)				(936,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(13,258)			$ (1)			(13,257)
Dividends declared	(24,700)							(24,700)
Stock dividends (in shares)				814,000	432,000
Stock dividends	0			$ 1	$ 1	17,317		(17,319)
Exchange of noncontrolling interest for common stock (in shares)		6,790,121	(6,790,121)	6,790,000	(6,790,000)
Exchange of noncontrolling interest for common stock	(884)			$ 7	$ (7)	92,397			403	(93,684)
Net income (loss)	19,630							13,470		5,838	322
Other comprehensive income (loss)	4,751								3,117	1,634
Rebalancing of ownership percentage between Company and Operating Partnership	0					4,270			(51)	(4,219)
Ending Balance (in shares) at Mar. 31, 2017				79,086,000	31,645,000
Ending Balance at Mar. 31, 2017	$ 1,481,313			$ 80	$ 32	$ 1,106,394	$ (24,501)	$ (39,697)	$ 4,834	$ 428,931	$ 5,240

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ 19,630	$ (11,444)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gain) loss on extinguishment of debt	54	(5,382)
Depreciation and amortization	8,592	9,802
Unrealized (gain) loss on derivative instruments	5,649	9,630
Unrealized (gain) loss on Agency interest-only securities	(159)	(660)
Unrealized (gain) loss on investment in mutual fund	(40)	0
Provision for loan losses	0	150
Amortization of equity based compensation	7,254	3,464
Amortization of deferred financing costs included in interest expense	2,436	2,688
Amortization of premium on mortgage loan financing	(226)	(216)
Amortization of above- and below-market lease intangibles	(25)	(27)
Amortization of premium/(accretion) of discount and other fees on loans	(2,468)	(3,013)
Amortization of premium/(accretion) of discount and other fees on securities	19,357	18,958
Realized (gain) loss on sale of mortgage loan receivables held for sale	999	(7,830)
Realized (gain) loss on real estate securities	(5,361)	573
Realized gain on sale of real estate, net	(2,331)	(6,095)
Origination of mortgage loan receivables held for sale	(279,898)	(69,360)
Purchases of mortgage loan receivables held for sale	0	(21,667)
Repayment of mortgage loan receivables held for sale	247	524
Proceeds from sales of mortgage loan receivables held for sale	0	316,766
(Income) loss from investments in unconsolidated joint ventures in excess of distributions received	74	(794)
Deferred tax asset	(2,728)	(1,991)
Changes in operating assets and liabilities:
Accrued interest receivable	(2,826)	637
Other assets	29,476	(6,502)
Amount payable pursuant to tax receivable agreement	(230)	0
Accrued expenses and other liabilities	(22,781)	(46,056)
Net cash provided by (used in) operating activities	(225,305)	182,155
Cash flows from investing activities:
Purchase of derivative instruments	(199)	0
Purchases of real estate securities	(43,572)	(218,837)
Repayment of real estate securities	74,285	36,136
Proceeds from sales of real estate securities	361,323	15,477
Origination of mortgage loan receivables held for investment	(249,829)	(49,735)
Repayment of mortgage loan receivables held for investment	68,251	218,410
Capital contributions to investment in unconsolidated joint ventures	0	(59)
Capitalization of interest on investment in unconsolidated joint ventures	(234)	(204)
Purchases of real estate	(3,892)	0
Capital improvements of real estate	(752)	(2,042)
Proceeds from sale of real estate	6,325	23,515
Net cash provided by (used in) investing activities	211,706	22,661
Cash flows from financing activities:
Deferred financing costs paid	(8,143)	(416)
Proceeds from borrowings under debt obligations	2,666,161	3,235,468
Repayment of borrowings under debt obligations	(2,231,899)	(3,414,355)
Cash dividends paid to Class A common shareholders	(48,367)	(33,020)
(Increase) decrease in amount due from trustee included in other assets	(302,281)	0
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(13,258)	(786)
Purchase of treasury stock	0	(4,652)
Net cash provided by (used in) financing activities	41,179	(230,552)
Net increase (decrease) in cash, cash equivalents and restricted cash	27,580	(25,736)
Cash, cash equivalents and restricted cash at beginning of period	89,428	162,794	$ 162,794
Cash, cash equivalents and restricted cash at end of period	117,008	137,058	89,428
Supplemental information:
Cash paid for interest, net of amounts capitalized	26,773	37,683
Cash paid (received) for income taxes	(1,147)	9,807
Non-cash investing and financing activities:
Securities and derivatives purchased, not settled	(2,167)	(8,922)
Transfer from mortgage loans receivable held for sale to mortgage loans receivable held for investment, at amortized cost	119,952	0
Exchange of noncontrolling interest for common stock	93,691	28,328
Change in deferred tax asset related to exchanges of noncontrolling interest for common stock	845	(772)
Dividends declared, not paid	1,017	826
Stock dividends	17,319	64,100
Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents [Abstract]
Cash and cash equivalents				$ 62,568	$ 44,615	$ 82,678
Restricted cash				54,440		54,380
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	89,428	162,794	$ 89,428	$ 117,008	$ 89,428	$ 137,058
Operating Partnership
Cash flows from financing activities:
Capital contributed by noncontrolling interests in operating partnership	0	250
Capital distributed to noncontrolling interests	(21,034)	(12,937)
Consolidated Joint Venture
Cash flows from financing activities:
Capital distributed to noncontrolling interests	$ 0	$ (104)

ORGANIZATION AND OPERATIONS

ORGANIZATION AND OPERATIONS	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS	1. ORGANIZATION AND OPERATIONS Ladder Capital Corp is an internally-managed real estate investment trust (“REIT”) that is a leader in commercial real estate finance. Ladder Capital Corp, as the general partner of Ladder Capital Finance Holdings LLLP (“LCFH,” “Predecessor” or the “Operating Partnership”), operates the Ladder Capital business through LCFH and its subsidiaries. As of March 31, 2017 , Ladder Capital Corp has a 71.4% 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 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 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 the Annual Report (see “Risk Factors—Risks Related to Our Taxation as a REIT”). As part of this realignment, LCFH and certain of its wholly-owned subsidiaries were serialized in order to segregate our REIT-qualified assets and income from our non-REIT-qualified assets and income. Pursuant to such serialization, all assets and liabilities of LCFH and each such subsidiary were identified as TRS assets and liabilities (e.g., our conduit securitization and condominium sales businesses) and REIT assets and liabilities (e.g., balance sheet loans, real estate and most securities), and were allocated on our internal books and records into two pools within LCFH or such subsidiary, Series TRS and Series REIT (collectively, the “Series”), respectively. In connection with this serialization, the Amended and Restated LLLP Agreement was amended and restated, effective as of December 5, 2014 and again as of December 31, 2014 (the “Third Amended and Restated LLLP Agreement”). Pursuant to the Third Amended and Restated LLLP Agreement, as of December 31, 2014: • all assets and liabilities of LCFH were allocated on LCFH’s internal books and records to either Series REIT or Series TRS of LCFH; • the Company serves as general partner of LCFH and of Series REIT of LCFH; • LC TRS I LLC (“LC TRS I”), a Delaware limited liability company wholly-owned by Series REIT of LCFH, serves as the general partner of Series TRS of LCFH; • each outstanding LP Unit was exchanged for one Series REIT limited partnership unit (“Series REIT LP Unit”), which is entitled to receive profits and losses derived from REIT assets and liabilities, and one Series TRS limited partnership unit (“Series TRS LP Unit”), which is entitled to receive profits and losses derived from TRS assets and liabilities (Series REIT LP Units and Series TRS LP Units are collectively referred to as “Series Units”); • as a result, Ladder Capital Corp owned, directly and indirectly, an aggregate of 51.9% of Series REIT of LCFH, and, through such ownership, the right to receive 51.9% of the profits and distributions of Series TRS; • the limited partners of LCFH owned the remaining 48.1% of each of Series REIT and Series TRS of LCFH; • Series REIT of LCFH, in turn, owns, directly or indirectly, 100% of the REIT series of each of its serialized subsidiaries as well as certain wholly-owned REIT subsidiaries; • Series TRS of LCFH owns, directly or indirectly, 100% of the TRS series of each of its serialized subsidiaries, as well as certain wholly-owned TRSs; • Series TRS LP Units are exchangeable for an equal number of shares (“TRS Shares”) of LC TRS I (a “TRS Exchange”); • in order to effect the exchange of Series Units for shares of Class A common stock of the Company on a one-for-one basis (the “Class A Exchange”), holders are required to surrender (i) one share of the Company’s Class B common stock, (ii) one Series REIT LP Unit, and (iii) either one Series TRS LP Unit or one TRS Share; and • Series REIT and Series TRS have separate boards, officers, books and records, bank accounts, and tax identification numbers. Each Series of LCFH also signed a separate joinder agreement, agreeing, effective as of 11:59:59 pm on December 31, 2014 (the “Effective Time”), to assume and pay when due (i) any and all liabilities of LCFH incurred or accrued by LCFH as of the Effective Time and (ii) any and all obligations of LCFH arising under contracts, bonds, notes, guarantees, leases or other agreements to which LCFH was a party as of the Effective Time (collectively, the “Agreements”), regardless of whether such obligations arise under the applicable Agreement at, prior to, or after the Effective Time, in each case, with the same force and effect as if each Series had been a signatory to such Agreements on the date thereof. Also in connection with the 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	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting and Principles of Combination and Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of results of operations, financial position and cash flows. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2016, which are included in the Company’s Annual Report, as certain disclosures would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The interim consolidated financial statements have been prepared, without audit, and do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations and cash flows in accordance with GAAP. The 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 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 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 $1.07 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 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 consolidated financial statements in the period the changes are deemed to be necessary. Significant estimates made in the accompanying consolidated financial statements include, but are not limited to the following: • valuation of real estate securities; • allocation of purchase price for acquired real estate; • impairment, and useful lives, of real estate; • useful lives of intangible assets; • valuation of derivative instruments; • valuation of deferred tax asset; • amounts payable pursuant to the Tax Receivable Agreement; • determination of effective yield for recognition of interest income; • adequacy of provision for loan losses; • determination of other than temporary impairment of real estate securities and investments in unconsolidated joint ventures; • certain estimates and assumptions used in the accrual of incentive compensation and calculation of the fair value of equity compensation issued to employees; • determination of the effective tax rate for income tax provision; and • certain estimates and assumptions used in the allocation of revenue and expenses for our segment reporting. Cash and Cash Equivalents The Company considers all investments with original maturities of three months or less, at the time of acquisition, to be cash equivalents. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of March 31, 2017 and December 31, 2016 . At March 31, 2017 and December 31, 2016 , and at various times during the years, the balances exceeded the insured limits. Restricted Cash Restricted cash is comprised of accounts the Company maintains 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 also includes tenant security deposits, deposits related to real estate sales and acquisitions and required escrow balances on credit facilities. Prior to January 1, 2017, these amounts were previously recorded in other assets on the Company’s consolidated balance sheets. Prior period amounts have been reclassified to conform to current period presentation. 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. The Company classifies distributions received from it investments in unconsolidated joint ventures using the nature of the distribution approach. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in commercial real estate joint ventures) are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future. See Note 6, Investment in Unconsolidated Joint Ventures . Out-of-Period Adjustments During the first quarter of 2017, the Company recorded an out-of-period adjustment to reduce depreciation expense of $0.8 million , related to prior periods. The Company has concluded that this adjustment is not material to the financial position or results of operations for the three months ended March 31, 2017, or any prior periods; accordingly, the Company recorded the related adjustment in the three month period ended March 31, 2017. During the first quarter of 2016, the Company had recorded the following out-of-period adjustments to correct errors from prior periods: (i) additional deferred financing cost amortization of $0.5 million relating to 2015; (ii) additional taxes of $1.2 million representing additional state taxes relating to 2015 and (iii) additional return on equity of $0.9 million from the Company’s investment in an unconsolidated joint venture predominately relating to prior years. The Company has concluded that these adjustments were not material to the financial position or results of operations for the current period or any prior periods, accordingly, the Company recorded the related adjustments in the three month period ended March 31, 2016. Recently Adopted Accounting Pronouncements 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 clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice with respect to (i) debt prepayment or debt extinguishment costs, (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance principle. 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 elected to early adopt ASU 2016-15 effective January 1, 2017. The adoption did not have a material effect on the Company’s consolidated financial statements. 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. The Company adopted this update in the quarter ended March 31, 2017. The adoption did not have a material effect on the Company’s 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. The Company elected to early adopt ASU 2016-18 effective January 1, 2017 and the amendment was applied on a retrospective basis for all periods presented. As a result of the adoption, the Company no longer presents the change within restricted cash in the consolidated statements of cash flows. 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. The 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 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 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, the Company will measure the present value of the future lease payments and recognize a right-of-use asset and corresponding lease liability on its balance sheet . 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 January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350) (“ASU 2017-04”). The ASU simplifies the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance will be applied prospectively and is effective for annual or any interim goodwill impairment tests in years beginning after December 15, 2019 with early adoption permitted. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements when adopted. In February 2017, the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) (“ASU 2017-05”). Subtopic 610-20 was issued as part of the new revenue standard. It provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The new guidance defines “in substance nonfinancial assets,” unifies guidance related to partial sales of nonfinancial assets, eliminates rules specifically addressing sales of real estate, removes exceptions to the financial asset derecognition model, and clarifies the accounting for contributions of nonfinancial assets to joint ventures. The amendments are effective for annual periods beginning after December 15, 2017 with early adoption permitted. Transition can use either the full retrospective approach or the modified retrospective approach. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements when adopted. In March 2017, the FASB issued ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20) (“ASU 2017-08”). The ASU shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. Today, entities generally amortize the premium over the contractual life of the security. The new guidance does not change the accounting for purchased callable debt securities held at a discount; the discount continues to be amortized to maturity. ASU No. 2017-08 is effective for interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. The guidance calls for a modified retrospective transition approach under which a cumulative-effect adjustment will be made to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements when adopted.

MORTGAGE LOAN RECEIVABLES

MORTGAGE LOAN RECEIVABLES	3 Months Ended
	Mar. 31, 2017
Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOAN RECEIVABLES	3. MORTGAGE LOAN RECEIVABLES March 31, 2017 ($ in thousands) Outstanding Face Amount Carrying Value Weighted Average Yield (1) Remaining Maturity (years) Mortgage loan receivables held for investment, at amortized cost $ 2,317,221 $ 2,304,093 6.93 % 1.70 Provision for loan losses N/A (4,000 ) Total mortgage loan receivables held for investment, at amortized cost 2,317,221 2,300,093 Mortgage loan receivables held for sale 520,679 516,582 5.06 % 7.71 Total $ 2,837,900 $ 2,816,675 6.59 % 2.81 (1) March 31, 2017 London Interbank Offered Rate (“LIBOR”) rates are used to calculate weighted average yield for floating rate loans. As of March 31, 2017 , $459.2 million , or 19.9% , 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 80.1% , of the carrying value of our mortgage loan receivables held for investment, at amortized cost, were at variable interest rates, linked to LIBOR, some of which include interest rate floors. As of March 31, 2017 , $516.6 million , or 100.0% , of the carrying value of our mortgage loan receivables held for sale were at fixed interest rates. December 31, 2016 ($ 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 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 , $360.5 million , or 100% , of the carrying value of our mortgage loan receivables held for sale were at fixed interest rates. The following table summarizes mortgage loan receivables by loan type ($ in thousands): March 31, 2017 December 31, 2016 Outstanding Face Amount Carrying Value Outstanding Face Amount Carrying Value Mortgage loan receivables held for investment, at amortized cost First mortgage loans $ 2,149,727 $ 2,137,383 $ 1,843,006 $ 1,832,626 Mezzanine loans 167,494 166,710 168,303 167,469 Total mortgage loan receivables held for investment, at amortized cost 2,317,221 2,304,093 2,011,309 2,000,095 Mortgage loan receivables held for sale First mortgage loans 520,679 516,582 360,518 357,882 Total mortgage loan receivables held for sale 520,679 516,582 360,518 357,882 Provision for loan losses N/A (4,000 ) N/A (4,000 ) Total $ 2,837,900 $ 2,816,675 $ 2,371,827 $ 2,353,977 For the three months ended March 31, 2017 and 2016 , 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, 2016 $ 1,996,095 $ 357,882 Origination of mortgage loan receivables 249,829 279,898 Repayment of mortgage loan receivables (68,251 ) (247 ) Realized gain on sale of mortgage loan receivables(2) — (999 ) Transfer between held for investment and held for sale(3) 119,952 (119,952 ) Accretion/amortization of discount, premium and other fees 2,468 — Balance, March 31, 2017 $ 2,300,093 $ 516,582 Mortgage loan Mortgage loan receivables held for sale Balance, December 31, 2015 $ 1,738,645 $ 571,764 Origination of mortgage loan receivables 49,735 91,027 Repayment of mortgage loan receivables (218,410 ) (524 ) Proceeds from sales of mortgage loan receivables — (316,766 ) Realized gain on sale of mortgage loan receivables — 7,830 Accretion/amortization of discount, premium and other fees 3,013 — Loan loss provision (150 ) — Balance, March 31, 2016 $ 1,572,833 $ 353,331 (1) Includes provision for loan losses of $4.0 million and $3.9 million as of March 31, 2017 and 2016 , respectively. (2) Includes $1.0 million of realized losses on loans recorded as other than temporary impairments related to lower of cost or market adjustments for the three months ended March 31, 2017 . (3) During the three months ended March 31, 2017 , the Company reclassified from mortgage loan receivables held for sale to mortgage loan receivables held for investment, at amortized cost, a loan with an outstanding face amount of $120.0 million , a book value of $120.0 million (fair value at date of reclassification) and a remaining maturity of 3 years . The loan had been recorded at lower of cost or market prior to its reclassification. The discount to fair value is the result of an increase in market interest rates since the loan’s origination and not a deterioration in credit of the borrower or collateral coverage and the Company expects to collect all amounts due under the loan. The transfer has been reflected as a non-cash item on the consolidated statement of cash flows for the three months ended March 31, 2017 . During the three months ended March 31, 2017 , the transfers of financial assets via sales of loans were treated as sales in accordance with ASC Topic 860 — Transfers and Servicing, with the exception of two assets with a combined book value of $56.1 million in which the Company retains effective control that would preclude sales accounting. The transfers are considered nonrecourse secured borrowings in which the assets remain on the Company’s consolidated balance sheets in mortgage loan receivables held for investment, net, at amortized cost and the sale proceeds of $56.1 million are recognized in debt obligations. During the three months ended March 31, 2016 , the transfers of financial assets via sales of loans were treated as sales under ASC Topic 860 — Transfers and Servicing. At March 31, 2017 and December 31, 2016 , there was $0.5 million and $0.6 million , respectively, of unamortized discounts included in our mortgage loan receivables held for investment, at amortized cost, on our consolidated balance sheets. The Company evaluates each of its loans for potential losses at least quarterly. Its loans are typically collateralized by real estate directly or indirectly. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property, as well as the financial and operating capability of the borrower. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan at maturity, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the collateral property is located. Such impairment analyses are completed and reviewed by asset management personnel, who utilize various data sources, including (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers’ business plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and other market data. As a result of this analysis, the Company has concluded that none of its loans are individually impaired as of March 31, 2017 and December 31, 2016 . However, based on the inherent risks shared among the loans as a group, it is probable that the loans had incurred an impairment due to common characteristics and inherent risks in the portfolio. Therefore, the Company has recorded a reserve, based on a targeted percentage level which it seeks to maintain over the life of the portfolio, as disclosed in the tables below. Historically, the Company has not incurred losses on any originated loans. As of March 31, 2017 , 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 and 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 March 31, 2017 , accrued but unpaid interest totaled $1.9 million , which included $1.8 million of default interest. As of December 31, 2016 , the same two loans mentioned above were in default. As of December 31, 2016 , accrued but unpaid interest totaled $3.5 million , which included $2.2 million of default interest. As of March 31, 2017 and December 31, 2016 there were no loans on non-accrual status. Provision for Loan Losses ($ in thousands) Three Months Ended March 31, 2017 2016 Provision for loan losses at beginning of period $ 4,000 $ 3,700 Provision for loan losses — 150 Provision for loan losses at end of period $ 4,000 $ 3,850

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 ($ in thousands): March 31, 2017 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) $ 1,306,653 $ 1,323,369 $ 7,909 $ (6,028 ) $ 1,325,250 128 AAA 3.18 % 2.72 % 3.38 CMBS interest-only(2) 7,801,370 (3) 316,486 4,749 (370 ) 320,865 59 AAA 1.01 % 3.58 % 3.04 GNMA interest-only(4) 457,597 (3) 17,640 196 (2,211 ) 15,625 17 AA+ 0.72 % 4.47 % 4.37 Agency securities(2) 760 786 — (15 ) 771 2 AA+ 2.88 % 1.90 % 3.35 GNMA permanent securities(2) 38,029 38,836 879 (246 ) 39,469 9 AA+ 4.08 % 3.69 % 5.81 Total $ 9,604,409 $ 1,697,117 $ 13,733 $ (8,870 ) $ 1,701,980 215 1.31 % 2.92 % 3.38 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 (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, 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 consolidated statements of income in accordance with ASC 815. The following is a breakdown of the carrying value of the Company’s securities by remaining maturity based upon expected cash flows at March 31, 2017 and 2016 ($ in thousands): March 31, 2017 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS(1) $ 74,889 $ 1,008,680 $ 241,681 $ — $ 1,325,250 CMBS interest-only(1) 1,128 319,737 — — 320,865 GNMA interest-only(2) 172 14,691 713 49 15,625 Agency securities(1) — 771 — — 771 GNMA permanent securities(1) 1,593 2,086 35,790 — 39,469 Total $ 77,782 $ 1,345,965 $ 278,184 $ 49 $ 1,701,980 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 (1) CMBS, CMBS interest-only securities, Agency 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 $0.4 million and $0.6 million realized losses on securities recorded as other than temporary impairments for the three months ended March 31, 2017 and 2016

REAL ESTATE AND RELATED LEASE I

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET	5. REAL ESTATE AND RELATED LEASE INTANGIBLES, NET The following tables present additional detail related to our real estate portfolio ($ in thousands): March 31, 2017 December 31, 2016 Land $ 144,085 $ 143,286 Building 645,535 646,372 In-place leases and other intangibles 155,160 154,687 Less: Accumulated depreciation and amortization (130,427 ) (122,007 ) Real estate and related lease intangibles, net $ 814,353 $ 822,338 Below market lease intangibles, net (other liabilities) $ (16,428 ) $ (16,506 ) The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Three Months Ended March 31, 2017 2016 Depreciation expense (1) $ 5,720 $ 6,104 Amortization expense 2,849 3,693 Total real estate depreciation and amortization expense $ 8,569 $ 9,797 (1) Depreciation expense on the consolidated statements of income also includes $23 thousand and $5 thousand of depreciation on corporate fixed assets for the three months ended March 31, 2017 and 2016 , respectively. The Company’s intangible assets are comprised of in-place leases, favorable leases compared to market leases and other intangibles. At March 31, 2017 , gross intangible assets totaled $155.2 million with total accumulated amortization of $51.2 million , resulting in net intangible assets of $104.0 million , including $6.8 million of unamortized favorable lease intangibles which are included in real estate and related lease intangibles, net on the consolidated balance sheets. 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 consolidated balance sheets. For the three months ended March 31, 2017 and 2016 , the Company recorded a net increase (reduction) in operating lease income of $(0.3) million and $0.4 million , respectively, for amortization of above market lease intangibles acquired. For the three months ended March 31, 2017 and 2016 , the Company recorded a net increase (reduction) in operating lease income of $0.3 million and $(0.4) million , respectively, for amortization of below market lease intangibles acquired. The following table presents expected amortization expense during the next five years and thereafter related to the acquired in-place lease intangibles for property owned as of March 31, 2017 ($ in thousands): Period Ending December 31, Amount 2017 (last 9 months) $ 8,964 2018 7,650 2019 7,650 2020 7,650 2021 6,824 Thereafter 65,270 Total $ 104,008 There were $0.6 million and $0.7 million of unbilled rent receivables included in other assets on the consolidated balance sheets as of March 31, 2017 and December 31, 2016 , respectively. There was unencumbered real estate of $63.1 million and $70.3 million as of March 31, 2017 and December 31, 2016 , respectively. The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases or rent escalations under other leases from tenants) at March 31, 2017 ($ in thousands): Period Ending December 31, Amount 2017 (last 9 months) $ 55,786 2018 70,931 2019 65,911 2020 62,574 2021 59,407 Thereafter 505,373 Total $ 819,982 Acquisitions During the three months ended March 31, 2017 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) February 2017 Net Lease Carmi, IL $ 1,411 100.0% February 2017 Net Lease Peoria, IL 1,183 100.0% March 2017 Net Lease Ridgedale, MO 1,298 100.0% Total $ 3,892 (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 three months ended March 31, 2017 , as follows ($ in thousands): Purchase Price Allocation Land $ 744 Building 2,777 Intangibles 559 Below Market Lease Intangibles (188 ) Total purchase price $ 3,892 The weighted average amortization period for intangible assets acquired during the three months ended March 31, 2017 was 34.2 years. The Company recorded $35,946 in revenues and $35,946 in earnings (losses) from its 2017 acquisitions for the three months ended March 31, 2017 , which are included in our consolidated statements of income. No properties were acquired during the three months ended March 31, 2016 . Sales The Company sold the following properties during the three months ended March 31, 2017 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining Various Condominium Las Vegas, NV $ 4,200 $ 2,320 $ 1,880 — 12 47 Various Condominium Miami, FL 2,125 1,674 451 — 6 82 Totals $ 6,325 $ 3,994 $ 2,331 The Company sold the following properties during the three months ended March 31, 2016 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining Mar 2016 Net Lease Rockland, MA $ 7,922 $ 7,211 $ 711 1 — — Various Condominium Las Vegas, NV 8,404 4,417 3,987 — 17 115 Various Condominium Miami, FL 5,963 4,566 1,397 — 21 132 Totals $ 22,289 $ 16,194 $ 6,095 Real Estate Sold or Classified as Held for Sale On January 1, 2014, the Company early adopted ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , and as the properties sold or classified as real estate held for sale in the three months ended March 31, 2017 and 2016 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.

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	3 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	6. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES As of March 31, 2017 , the Company had an aggregate investment of $34.2 million in its equity method joint ventures with unaffiliated third parties. Included in the Company’s investments in unconsolidated joint ventures as of March 31, 2017 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 $30.2 million . The Company’s maximum exposure to loss is limited to its investment in the VIE. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. In general, future costs of development not financed through a third party will be funded with capital contributions from the Company and its outside partner in accordance with their respective ownership percentages. The following is a summary of the Company’s investments in unconsolidated joint ventures, which we account for using the equity method, as of March 31, 2017 and December 31, 2016 ($ in thousands): Entity March 31, 2017 December 31, 2016 Ladder Capital Realty Income Partnership I LP $ — $ — Grace Lake JV, LLC 3,958 3,719 24 Second Avenue Holdings LLC 30,227 30,306 Investment in unconsolidated joint ventures $ 34,185 $ 34,025 The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated joint ventures for the three months ended March 31, 2017 and 2016 ($ in thousands): Three Months Ended March 31, Entity 2017 2016 Ladder Capital Realty Income Partnership I LP $ — $ 892 Grace Lake JV, LLC 238 225 24 Second Avenue Holdings LLC (312 ) (323 ) Earnings (loss) from investment in unconsolidated joint ventures $ (74 ) $ 794 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 the first quarter of 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 three months ended March 31, 2017 , the Company recorded no management fees. During the three months ended March 31, 2016 , the Company recorded $6,905 in management fees, which is reflected in fee and other income in the 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 three months ended March 31, 2017 and 2016 , the Company recorded $0.3 million and $0.3 million , respectively, in expenses , which is recorded in earnings (loss) from investment in unconsolidated joint ventures in the consolidated statements of income. The Company capitalizes interest related to the cost of its investment, as 24 Second Avenue has activities in progress necessary to construct and ultimately sell condominium units. During the three months ended March 31, 2017 and 2016 , the Company capitalized $0.2 million and $0.2 million , respectively, of interest expense, using a weighted average interest rate, which is recorded in investment in unconsolidated joint ventures in the consolidated balance sheets. As of March 31, 2017 and December 31, 2016 , 24 Second Avenue had $24.7 million and $21.6 million , respectively, of loans payable. As of March 31, 2017 , 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 March 31, 2017 , draws of $24.7 million have been taken against the construction loan. The Company has no remaining capital commitment to our operating partner. Combined Summary Financial Information for Unconsolidated Joint Ventures The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of March 31, 2017 and December 31, 2016 ($ in thousands): March 31, 2017 December 31, 2016 Total assets $ 140,905 $ 138,298 Total liabilities 97,068 94,964 Partners’/members’ capital $ 43,837 $ 43,334 The following is a summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the three months ended March 31, 2017 and 2016 ($ in thousands): Three Months Ended March 31, 2017 2016 Total revenues $ 3,791 $ 4,237 Total expenses 5,798 4,416 Net income (loss) $ (2,007 ) $ (179 )

DEBT OBLIGATIONS, NET

DEBT OBLIGATIONS, NET	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
DEBT OBLIGATIONS, NET	7. DEBT OBLIGATIONS, NET The details of the Company’s debt obligations at March 31, 2017 and December 31, 2016 are as follows ($ in thousands): March 31, 2017 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at March 31, 2017(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 600,000 $ 311,312 $ 288,688 2.66% - 3.41% 10/30/2018 (2) (3) $ 453,843 $ 461,210 Committed Loan Repurchase Facility 450,000 137,324 312,676 3.08% - 3.90% 5/24/2017 (4) (3) 241,974 244,538 Committed Loan Repurchase Facility 300,000 151,257 148,743 3.08% - 4.16% 4/9/2018 (5) (6) 299,156 306,986 Committed Loan Repurchase Facility 100,000 34,369 65,631 3.16% - 3.41% 6/28/2019 — (3) 46,186 46,491 Committed Loan Repurchase Facility 200,000 50,732 149,268 3.13% - 3.88% 2/29/2020 (7) (3) 69,422 75,291 (8) Total Committed Loan Repurchase Facilities 1,650,000 684,994 965,006 1,110,581 1,134,516 Committed Securities Repurchase Facility 400,000 115,000 285,000 1.10% - 2.12% 7/1/2018 N/A (9) 213,238 213,238 Uncommitted Securities Repurchase Facility N/A (9) 239,361 N/A (10) 1.10% - 2.57% 4/2017 - 6/2017 N/A (9) 279,764 279,764 Total Repurchase Facilities 2,050,000 1,039,355 1,250,006 1,603,583 1,627,518 Revolving Credit Facility 168,520 168,000 520 6.5% 2/11/2018 (11) N/A (12) N/A (12) N/A (12) Mortgage Loan Financing 589,217 589,217 — 4.25% - 6.75% 2018 - 2026 N/A (13) 749,677 875,725 (14) Mortgage Loan Receivable Financing 57,038 57,038 — N/A N/A N/A N/A N/A N/A Borrowings from the FHLB 2,000,000 1,475,500 524,500 0.57% - 2.74% 2017 - 2024 N/A (14) 1,921,263 1,930,137 Senior Unsecured Notes 1,057,732 1,048,576 (16) — 5.250% - 7.375% 2017 - 2022 N/A N/A (17) N/A (17) N/A (17) Total Debt Obligations $ 5,922,507 $ 4,377,686 $ 1,775,026 $ 4,274,523 $ 4,433,380 (1) March 31, 2017 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 and one additional 364 -day period with Bank’s consent. (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) Includes $5.1 million of loans made to consolidated subsidiaries. (9) Commercial real estate securities. It does not include the real estate collateralizing such securities. (10) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (11) Three additional 12 -month extension periods at Company’s option. (12) 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. (13) Real estate. (14) Using undepreciated carrying value of commercial real estate to approximate fair value. (15) 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. (16) Presented net of unamortized debt issuance costs of $9.2 million at March 31, 2017 . Pursuant to their terms, the Company had called for prepayment of the 2017 Notes at par (plus any accrued and unpaid interest to the redemption date) with an outstanding principal balance of $291.5 million . The Company remitted the payment amount to the Trustee on March 31, 2017 and the 2017 Notes were repaid on April 3, 2017. The amount held by the Trustee was reflected in other assets on the Company’s consolidated balance sheets as of March 31, 2017 . (17) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. 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. 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 March 31, 2017 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 March 31, 2017 and December 31, 2016 . The Company has the option to extend some of the current facilities subject to a number of conditions, including satisfaction of certain notice requirements, no event of default exists, and no margin deficit exists, all as defined in the repurchase facility agreements. The lenders have sole discretion with respect to the inclusion of collateral in these facilities, to determine the market value of the collateral on a daily basis, to be exercised on a good faith basis, and have the right to require additional collateral, a full and/or partial repayment of the facilities (margin call), or a reduction in unused availability under the facilities, sufficient to rebalance the facilities if the estimated market value of the included collateral declines. On April 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. On February 22, 2017, the Company exercised a one year extension option on one of its committed loan repurchase facilities. In connection with this extension, the Company elected to reduce the maximum capacity of the facility to $300.0 million . In addition, on March 21, 2017, the Company amended this committed loan repurchase facility to, among other things, add one additional 364 -day extension period at Company’s option and one additional 364 -day extension period permitted with lender’s consent. On March 1, 2017, 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 February 28, 2022 and increasing the maximum funding capacity to $200.0 million . As of March 31, 2017 , we had repurchase agreements with nine counterparties, with total debt obligations outstanding of $1.0 billion . As of March 31, 2017 , 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 $74.1 million , or 5% of our total equity. As of March 31, 2017 , the weighted average haircut, or the percent of collateral value in excess of the loan amount, under our repurchase agreements was 36.1% . There have been no significant fluctuations in haircuts across asset classes on our repurchase facilities. 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, March 1, 2017 and March 23, 2017, to add additional banks to our syndicate, add two additional one-year extension options and increase its maximum funding capacity. The Revolving Credit Facility provides for an aggregate maximum borrowing amount of $168.5 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 four 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 the Annual Report, the Company considers its committed loan master repurchase facilities and Revolving Credit Facility to be revolving debt arrangements. As such, the Company continues to defer and present costs associated with these facilities as an asset, subsequently amortizing those costs ratably over the term of each revolving debt arrangement. As of March 31, 2017 and December 31, 2016 , the amount of unamortized costs relating to such facilities are $5.5 million and $4.9 million , respectively, and are included in other assets in the 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 three months ended March 31, 2017 , the Company did not execute any term debt agreements to finance properties in its real estate portfolio. During the three months ended March 31, 2016 , the Company executed 4 term debt agreements to finance properties in its real estate portfolio. These nonrecourse debt agreements provide for fixed rate financing at rates, ranging from 4.25% to 6.75% , maturing between 2018 - 2026 as of March 31, 2017 . These loans have carrying amounts of $589.2 million and $590.1 million , net of unamortized premiums of $5.3 million and $5.6 million at March 31, 2017 and December 31, 2016 , respectively, representing proceeds received upon financing greater than the contractual amounts due under these agreements. The premiums are being amortized over the remaining life of the respective debt instruments using the effective interest method. The Company recorded $0.2 million and $0.2 million of premium amortization, which decreased interest expense, for the three months ended March 31, 2017 and 2016 , respectively. The loans are collateralized by real estate and related lease intangibles, net, of $749.7 million and $757.5 million as of March 31, 2017 and December 31, 2016 , respectively. Mortgage Loan Receivable Financing (Nonrecourse) During the three months ended March 31, 2017 , the transfers of financial assets via sales of loans were treated as sales in accordance with ASC Topic 860 — Transfers and Servicing, with the exception of two assets, with a combined book value of $56.1 million in which the Company retains effective control that would preclude sales accounting. The transfers are considered nonrecourse secured borrowings in which the assets remain on the Company’s consolidated balance sheets in mortgage loan receivables held for investment, net, at amortized cost and the sale proceeds of $56.1 million are recognized in debt obligations. During the three months ended March 31, 2016 , the transfers of financial assets via sales of loans were treated as sales under ASC Topic 860 — Transfers and Servicing. 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 January 13, 2017, Tuebor’s advance limit was updated to the lowest of $2.0 billion , 40% of Tuebor’s total assets or 150% of the Company’s total equity. As of March 31, 2017 , Tuebor had $1.5 billion of borrowings outstanding (with an additional $524.5 million of committed term financing available from the FHLB), with terms of overnight to seven years (with a weighted average of 2.6 years ), interest rates of 0.57% to 2.74% (with a weighted average of 1.24% ), and advance rates of 57.8% to 95.2% of the collateral. As of March 31, 2017 , collateral for the borrowings was comprised of $1.2 billion of CMBS and U.S. Agency Securities and $761.0 million of first mortgage commercial real estate loans. 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. 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 $324.3 million of the member’s capital was restricted from transfer to Tuebor’s parent without prior approval of state insurance regulators at March 31, 2017 . 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 33.7% of the Company’s outstanding debt obligations as of March 31, 2017 . 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 LCFH issued the 2022 Notes, the 2021 Notes and the 2017 Notes (each as defined below, and collectively, the “Notes”) with Ladder Capital Finance Corporation (“LCFC”), as co-issuers on a joint and several basis. LCFC is a 100% owned finance subsidiary of Series TRS of LCFH with no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Notes. The Company and certain subsidiaries of LCFH currently guarantee the obligations under the Notes and the indenture. The Company is the general partner of LCFH and, through LCFH and its subsidiaries, operates the Ladder Capital business. As of March 31, 2017 , the Company has a 71.4% 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 consolidated financial statements and LCFH’s consolidated financial statements. Unamortized debt issuance costs of $9.2 million and $4.0 million are included in senior unsecured notes as of March 31, 2017 and December 31, 2016 , respectively, in accordance with GAAP. 2017 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 required 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 were unsecured and 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 were 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, 2016, the Company retired $21.9 million of principal of the 2017 Notes for a repurchase price of $21.4 million , recognizing a $0.3 million net gain on extinguishment of debt after recognizing $(0.2) million of unamortized debt issuance costs associated with the retired debt. During the three months ended March 31, 2017, the Company retired $6.1 million of principal of the 2017 Notes for a repurchase price of $6.2 million , recognizing a $0.1 million net loss on extinguishment of debt after recognizing $22,847 of unamortized debt issuance costs associated with the retired debt. As of March 31, 2017 , the remaining $291.5 million in aggregate principal amount of the 2017 Notes was due October 2, 2017. On March 1, 2017, the Company delivered a notice of conditional full redemption to holders of the 2017 Notes, pursuant to which the Company redeemed all outstanding 2017 Notes at 100% of the principal amount thereof (plus any accrued and unpaid interest to the redemption date) as of April 1, 2017. The redemption was conditional on the completion by the Company of a senior notes offering with gross proceeds of not less than $500 million . The Company’s offering of the 2022 Notes, described below, satisfied this condition. On April 3, 2017 , the Company repaid the remaining $291.5 million in aggregate principal amount of the 2017 Notes (including accrued and unpaid interest as of that date). 2021 Notes 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. As of March 31, 2017 , the remaining $266.2 million in aggregate principal amount of the 2021 Notes is due August 1, 2021. 2022 Notes On March 16, 2017, LCFH issued $500.0 million in aggregate principal amount of 5.250% senior notes due March 15, 2022 (the “2022 Notes”). The 2022 Notes require interest payments semi-annually in cash in arrears on March 15 and September 15 of each year, beginning on September 15, 2017. The 2022 Notes will mature on March 15, 2022. The 2022 Notes are unsecured and are subject to an unencumbered assets to unsecured debt covenant. At any time on or after September 15, 2021, the 2022 Notes are redeemable at the option of the Company, in whole or in part, upon not less than 15 nor more than 60 days’ notice, without penalty. Combined Maturity of Debt Obligations The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by Maturity (1) 2017 (last 9 months)(2) $ 1,312,542 2018 806,468 2019 313,298 2020 113,801 2021 362,941 Thereafter 1,472,447 Subtotal $ 4,381,497 Debt issuance costs included in senior unsecured notes (9,156 ) Premiums included in mortgage loan financing 5,345 Total 4,377,686 (1) Contractual payments under current maturities, some of which are subject to extensions. The maturities listed above for 2017 include $1.0 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 March 31, 2017 . (2) Amount includes $291.5 million of 2017 Notes. The Company had remitted the payment amount to the Trustee on March 31, 2017 and the 2017 Notes were repaid on April 3, 2017. The amount held by the Trustee was reflected in other assets on the Company’s consolidated balance sheets as of March 31, 2017 . 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 March 31, 2017

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	8. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is based upon market quotations, broker quotations, counterparty quotations or pricing services quotations, which provide valuation estimates based upon reasonable market order indications and are subject to significant variability based on market conditions, such as interest rates, credit spreads and market liquidity. The fair value of the mortgage loan receivables held for sale is based upon a securitization model utilizing market data from recent securitization spreads and pricing. Fair Value Summary Table The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at March 31, 2017 and December 31, 2016 are as follows ($ in thousands): March 31, 2017 Weighted Average Outstanding Face Amount Amortized Cost Basis Fair Value Fair Value Method Yield % Remaining Maturity/Duration (years) Assets: CMBS(1) $ 1,306,653 $ 1,323,369 $ 1,325,250 Internal model, third-party inputs 2.72 % 3.38 CMBS interest-only(1) 7,801,370 (2) 316,486 320,865 Internal model, third-party inputs 3.58 % 3.04 GNMA interest-only(3) 457,597 (2) 17,640 15,625 Internal model, third-party inputs 4.47 % 4.37 Agency securities(1) 760 786 771 Internal model, third-party inputs 1.90 % 3.35 GNMA permanent securities(1) 38,029 38,836 39,469 Internal model, third-party inputs 3.69 % 5.81 Mortgage loan receivables held for investment, at amortized cost 2,317,221 2,300,093 2,321,245 Discounted Cash Flow(4) 6.93 % 1.70 Mortgage loan receivables held for sale 520,679 516,582 585,212 Internal model, third-party inputs(5) 5.06 % 7.71 FHLB stock(6) 77,915 77,915 77,915 (6) 4.25 % N/A Nonhedge derivatives(1)(7) 97,100 N/A 108 Counterparty quotations N/A 0.44 Liabilities: Repurchase agreements - short-term 549,892 549,892 549,892 Discounted Cash Flow(8) 2.28 % 0.12 Repurchase agreements - long-term 489,464 489,464 489,464 Discounted Cash Flow(9) 2.34 % 1.56 Revolving credit facility 168,000 168,000 168,000 Discounted Cash Flow(10) 6.50 % 1.87 Mortgage loan financing 589,152 589,217 594,012 Discounted Cash Flow(9) 4.85 % 6.90 Mortgage loan receivable financing 57,038 57,038 57,038 Sales Proceeds N/A N/A Borrowings from the FHLB 1,475,500 1,475,500 1,476,686 Discounted Cash Flow 1.24 % 2.64 Senior unsecured notes 1,057,732 1,048,576 1,064,144 Broker quotations, pricing services 5.99 % 3.57 Nonhedge derivatives(1)(7) 1,001,200 N/A 4,207 Counterparty quotations N/A 1.23 (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, 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. The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at March 31, 2017 and 2016 ($ in thousands): March 31, 2017 Financial Instruments Reported at Fair Value on Consolidated Statements of Financial Condition Outstanding Face Amount Fair Value Level 1 Level 2 Level 3 Total Assets: CMBS(1) $ 1,306,653 $ — $ — $ 1,325,250 $ 1,325,250 CMBS interest-only(1) 7,801,370 (2) — — 320,865 320,865 GNMA interest-only(3) 457,597 (2) — — 15,625 15,625 Agency securities(1) 760 — — 771 771 GNMA permanent securities(1) 38,029 — — 39,469 39,469 Nonhedge derivatives(4) 97,100 — 108 — 108 $ — $ 108 $ 1,701,980 $ 1,702,088 Liabilities: Nonhedge derivatives(4) 1,001,200 $ — $ 4,207 $ — $ 4,207 Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial Condition Outstanding Face Amount Fair Value Level 1 Level 2 Level 3 Total Assets: Mortgage loan receivable held for investment $ 2,317,221 $ — $ — $ 2,321,245 $ 2,321,245 Mortgage loan receivable held for sale 520,679 — — 585,212 585,212 FHLB stock 77,915 — — 77,915 77,915 $ — $ — $ 2,984,372 $ 2,984,372 Liabilities: 0 Repurchase agreements - short-term 549,892 $ — $ — $ 549,892 $ 549,892 Repurchase agreements - long-term 489,464 — — 489,464 489,464 Revolving credit facility 168,000 — — 168,000 168,000 Mortgage loan financing 589,152 — — 594,012 594,012 Mortgage loan receivable financing 57,038 — — 57,038 57,038 Borrowings from the FHLB 1,475,500 — — 1,476,686 1,476,686 Senior unsecured notes 1,057,732 — — 1,064,144 1,064,144 $ — $ — $ 4,399,236 $ 4,399,236 (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, 2016 Financial Instruments Reported at Fair Value on 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 Consolidated Statements of Financial Condition Outstanding Face Amount Fair Value Level 1 Level 2 Level 3 Total Assets: Mortgage loan receivables held for investment, at amortized cost 2,011,309 — — 2,014,973 2,014,973 Mortgage loan receivables 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 Mortgage loan receivable financing — — — — — 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. The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the three months ended March 31, 2017 and 2016 ($ in thousands): Level 3 2017 2016 Balance at January 1, $ 2,100,947 $ 2,407,217 Transfer from level 2 — — Purchases 45,726 227,758 Sales (361,323 ) (15,477 ) Paydowns/maturities (74,285 ) (36,136 ) Amortization of premium/discount (19,357 ) (18,958 ) Unrealized gain/(loss) 4,911 34,459 Realized gain/(loss) on sale 5,361 11 Balance at March 31, $ 1,701,980 $ 2,598,874 The following is quantitative information about significant unobservable inputs in our Level 3 measurements for those assets and liabilities measured at fair value on a recurring basis ($ in thousands): March 31, 2017 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS (1) $ 1,325,250 Discounted cash flow Yield (4) 1.41 % 2.79 % 8.62 % Duration (years)(5) 0.10 3.65 7.99 CMBS interest-only (1) 320,865 (2) Discounted cash flow Yield (4) 2.62 % 3.52 % 4.24 % Duration (years)(5) 0.75 3.03 4.22 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only (3) 15,625 (2) Discounted cash flow Yield (4) 3.84 % 8.28 % 50.65 % Duration (years)(5) 0.26 2.35 5.21 Prepayment speed (CPJ)(5) 5.00 13.33 35.00 Agency securities (1) 771 Discounted cash flow Yield (4) 1.4 % 2.06 % 2.43 % Duration (years)(5) 0.00 3.47 5.38 GNMA permanent securities (1) 39,469 Discounted cash flow Yield (4) 2.73 % 3.63 % 6.37 % Duration (years)(5) 1.74 6.12 6.47 Total $ 1,701,980 (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, 2016 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS (1) $ 1,701,395 Discounted cash flow Yield (3) 1.35 % 2.87 % 9.18 % Duration (years)(4) 0.04 3.55 9.01 CMBS interest-only (1) 342,171 (2) Discounted cash flow Yield (3) 2.84 % 4.04 % 4.8 % Duration (years)(4) 0.00 2.99 4.37 Prepayment speed (CPY)(4) 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, 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	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	9. DERIVATIVE INSTRUMENTS The Company uses derivative instruments primarily to economically manage the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The following is a breakdown of the derivatives outstanding as of March 31, 2017 and December 31, 2016 ($ in thousands): March 31, 2017 Fair Value Remaining Maturity (years) Contract Type Notional Asset(1) Liability(1) Futures 5-year Swap $ 482,600 $ 1 $ 3,051 0.25 10-year Swap 419,500 15 3,106 0.25 5-year U.S. Treasury Note 21,500 — 34 0.25 10-year U.S. Treasury Note Ultra 3,200 — 25 0.25 Variation Margin — — (5,104 ) Total futures 926,800 16 1,112 Swaps 3 Month LIBOR(2) 50,000 — 2,618 3.47 Credit derivatives CMBX 10,000 5 — 4.85 CDX 33,500 — 477 1.72 S&P 500 Put Options 78,000 87 — 0.21 Total credit derivatives 121,500 92 477 Total derivatives $ 1,098,300 $ 108 $ 4,207 (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. (2) The Company is paying fixed interest rates on these swaps. 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 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 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 consolidated statements of operations for the three months ended March 31, 2017 and 2016 ($ in thousands): Three Months Ended March 31, 2017 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ (5,844 ) $ 4,043 $ (1,801 ) Swaps 301 (279 ) 22 Credit Derivatives (106 ) (96 ) (202 ) Total $ (5,649 ) $ 3,668 $ (1,981 ) Three Months Ended March 31, 2016 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ (8,564 ) $ (40,797 ) $ (49,361 ) Swaps (1,078 ) (338 ) (1,416 ) Credit Derivatives 12 (97 ) (85 ) Total $ (9,630 ) $ (41,232 ) $ (50,862 ) The Company’s counterparties held $18.2 million and $11.3 million of cash margin as collateral for derivatives as of March 31, 2017 and December 31, 2016 , respectively, which is included in restricted cash in the consolidated balance sheets. Futures Collateral posted with our futures counterparties is segregated in the Company’s books and records. Interest rate futures are centrally cleared by the Chicago Mercantile Exchange (“CME”) through a Futures Commission Merchant. Interest rate futures that are governed by an ISDA agreement provide for bilateral collateral pledging based on the counterparties’ market value. The counterparties have the right to re-pledge the collateral posted, but have the obligation to return the pledged collateral, or substantially the same collateral, if agreed to by us, as the market value of the interest rate futures change. The Company is required to post initial margin and daily variation margin for our interest rate futures that are centrally cleared by CME. CME determines the fair value of our centrally cleared futures, including daily variation margin. Effective January 3, 2017, CME amended their rulebooks to legally characterize daily variation margin payments for centrally cleared interest rate futures as settlement rather than collateral. As a result of this rule change, variation margin pledged on the Company’s centrally cleared interest rate futures is settled against the realized results of these futures. Credit Risk-Related Contingent Features The Company has agreements with certain of its derivative counterparties that contain a provision whereby, if the Company defaults on certain of its indebtedness, the Company could also be declared in default on its derivatives, resulting in an acceleration of payment under the derivatives. As of March 31, 2017 and December 31, 2016 , the Company was in compliance with these requirements and not in default on its indebtedness. As of March 31, 2017 and December 31, 2016 , there was $4.2 million and $6.2 million

OFFSETTING ASSETS AND LIABILITI

OFFSETTING ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2017
Offsetting [Abstract]
OFFSETTING ASSETS AND LIABILITIES	10. OFFSETTING ASSETS AND LIABILITIES The following tables present both gross information and net information about derivatives and other instruments eligible for offset in the statement of financial position as of March 31, 2017 and December 31, 2016 . The Company’s accounting policy is to record derivative asset and liability positions on a gross basis, therefore, the following tables present the gross derivative asset and liability positions recorded on the balance sheets, while also disclosing the eligible amounts of financial instruments and cash collateral to the extent those amounts could offset the gross amount of derivative asset and liability positions. The actual amounts of collateral posted by or received from counterparties may be in excess than the amounts disclosed in the following tables as the following only disclose amounts eligible to be offset to the extent of the recorded gross derivative positions. As of March 31, 2017 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 $ 108 $ — $ 108 $ — $ — $ 108 Total $ 108 $ — $ 108 $ — $ — $ 108 (1) Included in restricted cash on consolidated balance sheets. As of March 31, 2017 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 $ 4,207 $ — $ 4,207 $ — $ 4,207 $ — Repurchase agreements 1,039,355 — 1,039,355 1,039,355 — — Total $ 1,043,562 $ — $ 1,043,562 $ 1,039,355 $ 4,207 $ — (1) Included in restricted cash on consolidated balance sheets. 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 restricted cash on 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 restricted cash on consolidated balance sheets. Master netting agreements that the Company has entered into with its derivative and repurchase agreement counterparties allow for netting of the same transaction, in the same currency, on the same date. Assets, liabilities, and collateral subject to master netting agreements as of March 31, 2017 and December 31, 2016

EQUITY STRUCTURE AND ACCOUNTS

EQUITY STRUCTURE AND ACCOUNTS	3 Months Ended
	Mar. 31, 2017
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 three months ended March 31, 2017 , 6,790,121 Series REIT LP Units and 6,790,121 Series TRS LP Units were collectively exchanged for 6,790,121 shares of Class A common stock and 6,790,121 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 three months ended March 31, 2017 , the Company repurchased no shares of Class A common stock. During the three months ended March 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 . All repurchased shares are recorded in treasury stock at cost. As of March 31, 2017 , the Company has a remaining amount available for repurchase of $44.4 million , which represents 3.9% in the aggregate of its outstanding Class A common stock, based on the closing price of $14.44 per share on such date. The following table is a summary of the Company’s repurchase activity of its Class A common stock during the three months ended March 31, 2017 and 2016 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2016 $ 44,353 Additional authorizations — Repurchases paid — — Repurchases unsettled — Authorizations remaining as of March 31, 2017 $ 44,353 (1) Amount excludes commissions paid associated with share repurchases. 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 March 31, 2016 $ 44,353 (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 three months ended March 31, 2017 and 2016 : Declaration Date Dividend per Share March 1, 2017 $ 0.300 Total $ 0.300 March 1, 2016 $ 0.275 Total $ 0.275 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. The Company believes that the total value of its 2016 dividends was sufficient to fully distribute its 2016 taxable income. 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 $14.06 per share of Class A common stock on the New York Stock Exchange for the three trading days after January 12, 2017 , the date that election forms were due. The Company also issued 432,314 shares of its Class B common stock and each of Series REIT and Series TRS of LCFH issued 1,248,133 of their respective Series LP units corresponding to the aggregate number of Class A and Class B shares issued by the Company. The Company believes that the total value of its 2017 dividend was sufficient to fully distribute its 2017 taxable income. Changes in Accumulated Other Comprehensive Income The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the three months ended March 31, 2017 and 2016 ($ in thousands): Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income of Noncontrolling Interests Total Accumulated Other Comprehensive Income December 31, 2016 $ 1,365 $ 761 $ 2,126 Other comprehensive income (loss) 3,117 1,634 4,751 Exchange of noncontrolling interest for common stock 403 (403 ) — Rebalancing of ownership percentage between Company and Operating Partnership (51 ) 51 — March 31, 2017 $ 4,834 $ 2,043 $ 6,877 Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income of Noncontrolling Interests Total Accumulated Other Comprehensive Income December 31, 2015 $ (3,556 ) $ (2,839 ) $ (6,395 ) Other comprehensive income (loss) 19,467 14,916 34,383 Exchange of noncontrolling interest for common stock (122 ) 122 — Rebalancing of ownership percentage between Company and Operating Partnership 350 (350 ) — March 31, 2016 $ 16,139 $ 11,849 $ 27,988 Capitalized Offering Costs As described in Note 1 , the Company completed an IPO of its Class A Common Stock on February 11, 2014. Costs directly attributable to the Company’s IPO of $20.5 million

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	3 Months Ended
	Mar. 31, 2017
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	12. NONCONTROLLING INTERESTS Pursuant to ASC 810, Consolidation , on the accounting and reporting for noncontrolling interests and changes in ownership interests of a subsidiary, changes in a parent’s ownership interest (and transactions with noncontrolling interest unitholders in the subsidiary), while the parent retains its controlling interest in its subsidiary, should be accounted for as equity transactions. The carrying amount of the noncontrolling interest shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. Accordingly, as a result of reorganization transactions which caused changes in ownership percentages between the Company’s Class A shareholders and the noncontrolling interests in the Operating Partnership that occurred during the three months ended March 31, 2017 , 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 $4.2 million as of March 31, 2017 . 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 consolidated financial statements. There are two main types of noncontrolling interest reflected in the Company’s 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 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	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
EARNINGS PER SHARE	13. EARNINGS PER SHARE The Company’s net income (loss) and weighted average shares outstanding for the three months ended March 31, 2017 and 2016 consist of the following: ($ in thousands except share amounts) For the Three Months Ended March 31, 2017 For the Three Months Ended March 31, 2016 Basic Net income (loss) available for Class A common shareholders $ 13,470 $ (5,539 ) Diluted Net income (loss) available for Class A common shareholders $ 19,280 $ (5,539 ) Weighted average shares outstanding Basic 72,871,990 59,596,889 Diluted 109,334,847 59,596,889 The calculation of basic and diluted net income (loss) per share amounts for the three months ended March 31, 2017 and 2016 are described and presented below. Basic Net Income (Loss) per Share Numerator: utilizes net income (loss) available for Class A common shareholders for the three months ended March 31, 2017 and 2016 , respectively. Denominator: utilizes the weighted average shares of Class A common stock for the three months ended March 31, 2017 and 2016 , respectively. Diluted Net Income (Loss) per Share Numerator: utilizes net income (loss) available for Class A common shareholders for the three months ended March 31, 2017 and 2016 , respectively, for the basic net income (loss) per share calculation described above, adding net income (loss) amounts attributable to the noncontrolling interest in the Operating Partnership using the as-if converted method for the Class B common shareholders while adjusting for additional corporate income tax expense (benefit) for the described net income (loss) add-back. Denominator: utilizes the weighted average number of shares of Class A common stock for the three months ended March 31, 2017 and 2016 , respectively, for the basic net income (loss) per share calculation described above adding the dilutive effect of shares issuable relating to Operating Partnership exchangeable interests and the incremental shares of unvested Class A restricted stock using the treasury method. (In thousands except share amounts) For the Three Months Ended March 31, 2017 For the Three Months Ended March 31, 2016 Basic Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 13,470 $ (5,539 ) Denominator: Weighted average number of shares of Class A common stock outstanding 72,871,990 59,596,889 Basic net income (loss) per share of Class A common stock $ 0.18 $ (0.09 ) Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 13,470 $ (5,539 ) Add (deduct) - dilutive effect of: Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss) 5,838 — Additional corporate tax (expense) benefit (28 ) — Diluted net income (loss) attributable to Class A common shareholders $ 19,280 $ (5,539 ) Denominator: Basic weighted average number of shares of Class A common stock outstanding 72,871,990 59,596,889 Add - dilutive effect of: Shares issuable relating to converted Class B common shareholders 36,340,717 — Incremental shares of unvested Class A restricted stock 122,140 — Diluted weighted average number of shares of Class A common stock outstanding 109,334,847 59,596,889 Diluted net income (loss) per share of Class A common stock $ 0.18 $ (0.09 ) For the three months ended March 31, 2016 , shares issuable relating to converted Class B common shareholders and incremental shares of unvested Class A restricted stock are excluded from the calculation of diluted EPS as the inclusion of such potential common shares in the calculation would be anti-dilutive.

STOCK BASED COMPENSATION PLANS

STOCK BASED COMPENSATION PLANS	3 Months Ended
	Mar. 31, 2017
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. 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 attainment of the Performance Target for the applicable years. The time-vesting restricted stock granted to the Management Grantees will generally vest in three installments on each of the first three anniversaries of the date of grant, subject to continued employment on the applicable vesting dates. The performance-vesting restricted stock will vest in three equal installments on December 31 of each of 2015, 2016 and 2017 if the Company achieves a return on equity, based on Core Earnings divided by the Company’s average book value of equity, equal to or greater than 8% for such year (the “Performance Target”) 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 (the “Catch-Up Provision”). 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 the Performance Target for the years ended December 31, 2016 and 2015. The Company has elected to recognize the compensation expense related to the time-based vesting portion of the Annual Restricted Stock Awards for the entire award on a straight-line basis over the requisite service period. 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 described 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 became 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 Executive Retirement Eligibility Date for Pamela McCormack is December 8, 2019 (the “McCormack Retirement Eligibility Date”). For Management Grantees other than Harris and McCormack, the Executive Retirement Eligibility Date is February 11, 2019), 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 the Performance Target for the year ended December 31, 2016. The Company has elected to recognize the compensation expense related to the time-based vesting of the Annual Restricted Stock Awards for the entire award on a straight-line basis over the requisite service period. 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 was 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 , certain 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. 2017 Annual Restricted Stock Awards On February 18, 2017 , certain members of the board of directors each received Annual Restricted Stock Awards with a grant date fair value of $0.2 million , representing 16,245 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 related to the time-based vesting criteria of the award shall be recognized on a straight-line basis over the one-year vesting period. For 2016 performance, management received solely stock-based incentive equity. On February 18, 2017 , Annual Restricted Stock Awards were granted to Management Grantees with an aggregate value of $10.2 million which represents 736,461 shares of restricted Class A common stock in connection with 2016 compensation. In accordance with the Harris Employment Agreement, Mr. Harris’ annual awards were fully vested at grant. For other Management Grantees, 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 attainment of the Performance Target for the applicable years. The time-vesting restricted stock 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 and subject to the applicable Retirement Eligibility Date. The performance-vesting restricted stock will vest in three equal installments upon the compensation committee’s confirmation that the Company achieves the Performance Target for the years ended December 31, 2017, 2018 and 2019, respectively. The Catch-Up Provision applies to the performance vesting portion of this award. The Company has elected to recognize the compensation expense related to the time-based vesting of the Annual Restricted Stock Awards for the entire award on a straight-line basis over the requisite service period for the entire award. As such, the compensation expense related to the February 18, 2017 Annual Restricted Stock Awards to Management Grantees shall be recognized as follows: 1. Compensation expense for stock granted to Brian Harris will be expensed immediately in accordance with the Harris Retirement Eligibility Date. 2. Compensation expense for restricted stock subject to time-based vesting criteria granted to Pamela McCormack will be expensed 1/3 each year, for three years , on an annual basis in advance of the McCormack Retirement Eligibility Date. 3. Compensation expense for restricted stock subject to time-based vesting criteria granted to the Management Grantees other than Mr. Harris and Ms. McCormack, will be expensed 1/3 each year, for three years , on an annual basis in advance of the Executive Retirement Eligibility Date. Accruals of compensation cost for an award with a performance condition is 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 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 18, 2017 , Restricted Stock Awards were granted to certain non-management employees (each, a “Non-Management Grantee”) with an aggregate value of $0.6 million which represents 40,000 shares of restricted Class A common stock in connection with 2016 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 attainment of the Performance Target for the applicable years. The time-vesting restricted stock granted to Non-Management Grantees will vest in three installments on each of the first three anniversaries of June 1, 2017, subject to continued employment on the applicable vesting dates. The performance-vesting restricted stock will vest in three equal installments on June 1 of each of 2018, 2019 and 2020 (subject to the performance target being achieved). The Catch-Up Provision applies to the performance vesting portion of this award. The Company has elected to recognize the compensation expense related to the time-based vesting criteria of these Restricted Stock Awards for the entire award on a straight-line basis over the requisite service period. As such, the compensation expense related to the February 18, 2017 Restricted Stock Awards to Non-Management Grantees shall be recognized 1/3 for the period February 18, 2017 through June 1, 2018, 1/3 for the period June 2, 2018 through June 1, 2019 and 1/3 for the period June 2, 2019 through June 1, 2020. 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 March 3, 2017 , a new member of the board of directors received a Restricted Stock Award with a grant date fair value of $75,616 , representing 5,130 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. Other 2017 Restricted Stock Awards On January 24, 2017 , Management Grantees received a Restricted Stock Award with a grant date fair value of $30,455 , representing 2,191 shares of restricted Class A common stock. These shares represent stock dividends paid on the number of shares subject to the 2016 options (had such shares been outstanding) and vest with the time-vesting 2016 options they are associated with, subject to the Retirement Eligibility Date of the respective member of management. Compensation expense shall be recognized on a straight-line basis over the requisite service period. On February 18, 2017, a new employee of the Company received a Restricted Stock Award with a grant date fair value of $0.4 million , representing 28,881 shares of restricted Class A common stock, which will vest in two equal installments on each of the first two anniversaries of the date of grant, subject to continued employment on the applicable vesting dates. Compensation expense shall be recognized on a straight-line basis over the requisite service period. On February 18, 2017, Management Grantees received cash of $1.0 million and a Stock Award with a grant date fair value of $48,475 , representing 3,500 shares of Class A common stock, intended to represent dividends in type and amount that the 2015 stock option grant to management would have received had such options had dividend equivalent rights since grant. This grant also provides for future dividend equivalents that vest according to the vesting schedule of the 2015 stock option grant. Compensation expense shall be recognized on a straight-line basis over the requisite service period. Summary of Restricted Stock and Stock Option Expense and Shares/Options Nonvested/Outstanding A summary of the grants is presented below ($ in thousands): Three Months Ended March 31, 2017 2016 Number Weighted Number Weighted Grants - Class A Common Stock (restricted) 832,408 $ 11,616 793,598 $ 9,118 Grants - Class A Common Stock (restricted) dividends 15,560 216 166,934 1,908 Stock Options — — 380,949 1,356 Amortization to compensation expense Ladder compensation expense (7,254 ) (3,464 ) Total amortization to compensation expense $ (7,254 ) $ (3,464 ) The table below presents the number of unvested shares and outstanding stock options at March 31, 2017 and changes during 2017 of the (i) Class A Common stock and Stock Options of Ladder Capital Corp granted under the 2014 Omnibus Incentive Plan Restricted Stock Stock Options Nonvested/Outstanding at December 31, 2016 1,475,865 982,135 Granted 847,968 — Exercised — Vested (1,423,934 ) Forfeited — — Expired — Nonvested/Outstanding at March 31, 2017 899,899 982,135 Exercisable at March 31, 2017 752,017 At March 31, 2017 there was $10.5 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 39 months , with a weighted-average remaining vesting period of 25.3 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 clause 2(B) above were made in cash. Upon the closing of our IPO, each participant in the Phantom Equity Plan had his or her notional interest in LCFH’s Series B Participating Preferred Units converted into a notional interest in the Company’s Class A common stock, which notional conversion was based on the issuance price of our Class A common stock at the time of the IPO. On July 3, 2014, the board of directors froze the Phantom Equity Plan, effective as of such date, so that there will neither be future participants in the Phantom Equity Plan nor additional amounts contributed to any accounts outstanding under the Phantom Equity Plan. Amounts previously outstanding under the Phantom Equity Plan will be paid in accordance with their original payment terms, including limiting payment to the dates and events specified above. In connection with freezing the Phantom Equity Plan, the board of directors also updated the definition of fair market value for purposes of measuring the value of its Class A Common Stock, to provide that, generally, such value would be the closing price of such stock on the principal national securities exchange on which it is then traded. As of March 31, 2017 , there are 274,285 phantom units outstanding, all of which are vested, resulting in a liability of $4.4 million , which is included in accrued expenses on the consolidated balance sheets. 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 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 March 31, 2017 , there are 354,638 phantom units outstanding, of which 226,465 are unvested, resulting in a liability of $3.8 million , which is included in accrued expenses on the consolidated balance sheets. 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 consolidated balance sheets. Bonus Payments On February 8, 2017 , the board of directors of Ladder Capital Corp approved 2017 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, 2017 and paid to employees in full on February 21, 2017 . On February 10, 2016 , the board of directors of Ladder Capital Corp approved 2016 bonus payments to employees, including officers, totaling $46.8 million , which included $10.3 million of equity based compensation. The bonuses were accrued for as of March 31, 2016 and paid to employees in full on February 17, 2016 . During the three months ended March 31, 2017 and 2016 , the Company recorded compensation expense of $3.1 million and $4.7 million

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2017
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. Because the Company is operating as a REIT effective January 1, 2015, the Company’s income will generally no longer be subject to U.S. federal, state and local corporate income taxes other than as described below. Certain of the Company’s subsidiaries have elected to be treated as TRSs. TRSs permit the Company to participate in certain activities from which REITs are generally precluded, as long as these activities meet specific criteria, are conducted within the parameters of certain limitations established by the Code, and are conducted in entities which elect to be treated as taxable subsidiaries under the Code. To the extent these criteria are met, the Company will continue to maintain its qualification as a REIT. The Company’s TRSs are not consolidated for U.S. federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in TRSs. Current income tax expense (benefit) was $2.2 million and $1.1 million for the three months ended March 31, 2017 and March 31, 2016 , respectively. As of March 31, 2017 and December 31, 2016 , the Company’s net deferred tax assets were $4.8 million and $2.1 million , respectively, and are included in other assets in the Company’s consolidated balance sheets. Deferred income tax expense (benefit) included within the provision for income taxes was $(3.6) million and $(2.0) million for the three months ended March 31, 2017 and March 31, 2016 , respectively. The Company believes it is more likely than not that the net deferred tax assets will be realized in the future. Realization of the net deferred tax assets is dependent upon our generation of sufficient taxable income in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences. The amount of net deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change. As of March 31, 2017 , the Company has a deferred tax asset of $6.0 million relating to capital losses which it may only use to offset capital gains. These tax attributes will expire if unused in 2020. As the realization of these assets are not more likely than not before their expiration, the Company has provided a full valuation allowance against this deferred tax asset. The Company’s tax returns are subject to audit by taxing authorities. Generally, as of March 31, 2017 , the tax years 2013, 2014, 2015 and 2016 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 for the years 2010-2012 (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 March 31, 2017 , the Company had recovered all amounts owed by the indemnity counterparties related to the 2010-2012 audit. The IRS and New York State have recently begun routine audits of the Company’s U.S. federal and state income tax returns for tax year 2014 and 2013-2015 respectively. 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 March 31, 2017 and December 31, 2016 , the Company’s unrecognized tax benefit is a liability for $0.8 million and is included in the accrued expenses in the Company’s consolidated balance sheets. This unrecognized tax benefit, if recognized, would have a favorable impact on our effective income tax rate in future periods. As of March 31, 2017 , 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 March 31, 2017 and December 31, 2016 , pursuant to the Tax Receivable Agreement, the Company recorded a liability of $2.3 million and $2.5 million , respectively, included in amount payable pursuant to tax receivable agreement in the 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	3 Months Ended
	Mar. 31, 2017
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 consolidated balance sheets. As of March 31, 2017 , 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 three months ended March 31, 2016 , the Company earned $0.6 million in interest income related to this loan. On March 13, 2017, Related Reserve IV LLC, an affiliate of Related Fund Management LLC (the “B Participation Holder”), purchased a $4.0 million subordinate participation interest (the “B Participation Interest”) in the up to $136.5 million mortgage loan (the “Loan”) secured by the Conrad hotels and condominiums in Fort Lauderdale, Florida from a subsidiary of the Company. The B Participation Interest earns interest at an annual rate of 17% , with the Company’s participation interest (the “A Participation Interest”) receiving the balance of all interest paid under the Loan. Upon an event of default under the Loan, all receipts will be applied to the payment of interest and principal on the Company’s share of the principal balance before the B Participation Holder receives any sums. The Company retains all control over the administration and servicing of the whole loan, except that upon the occurrence of certain Loan defaults and other events, the B Participation Holder will have the option to trigger a buy-sell option, whereupon the Company shall have the right to either repurchase the B Participation Interest at par or sell the A Participation Interest to the B Participation Holder at par plus exit fees that would have been payable upon a borrower repayment. Because the participation interest was not pari passu and effective control continued to reside with the retained portions of the loans the transfers of any portion of this loan asset is considered a nonrecourse secured borrowing in which the full loan asset remains on the Company’s consolidated balance sheets in mortgage loan receivables held for investment, net, at amortized cost and the sale proceeds are recognized as debt obligations. For the three months ended March 31, 2017 , the Company incurred $35,944 in interest expense related to this loan which is included in accrued expenses on the Company’s consolidated balance sheets. Stockholders Agreement On March 3, 2017, Ladder, Related and certain pre-IPO stockholders of Ladder, including affiliates of TowerBrook Capital Partners, L.P. and GI Partners L.P., closed a purchase by Related of $80.0 million

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2017
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 consolidated statements of income. In 2011, the Company entered into a lease for its primary office space, which commenced on October 1, 2011 and expires on January 31, 2022 with no extension option. In 2012, the Company entered into a lease for secondary office space. The lease commenced on May 15, 2012 and would have expired on May 14, 2015 with no extension option. This lease was amended, however, on October 2, 2014, extending the expiration date from May 14, 2015 to May 14, 2018. The Company recorded $0.3 million and $0.3 million , of rental expense for the three months ended March 31, 2017 and 2016 , respectively, which is included in operating expenses in the consolidated statements of income. The following is a schedule of future minimum rental payments required under the above operating leases ($ in thousands): Period Ending December 31, Amount 2017 (last 9 months) $ 942 2018 1,206 2019 1,180 2020 1,180 2021 1,180 Thereafter 99 Total $ 5,787 Unfunded Loan Commitments As of March 31, 2017 , the Company’s off-balance sheet arrangements consisted of $123.7 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 $123.7 million to provide additional first mortgage loan financing. As of December 31, 2016 , the Company’s off-balance sheet arrangements consisted of $147.7 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 $146.3 million to provide additional first mortgage loan financing and $1.4 million

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
SEGMENT REPORTING	18. SEGMENT REPORTING The Company has determined that it has three reportable segments based on how the chief operating decision maker reviews and manages the business. These reportable segments include loans, securities, and real estate. The loans segment includes mortgage loan receivables held for investment (balance sheet loans) and mortgage loan receivables held for sale (conduit loans). The securities segment is composed of all of the Company’s activities related to commercial real estate securities, which include investments in CMBS and U.S. Agency Securities. The real estate segment includes net leased properties, office buildings, a warehouse and condominium units. Corporate/other includes the Company’s investments in joint ventures, other asset management activities and operating expenses. The Company evaluates performance based on the following financial measures for each segment ($ in thousands): Loans Securities Real Estate(1) Corporate/Other(2) Company Total Three months ended March 31, 2017 Interest income $ 44,297 $ 13,208 $ 3 $ 4 $ 57,512 Interest expense (6,253 ) (1,853 ) (6,550 ) (16,759 ) (31,415 ) Net interest income (expense) 38,044 11,355 (6,547 ) (16,755 ) 26,097 Provision for loan losses — — — — — Net interest income (expense) after provision for loan losses 38,044 11,355 (6,547 ) (16,755 ) 26,097 Operating lease income — — 19,630 — 19,630 Tenant recoveries — — 1,579 — 1,579 Sale of loans, net (999 ) — — — (999 ) Realized gain on securities — 5,361 — — 5,361 Unrealized gain (loss) on Agency interest-only securities — 159 — — 159 Realized gain (loss) on sale of real estate, net — — 2,331 — 2,331 Fee and other income 1,621 — 1,973 872 4,466 Net result from derivative transactions (1,681 ) (300 ) — — (1,981 ) Earnings (loss) from investment in unconsolidated joint ventures — — (74 ) — (74 ) Loss on extinguishment of debt — — — (54 ) (54 ) Total other income (expense) (1,059 ) 5,220 25,439 818 30,418 Salaries and employee benefits (1,000 ) — — (15,042 ) (16,042 ) Operating expenses 43 — — (5,522 ) (5,479 ) Real estate operating expenses — — (7,473 ) — (7,473 ) Real estate acquisition costs — — 19 — 19 Fee expense (535 ) (94 ) (64 ) — (693 ) Depreciation and amortization — — (8,569 ) (23 ) (8,592 ) Total costs and expenses (1,492 ) (94 ) (16,087 ) (20,587 ) (38,260 ) Income tax (expense) benefit — — — 1,375 1,375 Segment profit (loss) $ 35,493 $ 16,481 $ 2,805 $ (35,149 ) $ 19,630 Total assets as of March 31, 2017 $ 2,816,675 $ 1,701,980 $ 848,538 $ 574,429 $ 5,941,622 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Three months ended March 31, 2016 Interest income $ 41,328 $ 18,256 $ — $ 17 $ 59,601 Interest expense (6,151 ) (1,970 ) (6,195 ) (15,220 ) (29,536 ) Net interest income (expense) 35,177 16,286 (6,195 ) (15,203 ) 30,065 Provision for loan losses (150 ) — — — (150 ) Net interest income (expense) after provision for loan losses 35,027 16,286 (6,195 ) (15,203 ) 29,915 Operating lease income — — 19,294 — 19,294 Tenant recoveries — — 1,335 — 1,335 Sale of loans, net 7,830 — — — 7,830 Realized gain on securities — (573 ) — — (573 ) Unrealized gain (loss) on Agency interest-only securities — 660 — — 660 Realized gain on sale of real estate, net 641 — 5,454 — 6,095 Fee and other income 1,805 — 342 828 2,975 Net result from derivative transactions (16,125 ) (34,737 ) — — (50,862 ) Earnings from investment in unconsolidated joint ventures — — (98 ) 892 794 Gain (loss) on extinguishment of debt — — — 5,382 5,382 Total other income (5,849 ) (34,650 ) 26,327 7,102 (7,070 ) Salaries and employee benefits (1,500 ) — — (11,115 ) (12,615 ) Operating expenses — — (422 ) (5,873 ) (6,295 ) Real estate operating expenses — — (5,719 ) — (5,719 ) Fee expense (436 ) — (114 ) (181 ) (731 ) Depreciation and amortization — — (9,797 ) (5 ) (9,802 ) Total costs and expenses (1,936 ) — (16,052 ) (17,174 ) (35,162 ) Income tax expense — — — 873 873 Segment profit (loss) $ 27,242 $ (18,364 ) $ 4,080 $ (24,402 ) $ (11,444 ) Total assets as of December 31, 2016 $ 2,353,977 $ 2,100,947 $ 856,363 $ 267,050 $ 5,578,337 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $34.2 million and $34.0 million as of March 31, 2017 and December 31, 2016 , respectively (2) Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company’s investment in unconsolidated joint ventures and strategic investments that are not related to the other reportable segments above, including the Company’s investment in FHLB stock of $77.9 million as of March 31, 2017 and December 31, 2016 , the Company’s deferred tax asset of $4.8 million and $2.1 million as of March 31, 2017 and December 31, 2016 , respectively and the Company’s senior unsecured notes of $1.0 billion and $559.8 million as of March 31, 2017 and December 31, 2016

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the issuance date of the financial statements and determined that the following disclosure is necessary: Senior Unsecured Notes 2017 Notes On March 1, 2017, the Company delivered a notice of conditional full redemption to holders of the 2017 Notes, pursuant to which the Company redeemed all outstanding 2017 Notes at 100% of the principal amount thereof (plus any accrued and unpaid interest to the redemption date) on April 1, 2017. The redemption was conditional on the completion by the Company of a senior notes offering with gross proceeds of not less than $500 million . The Company’s offering of the 2022 Notes, described in Note 7, Debt Obligations, Net , satisfied this condition. On April 3, 2017 , the Company redeemed the remaining $291.5 million in aggregate principal amount of the 2017 Notes (including accrued and unpaid interest as of that date). The Company remitted the payment amount to the Trustee on March 31, 2017 and the 2017 Notes were repaid on April 3, 2017. The amount held by the Trustee was reflected in other assets on the Company’s consolidated balance sheets as of March 31, 2017 . Committed Loan Repurchase Facility On May 1, 2017 , the Company executed an amendment to one of its credit facilities with a major banking institution to, among other things, extend the maximum term an additional year to May 24, 2021 .

SIGNIFICANT ACCOUNTING POLICI27

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Accounting and Principles of Combination and Consolidation	Basis of Accounting and Principles of Combination and Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of results of operations, financial position and cash flows. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2016, which are included in the Company’s Annual Report, as certain disclosures would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The interim consolidated financial statements have been prepared, without audit, and do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations and cash flows in accordance with GAAP. The 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 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 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 consolidated financial statements in the period the changes are deemed to be necessary. Significant estimates made in the accompanying 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 March 31, 2017 and December 31, 2016
Restricted Cash	Restricted Cash
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. The Company classifies distributions received from it investments in unconsolidated joint ventures using the nature of the distribution approach.
Recently Adopted and Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements 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 clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice with respect to (i) debt prepayment or debt extinguishment costs, (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance principle. 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 elected to early adopt ASU 2016-15 effective January 1, 2017. The adoption did not have a material effect on the Company’s consolidated financial statements. 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. The Company adopted this update in the quarter ended March 31, 2017. The adoption did not have a material effect on the Company’s 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. The Company elected to early adopt ASU 2016-18 effective January 1, 2017 and the amendment was applied on a retrospective basis for all periods presented. As a result of the adoption, the Company no longer presents the change within restricted cash in the consolidated statements of cash flows. 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. The 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 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 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, the Company will measure the present value of the future lease payments and recognize a right-of-use asset and corresponding lease liability on its balance sheet . 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 January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350) (“ASU 2017-04”). The ASU simplifies the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance will be applied prospectively and is effective for annual or any interim goodwill impairment tests in years beginning after December 15, 2019 with early adoption permitted. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements when adopted. In February 2017, the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) (“ASU 2017-05”). Subtopic 610-20 was issued as part of the new revenue standard. It provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The new guidance defines “in substance nonfinancial assets,” unifies guidance related to partial sales of nonfinancial assets, eliminates rules specifically addressing sales of real estate, removes exceptions to the financial asset derecognition model, and clarifies the accounting for contributions of nonfinancial assets to joint ventures. The amendments are effective for annual periods beginning after December 15, 2017 with early adoption permitted. Transition can use either the full retrospective approach or the modified retrospective approach. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements when adopted. In March 2017, the FASB issued ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20) (“ASU 2017-08”). The ASU shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. Today, entities generally amortize the premium over the contractual life of the security. The new guidance does not change the accounting for purchased callable debt securities held at a discount; the discount continues to be amortized to maturity. ASU No. 2017-08 is effective for interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. The guidance calls for a modified retrospective transition approach under which a cumulative-effect adjustment will be made to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements when adopted.

MORTGAGE LOAN RECEIVABLES (Tabl

MORTGAGE LOAN RECEIVABLES (Tables)	3 Months Ended
	Mar. 31, 2017
Mortgage Loans on Real Estate [Abstract]
Schedule of mortgage loan receivables	March 31, 2017 ($ in thousands) Outstanding Face Amount Carrying Value Weighted Average Yield (1) Remaining Maturity (years) Mortgage loan receivables held for investment, at amortized cost $ 2,317,221 $ 2,304,093 6.93 % 1.70 Provision for loan losses N/A (4,000 ) Total mortgage loan receivables held for investment, at amortized cost 2,317,221 2,300,093 Mortgage loan receivables held for sale 520,679 516,582 5.06 % 7.71 Total $ 2,837,900 $ 2,816,675 6.59 % 2.81 (1) March 31, 2017 London Interbank Offered Rate (“LIBOR”) rates are used to calculate weighted average yield for floating rate loans. 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
Summary of mortgage loan receivables by loan type	The following table summarizes mortgage loan receivables by loan type ($ in thousands): March 31, 2017 December 31, 2016 Outstanding Face Amount Carrying Value Outstanding Face Amount Carrying Value Mortgage loan receivables held for investment, at amortized cost First mortgage loans $ 2,149,727 $ 2,137,383 $ 1,843,006 $ 1,832,626 Mezzanine loans 167,494 166,710 168,303 167,469 Total mortgage loan receivables held for investment, at amortized cost 2,317,221 2,304,093 2,011,309 2,000,095 Mortgage loan receivables held for sale First mortgage loans 520,679 516,582 360,518 357,882 Total mortgage loan receivables held for sale 520,679 516,582 360,518 357,882 Provision for loan losses N/A (4,000 ) N/A (4,000 ) Total $ 2,837,900 $ 2,816,675 $ 2,371,827 $ 2,353,977
Schedule of activity in loan portfolio	For the three months ended March 31, 2017 and 2016 , 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, 2016 $ 1,996,095 $ 357,882 Origination of mortgage loan receivables 249,829 279,898 Repayment of mortgage loan receivables (68,251 ) (247 ) Realized gain on sale of mortgage loan receivables(2) — (999 ) Transfer between held for investment and held for sale(3) 119,952 (119,952 ) Accretion/amortization of discount, premium and other fees 2,468 — Balance, March 31, 2017 $ 2,300,093 $ 516,582 Mortgage loan Mortgage loan receivables held for sale Balance, December 31, 2015 $ 1,738,645 $ 571,764 Origination of mortgage loan receivables 49,735 91,027 Repayment of mortgage loan receivables (218,410 ) (524 ) Proceeds from sales of mortgage loan receivables — (316,766 ) Realized gain on sale of mortgage loan receivables — 7,830 Accretion/amortization of discount, premium and other fees 3,013 — Loan loss provision (150 ) — Balance, March 31, 2016 $ 1,572,833 $ 353,331 (1) Includes provision for loan losses of $4.0 million and $3.9 million as of March 31, 2017 and 2016 , respectively. (2) Includes $1.0 million of realized losses on loans recorded as other than temporary impairments related to lower of cost or market adjustments for the three months ended March 31, 2017 . (3) During the three months ended March 31, 2017 , the Company reclassified from mortgage loan receivables held for sale to mortgage loan receivables held for investment, at amortized cost, a loan with an outstanding face amount of $120.0 million , a book value of $120.0 million (fair value at date of reclassification) and a remaining maturity of 3 years . The loan had been recorded at lower of cost or market prior to its reclassification. The discount to fair value is the result of an increase in market interest rates since the loan’s origination and not a deterioration in credit of the borrower or collateral coverage and the Company expects to collect all amounts due under the loan. The transfer has been reflected as a non-cash item on the consolidated statement of cash flows for the three months ended March 31, 2017
Schedule of provision for loan losses	Provision for Loan Losses ($ in thousands) Three Months Ended March 31, 2017 2016 Provision for loan losses at beginning of period $ 4,000 $ 3,700 Provision for loan losses — 150 Provision for loan losses at end of period $ 4,000 $ 3,850

REAL ESTATE SECURITIES (Tables)

REAL ESTATE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Summary of securities which are classified as available-for-sale	The following is a summary of the Company’s securities at March 31, 2017 and December 31, 2016 ($ in thousands): March 31, 2017 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) $ 1,306,653 $ 1,323,369 $ 7,909 $ (6,028 ) $ 1,325,250 128 AAA 3.18 % 2.72 % 3.38 CMBS interest-only(2) 7,801,370 (3) 316,486 4,749 (370 ) 320,865 59 AAA 1.01 % 3.58 % 3.04 GNMA interest-only(4) 457,597 (3) 17,640 196 (2,211 ) 15,625 17 AA+ 0.72 % 4.47 % 4.37 Agency securities(2) 760 786 — (15 ) 771 2 AA+ 2.88 % 1.90 % 3.35 GNMA permanent securities(2) 38,029 38,836 879 (246 ) 39,469 9 AA+ 4.08 % 3.69 % 5.81 Total $ 9,604,409 $ 1,697,117 $ 13,733 $ (8,870 ) $ 1,701,980 215 1.31 % 2.92 % 3.38 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 (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, 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 March 31, 2017 and 2016 ($ in thousands): March 31, 2017 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS(1) $ 74,889 $ 1,008,680 $ 241,681 $ — $ 1,325,250 CMBS interest-only(1) 1,128 319,737 — — 320,865 GNMA interest-only(2) 172 14,691 713 49 15,625 Agency securities(1) — 771 — — 771 GNMA permanent securities(1) 1,593 2,086 35,790 — 39,469 Total $ 77,782 $ 1,345,965 $ 278,184 $ 49 $ 1,701,980 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 (1) CMBS, CMBS interest-only securities, Agency 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 LEASE30

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Schedule of real estate properties by category	The following tables present additional detail related to our real estate portfolio ($ in thousands): March 31, 2017 December 31, 2016 Land $ 144,085 $ 143,286 Building 645,535 646,372 In-place leases and other intangibles 155,160 154,687 Less: Accumulated depreciation and amortization (130,427 ) (122,007 ) Real estate and related lease intangibles, net $ 814,353 $ 822,338 Below market lease intangibles, net (other liabilities) $ (16,428 ) $ (16,506 )
Schedule of depreciation and amortization expense recorded	The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Three Months Ended March 31, 2017 2016 Depreciation expense (1) $ 5,720 $ 6,104 Amortization expense 2,849 3,693 Total real estate depreciation and amortization expense $ 8,569 $ 9,797 (1) Depreciation expense on the consolidated statements of income also includes $23 thousand and $5 thousand of depreciation on corporate fixed assets for the three months ended March 31, 2017 and 2016
Schedule of expected amortization expense related to the acquired in-place lease intangibles, for property owned	The following table presents expected amortization expense during the next five years and thereafter related to the acquired in-place lease intangibles for property owned as of March 31, 2017 ($ in thousands): Period Ending December 31, Amount 2017 (last 9 months) $ 8,964 2018 7,650 2019 7,650 2020 7,650 2021 6,824 Thereafter 65,270 Total $ 104,008
Schedule of contractual future minimum rent under leases	The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases or rent escalations under other leases from tenants) at March 31, 2017 ($ in thousands): Period Ending December 31, Amount 2017 (last 9 months) $ 55,786 2018 70,931 2019 65,911 2020 62,574 2021 59,407 Thereafter 505,373 Total $ 819,982
Schedule of real estate properties 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 three months ended March 31, 2017 , as follows ($ in thousands): Purchase Price Allocation Land $ 744 Building 2,777 Intangibles 559 Below Market Lease Intangibles (188 ) Total purchase price $ 3,892 The weighted average amortization period for intangible assets acquired during the three months ended March 31, 2017 was 34.2 years. The Company recorded $35,946 in revenues and $35,946 in earnings (losses) from its 2017 acquisitions for the three months ended March 31, 2017 , which are included in our consolidated statements of income. No properties were acquired during the three months ended March 31, 2016 three months ended March 31, 2017 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) February 2017 Net Lease Carmi, IL $ 1,411 100.0% February 2017 Net Lease Peoria, IL 1,183 100.0% March 2017 Net Lease Ridgedale, MO 1,298 100.0% Total $ 3,892
Schedule of properties sold	The Company sold the following properties during the three months ended March 31, 2017 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining Various Condominium Las Vegas, NV $ 4,200 $ 2,320 $ 1,880 — 12 47 Various Condominium Miami, FL 2,125 1,674 451 — 6 82 Totals $ 6,325 $ 3,994 $ 2,331 The Company sold the following properties during the three months ended March 31, 2016 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining Mar 2016 Net Lease Rockland, MA $ 7,922 $ 7,211 $ 711 1 — — Various Condominium Las Vegas, NV 8,404 4,417 3,987 — 17 115 Various Condominium Miami, FL 5,963 4,566 1,397 — 21 132 Totals $ 22,289 $ 16,194 $ 6,095

INVESTMENT IN UNCONSOLIDATED 31

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	3 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Summary of the Company's investments in unconsolidated joint ventures, which the entity accounts for using the equity method	The following is a summary of the Company’s investments in unconsolidated joint ventures, which we account for using the equity method, as of March 31, 2017 and December 31, 2016 ($ in thousands): Entity March 31, 2017 December 31, 2016 Ladder Capital Realty Income Partnership I LP $ — $ — Grace Lake JV, LLC 3,958 3,719 24 Second Avenue Holdings LLC 30,227 30,306 Investment in unconsolidated joint ventures $ 34,185 $ 34,025
Summary of the Company's allocated earnings based on its ownership interests from investment in unconsolidated joint ventures	The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated joint ventures for the three months ended March 31, 2017 and 2016 ($ in thousands): Three Months Ended March 31, Entity 2017 2016 Ladder Capital Realty Income Partnership I LP $ — $ 892 Grace Lake JV, LLC 238 225 24 Second Avenue Holdings LLC (312 ) (323 ) Earnings (loss) from investment in unconsolidated joint ventures $ (74 ) $ 794
Summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests	The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of March 31, 2017 and December 31, 2016 ($ in thousands): March 31, 2017 December 31, 2016 Total assets $ 140,905 $ 138,298 Total liabilities 97,068 94,964 Partners’/members’ capital $ 43,837 $ 43,334 The following is a summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the three months ended March 31, 2017 and 2016 ($ in thousands): Three Months Ended March 31, 2017 2016 Total revenues $ 3,791 $ 4,237 Total expenses 5,798 4,416 Net income (loss) $ (2,007 ) $ (179 )

DEBT OBLIGATIONS, NET (Tables)

DEBT OBLIGATIONS, NET (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of repurchase agreement	The details of the Company’s debt obligations at March 31, 2017 and December 31, 2016 are as follows ($ in thousands): March 31, 2017 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at March 31, 2017(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 600,000 $ 311,312 $ 288,688 2.66% - 3.41% 10/30/2018 (2) (3) $ 453,843 $ 461,210 Committed Loan Repurchase Facility 450,000 137,324 312,676 3.08% - 3.90% 5/24/2017 (4) (3) 241,974 244,538 Committed Loan Repurchase Facility 300,000 151,257 148,743 3.08% - 4.16% 4/9/2018 (5) (6) 299,156 306,986 Committed Loan Repurchase Facility 100,000 34,369 65,631 3.16% - 3.41% 6/28/2019 — (3) 46,186 46,491 Committed Loan Repurchase Facility 200,000 50,732 149,268 3.13% - 3.88% 2/29/2020 (7) (3) 69,422 75,291 (8) Total Committed Loan Repurchase Facilities 1,650,000 684,994 965,006 1,110,581 1,134,516 Committed Securities Repurchase Facility 400,000 115,000 285,000 1.10% - 2.12% 7/1/2018 N/A (9) 213,238 213,238 Uncommitted Securities Repurchase Facility N/A (9) 239,361 N/A (10) 1.10% - 2.57% 4/2017 - 6/2017 N/A (9) 279,764 279,764 Total Repurchase Facilities 2,050,000 1,039,355 1,250,006 1,603,583 1,627,518 Revolving Credit Facility 168,520 168,000 520 6.5% 2/11/2018 (11) N/A (12) N/A (12) N/A (12) Mortgage Loan Financing 589,217 589,217 — 4.25% - 6.75% 2018 - 2026 N/A (13) 749,677 875,725 (14) Mortgage Loan Receivable Financing 57,038 57,038 — N/A N/A N/A N/A N/A N/A Borrowings from the FHLB 2,000,000 1,475,500 524,500 0.57% - 2.74% 2017 - 2024 N/A (14) 1,921,263 1,930,137 Senior Unsecured Notes 1,057,732 1,048,576 (16) — 5.250% - 7.375% 2017 - 2022 N/A N/A (17) N/A (17) N/A (17) Total Debt Obligations $ 5,922,507 $ 4,377,686 $ 1,775,026 $ 4,274,523 $ 4,433,380 (1) March 31, 2017 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 and one additional 364 -day period with Bank’s consent. (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) Includes $5.1 million of loans made to consolidated subsidiaries. (9) Commercial real estate securities. It does not include the real estate collateralizing such securities. (10) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (11) Three additional 12 -month extension periods at Company’s option. (12) 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. (13) Real estate. (14) Using undepreciated carrying value of commercial real estate to approximate fair value. (15) 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. (16) Presented net of unamortized debt issuance costs of $9.2 million at March 31, 2017 . Pursuant to their terms, the Company had called for prepayment of the 2017 Notes at par (plus any accrued and unpaid interest to the redemption date) with an outstanding principal balance of $291.5 million . The Company remitted the payment amount to the Trustee on March 31, 2017 and the 2017 Notes were repaid on April 3, 2017. The amount held by the Trustee was reflected in other assets on the Company’s consolidated balance sheets as of March 31, 2017 . (17) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. 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 $4.0 million at December 31, 2016 . (16) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Schedule of contractual payments under all borrowings by maturity	The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by Maturity (1) 2017 (last 9 months)(2) $ 1,312,542 2018 806,468 2019 313,298 2020 113,801 2021 362,941 Thereafter 1,472,447 Subtotal $ 4,381,497 Debt issuance costs included in senior unsecured notes (9,156 ) Premiums included in mortgage loan financing 5,345 Total 4,377,686 (1) Contractual payments under current maturities, some of which are subject to extensions. The maturities listed above for 2017 include $1.0 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 March 31, 2017 . (2) Amount includes $291.5 million of 2017 Notes. The Company had remitted the payment amount to the Trustee on March 31, 2017 and the 2017 Notes were repaid on April 3, 2017. The amount held by the Trustee was reflected in other assets on the Company’s consolidated balance sheets as of March 31, 2017 .

FAIR VALUE OF FINANCIAL INSTR33

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Summary of fair value	The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at March 31, 2017 and December 31, 2016 are as follows ($ in thousands): March 31, 2017 Weighted Average Outstanding Face Amount Amortized Cost Basis Fair Value Fair Value Method Yield % Remaining Maturity/Duration (years) Assets: CMBS(1) $ 1,306,653 $ 1,323,369 $ 1,325,250 Internal model, third-party inputs 2.72 % 3.38 CMBS interest-only(1) 7,801,370 (2) 316,486 320,865 Internal model, third-party inputs 3.58 % 3.04 GNMA interest-only(3) 457,597 (2) 17,640 15,625 Internal model, third-party inputs 4.47 % 4.37 Agency securities(1) 760 786 771 Internal model, third-party inputs 1.90 % 3.35 GNMA permanent securities(1) 38,029 38,836 39,469 Internal model, third-party inputs 3.69 % 5.81 Mortgage loan receivables held for investment, at amortized cost 2,317,221 2,300,093 2,321,245 Discounted Cash Flow(4) 6.93 % 1.70 Mortgage loan receivables held for sale 520,679 516,582 585,212 Internal model, third-party inputs(5) 5.06 % 7.71 FHLB stock(6) 77,915 77,915 77,915 (6) 4.25 % N/A Nonhedge derivatives(1)(7) 97,100 N/A 108 Counterparty quotations N/A 0.44 Liabilities: Repurchase agreements - short-term 549,892 549,892 549,892 Discounted Cash Flow(8) 2.28 % 0.12 Repurchase agreements - long-term 489,464 489,464 489,464 Discounted Cash Flow(9) 2.34 % 1.56 Revolving credit facility 168,000 168,000 168,000 Discounted Cash Flow(10) 6.50 % 1.87 Mortgage loan financing 589,152 589,217 594,012 Discounted Cash Flow(9) 4.85 % 6.90 Mortgage loan receivable financing 57,038 57,038 57,038 Sales Proceeds N/A N/A Borrowings from the FHLB 1,475,500 1,475,500 1,476,686 Discounted Cash Flow 1.24 % 2.64 Senior unsecured notes 1,057,732 1,048,576 1,064,144 Broker quotations, pricing services 5.99 % 3.57 Nonhedge derivatives(1)(7) 1,001,200 N/A 4,207 Counterparty quotations N/A 1.23 (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, 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
Summary of financial assets and liabilities, both reported at fair value on a recurring basis or amortized cost/par	The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at March 31, 2017 and 2016 ($ in thousands): March 31, 2017 Financial Instruments Reported at Fair Value on Consolidated Statements of Financial Condition Outstanding Face Amount Fair Value Level 1 Level 2 Level 3 Total Assets: CMBS(1) $ 1,306,653 $ — $ — $ 1,325,250 $ 1,325,250 CMBS interest-only(1) 7,801,370 (2) — — 320,865 320,865 GNMA interest-only(3) 457,597 (2) — — 15,625 15,625 Agency securities(1) 760 — — 771 771 GNMA permanent securities(1) 38,029 — — 39,469 39,469 Nonhedge derivatives(4) 97,100 — 108 — 108 $ — $ 108 $ 1,701,980 $ 1,702,088 Liabilities: Nonhedge derivatives(4) 1,001,200 $ — $ 4,207 $ — $ 4,207 Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial Condition Outstanding Face Amount Fair Value Level 1 Level 2 Level 3 Total Assets: Mortgage loan receivable held for investment $ 2,317,221 $ — $ — $ 2,321,245 $ 2,321,245 Mortgage loan receivable held for sale 520,679 — — 585,212 585,212 FHLB stock 77,915 — — 77,915 77,915 $ — $ — $ 2,984,372 $ 2,984,372 Liabilities: 0 Repurchase agreements - short-term 549,892 $ — $ — $ 549,892 $ 549,892 Repurchase agreements - long-term 489,464 — — 489,464 489,464 Revolving credit facility 168,000 — — 168,000 168,000 Mortgage loan financing 589,152 — — 594,012 594,012 Mortgage loan receivable financing 57,038 — — 57,038 57,038 Borrowings from the FHLB 1,475,500 — — 1,476,686 1,476,686 Senior unsecured notes 1,057,732 — — 1,064,144 1,064,144 $ — $ — $ 4,399,236 $ 4,399,236 (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, 2016 Financial Instruments Reported at Fair Value on 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 Consolidated Statements of Financial Condition Outstanding Face Amount Fair Value Level 1 Level 2 Level 3 Total Assets: Mortgage loan receivables held for investment, at amortized cost 2,011,309 — — 2,014,973 2,014,973 Mortgage loan receivables 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 Mortgage loan receivable financing — — — — — 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)
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 consolidated statements of financial condition for the three months ended March 31, 2017 and 2016 ($ in thousands): Level 3 2017 2016 Balance at January 1, $ 2,100,947 $ 2,407,217 Transfer from level 2 — — Purchases 45,726 227,758 Sales (361,323 ) (15,477 ) Paydowns/maturities (74,285 ) (36,136 ) Amortization of premium/discount (19,357 ) (18,958 ) Unrealized gain/(loss) 4,911 34,459 Realized gain/(loss) on sale 5,361 11 Balance at March 31, $ 1,701,980 $ 2,598,874
Schedule of quantitative information	The following is quantitative information about significant unobservable inputs in our Level 3 measurements for those assets and liabilities measured at fair value on a recurring basis ($ in thousands): March 31, 2017 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS (1) $ 1,325,250 Discounted cash flow Yield (4) 1.41 % 2.79 % 8.62 % Duration (years)(5) 0.10 3.65 7.99 CMBS interest-only (1) 320,865 (2) Discounted cash flow Yield (4) 2.62 % 3.52 % 4.24 % Duration (years)(5) 0.75 3.03 4.22 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only (3) 15,625 (2) Discounted cash flow Yield (4) 3.84 % 8.28 % 50.65 % Duration (years)(5) 0.26 2.35 5.21 Prepayment speed (CPJ)(5) 5.00 13.33 35.00 Agency securities (1) 771 Discounted cash flow Yield (4) 1.4 % 2.06 % 2.43 % Duration (years)(5) 0.00 3.47 5.38 GNMA permanent securities (1) 39,469 Discounted cash flow Yield (4) 2.73 % 3.63 % 6.37 % Duration (years)(5) 1.74 6.12 6.47 Total $ 1,701,980 (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, 2016 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS (1) $ 1,701,395 Discounted cash flow Yield (3) 1.35 % 2.87 % 9.18 % Duration (years)(4) 0.04 3.55 9.01 CMBS interest-only (1) 342,171 (2) Discounted cash flow Yield (3) 2.84 % 4.04 % 4.8 % Duration (years)(4) 0.00 2.99 4.37 Prepayment speed (CPY)(4) 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, 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)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of breakdown of the derivatives outstanding	The following is a breakdown of the derivatives outstanding as of March 31, 2017 and December 31, 2016 ($ in thousands): March 31, 2017 Fair Value Remaining Maturity (years) Contract Type Notional Asset(1) Liability(1) Futures 5-year Swap $ 482,600 $ 1 $ 3,051 0.25 10-year Swap 419,500 15 3,106 0.25 5-year U.S. Treasury Note 21,500 — 34 0.25 10-year U.S. Treasury Note Ultra 3,200 — 25 0.25 Variation Margin — — (5,104 ) Total futures 926,800 16 1,112 Swaps 3 Month LIBOR(2) 50,000 — 2,618 3.47 Credit derivatives CMBX 10,000 5 — 4.85 CDX 33,500 — 477 1.72 S&P 500 Put Options 78,000 87 — 0.21 Total credit derivatives 121,500 92 477 Total derivatives $ 1,098,300 $ 108 $ 4,207 (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. (2) The Company is paying fixed interest rates on these swaps. 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 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 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 consolidated statements of operations for the three months ended March 31, 2017 and 2016 ($ in thousands): Three Months Ended March 31, 2017 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ (5,844 ) $ 4,043 $ (1,801 ) Swaps 301 (279 ) 22 Credit Derivatives (106 ) (96 ) (202 ) Total $ (5,649 ) $ 3,668 $ (1,981 ) Three Months Ended March 31, 2016 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ (8,564 ) $ (40,797 ) $ (49,361 ) Swaps (1,078 ) (338 ) (1,416 ) Credit Derivatives 12 (97 ) (85 ) Total $ (9,630 ) $ (41,232 ) $ (50,862 )

OFFSETTING ASSETS AND LIABILI35

OFFSETTING ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2017
Offsetting [Abstract]
Schedule of offsetting of financial assets	As of March 31, 2017 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 $ 108 $ — $ 108 $ — $ — $ 108 Total $ 108 $ — $ 108 $ — $ — $ 108 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
Schedule of offsetting of financial liabilities	As of March 31, 2017 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 $ 4,207 $ — $ 4,207 $ — $ 4,207 $ — Repurchase agreements 1,039,355 — 1,039,355 1,039,355 — — Total $ 1,043,562 $ — $ 1,043,562 $ 1,039,355 $ 4,207 $ — 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 $ —

EQUITY STRUCTURE AND ACCOUNTS (

EQUITY STRUCTURE AND ACCOUNTS (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of repurchase of treasury stock activity	The following table is a summary of the Company’s repurchase activity of its Class A common stock during the three months ended March 31, 2017 and 2016 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2016 $ 44,353 Additional authorizations — Repurchases paid — — Repurchases unsettled — Authorizations remaining as of March 31, 2017 $ 44,353 (1) Amount excludes commissions paid associated with share repurchases. 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 March 31, 2016 $ 44,353 (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 three months ended March 31, 2017 and 2016 : Declaration Date Dividend per Share March 1, 2017 $ 0.300 Total $ 0.300 March 1, 2016 $ 0.275 Total $ 0.275
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 three months ended March 31, 2017 and 2016 ($ in thousands): Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income of Noncontrolling Interests Total Accumulated Other Comprehensive Income December 31, 2016 $ 1,365 $ 761 $ 2,126 Other comprehensive income (loss) 3,117 1,634 4,751 Exchange of noncontrolling interest for common stock 403 (403 ) — Rebalancing of ownership percentage between Company and Operating Partnership (51 ) 51 — March 31, 2017 $ 4,834 $ 2,043 $ 6,877 Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income of Noncontrolling Interests Total Accumulated Other Comprehensive Income December 31, 2015 $ (3,556 ) $ (2,839 ) $ (6,395 ) Other comprehensive income (loss) 19,467 14,916 34,383 Exchange of noncontrolling interest for common stock (122 ) 122 — Rebalancing of ownership percentage between Company and Operating Partnership 350 (350 ) — March 31, 2016 $ 16,139 $ 11,849 $ 27,988

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of the Company's net income and weighted average shares outstanding	The Company’s net income (loss) and weighted average shares outstanding for the three months ended March 31, 2017 and 2016 consist of the following: ($ in thousands except share amounts) For the Three Months Ended March 31, 2017 For the Three Months Ended March 31, 2016 Basic Net income (loss) available for Class A common shareholders $ 13,470 $ (5,539 ) Diluted Net income (loss) available for Class A common shareholders $ 19,280 $ (5,539 ) Weighted average shares outstanding Basic 72,871,990 59,596,889 Diluted 109,334,847 59,596,889
Schedule of calculation of basic and diluted net income per share amounts	(In thousands except share amounts) For the Three Months Ended March 31, 2017 For the Three Months Ended March 31, 2016 Basic Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 13,470 $ (5,539 ) Denominator: Weighted average number of shares of Class A common stock outstanding 72,871,990 59,596,889 Basic net income (loss) per share of Class A common stock $ 0.18 $ (0.09 ) Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 13,470 $ (5,539 ) Add (deduct) - dilutive effect of: Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss) 5,838 — Additional corporate tax (expense) benefit (28 ) — Diluted net income (loss) attributable to Class A common shareholders $ 19,280 $ (5,539 ) Denominator: Basic weighted average number of shares of Class A common stock outstanding 72,871,990 59,596,889 Add - dilutive effect of: Shares issuable relating to converted Class B common shareholders 36,340,717 — Incremental shares of unvested Class A restricted stock 122,140 — Diluted weighted average number of shares of Class A common stock outstanding 109,334,847 59,596,889 Diluted net income (loss) per share of Class A common stock $ 0.18 $ (0.09 )

STOCK BASED COMPENSATION PLANS

STOCK BASED COMPENSATION PLANS (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of the grants	A summary of the grants is presented below ($ in thousands): Three Months Ended March 31, 2017 2016 Number Weighted Number Weighted Grants - Class A Common Stock (restricted) 832,408 $ 11,616 793,598 $ 9,118 Grants - Class A Common Stock (restricted) dividends 15,560 216 166,934 1,908 Stock Options — — 380,949 1,356 Amortization to compensation expense Ladder compensation expense (7,254 ) (3,464 ) Total amortization to compensation expense $ (7,254 ) $ (3,464 )
Schedule of Nonvested Shares Activity	The table below presents the number of unvested shares and outstanding stock options at March 31, 2017 and changes during 2017 of the (i) Class A Common stock and Stock Options of Ladder Capital Corp granted under the 2014 Omnibus Incentive Plan Restricted Stock Stock Options Nonvested/Outstanding at December 31, 2016 1,475,865 982,135 Granted 847,968 — Exercised — Vested (1,423,934 ) Forfeited — — Expired — Nonvested/Outstanding at March 31, 2017 899,899 982,135 Exercisable at March 31, 2017 752,017

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2017
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 (last 9 months) $ 942 2018 1,206 2019 1,180 2020 1,180 2021 1,180 Thereafter 99 Total $ 5,787

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2017
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 Three months ended March 31, 2017 Interest income $ 44,297 $ 13,208 $ 3 $ 4 $ 57,512 Interest expense (6,253 ) (1,853 ) (6,550 ) (16,759 ) (31,415 ) Net interest income (expense) 38,044 11,355 (6,547 ) (16,755 ) 26,097 Provision for loan losses — — — — — Net interest income (expense) after provision for loan losses 38,044 11,355 (6,547 ) (16,755 ) 26,097 Operating lease income — — 19,630 — 19,630 Tenant recoveries — — 1,579 — 1,579 Sale of loans, net (999 ) — — — (999 ) Realized gain on securities — 5,361 — — 5,361 Unrealized gain (loss) on Agency interest-only securities — 159 — — 159 Realized gain (loss) on sale of real estate, net — — 2,331 — 2,331 Fee and other income 1,621 — 1,973 872 4,466 Net result from derivative transactions (1,681 ) (300 ) — — (1,981 ) Earnings (loss) from investment in unconsolidated joint ventures — — (74 ) — (74 ) Loss on extinguishment of debt — — — (54 ) (54 ) Total other income (expense) (1,059 ) 5,220 25,439 818 30,418 Salaries and employee benefits (1,000 ) — — (15,042 ) (16,042 ) Operating expenses 43 — — (5,522 ) (5,479 ) Real estate operating expenses — — (7,473 ) — (7,473 ) Real estate acquisition costs — — 19 — 19 Fee expense (535 ) (94 ) (64 ) — (693 ) Depreciation and amortization — — (8,569 ) (23 ) (8,592 ) Total costs and expenses (1,492 ) (94 ) (16,087 ) (20,587 ) (38,260 ) Income tax (expense) benefit — — — 1,375 1,375 Segment profit (loss) $ 35,493 $ 16,481 $ 2,805 $ (35,149 ) $ 19,630 Total assets as of March 31, 2017 $ 2,816,675 $ 1,701,980 $ 848,538 $ 574,429 $ 5,941,622 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Three months ended March 31, 2016 Interest income $ 41,328 $ 18,256 $ — $ 17 $ 59,601 Interest expense (6,151 ) (1,970 ) (6,195 ) (15,220 ) (29,536 ) Net interest income (expense) 35,177 16,286 (6,195 ) (15,203 ) 30,065 Provision for loan losses (150 ) — — — (150 ) Net interest income (expense) after provision for loan losses 35,027 16,286 (6,195 ) (15,203 ) 29,915 Operating lease income — — 19,294 — 19,294 Tenant recoveries — — 1,335 — 1,335 Sale of loans, net 7,830 — — — 7,830 Realized gain on securities — (573 ) — — (573 ) Unrealized gain (loss) on Agency interest-only securities — 660 — — 660 Realized gain on sale of real estate, net 641 — 5,454 — 6,095 Fee and other income 1,805 — 342 828 2,975 Net result from derivative transactions (16,125 ) (34,737 ) — — (50,862 ) Earnings from investment in unconsolidated joint ventures — — (98 ) 892 794 Gain (loss) on extinguishment of debt — — — 5,382 5,382 Total other income (5,849 ) (34,650 ) 26,327 7,102 (7,070 ) Salaries and employee benefits (1,500 ) — — (11,115 ) (12,615 ) Operating expenses — — (422 ) (5,873 ) (6,295 ) Real estate operating expenses — — (5,719 ) — (5,719 ) Fee expense (436 ) — (114 ) (181 ) (731 ) Depreciation and amortization — — (9,797 ) (5 ) (9,802 ) Total costs and expenses (1,936 ) — (16,052 ) (17,174 ) (35,162 ) Income tax expense — — — 873 873 Segment profit (loss) $ 27,242 $ (18,364 ) $ 4,080 $ (24,402 ) $ (11,444 ) Total assets as of December 31, 2016 $ 2,353,977 $ 2,100,947 $ 856,363 $ 267,050 $ 5,578,337 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $34.2 million and $34.0 million as of March 31, 2017 and December 31, 2016 , respectively (2) Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company’s investment in unconsolidated joint ventures and strategic investments that are not related to the other reportable segments above, including the Company’s investment in FHLB stock of $77.9 million as of March 31, 2017 and December 31, 2016 , the Company’s deferred tax asset of $4.8 million and $2.1 million as of March 31, 2017 and December 31, 2016 , respectively and the Company’s senior unsecured notes of $1.0 billion and $559.8 million as of March 31, 2017 and December 31, 2016

ORGANIZATION AND OPERATIONS (De

ORGANIZATION AND OPERATIONS (Details) $ / shares in Units, $ in Millions	Feb. 27, 2015	Feb. 11, 2014USD ($)shares	Dec. 31, 2014	Mar. 31, 2017shares	Dec. 31, 2016shares	Feb. 10, 2014Class_of_Stock$ / 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		79,086,784	71,586,170
Shares issued to the exchanging existing owners		33,672,192
Class B common stock
ORGANIZATION AND OPERATIONS
Shares outstanding		48,537,414		31,644,537	38,002,344
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 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				71.40%

SIGNIFICANT ACCOUNTING POLICI42

SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Maximum cash amount insured at several financial institutions	$ 250,000	$ 250,000

SIGNIFICANT ACCOUNTING POLICI43

SIGNIFICANT ACCOUNTING POLICIES - Out of Period Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Reduction in depreciation and amortization	$ (8,592)	$ (9,802)
Additional state taxes	(1,375)	(873)
Out-of-Period Adjustment Related to Prior Years
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Reduction in depreciation and amortization	$ 800
Additional deferred financing cost amortization		500
Out-of-Period Adjustment Related to Prior Years | Noncontrolling Interests in Consolidated Joint Ventures
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Additional return on equity from Company's investments		900
Out-of-Period Adjustment Related to Prior Years | Tax Year 2015 | State and Local Jurisdiction
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Additional state taxes		$ 1,200

MORTGAGE LOAN RECEIVABLES - Sch

MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 2,837,900	$ 2,371,827
Provision for loan losses	(4,000)	(4,000)	$ (3,850)	$ (3,700)
Carrying Value	$ 2,816,675	$ 2,353,977
Weighted Average Yield (as a percent)	6.59%	6.73%
Remaining Maturity (years)	2 years 9 months 21 days	2 years 1 month 6 days
Mortgage loan receivables held for investment, at amortized cost
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 2,317,221	$ 2,011,309
Carrying Value, gross	2,304,093	2,000,095
Provision for loan losses	(4,000)	(4,000)
Carrying Value	$ 2,300,093	$ 1,996,095
Weighted Average Yield (as a percent)	6.93%	7.17%
Remaining Maturity (years)	1 year 8 months 12 days	1 year 7 months 28 days
Mortgage loan receivables held for sale
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 520,679	$ 360,518
Carrying Value	$ 516,582	$ 357,882
Weighted Average Yield (as a percent)	5.06%	4.20%
Remaining Maturity (years)	7 years 8 months 15 days	4 years 6 months 18 days

MORTGAGE LOAN RECEIVABLES - Add

MORTGAGE LOAN RECEIVABLES - Additional Information (Details)	3 Months Ended
	Mar. 31, 2017USD ($)loanservicing_asset	Mar. 31, 2016loan	Dec. 31, 2016USD ($)loan
Mortgage Loans on Real Estate [Line Items]
Number of loans transferred for which Company retains control | servicing_asset	2
Loans receivable with fixed rates of interest	$ 459,200,000		$ 205,400,000
Percentage of loans receivable with fixed rates of interest	19.90%		10.30%
Unamortized discounts included in mortgage loan receivables held for investment, at amortized cost	$ 500,000		$ 600,000
Number of mortgage loans impaired | loan	0		0
Accrued and unpaid interest receivable	$ 27,264,000		$ 24,439,000
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		$ 1,800,000,000
Percentage of loans receivable with fixed rates of interest	80.10%		89.70%
Number or loans in default | loan	2	2
Loans in default, carrying value	$ 26,900,000
Impairment recorded on defaulted loans	0
Accrued and unpaid interest receivable	1,900,000		$ 3,500,000
Default interest included in accrued and unpaid interest receivable	1,800,000		2,200,000
Mortgage loan receivables held for sale
Mortgage Loans on Real Estate [Line Items]
Loans receivable with fixed rates of interest	$ 516,600,000		$ 360,500,000
Percentage of loans receivable with fixed rates of interest	100.00%		100.00%
Loan on non-accrual status
Mortgage Loans on Real Estate [Line Items]
Number of mortgage loans on non-accrual status | loan	0	0
Mortgage Loan Financing
Mortgage Loans on Real Estate [Line Items]
Book value of loans transferred for which Company retains control	$ 56,100,000

MORTGAGE LOAN RECEIVABLES - Mor

MORTGAGE LOAN RECEIVABLES - Mortgage Loan Receivables by Loan Type (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 2,837,900	$ 2,371,827
Provision for loan losses	(4,000)	(4,000)	$ (3,850)	$ (3,700)
Carrying Value	2,816,675	2,353,977
First mortgage loan, held for investment
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	2,149,727	1,843,006
Carrying Value, Gross	2,137,383	1,832,626
Mezzanine loan, held for investment
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	167,494	168,303
Carrying Value, Gross	166,710	167,469
Mortgage loan receivables held for investment, at amortized cost
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	2,317,221	2,011,309
Carrying Value, Gross	2,304,093	2,000,095
Provision for loan losses	(4,000)	(4,000)
Carrying Value	2,300,093	1,996,095
First mortgage loan, held for sale
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	520,679	360,518
Carrying Value	516,582	357,882
Mortgage loan receivables held for sale
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	520,679	360,518
Carrying Value	$ 516,582	$ 357,882

MORTGAGE LOAN RECEIVABLES - Act

MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Activity in loan portfolio
Realized gain on sale of mortgage loan receivables	$ (999)	$ 7,830
Transfer between held for investment and held for sale	119,952	0
Loan loss provision	0	(150)
Loans held for sale transferred loan held for investment, book value	120,000
Loans held for sale transferred to loans held for investments, fair value	$ 120,000
Loans transferred from held for sale to held for investments, remaining maturity	3 years
Mortgage loan receivables held for investment, at amortized cost
Activity in loan portfolio
Balance at the beginning of the period	$ 1,996,095	1,738,645
Origination of mortgage loan receivables	249,829	49,735
Repayment of mortgage loan receivables	(68,251)	(218,410)
Proceeds from sales of mortgage loan receivables		0
Realized gain on sale of mortgage loan receivables	0	0
Transfer between held for investment and held for sale	119,952
Accretion/amortization of discount, premium and other fees	2,468	3,013
Loan loss provision		(150)
Balance at the end of the period	2,300,093	1,572,833
Provision for Loan and Lease Losses	4,000	3,900
Mortgage loan receivables held for sale
Activity in loan portfolio
Balance at the beginning of the period	357,882	571,764
Origination of mortgage loan receivables	279,898	91,027
Repayment of mortgage loan receivables	(247)	(524)
Proceeds from sales of mortgage loan receivables		(316,766)
Realized gain on sale of mortgage loan receivables	(999)	7,830
Transfer between held for investment and held for sale	(119,952)
Accretion/amortization of discount, premium and other fees	0	0
Loan loss provision		0
Balance at the end of the period	516,582	$ 353,331
Realized losses on loans recorded as other than temporary impairments	$ 1,000

MORTGAGE LOAN RECEIVABLES - Pro

MORTGAGE LOAN RECEIVABLES - Provision for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Allowance for Loan and Lease Losses [Roll Forward]
Provision for loan losses at beginning of period	$ 4,000	$ 3,700
Provision for loan losses	0	150
Provision for loan losses at end of period	$ 4,000	$ 3,850

REAL ESTATE SECURITIES - Summar

REAL ESTATE SECURITIES - Summary of Securities (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)securities	Dec. 31, 2016USD ($)securities
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 9,604,409	$ 10,354,816
Amortized Cost Basis	1,697,117	2,100,994
Gross Unrealized Gains	13,733	13,194
Gross Unrealized Losses	(8,870)	(13,241)
Carrying Value	$ 1,701,980	$ 2,100,947
Number of Securities | securities	215	219
Weighted Average Coupon %	1.31%	1.27%
Weighted Average Yield %	2.92%	2.94%
Remaining Duration (years)	3 years 4 months 17 days	3 years 7 months 6 days
CMBS
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 1,306,653	$ 1,676,680
Amortized Cost Basis	1,323,369	1,698,616
Gross Unrealized Gains	7,909	10,880
Gross Unrealized Losses	(6,028)	(8,101)
Carrying Value	$ 1,325,250	$ 1,701,395
Number of Securities | securities	128	131
Weighted Average Coupon %	3.18%	3.26%
Weighted Average Yield %	2.72%	2.81%
Remaining Duration (years)	3 years 4 months 17 days	3 years 6 months 18 days
CMBS interest-only
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 7,801,370	$ 8,160,458
Amortized Cost Basis	316,486	343,438
Gross Unrealized Gains	4,749	1,273
Gross Unrealized Losses	(370)	(2,540)
Carrying Value	$ 320,865	$ 342,171
Number of Securities | securities	59	60
Weighted Average Coupon %	1.01%	0.87%
Weighted Average Yield %	3.58%	3.45%
Remaining Duration (years)	3 years 14 days	2 years 11 months 26 days
GNMA interest-only
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 457,597	$ 478,577
Amortized Cost Basis	17,640	18,994
Gross Unrealized Gains	196	159
Gross Unrealized Losses	(2,211)	(2,332)
Carrying Value	$ 15,625	$ 16,821
Number of Securities | securities	17	17
Weighted Average Coupon %	0.72%	0.73%
Weighted Average Yield %	4.47%	4.19%
Remaining Duration (years)	4 years 4 months 13 days	4 years 5 months 8 days
Agency securities
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 760	$ 774
Amortized Cost Basis	786	802
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(15)	(22)
Carrying Value	$ 771	$ 780
Number of Securities | securities	2	2
Weighted Average Coupon %	2.88%	2.90%
Weighted Average Yield %	1.90%	1.29%
Remaining Duration (years)	3 years 4 months 6 days	3 years 3 months 7 days
GNMA permanent securities
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 38,029	$ 38,327
Amortized Cost Basis	38,836	39,144
Gross Unrealized Gains	879	882
Gross Unrealized Losses	(246)	(246)
Carrying Value	$ 39,469	$ 39,780
Number of Securities | securities	9	9
Weighted Average Coupon %	4.08%	4.09%
Weighted Average Yield %	3.69%	3.80%
Remaining Duration (years)	5 years 9 months 21 days	10 years 3 months 18 days

REAL ESTATE SECURITIES - Securi

REAL ESTATE SECURITIES - Securities by Remaining Maturity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	$ 77,782		$ 143,918
1-5 years	1,345,965		1,508,191
5-10 years	278,184		441,038
After 10 years	49		7,800
Fair value of real estate securities	1,701,980		2,100,947
Other than temporary impairment losses included in consolidated statements of income	400	$ 600
CMBS
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	74,889		132,730
1-5 years	1,008,680		1,156,026
5-10 years	241,681		412,639
After 10 years	0		0
Fair value of real estate securities	1,325,250		1,701,395
CMBS interest-only
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	1,128		11,188
1-5 years	319,737		330,983
5-10 years	0		0
After 10 years	0		0
Fair value of real estate securities	320,865		342,171
GNMA interest-only
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	172		0
1-5 years	14,691		15,914
5-10 years	713		724
After 10 years	49		183
Fair value of real estate securities	15,625		16,821
Agency securities
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	0		0
1-5 years	771		780
5-10 years	0		0
After 10 years	0		0
Fair value of real estate securities	771		780
GNMA permanent securities
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	1,593		0
1-5 years	2,086		4,488
5-10 years	35,790		27,675
After 10 years	0		7,617
Fair value of real estate securities	$ 39,469		$ 39,780

REAL ESTATE AND RELATED LEASE51

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real estate and related lease intangibles, net
Less: Accumulated depreciation and amortization	$ (130,427)	$ (122,007)
Real estate and related lease intangibles, net	814,353	822,338
Other Liabilities
Real estate and related lease intangibles, net
Below market lease intangibles, net (other liabilities)	(16,428)	(16,506)
In-place leases and other intangibles
Real estate and related lease intangibles, net
Real estate	155,160	154,687
Land
Real estate and related lease intangibles, net
Real estate	144,085	143,286
Building
Real estate and related lease intangibles, net
Real estate	$ 645,535	$ 646,372

REAL ESTATE AND RELATED LEASE52

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Depreciation and Amortization Expense on Real Estate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Real Estate [Abstract]
Depreciation expense	$ 5,720	$ 6,104
Amortization expense	2,849	3,693
Total real estate depreciation and amortization expense	8,569	9,797
Depreciation on corporate fixed assets	$ 23	$ 5

REAL ESTATE AND RELATED LEASE53

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Business Acquisition [Line Items]
Gross intangible assets	$ 155.2		$ 154.7
Accumulated amortization	51.2		48.1
Net intangible assets	104		106.6
Unamortized favorable/unfavorable lease intangibles	6.8		7
Net increase in operating lease income, amortization of below market lease intangibles	0.3	$ (0.4)
Unbilled rent receivables	0.6		0.7
Unencumbered real estates	63.1		$ 70.3
Above Market Leases
Business Acquisition [Line Items]
Net reduction in operating lease income, amortization of above market leases	$ (0.3)	$ 0.4

REAL ESTATE AND RELATED LEASE54

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Net intangible assets	$ 104,000	$ 106,600
In-place leases intangibles
Finite-Lived Intangible Assets [Line Items]
2017 (last 9 months)	8,964
2,018	7,650
2,019	7,650
2,020	7,650
2,021	6,824
Thereafter	65,270
Net intangible assets	$ 104,008

REAL ESTATE AND RELATED LEASE55

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details) $ in Thousands	Mar. 31, 2017USD ($)
Real Estate [Abstract]
2017 (last 9 months)	$ 55,786
2,018	70,931
2,019	65,911
2,020	62,574
2,021	59,407
Thereafter	505,373
Total	$ 819,982

REAL ESTATE AND RELATED LEASE56

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Properties Acquired (Details) property in Millions	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016property
Business Acquisition [Line Items]
Purchase Price	$ 3,892,000
Number of properties acquired | property		0
Revenue recorded from acquisitions	35,946
Earnings (losses) recorded from acquisitions	35,946
Net Lease | Carmi, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,411,000
Ownership Interest (percent)	100.00%
Net Lease | Peoria, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,183,000
Ownership Interest (percent)	100.00%
Net Lease | Ridgedale, MO
Business Acquisition [Line Items]
Purchase Price	$ 1,298,000
Ownership Interest (percent)	100.00%

REAL ESTATE AND RELATED LEASE57

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Identifiable Assets Acquired and Liabilities Assumed (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Real Estate [Abstract]
Land	$ 744
Building	2,777
Intangibles	559
Below Market Lease Intangibles	(188)
Purchase Price	$ 3,892
Weighted average amortization period for intangible assets acquired	34 years 2 months 12 days

REAL ESTATE AND RELATED LEASE58

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)property	Mar. 31, 2016USD ($)property	Dec. 31, 2016USD ($)
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate	$ 6,325	$ 23,515
Real estate and related lease intangibles, net	814,353		$ 822,338
Realized gain on sale of real estate, net	2,331	6,095
2017 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate	6,325
Real estate and related lease intangibles, net	3,994
Realized gain on sale of real estate, net	2,331
2017 Disposal Properties | Condominium | Las Vegas, NV
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate	4,200
Real estate and related lease intangibles, net	2,320
Realized gain on sale of real estate, net	$ 1,880
Number of properties disposed | property	0
Number of units sold | property	12
Number of units remaining | property	47
2017 Disposal Properties | Condominium | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate	$ 2,125
Real estate and related lease intangibles, net	1,674
Realized gain on sale of real estate, net	$ 451
Number of properties disposed | property	0
Number of units sold | property	6
Number of units remaining | property	82
2016 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate		22,289
Real estate and related lease intangibles, net		16,194
Realized gain on sale of real estate, net		6,095
2016 Disposal Properties | Net Lease | Rockland, MA
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate		7,922
Real estate and related lease intangibles, net		7,211
Realized gain on sale of real estate, net		$ 711
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		$ 8,404
Real estate and related lease intangibles, net		4,417
Realized gain on sale of real estate, net		$ 3,987
Number of properties disposed | property		0
Number of units sold | property		17
Number of units remaining | property		115
2016 Disposal Properties | Condominium | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate		$ 5,963
Real estate and related lease intangibles, net		4,566
Realized gain on sale of real estate, net		$ 1,397
Number of properties disposed | property		0
Number of units sold | property		21
Number of units remaining | property		132

INVESTMENT IN UNCONSOLIDATED 59

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Additional Information (Details)	1 Months Ended	3 Months Ended
	Apr. 30, 2012	Mar. 31, 2017USD ($)Joint_Venture	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)	Aug. 07, 2015USD ($)	Mar. 22, 2013	Apr. 15, 2011
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures | Joint_Venture		1
Investments in unconsolidated joint ventures		$ 34,185,000		$ 34,025,000
Management fees		4,466,000	$ 2,975,000
Expenses from investment		5,798,000	4,416,000
Noncontrolling Interests in Consolidated Joint Ventures | Out-of-Period Adjustment Related to Prior Years
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		0
Minimum average net equity partnership investment as a basis for management fee reduction		100,000,000
Management fees		0	6,905
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		$ 3,958,000		3,719,000
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		$ 30,227,000		30,306,000
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		300,000	300,000
Interest costs capitalized		200,000	$ 200,000
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		24,700,000		$ 21,600,000
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		24,700,000
Remaining borrowing capacity under credit agreement		$ 0

INVESTMENT IN UNCONSOLIDATED 60

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Investments in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures	$ 34,185	$ 34,025
Ladder Capital Realty Income Partnership I LP
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures	0	0
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures	3,958	3,719
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures	$ 30,227	$ 30,306

INVESTMENT IN UNCONSOLIDATED 61

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Summary of Allocated Earning from Investment in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	$ (74)	$ 794
Ladder Capital Realty Income Partnership I LP
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	0	892
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	238	225
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	$ (312)	$ (323)

INVESTMENT IN UNCONSOLIDATED 62

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Results from Operations of the Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Financial Position
Total assets	$ 140,905		$ 138,298
Total liabilities	97,068		94,964
Partners’/members’ capital	43,837		$ 43,334
Results from Operations
Total revenues	3,791	$ 4,237
Total expenses	5,798	4,416
Net income (loss)	$ (2,007)	$ (179)

DEBT OBLIGATIONS, NET - Schedul

DEBT OBLIGATIONS, NET - Schedule of Company's Debt Obligations (Details)	Mar. 21, 2017USD ($)Extension	Feb. 22, 2017	Aug. 03, 2016USD ($)Extension	Mar. 31, 2017USD ($)Extension	Mar. 31, 2016	Dec. 31, 2016USD ($)Extension	Apr. 03, 2017USD ($)	Jul. 01, 2016USD ($)	Jun. 28, 2016USD ($)	Apr. 19, 2016Extension
Assets Sold under Agreements to Repurchase [Line Items]
Debt obligations outstanding				$ 1,039,355,000		$ 1,107,185,000
Debt obligations, net				4,377,686,000		3,942,138,000
Carrying Amount of Collateral				0		0
Unamortized debt issuance costs				(9,156,000)
Committed Loan Repurchase Facilities
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement				1,650,000,000		1,650,000,000
Debt obligations outstanding				684,994,000		567,163,000
Committed but Unfunded				965,006,000		1,082,837,000
Carrying Amount of Collateral				1,110,581,000		961,791,000
Fair Value of Collateral				1,134,516,000		965,888,000
Committed Loan Repurchase Facilities | 10/30/2018
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement				600,000,000		600,000,000
Debt obligations outstanding				311,312,000		183,604,000
Committed but Unfunded				288,688,000		416,396,000
Carrying Amount of Collateral				453,843,000		292,628,000
Fair Value of Collateral				$ 461,210,000		$ 293,618,000
Number of extension maturity periods | Extension				3		3
Length of extension options				12 months	1 year	12 months
Committed Loan Repurchase Facilities | 10/30/2018 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)				2.66%		2.45%
Committed Loan Repurchase Facilities | 10/30/2018 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)				3.41%		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		$ 450,000,000
Debt obligations outstanding				137,324,000		184,158,000
Committed but Unfunded				312,676,000		265,842,000
Carrying Amount of Collateral				241,974,000		286,848,000
Fair Value of Collateral				$ 244,538,000		$ 288,267,000
Number of extension maturity periods | Extension				3		3				2
Length of extension options				12 months		12 months
Committed Loan Repurchase Facilities | 5/24/2017 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)				3.08%		2.95%
Committed Loan Repurchase Facilities | 5/24/2017 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)				3.90%		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
Debt obligations outstanding						100,979,000
Committed but Unfunded						299,021,000
Carrying Amount of Collateral						235,878,000
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 | 4/9/2018
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement	$ 300,000,000			$ 300,000,000
Debt obligations outstanding				151,257,000
Committed but Unfunded				148,743,000
Carrying Amount of Collateral				299,156,000
Fair Value of Collateral				$ 306,986,000
Number of extension maturity periods | Extension				2
Length of extension options		1 year
Number of additional extension maturity periods | Extension	1			1
Length of additional extension maturity periods	364 days			364 days
Committed Loan Repurchase Facilities | 4/9/2018 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)				3.08%
Committed Loan Repurchase Facilities | 4/9/2018 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)				4.16%
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			$ 100,000,000
Debt obligations outstanding				34,369,000		27,132,000
Committed but Unfunded				65,631,000		72,868,000
Carrying Amount of Collateral				46,186,000		36,166,000
Fair Value of Collateral				$ 46,491,000		$ 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)				3.16%		2.90%
Committed Loan Repurchase Facilities | 6/28/2019 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)				3.41%		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
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 | 2/29/2020
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement				$ 200,000,000
Debt obligations outstanding				50,732,000
Committed but Unfunded				149,268,000
Carrying Amount of Collateral				69,422,000
Fair Value of Collateral				$ 75,291,000
Number of extension maturity periods | Extension				1
Length of extension options				12 months
Number of additional extension maturity periods | Extension				2
Length of additional extension maturity periods				6 months
Committed Loan Repurchase Facilities | 2/29/2020 | Subsidiaries
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral				$ 5,100,000
Committed Loan Repurchase Facilities | 2/29/2020 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)				3.13%
Committed Loan Repurchase Facilities | 2/29/2020 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)				3.88%
Committed Securities Repurchase Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement				$ 400,000,000
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		$ 400,000,000
Debt obligations outstanding				115,000,000		228,317,000
Committed but Unfunded				285,000,000		171,683,000
Carrying Amount of Collateral				213,238,000		272,402,000
Fair Value of Collateral				$ 213,238,000		$ 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)				1.10%		1.00%
Committed Securities Repurchase Facility | 7/1/2018 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)				2.12%		2.59%
Uncommitted Securities Repurchase Facilities | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Debt obligations outstanding				$ 239,361,000		$ 311,705,000
Carrying Amount of Collateral				279,764,000		368,638,000
Fair Value of Collateral				$ 279,764,000		$ 368,638,000
Uncommitted Securities Repurchase Facilities | Various Dates | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)				1.10%		1.00%
Uncommitted Securities Repurchase Facilities | Various Dates | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)				2.57%		2.41%
Total Repurchase Facilities
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement				$ 2,050,000,000		$ 2,050,000,000
Debt obligations outstanding				1,039,355,000		1,107,185,000
Committed but Unfunded				1,250,006,000		1,254,520,000
Carrying Amount of Collateral				1,603,583,000		1,602,831,000
Fair Value of Collateral				1,627,518,000		1,606,928,000
Revolving Credit Facility | 2/11/2017
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement						143,000,000
Debt obligations outstanding						25,000,000
Committed but Unfunded						$ 118,000,000
Interest Rate(s) (as a percent)						3.16%
Revolving Credit Facility | 2/11/2018
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement				168,520,000
Debt obligations outstanding				168,000,000
Committed but Unfunded				$ 520,000
Interest Rate(s) (as a percent)				6.50%
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 | 2/11/2018
Assets Sold under Agreements to Repurchase [Line Items]
Number of extension maturity periods | Extension				3
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				$ 589,217,000		$ 590,106,000
Debt obligations outstanding				589,217,000		590,106,000
Committed but Unfunded				0		0
Carrying Amount of Collateral				749,677,000		757,468,000
Fair Value of Collateral				$ 875,725,000		$ 875,160,000
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%
Mortgage Loan Receivable Financing
Assets Sold under Agreements to Repurchase [Line Items]
Mortgage loans financing				$ 57,038,000
Mortgage Loan Receivable Financing | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement				57,038,000
Committed but Unfunded				0
Borrowings from the FHLB | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement				2,000,000,000		$ 1,998,931,000
Debt obligations outstanding				1,475,500,000		1,660,000,000
Committed but Unfunded				524,500,000		338,931,000
Carrying Amount of Collateral				1,921,263,000		2,162,779,000
Fair Value of Collateral				$ 1,930,137,000		$ 2,167,017,000
Borrowings from the FHLB | Various Dates | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest Rate(s) (as a percent)				0.57%		0.43%
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				$ 1,057,732,000		$ 563,872,000
Senior unsecured notes				1,048,576,000		559,847,000
Committed but Unfunded				0		0
Unamortized debt issuance costs				(9,200,000)		$ (4,000,000)
Debt instrument, repurchase price amount				$ 291,500,000
Senior Unsecured Notes | Various Dates | Subsequent Event
Assets Sold under Agreements to Repurchase [Line Items]
Debt instrument, repurchase price amount							$ 291,500,000
Senior Unsecured Notes | Various Dates | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Stated interest rate on debt instrument (as a percent)				5.25%		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				$ 5,922,507,000		$ 5,345,909,000
Debt obligations, net				4,377,686,000		3,942,138,000
Committed but Unfunded				1,775,026,000		1,711,451,000
Carrying Amount of Collateral				4,274,523,000		4,523,078,000
Fair Value of Collateral				$ 4,433,380,000		$ 4,649,105,000

DEBT OBLIGATIONS, NET - Additio

DEBT OBLIGATIONS, NET - Additional Information (Details)

Mar. 21, 2017USD ($)Extension

Feb. 22, 2017

Jan. 13, 2017USD ($)

Aug. 03, 2016USD ($)Extension

Oct. 25, 2015

Oct. 31, 2014

Feb. 11, 2014USD ($)Extension

Mar. 31, 2017USD ($)servicing_assetcounterpartyagreementExtension

Mar. 31, 2016USD ($)agreement

Dec. 31, 2016USD ($)Extension

Mar. 01, 2017USD ($)

Jul. 01, 2016USD ($)

Jun. 28, 2016USD ($)

Feb. 19, 2016

Committed Loan and Securities Repurchase Facilities

Debt obligations outstanding

$ 1,039,355,000

$ 1,107,185,000

Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]

Contractual payments under current maturities subject to extensions

1,312,542,000

Restricted equity from payment as dividend

899,400,000

Mortgage Loans on Real Estate [Abstract]

Amortization of premiums

$ (226,000)

$ (216,000)

Number of loans transferred for which Company retains control | servicing_asset

2

Borrowings from Federal Home Loan Bank (FHLB) [Abstract]

Percent of FHLB advances to total debt obligations outstanding

33.70%

Tuebor

Borrowings from Federal Home Loan Bank (FHLB) [Abstract]

Amount restricted from transfer

$ 324,300,000

Revolving credit facility | One-Month LIBOR

Committed Loan and Securities Repurchase Facilities

Number of extension maturity periods | Extension

4

Length of extension options

12 months

Number of additional extension maturity periods | Extension

2

Length of additional extension maturity periods

1 year

Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]

Basis spread on variable rate (as a percent)

3.50%

Committed amount on credit agreement

$ 168,500,000

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

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

1,650,000,000

Debt obligations outstanding

684,994,000

567,163,000

Total Repurchase Facilities

Committed Loan and Securities Repurchase Facilities

Committed amount on master repurchase agreement

2,050,000,000

2,050,000,000

Debt obligations outstanding

$ 1,039,355,000

$ 1,107,185,000

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

$ 74,100,000

Ratio indebtedness over total equity (as a percent)

5.00%

Haircut on repurchase agreements (as a percent)

36.10%

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%

Mortgage loan financing

Mortgage Loans on Real Estate [Abstract]

Book value of loans transferred for which Company retains control

$ 56,100,000

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

$ 1,000,000,000

4/9/2017 | Committed Loan repurchase facility

Committed Loan and Securities Repurchase Facilities

Number of extension maturity periods | Extension

2

Committed amount on master repurchase agreement

$ 400,000,000

Length of extension options

364 days

Debt obligations outstanding

$ 100,979,000

4/9/2018 | Committed Loan repurchase facility

Committed Loan and Securities Repurchase Facilities

Number of extension maturity periods | Extension

2

Committed amount on master repurchase agreement

$ 300,000,000

$ 300,000,000

Length of extension options

1 year

Debt obligations outstanding

$ 151,257,000

Number of additional extension maturity periods | Extension

1

1

Length of additional extension maturity periods

364 days

364 days

4/9/2018 | Committed Loan repurchase facility | Bank

Committed Loan and Securities Repurchase Facilities

Number of additional extension maturity periods | Extension

1

Length of additional extension maturity periods

364 days

10/30/2018 | Committed Loan repurchase facility

Committed Loan and Securities Repurchase Facilities

Number of extension maturity periods | Extension

3

3

Committed amount on master repurchase agreement

$ 600,000,000

$ 600,000,000

Length of extension options

12 months

1 year

12 months

Debt obligations outstanding

$ 311,312,000

$ 183,604,000

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

$ 100,000,000

Debt obligations outstanding

34,369,000

27,132,000

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

$ 400,000,000

Debt obligations outstanding

115,000,000

$ 228,317,000

8/2/2019 | Committed Loan repurchase facility

Committed Loan and Securities Repurchase Facilities

Number of extension maturity periods | Extension

1

1

Committed amount on master repurchase agreement

$ 100,000,000

$ 100,000,000

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

10/24/2016 | Committed Loan repurchase facility

Committed Loan and Securities Repurchase Facilities

Length of extension options

6 months

Committed amount or master repurchase facility terminated

$ 35,000,000

2/28/2022 | Revolving credit facility

Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]

Committed amount on credit agreement

$ 200,000,000

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

5,500,000

$ 4,900,000

Mortgage loan financing

Committed Loan and Securities Repurchase Facilities

Number of agreements | agreement

4

Mortgage Loans on Real Estate [Abstract]

Mortgage loan financing

589,200,000

590,100,000

Net unamortized premiums

5,300,000

5,600,000

Amortization of premiums

200,000

$ 200,000

Pledged assets, real estate and lease intangibles, net

$ 749,700,000

$ 757,500,000

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

7 years

Borrowings from Federal Home Loan Bank (FHLB) [Abstract]

Maximum advance limit

$ 2,000,000,000

Advance rates of total assets (as a percent)

40.00%

Advance rates of total equity (as a percent)

150.00%

FHLB borrowings outstanding

$ 1,500,000,000

$ 1,700,000,000

Additional committed term financing available from FHLB

$ 524,500,000

$ 338,900,000

Weighted average term

2 years 7 months 6 days

2 years 4 months 24 days

Weighted average interest rate

1.24%

1.12%

Maximum percent of FHLB advances to total assets

40.00%

Borrowings from the Federal Home Loan Bank | Tuebor | Minimum

Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]

Advance rates (as a percent)

57.80%

49.60%

Borrowings from Federal Home Loan Bank (FHLB) [Abstract]

Stated interest rate on debt instrument (as a percent)

0.57%

0.43%

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

$ 1,200,000,000

$ 1,400,000,000

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

$ 761,000,000

$ 724,000,000

DEBT OBLIGATIONS, NET - Senior

DEBT OBLIGATIONS, NET - Senior Unsecured Notes (Details) - USD ($)	Apr. 03, 2017	Apr. 01, 2017	Mar. 16, 2017	Dec. 17, 2014	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Feb. 24, 2016	Nov. 05, 2014	Aug. 01, 2014	Sep. 19, 2012
Debt Instrument [Line Items]
Unamortized debt issuance costs					$ (9,156,000)
Gain (loss) on extinguishment of debt					$ (54,000)	$ 5,382,000
LCFH | LCFH
Debt Instrument [Line Items]
Ownership interest in LCFH					71.40%
LCFH | LCFC
Debt Instrument [Line Items]
Ownership interest in LCFH					100.00%
Senior Unsecured Notes | Various Dates
Debt Instrument [Line Items]
Unamortized debt issuance costs					$ (9,200,000)		$ (4,000,000)
Debt instrument, aggregate amount					1,057,732,000		563,872,000
Debt instrument, repurchase price amount					291,500,000
Senior Unsecured Notes | Various Dates | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, repurchase price amount	$ 291,500,000
Repayment of senior debt	$ 291,500,000
Senior Unsecured Notes | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, redemption price percentage		100.00%
Gross proceeds from senior notes offering		$ 500,000,000
Senior Unsecured Notes | 2017 Notes
Debt Instrument [Line Items]
Unamortized debt issuance costs					$ (22,847)		(200,000)
Debt instrument, aggregate amount											$ 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				$ 5,600,000	$ 6,200,000		21,400,000		$ 325,000,000
Debt instrument, repurchased face amount				5,400,000	6,100,000		21,900,000
Gain (loss) on extinguishment of debt				$ (200,000)	(100,000)		$ 300,000
Senior Unsecured Notes | 2021 Notes
Debt Instrument [Line Items]
Unamortized debt issuance costs					(400,000)
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, repurchase price amount					$ 28,200,000
Debt instrument, repurchased face amount					33,800,000
Gain (loss) on extinguishment of debt					$ 5,100,000
Debt instrument, authorized repurchase amount								$ 100,000,000
Senior Unsecured Notes | 2022 Notes
Debt Instrument [Line Items]
Debt instrument, aggregate amount			$ 500,000,000
Stated interest rate on debt instrument (as a percent)			5.25%
Debt instrument, minimum number of days to give notice for redemption without penalty			15 days
Debt instrument, maximum number of days to give notice for redemption without penalty			60 days

DEBT OBLIGATIONS, NET - Sched66

DEBT OBLIGATIONS, NET - Schedule of Repayments Maturities of Long-term Debt (Details)	3 Months Ended
	Mar. 31, 2017USD ($)Extension	Dec. 31, 2016USD ($)	Sep. 19, 2012USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2017 (last 9 months)	$ 1,312,542,000
2,018	806,468,000
2,019	313,298,000
2,020	113,801,000
2,021	362,941,000
Thereafter	1,472,447,000
Subtotal	4,381,497,000
Debt issuance costs included in senior unsecured notes	(9,156,000)
Premiums included in mortgage loan financing	5,345,000
Debt Obligations	4,377,686,000	$ 3,942,138,000
2017 Notes | Senior Unsecured Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Debt issuance costs included in senior unsecured notes	(22,847)	(200,000)
Debt instrument, aggregate amount			$ 325,000,000
Committed Loan Repurchase and Revolving Credit Facilities
Long-term Debt, Fiscal Year Maturity [Abstract]
2017 (last 9 months)	$ 1,000,000,000
Number of extension maturity periods | Extension	1
Length of additional extension maturity periods	1 year
Various Dates | Senior Unsecured Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Debt issuance costs included in senior unsecured notes	$ (9,200,000)	(4,000,000)
Debt instrument, aggregate amount	$ 1,057,732,000	$ 563,872,000

FAIR VALUE OF FINANCIAL INSTR67

FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Assets:
Fair Value	$ 2,984,372	$ 2,452,785
Liabilities:
Fair Value	4,399,236	3,940,704
Repurchase agreements - short term
Liabilities:
Outstanding Face Amount	549,892	629,430
Fair Value	549,892	629,430
Repurchase agreements - long term
Liabilities:
Outstanding Face Amount	489,464	477,756
Fair Value	489,464	477,756
Revolving credit facility
Liabilities:
Outstanding Face Amount	168,000	25,000
Fair Value	$ 168,000	$ 25,000
Fair Value Assumptions:
Period of short interest rate reset risk	30 days	30 days
Revolving credit facility | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 168,000
Amortized Cost Basis	168,000
Fair Value	$ 168,000
Fair Value Assumptions:
Weighted average yield %	6.50%
Weighted Average Remaining Maturity/Duration	1 year 10 months 13 days
Mortgage loan financing
Liabilities:
Outstanding Face Amount	$ 589,152	$ 589,152
Fair Value	594,012	595,778
Mortgage Loan Receivable Financing
Liabilities:
Outstanding Face Amount	57,038	0
Fair Value	57,038	0
Borrowings from the FHLB
Liabilities:
Outstanding Face Amount	1,475,500	1,660,000
Fair Value	1,476,686	1,662,178
Senior unsecured notes
Liabilities:
Outstanding Face Amount	1,057,732	563,872
Fair Value	1,064,144	550,562
Mortgage loan receivables held for investment, at amortized cost
Assets:
Outstanding Face Amount	2,317,221	2,011,309
Fair Value	$ 2,321,245	$ 2,014,973
Fair Value Assumptions:
Period of short interest rate reset risk	30 days	30 days
Mortgage loan receivables held for sale
Assets:
Outstanding Face Amount	$ 520,679	$ 360,518
Fair Value	585,212	359,897
FHLB stock
Assets:
Outstanding Face Amount	77,915	77,915
Fair Value	77,915	77,915
Recurring
Assets:
Fair Value	1,702,088	2,105,965
Recurring | Repurchase agreements - short term | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	549,892	629,430
Amortized Cost Basis	549,892	629,430
Fair Value	$ 549,892	$ 629,430
Fair Value Assumptions:
Weighted average yield %	2.28%	2.10%
Weighted Average Remaining Maturity/Duration	3 days	5 days
Recurring | Repurchase agreements - long term | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 489,464	$ 477,756
Amortized Cost Basis	489,464	477,756
Fair Value	$ 489,464	$ 477,756
Fair Value Assumptions:
Weighted average yield %	2.34%	2.00%
Weighted Average Remaining Maturity/Duration	1 year 6 months 21 days	1 year 8 months 12 days
Recurring | Revolving credit facility | Discounted Cash Flow
Liabilities:
Outstanding Face Amount		$ 25,000
Amortized Cost Basis		25,000
Fair Value		$ 25,000
Fair Value Assumptions:
Weighted average yield %		3.16%
Weighted Average Remaining Maturity/Duration		3 days
Recurring | Mortgage loan financing | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 589,152	$ 589,152
Amortized Cost Basis	589,217	590,106
Fair Value	$ 594,012	$ 595,778
Fair Value Assumptions:
Weighted average yield %	4.85%	4.85%
Weighted Average Remaining Maturity/Duration	6 years 10 months 24 days	7 years 1 month 24 days
Recurring | Mortgage Loan Receivable Financing | Sales Proceeds [Member]
Liabilities:
Outstanding Face Amount	$ 57,038
Amortized Cost Basis	57,038
Fair Value	57,038
Recurring | Borrowings from the FHLB | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	1,475,500	$ 1,660,000
Amortized Cost Basis	1,475,500	1,660,000
Fair Value	$ 1,476,686	$ 1,662,178
Fair Value Assumptions:
Weighted average yield %	1.24%	1.12%
Weighted Average Remaining Maturity/Duration	2 years 7 months 20 days	2 years 5 months 1 day
Recurring | Senior unsecured notes | Broker quotations, pricing services
Liabilities:
Outstanding Face Amount	$ 1,057,732	$ 563,872
Amortized Cost Basis	1,048,576	559,847
Fair Value	$ 1,064,144	$ 550,562
Fair Value Assumptions:
Weighted average yield %	5.99%	6.67%
Weighted Average Remaining Maturity/Duration	3 years 6 months 25 days	2 years 9 months 21 days
Recurring | Nonhedge derivatives
Liabilities:
Derivative liability face amount	$ 1,001,200	$ 100,400
Fair Value	4,207	3,446
Recurring | Nonhedge derivatives | Counterparty quotations
Liabilities:
Derivative liability face amount	1,001,200	100,400
Fair Value	$ 4,207	$ 3,446
Fair Value Assumptions:
Weighted Average Remaining Maturity/Duration	1 year 2 months 23 days	3 years 2 months 15 days
Recurring | CMBS
Assets:
Outstanding Face Amount	$ 1,306,653	$ 1,676,680
Fair Value	1,325,250	1,701,395
Recurring | CMBS | Internal model, third-party inputs
Assets:
Outstanding Face Amount	1,306,653	1,676,680
Amortized Cost Basis	1,323,369	1,698,276
Fair Value	$ 1,325,250	$ 1,701,395
Fair Value Assumptions:
Weighted average yield %	2.72%	2.81%
Weighted Average Remaining Maturity/Duration	3 years 4 months 17 days	3 years 6 months 18 days
Recurring | CMBS interest-only
Assets:
Outstanding Face Amount	$ 7,801,370	$ 8,160,458
Fair Value	320,865	342,171
Recurring | CMBS interest-only | Internal model, third-party inputs
Assets:
Outstanding Face Amount	7,801,370	8,160,458
Amortized Cost Basis	316,486	343,534
Fair Value	$ 320,865	$ 342,171
Fair Value Assumptions:
Weighted average yield %	3.58%	3.45%
Weighted Average Remaining Maturity/Duration	3 years 14 days	2 years 11 months 26 days
Recurring | GNMA interest-only
Assets:
Outstanding Face Amount	$ 457,597	$ 478,577
Fair Value	15,625	16,821
Recurring | GNMA interest-only | Internal model, third-party inputs
Assets:
Outstanding Face Amount	457,597	478,577
Amortized Cost Basis	17,640	18,994
Fair Value	$ 15,625	$ 16,821
Fair Value Assumptions:
Weighted average yield %	4.47%	4.19%
Weighted Average Remaining Maturity/Duration	4 years 4 months 13 days	4 years 5 months 8 days
Recurring | Agency securities
Assets:
Outstanding Face Amount	$ 760	$ 774
Fair Value	771	780
Recurring | Agency securities | Internal model, third-party inputs
Assets:
Outstanding Face Amount	760	774
Amortized Cost Basis	786	802
Fair Value	$ 771	$ 780
Fair Value Assumptions:
Weighted average yield %	1.90%	1.29%
Weighted Average Remaining Maturity/Duration	3 years 4 months 6 days	3 years 3 months 7 days
Recurring | GNMA permanent securities
Assets:
Outstanding Face Amount	$ 38,029	$ 38,327
Fair Value	39,469	39,780
Recurring | GNMA permanent securities | Internal model, third-party inputs
Assets:
Outstanding Face Amount	38,029	38,327
Amortized Cost Basis	38,836	39,145
Fair Value	$ 39,469	$ 39,780
Fair Value Assumptions:
Weighted average yield %	3.69%	3.80%
Weighted Average Remaining Maturity/Duration	5 years 9 months 21 days	10 years 3 months 18 days
Recurring | Mortgage loan receivables held for investment, at amortized cost | Discounted Cash Flow
Assets:
Outstanding Face Amount	$ 2,317,221	$ 2,011,309
Amortized Cost Basis	2,300,093	1,996,095
Fair Value	$ 2,321,245	$ 2,014,973
Fair Value Assumptions:
Weighted average yield %	6.93%	7.17%
Weighted Average Remaining Maturity/Duration	1 year 8 months 12 days	1 year 7 months 28 days
Recurring | Mortgage loan receivables held for sale | Internal model, third-party inputs
Assets:
Outstanding Face Amount	$ 520,679	$ 360,518
Amortized Cost Basis	516,582	357,882
Fair Value	$ 585,212	$ 359,897
Fair Value Assumptions:
Weighted average yield %	5.06%	4.20%
Weighted Average Remaining Maturity/Duration	7 years 8 months 15 days	4 years 6 months 18 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%	4.25%
Recurring | Nonhedge derivatives
Assets:
Derivative asset face amount	$ 97,100	$ 847,000
Fair Value	108	5,018
Recurring | Nonhedge derivatives | Counterparty quotations
Assets:
Derivative asset face amount	97,100	847,000
Fair Value	$ 108	$ 5,018
Fair Value Assumptions:
Weighted Average Remaining Maturity/Duration	13 days	7 days

FAIR VALUE OF FINANCIAL INSTR68

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets:
Fair Value	$ 2,984,372	$ 2,452,785
Liabilities:
Fair Value	4,399,236	3,940,704
Repurchase agreements - short-term
Liabilities:
Outstanding Face Amount	549,892	629,430
Fair Value	549,892	629,430
Repurchase agreements - long-term
Liabilities:
Outstanding Face Amount	489,464	477,756
Fair Value	489,464	477,756
Revolving credit facility
Liabilities:
Outstanding Face Amount	168,000	25,000
Fair Value	168,000	25,000
Mortgage loan financing
Liabilities:
Outstanding Face Amount	589,152	589,152
Fair Value	594,012	595,778
Mortgage Loan Receivable Financing
Liabilities:
Outstanding Face Amount	57,038	0
Fair Value	57,038	0
Borrowings from the FHLB
Liabilities:
Outstanding Face Amount	1,475,500	1,660,000
Fair Value	1,476,686	1,662,178
Senior unsecured notes
Liabilities:
Outstanding Face Amount	1,057,732	563,872
Fair Value	1,064,144	550,562
Mortgage loan receivables held for investment, at amortized cost
Assets:
Outstanding Face Amount	2,317,221	2,011,309
Fair Value	2,321,245	2,014,973
Mortgage loan receivables held for sale
Assets:
Outstanding Face Amount	520,679	360,518
Fair Value	585,212	359,897
FHLB stock
Assets:
Outstanding Face Amount	77,915	77,915
Fair Value	77,915	77,915
Level 3
Assets:
Fair Value	2,984,372	2,452,785
Liabilities:
Fair Value	4,399,236	3,940,704
Level 3 | Repurchase agreements - short-term
Liabilities:
Fair Value	549,892	629,430
Level 3 | Repurchase agreements - long-term
Liabilities:
Fair Value	489,464	477,756
Level 3 | Revolving credit facility
Liabilities:
Fair Value	168,000	25,000
Level 3 | Mortgage loan financing
Liabilities:
Fair Value	594,012	595,778
Level 3 | Mortgage Loan Receivable Financing
Liabilities:
Fair Value	57,038	0
Level 3 | Borrowings from the FHLB
Liabilities:
Fair Value	1,476,686	1,662,178
Level 3 | Senior unsecured notes
Liabilities:
Fair Value	1,064,144	550,562
Level 3 | Mortgage loan receivables held for investment, at amortized cost
Assets:
Fair Value	2,321,245	2,014,973
Level 3 | Mortgage loan receivables held for sale
Assets:
Fair Value	585,212	359,897
Level 3 | FHLB stock
Assets:
Fair Value	77,915	77,915
Recurring
Assets:
Fair Value	1,702,088	2,105,965
Recurring | Nonhedge derivatives
Liabilities:
Derivative liability face amount	1,001,200	100,400
Fair Value	4,207	3,446
Recurring | CMBS
Assets:
Outstanding Face Amount	1,306,653	1,676,680
Fair Value	1,325,250	1,701,395
Recurring | CMBS interest-only
Assets:
Outstanding Face Amount	7,801,370	8,160,458
Fair Value	320,865	342,171
Recurring | GNMA interest-only
Assets:
Outstanding Face Amount	457,597	478,577
Fair Value	15,625	16,821
Recurring | Agency securities
Assets:
Outstanding Face Amount	760	774
Fair Value	771	780
Recurring | GNMA permanent securities
Assets:
Outstanding Face Amount	38,029	38,327
Fair Value	39,469	39,780
Recurring | Nonhedge derivatives
Assets:
Derivative asset face amount	97,100	847,000
Fair Value	108	5,018
Recurring | Level 2
Assets:
Fair Value	108	5,018
Recurring | Level 2 | Nonhedge derivatives
Liabilities:
Fair Value	4,207	3,446
Recurring | Level 2 | Nonhedge derivatives
Assets:
Fair Value	108	5,018
Recurring | Level 3
Assets:
Fair Value	1,701,980	2,100,947
Recurring | Level 3 | CMBS
Assets:
Fair Value	1,325,250	1,701,395
Recurring | Level 3 | CMBS interest-only
Assets:
Fair Value	320,865	342,171
Recurring | Level 3 | GNMA interest-only
Assets:
Fair Value	15,625	16,821
Recurring | Level 3 | Agency securities
Assets:
Fair Value	771	780
Recurring | Level 3 | GNMA permanent securities
Assets:
Fair Value	$ 39,469	$ 39,780

FAIR VALUE OF FINANCIAL INSTR69

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Changes in Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 2,100,947	$ 2,407,217
Transfer from level 2	0	0
Purchases	45,726	227,758
Sales	(361,323)	(15,477)
Paydowns/maturities	(74,285)	(36,136)
Amortization of premium/discount	(19,357)	(18,958)
Unrealized gain/(loss)	4,911	34,459
Realized gain/(loss) on sale	5,361	11
Ending balance	$ 1,701,980	$ 2,598,874

FAIR VALUE OF FINANCIAL INSTR70

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Quantitative Information (Details) - Discounted Cash Flow - Level 3 - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 1,701,980	$ 2,100,947
CMBS
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 1,325,250	$ 1,701,395
CMBS | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	1.41%	1.35%
Duration (in years)	3 days	0 days
CMBS | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	2.79%	2.87%
Duration (in years)	3 years 7 months 24 days	3 years 6 months 18 days
CMBS | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	8.62%	9.18%
Duration (in years)	7 years 11 months 26 days	9 years 3 days
CMBS interest-only
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 320,865	$ 342,171
CMBS interest-only | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	2.62%	2.84%
Duration (in years)	22 days	0 years
Prepayment speed	100	100
CMBS interest-only | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	3.52%	4.04%
Duration (in years)	3 years 10 days	2 years 11 months 26 days
Prepayment speed	100	100
CMBS interest-only | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	4.24%	4.80%
Duration (in years)	4 years 2 months 19 days	4 years 4 months 13 days
Prepayment speed	100	100
GNMA interest-only
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 15,625	$ 16,821
GNMA interest-only | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	3.84%	0.87%
Duration (in years)	7 days	1 year 8 months 8 days
Prepayment speed	5	5
GNMA interest-only | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	8.28%	7.22%
Duration (in years)	2 years 4 months 6 days	4 years 5 months 8 days
Prepayment speed	13.33	13.80
GNMA interest-only | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	50.65%	48.64%
Duration (in years)	5 years 2 months 15 days	20 years 7 months 28 days
Prepayment speed	35	35
Agency securities
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 771	$ 780
Agency securities | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	1.40%	1.40%
Duration (in years)	0 months	2 years 7 months 9 days
Agency securities | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	2.06%	2.17%
Duration (in years)	3 years 5 months 19 days	3 years 3 months 7 days
Agency securities | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	2.43%	2.63%
Duration (in years)	5 years 4 months 17 days	4 years 4 months 20 days
GNMA permanent securities
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 39,469	$ 39,780
GNMA permanent securities | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	2.73%	2.63%
Duration (in years)	1 year 8 months 26 days	1 year 11 months 1 day
GNMA permanent securities | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	3.63%	3.65%
Duration (in years)	6 years 1 month 13 days	10 years 3 months 18 days
GNMA permanent securities | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	6.37%	6.92%
Duration (in years)	6 years 5 months 19 days	15 years 7 months 28 days

DERIVATIVE INSTRUMENTS - Schedu

DERIVATIVE INSTRUMENTS - Schedule of Derivatives Outstanding (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Notional	$ 1,098,300,000	$ 947,400,000
Fair value, Asset	108,000	5,018,000
Fair value, Liability	4,207,000	3,446,000
5-year Swap
Derivative [Line Items]
Notional	482,600,000	602,200,000
Fair value, Asset	1,000	3,210,000
Fair value, Liability	$ 3,051,000	$ 2,000
Remaining Maturity	7 days	7 days
Term of derivative contract	5 years	5 years
10-year Swap
Derivative [Line Items]
Notional	$ 419,500,000	$ 226,700,000
Fair value, Asset	15,000	1,674,000
Fair value, Liability	$ 3,106,000	$ 266,000
Remaining Maturity	7 days	7 days
Term of derivative contract	10 years	10 years
5-year U.S. Treasury Note
Derivative [Line Items]
Notional	$ 21,500,000	$ 21,800,000
Fair value, Asset	0	93,000
Fair value, Liability	$ 34,000	$ 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	0
Fair value, Liability	$ 25,000
Remaining Maturity	7 days
Term of derivative contract	10 years
10-year U.S. Treasury Note
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
Variation Margin
Derivative [Line Items]
Notional	$ 0
Fair value, Asset	0
Fair value, Liability	(5,104,000)
Futures
Derivative [Line Items]
Notional	926,800,000	$ 853,900,000
Fair value, Asset	16,000	5,015,000
Fair value, Liability	1,112,000	268,000
3 Month LIBOR
Derivative [Line Items]
Notional	50,000,000	50,000,000
Fair value, Asset	0	0
Fair value, Liability	$ 2,618,000	$ 2,697,000
Remaining Maturity	3 years 5 months 19 days	3 years 8 months 19 days
CMBX
Derivative [Line Items]
Notional	$ 10,000,000	$ 10,000,000
Fair value, Asset	5,000	3,000
Fair value, Liability	$ 0	$ 0
Remaining Maturity	4 years 10 months 6 days	5 years 29 days
CDX
Derivative [Line Items]
Notional	$ 33,500,000	$ 33,500,000
Fair value, Asset	0	0
Fair value, Liability	$ 477,000	$ 481,000
Remaining Maturity	1 year 8 months 19 days	1 year 11 months 19 days
S&P 500 Put Options
Derivative [Line Items]
Notional	$ 78,000,000
Fair value, Asset	87,000
Fair value, Liability	$ 0
Remaining Maturity	6 days
Credit Derivatives
Derivative [Line Items]
Notional	$ 121,500,000	$ 43,500,000
Fair value, Asset	92,000	3,000
Fair value, Liability	$ 477,000	$ 481,000

DERIVATIVE INSTRUMENTS - Sche72

DERIVATIVE INSTRUMENTS - Schedule of Realized Gains (Losses) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative [Line Items]
Unrealized Gain/(Loss)	$ (5,649)	$ (9,630)
Realized Gain/(Loss)	3,668	(41,232)
Net Result from Derivative Transactions	(1,981)	(50,862)
Futures
Derivative [Line Items]
Unrealized Gain/(Loss)	(5,844)	(8,564)
Realized Gain/(Loss)	4,043	(40,797)
Net Result from Derivative Transactions	(1,801)	(49,361)
Swaps
Derivative [Line Items]
Unrealized Gain/(Loss)	301	(1,078)
Realized Gain/(Loss)	(279)	(338)
Net Result from Derivative Transactions	22	(1,416)
Credit Derivatives
Derivative [Line Items]
Unrealized Gain/(Loss)	(106)	12
Realized Gain/(Loss)	(96)	(97)
Net Result from Derivative Transactions	$ (202)	$ (85)

DERIVATIVE INSTRUMENTS - Additi

DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash margins held as collateral for derivatives by counterparties	$ 18.2	$ 11.3
Cash collateral held by counterparty	$ 4.2	$ 6.2

OFFSETTING ASSETS AND LIABILI74

OFFSETTING ASSETS AND LIABILITIES - Schedule of Offsetting Financial Assets and Derivative Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Offsetting of derivative assets
Gross amounts of recognized assets	$ 108	$ 5,018
Gross amounts offset in the balance sheet	0	0
Net amounts of assets presented in the balance sheet	108	5,018
Gross amounts not offset in the balance sheet
Financial instruments	0	0
Net amount	108	5,018
Restricted Cash
Gross amounts not offset in the balance sheet
Cash collateral received/(posted)	$ 0	$ 0

OFFSETTING ASSETS AND LIABILI75

OFFSETTING ASSETS AND LIABILITIES - Schedule of Offsetting Financial Liabilities and Derivative Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Offsetting of derivative liabilities
Gross amounts of recognized liabilities	$ 4,207	$ 3,446
Gross amounts offset in the balance sheet	0	0
Net amounts of liabilities presented in the balance sheet	4,207	3,446
Gross amounts not offset in the balance sheet
Financial instruments collateral	0	0
Net amount	0	0
Offsetting of repurchase agreements
Debt obligations outstanding	1,039,355	1,107,185
Gross amounts not offset in balance sheet	0	0
Net amount of liabilities presented in the balance sheet	1,039,355	1,107,185
Gross amounts not offset in the balance sheet
Financial instruments collateral	1,039,355	1,107,185
Net amount	0	0
Offsetting of financial liabilities and derivative liabilities
Gross amounts of recognized liabilities	1,043,562	1,110,631
Gross amounts offset in the balance sheet	0	0
Net amounts of liabilities presented in the balance sheet	1,043,562	1,110,631
Gross amounts not offset in the balance sheet
Financial instruments collateral	1,039,355	1,107,185
Net amount	0	0
Restricted Cash
Gross amounts not offset in the balance sheet
Cash collateral posted/(received)	4,207	3,446
Gross amounts not offset in the balance sheet
Cash collateral posted/(received)	0	0
Gross amounts not offset in the balance sheet
Cash collateral posted/(received)	$ 4,207	$ 3,446

EQUITY STRUCTURE AND ACCOUNTS -

EQUITY STRUCTURE AND ACCOUNTS - Additional Information (Details)	Jan. 24, 2017USD ($)shares	Jan. 01, 2015USD ($)$ / shares	Feb. 11, 2014USD ($)	Mar. 31, 2017USD ($)Class_of_StockVote$ / sharesshares	Dec. 31, 2016USD ($)$ / shares	Mar. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Oct. 30, 2014USD ($)	Feb. 10, 2014$ / shares
Class of Stock [Line Items]
Number of classes of common stock | Class_of_Stock				2
Purchase of treasury stock							$ 4,652,000
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
Dividends paid				$ 24,700,000			74,393,000
2014 Share Repurchase Authorization Program
Class of Stock [Line Items]
Percentage of aggregate common stock outstanding under Repurchase Program				3.90%
Series REIT LP Units
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock (in shares) | shares				(6,790,121)
Series TRS LP Units
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock (in shares) | shares				(6,790,121)
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				6,790,121
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
Dividends per share of common stock (in dollars per share) | $ / shares				$ 0.300	$ 0.46	$ 0.275
Common stock, dividends, weighted average price per share | $ / shares					$ 14.06
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			$ 50,000,000
Purchase of treasury stock (in shares) | shares				0		424,317
Treasury stock acquired, average cost (in dollars per share) | $ / shares						$ 10.96
Purchase of treasury stock				$ 0		$ 4,653,000
Remaining amount available for repurchase				$ 44,353,000	$ 44,353,000	$ 44,353,000	$ 44,353,000	$ 49,006,000
Share price (in dollars per share) | $ / shares				$ 14.44
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				(6,790,121)
Common stock issued as dividends (in shares) | shares	432,314
Series REIT LP Units
Class of Stock [Line Items]
Common stock issued as dividends (in shares) | shares	1,248,133

EQUITY STRUCTURE AND ACCOUNTS77

EQUITY STRUCTURE AND ACCOUNTS - Schedule of Treasury Stock Repurchase Activity (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Oct. 30, 2014
Shares Repurchase Program [Roll Forward]
Repurchases paid			$ (4,652,000)
2014 Share Repurchase Authorization Program | Class A common stock
Shares Repurchase Program [Roll Forward]
Authorizations remaining at beginning of the year	$ 44,353,000	$ 49,006,000	49,006,000
Additional authorizations	$ 0	$ 0		$ 50,000,000
Repurchases paid (in shares)	0	424,317
Repurchases paid	$ 0	$ (4,653,000)
Repurchases unsettled	0	0
Authorizations remaining at the end of the year	$ 44,353,000	$ 44,353,000	$ 44,353,000

EQUITY STRUCTURE AND ACCOUNTS78

EQUITY STRUCTURE AND ACCOUNTS - Dividends Declared (Details) - $ / shares	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Class A common stock
Class of Stock [Line Items]
Dividends per share of common stock (in dollars per share)	$ 0.300	$ 0.46	$ 0.275

EQUITY STRUCTURE AND ACCOUNTS79

EQUITY STRUCTURE AND ACCOUNTS - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
AOCI Attributable to Parent [Roll Forward]
Balance at the beginning of the year	$ 1,365
Other comprehensive income (loss)	4,751	$ 34,383	$ 8,519
Exchange of noncontrolling interest for common stock	(884)		0
Balance at the end of the year	4,834		1,365
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent [Roll Forward]
Balance at the beginning of the year	1,365	(3,556)	(3,556)
Other comprehensive income (loss)	3,117	19,467	3,420
Exchange of noncontrolling interest for common stock	403	(122)	1,202
Rebalancing of ownership percentage between Company and Operating Partnership	(51)	350
Balance at the end of the year	4,834	16,139	1,365
Accumulated Other Comprehensive Income of Noncontrolling Interests
AOCI Attributable to Parent [Roll Forward]
Balance at the beginning of the year	761	(2,839)	(2,839)
Other comprehensive income (loss)	1,634	14,916
Exchange of noncontrolling interest for common stock	(403)	122
Rebalancing of ownership percentage between Company and Operating Partnership	51	(350)
Balance at the end of the year	2,043	11,849	761
Total Accumulated Other Comprehensive Income
AOCI Attributable to Parent [Roll Forward]
Balance at the beginning of the year	2,126	(6,395)	(6,395)
Other comprehensive income (loss)	4,751	34,383
Exchange of noncontrolling interest for common stock	0	0
Rebalancing of ownership percentage between Company and Operating Partnership	0	0
Balance at the end of the year	$ 6,877	$ 27,988	$ 2,126

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)propertyJoint_Venture	Dec. 31, 2016USD ($)
Noncontrolling Interest [Line Items]
Increase in additional paid in capital and other comprehensive income	$ 0	$ 0
Number of consolidated joint ventures | Joint_Venture	7
Office building | Consolidated Joint Venture
Noncontrolling Interest [Line Items]
Number of real estate properties | property	8
Warehouse | Consolidated Joint Venture
Noncontrolling Interest [Line Items]
Number of real estate properties | property	1
Shopping center | Consolidated Joint Venture
Noncontrolling Interest [Line Items]
Number of real estate properties | property	1
Minimum
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership (in percent)	1.20%
Maximum
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership (in percent)	22.50%
Noncontrolling Interests Operating Partnership
Noncontrolling Interest [Line Items]
Decrease in noncontrolling interest in Operating Partnership	$ 4,200
Increase in additional paid in capital and other comprehensive income	(4,219)	$ (8,096)
Accumulated Other Comprehensive Income (Loss) and Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Increase in additional paid in capital and other comprehensive income	$ 8,000

EARNINGS PER SHARE - Net Income

EARNINGS PER SHARE - Net Income and Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Weighted average shares outstanding:
Basic (in shares)	72,871,990	59,596,889
Diluted (in shares)	109,334,847	59,596,889
Class A common stock
Earnings Per Share
Net income (loss) attributable to Class A common shareholders	$ 13,470	$ (5,539)
Diluted Net income (loss) available for Class A common shareholders	$ 19,280	$ (5,539)
Weighted average shares outstanding:
Basic (in shares)	72,871,990	59,596,889
Diluted (in shares)	109,334,847	59,596,889

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	72,871,990	59,596,889
Basic net income (loss) per share of Class A common stock (in dollars per share)	$ 0.18	$ (0.09)
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	72,871,990	59,596,889
Diluted weighted average number of shares of Class A common stock outstanding (in shares)	109,334,847	59,596,889
Diluted net income per share of Class A common stock (in dollars per share)	$ 0.18	$ (0.09)
Class A common stock
Numerator:
Net income (loss) attributable to Class A common shareholders	$ 13,470	$ (5,539)
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	72,871,990	59,596,889
Basic net income (loss) per share of Class A common stock (in dollars per share)	$ 0.18	$ (0.09)
Numerator:
Net income (loss) attributable to Class A common shareholders	$ 13,470	$ (5,539)
Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss)	5,838	0
Additional corporate tax (expense) benefit	(28)	0
Diluted Net income (loss) available for Class A common shareholders	$ 19,280	$ (5,539)
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	72,871,990	59,596,889
Shares issuable relating to converted Class B common shareholders (in shares)	36,340,717	0
Incremental shares of unvested Class A restricted stock (in shares)	122,140	0
Diluted weighted average number of shares of Class A common stock outstanding (in shares)	109,334,847	59,596,889
Diluted net income per share of Class A common stock (in dollars per share)	$ 0.18	$ (0.09)

STOCK BASED COMPENSATION PLAN83

STOCK BASED COMPENSATION PLANS - Additional Information (Details)

Mar. 03, 2017USD ($)shares

Feb. 21, 2017USD ($)

Feb. 18, 2017USD ($)shares

Jan. 24, 2017USD ($)shares

Feb. 18, 2016USD ($)shares

Feb. 10, 2016USD ($)

Jun. 10, 2015USD ($)shares

Feb. 18, 2015USD ($)Vesting_Installmentshares

Feb. 11, 2014

Mar. 31, 2017USD ($)shares

Mar. 31, 2016USD ($)shares

Dec. 31, 2016USD ($)shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Period of recognition for unrecognized compensation costs

39 months

Recognized equity based compensation expense

$ 7,254,000

$ 3,464,000

Unrecognized compensation cost

$ 10,500,000

Weighted average remaining vesting period

25 months 9 days

Compensation bonus

$ 39,500,000

$ 46,800,000

Bonus payment allocated to equity based compensation

$ 10,200,000

$ 10,300,000

Compensation expense

$ 3,100,000

4,700,000

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of restricted shares granted (in shares) | shares

847,968

Recognized equity based compensation expense

$ 7,254,000

$ 3,464,000

Stock Options

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of options granted (in shares) | shares

0

380,949

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]

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%

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

2014 Omnibus Incentive Plan | Harris | Restricted Stock | Time-based vesting

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting period

3 years

2014 Omnibus Incentive Plan | Douglas Durst | Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting period

3 years

2014 Omnibus Incentive Plan | Senior Management | 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

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

274,285

373,871

Units vested (in shares) | shares

373,871

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

$ 4,400,000

$ 6,100,000

2014 Deferred Compensation Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Units outstanding (in shares) | shares

354,638

273,709

Units unvested (in shares) | shares

226,465

134,281

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

$ 3,800,000

$ 3,600,000

2016 Compensation Plan | Senior Management | Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Period of recognition for unrecognized compensation costs

3 years

2016 Compensation Plan | Senior Management | Restricted Stock | Year 1

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

2016 Compensation Plan | Senior Management | Restricted Stock | Year 2

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

2016 Compensation Plan | Senior Management | Restricted Stock | Year 3

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

2016 Compensation Plan | Executive Officers | Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Period of recognition for unrecognized compensation costs

3 years

2016 Compensation Plan | Executive Officers | Restricted Stock | Time-based vesting

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

50.00%

2016 Compensation Plan | Executive Officers | Restricted Stock | Performance-based vesting

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

50.00%

2016 Compensation Plan | Executive Officers | Restricted Stock | Year 1

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

2016 Compensation Plan | Executive Officers | Restricted Stock | Year 2

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

2016 Compensation Plan | Executive Officers | Restricted Stock | Year 3

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

2016 Compensation Plan | Management Grantees other than Mr. Harris and Ms. McCormack | Restricted Stock | Year 1

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

2016 Compensation Plan | Management Grantees other than Mr. Harris and Ms. McCormack | Restricted Stock | Year 2

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

2016 Compensation Plan | Non-Management Employees | Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Period of recognition for unrecognized compensation costs

3 years

2016 Compensation Plan | Non-Management Employees | Restricted Stock | Time-based vesting

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

50.00%

2016 Compensation Plan | Non-Management Employees | Restricted Stock | Performance-based vesting

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

50.00%

2016 Compensation Plan | Non-Management Employees | Restricted Stock | Year 1

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

2016 Compensation Plan | Non-Management Employees | Restricted Stock | Year 2

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

2016 Compensation Plan | Non-Management Employees | Restricted Stock | Year 3

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

2016 Compensation Plan | New Member of Board of Directors | Upfront Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Period of recognition for unrecognized compensation costs

3 years

2016 Compensation Plan | New Member of Board of Directors | Upfront Restricted Stock | Year 1

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

2016 Compensation Plan | New Member of Board of Directors | Upfront Restricted Stock | Year 2

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

2016 Compensation Plan | New Member of Board of Directors | Upfront Restricted Stock | Year 3

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

2016 Compensation Plan | New Employee | Restricted Stock | Year 1

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

50.00%

2016 Compensation Plan | New Employee | Restricted Stock | Year 2

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

50.00%

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

832,408

793,598

Class A common stock | 2014 Omnibus Incentive Plan | Harris | Restricted Stock | Year 1

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 | Harris | Restricted Stock | Year 2

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

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 | Year 1

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

Class A common stock | 2014 Omnibus Incentive Plan | Senior Management | Restricted Stock | Year 2

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 | Senior Management | Restricted Stock | Year 3

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

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

Vesting period

1 year

Grant date fair value of awards granted

$ 100,000

$ 100,000

Class A common stock | 2014 Omnibus Incentive Plan | Board of Directors | Restricted Stock | Year 1

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

33.00%

Class A common stock | 2014 Omnibus Incentive Plan | Board of Directors | Restricted Stock | Year 2

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

33.00%

Vesting period

3 years

Class A common stock | 2014 Omnibus Incentive Plan | Board of Directors | Restricted Stock | Year 3

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

33.00%

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

Class A common stock | 2014 Omnibus Incentive Plan | Executive Officers | Restricted Stock | Year 1

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

Class A common stock | 2014 Omnibus Incentive Plan | Executive Officers | Restricted Stock | Year 2

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

Class A common stock | 2014 Omnibus Incentive Plan | Executive Officers | Restricted Stock | Year 3

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

33.00%

Class A common stock | 2016 Compensation Plan | Board of Directors | Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Aggregate value of awards granted

$ 200,000

Number of restricted shares granted (in shares) | shares

16,245

Period of recognition for unrecognized compensation costs

1 year

Class A common stock | 2016 Compensation Plan | Executive Officers | Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Aggregate value of awards granted

$ 10,200,000

Number of restricted shares granted (in shares) | shares

736,461

Class A common stock | 2016 Compensation Plan | Non-Management Employees | Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Aggregate value of awards granted

$ 600,000

Number of restricted shares granted (in shares) | shares

40,000

Class A common stock | 2016 Compensation Plan | New Member of Board of Directors | Upfront Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Aggregate value of awards granted

$ 75,616

Number of restricted shares granted (in shares) | shares

5,130

Class A common stock | 2016 Compensation Plan | Management Grantees | Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Aggregate value of awards granted

$ 48,475

Number of restricted shares granted (in shares) | shares

3,500

Cash dividends received

$ 1,000,000

Class A common stock | 2016 Compensation Plan | Management Grantees | Restricted Stock With Dividend Equivalent Rights

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Aggregate value of awards granted

$ 30,455

Number of restricted shares granted (in shares) | shares

2,191

Class A common stock | 2016 Compensation Plan | New Employee | Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Aggregate value of awards granted

$ 400,000

Number of restricted shares granted (in shares) | shares

28,881

STOCK BASED COMPENSATION PLAN84

STOCK BASED COMPENSATION PLANS - Summary of Grants (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	$ (7,254)	$ (3,464)
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares)	847,968
Recognized equity based compensation expense	$ (7,254)	$ (3,464)
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted (in shares)	0	380,949
Weighted Average Fair Value of Options (in dollars)	$ 0	$ 1,356
Class A common stock | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares)	832,408	793,598
Weighted Average Fair Value (in dollars)	$ 11,616	$ 9,118
Class A common stock | Restricted Dividends
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares)	15,560	166,934
Weighted Average Fair Value (in dollars)	$ 216	$ 1,908

STOCK BASED COMPENSATION PLAN85

STOCK BASED COMPENSATION PLANS - Nonvested Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Restricted Stock
Number of Shares Nonvested Other than Options [Roll Forward]
Nonvested/Outstanding at December 31, 2016	1,475,865
Granted (in shares)	847,968
Vested (in shares)	(1,423,934)
Forfeited (in shares)	0
Nonvested/Outstanding at March 31, 2017	899,899
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Nonvested/Outstanding December 31, 2016	982,135
Granted (in shares)	0	380,949
Exercised (in shares)	0
Forfeited (in shares)	0
Expired (in shares)	0
Nonvested/Outstanding March 31, 2017	982,135
Exercisable at March 31, 2017	752,017

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	Feb. 27, 2015	Mar. 31, 2017	Sep. 30, 2016	Mar. 31, 2016	Dec. 31, 2014	Dec. 31, 2016
Income Tax Contingency [Line Items]
Current tax expense (benefit)		$ 2,200,000		$ 1,100,000
Deferred Income tax expense (benefit)		(3,600,000)		$ (2,000,000)
Deferred tax asset relating to capital losses		6,000,000
Interest and penalties recognized for uncertain tax positions		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		2,330,000				$ 2,520,000
Other Assets
Income Tax Contingency [Line Items]
Net deferred tax assets		4,800,000				2,100,000
Accrued Expenses
Income Tax Contingency [Line Items]
Liability for unrecognized tax benefits for uncertain income tax positions		800,000				800,000
Amount Payable Pursuant to Tax Receivable Agreement
Income Tax Contingency [Line Items]
Amount due pursuant to tax receivable agreement		2,300,000
Indemnity Counterparty
Income Tax Contingency [Line Items]
Settlements receivable						3,300,000
Amount recovered from indemnity counterparty		$ 3,300,000
State and Local Jurisdiction | New York
Income Tax Contingency [Line Items]
State 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

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	Mar. 03, 2017USD ($)	Jun. 03, 2016USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Mar. 13, 2017USD ($)	Dec. 31, 2016	Oct. 18, 2016USD ($)	May 20, 2015USD ($)a
RELATED PARTY TRANSACTIONS
Percentage of loans receivable with fixed rates of interest			19.90%			10.30%
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				$ 600,000
Related Reserve IV LLC | B Participation Interest | Accrued Expenses
RELATED PARTY TRANSACTIONS
Interest income on loans				$ 35,944
Three Limited Liability Companies | Halletts Investors LLC
RELATED PARTY TRANSACTIONS
Area of land | a								9.66
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 | Related Reserve IV LLC | B Participation Interest
RELATED PARTY TRANSACTIONS
Percentage of loans receivable with fixed rates of interest					17.00%
Mortgage loan participation purchased by related party					$ 4,000,000
Participating mortgage loan amount					$ 136,500,000
Ladder Capital Asset Management LLC | Senior Management
RELATED PARTY TRANSACTIONS
Investment in Mutual Fund			$ 1,600,000
Related | Class A common stock
RELATED PARTY TRANSACTIONS
Value of shares transferred between shareholders	$ 80,000,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2012Extension_Option	Dec. 31, 2011Extension_Option	Dec. 31, 2016USD ($)
Unfunded Loan Commitments
Number of extension options | Extension_Option			0	0
Rent expense	$ 0.3	$ 0.3
Mortgage loan receivables held for investment, at amortized cost
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment	123.7				$ 147.7
First mortgage loan financing
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment	$ 123.7				146.3
Mezzanine loan
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment					$ 1.4

COMMITMENTS AND CONTINGENCIES89

COMMITMENTS AND CONTINGENCIES - Future Minimum Rental Payments (Details) $ in Thousands	Mar. 31, 2017USD ($)
Future minimum rental payments
2017 (last 9 months)	$ 942
2,018	1,206
2,019	1,180
2,020	1,180
2,021	1,180
Thereafter	99
Total	$ 5,787

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)segment	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
SEGMENT REPORTING
Number of reportable segments | segment	3
Income Statement [Abstract]
Interest income	$ 57,512	$ 59,601
Interest expense	(31,415)	(29,536)
Net interest income	26,097	30,065
Provision for loan losses	0	(150)
Net interest income after provision for loan losses	26,097	29,915
Operating lease income	19,630	19,294
Tenant recoveries	1,579	1,335
Sale of loans, net	(999)	7,830
Realized gain on securities	5,361	(573)
Unrealized gain (loss) on Agency interest-only securities	159	660
Realized gain on sale of real estate, net	2,331	6,095
Fee and other income	4,466	2,975
Net result from derivative transactions	(1,981)	(50,862)
Earnings (loss) from investment in unconsolidated joint ventures	(74)	794
Gain (loss) on extinguishment of debt	(54)	5,382
Total other income	30,418	(7,070)
Salaries and employee benefits	(16,042)	(12,615)
Operating expenses	(5,479)	(6,295)
Real estate operating expenses	(7,473)	(5,719)
Real estate acquisition costs	19	0
Fee expense	(693)	(731)
Depreciation and amortization	(8,592)	(9,802)
Total costs and expenses	(38,260)	(35,162)
Tax (expense) benefit	1,375	873
Net income (loss)	19,630	(11,444)
Total assets	5,941,622		$ 5,578,337
Investment in unconsolidated joint ventures	34,185		34,025
Investment in FHLB stock	77,915		77,915
Operating Segment
Income Statement [Abstract]
Investment in unconsolidated joint ventures	34,200		34,000
Operating Segment | Loans
Income Statement [Abstract]
Interest income	44,297	41,328
Interest expense	(6,253)	(6,151)
Net interest income	38,044	35,177
Provision for loan losses	0	(150)
Net interest income after provision for loan losses	38,044	35,027
Operating lease income	0	0
Tenant recoveries	0	0
Sale of loans, net	(999)	7,830
Realized gain on securities	0	0
Unrealized gain (loss) on Agency interest-only securities	0	0
Realized gain on sale of real estate, net	0	641
Fee and other income	1,621	1,805
Net result from derivative transactions	(1,681)	(16,125)
Earnings (loss) from investment in unconsolidated joint ventures	0	0
Gain (loss) on extinguishment of debt	0	0
Total other income	(1,059)	(5,849)
Salaries and employee benefits	(1,000)	(1,500)
Operating expenses	43	0
Real estate operating expenses	0	0
Real estate acquisition costs	0
Fee expense	(535)	(436)
Depreciation and amortization	0	0
Total costs and expenses	(1,492)	(1,936)
Tax (expense) benefit	0	0
Net income (loss)	35,493	27,242
Total assets	2,816,675		2,353,977
Operating Segment | Securities
Income Statement [Abstract]
Interest income	13,208	18,256
Interest expense	(1,853)	(1,970)
Net interest income	11,355	16,286
Provision for loan losses	0	0
Net interest income after provision for loan losses	11,355	16,286
Operating lease income	0	0
Tenant recoveries	0	0
Sale of loans, net	0	0
Realized gain on securities	5,361	(573)
Unrealized gain (loss) on Agency interest-only securities	159	660
Realized gain on sale of real estate, net	0	0
Fee and other income	0	0
Net result from derivative transactions	(300)	(34,737)
Earnings (loss) from investment in unconsolidated joint ventures	0	0
Gain (loss) on extinguishment of debt	0	0
Total other income	5,220	(34,650)
Salaries and employee benefits	0	0
Operating expenses	0	0
Real estate operating expenses	0	0
Real estate acquisition costs	0
Fee expense	(94)	0
Depreciation and amortization	0	0
Total costs and expenses	(94)	0
Tax (expense) benefit	0	0
Net income (loss)	16,481	(18,364)
Total assets	1,701,980		2,100,947
Operating Segment | Real Estate
Income Statement [Abstract]
Interest income	3	0
Interest expense	(6,550)	(6,195)
Net interest income	(6,547)	(6,195)
Provision for loan losses	0	0
Net interest income after provision for loan losses	(6,547)	(6,195)
Operating lease income	19,630	19,294
Tenant recoveries	1,579	1,335
Sale of loans, net	0	0
Realized gain on securities	0	0
Unrealized gain (loss) on Agency interest-only securities	0	0
Realized gain on sale of real estate, net	2,331	5,454
Fee and other income	1,973	342
Net result from derivative transactions	0	0
Earnings (loss) from investment in unconsolidated joint ventures	(74)	(98)
Gain (loss) on extinguishment of debt	0	0
Total other income	25,439	26,327
Salaries and employee benefits	0	0
Operating expenses	0	(422)
Real estate operating expenses	(7,473)	(5,719)
Real estate acquisition costs	19
Fee expense	(64)	(114)
Depreciation and amortization	(8,569)	(9,797)
Total costs and expenses	(16,087)	(16,052)
Tax (expense) benefit	0	0
Net income (loss)	2,805	4,080
Total assets	848,538		856,363
Corporate/Other
Income Statement [Abstract]
Interest income	4	17
Interest expense	(16,759)	(15,220)
Net interest income	(16,755)	(15,203)
Provision for loan losses	0	0
Net interest income after provision for loan losses	(16,755)	(15,203)
Operating lease income	0	0
Tenant recoveries	0	0
Sale of loans, net	0	0
Realized gain on securities	0	0
Unrealized gain (loss) on Agency interest-only securities	0	0
Realized gain on sale of real estate, net	0	0
Fee and other income	872	828
Net result from derivative transactions	0	0
Earnings (loss) from investment in unconsolidated joint ventures	0	892
Gain (loss) on extinguishment of debt	(54)	5,382
Total other income	818	7,102
Salaries and employee benefits	(15,042)	(11,115)
Operating expenses	(5,522)	(5,873)
Real estate operating expenses	0	0
Real estate acquisition costs	0
Fee expense	0	(181)
Depreciation and amortization	(23)	(5)
Total costs and expenses	(20,587)	(17,174)
Tax (expense) benefit	1,375	873
Net income (loss)	(35,149)	$ (24,402)
Total assets	574,429		267,050
Investment in FHLB stock	77,900		77,900
Deferred tax assets	4,800		2,100
Corporate/Other | Senior Unsecured Notes
Income Statement [Abstract]
Senior Notes	$ 1,000,000		$ 559,800

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	Apr. 01, 2017	Apr. 03, 2017	Mar. 31, 2017
Subsequent Event | Senior Unsecured Notes
Subsequent Event [Line Items]
Debt instrument, redemption price percentage of principal	100.00%
Gross proceeds from senior notes offering	$ 500
Senior Unsecured Notes | Various Dates
Subsequent Event [Line Items]
Debt instrument, repurchase price amount			$ 291.5
Senior Unsecured Notes | Various Dates | Subsequent Event
Subsequent Event [Line Items]
Debt instrument, repurchase price amount		$ 291.5