Ladder Capital (LADR) 10-K 28 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Feb. 26, 2018	Jun. 30, 2017
Entity Registrant Name	Ladder Capital Corp
Entity Central Index Key	1,577,670
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1,013,417,516
Class A common stock
Entity Common Stock, Shares Outstanding		97,967,272
Class B common stock
Entity Common Stock, Shares Outstanding		13,317,419

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	[1]	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 76,674		$ 44,615
Restricted cash	106,009		44,813
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans held by consolidated subsidiaries	3,282,462		2,000,095
Provision for loan losses	(4,000)		(4,000)
Mortgage loan receivables held for sale	230,180		357,882
Real estate securities	1,106,517		2,100,947
Real estate and related lease intangibles, net	1,032,041		822,338
Investments in unconsolidated joint ventures	35,441		34,025
FHLB stock	77,915		77,915
Derivative instruments	888		5,018
Due from brokers	0		10
Accrued interest receivable	25,875		24,439
Other assets	55,613		70,240
Total assets	6,025,615		5,578,337
Debt obligations, net:
Secured and unsecured debt obligations	4,379,826		3,942,138
Due to brokers	14		394
Derivative instruments	2,606		3,446
Amount payable pursuant to tax receivable agreement	1,656		2,520
Dividends payable	30,528		24,682
Accrued expenses	59,619		66,597
Other liabilities	63,220		29,006
Total liabilities	4,537,469		4,068,783
Commitments and contingencies (Note 18)	0		0
Equity
Additional paid-in capital	1,306,136		992,307
Treasury stock, 2,617,587 and 1,095,048 shares, at cost	(31,956)		(11,244)
Dividends in Excess of Earnings	(39,112)		(11,148)
Accumulated other comprehensive income (loss)	(212)		1,365
Total shareholders’ equity	1,234,968		971,390
Noncontrolling interest in operating partnership	240,861		533,246
Noncontrolling interest in consolidated joint ventures	12,317		4,918
Total equity	1,488,146		1,509,554
Total liabilities and equity	6,025,615		5,578,337
Class A common stock
Equity
Common stock	94		72
Class B common stock
Equity
Common stock	$ 18		$ 38
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Treasury stock, shares (in shares)	2,617,587	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)	96,258,847	72,681,218
Common stock, outstanding shares (in shares)	93,641,260	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)	17,667,251	38,002,344
Common stock, outstanding shares (in shares)	17,667,251	38,002,344

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	Nov. 07, 2017	Sep. 01, 2017	Jun. 01, 2017	Mar. 01, 2017	Dec. 02, 2016	Sep. 01, 2016	Jun. 01, 2016	Apr. 01, 2016	Dec. 01, 2015	Sep. 01, 2015	Jun. 08, 2015	Mar. 12, 2015	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net interest income
Interest income													$ 73,352	$ 66,833	$ 65,970	$ 57,512	$ 60,721	$ 60,284	$ 55,766	$ 59,601	$ 263,667	$ 236,372	$ 241,539
Interest expense																					146,118	120,827	113,303
Net interest income																					117,549	115,545	128,236
Provision for loan losses																					0	300	600
Net interest income after provision for loan losses													31,795	29,348	30,309	26,097	28,517	29,599	27,214	29,915	117,549	115,245	127,636
Other income
Operating lease income																					89,492	77,277	80,465
Tenant recoveries																					7,179	5,958	9,907
Sale of loans, net																					54,046	26,009	71,066
Realized gain (loss) on securities																					17,209	7,724	24,007
Unrealized gain (loss) on Agency interest-only securities																					1,405	(56)	(1,249)
Realized gain on sale of real estate, net																					11,423	20,636	40,386
Fee and other income																					18,341	21,365	15,205
Net result from derivative transactions																					(12,641)	(1,409)	(38,937)
Earnings (loss) from investment in unconsolidated joint ventures																					89	426	371
Gain (loss) on extinguishment of debt																					(73)	5,382	0
Total other income																					186,470	163,312	201,221
Costs and expenses
Salaries and employee benefits																					70,463	64,270	61,612
Operating expenses																					21,421	20,552	25,103
Real estate operating expenses																					33,216	30,545	37,869
Fee expense																					4,996	3,703	4,521
Depreciation and amortization																					40,332	39,447	39,061
Total costs and expenses													52,804	39,244	40,120	38,260	45,335	40,615	37,405	35,162	170,428	158,517	168,166
Income (loss) before taxes													48,427	29,245	37,664	18,255	72,394	58,319	1,644	(12,317)	133,591	120,040	160,691
Income tax expense (benefit)													3,057	(576)	6,606	(1,375)	773	8,721	(2,301)	(873)	7,712	6,320	14,557
Net income (loss)													45,370	29,821	31,058	19,630					125,879	113,720	146,134
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures													(92)	265	(77)	(322)	(298)	439	(235)	232	(226)	138	(1,568)
Net (income) loss attributable to noncontrolling interest in operating partnership													$ (9,172)	$ (6,499)	$ (8,868)	$ (5,838)	$ (29,467)	$ (22,429)	$ (908)	$ 5,673	$ (30,377)	$ (47,131)	$ (70,745)
Earnings per share:
Basic (in dollars per share)													$ 0.41	$ 0.28	$ 0.28	$ 0.18	$ 0.64	$ 0.44	$ 0.05	$ (0.09)	$ 1.16	$ 1.08	$ 1.43
Diluted (in dollars per share)													0.40	0.28	0.26	0.18	0.63	0.44	0.05	(0.09)	$ 1.13	$ 1.06	$ 1.42
Weighted average shares outstanding:
Basic (in shares)																					81,902,524	61,998,089	51,702,188
Diluted (in shares)																					109,704,880	107,638,788	51,870,808
Dividends per share of Class A common stock (in dollars per share)													$ 0.315	$ 0.3	$ 0.3	$ 0.3	$ 0.46	$ 0.275	$ 0.275	$ 0.275
Class A Common Stock
Costs and expenses
Net income (loss) attributable to Class A common shareholders													$ 36,106	$ 23,587	$ 22,113	$ 13,470	$ 41,856	$ 27,608	$ 2,802	$ (5,539)	$ 95,276	$ 66,727	$ 73,821
Earnings per share:
Basic (in dollars per share)																					$ 1.16	$ 1.08	$ 1.43
Diluted (in dollars per share)																					$ 1.13	$ 1.06	$ 1.42
Weighted average shares outstanding:
Basic (in shares)																					81,902,524	61,998,089	51,702,188
Diluted (in shares)																					109,704,880	107,638,788	51,870,808
Dividends per share of Class A common stock (in dollars per share)	$ 0.315	$ 0.3	$ 0.3	$ 0.3	$ 0.46	$ 0.275	$ 0.275	$ 0.275	$ 1.45	$ 0.275	$ 0.25	$ 0.25									$ 1.215	$ 1.285	$ 2.225

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net income (loss)		$ 125,879	$ 113,720	$ 146,134
Unrealized gain (loss) on securities, net of tax:
Unrealized gain (loss) on real estate securities, available for sale	[1]	18,515	20,947	(11,403)
Reclassification adjustment for (gains) included in net income	[2]	(20,735)	(12,428)	(25,142)
Total other comprehensive income (loss)		(2,220)	8,519	(36,545)
Comprehensive income		123,659	122,239	109,589
Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint ventures		(226)	138	(1,568)
Comprehensive income of combined Class A common shareholders and Operating Partnership unitholders		123,433	122,377	108,021
Comprehensive (income) attributable to noncontrolling interest in operating partnership		(31,072)	(52,230)	(54,247)
Class A Common Stock
Unrealized gain (loss) on securities, net of tax:
Comprehensive income attributable to Class A common shareholders		$ 92,361	$ 70,147	$ 53,774
[1]	Amounts are net of provision for (benefit from) income taxes of $0.5 million for the year ended December 31, 2015 and none for the years ended December 31, 2017 and 2016.
[2]	Amounts are net of (provision for) benefit from income taxes of $(0.5) million for the year ended December 31, 2015 and none for the years ended December 31, 2017 and 2016.

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income Parenthetical - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Provision for (benefit from) income taxes	$ 0	$ 0	$ 500,000
(Provision for) benefit from income taxes	$ 0	$ 0	$ (500,000)

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, 2014					51,432,000	47,647,000
Beginning Balance at Dec. 31, 2014	$ 1,505,207				$ 51	$ 0	$ 725,538	$ 0	$ 44,187	$ 15,656	$ 711,674	$ 8,101
Increase Decrease in Stockholders' Equity
Contributions	74											74
Distributions	(72,603)										(68,673)	(3,930)
Amendment of the par value of the Class B shares from no par value per share to $0.001 per share	0					$ 47					(47)
Equity based compensation	13,788						417				13,371
Grants of restricted stock (in shares)					700,000
Grants of restricted stock	0				$ 1		(1)
Purchase of treasury stock (in shares)					(84,000)
Purchase of treasury stock	(994)							(994)
Re-issuance of treasury stock (in shares)					26,000
Re-issuance of treasury stock	0
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)					(262,000)	(5,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(4,897)							(4,818)			(79)
Forfeitures (in shares)					(188,000)
Forfeitures	0
Dividends declared	(57,390)								(57,390)
Exchange of noncontrolling interest for common stock (in shares)			3,586,546	(3,586,546)	3,586,000	(3,586,000)
Exchange of noncontrolling interest for common stock	0				$ 3	$ (3)	53,011			645	(53,656)
Adjustment for deferred taxes/tax receivable agreement as a result of the exchange of Class B shares	(1,366)						(1,366)
Net income (loss)	146,134								73,821		70,745	1,568
Other comprehensive income (loss)	(36,545)									(20,046)	(16,499)
Rebalancing of ownership percentage between Company and Operating Partnership	0						(733)			189	544
Ending Balance (in shares) at Dec. 31, 2015					55,210,000	44,056,000
Ending Balance at Dec. 31, 2015	1,491,408				$ 55	$ 44	776,866	(5,812)	60,618	(3,556)	657,380	5,813
Increase Decrease in Stockholders' Equity
Contributions	250										250
Distributions	(40,562)										(39,805)	(757)
Equity based compensation	17,640						516				17,124
Grants of restricted stock (in shares)					794,000
Grants of restricted stock	0				$ 1		(1)
Purchase of treasury stock (in shares)					(424,000)
Purchase of treasury stock	(4,652)							(4,652)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)					(73,000)	(1,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(786)							(780)			(6)
Forfeitures (in shares)					(48,000)
Forfeitures	0
Dividends declared	(74,393)								(74,393)
Stock dividends (in shares)					5,606,000	4,469,000
Stock dividends	0				$ 6	$ 4	64,090		(64,100)
Exchange of noncontrolling interest for common stock (in shares)			10,521,149	(10,521,149)	10,521,000	(10,521,000)
Exchange of noncontrolling interest for common stock	0				$ 10	$ (10)	144,629			1,202	(145,831)
Adjustment for deferred taxes/tax receivable agreement as a result of the exchange of Class B shares	(1,590)						(1,590)
Net income (loss)	113,720								66,727		47,131	(138)
Other comprehensive income (loss)	8,519									3,420	5,099
Rebalancing of ownership percentage between Company and Operating Partnership	0						7,797			299	(8,096)
Ending Balance (in shares) at Dec. 31, 2016					71,586,000	38,003,000
Ending Balance at Dec. 31, 2016	1,509,554				$ 72	$ 38	992,307	(11,244)	(11,148)	1,365	533,246	4,918
Increase Decrease in Stockholders' Equity
Contributions	7,479										0	7,479
Distributions	(42,524)										(42,218)	(306)
Equity based compensation	18,965						18,965				0
Grants of restricted stock (in shares)					1,997,000
Grants of restricted stock	0				$ 1		(1)
Purchase of treasury stock (in shares)					(190,000)
Purchase of treasury stock	(2,588)							(2,588)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)					(1,323,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(18,125)				$ (1)			(18,124)
Forfeitures (in shares)					(10,000)
Forfeitures	0
Dividends declared	(105,921)								(105,921)
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)			20,767,407	(20,767,407)	20,767,000	(20,767,000)
Exchange of noncontrolling interest for common stock	(2,353)				$ 21	$ (21)	280,714			1,696	(284,763)
Net income (loss)	125,879								95,276		30,377	226
Other comprehensive income (loss)	(2,220)									(2,915)	695
Rebalancing of ownership percentage between Company and Operating Partnership	0						(3,166)			(358)	3,524
Ending Balance (in shares) at Dec. 31, 2017					93,641,000	17,668,000
Ending Balance at Dec. 31, 2017	$ 1,488,146	[1]			$ 94	$ 18	$ 1,306,136	$ (31,956)	$ (39,112)	$ (212)	$ 240,861	$ 12,317
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

Consolidated Statements of Cha8

Consolidated Statements of Changes in Equity Parenthetical - $ / shares	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001	$ 0.001

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ 125,879		$ 113,720		$ 146,134
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gain) loss on extinguishment of debt	73		(5,382)		0
Depreciation and amortization	40,332		39,447		39,061
Unrealized (gain) loss on derivative instruments	3,432		(4,224)		(10,182)
Unrealized (gain) loss on Agency interest-only securities	(1,405)		56		1,249
Unrealized (gain) loss on investment in mutual fund	(300)		14		0
Provision for loan losses	0		300		600
Amortization of equity based compensation	18,965		17,640		13,788
Amortization of deferred financing costs included in interest expense	7,856		7,459		5,757
Amortization of premium on mortgage loan financing	(1,025)		(894)		(902)
Amortization of above- and below-market lease intangibles	(786)		(108)		(249)
Amortization of premium/(accretion) of discount and other fees on loans	(11,180)		(8,941)		(12,241)
Amortization of premium/(accretion) of discount and other fees on securities	5,241		6,422		8,774
Realized (gain) loss on sale of mortgage loan receivables held for sale	(54,046)		(26,009)		(71,066)
Realized gain on disposition of loan	0		0		(820)
Realized (gain) loss on real estate securities	(17,209)		(7,724)		(24,007)
Realized gain on sale of real estate, net	(11,423)		(20,636)		(40,386)
Realized gain on sale of derivative instruments	199		24		0
Origination of mortgage loan receivables held for sale	(1,465,635)		(1,128,651)		(2,594,141)
Purchases of mortgage loan receivables held for sale	0		(73,421)		0
Repayment of mortgage loan receivables held for sale	2,083		1,768		2,308
Proceeds from sales of mortgage loan receivables held for sale	1,375,733	[1]	1,440,195		2,509,090
(Income) loss from investments in unconsolidated joint ventures in excess of distributions received	(89)		(426)		(371)
Distributions from operations of investment in unconsolidated joint ventures	0		1,017		294
Deferred tax asset (liability)	5,591		1,868		2,900
Payments pursuant to tax receivable agreement	(1,013)		0		0
Changes in operating assets and liabilities:
Accrued interest receivable	(1,437)		(1,662)		621
Other assets	(3,275)		(4,340)		(1,533)
Accrued expenses and other liabilities	(4,576)		(9,085)		(12,985)
Net cash provided by (used in) operating activities	11,985		338,427		(38,307)
Cash flows from investing activities:
Purchase of derivative instruments	(300)		(73)		0
Sale of derivative instruments	0		39		0
Purchases of real estate securities	(210,903)		(977,062)		(725,888)
Repayment of real estate securities	138,413		684,143		186,902
Proceeds from sales of real estate securities	1,025,710		539,295		845,648
Purchase of FHLB stock	0		0		(7,984)
Sale of FHLB stock	0		0		2,409
Origination of mortgage loan receivables held for investment	(1,407,669)		(919,023)		(963,023)
Purchases of mortgage loan receivables held for investment	(94,079)		0		0
Repayment of mortgage loan receivables held for investment	404,584		649,914		752,452
Basis recovery of Agency interest-only securities	51,989		70,053		79,131
Capital contributions to investment in unconsolidated joint ventures	0		0		(31,085)
Distributions received from investments in unconsolidated joint ventures in excess of income	0		48		3,747
Capitalization of interest on investment in unconsolidated joint ventures	(1,327)		(867)		(341)
Capital contributions to investment in mutual fund	0		(10,001)		0
Purchases of real estate	(236,932)		(62,495)		(197,501)
Capital improvements of real estate	(5,640)		(10,640)		(8,375)
Proceeds from sale of real estate	29,519		72,953	[2]	98,558
Net cash provided by (used in) investing activities	(306,635)		36,284		34,650
Cash flows from financing activities:
Deferred financing costs paid	(26,330)		(5,927)		(2,330)
Proceeds from borrowings under debt obligations	10,080,341		12,359,830		16,280,023
Repayment of borrowings under debt obligations	(9,510,272)		(12,689,064)		(16,137,339)
Cash dividends paid to Class A common shareholders	(100,076)		(67,166)		(39,934)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(18,125)		(786)		(4,897)
Purchase of treasury stock	(2,588)		(4,652)		(994)
Net cash provided by (used in) financing activities	387,905		(448,077)		22,000
Net increase (decrease) in cash, cash equivalents and restricted cash	93,255		(73,366)		18,343
Cash, cash equivalents and restricted cash at beginning of period	89,428		162,794		144,451
Cash, cash equivalents and restricted cash at end of period	182,683		89,428		162,794
Supplemental information:
Cash paid for interest, net of amounts capitalized	130,795		115,246		107,362
Cash paid (received) for income taxes	(214)		8,775		7,306
Non-cash investing and financing activities:
Origination of mortgage loans receivable held for investment	0		50,378		0
Repayment of mortgage loans receivable held for investment	0		(70,678)		0
Proceeds from sales of mortgage loan receivables held for sale	115,359		0		0
Settlement of mortgage loan receivable held for investment by real estate	0		0		4,620
Transfer from mortgage loans receivable held for sale to mortgage loans receivable held for investment, at amortized cost	0
Like-kind exchange of real estate:
Acquisitions	0		0		15,249
Dispositions	0		0		(62,093)
Receivable from qualified intermediary - other assets	0		0		6,483
Real estate acquired in settlement of mortgage loan receivable held for investment	0		0		6,700
Net settlement of sale of real estate, subject to debt - real estate	0		0		(11,310)
Net settlement of sale of real estate, subject to debt - debt obligations	0		0		51,060
Repayment of borrowings under debt obligations	(115,359)		0		0
Exchange of noncontrolling interest for common stock	284,783		145,841		53,659
Change in deferred tax asset related to exchanges of noncontrolling interest for common stock	2,203		980		(320)
Increase in amount payable pursuant to tax receivable agreement	149		610		1,048
Rebalancing of ownership percentage between Company and Operating Partnership	3,524		(8,096)		544
Dividends declared, not paid	30,528		23,364		17,456
Stock dividends	17,319		64,100		0
Operating Partnership
Cash flows from financing activities:
Capital contributed by noncontrolling interests	0		250		0
Capital distributed to noncontrolling interests	(42,218)		(39,805)		(68,673)
Consolidated Joint Venture
Cash flows from financing activities:
Capital contributed by noncontrolling interests	7,479		0		74
Capital distributed to noncontrolling interests	(306)		(757)		(3,930)
Mortgage loans held by consolidated subsidiaries
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Realized (gain) loss on sale of mortgage loan receivables held for sale	0		0		0
Non-cash investing and financing activities:
Origination of mortgage loans receivable held for investment			50,400
Repayment of mortgage loans receivable held for investment			(70,700)
Transfer from mortgage loans receivable held for sale to mortgage loans receivable held for investment, at amortized cost	$ 153,722		$ 0		$ 0
[1]	Includes cash proceeds received in the current year that relate to prior year sales of loans of $20.3 million.
[2]	Includes cash proceeds received in the current year that relate to prior year sales of real estate of $6.5 million.

Consolidated Statements of Ca10

Consolidated Statements of Cash Flows Parenthetical - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Statement of Cash Flows [Abstract]
Proceeds from sale of mortgage loans held for sale from prior years	$ 20,300
Proceeds from sale of real estate held for investment related to sales from prior years			$ 6,500
Cash and cash equivalents	76,674	[1]	44,615	$ 108,959
Restricted cash	106,009		44,813	53,835
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$ 182,683		$ 89,428	$ 162,794
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

ORGANIZATION AND OPERATIONS

ORGANIZATION AND OPERATIONS	12 Months Ended
	Dec. 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 December 31, 2017 , Ladder Capital Corp has a 84.1% 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. 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. The IPO transactions described herein are referred to as the “IPO Transactions.” 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. Pursuant to LCFH’s amended and restated Limited Liability Limited Partnership Agreement (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) have the right to exchange their LP Units for shares of Ladder Capital Corp’s Class A common stock on a one -for- one basis. In connection with an exchange, a corresponding number of shares of Ladder Capital Corp Class B common stock are required to be provided and canceled. However, the exchange of LP Units for shares of Ladder Capital Corp Class A common stock will not affect the exchanging owners’ voting power since the votes represented by the canceled shares of Ladder Capital Corp Class B common stock will be replaced with the votes represented by the shares of Class A common stock for which such LP Units will be exchanged. 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. The REIT Structuring Transactions In anticipation of the Company’s election to be subject to tax as a REIT under the Code beginning with its 2015 taxable year (the “REIT Election”), the Company effected an internal realignment as of December 31, 2014 that it believes permits it to operate as a REIT, subject to the risk factors described in this Annual Report (see “Risk Factors—Risks Related to Our Taxation as a REIT”). As part of this realignment, LCFH and certain of its wholly-owned subsidiaries were serialized in order to segregate our REIT-qualified assets and income from the Company’s 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., 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 the Company’s 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 its 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 its capital stock or (ii) 9.8% in value or number (whichever is more restrictive) of the outstanding shares of any class of its common stock. In addition, the Company’s Tax Receivable Agreement with the Continuing LCFH Limited Partners (the “TRA Members”) was amended and restated in connection with its 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 its 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 16 for further discussion of the Tax Receivable Agreement. As of March 4, 2015, the Company made the necessary TRS and check-the-box elections began to elect to be taxed as a REIT starting with its tax return for the year ended December 31, 2015, filed in September 2016.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“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. 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. See Note 3 for further information on the Company’s consolidated variable interest entities. 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 Since our IPO, the Company was an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act (“JOBS Act”), and was 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 complied with new or revised accounting standards on the relevant dates on which adoption of such standards was 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 have remained 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. However, because the market value of the Company’s common stock held by non-affiliates exceeded $700 million as of June 30, 2017, as of December 31, 2017, the Company has been deemed to be a large accelerated filer and it no longer qualifies as an emerging growth company. Accordingly, the Company is subject to certain disclosure and compliance requirements that apply to other public companies but have not previously applied to it due to the Company’s prior status as an emerging growth company. These requirements include: • compliance with the auditor attestation requirements on the assessment of our internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act of 2002; • compliance with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements; • full disclosure obligations regarding executive compensation; and • compliance with the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. As a large accelerated filer, the Company is required to file its Form 10-K with the Securities and Exchange Commission within 60 days after the Company’s fiscal year end. As an accelerated filer, the Company was only required to file its Form 10-K within 75 days after the Company’s fiscal year end. There has been no change to the Form 10-Q filing due dates. 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 (liability); • amounts payable pursuant to the Tax Receivable Agreement; • determination of effective yield for recognition of interest income; • adequacy of provision for loan losses; • determination of other than temporary impairment of real estate securities and investments in unconsolidated joint ventures; • certain estimates and assumptions used in the accrual of incentive compensation and calculation of the fair value of equity compensation issued to employees; • determination of the effective tax rate for income tax provision; and • certain estimates and assumptions used in the allocation of revenue and expenses for our segment reporting. Cash and Cash Equivalents The Company considers all investments with original maturities of three months or less, at the time of acquisition, to be cash equivalents. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of December 31, 2017 and 2016 . At December 31, 2017 and 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. Mortgage Loan Receivables Held for Investment Loans that the Company has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for loan losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the interest method, adjusted for actual prepayments. Upon the decision to sell such loans, the Company will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value less cost to sell on the consolidated balance sheets. The Company evaluates each loan classified as a mortgage loan receivable held for investment for impairment at least quarterly. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s contractual effective rate or the fair value of the collateral, if recovery of the Company’s investment is expected solely from the collateral. The Company’s loans are typically collateralized by real estate. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management personnel, who utilize various data sources, including (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and other market data. Upon the completion of the process above, the Company concluded that no loans originated by the Company were impaired as of December 31, 2017 and 2016 . Significant judgment is required when evaluating loans for impairment, therefore actual results over time could be materially different. In addition, the Company assesses a portfolio-based loan loss provision. The Company estimates its loan loss provision based on its historical loss experience and expectation of losses inherent in the investment portfolio but not yet realized. Since inception, the Company has had no events of impairment on any of the loans it has originated, however, to ensure that the risk exposures are properly measured and the appropriate reserves are taken, the Company assesses a loan loss provision balance that will grow over time with its portfolio and the related risk as the assets are aged and approach maturity and ultimate refinancing where applicable. Mortgage Loan Receivables Held for Sale Mortgage loan receivables held for sale are first mortgage loans that are secured by cash-flowing commercial real estate and are available for sale to securitizations. Mortgage loan receivables held for sale are recorded at lower of cost or market value. Real Estate Securities The Company classifies its real estate securities investments on the date of acquisition of the investment. Real estate securities that the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are designated as available-for-sale and are carried at estimated fair value with the net unrealized gains or losses on all securities, except for Government National Mortgage Association (“GNMA”) interest-only and Federal Home Loan Mortgage Corp (“FHLMC”) interest-only securities (collectively, “Agency interest-only securities”), recorded as a component of other comprehensive income (loss) in shareholders’ equity. As more fully described in Note 4 , certain securities which were purchased from the LCCM LC-26 securitization trust are designated as risk retention securities under the Dodd-Frank Act which are subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in earnings in the consolidated statements of income in accordance with ASC 815. The Company’s recognition of interest income from its Agency interest-only and all other securities, including effective interest from amortization of premiums, follows the Company’s Revenue Recognition policy, as disclosed within this Note for recognizing interest income on its securities. The interest income recognized from the Company’s Agency interest-only securities is recorded in interest income on the consolidated statements of income. The Company uses the specific identification method when determining the cost of securities sold and the amount of gain (loss) on securities recognized in earnings. The Company accounts for the changes in the fair value of the unfunded portion of its GNMA Construction securities, which are included in real estate securities, available-for-sale, on the consolidated balance sheet, as available for sale securities. Unrealized losses on securities that, in the judgment of management, are other than temporary are charged against earnings as a loss in the consolidated statements of income. When the estimated fair value of an available-for-sale security is less than amortized cost, the Company will consider whether there is an other-than-temporary impairment in the value of the security. An impairment will be considered other-than-temporary based on consideration of several factors, including (i) if the Company intends to sell the security, (ii) if it is more likely than not that the Company will be required to sell the security before recovering its cost, or (iii) the Company does not expect to recover the security’s cost basis (i.e., a credit loss). A credit loss will have occurred if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis. If the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is other-than-temporary and will be recognized currently in earnings equal to the entire difference between fair value and amortized cost. If a credit loss exists, but the Company does not intend to, nor is it more likely than not that it will be required to sell before recovery, the impairment is other-than-temporary and will be separated into (i) the estimated amount relating to the credit loss, and (ii) the amount relating to all other factors. Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss recognized in other comprehensive income. Estimating cash flows and determining whether there is other-than-temporary impairment require management to exercise judgment and make significant assumptions, including, but not limited to, assumptions regarding estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses, and the timing of income recognized on these securities, could differ from reported amounts. The Company utilizes an internal model as its primary pricing source to develop its prices for its commercial mortgage-backed securities (“CMBS”) and other commercial real estate securities guaranteed by a U.S. governmental agency or by a government sponsored entity (together, “U.S. Agency Securities”). Different judgments and assumptions could result in materially different estimates of fair value. To confirm its own valuations, the Company requests prices for each of its CMBS and U.S. Agency Securities investments from three different sources, including third parties that provide pricing services and brokers, although since broker quotes for the same or similar securities in which Ladder has invested are non-binding, the Company does not consider them to be a primary source for valuation. The Company may also develop a price for a security based on its direct observations of market activity and other observations. Typically, at least two prices per security are obtained. Prior to using a third-party pricing service for valuation, the Company develops an understanding of the valuation methodologies used by such pricing services through discussions with their representatives and review of their valuation methodologies used for different types of securities. The Company understands that the pricing services develop estimates of fair value for CMBS and U.S. Agency Securities using various techniques, including discussion with their internal trading desks, proprietary models and matrix pricing approaches. The Company does not have access to, and is therefore not able to review in detail, the inputs used by the pricing services in developing their estimates of fair value. However, on at least a monthly basis as part of our closing process, the Company evaluates the fair value information provided by the pricing services by comparing this information for reasonableness against its direct observations of market activity for similar securities and anecdotal information obtained from market participants that, in its assessment, is relevant to the determination of fair value. This process may result in the Company “challenging” the estimate of fair value for a security if it is unable to reconcile the estimate provided by the pricing service with its assessment of fair value for the security. Accordingly, in following this approach, the Company’s objective is to ensure that the information used by pricing services in their determination of fair value of securities is reasonable and appropriate. Since inception, the Company has not encountered significant variation in the values obtained from the various pricing sources. In the extremely limited occasions where the prices received were challenged, the challenge resulted in the prices provided by the pricing services being updated to reflect current market updates or cash flow assumptions. Real Estate The Company generally acquires real estate assets through cash purchases. Based on the Company’s strategic plan to realize the maximum value from the real estate acquired, properties are classified as Real estate, net or Real estate held for sale in the consolidated balance sheets. When the Company intends to hold, operate or develop the property for a period of at least 12 months, assets are classified as Real estate, net, and when the Company intends to market these properties for sale in the near term, assets are classified as Real estate held for sale in the consolidated balance sheets. The Company records acquired real estate at cost and makes assessments as to the useful lives of depreciable assets. The Company considers the period of future benefit of the asset to determine its appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful life of 20 to 47 years for buildings, four to 15 years for building fixtures and improvements and the remaining lease term for acquired intangible lease assets. The Company classifies most of its investments in real estate as held and used. The Company measures and records a property that is classified as held and used at its carrying amount, adjusted for any depreciation expense and impairments, as applicable and are included in Real estate, net in the consolidated balance sheets. Certain of the Company’s real estate is leased to others on a net lease basis where the tenant is generally responsible for payment of real estate taxes, property, building and general liability insurance and property and building maintenance. These leases are for fixed terms of varying length and provide for annual rentals. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The cumulative excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable within other assets in the consolidated balance sheets. Allocation of Purchase Price for Acquired Real Estate In accordance with the guidance for business combinations, the Company determines whether a transaction or other event is a business combination. If the transaction is determined to be a business combination, the Company determines if the transaction should be considered to be between entities under common control. The acquisition of an entity under common control is accounted for on the carryover basis of accounting whereby the assets and liabilities of the companies are recorded on the same basis as they were carried by the company under common control. All other business combinations, including rental property, are accounted for by applying the acquisition method of accounting. The Company will immediately expense acquisition related costs and fees associated with such acquisitions. Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases, (ii) in-place leases and (iii) tenant relationships. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed exceed the purchase consideration of a transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The value of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships but in no event do the amortization periods for intangible assets exceed the depreciable lives of the buildings. If a tenant terminates its lease, the unamortized portion of the in-place lease value and tenant relationship intangibles are charged to expense. The fair value of other investments and debt assumed are valued using techniques consistent with those disclosed in Note 9 , depending on the nature of the investments or debt. The fair value of other assumed assets and liabilities are based on best information available at the time of the acquisition. Impairment of Property Held for Use On a periodic basis, management assesses whether there are any indicators that the value of the Company’s properties classified as held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, current and historical operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without debt service charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future. Real Estate Held for Sale In accordance with accounting guidance found in ASC Topic 360 - Property, Plant, and Equipment (“ASC 360”), when assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, an impairment charge will be recorded in the consolidated statements of income. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used. A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell. Sales of Real Estate Gains on sales of real estate are recognized pursuant to the provisions included in ASC 360-20, Real Estate Sales (“ASC 360-20”). The specific timing of a sale is measured against various criteria in ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, depending on the circumstances, the Company may not record a sale or it may record a sale but may defer some or all of the gain recognition. If the criteria for full accrual are not met, the Company may account for the transaction by applying the finance, leasing, profit sharing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria for the full accrual method are met. Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as investments in unconsolidated joint ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. The Company classifies distributions received from its 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

CONSOLIDATED VARIABLE INTEREST

CONSOLIDATED VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONSOLIDATED VARIABLE INTEREST ENTITIES	3. CONSOLIDATED VARIABLE INTEREST ENTITIES 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. The Operating Partnership is a VIE and as such, substantially all of the consolidated balance sheet is a consolidated VIE. In addition, the Operating Partnership consolidates the following VIEs: December 31, 2017 ($ in thousands) CLO Notes 4 & 8 Mortgage loan receivables held for investment, net, at amortized cost $ 880,385 Accrued interest receivable 4,252 Total assets $ 884,637 Senior and unsecured debt obligations $ 689,961 Accrued expenses 794 Total liabilities 690,755 Net equity in VIEs (eliminated in consolidation) 193,882 Total equity 193,882 Total liabilities and equity $ 884,637

MORTGAGE LOAN RECEIVABLES

MORTGAGE LOAN RECEIVABLES	12 Months Ended
	Dec. 31, 2017
Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOAN RECEIVABLES	4. MORTGAGE LOAN RECEIVABLES December 31, 2017 ($ in thousands) Outstanding Face Amount Carrying Value Weighted Average Yield (1) Remaining Maturity (years) Mortgage loans held by consolidated subsidiaries(2) $ 3,300,709 $ 3,282,462 7.18 % 1.61 Provision for loan losses N/A (4,000 ) Mortgage loan receivables held for investment, net, at amortized cost 3,300,709 3,278,462 Mortgage loan receivables held for sale 232,527 230,180 4.88 % 8.17 Total $ 3,533,236 $ 3,508,642 7.03 % 2.04 (1) December 31, 2017 London Interbank Offered Rate (“LIBOR”) rates are used to calculate weighted average yield for floating rate loans. (2) Includes amounts relating to consolidated variable interest entities. See Note 3 . On June 29, 2017 , the Company transferred its interests in $625.7 million of loans to the LCCM 2017-LC26 securitization trust. The assets transferred to the trust were comprised of 34 loans to third parties having a combined outstanding face amount of $549.0 million and a combined carrying value of $547.7 million as well as 23 former intercompany loans secured by certain of the Company’s real estate assets, having a combined principal balance of $76.7 million (which had not previously been recognized for accounting purposes because they eliminated in consolidation). In connection with this transaction, pursuant to the 5% risk retention requirement of the Dodd-Frank Act described in Part I, Item 1A “Risk Factors,” in this Annual Report, the Company (i) retained a $12.9 million restricted “vertical interest” consisting of approximately 2% in each class of securities issued by the trust, which must be held by the Company until the principal balance of the pool has been reduced to a level prescribed by the risk retention rules and (ii) sold an approximately 3% restricted “horizontal interest” in the form of 98% of the controlling classes (excluding the 2% included in the vertical interest) to a TPP, which must be held by the TPP for at least five years. In addition, the Company purchased $62.7 million of securities issued by the trust, which are not restricted. The Company initially concluded that the transfer restrictions placed on the TPP of the risk retention securities, imposed by the risk retention rules of the Dodd-Frank Act, precluded sale accounting under generally accepted accounting principles and, accordingly, the Company originally accounted for the transaction as a financing. As a result of industry discussions, in November 2017, the SEC staff indicated that, despite such restrictions, they would not take exception to a registrant treating such transfers as sales if they otherwise met all the criteria for sale accounting. The Company believes treatment of such transfers as sales is more consistent with the substance of such transaction, and accordingly, changed its accounting principles to treat such transfers as sales. In accordance with generally accepted accounting principles, the Company reflected this change in accounting principle retrospectively to prior interim periods within 2017. In connection with the securitization transaction, the former intercompany loans, which are secured by real estate properties still owned by the Company, will continue to be reported as a financing transaction. As a result of the change in accounting principle, the Company recognized a gain of $26.1 million on the transaction when it closed on June 29, 2017 . In addition, upon consummation, the Company recognized $12.9 million and $62.7 million in restricted and unrestricted securities, respectively, which are included in real estate securities on the Company’s consolidated balance sheets. The Company also recognized a liability for $78.8 million for 23 intercompany loans with a combined principal balance of $76.7 million . As of December 31, 2017 , $0.7 billion , or 22.0% , of the carrying value of our mortgage loan receivables held for investment, at amortized cost, were at fixed interest rates and $2.6 billion , or 78.0% , 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, 2017 , $230.2 million , or 100.0% , of the carrying value of our mortgage loan receivables held for sale were at fixed interest rates. December 31, 2016 ($ in thousands) Outstanding Face Amount Carrying Value Weighted Average Yield (1) Remaining Maturity (years) Mortgage loans held by consolidated subsidiaries $ 2,011,309 $ 2,000,095 7.17 % 1.66 Provision for loan losses N/A (4,000 ) Mortgage loan receivables held for investment, net, 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): December 31, 2017 December 31, 2016 Outstanding Face Amount Carrying Value Outstanding Face Amount Carrying Value Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 3,140,788 $ 3,123,268 $ 1,843,006 $ 1,832,626 Mezzanine loans 159,921 159,194 168,303 167,469 Mortgage loan receivables held for investment, net, at amortized cost 3,300,709 3,282,462 2,011,309 2,000,095 Mortgage loan receivables held for sale First mortgage loans 232,527 230,180 360,518 357,882 Total mortgage loan receivables held for sale 232,527 230,180 360,518 357,882 Provision for loan losses N/A (4,000 ) N/A (4,000 ) Total $ 3,533,236 $ 3,508,642 $ 2,371,827 $ 2,353,977 For the years ended December 31, 2017 , 2016 and 2015 , the activity in our loan portfolio was as follows ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans held by consolidated subsidiaries Provision for loan losses Mortgage loan receivables held for sale Balance, December 31, 2016 $ 2,000,095 $ (4,000 ) $ 357,882 Origination of mortgage loan receivables 1,407,669 — 1,465,635 Purchases of mortgage loan receivables 94,079 — — Repayment of mortgage loan receivables (384,283 ) — (2,569 ) (1) Proceeds from sales of mortgage loan receivables — — (1,491,092 ) (2) Realized gain on sale of mortgage loan receivables(3) — — 54,046 Transfer between held for investment and held for sale(4) 153,722 — (153,722 ) Accretion/amortization of discount, premium and other fees 11,180 — — Loan loss provision — — — Balance, December 31, 2017 $ 3,282,462 $ (4,000 ) $ 230,180 (1) Includes $0.5 million of non-cash repayment of mortgage loan receivables. (2) Includes $115.4 million of non-cash proceeds from sales. (3) Includes $1.8 million of realized losses on loans related to lower of cost or market adjustments for the year ended December 31, 2017 . (4) During the year ended December 31, 2017 , the Company reclassified from mortgage loan receivables held for sale to mortgage loan receivables held for investment, net, at amortized cost, a loan with an outstanding face amount of $120.0 million , a book value of $119.9 million (fair value at date of reclassification) and a remaining maturity of three 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. In addition, during the year ended December 31, 2017 , the Company reclassified from mortgage loan receivables held for sale to mortgage loan receivables held for investment, net, at amortized cost, a loan with an outstanding face amount and book value of $33.8 million , (fair value at date of reclassification) and a remaining maturity of 3.5 years . These transfers have been reflected as non-cash items on the consolidated statement of cash flows for the year ended December 31, 2017 . Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans held by consolidated subsidiaries Provision for loan losses Mortgage loan receivables held for sale Balance, December 31, 2015 $ 1,742,345 $ (3,700 ) $ 571,764 Origination of mortgage loan receivables 969,401 (1) — 1,128,651 Purchases of mortgage loan receivables — — 73,421 Repayment of mortgage loan receivables (720,592 ) (2) — (1,768 ) Proceeds from sales of mortgage loan receivables(3) — — (1,440,195 ) Realized gain on sale of mortgage loan receivables — — 26,009 Accretion/amortization of discount, premium and other fees 8,941 — — Loan loss provision — (300 ) — Balance, December 31, 2016 $ 2,000,095 $ (4,000 ) $ 357,882 (1) Includes $50.4 million of non-cash originations. (2) Includes $70.7 million of non-cash repayments. (3) Includes $2.6 million of unrealized losses on loans recorded as other than temporary impairments related to lower of cost or market adjustments for the year ended December 31, 2016 . Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans held by consolidated subsidiaries Provision for loan losses Mortgage loan receivables held for sale Balance, December 31, 2014 $ 1,524,153 $ (3,100 ) $ 417,955 Origination of mortgage loan receivables 963,023 — 2,594,141 Repayment of mortgage loan receivables (752,452 ) — (2,308 ) Proceeds from sales of mortgage loan receivables — — (2,509,090 ) Non-cash disposition of loan via foreclosure (4,620 ) — — Realized gain on sale of mortgage loan receivables — — 71,066 Accretion/amortization of discount, premium and other fees 12,241 — — Loan loss provision — (600 ) — Balance, December 31, 2015 $ 1,742,345 $ (3,700 ) $ 571,764 At December 31, 2017 and 2016 , there was $0.2 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 December 31, 2017 and 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 December 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 because of the loans’ liquidation value, however, the Company has placed the loans on non-accrual status as of July 1, 2017. The Company continues to pursue its legal remedies on these loans. As of December 31, 2017 , accrued but unpaid interest totaled $4.6 million , which included $3.5 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 $2.2 million of default interest. These loans were placed on non-accrual status as of July 1, 2017. As of December 31, 2017 there were no other loans on non-accrual status. As of December 31, 2016 there were no loans on non-accrual status. Provision for Loan Losses ($ in thousands) Year Ended December 31, 2017 2016 2015 Provision for loan losses at beginning of period $ 4,000 $ 3,700 $ 3,100 Provision for loan losses — 300 600 Provision for loan losses at end of period $ 4,000 $ 4,000 $ 3,700

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	12 Months Ended
	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
REAL ESTATE SECURITIES	5. REAL ESTATE SECURITIES Commercial mortgage backed securities (“CMBS”), CMBS interest-only securities, Agency securities, Government National Mortgage Association (“GNMA”) construction securities and Government National Mortgage Association (“GNMA”) permanent securities are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. GNMA and Federal Home Loan Mortgage Corp (“FHLMC”) securities (collectively, “Agency interest-only securities”) are recorded at fair value with changes in fair value recorded in current period earnings. The following is a summary of the Company’s securities at December 31, 2017 and 2016 ($ in thousands): December 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) $ 945,167 $ 954,397 $ 2,748 $ (3,646 ) $ 953,499 (3) 96 AAA 3.28 % 2.79 % 2.89 CMBS interest-only(2)(4) 3,140,297 112,609 796 (334 ) 113,071 (5) 25 AAA 0.81 % 3.16 % 3.08 GNMA interest-only(4)(6) 172,916 5,245 157 (925 ) 4,477 13 AA+ 0.58 % 6.70 % 4.18 Agency securities(2) 720 743 — (15 ) 728 2 AA+ 2.82 % 1.80 % 2.94 GNMA permanent securities(2) 33,745 34,386 595 (239 ) 34,742 6 AA+ 3.98 % 3.62 % 5.66 Total $ 4,292,845 $ 1,107,380 $ 4,296 $ (5,159 ) $ 1,106,517 142 1.37 % 2.87 % 3.00 (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) As more fully described in Note 4 , certain securities which were purchased from the LCCM LC-26 securitization trust are designated as risk retention securities under the Dodd-Frank Act which are subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. Includes $11.7 million of such restricted securities. (4) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (5) As more fully described in Note 4 , certain securities which were purchased from the LCCM LC-26 securitization trust are designated as risk retention securities under the Dodd-Frank Act which are subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. Includes $1.1 million of such restricted securities. (6) 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. 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)(3) 8,160,458 343,438 1,273 (2,540 ) 342,171 60 AAA 0.87 % 3.45 % 2.99 GNMA interest-only(3)(4) 478,577 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 December 31, 2017 and 2016 ($ in thousands): December 31, 2017 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS(1) $ 285,982 $ 544,278 $ 123,239 $ — $ 953,499 CMBS interest-only(1) 537 112,534 — — 113,071 GNMA interest-only(2) 76 3,906 484 11 4,477 Agency securities(1) — 728 — — 728 GNMA permanent securities(1) — 1,797 32,945 — 34,742 Total $ 286,595 $ 663,243 $ 156,668 $ 11 $ 1,106,517 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 $3.5 million , $4.7 million and $1.6 million realized losses on securities recorded as other than temporary impairments for the years ended December 31, 2017 , 2016 and 2015 , respectively. The determination of whether a security is other-than-temporarily impaired involves judgments and assumptions based on subjective and objective factors. Consideration is given to (i) the length of time and the extent to which the fair value has been less than amortized cost, (ii) the financial condition and near-term prospects of recovery in fair value of the security, and (iii) the Company’s intent to sell the security and whether it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. The Company has no intention to sell the securities before recovery of its amortized cost basis. For cash flow statement purposes, all receipts of interest from interest-only real estate securities are treated as part of cash flows from operations.

REAL ESTATE AND RELATED LEASE I

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET	6. REAL ESTATE AND RELATED LEASE INTANGIBLES, NET The following tables present additional detail related to our real estate portfolio ($ in thousands): December 31, 2017 December 31, 2016 Land $ 213,992 $ 143,286 Building 789,622 646,372 In-place leases and other intangibles 189,490 154,687 Less: Accumulated depreciation and amortization (161,063 ) (122,007 ) Real estate and related lease intangibles, net $ 1,032,041 $ 822,338 Below market lease intangibles, net (other liabilities) $ (42,607 ) $ (16,506 ) The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Year Ended December 31, 2017 2016 2015 Depreciation expense (1) $ 28,271 $ 26,031 $ 23,922 Amortization expense 11,968 13,302 15,031 Total real estate depreciation and amortization expense $ 40,239 $ 39,333 $ 38,953 (1) Depreciation expense on the consolidated statements of income also includes $93 thousand , $114 thousand and $108 thousand of depreciation on corporate fixed assets for the years ended December 31, 2017 , 2016 and 2015 , respectively. The Company’s intangible assets are comprised of in-place leases, favorable leases compared to market leases and other intangibles. At December 31, 2017 , gross intangible assets totaled $189.5 million with total accumulated amortization of $60.9 million , resulting in net intangible assets of $128.6 million , including $8.9 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 years ended December 31, 2017 , 2016 and 2015 , the Company recorded a net reduction in operating lease income of $1.1 million , $1.3 million and $1.4 million , respectively, for amortization of above market lease intangibles acquired. For the years ended December 31, 2017 , 2016 and 2015 , the Company recorded a net increase in operating lease income of $1.9 million , $1.4 million and $1.8 million , for amortization of below market lease intangibles acquired, respectively. The following table presents expected amortization expense during the next five years and thereafter related to the acquired in-place lease intangibles for property owned as of December 31, 2017 ($ in thousands): Period Ending December 31, Amount 2018 $ 10,634 2019 10,317 2020 10,158 2021 9,556 2022 7,277 Thereafter 72,285 Total $ 120,227 There were $0.9 million and $0.7 million of unbilled rent receivables included in other assets on the consolidated balance sheets as of December 31, 2017 and 2016 , respectively. There was unencumbered real estate of $128.7 million and $70.3 million as of December 31, 2017 and 2016 , respectively. The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases or rent escalations under other leases from tenants) at December 31, 2017 ($ in thousands): Period Ending December 31, Amount 2018 $ 100,409 2019 93,686 2020 88,472 2021 86,216 2022 81,159 Thereafter 1,240,213 Total $ 1,690,155 Acquisitions During the year ended December 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% April 2017 Net Lease Hanna City, IL 1,141 100.0% April 2017 Other(2) El Monte, CA 54,110 70.0% May 2017 Net Lease Jessup, IA 1,163 100.0% May 2017 Net Lease Shelbyville, IL 1,132 100.0% May 2017 Net Lease Jacksonville, FL 115,641 100.0% May 2017 Net Lease Wabasha, MN 1,280 100.0% May 2017 Net Lease Port O'Connor, TX 1,255 100.0% May 2017 Net Lease Denver, IA 1,183 100.0% June 2017 Net Lease Jefferson City, MO 1,241 100.0% August 2017 Other(3) Miami, FL 38,145 80.0% September 2017 Net Lease Milford, IA 1,298 100.0% September 2017 Other Crum Lynne, PA 9,196 100.0% October 2017 Net Lease Kawkawlin, MI 1,234 100.0% October 2017 Net Lease Aroma Park, IL 1,218 100.0% October 2017 Net Lease East Peoria, IL 1,350 100.0% December 2017 Net Lease Winterset, IA 1,258 100.0% December 2017 Net Lease Rockford, MN 1,195 100.0% Total $ 236,932 (1) Properties were consolidated as of acquisition date. (2) Joint venture partner contributed $5.3 million to partnership. (3) Joint venture partner contributed $1.6 million to the partnership. On October 1, 2016, the Company early adopted ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). As a result of this adoption, acquisitions of real estate may not meet the revised definition of a business and may be treated as asset acquisitions rather than business combinations. The measurement of assets and liabilities acquired will no longer be recorded at fair value and the Company will now allocate purchase consideration based on relative fair values. Real estate acquisition costs which are no longer expensed as incurred, will be capitalized as a component of the cost of the assets acquired. During the year ended December 31, 2017 , all acquisitions were determined to be asset acquisitions. The purchase prices were allocated to the asset acquisitions during the year ended December 31, 2017 , as follows ($ in thousands): Purchase Price Allocation Land $ 71,908 Building 157,921 Intangibles 35,083 Below Market Lease Intangibles (27,980 ) Total purchase price $ 236,932 The weighted average amortization period for intangible assets acquired during the year ended December 31, 2017 was 19.0 years. The Company recorded $9.5 million in revenues from its 2017 acquisitions for the year ended December 31, 2017 , which is included in its consolidated statements of income. The Company recorded $6.8 million in earnings (losses) from its 2017 acquisitions for the year ended December 31, 2017 , which is included in its consolidated statements of income. During the year ended December 31, 2016 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) April 2016 Land St. Paul, MN $ 200 100.0% April 2016 Net Lease Dimmitt, TX 1,319 100.0% April 2016 Net Lease Philo, IL 1,156 100.0% April 2016 Net Lease St. Charles, MN 1,198 100.0% May 2016 Net Lease San Antonio, TX 1,096 100.0% May 2016 Net Lease Borger, TX 978 100.0% June 2016 Net Lease Champaign, IL 1,324 100.0% June 2016 Net Lease Decatur-Sunnyside, IL 1,181 100.0% June 2016 Net Lease Flora Vista, NM 1,305 100.0% June 2016 Net Lease Mountain Grove, MO 1,279 100.0% June 2016 Net Lease Rantoul, IL 1,204 100.0% June 2016 Net Lease Decatur-Pershing, IL 1,365 100.0% June 2016 Net Lease Cape Girardeau, MO 1,281 100.0% June 2016 Net Lease Linn, MO 1,122 100.0% July 2016 Net Lease Union, MO 1,227 100.0% July 2016 Net Lease Pawnee, IL 1,201 100.0% July 2016 Net Lease Lamar, MO 1,176 100.0% August 2016 Other Ewing, NJ 30,640 100.0% October 2016 Other Peoria, IL 2,760 100.0% October 2016 Net Lease Dryden Township, MI 1,190 100.0% November 2016 Net Lease Fayetteville, NC 6,971 100.0% November 2016 Net Lease Springfield, IL 1,322 100.0% Total $ 62,495 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the net assets acquired, which also include asset acquisitions occurring on or after October 1, 2016, during the year ended December 31, 2016 , as follows ($ in thousands): Purchase Price Allocation Land $ 9,242 Building 39,609 Intangibles 15,854 Below Market Lease Intangibles (2,210 ) Total purchase price $ 62,495 The weighted average amortization period for intangible assets acquired during the year ended December 31, 2016 was 19.5 years. The Company recorded $2.8 million in revenues for the year ended December 31, 2016 , which is included in its consolidated statements of income. The Company recorded $(0.3) million in earnings (losses) from its 2016 acquisitions for the year ended December 31, 2016 , which are included in its consolidated statements of income. During the year ended December 31, 2015 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) January 2015 Net Lease Jacksonville, NC $ 7,877 100.0% January 2015 Net Lease Iberia, MO 1,328 100.0% January 2015 Net Lease Isle, MN 1,078 100.0% January 2015 Net Lease Pine Island, MN 1,142 100.0% January 2015 Net Lease Kings Mountain, NC 21,241 100.0% February 2015 Net Lease Village of Menomonee Falls, WI 17,050 100.0% February 2015 Net Lease Rockland, MA 7,316 100.0% February 2015 Net Lease Crawfordsville, IA 6,000 100.0% February 2015 Net Lease Boardman Township, OH 5,400 100.0% March 2015 Net Lease Hilliard, OH 6,384 100.0% March 2015 Net Lease Weathersfield Township, OH 5,200 100.0% March 2015 Net Lease Rotterdam, NY 12,000 100.0% March 2015 Net Lease Wheaton, MO 970 100.0% March 2015 Net Lease Paynesville, MN 1,254 100.0% March 2015 Net Lease Loveland, CO 5,600 100.0% March 2015 Net Lease Battle Lake, MN 1,098 100.0% March 2015 Net Lease Yorktown, TX 1,207 100.0% March 2015 Net Lease St. Francis, MN 1,117 100.0% May 2015 Net Lease Red Oak, IA 1,185 100.0% May 2015 Net Lease Zapata, TX 1,150 100.0% June 2015 Net Lease Aurora, MN 952 100.0% June 2015 Net Lease Canyon Lake, TX 1,377 100.0% June 2015 Net Lease Wheeler, TX 1,075 100.0% June 2015 Other Grand Rapids, MI 9,300 97.0% June 2015 Other Grand Rapids, MI 6,300 97.0% June 2015 Net Lease Bridgeport, IL 1,186 100.0% June 2015 Net Lease Peoria, IL 1,226 100.0% June 2015 Net Lease Pleasanton, TX 1,316 100.0% June 2015 Other Wayne, NJ 9,700 100.0% June 2015 Net Lease Warren, MN 1,055 100.0% June 2015 Net Lease Tremont, IL 1,150 100.0% August 2015 Net Lease Ponce, Puerto Rico 8,900 100.0% August 2015 Net Lease Effingham County, IL 1,195 100.0% August 2015 Net Lease Lebanon, MI 1,200 100.0% August 2015 Net Lease Minot, ND 6,644 100.0% August 2015 Net Lease Floresville, TX 1,251 100.0% August 2015 Net Lease Kerrville, TX 1,174 97.0% September 2015 Net Lease De Soto, IL 1,066 97.0% September 2015 Net Lease Biscoe, NC 1,216 100.0% September 2015 Net Lease Moultrie, GA 1,305 100.0% September 2015 Net Lease Rose Hill, NC 1,420 100.0% September 2015 Net Lease Rockingham, NC 1,158 100.0% October 2015 Net Lease Wilmington, IL 1,309 100.0% October 2015 Net Lease Danville, IL 1,074 100.0% October 2015 Net Lease Bloomington, IL 1,193 100.0% October 2015 Net Lease Lincoln County , MO 1,072 100.0% October 2015 Net Lease Montrose, MN 1,167 100.0% October 2015 Net Lease Jenks, OK 12,160 100.0% October 2015 Net Lease Grove, OK 5,030 100.0% October 2015 Net Lease Farmington, IL 1,303 100.0% October 2015 Net Lease Bixby, OK 10,978 100.0% October 2015 Net Lease Rice, MN 1,200 100.0% November 2015 Net Lease Gordonville, MO 1,125 100.0% December 2015 Net Lease Malone, NY 1,466 100.0% December 2015 Net Lease Mercedes, TX 1,204 100.0% December 2015 Net Lease Albion, PA 1,525 100.0% December 2015 Net Lease Radford, VA 1,564 100.0% December 2015 Net Lease Rural Retreat, VA 1,399 100.0% December 2015 Net Lease Mount Vernon, AL 1,224 100.0% Total purchases of real estate $ 212,756 October 2015 Other Carmel, NY 6,700 100.0% Total real estate acquired via foreclosure $ 6,700 Total real estate acquisitions $ 219,456 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the net assets acquired during the year ended December 31, 2015 , as follows ($ in thousands): Purchase Price Allocation Land $ 32,260 Building 166,556 Intangibles 32,084 Below Market Lease Intangibles (11,444 ) Total purchase price $ 219,456 The weighted average amortization period for intangible assets acquired during the year ended December 31, 2015 was 22.6 years. The Company recorded $14.0 million in revenues for the year ended December 31, 2015 , which is included in its consolidated statements of income. The Company recorded $3.2 million in earnings (losses) from its 2015 acquisitions for the year ended December 31, 2015 , which are included in its consolidated statements of income. During the year ended December 31, 2015, the Company acquired, via foreclosure, title to one commercial retail operating property, which had a total fair value of $6.7 million and previously served as collateral for mortgage loan receivables held for investment. The acquisition was accounted for at fair value on the date of foreclosure. This loan was not originated by the Company. Instead, it was credit impaired at the time of acquisition, which was reflected in Ladder’s purchase price. A gain of $0.8 million on disposition of loan, representing the difference between the fair value of the property and the $5.9 million carrying value of the loan on the date of foreclosure, is included in fee and other income in the Company’s consolidated statement of income for the year ended December 31, 2015. Sales The Company sold the following properties during the year ended December 31, 2017 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds(1)(2) Net Book Value Realized Gain/(Loss)(1) Properties Units Sold Units Remaining Various Condominium Las Vegas, NV $ 20,122 $ 10,824 $ 9,298 — 46 13 Various Condominium Miami, FL 10,982 8,693 2,289 — 40 48 Totals $ 31,104 $ 19,517 $ 11,587 (1) Realized gain on the sale of real estate, net on the consolidated statements of income also includes $164 thousand of realized loss on the disposal of fixed assets for the year ended December 31, 2017 . (2) Includes $1.4 million of non-cash proceeds from sale of real estate. The Company sold the following properties during the year ended December 31, 2016 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining Mar 2016 Net Lease Rockland, MA $ 7,922 $ 7,210 $ 712 1 — — Sep 2016 Net Lease Crawfordsville, IN 6,192 5,726 466 1 — — Various Condominium Las Vegas, NV 34,049 18,907 15,142 — 73 59 Various Condominium Miami, FL 18,307 13,991 4,316 — 65 88 Totals $ 66,470 $ 45,834 $ 20,636 The Company sold the following properties during the year ended December 31, 2015 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining May 2015 Net Lease Plattsmouth, NE $ 8,440 $ 7,983 $ 457 1 — — May 2015 Net Lease Worthington, MN 8,793 8,321 472 1 — — May 2015 Net Lease Loveland, CO 6,249 5,600 649 1 — — Sep 2015 Net Lease Village of Menomonee Falls, WI 17,856 (1) 16,827 1,029 (2) 1 — — Nov 2015 Other Minneapolis, MN 62,093 (3) 49,022 13,071 (4) 1 — — Various Condominium Las Vegas, NV 38,779 22,310 16,469 — 88 132 Various Condominium Miami, FL 29,924 22,942 6,982 — 99 153 Totals $ 172,134 $ 133,005 $ 39,129 (5) (1) Includes $11.3 million of mortgage debt assumed by the buyer, which is included in non-cash transactions on the Company’s consolidated statement of cash flows. (2) Excludes $0.3 million of gain on mortgage debt assumed by the buyer, which is included in realized gain on sale of real estate, net on the Company’s consolidated statement of cash flows. (3) Includes $39.8 million of mortgage debt assumed by the buyer, which is included in non-cash transactions on the Company’s consolidated statement of cash flows. (4) Excludes $1.1 million of gain on mortgage debt assumed by the buyer, which is included in realized gain on sale of real estate, net on the Company’s consolidated statement of cash flows. (5) Includes $0.2 million loss on sales of fixed assets, which is included in realized gain on sale of real estate, net on the Company’s consolidated statements of income. Unaudited Pro Forma Information The following unaudited pro forma information has been prepared based upon our historical combined consolidated financial statements and certain historical financial information of the acquired properties, which are accounted for as business combinations, and should be read in conjunction with the combined consolidated financial statements and notes thereto. The unaudited pro forma combined consolidated financial information reflects the 2016 acquisition adjustments made to present financial results as though the acquisition of such properties occurred on January 1, 2015, through the date of acquisition and the 2015 acquisition adjustments made to present financial results as though the acquisition of the properties occurred on January 1, 2014, through the date of acquisition. This unaudited pro forma information may not be indicative of the results that actually would have occurred if these transactions had been in effect on the dates indicated, nor do they purport to represent our future results of operations ($ in thousands): Year Ended December 31, 2016 Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 77,277 $ 2,473 $ 79,750 Net income (loss) 113,720 2,080 115,800 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures 138 — 138 Net (income) loss attributable to noncontrolling interest in operating partnership (47,131 ) (865 ) (47,996 ) Net income attributable to Class A common shareholders 66,727 1,215 67,942 The Company recorded $2.8 million in revenues and $(0.3) million in earnings (losses) from its 2016 acquisitions for the year ended December 31, 2016, which are included in our combined consolidated statements of income. Year Ended December 31, 2015 Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 80,465 $ 10,966 $ 91,431 Net income 146,134 7,363 153,497 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (1,568 ) — (1,568 ) Net (income) loss attributable to noncontrolling interest in operating partnership (70,745 ) (3,334 ) (74,079 ) Net income attributable to Class A common shareholders 73,821 4,029 77,850 The Company recorded $14.0 million in revenues and $3.2 million in earnings from its 2015 acquisitions for the year ended December 31, 2015, which are included in our combined consolidated statements of income. The most significant adjustments made in preparing the unaudited pro forma information were to: (i) include the incremental operating lease income, (ii) include the incremental depreciation, and (iii) adjust for transaction costs associated with the properties acquired in 2016 as if they were incurred on January 1, 2015 and the properties acquired in 2015 as if they were incurred on January 1, 2014.

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	7. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES As of December 31, 2017 , the Company had an aggregate investment of $35.4 million in its equity method joint ventures with unaffiliated third parties. The following is a summary of the Company’s investments in unconsolidated joint ventures, which we account for using the equity method, as of December 31, 2017 and December 31, 2016 ($ in thousands): Entity December 31, 2017 December 31, 2016 Grace Lake JV, LLC $ 4,908 $ 3,719 24 Second Avenue Holdings LLC 30,533 30,306 Investment in unconsolidated joint ventures $ 35,441 $ 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 years ended December 31, 2017 , 2016 and 2015 ($ in thousands): Year Ended December 31, Entity 2017 2016 2015 Ladder Capital Realty Income Partnership I LP $ — $ 892 $ 116 Grace Lake JV, LLC 1,189 953 823 24 Second Avenue Holdings LLC (1,100 ) (1,419 ) (568 ) Earnings (loss) from investment in unconsolidated joint ventures $ 89 $ 426 $ 371 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 year ended December 31, 2017 , the Company recorded no management fees. During the years ended December 31, 2016 and 2015 , the Company recorded $6,905 and $77,447 in management fees, respectively, 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 19% 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 19% investment, compared to the 81% investment of its operating partner and does not control the entity. The Company’s investment in Grace Lake LLC is an unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture 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 a passive investment and no control of this entity and therefore does not have controlling financial interests in this VIE. 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. 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, income is allocated and distributed 50% to the Company and 50% to the operating partner. During the years ended December 31, 2017 , 2016 and 2015 the Company recorded $1.1 million , $1.4 million and $0.6 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 years ended December 31, 2017 , 2016 and 2015 , the Company capitalized and $1.3 million , $0.9 million and $0.3 million , respectively, of interest expense, using a weighted average interest rate, which is recorded in investment in unconsolidated joint ventures in the consolidated balance sheets. As of December 31, 2017 and December 31, 2016 , 24 Second Avenue had $36.5 million and $21.6 million , respectively, of loans payable. As of December 31, 2016, the previously existing building had been demolished and the site was cleared with all supportive excavation work completed, and we are anticipating completion of the new construction in 2018. 24 Second Avenue consists of 31 residential condominium units and one commercial condominium unit. As of December 31, 2017 , 11 residential condominium units were under contract for sale for $30.0 million in sales proceeds. As of December 31, 2017 , the Company is holding a 10.0% deposit on each sales contract. Our operating partner entered into a construction loan in the amount of $50.5 million to fund the completion of the project. As of December 31, 2017 , draws of $36.5 million have been taken against the construction loan. The Company has no remaining capital commitment to our operating partner. The Company’s investment in 24 Second Avenue is an unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture was deemed to be a VIE primarily based on the fact there are disproportionate voting and economic rights within the joint venture. The Company determined that it was not the primary beneficiary of this VIE based on the fact that the Company has shared control of this entity along with the entity’s partner and therefore does not have controlling financial interests in this VIE. The Company’s maximum exposure to loss is limited to its investment in the VIE. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. In general, future costs of development not financed through a third party will be funded with capital contributions from the Company and its outside partner in accordance with their respective ownership percentages. Combined Summary Financial Information for Unconsolidated Joint Ventures The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2017 and December 31, 2016 ($ in thousands): December 31, 2017 December 31, 2016 Total assets $ 154,979 $ 138,298 Total liabilities 108,119 94,964 Partners’/members’ capital $ 46,860 $ 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 years ended December 31, 2017 , 2016 and 2015 ($ in thousands): Year Ended December 31, 2017 2016 2015 Total revenues $ 18,482 $ 17,047 $ 18,886 Total expenses 15,291 15,861 15,849 Net income (loss) $ 3,191 $ 1,186 $ 3,037

DEBT OBLIGATIONS, NET

DEBT OBLIGATIONS, NET	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
DEBT OBLIGATIONS, NET	8. DEBT OBLIGATIONS, NET The details of the Company’s debt obligations at December 31, 2017 and 2016 are as follows ($ in thousands): December 31, 2017 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at December 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 $ 120,493 $ 479,507 3.23% - 3.98% 10/1/2020 (2) (3) $ 160,031 $ 159,568 Committed Loan Repurchase Facility 450,000 183,111 266,889 3.63% - 4.48% 5/24/2018 (4) (3) 333,647 335,076 Committed Loan Repurchase Facility 300,000 63,007 236,993 3.73% - 4.73% 4/10/2018 (5) (6) 125,379 125,975 Committed Loan Repurchase Facility 200,000 32,042 167,958 4.25% - 4.50% 2/29/2020 (7) (8) 48,045 48,045 Committed Loan Repurchase Facility 100,000 — 100,000 NA 6/28/2019 N/A (3) — — Total Committed Loan Repurchase Facilities 1,650,000 398,653 1,251,347 667,102 668,664 Committed Securities Repurchase Facility 400,000 — 400,000 NA 9/30/2019 N/A (9) — — Uncommitted Securities Repurchase Facility N/A (10) 74,757 N/A (10) 1.65% - 3.31% 1/2018 - 3/2018 N/A (9) 86,322 86,322 (11) Total Repurchase Facilities 2,050,000 473,410 1,651,347 753,424 754,986 Revolving Credit Facility 241,430 — 241,430 NA 2/11/2018 (4) N/A (12) N/A (14) N/A (14) Mortgage Loan Financing 692,696 692,696 — 4.25% - 6.75% 2018 - 2027 N/A (13) 911,034 1,066,708 (14) CLO Debt 688,479 688,479 (15) — 2.36% - 5.08% 2021-2034 N/A (16) 880,385 881,576 Participation Financing - Mortgage Loan Receivable 3,107 3,107 — 17.00% 6/6/2018 N/A (3) 3,107 3,107 Borrowings from the FHLB 2,000,000 1,370,000 630,000 0.87% - 2.74% 2018 - 2024 N/A (17) 1,777,597 1,783,210 (18) Senior Unsecured Notes 1,166,201 1,152,134 (19) — 5.250% - 5.875% 2021 - 2025 N/A N/A (20) N/A (20) N/A (20) Total Debt Obligations $ 6,841,913 $ 4,379,826 $ 2,522,777 $ 4,325,547 $ 4,489,587 (1) December 31, 2017 LIBOR rates are used to calculate interest rates for floating rate debt. (2) Two additional 12 -month periods at Company’s option. No new advances are permitted after the initial maturity date. (3) First mortgage commercial real estate loans and senior and pari passu interests therein. 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) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (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) As more fully described in Note 4 , certain securities which were purchased from the LCCM LC-26 securitization trust are restricted. Includes $26.7 million of restricted securities. (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) Presented net of unamortized debt issuance costs of $6.0 million at December 31, 2017 . (16) First mortgage commercial real estate loans and pari passu interests therein. It does not include the real estate collateralizing such loans. (17) 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. (18) As more fully described in Note 4 , certain securities which were purchased from the LCCM LC-26 securitization trust are restricted. Includes $10.1 million of restricted securities. (19) Presented net of unamortized debt issuance costs of $14.1 million at December 31, 2017 . (20) 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 December 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, maximum leverage ratios, and minimum fixed charge coverage ratios. The Company believes it was in compliance with all covenants as of December 31, 2017 and 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 in certain cases 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 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 . 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 by an additional year to May 24, 2021. On September 29, 2017, the Company executed an amendment to its committed securities repurchase facility with a major banking institution, providing for, among other things, the extension of the maximum term of the facility to September 30, 2019. Effective September 30, 2017, the Company executed an amendment of one of its committed loan repurchase facilities with a major banking institution, providing for, among other things, the extension of the maximum term of the facility to October 1, 2022, inclusive of two 12 -month extension options, and to extend of the final date to obtain new advances under the facility to October 1, 2020. As of December 31, 2017 , we had repurchase agreements with seven counterparties, with total debt obligations outstanding of $0.5 billion . As of December 31, 2017 , two counterparties, Deutsche Bank and J.P. Morgan , held collateral that exceeded the amounts borrowed under the related repurchase agreements by more than $74.4 million , or 5% of our total equity. As of December 31, 2017 , the weighted average haircut, or the percent of collateral value in excess of the loan amount, under our repurchase agreements was 37.3% . 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, March 23, 2017, September 29, 2017 and October 27, 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 $241.4 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 maturity date of February 11, 2018 , which may be extended by three 12 -month periods subject to the satisfaction of customary conditions, including the absence of default. Interest on the Revolving Credit Facility is one-month LIBOR plus 3.50% per annum payable monthly in arrears. The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries. The Revolving Credit Facility is secured by a pledge of the shares of (or other ownership or equity interests in) certain subsidiaries to the extent the pledge is not restricted under existing regulations, law or contractual obligations. LCFH is subject to customary affirmative covenants and negative covenants, including limitations on the incurrence of additional debt, liens, restricted payments, sales of assets and affiliate transactions. In addition, under the Revolving Credit Facility, LCFH is required to comply with financial covenants relating to minimum net worth, maximum leverage, minimum liquidity, and minimum fixed charge coverage, consistent with our other credit facilities. The Company’s ability to borrow under the Revolving Credit Facility is dependent on, among other things, LCFH’s compliance with the financial covenants. The Revolving Credit Facility contains customary events of default, including non-payment of principal or interest, fees or other amounts, failure to perform or observe covenants, cross-default to other indebtedness, the rendering of judgments against the Company or certain of our subsidiaries to pay certain amounts of money and certain events of bankruptcy or insolvency. Debt Issuance Costs As discussed in Note 2, Significant Accounting Policies in this Annual Report, the Company considers its committed loan master repurchase facilities and Revolving Credit Facility to be revolving debt arrangements. As such, the Company continues to defer and present costs associated with these facilities as an asset, subsequently amortizing those costs ratably over the term of each revolving debt arrangement. As of December 31, 2017 and 2016 , the amount of unamortized costs relating to such facilities are $7.8 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 75% and 95% of the fair value of collateral. Mortgage Loan Financing During the years ended December 31, 2017 , 2016 and 2015 , the Company executed 28 , 18 and 51 term debt agreements, respectively, to finance properties in its real estate portfolio. These non-recourse debt agreements provide for fixed rate financing at rates, ranging from 4.25% to 6.75% , maturing between 2018 - 2027 as of December 31, 2017 . These loans have carrying amounts of $692.7 million and $590.1 million , net of unamortized premiums of $6.6 million and $5.6 million at December 31, 2017 and 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 $1.0 million , $0.9 million and $0.9 million of premium amortization, which decreased interest expense, for the years ended December 31, 2017 , 2016 and 2015 , respectively. The loans are collateralized by real estate and related lease intangibles, net, of $911.0 million and $757.5 million as of December 31, 2017 and 2016 , respectively. CLO Debt The Company completed its inaugural collateralized loan obligation (“CLO”) issuances in the two transactions described below. As of December 31, 2017 , the Company had a total of $688.5 million of floating rate, non-recourse CLO debt included in debt obligations on its consolidated balance sheets. Unamortized debt issuance costs of $6.0 million are included in CLO Debt as of December 31, 2017 , in accordance with GAAP. As of December 31, 2017 , the CLO debt has interest rates of 2.36% to 5.08% (with a weighted average of 3.4% ). As of December 31, 2017, collateral for the CLO debt comprised $880.4 million of first mortgage commercial mortgage real estate loans. On October 17, 2017, a subsidiary of the Company consummated a securitization of floating-rate commercial mortgage loans through a static CLO structure. Over $456.9 million of balance sheet loans (“Contributed Loans”) were contributed into the CLO. Certain of the Contributed Loans have future funding components that were not contributed to the CLO and that are retained by a subsidiary of the Company in the form of a participation interest or separate note. However, for a limited period of time, to the extent loans in the CLO are repaid, the CLO may acquire portions of the future fundings from the Company’s affiliate. An affiliate of the Company retained an approximately 18.5% interest in the CLO by retaining the most subordinate classes of notes issued by the CLO, retains control over major decisions made with respect to the administration of the Contributed Loans and appoints the special servicer under the CLO. The CLO is a VIE and the Company is the primary beneficiary and, therefore, consolidates the VIE - See Note 3 . On December 21, 2017, a subsidiary of the Company consummated a securitization of fixed and floating-rate commercial mortgage loans through a static CLO structure. Over $431.5 million of Contributed Loans were contributed into the CLO. Certain of the Contributed Loans have future funding components that were not contributed to the CLO and that are retained by a subsidiary of the Company in the form of a participation interest or separate note. However, for a limited period of time, to the extent loans in the CLO are repaid, the CLO may acquire portions of the future fundings from the Company’s affiliate. An affiliate of the Company retained an approximately 25% interest in the CLO by retaining the most subordinate classes of notes issued by the CLO, retains control over major decisions made with respect to the administration of the Contributed Loans and appoints the special servicer under the CLO. The CLO is a VIE and the Company is the primary beneficiary and, therefore, consolidates the VIE - See Note 3 . Participation Financing - Mortgage Loan Receivable During the year ended December 31, 2017 , the Company sold a participating interest in a first mortgage loan receivable to a third party. The sales proceeds of $4.0 million are considered non-recourse secured borrowings and are recognized in debt obligations on the Company’s consolidated balance sheets with $3.1 million outstanding as of December 31, 2017 . The Company recorded $0.5 million of interest expense for the year ended December 31, 2017 . 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 December 6, 2017, Tuebor’s advance limit was updated by the FHLB to the lowest of a Set Dollar Limit ( $2.0 billion ), 40% of Tuebor’s total assets or 150% of the Company’s total equity. Beginning April 1, 2020 through December 31, 2020, the Set Dollar Limit will be $1.5 billion . Beginning January 1, 2021 through February 19, 2021, the Set Dollar Limit will be $750.0 million . Tuebor is well-positioned to meet its obligations and pay down its advances in accordance with the scheduled reduction in the Set Dollar Limit, which remains subject to revision by the FHLB or as a result of any future changes in applicable regulations. As of December 31, 2017 , Tuebor had $1.4 billion of borrowings outstanding (with an additional $630.0 million of committed term financing available from the FHLB), with terms of overnight to six years (with a weighted average of 2.5 years ), interest rates of 0.87% to 2.74% (with a weighted average of 1.61% ), and advance rates of 49.6% to 100% of the collateral. As of December 31, 2017 , collateral for the borrowings was comprised of $861.7 million of CMBS and U.S. Agency Securities and $915.9 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 $1.2 billion of the member’s capital was restricted from transfer via dividend to Tuebor’s parent without prior approval of state insurance regulators at December 31, 2017 . To facilitate intercompany cash funding of operations and investments, Tuebor and its parent maintain regulator-approved intercompany borrowing/lending agreements. 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 31.3% of the Company’s outstanding debt obligations as of December 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 2025 Notes, 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 December 31, 2017 , the Company has a 84.1% 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 $14.1 million and $4.0 million are included in senior unsecured notes as of December 31, 2017 and 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. 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 retired the remaining $297.7 million of principal of the 2017 Notes for a repurchase price of $297.7 million , recognizing a $53,547 net loss on extinguishment of debt after recognizing $(22,847) of unamortized debt issuance costs associated with the retired debt. 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 December 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. 2025 Notes On September 25, 2017, LCFH issued $400.0 million in aggregate principal amount of 5.250% senior notes due October 1, 2025 (the “2025 Notes”). The 2025 Notes require interest payments semi-annually in cash in arrears on April 1 and October 1 of each year, beginning on April 1, 2018. The 2025 Notes will mature on October 1, 2025. The 2025 Notes are unsecured and are subject to an unencumbered assets to unsecured debt covenant. The Company may redeem the 2025 Notes, in whole, at any time, or from time to time, prior to their stated maturity. The 2025 Notes are redeemable at the option of the Company, in whole or in part, upon not less than 15 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of the 2025 Notes plus the Applicable Premium (as defined in the indenture governing the 2025 Notes) as of, and accrued and unpaid interest, if any, to the redemption date. Combined Maturity of Debt Obligations The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by Maturity 2018 $ 1,083,235 2019 283,101 2020 490,321 2021 605,

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	9. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is based upon market quotations, broker quotations, counterparty quotations or pricing services quotations, which provide valuation estimates based upon reasonable market order indications and are subject to significant variability based on market conditions, such as interest rates, credit spreads and market liquidity. The fair value of the mortgage loan receivables held for sale is based upon a securitization model utilizing market data from recent securitization spreads and pricing. Fair Value Summary Table The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2017 and 2016 are as follows ($ in thousands): December 31, 2017 Weighted Average Outstanding Face Amount Amortized Cost Basis Fair Value Fair Value Method Yield % Remaining Maturity/Duration (years) Assets: CMBS(1) $ 945,167 $ 954,397 $ 953,499 Internal model, third-party inputs 2.79 % 2.89 CMBS interest-only(1) 3,140,297 (2) 112,609 113,071 Internal model, third-party inputs 3.16 % 3.08 GNMA interest-only(3) 172,916 (2) 5,245 4,477 Internal model, third-party inputs 6.70 % 4.18 Agency securities(1) 720 743 728 Internal model, third-party inputs 1.80 % 2.94 GNMA permanent securities(1) 33,745 34,386 34,742 Internal model, third-party inputs 3.62 % 5.66 Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loan receivables held for investment, net, at amortized cost 3,300,709 3,282,462 3,292,035 Discounted Cash Flow(4) 7.18 % 1.61 Provision for loan losses N/A (4,000 ) (4,000 ) (5) N/A N/A Mortgage loan receivables held for sale 232,527 230,180 236,428 Internal model, third-party inputs(6) 4.88 % 8.17 FHLB stock(7) 77,915 77,915 77,915 (7) 4.25 % N/A Nonhedge derivatives(1)(8) 594,140 N/A 888 Counterparty quotations N/A 0.24 Liabilities: Repurchase agreements - short-term 371,427 371,427 371,427 Discounted Cash Flow(9) 3.19 % 0.35 Repurchase agreements - long-term 101,983 101,983 101,983 Discounted Cash Flow(10) 2.62 % 2.64 Mortgage loan financing 692,394 692,696 693,055 Discounted Cash Flow(10) 4.91 % 6.81 CLO debt 688,479 688,479 688,479 Discounted Cash Flow(9) 3.40 % 10.77 Participation Financing - Mortgage Loan Receivable 3,107 3,107 3,107 Discounted Cash Flow(11) 17.00 % 0.43 Borrowings from the FHLB 1,370,000 1,370,000 1,369,544 Discounted Cash Flow 1.61 % 2.49 Senior unsecured notes 1,166,201 1,152,134 1,187,187 Broker quotations, pricing services 5.39 % 5.28 Nonhedge derivatives(1)(8) 54,160 N/A 2,606 Counterparty quotations N/A 2.44 (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 is estimated to equal par value. (6) Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing. (7) Fair value of the FHLB stock approximates outstanding face amount as the Company’s 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. (8) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (9) Fair value for repurchase agreement liabilities and CLO debt 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. (10) 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. (11) Fair value for Participation Financing - Mortgage Loan Receivable approximates amortized cost as this is a loan participation to a third party. 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, net, at amortized cost: Mortgage loan receivables held for investment, net, at amortized cost 2,011,309 2,000,095 2,018,973 Discounted Cash Flow(4) 7.17 % 1.66 Provision for loan losses N/A (4,000 ) (4,000 ) (5) N/A N/A Mortgage loan receivables held for sale 360,518 357,882 359,897 Internal model, third-party inputs(6) 4.20 % 4.55 FHLB stock(7) 77,915 77,915 77,915 (7) 4.25 % N/A Nonhedge derivatives(1)(8) 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(9) 2.10 % 0.18 Repurchase agreements - long-term 477,756 477,756 477,756 Discounted Cash Flow(10) 2.00 % 1.70 Revolving credit facility 25,000 25,000 25,000 Discounted Cash Flow(11) 3.16 % 0.12 Mortgage loan financing 589,152 590,106 595,778 Discounted Cash Flow(10) 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)(8) 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 is estimated to equal par value. (6) Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing. (7) Fair value of the FHLB stock approximates outstanding face amount as the Company’s 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. (8) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (9) 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. (10) 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. (11) 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 December 31, 2017 and 2016 ($ in thousands): December 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) $ 945,167 $ — $ — $ 953,499 $ 953,499 CMBS interest-only(1) 3,140,297 (2) — — 113,071 113,071 GNMA interest-only(3) 172,916 (2) — — 4,477 4,477 Agency securities(1) 720 — — 728 728 GNMA permanent securities(1) 33,745 — — 34,742 34,742 Nonhedge derivatives(4) 594,140 — 888 — 888 $ — $ 888 $ 1,106,517 $ 1,107,405 Liabilities: Nonhedge derivatives(4) 54,160 $ — $ 2,606 $ — $ 2,606 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, net, at amortized cost: Mortgage loans held by consolidated subsidiaries $ 3,300,709 $ — $ — $ 3,292,035 $ 3,292,035 Provision for loan losses N/A — — (4,000 ) (4,000 ) Mortgage loan receivable held for sale 232,527 — — 236,428 236,428 FHLB stock 77,915 — — 77,915 77,915 $ — $ — $ 3,602,378 $ 3,602,378 Liabilities: 0 Repurchase agreements - short-term 371,427 $ — $ — $ 371,427 $ 371,427 Repurchase agreements - long-term 101,983 — — 101,983 101,983 Mortgage loan financing 692,394 — — 693,055 693,055 CLO debt 688,479 — — 688,479 688,479 Participation Financing - Mortgage Loan Receivable 3,107 — — 3,107 3,107 Borrowings from the FHLB 1,370,000 — — 1,369,544 1,369,544 Senior unsecured notes 1,166,201 — — 1,187,187 1,187,187 $ — $ — $ 4,414,782 $ 4,414,782 (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 receivable held for investment, net, at amortized cost: Mortgage loans held by consolidated subsidiaries $ 2,011,309 $ — $ — $ 2,018,973 $ 2,018,973 Provision for loan losses N/A — — (4,000 ) (4,000 ) 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 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 years ended December 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 210,521 977,456 Sales (1,025,700 ) (539,295 ) Paydowns/maturities (138,413 ) (684,143 ) Amortization of premium/discount (57,231 ) (76,475 ) Unrealized gain/(loss) (816 ) 8,463 Realized gain/(loss) on sale(1) 17,209 7,724 Balance at December 31, $ 1,106,517 $ 2,100,947 (1) Includes realized losses on securities recorded as other than temporary impairments. The following is quantitative information about significant unobservable inputs in our Level 3 measurements for those assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2017 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS (1) $ 953,499 Discounted cash flow Yield (4) 0.61 % 3 % 18.32 % Duration (years)(5) 0.12 3.19 7.84 CMBS interest-only (1) 113,072 (2) Discounted cash flow Yield (4) 2.7 % 3.52 % 6.31 % Duration (years)(5) 0.39 3.06 4.46 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only (3) 4,476 (2) Discounted cash flow Yield (4) 4.46 % 11.85 % 71.88 % Duration (years)(5) 0.44 2.43 5.19 Prepayment speed (CPJ)(5) 5.00 12.19 35.00 Agency securities (1) 728 Discounted cash flow Yield (4) 1.4 % 2.16 % 2.52 % Duration (years)(5) 0 3.22 4.72 GNMA permanent securities (1) 34,742 Discounted cash flow Yield (4) 2.62 % 3.44 % 6.93 % Duration (years)(5) 1.40 5.75 5.94 Total $ 1,106,517 (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) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (3) 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 (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) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (3) 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 (4) Significant increase (decrease) in the unobservable input in isolation would result in significantly lower (higher) fair value measurement. (5) Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (lower or higher) fair value measurement depending on the structural features of the security in question.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	10. DERIVATIVE INSTRUMENTS The Company uses derivative instruments primarily to economically manage the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The following is a breakdown of the derivatives outstanding as of December 31, 2017 and 2016 ($ in thousands): December 31, 2017 Fair Value Remaining Maturity (years) Contract Type Notional Asset(1) Liability(1) Futures 5-year Swap $ 304,300 $ 656 $ — 0.25 10-year Swap 248,100 133 153 0.25 5-year U.S. Treasury Note 11,400 47 — 0.25 Variation Margin — — 911 Total futures 563,800 836 1,064 Swaps 3 Month LIBOR(2) 50,000 — 1,542 2.68 Credit derivatives VIX 34,500 52 — 0.12 Total credit derivatives 34,500 52 — Total derivatives $ 648,300 $ 888 $ 2,606 (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 years ended December 31, 2017 , 2016 and 2015 ($ in thousands): Year Ended December 31, 2017 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ (4,975 ) $ (7,655 ) $ (12,630 ) Swaps 1,126 (1,008 ) 118 Credit Derivatives 417 (546 ) (129 ) Total $ (3,432 ) $ (9,209 ) $ (12,641 ) Year Ended December 31, 2016 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ 3,608 $ (3,954 ) $ (346 ) Swaps 956 (1,264 ) (308 ) Credit Derivatives (340 ) (415 ) (755 ) Total $ 4,224 $ (5,633 ) $ (1,409 ) Year Ended December 31, 2015 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ 9,214 $ (46,816 ) $ (37,602 ) Swaps 661 (1,992 ) (1,331 ) Credit Derivatives 307 (311 ) (4 ) Total $ 10,182 $ (49,119 ) $ (38,937 ) The Company’s counterparties held $9.6 million and $11.3 million of cash margin as collateral for derivatives as of December 31, 2017 and 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 December 31, 2017 and 2016 , the Company was in compliance with these requirements and not in default on its indebtedness. As of December 31, 2017 and 2016 , there was $4.1 million and $6.2 million of cash collateral held by the derivative counterparties for these derivatives, respectively, included in restricted cash in the consolidated statements of financial condition. No additional cash would be required to be posted if the acceleration of payment under the derivatives was triggered.

OFFSETTING ASSETS AND LIABILITI

OFFSETTING ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2017
Offsetting [Abstract]
OFFSETTING ASSETS AND LIABILITIES	11. OFFSETTING ASSETS AND LIABILITIES The following tables present both gross information and net information about derivatives and other instruments eligible for offset in the statement of financial position as of December 31, 2017 and 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 of the amounts disclosed in the following tables as the following only disclose amounts eligible to be offset to the extent of the recorded gross derivative positions. As of December 31, 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 $ 888 $ — $ 888 $ — $ — $ 888 Total $ 888 $ — $ 888 $ — $ — $ 888 (1) Included in restricted cash on consolidated balance sheets. As of December 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 $ 2,606 $ — $ 2,606 $ — $ 2,606 $ — Repurchase agreements 473,410 — 473,410 473,410 — — Total $ 476,016 $ — $ 476,016 $ 473,410 $ 2,606 $ — (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 December 31, 2017 and 2016 are disclosed in the tables above. The Company does not present its derivative and repurchase agreements net on the consolidated financial statements as it has elected gross presentation.

EQUITY STRUCTURE AND ACCOUNTS

EQUITY STRUCTURE AND ACCOUNTS	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
EQUITY STRUCTURE AND ACCOUNTS	12. EQUITY STRUCTURE AND ACCOUNTS The Company has two classes of common stock, Class A and Class B, which are described as follows: Class A Common Stock Voting Rights Holders of shares of Class A common stock are entitled to one vote per share on all matters to be voted upon by the shareholders. The holders of Class A common stock do not have cumulative voting rights in the election of directors. Dividend Rights Subject to the rights of the holders of any preferred stock that may be outstanding and any contractual or statutory restrictions, holders of Class A common stock are entitled to receive equally and ratably, share for share, dividends as may be declared by the board of directors out of funds legally available to pay dividends. Dividends upon Class A common stock may be declared by the board of directors at any regular or special meeting and may be paid in cash, in property, or in shares of capital stock. Before payment of any dividend, there may be set aside out of any funds available for dividends, such sums as the board of directors deems proper as reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any of the Company’s property, or for any proper purpose, and the board of directors may modify or abolish any such reserve. Liquidation Rights Upon liquidation, dissolution, distribution of assets or other winding up, the holders of Class A common stock are entitled to receive ratably the assets available for distribution to the shareholders after payment of liabilities and the liquidation preference of any outstanding shares of preferred stock. Other Matters The shares of Class A common stock have no preemptive or conversion rights and are not subject to further calls or assessment by the Company. There are no redemption or sinking fund provisions applicable to the Class A common stock. All outstanding shares of Class A common stock are fully paid and non-assessable. Allocation of Income and Loss Income and losses are allocated among the shareholders based upon the number of shares outstanding. Class B Common Stock Voting Rights Holders of shares of Class B common stock are entitled to one vote for each share held of record by such holder and all matters submitted to a vote of shareholders. Holders of shares of our Class A common stock and Class B common stock vote together as a single class on all matters presented to our shareholders for their vote or approval, except as otherwise required by applicable law. No Dividend or Liquidation Rights Holders of Class B common stock do not have any right to receive dividends or to receive a distribution upon a liquidation or winding up of Ladder Capital Corp. Exchange for Class A Common Stock As part of the REIT Structuring Transactions described in Note 1 , and pursuant to the Third Amended and Restated LLLP Agreement of LCFH, the Continuing LCFH Limited Partners may from time to time, subject to certain conditions, receive one share of the Company’s Class A common stock in exchange for (i) one share of the Company’s Class B common stock, (ii) one Series REIT LP Unit and (iii) either one Series TRS LP Unit or one TRS Share, subject to equitable adjustments for stock splits, stock dividends and reclassifications. During the year ended December 31, 2017 , 20,767,407 Series REIT LP Units and 20,767,407 Series TRS LP Units were collectively exchanged for 20,767,407 shares of Class A common stock and 20,767,407 shares of Class B common stock were canceled. We received no other consideration in connection with these exchanges. During the year ended December 31, 2016 , 10,521,149 Series REIT LP Units and 10,521,149 Series TRS LP Units were collectively exchanged for 10,521,149 shares of Class A common stock; and 10,521,149 shares of Class B common stock were canceled. We received no other consideration in connection with these exchanges. During the year ended December 31, 2015 , 3,586,546 Series REIT LP Units and 3,586,546 Series TRS LP Units were collectively exchanged for 3,586,546 shares of Class A common stock; and 3,586,546 shares of Class B common stock were canceled. We received no other consideration in connection with these exchanges. Stock Repurchases On October 30, 2014, the board of directors authorized the Company to repurchase up to $50.0 million of the Company’s Class A common stock from time to time without further approval. Stock repurchases by the Company are generally made for cash in open market transactions at prevailing market prices but may also be made in privately negotiated transactions or otherwise. The timing and amount of purchases are determined based upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. During the year ended December 31, 2017 , the Company repurchased 189,897 shares of Class A common stock at an average of $13.61 per share for a total aggregate purchase price of $2.6 million . During the year ended December 31, 2016 , the Company repurchased 424,317 shares of Class A common stock at an average of $10.96 per share for a total aggregate purchase price of $4.7 million . During the year ended December 31, 2015 , the Company repurchased 84,203 shares of Class A common stock at an average of $11.81 per share for a total aggregate purchase price of $1.0 million . All repurchased shares are recorded in treasury stock at cost. As of December 31, 2017 , the Company has a remaining amount available for repurchase of $41.8 million , which represents 3.5% in the aggregate of its outstanding Class A common stock, based on the closing price of $13.63 per share on such date. The following table is a summary of the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2017 , 2016 and 2015 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2016 $ 44,353 Additional authorizations — Repurchases paid 189,897 (2,584 ) Repurchases unsettled — Authorizations remaining as of December 31, 2017 $ 41,769 (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 December 31, 2016 $ 44,353 (1) Amount excludes commissions paid associated with share repurchases. Shares Amount(1) Authorizations remaining as of December 31, 2014 $ 50,000 Additional authorizations — Repurchases paid 84,203 (994 ) Repurchases unsettled — Authorizations remaining as of December 31, 2015 $ 49,006 (1) Amount excludes commissions paid associated with share repurchases. Dividends In order for the Company to maintain its qualification as a REIT under the Code, it must annually distribute at least 90% of its taxable income. The Company has paid and in the future intends to declare regular quarterly distributions to its shareholders in an amount approximating the REIT’s net taxable income. Consistent with IRS guidance, the Company 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 (although for taxable years beginning after December 31, 2017 and before January 1, 2026, generally stockholders that are individuals, trusts or estates may deduct 20% of the aggregate amount of ordinary dividends distributed by us, subject to certain limitations). The Company believes that its significant capital resources and access to financing will provide the financial flexibility at levels sufficient to meet current and anticipated capital requirements, including funding new investment opportunities, paying distributions to its shareholders and servicing our debt obligations. The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2017 , 2016 and 2015 : Declaration Date Dividend per Share March 1, 2017 $ 0.300 June 1, 2017 0.300 September 1, 2017 0.300 November 7, 2017 0.315 Total $ 1.215 March 1, 2016 $ 0.275 June 1, 2016 0.275 September 1, 2016 0.275 December 2, 2016 0.460 Total $ 1.285 March 12, 2015 $ 0.250 June 8, 2015 0.250 September 1, 2015 0.275 December 1, 2015 1.450 Total $ 2.225 The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2017 , 2016 and 2015 : Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain December 27, 2016 January 24, 2017 (1) $ 0.059 $ 0.054 $ — $ 0.005 $ — March 13, 2017 April 3, 2017 0.300 0.276 — 0.024 — June 12, 2017 July 3, 2017 0.300 0.276 — 0.024 — September 11, 2017 October 2, 2017 0.300 0.276 — 0.024 — December 11, 2017 January 3, 2018 (2) 0.265 0.244 — 0.021 — Total $ 1.224 $ 1.126 $ — $ 0.098 $ — (1) $0.401 of the $0.460 fourth quarter dividend paid on January 24, 2017 is considered a 2016 dividend for U.S. federal income tax purposes. $0.059 is considered a 2017 dividend for U.S. federal income tax purposes and will be reflected in 2017 tax reporting. (2) $0.265 of the $0.315 fourth quarter dividend paid on January 3, 2018 is considered a 2017 dividend for U.S. federal income tax purposes. $0.050 is considered a 2018 dividend for U.S. federal income tax purposes and will be reflected in 2018 tax reporting. Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain March 10, 2016 April 1, 2016 $ 0.275 $ 0.254 $ — $ 0.021 $ — June 13, 2016 July 1, 2016 0.275 0.254 — 0.021 — September 12, 2016 October 3, 2016 0.275 0.254 — 0.021 — December 27, 2016 January 24, 2017 (1) 0.401 0.370 — 0.031 — Total $ 1.226 $ 1.132 $ — $ 0.094 $ — (1) $0.401 of the $0.460 fourth quarter dividend paid on January 24, 2017 is considered a 2016 dividend for U.S. federal income tax purposes. $0.059 is considered a 2017 dividend for U.S. federal income tax purposes and will be reflected in 2017 tax reporting. Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends (1) Capital Gain Unrecaptured 1250 Gain (2) April 6, 2015 April 15, 2015 $ 0.250 $ 0.250 $ 0.250 $ — $ — June 15, 2015 July 1, 2015 0.250 0.250 0.250 — — September 10, 2015 October 1, 2015 0.275 0.275 0.275 — — December 10, 2015 January 21, 2016 (3) 1.450 1.306 0.156 0.144 0.020 Total $ 2.225 $ 2.081 $ 0.931 $ 0.144 $ 0.020 (1) For 2015, Qualified Dividends represents the portion of total Ordinary Dividends which constitutes “qualified dividend income,” as defined by the Internal Revenue Code. (2) For 2015, Unrecaptured 1250 Gain represents the portion of total Capital Gain which constitutes gain required to be taxed as “Unrecaptured Section 1250 Gain,” as defined by the Internal Revenue Code. (3) The fourth quarter dividend paid on January 21, 2016 is considered a 2015 dividend for U.S. federal income tax purposes. Stock Dividend and Distribution of Accumulated Earnings and Profits In order to qualify as a REIT the Company must annually distribute at least 90% of its taxable income. In addition, the Company was required to make a one-time distribution of its undistributed accumulated earnings and profits attributable to taxable periods ending prior to January 1, 2015 (the “E&P Distribution”). The E&P Distribution requirement was $48.3 million or $0.90 per share. Pursuant to the terms of an IRS private letter ruling (the “Private Letter Ruling”), the Company elected, subject to the cash/stock election by its shareholders described below, to pay its fourth quarter 2015 and 2016 dividends in a mix of cash and stock and have such dividends be treated as a taxable distribution to its shareholders for U.S. federal income tax purposes. In order to comply with the Private Letter Ruling, shareholders had the option to elect to receive the fourth quarter 2015 and 2016 dividends in all cash (a “Cash Election”), or all shares of Ladder’s Class A common stock (a “Share Election”). Shareholders who did not return an election form, or who otherwise failed to properly complete an election form, were deemed to have made a Share Election. The total amount of cash paid to all shareholders was limited to a maximum of 20% of the total value of each of the fourth quarter 2015 and 2016 dividends (the “Cash Amount”). The aggregate amount of the dividends owed to shareholders who made Cash Elections exceeded the Cash Amount, and accordingly, the Cash Amount was prorated among such shareholders, with the remaining portion of the fourth quarter 2015 or 2016 dividend, as applicable, paid to such shareholders in shares of Ladder’s Class A common stock plus cash in lieu of any fractional shares. Shareholders making Stock Elections received the full amount of the dividend in shares of Ladder’s Class A common stock plus cash in lieu of any fractional shares. The Company believes that the total value of its 2015 dividends was sufficient to fully distribute its 2015 taxable income and its accumulated earnings and profits. On January 24, 2017 , the Company paid an aggregate of $20.8 million in cash to its Class A shareholders, accrued for dividends payable on unvested restricted stock and unvested options with dividend equivalent rights of $0.7 million and issued 815,819 shares of its Class A common stock, equivalent to $11.5 million , in connection with the fourth quarter 2016 dividend totaling $0.46 per share. The total number of shares of Class A common stock distributed pursuant to the fourth quarter 2016 dividend was determined based on shareholder elections and the volume weighted average price of $14.06 per share of Class A common stock on the New York Stock Exchange for the three trading days after January 12, 2017 , the date that election forms were due. The Company also issued 432,314 shares of its Class B common stock and each of Series REIT and Series TRS of LCFH issued 1,248,133 of their respective Series LP units corresponding to the aggregate number of Class A and Class B shares issued by the Company. The Company believes that the total value of its 2016 dividend was sufficient to fully distribute its 2016 taxable income. Changes in Accumulated Other Comprehensive Income The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2017 , 2016 and 2015 ($ in thousands): Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2016 $ 1,365 $ 759 $ 2,124 Other comprehensive income (loss) (2,915 ) 695 (2,220 ) Exchange of noncontrolling interest for common stock 1,696 (1,696 ) — Rebalancing of ownership percentage between Company and Operating Partnership (358 ) 358 — December 31, 2017 $ (212 ) $ 116 $ (96 ) Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2015 $ (3,556 ) $ (2,839 ) $ (6,395 ) Other comprehensive income (loss) 3,420 5,099 8,519 Exchange of noncontrolling interest for common stock 1,202 (1,202 ) — Rebalancing of ownership percentage between Company and Operating Partnership 299 (299 ) — December 31, 2016 $ 1,365 $ 759 $ 2,124 Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2014 $ 15,656 $ 14,494 $ 30,150 Other comprehensive income (loss) (20,046 ) (16,499 ) (36,545 ) Exchange of noncontrolling interest for common stock 645 (645 ) — Rebalancing of ownership percentage between Company and Operating Partnership 189 (189 ) — December 31, 2015 $ (3,556 ) $ (2,839 ) $ (6,395 )

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2017
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	13. NONCONTROLLING INTERESTS Pursuant to ASC 810, Consolidation , on the accounting and reporting for noncontrolling interests and changes in ownership interests of a subsidiary, changes in a parent’s ownership interest (and transactions with noncontrolling interest unitholders in the subsidiary), while the parent retains its controlling interest in its subsidiary, should be accounted for as equity transactions. The carrying amount of the noncontrolling interest shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. Accordingly, as a result of LP unit exchanges which caused changes in ownership percentages between the Company’s Class A shareholders and the noncontrolling interests in the Operating Partnership that occurred during the year ended December 31, 2017 , the Company has increased noncontrolling interests in the Operating Partnership and decreased additional paid-in capital and accumulated other comprehensive income in the Company’s shareholders’ equity by $3.5 million as of December 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 nine ventures in which there are other noncontrolling investors, which own between 1.2% - 30.0% of such ventures. These ventures hold investments in 26 office buildings, one warehouse, one mobile home community and a condominium project. The Company makes distributions and allocates income from these ventures to the noncontrolling interests in accordance with the terms of the respective governing agreements.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
EARNINGS PER SHARE	14. EARNINGS PER SHARE The Company’s net income (loss) and weighted average shares outstanding for the years ended December 31, 2017 , 2016 and 2015 consist of the following: ($ in thousands except share amounts) For the Year Ended December 31, 2017 For the Year Ended December 31, 2016 For the Year Ended December 31, 2015 Basic Net income (loss) available for Class A common shareholders $ 95,276 $ 66,727 $ 73,821 Diluted Net income (loss) available for Class A common shareholders $ 124,046 $ 114,156 $ 73,821 Weighted average shares outstanding Basic 81,902,524 61,998,089 51,702,188 Diluted 109,704,880 107,638,788 51,870,808 The calculation of basic and diluted net income (loss) per share amounts for the years ended December 31, 2017 , 2016 and 2015 are described and presented below. Basic Net Income (Loss) per Share Numerator: utilizes net income (loss) available for Class A common shareholders for the years ended December 31, 2017 , 2016 and 2015 , respectively. Denominator: utilizes the weighted average shares of Class A common stock for the years ended December 31, 2017 , 2016 and 2015 , respectively. Diluted Net Income (Loss) per Share Numerator: utilizes net income (loss) available for Class A common shareholders for the years ended December 31, 2017 , 2016 and 2015 , respectively, for the basic net income (loss) per share calculation described above, adding net income (loss) amounts attributable to the noncontrolling interest in the Operating Partnership using the as-if converted method for the Class B common shareholders while adjusting for additional corporate income tax expense (benefit) for the described net income (loss) add-back. Denominator: utilizes the weighted average number of shares of Class A common stock for the years ended December 31, 2017 , 2016 and 2015 , respectively, for the basic net income (loss) per share calculation described above adding the dilutive effect of shares issuable relating to Operating Partnership exchangeable interests and the incremental shares of unvested Class A restricted stock using the treasury method. (In thousands except share amounts) For the Year Ended December 31, 2017 For the Year Ended December 31, 2016 For the Year Ended December 31, 2015 Basic Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 95,276 $ 66,727 $ 73,821 Denominator: Weighted average number of shares of Class A common stock outstanding 81,902,524 61,998,089 51,702,188 Basic net income (loss) per share of Class A common stock $ 1.16 $ 1.08 $ 1.43 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 95,276 $ 66,727 $ 73,821 Add (deduct) - dilutive effect of: Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss) 30,378 47,130 — Additional corporate tax (expense) benefit (1,608 ) 299 — Diluted net income (loss) attributable to Class A common shareholders $ 124,046 $ 114,156 $ 73,821 Denominator: Basic weighted average number of shares of Class A common stock outstanding 81,902,524 61,998,089 51,702,188 Add - dilutive effect of: Shares issuable relating to converted Class B common shareholders 27,773,765 45,118,668 — Incremental shares of unvested Class A restricted stock 28,591 522,031 168,620 Diluted weighted average number of shares of Class A common stock outstanding 109,704,880 107,638,788 51,870,808 Diluted net income (loss) per share of Class A common stock $ 1.13 $ 1.06 $ 1.42 For the year ended December 31, 2015, shares issuable relating to converted Class B common shareholders are excluded from the calculation of diluted EPS, as the inclusion of such potential common shares in the calculation would be anti-dilutive. The shares of Class B common stock do not share in the earnings of Ladder Capital Corp and are, therefore, not participating securities. Accordingly, basic and diluted net income (loss) per share of Class B common stock has not been presented, although the assumed conversion of Class B common stock has been included in the presented diluted net income (loss) per share of Class A common stock.

STOCK BASED COMPENSATION PLANS

STOCK BASED COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK BASED COMPENSATION PLANS	15. STOCK BASED AND OTHER COMPENSATION PLANS The following table summarizes the impact on the consolidated statement of operations of the various stock based compensation plans described in this note ($ in thousands): Year Ended December 31, 2017 2016 2015 Stock Based Compensation Expense: 2015 Annual Restricted Stock/Option Awards $ 1,876 $ 4,838 $ 6,197 2016 Annual Restricted Stock/Option Awards 2,094 6,690 — 2017 Annual Restricted Stock Awards 7,289 (1) — — 2017 Other Restricted Stock Awards 302 — — 2018 Annual Restricted Stock Awards(2) 6,768 (1) — — Other Employee/Director Awards 636 6,112 7,591 Total Stock Based Compensation Expense $ 18,965 $ 17,640 $ 13,788 Phantom Equity Investment Plan $ 510 $ 689 $ (2,958 ) Ladder Capital Corp Deferred Compensation Plan $ 568 $ 710 $ (553 ) Bonus Expense $ 33,747 $ 29,224 $ 34,359 (1) Includes immediate vesting of retirement eligible employees, including Brian Harris. (2) Granted in December 2017. 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 upon the compensation committee’s confirmation that 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 vested 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. 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 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 Michael Mazzei will be expensed 1/3 each year, for three years , on an annual basis. 4. Compensation expense for restricted stock subject to time-based vesting criteria granted to the Management Grantees other than Mr. Harris, Ms. McCormack and Mr. Mazzei 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. 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. 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 for time-based vesting 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 $0.1 million , 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. On June 19, 2017 , Restricted Stock Awards were granted to a Non-Management Grantee with an aggregate value of $0.3 million , which represents 21,307 shares of time-based restricted Class A common stock. One-third of this amount will vest on the first anniversary date of the grant date and 1,775 shares will vest on each of October 1, 2018 , December 31, 2018 , April 1, 2019 , July 1, 2019 , September 30, 2019 , December 31, 2019 and March 31, 2020 . The remaining 1,780 shares of the grant will vest on July 1, 2020 , subject to the Non-Management Grantee’s continued employment with the Company. The Company has elected to recognize the compensation expense related to the time-based vesting criteria of this Restricted Stock Award for the entire award on a straight-line basis over the requisite service period. In connection with Mr. Mazzei’s retirement as President, Ladder Capital Finance LLC, a subsidiary of Ladder, and Mr. Mazzei entered into a separation agreement, dated June 22, 2017 (the “Separation Agreement”). Pursuant to the Separation Agreement, Mr. Mazzei was appointed as a Class III director of Ladder and, subject to certain exceptions, Mr. Mazzei’s unvested stock and stock options will continue to vest as they would have had he continued to be employed with Ladder as long as he continues to serve on the Board of Directors. Such unvested stock and stock options will not be subject to the original retirement eligibility date provided for in his employment agreement. On June 22, 2017 , in connection with his appointment to the board of directors, Mr. Mazzei received a Restricted Stock Award with a grant date fair value of $0.1 million , representing 5,346 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. 2018 Annual Restricted Stock Awards For 2017 performance, management received stock-based incentive equity. On December 21, 2017 , Annual Restricted Stock Awards were granted to Management Grantees with an aggregate value of $10.5 million which represents 768,205 shares of restricted Class A common stock in connection with 2017 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 February 18, 2019, February 18, 2020 and February 18, 2021, 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, 2018, 2019 and 2020, 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 December 21, 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 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 December 21, 2017 , Restricted Stock Awards were granted to certain non-management employees (each, a “Non-Management Grantee”) with an aggregate value of $5.0 million which represents 369,328 shares of restricted Class A common stock in connection with 2017 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 February 18 of each of 2019, 2020 and 2021 subject to continued employment on the applicable vesting dates. 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, 2018, 2019 and 2020, 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 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 December 21, 2017 Restricted Stock Awards to Non-Management Grantees shall be recognized 1/3 for the period December 21, 2017 through February 18, 2019, 1/3 for the period February 19, 2019 through February 18, 2020 and 1/3 for the period February 19, 2020 through February 18, 2021. In the event a Non-Management Grantee is terminated by the Company without cause within six months of certain changes in control, all unvested time shares shall vest on the termination date and all unvested performance shares shall remain outstanding and be eligible to vest (and be forfeited) in accordance with the performance conditions; provided that if such change in control is for more than 50% of the shares of the Company, then all restricted stock awards will become fully vested if the Non-Management Grantee continues to be employed through the closing of the change in control. 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. Summary of Restricted Stock and Stock Option Expense and Shares/Options Nonvested/Outstanding A summary of the grants is presented below ($ in thousands): Year Ended December 31, 2017 2016 2015 Number Weighted Average Fair Value Number Weighted Average Fair Value Number Weighted Average Fair Value Grants - Class A Common Stock (restricted) 1,996,594 $ 27,489 793,598 $ 9,118 726,327 $ 13,353 Grants - Class A Common Stock (restricted) dividends 15,560 216 166,934 1,908 — — Stock Options — — 380,949 1,356 670,256 1,441 Amortization to compensation expense LP Units compensation expense — — (124 ) Ladder compensation expense (18,965 ) (17,640 ) (13,664 ) Total amortization to compensation expense $ (18,965 ) $ (17,640 ) $ (13,788 ) The table below presents the number of unvested shares and outstanding stock options at December 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 2,012,154 — Exercised — Vested (2,225,654 ) Forfeited (10,000 ) — Expired — Nonvested/Outstanding at December 31, 2017 1,252,365 982,135 Exercisable at December 31, 2017 752,017 At December 31, 2017 there was $14.5 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 38 months , with a weighted-average remaining vesting period of 27.9 months . The table below presents the number of unvested shares and outstanding stock options at December 31, 2016 and changes during 2016 of the (i) Class A Common stock and Stock Options of Ladder Capital Corp granted under the 2014 Omnibus Incentive Plan and (ii) Series B Participating Preferred Units of LCFH granted under the 2008 Plan, which were subsequently converted to LP Units of LCFH in connection with the IPO: Restricted Stock Stock Options LP Units(1) Nonvested/Outstanding at December 31, 2015 1,334,369 601,186 504 Granted 960,531 380,949 — Exercised — Vested (770,568 ) (504 ) Forfeited (48,467 ) — — Expired — Nonvested/Outstanding at December 31, 2016 1,475,865 982,135 — Exercisable at December 31, 2016 230,936 (1) Converted to LP Units of LCFH on February 11, 2014 in connection with IPO. LCFH LP Unitholders also received an equal number of shares of Class B Common stock of the Company at IPO. The LP Units converted to an equal number of Series REIT LP Units and Series TRS LP Units on December 31, 2014 in connection with the Company’s conversion to a REIT. As of December 31, 2016 there was $6.1 million of total unrecognized compensation cost related to certain share-based compensation awards that is expected to be recognized over a period of up to 26 months , with a weighted-average remaining vesting period of 19.3 months . Phantom Equity Investment Plan LCFH maintains a Phantom Equity Investment Plan, effective on June 30, 2011 (the “Phantom Equity Plan”) in which certain eligible employees of LCFH, LCF and their subsidiaries participate. On July 3, 2014, the Board of Directors froze the Phantom Equity Plan, as further described below. The Phantom Equity Plan is an annual deferred compensation plan pursuant to which participants could elect, or in some cases, non-management participants could be required, depending upon the participant’s specific level of compensation, to defer all or a portion of their annual cash performance-based bonuses as elective or mandatory contributions. Generally, if a participant’s total compensation was in excess of a certain threshold, a portion of such participant’s annual bonus, was required to be deferred into the Phantom Equity Plan. Otherwise, amounts could be deferred into the Phantom Equity Plan at the election of the participant, so long as such election was timely made in accordance with the terms and procedures of the Phantom Equity Plan. In the event that a participant elected to (or was required to) defer a portion of his or her compensation pursuant to the Phantom Equity Plan, such amount was not paid to the participant and was instead credited to such participant’s notional account under the Phantom Equity Plan. Prior to the closing of our IPO, such amounts

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	16. INCOME TAXES The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2015. As such, the Company’s income is generally not 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. As part of the recently enacted Tax Cuts and Jobs Act, the federal income tax rate applicable to TRS activities has been reduced. The Company has adjusted its deferred tax positions at the TRSs (including those resulting from the TRA) to reflect the reduced tax rate as part of its 2017 tax provision. Components of the provision for income taxes consist of the following ($ in thousands): Year Ended December 31, 2017 2016 2015 Current expense (benefit) U.S. Federal $ 1,845 $ (386 ) $ 9,020 State and local 276 4,838 2,637 Total current expense (benefit) 2,121 4,452 11,657 Deferred expense (benefit) U.S. Federal 4,632 1,417 2,247 State and local 959 451 653 Total deferred expense (benefit) 5,591 1,868 2,900 Provision for income tax expense (benefit) $ 7,712 $ 6,320 $ 14,557 There were $2.6 million , corporate taxes payable (receivable) as of December 31, 2017 . Corporate taxes payable (receivable) as of December 31, 2016 were $0.8 million . There were $0.5 million NYC UBT taxes payable (receivable) at December 31, 2017 . NYC UBT taxes payable (receivable) at December 31, 2016 were $0.4 million . Prepaid corporate taxes as of December 31, 2017 and December 31, 2016 were $12.4 million and $13.4 million , respectively. A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2017 , 2016 and 2015 is as follows: Year Ended December 31, 2017 2016 2015 US statutory tax rate 35.00 % 35.00 % 35.00 % REIT income not subject to corporate income tax (29.53 )% (34.38 )% (32.37 )% Increase due to state and local taxes 0.74 % 4.41 % (1) 1.40 % Deferred tax asset write-off upon conversion to REIT — % — % 1.44 % Change in valuation allowance 2.13 % 0.42 % 3.29 % Impact of Tax Cuts and Jobs Act (2.53 )% — % — % Other (0.04 )% (0.19 )% 0.39 % Effective income tax rate 5.77 % 5.26 % 9.15 % (1) The increase in state taxes shown above is primarily related to additional tax expense of $3.3 million pertaining to a New York State tax audit, further discussed below. The differences between the Company’s statutory rate and effective tax rate are largely determined by the amount of income subject to tax by the Company’s TRS subsidiaries. The Company expects that its future effective tax rate will be determined in a similar manner. As of December 31, 2017 and 2016 , the Company’s net deferred tax assets (liabilities) were $(5.7) million and $2.1 million , respectively, and are included in other assets (liabilities) in the Company’s consolidated balance sheets. The Company believes it is more likely than not that the net deferred tax assets will be realized in the future. Realization of the net deferred tax assets (liabilities) is dependent upon our generation of sufficient taxable income in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences. The amount of net deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change. The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands): December 31, 2017 December 31, 2016 Deferred Tax Assets Basis difference in operating partnerships $ — $ 2,023 Unrealized gains (losses) 1,461 99 Unrealized gains (losses) - derivatives 5,781 5,668 Valuation allowance (5,781 ) (5,668 ) Total Deferred Tax Assets $ 1,461 $ 2,122 December 31, 2017 December 31, 2016 Deferred Tax Liability Basis difference in operating partnerships $ 7,134 $ — Unrealized gains (losses) — — Unrealized gains (losses) - derivatives — — Valuation allowance — — Total Deferred Tax Liability $ 7,134 $ — As of December 31, 2017 and 2016 , the Company has a deferred tax asset of $5.8 million and $5.7 million , respectively, relating to capital losses which it may only use to offset capital gains. These tax attributes will expire if unused in 2020. As the realization of these assets are not more likely than not before their expiration, the Company has provided a full valuation allowance against this deferred tax asset. The Company’s tax returns are subject to audit by taxing authorities. Generally, as of December 31, 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 at the time of its IPO. 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 January, 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 audits to result in any material changes to the Company’s financial position. The Company does not expect tax expense to have an impact on either short or long-term liquidity or capital needs. Under U.S. GAAP, a tax benefit related to an income tax position may be recognized when it is more likely than not that the position will be sustained upon examination by the tax authorities based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. As of December 31, 2017 and 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 December 31, 2017 , the Company has no t recognized a significant amount of any interest or penalties related to uncertain tax positions. In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record a significant liability for unrecognized tax benefits within the next twelve months. Tax Receivable Agreement Upon consummation of the IPO, the Company entered into a Tax Receivable Agreement with the Continuing LCFH Limited Partners. Under the Tax Receivable Agreement the Company generally is required to pay to those Continuing LCFH Limited Partners that exchange their interests in LCFH and Class B shares of the Company for Class A shares of the Company, 85% of the applicable cash savings, if any, in U.S. federal, state and local income tax that the Company realizes (or is deemed to realize in certain circumstances) as a result of (i) the increase in tax basis in its proportionate share of LCFH’s assets that is attributable to the Company as a result of the exchanges and (ii) payments under the Tax Receivable Agreement, including any tax benefits related to imputed interest deemed to be paid by the Company as a result of such agreement. The Company may make future payments under the Tax Receivable Agreement if the tax benefits are realized. We would then benefit from the remaining 15% of cash savings in income tax that we realize. For purposes of the Tax Receivable Agreement, cash savings in income tax will be computed by comparing our actual income tax liability to the amount of such taxes that we would have been required to pay had there been no increase to the tax basis of the assets of LCFH as a result of the exchanges and had we not entered into the Tax Receivable Agreement. Payments to a Continuing LCFH Limited Partner under the Tax Receivable Agreement are triggered by each exchange and are payable annually commencing following the Company’s filing of its income tax return for the year of such exchange. The timing of the payments may be subject to certain contingencies, including the Company having sufficient taxable income to utilize all of the tax benefits defined in the Tax Receivable Agreement. As of December 31, 2017 and 2016 , pursuant to the Tax Receivable Agreement, the Company recorded a liability of $1.7 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 above, the Tax Receivable Agreement was amended and restated in connection with our REIT Election, effective as of December 31, 2014, in order to preserve a portion of the potential tax benefits currently existing under the Tax Receivable Agreement that would otherwise be reduced in connection with our REIT Election. The purpose of the TRA Amendment was to preserve the benefits of the Tax Receivable Agreement to the extent possible in a REIT, although, as a result, the amount of payments made to the TRA Members under the TRA Amendment is expected to be less than the amount that would have been paid under the original Tax Receivable Agreement. The TRA Amendment continues to share such benefits in the same proportions and otherwise has substantially the same terms and provisions as the prior Tax Receivable Agreement.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	17. 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 December 31, 2017 , members of senior management have $0.9 million invested in the Fund. 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% . Stockholders Agreement On March 3, 2017, Ladder, RREF II Ladder LLC, an entity affiliated with The Related Companies, 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 of Ladder’s Class A common stock from the pre-IPO stockholders. As part of the closing of the transaction, Ladder and Related entered into a Stockholders Agreement, dated as of March 3, 2017, pursuant to which Jonathan Bilzin resigned from the Board, and all committees thereof, and Ladder appointed Richard O’Toole to replace Mr. Bilzin as a Class II Director on Ladder’s Board, each effective as of March 3, 2017. Pursuant to the Stockholders Agreement, Ladder granted to Related a right of first offer with respect to certain horizontal risk retention investments in which Ladder intends to retain an interest and Related agreed to certain standstill provisions. Commercial Real Estate Loans From time to time, the Company may provide commercial real estate loans to entities affiliated with certain of our directors, officers or large shareholders who are, as part of their ordinary course of business, commercial real estate investors. These loans are made in the ordinary course of the Company’s business on the same terms and conditions as would be offered to any other borrower of similar type and standing on a similar property. On May 20, 2015, the Company provided a $25.0 million , 9.0% fixed rate, approximately one year, interest-only mezzanine loan, to Halletts Investors LLC (“Borrower”), an entity affiliated with Douglas Durst, one of the Company’s directors and chairman of The Durst Organization. The loan, which was approved by the Audit Committee and Risk and Underwriting Committee in accordance with the Company’s policies regarding related party transactions, was secured by Borrower’s ownership interest in Durst Halletts Member LLC (“Guarantor”). Borrower and Guarantor indirectly own a controlling interest in the three entities that collectively own approximately 9.66 acres of undeveloped land located along the East River waterfront on Hallets Point Peninsula in Astoria Queens, New York. Douglas Durst and members of his family, including trusts for which Douglas Durst is a trustee, have a controlling interest in Borrower and Guarantor. The loan matured on and was repaid in full as of June 3, 2016. For the years ended December 31, 2016 and December 31, 2015 , the Company earned $1.0 million and $1.4 million , respectively, 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 non-recourse 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 reported as debt obligations. For the year ended December 31, 2017 , the Company incurred $0.5 million in interest expense related to this loan which is included in accrued expenses on the Company’s consolidated balance sheets. On July 6, 2017 , Ladder provided a $21.0 million first mortgage loan to a borrower affiliated with The Related Companies to facilitate the acquisition of two commercial condominium units in the Brickell Heights mixed use development in Miami, Florida. The borrowing entity, Brickell Heights Commercial LLC, is 80% owned by a joint venture between Related Special Assets LLC, a personal investment vehicle for certain principals of The Related Companies, and another investor, with the remaining 20% interest belonging to an affiliate of The Related Group of Florida. For the year ended December 31, 2017 , the Company earned $0.3 million in interest income related to this loan.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	18. COMMITMENTS AND CONTINGENCIES Leases In 2011, the Company entered into a lease for its primary office space, which commenced on October 1, 2011 and expires on January 31, 2022 with no extension option. In 2012, the Company entered into a lease for secondary office space. The lease commenced on May 15, 2012 and would have expired on May 14, 2015 with no extension option. This lease was amended, however, on October 2, 2014, extending the expiration date from May 14, 2015 to May 14, 2018. The Company recorded $1.1 million , $1.2 million and $1.5 million , of rental expense for the years ended December 31, 2017 , 2016 and 2015 , respectively, which is included in operating expenses in the consolidated statements of income. The following is a schedule of future minimum rental payments required under the above operating leases ($ in thousands): Period Ending December 31, Amount 2018 $ 1,205 2019 1,180 2020 1,180 2021 1,180 2022 100 Thereafter — Total $ 4,845 Unfunded Loan Commitments As of December 31, 2017 , the Company’s off-balance sheet arrangements consisted of $157.0 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 $157.0 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 to provide additional mezzanine loan financing. Such commitments are subject to our loan borrowers’ satisfaction of certain financial and nonfinancial covenants and may or may not be funded depending on a variety of circumstances including timing, credit metric hurdles, and other nonfinancial events occurring. These commitments are not reflected on the consolidated balance sheets. Hurricanes Harvey, Irma and Maria During 2017, Hurricanes Harvey, Irma and Maria inflicted damage on certain of the properties owned by the Company or securing loans held by the Company with carrying amounts of $13.0 million , $291.3 million and $23.8 million , respectively, as of December 31, 2017 . The damage to individual properties owned by the Company was not significant and all properties are open and operating. The Company has insurance coverage on the properties it owns and expects to fully recover amounts for necessary repairs in excess of its deductibles. The Company’s loan agreements require adequate insurance to be maintained by the respective borrowers. The Company understands that the damages to the affected collateral underlying the Company’s mortgage loans were not significant and that all properties are open and operating. Accordingly, the Company does not believe it is exposed to any additional loan losses as a result of each hurricane’s impact on its borrowers and the underlying property collateral.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
SEGMENT REPORTING	19. SEGMENT REPORTING The Company has determined that it has three reportable segments based on how the chief operating decision maker reviews and manages the business. These reportable segments include loans, securities, and real estate. The loans segment includes mortgage loan receivables held for investment (balance sheet loans) and mortgage loan receivables held for sale (conduit loans). The securities segment is composed of all of the Company’s activities related to commercial real estate securities, which include investments in CMBS and U.S. Agency Securities. The real estate segment includes net leased properties, office buildings, a mobile home community, a warehouse, a shopping center and condominium units. Corporate/other includes the Company’s investments in joint ventures, other asset management activities and operating expenses. The Company evaluates performance based on the following financial measures for each segment ($ in thousands): Loans Securities Real Estate(1) Corporate/Other(2) Company Total Year ended December 31, 2017 Interest income $ 219,892 $ 43,542 $ 15 $ 218 $ 263,667 Interest expense (39,530 ) (5,800 ) (28,679 ) (72,109 ) (146,118 ) Net interest income (expense) 180,362 37,742 (28,664 ) (71,891 ) 117,549 Provision for loan losses — — — — — Net interest income (expense) after provision for loan losses 180,362 37,742 (28,664 ) (71,891 ) 117,549 Operating lease income — — 89,492 — 89,492 Tenant recoveries — — 7,179 — 7,179 Sale of loans, net 54,046 — — — 54,046 Realized gain on securities — 17,209 — — 17,209 Unrealized gain (loss) on Agency interest-only securities — 1,405 — — 1,405 Realized gain (loss) on sale of real estate, net — — 11,423 — 11,423 Fee and other income 6,859 — 7,865 3,617 18,341 Net result from derivative transactions (8,425 ) (4,216 ) — — (12,641 ) Earnings from investment in unconsolidated joint ventures — — 89 — 89 Gain (loss) on extinguishment of debt (19 ) — — (54 ) (73 ) Total other income (expense) 52,461 14,398 116,048 3,563 186,470 Salaries and employee benefits — — — (70,463 ) (70,463 ) Operating expenses 302 — — (21,723 ) (21,421 ) Real estate operating expenses — — (33,216 ) (33,216 ) Fee expense (3,649 ) (280 ) (1,067 ) — (4,996 ) Depreciation and amortization — — (40,239 ) (93 ) (40,332 ) Total costs and expenses (3,347 ) (280 ) (74,522 ) (92,279 ) (170,428 ) Tax (expense) benefit — — — (7,712 ) (7,712 ) Segment profit (loss) $ 229,476 $ 51,860 $ 12,862 $ (168,319 ) $ 125,879 Total assets as of December 31, 2017 $ 3,508,642 $ 1,106,517 $ 1,067,482 $ 342,974 $ 6,025,615 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Year ended December 31, 2016 Interest income $ 161,315 $ 74,987 $ 10 $ 60 $ 236,372 Interest expense (25,531 ) (9,740 ) (25,333 ) (60,223 ) (120,827 ) Net interest income (expense) 135,784 65,247 (25,323 ) (60,163 ) 115,545 Provision for loan losses (300 ) — — — (300 ) Net interest income (expense) after provision for loan losses 135,484 65,247 (25,323 ) (60,163 ) 115,245 Operating lease income — — 77,277 — 77,277 Tenant recoveries — — 5,958 — 5,958 Sale of loans, net 26,009 — — — 26,009 Realized gain on securities — 7,724 — — 7,724 Unrealized gain (loss) on Agency interest-only securities — (56 ) — — (56 ) Realized gain on sale of real estate, net — — 20,636 — 20,636 Fee and other income 7,547 — 7,253 6,565 21,365 Net result from derivative transactions 8,371 (9,780 ) — — (1,409 ) Earnings from investment in unconsolidated joint ventures — — (466 ) 892 426 Loss on extinguishment of debt — — — 5,382 5,382 Total other income 41,927 (2,112 ) 110,658 12,839 163,312 Salaries and employee benefits (11,000 ) — — (53,270 ) (64,270 ) Operating expenses — — — (20,552 ) (20,552 ) Real estate operating expenses — — (30,545 ) — (30,545 ) Fee expense (2,343 ) (166 ) (618 ) (576 ) (3,703 ) Depreciation and amortization — — (39,354 ) (93 ) (39,447 ) Total costs and expenses (13,343 ) (166 ) (70,517 ) (74,491 ) (158,517 ) Income tax (expense) benefit — — — (6,320 ) (6,320 ) Segment profit (loss) $ 164,068 $ 62,969 $ 14,818 $ (128,135 ) $ 113,720 Total assets as of December 31, 2016 $ 2,353,977 $ 2,100,947 $ 856,363 $ 267,050 $ 5,578,337 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Year ended December 31, 2015 Interest income $ 165,403 $ 76,083 $ — $ 53 $ 241,539 Interest expense (24,039 ) (7,256 ) (23,873 ) (58,135 ) (113,303 ) Net interest income (expense) 141,364 68,827 (23,873 ) (58,082 ) 128,236 Provision for loan losses (600 ) — — — (600 ) Net interest income (expense) after provision for loan losses 140,764 68,827 (23,873 ) (58,082 ) 127,636 Operating lease income — — 80,465 — 80,465 Tenant recoveries — — 9,907 — 9,907 Sale of loans, net 71,066 — — — 71,066 Gain on securities — 24,007 — — 24,007 Unrealized gain (loss) on Agency interest-only securities — (1,249 ) — — (1,249 ) Sale of real estate, net 2,346 — 38,040 — 40,386 Fee and other income 5,999 230 5,989 2,987 15,205 Net result from derivative transactions (12,609 ) (26,328 ) — — (38,937 ) Earnings from investment in unconsolidated joint ventures — — 255 116 371 Total other income 66,802 (3,340 ) 134,656 3,103 201,221 Salaries and employee benefits (16,531 ) — — (45,081 ) (61,612 ) Operating expenses 381 — — (25,484 ) (25,103 ) Real estate operating expenses — — (37,868 ) (1 ) (37,869 ) Fee expense (1,693 ) (40 ) (470 ) (2,318 ) (4,521 ) Depreciation and amortization — — (38,953 ) (108 ) (39,061 ) Total costs and expenses (17,843 ) (40 ) (77,291 ) (72,992 ) (168,166 ) Tax (expense) benefit — — — (14,557 ) (14,557 ) Segment profit (loss) $ 189,723 $ 65,447 $ 33,492 $ (142,528 ) $ 146,134 Total assets as of December 31, 2015 $ 2,310,409 $ 2,407,217 $ 868,528 $ 309,058 $ 5,895,212 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $35.4 million and $34.0 million as of December 31, 2017 and 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 December 31, 2017 and 2016 , the Company’s deferred tax asset (liability) of $(5.7) million and $2.1 million as of December 31, 2017 and 2016 , respectively and the Company’s senior unsecured notes of $1.2 billion and $559.8 million as of December 31, 2017 and 2016 , respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	21. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the issuance date of the financial statements and determined that no disclosure is necessary.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL DATA (UNAUDITED)	20. QUARTERLY FINANCIAL DATA (UNAUDITED) As more fully discussed in Notes 2 and 4 , in the fourth quarter of 2017, the Company changed its method of accounting for transfers of commercial mortgage loans to securitization trusts that issue risk retention securities to a TPP in accordance with the Dodd-Frank Act. In accordance with generally accepted accounting principles, the Company reflected this change in accounting principle retrospectively to prior interim periods within 2017. The tables below present selected financial information “as adjusted for the impact of change in accounting principle” for all periods and “as historically reported” for the three month periods ended June 30, 2017 and September 30, 2017 previously presented. The following summarizes the consolidated quarterly financial information for the Company ($ in thousands except per share and dividend amounts): Q4 2017 Q3 2017 Q2 2017 Q1 2017(1) (as adjusted for the impact of change in accounting principle) Interest income $ 73,352 $ 66,833 $ 65,970 $ 57,512 Net interest income after provision for loan losses 31,795 29,348 30,309 26,097 Other income (loss) 69,436 39,141 47,475 30,418 Costs and expenses 52,804 39,244 40,120 38,260 Income (loss) before taxes 48,427 29,245 37,664 18,255 Income tax expense (benefit) 3,057 (576 ) 6,606 (1,375 ) Net income (loss) 45,370 29,821 31,058 19,630 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (92 ) 265 (77 ) (322 ) Net (income) loss attributable to noncontrolling interest in operating partnership (9,172 ) (6,499 ) (8,868 ) (5,838 ) Net income (loss) attributable to Class A common shareholders $ 36,106 $ 23,587 $ 22,113 $ 13,470 Earnings per share: Basic $ 0.41 $ 0.28 $ 0.28 $ 0.18 Diluted $ 0.40 $ 0.28 $ 0.26 $ 0.18 Dividends per share of common stock $ 0.315 $ 0.300 $ 0.300 $ 0.300 Q4 2016(2) Q3 2016 Q2 2016 Q1 2016(2) (as historically reported - no adjustments) Interest income $ 60,721 $ 60,284 $ 55,766 $ 59,601 Net interest income after provision for loan losses 28,517 29,599 27,214 29,915 Other income (loss) 89,212 69,335 11,835 (7,070 ) Costs and expenses 45,335 40,615 37,405 35,162 Income (loss) before taxes 72,394 58,319 1,644 (12,317 ) Income tax expense (benefit) 773 8,721 (2,301 ) (873 ) Net income (loss) 71,621 49,598 3,945 (11,444 ) Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (298 ) 439 (235 ) 232 Net (income) loss attributable to predecessor unitholders — — — — Net (income) loss attributable to noncontrolling interest in operating partnership (29,467 ) (22,429 ) (908 ) 5,673 Net income (loss) attributable to Class A common shareholders $ 41,856 $ 27,608 $ 2,802 $ (5,539 ) Earnings per share: Basic $ 0.64 $ 0.44 $ 0.05 $ (0.09 ) Diluted $ 0.63 $ 0.44 $ 0.05 $ (0.09 ) Dividends per share of common stock $ 0.460 $ 0.275 $ 0.275 $ 0.275 (1) See Note 2. Significant Accounting Policies , “Out-of-Period Adjustments” for out-of-period adjustments included in the three month periods ended March 31, 2017. (2) See Note 2. Significant Accounting Policies , “Out-of-Period Adjustments” for out-of-period adjustments included in the three month periods ended March 31, 2016 and December 31, 2016. Q3 2017 Q2 2017 (as historically reported) Interest income $ 72,763 $ 66,136 Net interest income after provision for loan losses 30,156 30,532 Other income (loss) 39,141 21,571 Costs and expenses 39,244 40,120 Income (loss) before taxes 30,053 11,983 Income tax expense (benefit) (400 ) (1,449 ) Net income (loss) 30,453 13,432 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures 265 (77 ) Net (income) loss attributable to noncontrolling interest in operating partnership (6,679 ) (2,693 ) Net income (loss) attributable to Class A common shareholders $ 24,039 $ 10,662 Earnings per share: Basic $ 0.28 $ 0.13 Diluted $ 0.28 $ 0.13 Dividends per share of common stock $ 0.300 $ 0.300

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Schedule III-Real Estate and Accumulated Depreciation Ladder Capital Corp December 31, 2017 ($ in thousands) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Real Estate: Retail Property in Rockford, MN $ — $ 187 $ 850 $ 206 $ — $ 187 $ 850 $ 206 $ 1,243 $ (2 ) 12/08/17 2017 15-30yrs Retail Property in Winterset, IA — 272 830 200 — 272 830 200 1,302 (2 ) 12/08/17 2017 15-35yrs Retail Property in Kawkawlin, MI — 242 871 179 — 242 871 179 1,292 (9 ) 10/05/17 2017 15-30yrs Retail Property in Aroma Park, IL 950 223 869 165 — 223 869 165 1,257 (8 ) 10/05/17 2017 15-35yrs Retail Property in East Peoria, IL 1,020 233 998 161 — 233 998 161 1,392 (9 ) 10/05/17 2017 15-40yrs Retail Property in Milford, IA 989 254 883 217 — 254 883 217 1,354 (11 ) 09/08/17 2017 15-40yrs Retail Property in Jefferson City, MO 954 164 966 205 — 164 966 205 1,335 (20 ) 06/02/17 2016 15-40yrs Retail Property in Denver, IA 908 198 840 191 — 198 840 191 1,229 (20 ) 05/31/17 2017 15-35yrs Retail Property in Port O'Connor, TX 959 167 937 200 — 167 937 200 1,304 (22 ) 05/25/17 2017 15-35yrs Retail Property in Wabasha, MN 974 237 912 214 — 237 912 214 1,363 (24 ) 05/25/17 2016 15-35yrs Office in Jacksonville, FL 83,516 13,290 106,601 21,361 102 13,290 106,702 21,363 141,355 (2,792 ) 05/23/17 1989 9-36yrs Retail Property in Shelbyville, IL 872 189 849 199 — 189 849 198 1,236 (19 ) 05/23/17 2016 15-40yrs Retail Property in Jesup, IA 893 119 890 191 — 119 890 191 1,200 (23 ) 05/05/17 2017 15-35yrs Retail Property in Hanna City, IL 874 174 925 132 — 174 925 131 1,230 (24 ) 04/11/17 2016 14-39yrs Retail Property in Ridgedale, MO 1,002 250 928 187 — 250 928 187 1,365 (28 ) 03/09/17 2016 15-40yrs Retail Property in Peoria, IL 913 209 933 133 — 209 933 131 1,273 (31 ) 02/06/17 2016 14-35yrs Retail Property in Carmi, IL 1,111 286 916 239 — 286 916 238 1,440 (30 ) 02/03/17 2016 15-40yrs Retail Property in Springfield, IL 1,011 391 784 231 — 393 789 224 1,406 (33 ) 11/16/16 2016 15-40yrs Retail Property in Fayetteville, NC 4,933 1,379 3,121 2,471 — 1,379 3,121 2,471 6,971 (268 ) 11/15/16 2008 12-37yrs Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Dryden Township, MI 920 178 893 209 — 178 899 203 1,280 (38 ) 10/26/16 2016 15-40yrs Retail Property in Lamar, MO 910 164 903 170 — 164 903 170 1,237 (45 ) 07/22/16 2016 15-40yrs Retail Property in Union, MO 954 267 867 207 — 267 867 207 1,341 (50 ) 07/01/16 2016 15-40yrs Retail Property in Pawnee, IL 954 249 775 205 — 249 775 205 1,229 (45 ) 07/01/16 2016 15-40yrs Retail Property in Linn, MO 868 89 920 183 — 89 920 183 1,192 (49 ) 06/30/16 2016 15-40yrs Retail Property in Cape Girardeau, MO 1,018 453 702 217 — 453 702 217 1,372 (43 ) 06/30/16 2016 15-40yrs Retail Property in Decatur-Pershing, IL 1,061 395 924 155 — 395 924 155 1,474 (49 ) 06/30/16 2016 15-40yrs Retail Property in Rantoul, IL 932 100 1,023 178 — 100 1,023 178 1,301 (51 ) 06/21/16 2016 15-40yrs Retail Property in Flora Vista, NM 1,010 272 864 198 — 272 864 198 1,334 (62 ) 06/06/16 2016 15-35yrs Retail Property in Mountain Grove, MO 990 163 1,026 212 — 163 1,026 212 1,401 (58 ) 06/03/16 2016 15-40yrs Retail Property in Decatur-Sunnyside, IL 946 182 954 138 — 182 954 138 1,274 (51 ) 06/03/16 2016 15-40yrs Retail Property in Champaign, IL 1,026 365 915 149 — 365 915 149 1,429 (48 ) 06/03/16 2016 15-40yrs Retail Property in San Antonio, TX 887 252 703 194 — 251 702 196 1,149 (51 ) 05/06/16 2015 15-35yrs Retail Property in Borger, TX 784 68 800 180 — 68 800 180 1,048 (50 ) 05/06/16 2016 15-40yrs Retail Property in Dimmitt, TX 1,048 86 1,077 233 — 85 1,074 237 1,396 (67 ) 04/26/16 2016 15-40yrs Retail Property in St. Charles, MN 961 200 843 226 — 200 843 226 1,269 (66 ) 04/26/16 2016 15-30yrs Retail Property in Philo, IL 924 160 889 188 — 160 889 188 1,237 (50 ) 04/26/16 2016 15-40yrs Retail Property in Radford, VA 1,137 411 896 256 — 411 896 256 1,563 (84 ) 12/23/15 2015 15-40yrs Retail Property in Rural Retreat, VA 1,044 328 811 260 — 328 811 260 1,399 (73 ) 12/23/15 2015 15-40yrs Retail Property in Albion, PA 1,132 100 1,033 392 — 100 1,033 392 1,525 (124 ) 12/23/15 2015 14-50yrs Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Mount Vernon, AL 949 187 876 174 — 187 876 174 1,237 (71 ) 12/23/15 2015 14-44yrs Retail Property in Malone, NY 1,087 183 1,154 137 — 183 1,154 137 1,474 (82 ) 12/16/15 2015 14-39yrs Retail Property in Mercedes, TX 838 257 874 132 — 257 874 132 1,263 (59 ) 12/16/15 2015 15-45yrs Retail Property in Gordonville, MO 774 247 787 172 — 247 787 172 1,206 (61 ) 11/10/15 2015 15-40yrs Retail Property in Rice, MN 820 200 859 183 — 200 859 183 1,242 (90 ) 10/28/15 2015 15-30yrs Retail Property in Bixby, OK 7,984 2,609 7,776 1,765 — 2,609 7,776 1,765 12,150 (632 ) 10/27/15 2012 12-37yrs Retail Property in Farmington, IL 899 96 1,161 150 — 96 1,161 150 1,407 (81 ) 10/23/15 2015 15-40yrs Retail Property in Grove, OK 3,639 402 4,364 816 — 402 4,364 816 5,582 (374 ) 10/20/15 2012 12-37yrs Retail Property in Jenks, OK 8,834 2,617 8,694 2,107 — 2,617 8,694 2,107 13,418 (754 ) 10/19/15 2009 9-38yrs Retail Property in Bloomington, IL 820 173 984 137 — 173 984 137 1,294 (73 ) 10/14/15 2015 15-40yrs Retail Property in Montrose, MN 787 149 876 168 — 149 876 168 1,193 (92 ) 10/14/15 2015 15-30yrs Retail Property in Lincoln County , MO 741 149 800 187 — 149 800 187 1,136 (64 ) 10/14/15 2015 15-40yrs Retail Property in Wilmington, IL 906 161 1,078 160 — 161 1,078 160 1,399 (80 ) 10/07/15 2015 15-40yrs Retail Property in Danville, IL 742 158 870 132 — 158 870 132 1,160 (61 ) 10/07/15 2015 15-40yrs Retail Property in Moultrie, GA 933 170 962 173 — 170 962 173 1,305 (101 ) 09/22/15 2014 14-44yrs Retail Property in Rose Hill, NC 1,004 245 972 204 — 245 972 204 1,421 (98 ) 09/22/15 2014 14-44yrs Retail Property in Rockingham, NC 824 73 922 163 — 73 922 163 1,158 (87 ) 09/22/15 2014 14-44yrs Retail Property in Biscoe, NC 863 147 905 164 — 147 905 164 1,216 (89 ) 09/22/15 2014 14-44yrs Retail Property in De Soto, IA 706 139 796 176 — 139 796 176 1,111 (71 ) 09/08/15 2015 15-35yrs Retail Property in Kerrville, TX 769 186 849 200 — 186 849 200 1,235 (89 ) 08/28/15 2015 15-35yrs Retail Property in Floresville, TX 815 268 828 216 — 268 828 216 1,312 (91 ) 08/28/15 2015 15-35yrs Retail Property in Minot, ND 4,701 1,856 4,472 618 — 1,856 4,472 618 6,946 (358 ) 08/19/15 2012 13-38yrs Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Lebanon, MO 821 359 724 179 — 359 724 179 1,262 (65 ) 08/14/15 2015 15-40yrs Retail Property in Effingham County, IL 821 273 774 204 — 273 774 204 1,251 (74 ) 08/10/15 2015 15-40yrs Retail Property in Ponce, Puerto Rico 6,526 1,365 6,662 1,318 — 1,365 6,662 1,318 9,345 (550 ) 08/03/15 2012 12-37yrs Retail Property in Tremont, IL 791 164 860 168 — 164 860 168 1,192 (82 ) 06/25/15 2015 15-35yrs Retail Property in Pleasanton, TX 867 311 850 216 — 311 850 216 1,377 (95 ) 06/24/15 2015 15-35yrs Retail Property in Peoria, IL 857 180 934 179 — 180 934 179 1,293 (90 ) 06/24/15 2015 15-35yrs Retail Property in Bridgeport, IL 824 192 874 176 — 192 874 176 1,242 (84 ) 06/24/15 2015 15-35yrs Retail Property in Warren, MN 697 108 825 156 — 108 825 156 1,089 (95 ) 06/24/15 2015 15-30yrs Retail Property in Canyon Lake, TX 910 291 932 220 — 291 932 220 1,443 (100 ) 06/18/15 2015 15-35yrs Retail Property in Wheeler, TX 718 53 887 187 — 53 887 187 1,127 (94 ) 06/18/15 2015 15-35yrs Retail Property in Aurora, MN 630 126 709 157 — 126 709 157 992 (68 ) 06/18/15 2015 15-40yrs Retail Property in Red Oak, IA 778 190 839 180 — 190 839 180 1,209 (102 ) 05/07/15 2014 15-35yrs Retail Property in Zapata, TX 746 62 998 144 — 62 998 144 1,204 (126 ) 05/07/15 2015 15-35yrs Retail Property in St. Francis, MN 732 105 911 163 — 105 911 163 1,179 (126 ) 03/26/15 2014 15-35yrs Retail Property in Yorktown, TX 784 97 1,005 198 — 97 1,005 198 1,300 (136 ) 03/25/15 2015 15-35yrs Retail Property in Battle Lake, MN 719 136 875 156 — 136 875 156 1,167 (131 ) 03/25/15 2014 15-30yrs Retail Property in Paynesville, MN 804 246 816 191 — 246 816 191 1,253 (110 ) 03/05/15 2015 15-40yrs Retail Property in Wheaton, MO 651 73 800 96 — 73 800 96 969 (93 ) 03/05/15 2015 15-40yrs Retail Property in Rotterdam, NY 8,905 2,530 7,924 2,165 — 2,530 7,924 2,165 12,619 (1,795 ) 03/03/15 1996 8-20yrs Retail Property in Hilliard, OH 4,579 654 4,870 860 — 654 4,870 860 6,384 (513 ) 03/02/15 2007 12-41yrs Retail Property in Niles, OH 3,721 437 4,084 679 — 437 4,084 679 5,200 (427 ) 03/02/15 2007 12-41yrs Retail Property in Youngstown, OH 3,838 380 4,363 657 — 380 4,363 657 5,400 (469 ) 02/20/15 2005 12-40yrs Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Kings Mountain, NC 18,674 1,368 19,533 3,266 4,850 1,368 24,383 3,266 29,017 (3,137 ) 01/29/15 1995 10-35yrs Retail Property in Iberia, MO 896 130 1,033 165 — 130 1,033 165 1,328 (127 ) 01/23/15 2015 14-39yrs Retail Property in Pine Island, MN 771 112 845 186 — 112 845 186 1,143 (123 ) 01/23/15 2014 15-40yrs Retail Property in Isle, MN 725 120 787 171 — 120 787 171 1,078 (118 ) 01/23/15 2014 15-40yrs Retail Property in Jacksonville, NC 5,688 1,863 5,749 1,020 — 1,863 5,749 1,020 8,632 (670 ) 01/22/15 2014 15-44yrs Retail Property in Evansville, IN 6,436 1,788 6,348 865 — 1,788 6,348 865 9,001 (808 ) 11/26/14 2014 15-35yrs Retail Property in Woodland Park, CO 2,804 668 2,681 621 — 668 2,681 621 3,970 (434 ) 11/14/14 2014 15-35yrs Retail Property in Bellport, NY 12,848 3,601 12,465 2,035 — 3,601 12,465 2,035 18,101 (1,693 ) 11/13/14 2014 15-35yrs Retail Property in Ankeny, IA 11,719 3,180 10,513 2,843 — 3,180 10,513 2,843 16,536 (1,497 ) 11/04/14 2013 14-39yrs Retail Property in Springfield, MO 8,366 3,658 6,296 1,870 — 3,658 6,296 1,870 11,824 (978 ) 11/04/14 2011 12-37yrs Retail Property in Cedar Rapids, IA 7,808 1,569 7,553 1,878 — 1,569 7,553 1,878 11,000 (1,262 ) 11/04/14 2012 10-30yrs Retail Property in Fairfield, IA 7,595 1,132 7,779 1,800 — 1,132 7,779 1,800 10,711 (1,091 ) 11/04/14 2011 12-37yrs Retail Property in Owatonna, MN 7,129 1,398 7,125 1,564 — 1,398 7,125 1,564 10,087 (1,045 ) 11/04/14 2010 11-36yrs Retail Property in Muscatine, IA 5,113 1,060 6,636 1,307 — 1,060 6,636 1,307 9,003 (1,037 ) 11/04/14 2013 10-29yrs Retail Property in Sheldon, IA 3,075 633 3,053 709 — 633 3,053 709 4,395 (447 ) 11/04/14 2011 12-37yrs Retail Property in Memphis, TN 3,922 1,986 2,800 804 — 1,986 2,800 804 5,590 (899 ) 10/24/14 1962 5-15yrs Retail Property in Bennett, CO 2,490 470 2,503 563 — 470 2,503 563 3,536 (424 ) 10/02/14 2014 14-34yrs Retail Property in Conyers, GA 22,837 876 27,396 4,258 — 876 27,396 4,258 32,530 (3,346 ) 08/28/14 2014 15-45yrs Retail Property in O'Fallon, IL 5,686 2,488 5,388 1,063 — 2,488 5,388 1,063 8,939 (1,726 ) 08/08/14 1984 7-15yrs Retail Property in El Centro, CA 2,984 569 3,133 575 — 569 3,133 575 4,277 (417 ) 08/08/14 2014 15-50yrs Retail Property in Durant, OK 3,233 594 3,900 497 — 594 3,900 497 4,991 (644 ) 01/28/13 2007 10-40yrs Retail Property in Gallatin, TN 3,304 1,725 2,616 721 — 1,725 2,616 721 5,062 (580 ) 12/28/12 2007 11-40yrs Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Mt. Airy, NC 2,934 729 3,353 621 — 729 3,353 621 4,703 (663 ) 12/27/12 2007 9-39yrs Retail Property in Aiken, SC 3,865 1,588 3,480 858 — 1,588 3,480 858 5,926 (708 ) 12/21/12 2008 11-41yrs Retail Property in Johnson City, TN 3,435 917 3,607 739 — 917 3,607 739 5,263 (713 ) 12/21/12 2007 11-40yrs Retail Property in Palmview, TX 4,562 938 4,837 1,045 — 938 4,837 1,045 6,820 (818 ) 12/19/12 2012 11-44yrs Retail Property in Ooltewah, TN 3,821 903 3,957 842 — 903 3,957 842 5,702 (763 ) 12/18/12 2008 11-41yrs Retail Property in Abingdon, VA 3,068 682 3,733 665 — 682 3,733 665 5,080 (727 ) 12/18/12 2006 11-41yrs Retail Property in Wichita, KS 4,781 1,187 4,850 1,162 — 1,187 4,850 1,162 7,199 (1,230 ) 12/14/12 2012 14-34yrs Retail Property in North Dartmouth, MA 18,948 7,033 19,745 3,187 — 7,033 19,745 3,187 29,965 (6,448 ) 09/21/12 1989 10-20yrs Retail Property in Vineland, NJ 13,909 1,482 17,742 3,282 — 1,482 17,742 3,282 22,506 (4,509 ) 09/21/12 2003 12-30yrs Retail Property in Saratoga Springs, NY 12,497 748 13,936 5,538 — 748 13,936 5,538 20,222 (4,209 ) 09/21/12 1994 15-27yrs Retail Property in Waldorf, MD 11,620 4,933 11,684 2,882 — 4,933 11,684 2,882 19,499 (3,610 ) 09/21/12 1999 10-25yrs Retail Property in Mooresville, NC 10,904 2,615 12,462 2,567 — 2,615 12,462 2,567 17,644 (3,803 ) 09/21/12 2000 12-24yrs Retail Property in Sennett, NY 4,727 1,147 4,480 1,849 — 1,147 4,480 1,849 7,476 (1,678 ) 09/21/12 1996 10-23yrs Retail Property in DeLeon Springs, FL 818 239 782 222 — 239 782 222 1,243 (266 ) 08/13/12 2011 15-35yrs Retail Property in Orange City, FL 797 229 853 235 — 229 853 235 1,317 (280 ) 05/23/12 2011 15-35yrs Retail Property in Satsuma, FL 718 79 821 192 — 79 821 192 1,092 (272 ) 04/19/12 2011 15-35yrs Retail Property in Greenwood, AR 3,409 1,038 3,415 694 — 1,038 3,415 694 5,147 (740 ) 04/12/12 2009 13-43yrs Retail Property in Snellville, GA 5,314 1,293 5,724 983 — 1,293 5,724 983 8,000 (1,496 ) 04/04/12 2011 14-34yrs Retail Property in Columbia, SC 5,169 2,148 4,629 1,023 — 2,148 4,629 1,023 7,800 (1,264 ) 04/04/12 2001 14-34yrs Retail Property in Millbrook, AL 4,596 970 5,971 — — 970 5,971 — 6,941 (1,083 ) 03/28/12 2008 32yrs Retail Property in Pittsfield, MA 11,109 1,801 11,556 1,344 — 1,801 11,556 1,343 14,700 (2,568 ) 02/17/12 2011 14-34yrs Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Spartanburg, SC 2,652 828 2,567 772 — 828 2,566 772 4,166 (798 ) 01/14/11 2007 12-42yrs Retail Property in Tupelo, MS 3,090 1,119 3,070 939 — 1,120 3,070 938 5,128 (933 ) 08/13/10 2007 12-47yrs Retail Property in Lilburn, GA 3,474 1,090 3,669 1,028 — 1,090 3,673 1,028 5,791 (1,078 ) 08/12/10 2007 12-47yrs Retail Property in Douglasville, GA 3,264 1,717 2,705 987 — 1,717 2,705 987 5,409 (851 ) 08/12/10 2008 13-48yrs Retail Property in Elkton, MD 2,928 963 3,049 860 — 963 3,050 860 4,873 (902 ) 07/27/10 2008 14-49yrs Retail Property in Lexington, SC 2,898 1,644 2,219 869 — 1,644 2,219 870 4,733 (770 ) 06/28/10 2009 13-48yrs Total Net Lease 495,949 112,998 532,124 112,381 4,952 112,999 537,086 112,370 762,455 (79,195 ) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Office in Crum Lynne, PA 6,034 1,403 7,518 1,666 — 1,403 7,518 1,666 10,587 (78 ) 09/29/17 1999 12-35yrs Apartment Building in Miami, FL — 12,643 24,532 968 10 12,643 24,357 968 37,968 (963 ) 08/31/17 1987 5-35yrs Mobile Home Park in El Monte, CA — 41,168 4,873 8,069 — 41,168 4,873 8,069 54,110 (1,218 ) 04/12/17 1968 5-25yrs Office in Peoria, IL — 940 439 1,507 340 939 779 1,508 3,226 (177 ) 10/21/16 1926 5-15yrs Office in Wayne, NJ 21,818 2,744 20,212 8,323 — 2,743 20,212 8,324 31,279 (1,805 ) 08/04/16 2009 15-45yrs Shopping Center in Carmel, NY — 2,041 3,632 1,033 509 2,041 4,141 1,033 7,215 (653 ) 10/14/15 1985 5-20yrs Office in Wayne, NJ 6,658 1,386 5,474 2,839 — 1,385 5,474 2,840 9,699 (1,057 ) 06/24/15 1980 10-40yrs Warehouse in Grand Rapids, MI 7,226 497 8,157 1,077 — 497 8,157 1,077 9,731 (968 ) 06/18/15 1963 8-35yrs Office in Grand Rapids, MI 4,918 547 5,157 597 — 547 5,157 597 6,301 (850 ) 06/18/15 1992 6-28yrs Office in St. Paul, MN 47,620 9,415 33,679 20,570 5,020 10,715 37,448 20,521 68,684 (18,076 ) 09/22/14 1900 7-19yrs Office in Richmond, VA 15,796 4,539 12,633 2,707 1,135 4,539 13,771 2,704 21,014 (4,912 ) 08/14/14 1986 4-33yrs Office in Richmond, VA 86,679 14,632 87,629 17,657 5,758 14,633 93,433 17,610 125,676 (35,104 ) 06/07/13 1984 4-41yrs Office in Oakland County, MI — 1,148 7,707 9,930 6,766 1,147 14,472 9,932 25,551 (14,073 ) 02/01/13 1989 4-35yrs Total Other 196,749 93,103 221,642 76,943 19,538 94,400 239,792 76,849 411,041 (79,934 ) Condominium in Miami, FL — 10,487 67,903 1,618 1,522 1,693 12,127 271 14,091 (1,313 ) 11/21/13 2010 7-47yrs Condominium in Las Vegas, NV — 4,900 114,100 — 1,342 4,900 617 — 5,517 (621 ) 12/20/12 2006 40yrs Total Condominium — 15,387 182,003 1,618 2,864 6,593 12,744 271 19,608 (1) (1,934 ) Total Real Estate $ 692,698 $ 221,488 $ 935,769 $ 190,942 $ 27,354 $ 213,992 $ 789,622 $ 189,490 $ 1,193,104 (2) $ (161,063 ) (1) Gross carrying value amounts are charged off as cost of sales upon delivery of condo units. (2) The aggregate cost for U.S. federal income tax purposes is $1.1 billion at December 31, 2017 . Reconciliation of Real Estate: The following table reconciles real estate from December 31, 2016 to December 31, 2017 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2016 $ 944,346 $ 901,797 $ 42,549 Improvements and additions 270,551 233,561 36,990 Dispositions (21,793 ) — (21,793 ) Balance at December 31, 2017 $ 1,193,104 $ 1,135,358 $ 57,746 The following table reconciles real estate from December 31, 2015 to December 31, 2016 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2015 $ 917,835 $ 842,140 $ 75,695 Reclassification of intangibles to accumulated amortization 1,316 1,316 — Improvements and additions 75,345 72,963 2,382 Dispositions (50,150 ) (14,622 ) (35,528 ) Balance at December 31, 2016 $ 944,346 $ 901,797 $ 42,549 The following table reconciles real estate from December 31, 2014 to December 31, 2015 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2014 $ 819,591 $ 697,965 $ 121,626 Improvements and additions 232,582 230,915 1,667 Acquisitions through foreclosures 6,706 6,706 — Dispositions (141,044 ) (93,446 ) (47,598 ) Balance at December 31, 2015 $ 917,835 $ 842,140 $ 75,695 Reconciliation of Accumulated Depreciation and Amortization: The following table reconciles accumulated depreciation and amortization from December 31, 2016 to December 31, 2017 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2016 $ 122,008 $ 118,630 $ 3,378 Additions 41,332 40,508 824 Dispositions (2,277 ) (2,277 ) Balance at December 31, 2017 $ 161,063 $ 159,138 $ 1,925 The following table reconciles accumulated depreciation and amortization from December 31, 2015 to December 31, 2016 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2015 $ 83,056 $ 78,376 $ 4,680 Reclassification of intangibles to accumulated amortization 1,316 1,316 — Additions 40,726 39,398 1,328 Dispositions (3,090 ) (460 ) (2,630 ) Balance at December 31, 2016 $ 122,008 $ 118,630 $ 3,378 The following table reconciles accumulated depreciation and amortization from December 31, 2014 to December 31, 2015 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2014 $ 50,605 $ 45,856 $ 4,749 Additions 40,490 38,213 2,277 Dispositions (8,039 ) (5,693 ) (2,346 ) Balance at December 31, 2015 $ 83,056 $ 78,376 $ 4,680

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2017
Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Schedule IV-Mortgage Loans on Real Estate Ladder Capital Corp December 31, 2017 ($ in thousands) Type of Loan Underlying Property Type Interest Rates (1) Effective Maturity Dates Periodic Payment Terms (2) Prior Liens Face amount of Mortgages Carrying Amount of Mortgages Principal Amount of Mortgages Subject to Delinquent Principal or Interest (3) First Mortgages individually >3% First Mortgage Multi-family 2.87% 4/6/2020 IO $ — $ 120,000 $ 119,952 $ — First Mortgage Hotel 5.88% 9/6/2019 IO — 110,000 109,506 — First Mortgages individually <3% First Mortgage Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Retail, Self Storage 3.50% - 14.50% 2017 - 2033 — 3,143,315 3,123,990 26,850 Total First Mortgages $ — $ 3,373,315 $ 3,353,448 $ 26,850 Subordinated Mortgages individually <3% Subordinate Mortgage Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Retail, Self Storage 6.04% - 15.00% 2017 - 2027 1,260,294 159,921 159,194 — Total Subordinated Mortgages $ 1,260,294 $ 159,921 $ 159,194 $ — Total Mortgages $ 1,260,294 $ 3,533,236 $ 3,512,642 $ 26,850 Provision for Loan Losses N/A N/A $ (4,000 ) N/A Total Mortgages after Provision for Loan Losses $ 1,260,294 $ 3,533,236 $ 3,508,642 (4) $ 26,850 (1) Interest rates as of December 31, 2017 . (2) IO = Interest only. P&I = Principal and interest. (3) As discussed in Note 4. Mortgage Loan Receivables , as of December 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. (4) The aggregate cost for U.S. federal income tax purposes is $3.5 billion . Reconciliation of mortgage loans on real estate: The following tables reconcile mortgage loans on real estate from December 31, 2014 to December 31, 2017 ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans held by consolidated subsidiaries Provision for loan losses Mortgage loan receivables held for sale Total Mortgage loan receivables Balance December 31, 2016 $ 2,000,095 $ (4,000 ) $ 357,882 $ 2,353,977 Origination of mortgage loan receivables 1,407,669 — 1,465,635 2,873,304 Purchases of mortgage loan receivables 94,079 — — 94,079 Repayment of mortgage loan receivables (384,283 ) — (2,569 ) (386,852 ) Proceeds from sales of mortgage loan receivables — — (1,491,092 ) (1,491,092 ) Realized gain on sale of mortgage loan receivables — — 54,046 54,046 Transfer between held for investment and held for sale 153,722 — (153,722 ) — Accretion/amortization of discount, premium and other fees 11,180 — — 11,180 Loan loss provision — — — — Balance December 31, 2017 $ 3,282,462 $ (4,000 ) $ 230,180 $ 3,508,642 Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans held by consolidated subsidiaries Provision for loan losses Mortgage loan receivables held for sale Total Mortgage loan receivables Balance December 31, 2015 $ 1,742,345 $ (3,700 ) $ 571,764 $ 2,310,409 Origination of mortgage loan receivables 969,401 — 1,128,651 2,098,052 Purchases of mortgage loan receivables — — 73,421 73,421 Repayment of mortgage loan receivables (720,592 ) — (1,768 ) (722,360 ) Proceeds from sales of mortgage loan receivables — — (1,440,195 ) (1,440,195 ) Realized gain on sale of mortgage loan receivables — — 26,009 26,009 Accretion/amortization of discount, premium and other fees 8,941 — — 8,941 Loan loss provision — (300 ) — (300 ) Balance December 31, 2016 $ 2,000,095 $ (4,000 ) $ 357,882 $ 2,353,977 Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans held by consolidated subsidiaries Provision for loan losses Mortgage loan receivables held for sale Total Mortgage loan receivables Balance December 31, 2014 $ 1,524,153 $ (3,100 ) $ 417,955 $ 1,939,008 Origination of mortgage loan receivables 963,023 — 2,594,141 3,557,164 Repayment of mortgage loan receivables (752,452 ) — (2,308 ) (754,760 ) Proceeds from sales of mortgage loan receivables — — (2,509,090 ) (2,509,090 ) Non-cash disposition of loan via foreclosure (4,620 ) — — (4,620 ) Realized gain on sale of mortgage loan receivables — — 71,066 71,066 Accretion/amortization of discount, premium and other fees 12,241 — — 12,241 Loan loss provision — (600 ) — (600 ) Balance December 31, 2015 $ 1,742,345 $ (3,700 ) $ 571,764 $ 2,310,409

SIGNIFICANT ACCOUNTING POLICI34

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Accounting and Principles of Combination and Consolidation	Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“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. 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. See Note 3 for further information on the Company’s consolidated variable interest entities. 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.
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 (liability); • amounts payable pursuant to the Tax Receivable Agreement; • determination of effective yield for recognition of interest income; • adequacy of provision for loan losses; • determination of other than temporary impairment of real estate securities and investments in unconsolidated joint ventures; • certain estimates and assumptions used in the accrual of incentive compensation and calculation of the fair value of equity compensation issued to employees; • determination of the effective tax rate for income tax provision; and • certain estimates and assumptions used in the allocation of revenue and expenses for our segment reporting.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all investments with original maturities of three months or less, at the time of acquisition, to be cash equivalents. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of December 31, 2017 and 2016 .
Restricted Cash	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.
Mortgage Loans Receivable Held for Investment	Mortgage Loan Receivables Held for Investment Loans that the Company has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for loan losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the interest method, adjusted for actual prepayments. Upon the decision to sell such loans, the Company will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value less cost to sell on the consolidated balance sheets. The Company evaluates each loan classified as a mortgage loan receivable held for investment for impairment at least quarterly. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s contractual effective rate or the fair value of the collateral, if recovery of the Company’s investment is expected solely from the collateral. The Company’s loans are typically collateralized by real estate. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management personnel, who utilize various data sources, including (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and other market data. Upon the completion of the process above, the Company concluded that no loans originated by the Company were impaired as of December 31, 2017 and 2016 . Significant judgment is required when evaluating loans for impairment, therefore actual results over time could be materially different. In addition, the Company assesses a portfolio-based loan loss provision. The Company estimates its loan loss provision based on its historical loss experience and expectation of losses inherent in the investment portfolio but not yet realized. Since inception, the Company has had no events of impairment on any of the loans it has originated, however, to ensure that the risk exposures are properly measured and the appropriate reserves are taken, the Company assesses a loan loss provision balance that will grow over time with its portfolio and the related risk as the assets are aged and approach maturity and ultimate refinancing where applicable.
Mortgage Loan Receivables Held for Sale	Mortgage Loan Receivables Held for Sale Mortgage loan receivables held for sale are first mortgage loans that are secured by cash-flowing commercial real estate and are available for sale to securitizations. Mortgage loan receivables held for sale are recorded at lower of cost or market value.
Real Estate Securities	Real Estate Securities The Company classifies its real estate securities investments on the date of acquisition of the investment. Real estate securities that the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are designated as available-for-sale and are carried at estimated fair value with the net unrealized gains or losses on all securities, except for Government National Mortgage Association (“GNMA”) interest-only and Federal Home Loan Mortgage Corp (“FHLMC”) interest-only securities (collectively, “Agency interest-only securities”), recorded as a component of other comprehensive income (loss) in shareholders’ equity. As more fully described in Note 4 , certain securities which were purchased from the LCCM LC-26 securitization trust are designated as risk retention securities under the Dodd-Frank Act which are subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in earnings in the consolidated statements of income in accordance with ASC 815. The Company’s recognition of interest income from its Agency interest-only and all other securities, including effective interest from amortization of premiums, follows the Company’s Revenue Recognition policy, as disclosed within this Note for recognizing interest income on its securities. The interest income recognized from the Company’s Agency interest-only securities is recorded in interest income on the consolidated statements of income. The Company uses the specific identification method when determining the cost of securities sold and the amount of gain (loss) on securities recognized in earnings. The Company accounts for the changes in the fair value of the unfunded portion of its GNMA Construction securities, which are included in real estate securities, available-for-sale, on the consolidated balance sheet, as available for sale securities. Unrealized losses on securities that, in the judgment of management, are other than temporary are charged against earnings as a loss in the consolidated statements of income. When the estimated fair value of an available-for-sale security is less than amortized cost, the Company will consider whether there is an other-than-temporary impairment in the value of the security. An impairment will be considered other-than-temporary based on consideration of several factors, including (i) if the Company intends to sell the security, (ii) if it is more likely than not that the Company will be required to sell the security before recovering its cost, or (iii) the Company does not expect to recover the security’s cost basis (i.e., a credit loss). A credit loss will have occurred if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis. If the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is other-than-temporary and will be recognized currently in earnings equal to the entire difference between fair value and amortized cost. If a credit loss exists, but the Company does not intend to, nor is it more likely than not that it will be required to sell before recovery, the impairment is other-than-temporary and will be separated into (i) the estimated amount relating to the credit loss, and (ii) the amount relating to all other factors. Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss recognized in other comprehensive income. Estimating cash flows and determining whether there is other-than-temporary impairment require management to exercise judgment and make significant assumptions, including, but not limited to, assumptions regarding estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses, and the timing of income recognized on these securities, could differ from reported amounts. The Company utilizes an internal model as its primary pricing source to develop its prices for its commercial mortgage-backed securities (“CMBS”) and other commercial real estate securities guaranteed by a U.S. governmental agency or by a government sponsored entity (together, “U.S. Agency Securities”). Different judgments and assumptions could result in materially different estimates of fair value. To confirm its own valuations, the Company requests prices for each of its CMBS and U.S. Agency Securities investments from three different sources, including third parties that provide pricing services and brokers, although since broker quotes for the same or similar securities in which Ladder has invested are non-binding, the Company does not consider them to be a primary source for valuation. The Company may also develop a price for a security based on its direct observations of market activity and other observations. Typically, at least two prices per security are obtained. Prior to using a third-party pricing service for valuation, the Company develops an understanding of the valuation methodologies used by such pricing services through discussions with their representatives and review of their valuation methodologies used for different types of securities. The Company understands that the pricing services develop estimates of fair value for CMBS and U.S. Agency Securities using various techniques, including discussion with their internal trading desks, proprietary models and matrix pricing approaches. The Company does not have access to, and is therefore not able to review in detail, the inputs used by the pricing services in developing their estimates of fair value. However, on at least a monthly basis as part of our closing process, the Company evaluates the fair value information provided by the pricing services by comparing this information for reasonableness against its direct observations of market activity for similar securities and anecdotal information obtained from market participants that, in its assessment, is relevant to the determination of fair value. This process may result in the Company “challenging” the estimate of fair value for a security if it is unable to reconcile the estimate provided by the pricing service with its assessment of fair value for the security. Accordingly, in following this approach, the Company’s objective is to ensure that the information used by pricing services in their determination of fair value of securities is reasonable and appropriate. Since inception, the Company has not encountered significant variation in the values obtained from the various pricing sources. In the extremely limited occasions where the prices received were challenged, the challenge resulted in the prices provided by the pricing services being updated to reflect current market updates or cash flow assumptions.
Real Estate	Real Estate The Company generally acquires real estate assets through cash purchases. Based on the Company’s strategic plan to realize the maximum value from the real estate acquired, properties are classified as Real estate, net or Real estate held for sale in the consolidated balance sheets. When the Company intends to hold, operate or develop the property for a period of at least 12 months, assets are classified as Real estate, net, and when the Company intends to market these properties for sale in the near term, assets are classified as Real estate held for sale in the consolidated balance sheets. The Company records acquired real estate at cost and makes assessments as to the useful lives of depreciable assets. The Company considers the period of future benefit of the asset to determine its appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful life of 20 to 47 years for buildings, four to 15 years for building fixtures and improvements and the remaining lease term for acquired intangible lease assets. The Company classifies most of its investments in real estate as held and used. The Company measures and records a property that is classified as held and used at its carrying amount, adjusted for any depreciation expense and impairments, as applicable and are included in Real estate, net in the consolidated balance sheets. Certain of the Company’s real estate is leased to others on a net lease basis where the tenant is generally responsible for payment of real estate taxes, property, building and general liability insurance and property and building maintenance. These leases are for fixed terms of varying length and provide for annual rentals. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The cumulative excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable within other assets in the consolidated balance sheets.
Allocation of Purchase Price for Acquired Real Estate	Allocation of Purchase Price for Acquired Real Estate In accordance with the guidance for business combinations, the Company determines whether a transaction or other event is a business combination. If the transaction is determined to be a business combination, the Company determines if the transaction should be considered to be between entities under common control. The acquisition of an entity under common control is accounted for on the carryover basis of accounting whereby the assets and liabilities of the companies are recorded on the same basis as they were carried by the company under common control. All other business combinations, including rental property, are accounted for by applying the acquisition method of accounting. The Company will immediately expense acquisition related costs and fees associated with such acquisitions. Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases, (ii) in-place leases and (iii) tenant relationships. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed exceed the purchase consideration of a transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The value of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships but in no event do the amortization periods for intangible assets exceed the depreciable lives of the buildings. If a tenant terminates its lease, the unamortized portion of the in-place lease value and tenant relationship intangibles are charged to expense. The fair value of other investments and debt assumed are valued using techniques consistent with those disclosed in Note 9 , depending on the nature of the investments or debt. The fair value of other assumed assets and liabilities are based on best information available at the time of the acquisition.
Impairment of Property Held for Use	Impairment of Property Held for Use On a periodic basis, management assesses whether there are any indicators that the value of the Company’s properties classified as held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, current and historical operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without debt service charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future.
Real Estate Held for Sale	Real Estate Held for Sale In accordance with accounting guidance found in ASC Topic 360 - Property, Plant, and Equipment (“ASC 360”), when assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, an impairment charge will be recorded in the consolidated statements of income. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used. A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell.
Sales of Real Estate	Sales of Real Estate Gains on sales of real estate are recognized pursuant to the provisions included in ASC 360-20, Real Estate Sales (“ASC 360-20”). The specific timing of a sale is measured against various criteria in ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, depending on the circumstances, the Company may not record a sale or it may record a sale but may defer some or all of the gain recognition. If the criteria for full accrual are not met, the Company may account for the transaction by applying the finance, leasing, profit sharing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria for the full accrual method are met.
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as investments in unconsolidated joint ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. The Company classifies distributions received from its 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.
Capitalization of Interest	Capitalization of Interest Capitalization of costs begins when the activities necessary to get the development project ready for its intended use begins, which include costs incurred before the beginning of construction. Capitalization of costs ceases when the development project is substantially complete and ready for its intended use. Determining when a development project commences, and when it is substantially complete and ready for its intended use involves a degree of judgment. We generally consider a development project to be substantially complete and ready for its intended use upon receipt of a certificate of occupancy. We cease cost capitalization if activities necessary for the development of the property have been suspended. Capitalized costs are allocated to the specific components of a project that are benefited. Interest shall be capitalized for investments accounted for by the equity method while the investee has activities in progress necessary to commence its planned principal operations, provided that the investee’s activities include the use of funds to acquire qualifying assets for its operations. The investor’s investment in the investee, not the individual assets or projects of the investee, is the qualifying asset for purposes of interest capitalization.
Valuation of Financial Instruments	Valuation of Financial Instruments Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, fair values are not necessarily indicative of the amounts the Company could realize upon disposition of the financial instruments. Financial instruments with readily available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of pricing observability and will therefore require a lesser degree of judgment to be utilized in measuring fair value. Conversely, financial instruments rarely traded or not quoted will generally have less, or no, pricing observability and will require a higher degree of judgment in measuring fair value. Pricing observability is generally affected by such items as the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction and overall market conditions. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts.
Valuation Hierarchy	Valuation Hierarchy In accordance with the authoritative guidance on fair value measurements and disclosures under ASC 820, Fair Value Measurement, the methodologies used for valuing such instruments have been categorized into three broad levels as follows: Level 1 - Quoted prices in active markets for identical instruments. Level 2 - Valuations based principally on other observable market parameters, including: • Quoted prices in active markets for similar instruments, • Quoted prices in less active or inactive markets for identical or similar instruments, • Other observable inputs (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates), and • Market corroborated inputs (derived principally from or corroborated by observable market data). Level 3 - Valuations based significantly on unobservable inputs. • Valuations based on third-party indications (broker quotes, counterparty quotes or pricing services) which were, in turn, based significantly on unobservable inputs or were otherwise not supportable as Level 2 valuations, and • Valuations based on internal models with significant unobservable inputs. Pursuant to the authoritative guidance, these levels form a hierarchy. The Company follows this hierarchy for its financial instruments measured at fair value on a recurring basis. The classifications are based on the lowest level of input that is significant to the fair value measurement. It is the Company’s policy to determine when transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the reporting period.
Tuebor/Federal Home Loan Bank Membership	Tuebor/Federal Home Loan Bank Membership Tuebor Captive Insurance Company LLC (“Tuebor”), was licensed in Michigan and approved to operate as a captive insurance company as well as being approved to become a member of the Federal Home Loan Bank (“FHLB”), with membership finalized with the purchase of stock, in the FHLB on July 11, 2012. That approval allowed Tuebor to purchase capital stock in the FHLB, the prerequisite to obtaining financing on eligible collateral. Refer to Note 8, Debt Obligations, Net . Each member of the FHLB must purchase and hold FHLB stock as a condition of initial and continuing membership, in proportion to their borrowings from the FHLB and levels of certain assets. Members may need to purchase additional stock to comply with these capital requirements from time to time. FHLB stock is redeemable by Tuebor upon five (5) years’ prior written notice, subject to certain restrictions and limitations. Under certain conditions, the FHLB may also, at its sole discretion, repurchase FHLB stock from its members. The Company records its investment in FHLB stock at its par value and the FHLB stock is expected to be repurchased by the FHLB at its par value.
Debt Issuance Costs	Debt Issued From time to time, a subsidiary of the Company will originate a loan (each, an “Intercompany Loan,” and collectively, “Intercompany Loans”) to another subsidiary of the Company to finance the purchase of real estate. The mortgage loan receivable and the related obligation do not appear in the Company’s consolidated balance sheets as they are eliminated upon consolidation. Once the Company issues (sells) an Intercompany Loan to a third-party securitization trust (for cash), the related mortgage note is held for the first time by a creditor external to the Company. The accounting for the securitization of an Intercompany Loan—a financial instrument that has never been recognized in our consolidated financial statements as an asset—is considered a financing transaction under ASC 470, Debt, and ASC 835, Interest. The periodic securitization of the Company’s mortgage loans involves both Intercompany Loans and mortgage loans made to third parties with the latter recognized as financial assets in the Company’s consolidated financial statements as part of an integrated transaction. The Company receives aggregate proceeds equal to the transaction’s all-in securitization value and sales price. In accordance with the guidance under ASC 835, when initially measuring the obligation arising from an Intercompany Loan’s securitization, the Company allocates the proceeds from each securitization transaction between the third-party loans and each Intercompany Loan so securitized on a relative fair value basis determined in accordance with the guidance in ASC 820, Fair Value Measurement. The difference between the amount allocated to each Intercompany Loan and the loan’s face amount is recorded as a premium or discount, and is amortized, using the effective interest method, as a reduction or increase in reported interest expense, respectively. Debt Issuance Costs In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Beginning April 1, 2015, the Company elected to early adopt ASU 2015-03 and appropriately retrospectively applied the guidance to its senior unsecured notes, to all periods presented. Unamortized debt issuance costs of $14.1 million are included in senior unsecured notes as of December 31, 2017 , and unamortized debt issuance costs of $4.0 million are included in senior unsecured notes as of December 31, 2016 . This new guidance is framed around how to account for costs related to term debt and it does not address how to present fees paid to lenders or other costs to secure revolving lines of credit, which are, at the outset, not associated with an outstanding borrowing. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), which amends ASC 835-30, Interest - Imputation of Interest. This update clarifies the presentation and subsequent measurement of debt issuance costs associated with lines of credit. These costs may be deferred and presented as an asset and subsequently amortized ratably over the term of the revolving debt arrangement. The Company considers its committed loan master repurchase facilities, borrowings under credit agreement and revolving credit facility to be revolving debt arrangements. Refer to Note 8, Debt Obligations, Net .
Derivative Instruments	Derivative Instruments In the normal course of business, the Company is exposed to the effect of interest rate changes and may undertake a strategy to limit these risks through the use of derivatives. To address exposure to interest rates, the Company uses derivatives primarily to economically hedge the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The Company may use a variety of derivative instruments that are considered conventional, or “plain vanilla” derivatives, including interest rate swaps, futures, caps, collars and floors, to manage interest rate risk. To determine the fair value of derivative instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date. Standard market conventions and techniques such as discounted cash flow analysis, option-pricing models, and termination cost may be used to determine fair value. All such methods of measuring fair value for derivative instruments result in an estimate of fair value, and such value may never actually be realized. The Company recognizes all derivatives on the consolidated balance sheets at fair value. The Company does not generally designate derivatives as hedges to qualify for hedge accounting for financial reporting purposes and therefore any net payments under, or fluctuations in the fair value of, these derivatives have been recognized currently in net result from derivative transactions in the accompanying consolidated statements of income. The Company records derivative asset and liability positions on a gross basis with any collateral posted with or received from counterparties recorded separately on the Company’s consolidated balance sheets.
Repurchase Agreements	Repurchase Agreements The Company finances certain of its mortgage loan receivables held for sale, a portion of its mortgage loan receivables held for investment and the majority of its real estate securities using repurchase agreements. Under a repurchase agreement, an asset is sold to a counterparty to be repurchased at a future date at a predetermined price, which represents the original sales price plus interest. The Company accounts for these repurchase agreements as financings under ASC 860-10-40. Under this standard, for these transactions to be treated as financings, they must be separate transactions and not linked. If the Company finances the purchase of its mortgage loan receivables held for sale, mortgage loan receivables held for investment and real estate securities with repurchase agreements with the same counterparty from which the securities are purchased and both transactions are entered into contemporaneously or in contemplation of each other, the transactions are presumed under GAAP to be part of the same arrangement, or a “Linked Transaction,” unless certain criteria are met.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Code effective January 1, 2015. The Company is subject to federal income taxation at corporate rates on its REIT taxable income; however, the Company is allowed a deduction for the amount of dividends paid to its stockholders, thereby subjecting the distributed net income of the Company to taxation at the stockholder level only. Any income associated with a TRS is fully taxable because a TRS is subject to federal and state income taxes as a domestic C corporation based upon its net income. The Company is also subject to U.S. federal income tax (and possibly state and local taxes) to the extent it recognizes any “built-in gains” that existed as of the date of the REIT Election for the five year period following the REIT Election. The Company intends to continue to operate in a manner consistent with and to elect to be treated as a REIT for tax purposes. Prior to electing REIT status, a portion of the Company’s income was subject to U.S. federal, state and local corporate income taxes and taxed at the prevailing corporate tax rates in addition to being subject to NYC UBT. Prior to February 11, 2014, the Company’s predecessor had not been subject to U.S. federal income taxes as the predecessor entity is a Limited Liability Limited Partnership, but had been subject to the New York City Unincorporated Business Tax (“NYC UBT”). As part of the recently enacted Tax Cuts and Jobs Act, the federal income tax rate applicable to TRS activities has been reduced. The Company has adjusted its deferred tax positions at the TRSs (including those resulting from the TRA) to reflect the reduced tax rate as part of its 2017 tax provision. The Company accounts for income taxes in accordance with ASC Topic 740 - Income Taxes (“ASC 740”) , which requires the recognition of tax benefits or expenses on the temporary differences between financial reporting and tax bases of assets and liabilities. The Company determines whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement which could result in the Company recording a tax liability that would reduce shareholders’ equity. The Company’s policy is to classify interest and penalties associated with underpayment of U.S. federal and state income taxes, if any, as a component of general and administrative expense on its consolidated statements of income.
Deferred Tax Asset and Amount Due Pursuant to Tax Receivable Agreement	Deferred Tax Asset and Amount Due Pursuant to Tax Receivable Agreement In conjunction with the IPO, the Company is treated for U.S. federal income tax purposes as having directly purchased LP Units in LCFH from the existing unitholders. In the future, additional Series REIT LP Units, LC TRS I Shares (or Series TRS LP Units in lieu of such LC TRS I Shares) and shares of our Class B common stock may be exchanged for shares of Class A common stock in the Company. The initial purchase and these future exchanges may result in an increase in the tax basis of LCFH’s assets attributable to the Company’s interest in LCFH. These increases in the tax basis of LCFH’s assets attributable to the Company’s interest in LCFH would not have been available but for this initial purchase and future exchanges. Such increases in tax basis may increase (for tax purposes) depreciation and amortization deductions and therefore reduce the amount of income tax the Company would otherwise be required to pay in the future. The Tax Receivable Agreement provides for the payment by the Company to the TRA Members of 85% of the amount of cash savings in U.S. federal, state and local income tax or franchise tax that the Company actually realizes as a result of (a) the increase in tax basis attributable to exchanges by the TRA Members and (b) tax benefits related to imputed interest deemed to be paid by the Company as a result of this Tax Receivable Agreement. The Company may benefit from the remaining 15% of cash savings, if any, in income tax that it realizes and record any such estimated tax benefits as an increase to additional paid-in-capital. For purposes of the Tax Receivable Agreement, cash savings in income tax will be computed by comparing the Company’s actual income tax liability to the amount of such taxes that it would have been required to pay had there been no increase to the tax basis of the assets of LCFH as a result of the exchanges and had it not entered into the Tax Receivable Agreement. The term of the Tax Receivable Agreement commenced upon consummation of the IPO and will continue until all such tax benefits have been utilized or expired, unless the Company exercises its right to terminate the Tax Receivable Agreement for an amount based on an agreed value of payments remaining to be made under the agreement. The Company has recorded the estimated tax benefits related to the increase in tax basis and imputed interest as a result of the future exchanges described above as a deferred tax asset in the consolidated statements of financial condition. The amount due to the TRA Members related to the Tax Receivable Agreement as a result of the future exchanges described above is recorded as amount due pursuant to Tax Receivable Agreement in the consolidated statements of financial condition. The Tax Receivable Agreement was amended and restated in connection with our REIT Election, effective as of December 31, 2014 (the “TRA Amendment”), in order to preserve a portion of the potential tax benefits currently existing under the Tax Receivable Agreement that would otherwise be reduced in connection with our REIT Election. The TRA Amendment provides that, in lieu of the existing tax benefit payments under the Tax Receivable Agreement for the 2015 taxable year and beyond, LC TRS I will pay to the TRA Members 85% of the amount of the benefits, if any, that LC TRS I realizes or under certain circumstances (such as a change of control) is deemed to realize as a result of (i) the increases in tax basis resulting from the TRS Exchanges by the TRA Members, (ii) any incremental tax basis adjustments attributable to payments made pursuant to the TRA Amendment, and (iii) any deemed interest deductions arising from payments made by LC TRS I under the TRA Amendment. Under the TRA Amendment, LC TRS I may benefit from the remaining 15% of cash savings in income tax that it realizes, which is in the same proportion realized by the Company under the existing Tax Receivable Agreement. The purpose of the TRA Amendment was to preserve the benefits of the Tax Receivable Agreement to the extent possible in a REIT, although, as a result, the amount of payments made to the TRA Members under the TRA Amendment is expected to be less than would be made under the prior Tax Receivable Agreement. The TRA Amendment continues to share such benefits in the same proportions and otherwise has substantially the same terms and provisions as the prior Tax Receivable Agreement. See Note 1 and Note 16 for further discussion of the Tax Receivable Agreement. The expected benefits for prior conversions which have not yet been realized have been reduced as a result of the Tax Cuts and Jobs Act which reduced the corporate federal tax rate in periods subsequent to 2017. The Company adjusted the expected deferred tax benefits and related payable in 2017 to reflect the impact of this change.
Interest Income	Interest Income Interest income is accrued based on the outstanding principal amount and contractual terms of the Company’s loans and securities. Discounts or premiums associated with the purchase of loans and investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected recovery period of the investment. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections. The Company has historically collected, and expects to continue to collect, all contractual amounts due on its originated loans. As a result, the Company does not adjust the projected cash flows to reflect anticipated credit losses for these loans. If the performance of a credit deteriorated security is more favorable than forecasted, the Company will generally accrete more credit discount into interest income than initially or previously expected. These adjustments are made prospectively beginning in the period subsequent to the determination that a favorable change in performance is projected. Conversely, if the performance of a credit deteriorated security is less favorable than forecasted, an other-than-temporary impairment may be taken, and the amount of discount accreted into income will generally be less than previously expected. The effective yield on securities is based on the projected cash flows from each security, which is estimated based on the Company’s observation of the then current information and events and will include assumptions related to interest rates, prepayment rates and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses (if applicable), and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield/interest income recognized on such securities. Actual maturities of the securities are affected by the contractual lives of the associated mortgage collateral, periodic payments of scheduled principal, and repayments of principal. Therefore, actual maturities of the securities will generally be shorter than stated contractual maturities. For loans classified as held for investment and that the Company has not elected to record at fair value under FASB ASC 825, origination fees and direct loan origination costs are recognized in interest income over the loan term as a yield adjustment using the effective interest method. For loans classified as held for sale and that the Company has not elected to record at fair value under FASB ASC 825, origination fees and direct loan origination costs are deferred adjusting the basis of the loan and are realized as a portion of the gain/(loss) on sale of loans when sold. As of December 31, 2017 , the Company did not hold any loans for which the fair value option was elected. For our CMBS rated below AA, which represents 4.1% of the Company’s CMBS portfolio as of December 31, 2017 , cash flows from a security are estimated by applying assumptions used to determine the fair value of such security and the excess of the future cash flows over the investment are recognized as interest income under the effective yield method. The Company will review and, if appropriate, make adjustments to, its cash flow projections at least quarterly and monitor these projections based on input and analysis received from external sources and its judgment about interest rates, prepayment rates, the timing and amount of credit losses and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in interest income recognized and amortization of any premium or discount on, or the carrying value of, such securities. For investments purchased with evidence of deterioration of credit quality for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, the Company will apply the provisions of ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” ASC 310-30 addresses accounting for differences between contractual cash flows and cash flows expected to be collected from an investor’s initial investment in loans or debt securities (loans) acquired in a transfer if those differences are attributable, at least in part, to credit quality. ASC 310-30 limits the yield that may be accreted (accretable yield) to the excess of the investor’s estimate of undiscounted expected principal, interest and other cash flows (cash flows expected at acquisition to be collected) over the investor’s initial investment in the loan. ASC 310-30 requires that the excess of contractual cash flows over cash flows expected to be collected (nonaccretable difference) not be recognized as an adjustment of yield, loss accrual or valuation allowance. Subsequent increases in cash flows expected to be collected generally should be recognized prospectively through adjustment of the loan’s yield over its remaining life. Decreases in cash flows expected to be collected should be recognized as impairment.
Recognition of Operating Lease Income and Tenant Recoveries	Recognition of Operating Lease Income and Tenant Recoveries Operating lease income is recognized on a straight-line basis over the respective lease terms. We classify amounts currently recognized as income, and expected to be received in later years, as assets in other assets in the accompanying consolidated balance sheets. Amounts received currently, but recognized as income in future years, are classified in other liabilities in the accompanying consolidated balance sheets. We commence recognition of operating lease income at the date the property is ready for its intended use and the tenant takes possession of or controls the physical use of the property. Tenant recoveries related to reimbursement of real estate taxes, insurance, utilities, repairs and maintenance, and other operating expenses are recognized as revenue in the period during which the applicable expenses are incurred.
Sales of Loans	Sales of Loans We recognize gains on sale of loans net of any costs related to that sale.
Transfers of Financial Assets	Transfers of Financial Assets For a transfer of financial assets to be considered a sale, the transfer must meet the sale criteria of ASC 860, which, at the time of the transfer, require that the transferred assets qualify as recognized financial assets and the Company surrender control over the assets. Such surrender requires that the assets be isolated from the Company, even in bankruptcy or other receivership, the purchaser have the right to pledge or sell the assets transferred and the Company not have an option or obligation to reacquire the assets. If the sale criteria are not met, the transfer is considered to be a secured borrowing, the assets remain on the Company’s consolidated balance sheets and the sale proceeds are recognized as a liability.
Fee and Other Income	Fee and Other Income Fee and other income is composed of income from the management of our institutional partnership and managed accounts, dividend income on our investment in FHLB stock, as well as from origination fees, exit fees and other fees on the loans we originate and in which we invest. For the year ended December 31, 2015, it also includes a gain on the disposition of a loan, that was not originated by the Company, through foreclosure of real estate. Such foreclosed loan was credit impaired at the time of acquisition, which was reflected in Ladder’s purchase price.
Fee Expense	Fee Expense Fee expense is composed primarily of fees related to financing arrangements, transaction related costs and management fees incurred.
Stock Based Compensation Plan	Stock Based Compensation Plan The Company accounts for its equity-based compensation awards using the fair value method, which requires an estimate of fair value of the award at the time of grant. The Company recognizes the compensation expense related to the time-based vesting criteria on a straight-line basis over the requisite service period. Accruals of compensation cost for an award with a performance condition shall be based on the probable outcome of that performance condition. Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. During the year ended December 31, 2016, the Company made a policy election to account for forfeitures as they occur rather than on an estimated basis.
Change in Accounting Principle	Change in Accounting Principle As more fully described in Note 4 , on June 29, 2017 , the Company completed its first sponsored securitization transaction whereby it transferred $625.7 million of loans to LCCM 2017-LC26 securitization trust. The Company initially concluded that the transfer restrictions placed on the Third Party Purchaser (“TPP”) of the risk retention securities, imposed by the risk retention rules of the Dodd-Frank Act, precluded sale accounting under ASC 860 and, accordingly, the Company originally accounted for the transaction as a financing in its interim financial statements for the periods ended June 30, 2017 and September 30, 2017. As a result of industry discussions, in November 2017 the staff of the Securities and Exchange Commission (the “SEC staff”) indicated that, despite such restrictions, they would not take exception to a registrant treating such transfers as sales if they otherwise met all the criteria for sale accounting. The Company believes treatment of such transfers as sales is more consistent with the substance of such transaction and, accordingly, changed its accounting principle to treat such transfers as sales. In accordance with generally accepted accounting principles, the Company reflected this change in accounting principle retrospectively to prior interim periods within 2017.
Reclassification	Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation.
Recently Adopted and Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 adopted this ASU during the three month period ended December 31, 2017. The only significant impact was the reclassification of a portion of payments received in Interest Only (“I/O”) securities previously reflected as operating cash inflows under prevailing industry practice to investing cash inflows. The Company has reclassified $52.0 million , $70.1 million and $79.1 million between operating and investing activities for the years ended December 31, 2017, 2016 and 2015, respectively. 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 update 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”), that outlined a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and superseded most then-current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. ASU 2014-09 was initially scheduled to become effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period; early adoption was not permitted. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) — Deferral of the Effective Date (“ASU 2015-14”), which deferred the effective date of ASU 2014-09 for one year and permitted early adoption as early as the original effective date of ASU 2014-09. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. In 2016, the FASB issued additional guidance to clarify the implementation guidance, ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”); ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2017-10”); 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”), ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”); and ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers (“ASU 2016-20”). 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”). In September 2017, the FASB issued ASU 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission f Prior SEC Staff Announcements and Observer Comments (SEC Update) (“ASU 2017-13”). In November 2017, the FASB issued ASU 2017-14, Income Statement—Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606) (SEC Update) (“ASU 2017-14”). These amendments provide additional clarification and implementation guidance on the previously issued 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 expects to adopt the standard using the modified retrospective method. 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 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 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 does not currently expect any impact on its consolidated financial statements as the Company (absent a business combination) has no recorded goodwill. 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. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718) (“ASU 2017-09”). The ASU provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. ASU 2017-09 does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions or award classification and would not be required if the changes are considered non-substantive. The amendments of this ASU are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. The adoption of ASU 2017-09 is not expected to have an impact on the Company’s consolidated financial statements. In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception , (“ASU 2017-11”). Part I of this update addresses the complexity of accounting for certain financial instruments with down round features. Down round features are features of certain equity-linked instruments (or embedded features) that result in the strike price being reduced on the basis of the pricing of future equity offerings. Current accounting guidance creates cost and complexity for entities that issue financial instruments (such as warrants and convertible instruments) with down round features that require fair value measurement of the entire instrument or conversion option. Part II of this update addresses the difficulty of navigating Topic 480, Distinguishing Liabilities from Equity , because of the existence of extensive pending content in the FASB Accounting Standards Codification. This pending content is the result of the indefinite deferral of accounting requirements about mandatorily redeemable financial instruments of certain nonpublic entities and certain mandatorily redeemable noncontrolling interests. The amendments in Part II of this update do not have an accounting effect. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently assessing the potential impact of adopting ASU 2017-11 on its financial statements and related disclosures. In January 2018, the FASB issued ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842, (“ASU 2018-01”). This ASU provides an optional transition practical expedient that, if elected, would not require companies to reconsider their accounting for existing or expired land easements before adoption of Topic 842 and that were not previously accounted for as leases under Topic 840. This ASU will be effective January 1, 2019, and early adoption is permitted. The Company is currently assessing the potential impact of adopting ASU 2018-01 on its financial statements and related disclosures. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220), (“ASU 2018-02”). This ASU allows an entity to elect to reclassify the stranded tax effects related to the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive income into retained earnings. This ASU will be effective January 1, 2019, and early adoption is permitted. The Company is currently assessing the potential impact of adopting ASU 2018-02 on its financial statements and related disclosures. Any new accounting standards not disclosed above that have been issued or proposed by FASB and that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption.

CONSOLIDATED VARIABLE INTERES35

CONSOLIDATED VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	In addition, the Operating Partnership consolidates the following VIEs: December 31, 2017 ($ in thousands) CLO Notes 4 & 8 Mortgage loan receivables held for investment, net, at amortized cost $ 880,385 Accrued interest receivable 4,252 Total assets $ 884,637 Senior and unsecured debt obligations $ 689,961 Accrued expenses 794 Total liabilities 690,755 Net equity in VIEs (eliminated in consolidation) 193,882 Total equity 193,882 Total liabilities and equity $ 884,637

MORTGAGE LOAN RECEIVABLES (Tabl

MORTGAGE LOAN RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2017
Mortgage Loans on Real Estate [Abstract]
Schedule of mortgage loan receivables	December 31, 2016 ($ in thousands) Outstanding Face Amount Carrying Value Weighted Average Yield (1) Remaining Maturity (years) Mortgage loans held by consolidated subsidiaries $ 2,011,309 $ 2,000,095 7.17 % 1.66 Provision for loan losses N/A (4,000 ) Mortgage loan receivables held for investment, net, 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. December 31, 2017 ($ in thousands) Outstanding Face Amount Carrying Value Weighted Average Yield (1) Remaining Maturity (years) Mortgage loans held by consolidated subsidiaries(2) $ 3,300,709 $ 3,282,462 7.18 % 1.61 Provision for loan losses N/A (4,000 ) Mortgage loan receivables held for investment, net, at amortized cost 3,300,709 3,278,462 Mortgage loan receivables held for sale 232,527 230,180 4.88 % 8.17 Total $ 3,533,236 $ 3,508,642 7.03 % 2.04 (1) December 31, 2017 London Interbank Offered Rate (“LIBOR”) rates are used to calculate weighted average yield for floating rate loans. (2) Includes amounts relating to consolidated variable interest entities. See Note 3 .
Summary of mortgage loan receivables by loan type	The following table summarizes mortgage loan receivables by loan type ($ in thousands): December 31, 2017 December 31, 2016 Outstanding Face Amount Carrying Value Outstanding Face Amount Carrying Value Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 3,140,788 $ 3,123,268 $ 1,843,006 $ 1,832,626 Mezzanine loans 159,921 159,194 168,303 167,469 Mortgage loan receivables held for investment, net, at amortized cost 3,300,709 3,282,462 2,011,309 2,000,095 Mortgage loan receivables held for sale First mortgage loans 232,527 230,180 360,518 357,882 Total mortgage loan receivables held for sale 232,527 230,180 360,518 357,882 Provision for loan losses N/A (4,000 ) N/A (4,000 ) Total $ 3,533,236 $ 3,508,642 $ 2,371,827 $ 2,353,977
Schedule of activity in loan portfolio	For the years ended December 31, 2017 , 2016 and 2015 , the activity in our loan portfolio was as follows ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans held by consolidated subsidiaries Provision for loan losses Mortgage loan receivables held for sale Balance, December 31, 2016 $ 2,000,095 $ (4,000 ) $ 357,882 Origination of mortgage loan receivables 1,407,669 — 1,465,635 Purchases of mortgage loan receivables 94,079 — — Repayment of mortgage loan receivables (384,283 ) — (2,569 ) (1) Proceeds from sales of mortgage loan receivables — — (1,491,092 ) (2) Realized gain on sale of mortgage loan receivables(3) — — 54,046 Transfer between held for investment and held for sale(4) 153,722 — (153,722 ) Accretion/amortization of discount, premium and other fees 11,180 — — Loan loss provision — — — Balance, December 31, 2017 $ 3,282,462 $ (4,000 ) $ 230,180 (1) Includes $0.5 million of non-cash repayment of mortgage loan receivables. (2) Includes $115.4 million of non-cash proceeds from sales. (3) Includes $1.8 million of realized losses on loans related to lower of cost or market adjustments for the year ended December 31, 2017 . (4) During the year ended December 31, 2017 , the Company reclassified from mortgage loan receivables held for sale to mortgage loan receivables held for investment, net, at amortized cost, a loan with an outstanding face amount of $120.0 million , a book value of $119.9 million (fair value at date of reclassification) and a remaining maturity of three 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. In addition, during the year ended December 31, 2017 , the Company reclassified from mortgage loan receivables held for sale to mortgage loan receivables held for investment, net, at amortized cost, a loan with an outstanding face amount and book value of $33.8 million , (fair value at date of reclassification) and a remaining maturity of 3.5 years . These transfers have been reflected as non-cash items on the consolidated statement of cash flows for the year ended December 31, 2017 . Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans held by consolidated subsidiaries Provision for loan losses Mortgage loan receivables held for sale Balance, December 31, 2015 $ 1,742,345 $ (3,700 ) $ 571,764 Origination of mortgage loan receivables 969,401 (1) — 1,128,651 Purchases of mortgage loan receivables — — 73,421 Repayment of mortgage loan receivables (720,592 ) (2) — (1,768 ) Proceeds from sales of mortgage loan receivables(3) — — (1,440,195 ) Realized gain on sale of mortgage loan receivables — — 26,009 Accretion/amortization of discount, premium and other fees 8,941 — — Loan loss provision — (300 ) — Balance, December 31, 2016 $ 2,000,095 $ (4,000 ) $ 357,882 (1) Includes $50.4 million of non-cash originations. (2) Includes $70.7 million of non-cash repayments. (3) Includes $2.6 million of unrealized losses on loans recorded as other than temporary impairments related to lower of cost or market adjustments for the year ended December 31, 2016 . Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans held by consolidated subsidiaries Provision for loan losses Mortgage loan receivables held for sale Balance, December 31, 2014 $ 1,524,153 $ (3,100 ) $ 417,955 Origination of mortgage loan receivables 963,023 — 2,594,141 Repayment of mortgage loan receivables (752,452 ) — (2,308 ) Proceeds from sales of mortgage loan receivables — — (2,509,090 ) Non-cash disposition of loan via foreclosure (4,620 ) — — Realized gain on sale of mortgage loan receivables — — 71,066 Accretion/amortization of discount, premium and other fees 12,241 — — Loan loss provision — (600 ) — Balance, December 31, 2015 $ 1,742,345 $ (3,700 ) $ 571,764
Schedule of provision for loan losses	Provision for Loan Losses ($ in thousands) Year Ended December 31, 2017 2016 2015 Provision for loan losses at beginning of period $ 4,000 $ 3,700 $ 3,100 Provision for loan losses — 300 600 Provision for loan losses at end of period $ 4,000 $ 4,000 $ 3,700

REAL ESTATE SECURITIES (Tables)

REAL ESTATE SECURITIES (Tables)	12 Months Ended
	Dec. 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 December 31, 2017 and 2016 ($ in thousands): December 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) $ 945,167 $ 954,397 $ 2,748 $ (3,646 ) $ 953,499 (3) 96 AAA 3.28 % 2.79 % 2.89 CMBS interest-only(2)(4) 3,140,297 112,609 796 (334 ) 113,071 (5) 25 AAA 0.81 % 3.16 % 3.08 GNMA interest-only(4)(6) 172,916 5,245 157 (925 ) 4,477 13 AA+ 0.58 % 6.70 % 4.18 Agency securities(2) 720 743 — (15 ) 728 2 AA+ 2.82 % 1.80 % 2.94 GNMA permanent securities(2) 33,745 34,386 595 (239 ) 34,742 6 AA+ 3.98 % 3.62 % 5.66 Total $ 4,292,845 $ 1,107,380 $ 4,296 $ (5,159 ) $ 1,106,517 142 1.37 % 2.87 % 3.00 (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) As more fully described in Note 4 , certain securities which were purchased from the LCCM LC-26 securitization trust are designated as risk retention securities under the Dodd-Frank Act which are subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. Includes $11.7 million of such restricted securities. (4) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (5) As more fully described in Note 4 , certain securities which were purchased from the LCCM LC-26 securitization trust are designated as risk retention securities under the Dodd-Frank Act which are subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. Includes $1.1 million of such restricted securities. (6) 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. 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)(3) 8,160,458 343,438 1,273 (2,540 ) 342,171 60 AAA 0.87 % 3.45 % 2.99 GNMA interest-only(3)(4) 478,577 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.
Schedule of fair value of the Company's securities by remaining maturity based upon expected cash flows	The following is a breakdown of the carrying value of the Company’s securities by remaining maturity based upon expected cash flows at December 31, 2017 and 2016 ($ in thousands): December 31, 2017 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS(1) $ 285,982 $ 544,278 $ 123,239 $ — $ 953,499 CMBS interest-only(1) 537 112,534 — — 113,071 GNMA interest-only(2) 76 3,906 484 11 4,477 Agency securities(1) — 728 — — 728 GNMA permanent securities(1) — 1,797 32,945 — 34,742 Total $ 286,595 $ 663,243 $ 156,668 $ 11 $ 1,106,517 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 LEASE38

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)	12 Months Ended
	Dec. 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): December 31, 2017 December 31, 2016 Land $ 213,992 $ 143,286 Building 789,622 646,372 In-place leases and other intangibles 189,490 154,687 Less: Accumulated depreciation and amortization (161,063 ) (122,007 ) Real estate and related lease intangibles, net $ 1,032,041 $ 822,338 Below market lease intangibles, net (other liabilities) $ (42,607 ) $ (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): Year Ended December 31, 2017 2016 2015 Depreciation expense (1) $ 28,271 $ 26,031 $ 23,922 Amortization expense 11,968 13,302 15,031 Total real estate depreciation and amortization expense $ 40,239 $ 39,333 $ 38,953 (1) Depreciation expense on the consolidated statements of income also includes $93 thousand , $114 thousand and $108 thousand of depreciation on corporate fixed assets for the years ended December 31, 2017 , 2016 and 2015 , respectively.
Schedule of expected amortization expense related to the acquired in-place lease intangibles, for property owned	The following table presents expected amortization expense during the next five years and thereafter related to the acquired in-place lease intangibles for property owned as of December 31, 2017 ($ in thousands): Period Ending December 31, Amount 2018 $ 10,634 2019 10,317 2020 10,158 2021 9,556 2022 7,277 Thereafter 72,285 Total $ 120,227
Schedule of contractual future minimum rent under leases	The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases or rent escalations under other leases from tenants) at December 31, 2017 ($ in thousands): Period Ending December 31, Amount 2018 $ 100,409 2019 93,686 2020 88,472 2021 86,216 2022 81,159 Thereafter 1,240,213 Total $ 1,690,155
Schedule of real estate properties acquired	During the year ended December 31, 2015 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) January 2015 Net Lease Jacksonville, NC $ 7,877 100.0% January 2015 Net Lease Iberia, MO 1,328 100.0% January 2015 Net Lease Isle, MN 1,078 100.0% January 2015 Net Lease Pine Island, MN 1,142 100.0% January 2015 Net Lease Kings Mountain, NC 21,241 100.0% February 2015 Net Lease Village of Menomonee Falls, WI 17,050 100.0% February 2015 Net Lease Rockland, MA 7,316 100.0% February 2015 Net Lease Crawfordsville, IA 6,000 100.0% February 2015 Net Lease Boardman Township, OH 5,400 100.0% March 2015 Net Lease Hilliard, OH 6,384 100.0% March 2015 Net Lease Weathersfield Township, OH 5,200 100.0% March 2015 Net Lease Rotterdam, NY 12,000 100.0% March 2015 Net Lease Wheaton, MO 970 100.0% March 2015 Net Lease Paynesville, MN 1,254 100.0% March 2015 Net Lease Loveland, CO 5,600 100.0% March 2015 Net Lease Battle Lake, MN 1,098 100.0% March 2015 Net Lease Yorktown, TX 1,207 100.0% March 2015 Net Lease St. Francis, MN 1,117 100.0% May 2015 Net Lease Red Oak, IA 1,185 100.0% May 2015 Net Lease Zapata, TX 1,150 100.0% June 2015 Net Lease Aurora, MN 952 100.0% June 2015 Net Lease Canyon Lake, TX 1,377 100.0% June 2015 Net Lease Wheeler, TX 1,075 100.0% June 2015 Other Grand Rapids, MI 9,300 97.0% June 2015 Other Grand Rapids, MI 6,300 97.0% June 2015 Net Lease Bridgeport, IL 1,186 100.0% June 2015 Net Lease Peoria, IL 1,226 100.0% June 2015 Net Lease Pleasanton, TX 1,316 100.0% June 2015 Other Wayne, NJ 9,700 100.0% June 2015 Net Lease Warren, MN 1,055 100.0% June 2015 Net Lease Tremont, IL 1,150 100.0% August 2015 Net Lease Ponce, Puerto Rico 8,900 100.0% August 2015 Net Lease Effingham County, IL 1,195 100.0% August 2015 Net Lease Lebanon, MI 1,200 100.0% August 2015 Net Lease Minot, ND 6,644 100.0% August 2015 Net Lease Floresville, TX 1,251 100.0% August 2015 Net Lease Kerrville, TX 1,174 97.0% September 2015 Net Lease De Soto, IL 1,066 97.0% September 2015 Net Lease Biscoe, NC 1,216 100.0% September 2015 Net Lease Moultrie, GA 1,305 100.0% September 2015 Net Lease Rose Hill, NC 1,420 100.0% September 2015 Net Lease Rockingham, NC 1,158 100.0% October 2015 Net Lease Wilmington, IL 1,309 100.0% October 2015 Net Lease Danville, IL 1,074 100.0% October 2015 Net Lease Bloomington, IL 1,193 100.0% October 2015 Net Lease Lincoln County , MO 1,072 100.0% October 2015 Net Lease Montrose, MN 1,167 100.0% October 2015 Net Lease Jenks, OK 12,160 100.0% October 2015 Net Lease Grove, OK 5,030 100.0% October 2015 Net Lease Farmington, IL 1,303 100.0% October 2015 Net Lease Bixby, OK 10,978 100.0% October 2015 Net Lease Rice, MN 1,200 100.0% November 2015 Net Lease Gordonville, MO 1,125 100.0% December 2015 Net Lease Malone, NY 1,466 100.0% December 2015 Net Lease Mercedes, TX 1,204 100.0% December 2015 Net Lease Albion, PA 1,525 100.0% December 2015 Net Lease Radford, VA 1,564 100.0% December 2015 Net Lease Rural Retreat, VA 1,399 100.0% December 2015 Net Lease Mount Vernon, AL 1,224 100.0% Total purchases of real estate $ 212,756 October 2015 Other Carmel, NY 6,700 100.0% Total real estate acquired via foreclosure $ 6,700 Total real estate acquisitions $ 219,456 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the net assets acquired during the year ended December 31, 2015 , as follows ($ in thousands): Purchase Price Allocation Land $ 32,260 Building 166,556 Intangibles 32,084 Below Market Lease Intangibles (11,444 ) Total purchase price $ 219,456 During the year ended December 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% April 2017 Net Lease Hanna City, IL 1,141 100.0% April 2017 Other(2) El Monte, CA 54,110 70.0% May 2017 Net Lease Jessup, IA 1,163 100.0% May 2017 Net Lease Shelbyville, IL 1,132 100.0% May 2017 Net Lease Jacksonville, FL 115,641 100.0% May 2017 Net Lease Wabasha, MN 1,280 100.0% May 2017 Net Lease Port O'Connor, TX 1,255 100.0% May 2017 Net Lease Denver, IA 1,183 100.0% June 2017 Net Lease Jefferson City, MO 1,241 100.0% August 2017 Other(3) Miami, FL 38,145 80.0% September 2017 Net Lease Milford, IA 1,298 100.0% September 2017 Other Crum Lynne, PA 9,196 100.0% October 2017 Net Lease Kawkawlin, MI 1,234 100.0% October 2017 Net Lease Aroma Park, IL 1,218 100.0% October 2017 Net Lease East Peoria, IL 1,350 100.0% December 2017 Net Lease Winterset, IA 1,258 100.0% December 2017 Net Lease Rockford, MN 1,195 100.0% Total $ 236,932 (1) Properties were consolidated as of acquisition date. (2) Joint venture partner contributed $5.3 million to partnership. (3) Joint venture partner contributed $1.6 million to the partnership. The purchase prices were allocated to the asset acquisitions during the year ended December 31, 2017 , as follows ($ in thousands): Purchase Price Allocation Land $ 71,908 Building 157,921 Intangibles 35,083 Below Market Lease Intangibles (27,980 ) Total purchase price $ 236,932 During the year ended December 31, 2016 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) April 2016 Land St. Paul, MN $ 200 100.0% April 2016 Net Lease Dimmitt, TX 1,319 100.0% April 2016 Net Lease Philo, IL 1,156 100.0% April 2016 Net Lease St. Charles, MN 1,198 100.0% May 2016 Net Lease San Antonio, TX 1,096 100.0% May 2016 Net Lease Borger, TX 978 100.0% June 2016 Net Lease Champaign, IL 1,324 100.0% June 2016 Net Lease Decatur-Sunnyside, IL 1,181 100.0% June 2016 Net Lease Flora Vista, NM 1,305 100.0% June 2016 Net Lease Mountain Grove, MO 1,279 100.0% June 2016 Net Lease Rantoul, IL 1,204 100.0% June 2016 Net Lease Decatur-Pershing, IL 1,365 100.0% June 2016 Net Lease Cape Girardeau, MO 1,281 100.0% June 2016 Net Lease Linn, MO 1,122 100.0% July 2016 Net Lease Union, MO 1,227 100.0% July 2016 Net Lease Pawnee, IL 1,201 100.0% July 2016 Net Lease Lamar, MO 1,176 100.0% August 2016 Other Ewing, NJ 30,640 100.0% October 2016 Other Peoria, IL 2,760 100.0% October 2016 Net Lease Dryden Township, MI 1,190 100.0% November 2016 Net Lease Fayetteville, NC 6,971 100.0% November 2016 Net Lease Springfield, IL 1,322 100.0% Total $ 62,495 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the net assets acquired, which also include asset acquisitions occurring on or after October 1, 2016, during the year ended December 31, 2016 , as follows ($ in thousands): Purchase Price Allocation Land $ 9,242 Building 39,609 Intangibles 15,854 Below Market Lease Intangibles (2,210 ) Total purchase price $ 62,495
Schedule of properties sold	The Company sold the following properties during the year ended December 31, 2017 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds(1)(2) Net Book Value Realized Gain/(Loss)(1) Properties Units Sold Units Remaining Various Condominium Las Vegas, NV $ 20,122 $ 10,824 $ 9,298 — 46 13 Various Condominium Miami, FL 10,982 8,693 2,289 — 40 48 Totals $ 31,104 $ 19,517 $ 11,587 (1) Realized gain on the sale of real estate, net on the consolidated statements of income also includes $164 thousand of realized loss on the disposal of fixed assets for the year ended December 31, 2017 . (2) Includes $1.4 million of non-cash proceeds from sale of real estate. The Company sold the following properties during the year ended December 31, 2016 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining Mar 2016 Net Lease Rockland, MA $ 7,922 $ 7,210 $ 712 1 — — Sep 2016 Net Lease Crawfordsville, IN 6,192 5,726 466 1 — — Various Condominium Las Vegas, NV 34,049 18,907 15,142 — 73 59 Various Condominium Miami, FL 18,307 13,991 4,316 — 65 88 Totals $ 66,470 $ 45,834 $ 20,636 The Company sold the following properties during the year ended December 31, 2015 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining May 2015 Net Lease Plattsmouth, NE $ 8,440 $ 7,983 $ 457 1 — — May 2015 Net Lease Worthington, MN 8,793 8,321 472 1 — — May 2015 Net Lease Loveland, CO 6,249 5,600 649 1 — — Sep 2015 Net Lease Village of Menomonee Falls, WI 17,856 (1) 16,827 1,029 (2) 1 — — Nov 2015 Other Minneapolis, MN 62,093 (3) 49,022 13,071 (4) 1 — — Various Condominium Las Vegas, NV 38,779 22,310 16,469 — 88 132 Various Condominium Miami, FL 29,924 22,942 6,982 — 99 153 Totals $ 172,134 $ 133,005 $ 39,129 (5) (1) Includes $11.3 million of mortgage debt assumed by the buyer, which is included in non-cash transactions on the Company’s consolidated statement of cash flows. (2) Excludes $0.3 million of gain on mortgage debt assumed by the buyer, which is included in realized gain on sale of real estate, net on the Company’s consolidated statement of cash flows. (3) Includes $39.8 million of mortgage debt assumed by the buyer, which is included in non-cash transactions on the Company’s consolidated statement of cash flows. (4) Excludes $1.1 million of gain on mortgage debt assumed by the buyer, which is included in realized gain on sale of real estate, net on the Company’s consolidated statement of cash flows. (5) Includes $0.2 million loss on sales of fixed assets, which is included in realized gain on sale of real estate, net on the Company’s consolidated statements of income.
Pro forma information	Year Ended December 31, 2015 Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 80,465 $ 10,966 $ 91,431 Net income 146,134 7,363 153,497 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (1,568 ) — (1,568 ) Net (income) loss attributable to noncontrolling interest in operating partnership (70,745 ) (3,334 ) (74,079 ) Net income attributable to Class A common shareholders 73,821 4,029 77,850 The following unaudited pro forma information has been prepared based upon our historical combined consolidated financial statements and certain historical financial information of the acquired properties, which are accounted for as business combinations, and should be read in conjunction with the combined consolidated financial statements and notes thereto. The unaudited pro forma combined consolidated financial information reflects the 2016 acquisition adjustments made to present financial results as though the acquisition of such properties occurred on January 1, 2015, through the date of acquisition and the 2015 acquisition adjustments made to present financial results as though the acquisition of the properties occurred on January 1, 2014, through the date of acquisition. This unaudited pro forma information may not be indicative of the results that actually would have occurred if these transactions had been in effect on the dates indicated, nor do they purport to represent our future results of operations ($ in thousands): Year Ended December 31, 2016 Company Historical Acquisitions Consolidated Pro Forma Operating lease income $ 77,277 $ 2,473 $ 79,750 Net income (loss) 113,720 2,080 115,800 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures 138 — 138 Net (income) loss attributable to noncontrolling interest in operating partnership (47,131 ) (865 ) (47,996 ) Net income attributable to Class A common shareholders 66,727 1,215 67,942

INVESTMENT IN UNCONSOLIDATED 39

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	12 Months Ended
	Dec. 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 December 31, 2017 and December 31, 2016 ($ in thousands): Entity December 31, 2017 December 31, 2016 Grace Lake JV, LLC $ 4,908 $ 3,719 24 Second Avenue Holdings LLC 30,533 30,306 Investment in unconsolidated joint ventures $ 35,441 $ 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 years ended December 31, 2017 , 2016 and 2015 ($ in thousands): Year Ended December 31, Entity 2017 2016 2015 Ladder Capital Realty Income Partnership I LP $ — $ 892 $ 116 Grace Lake JV, LLC 1,189 953 823 24 Second Avenue Holdings LLC (1,100 ) (1,419 ) (568 ) Earnings (loss) from investment in unconsolidated joint ventures $ 89 $ 426 $ 371
Summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests	The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2017 and December 31, 2016 ($ in thousands): December 31, 2017 December 31, 2016 Total assets $ 154,979 $ 138,298 Total liabilities 108,119 94,964 Partners’/members’ capital $ 46,860 $ 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 years ended December 31, 2017 , 2016 and 2015 ($ in thousands): Year Ended December 31, 2017 2016 2015 Total revenues $ 18,482 $ 17,047 $ 18,886 Total expenses 15,291 15,861 15,849 Net income (loss) $ 3,191 $ 1,186 $ 3,037

DEBT OBLIGATIONS, NET (Tables)

DEBT OBLIGATIONS, NET (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of repurchase agreement	The details of the Company’s debt obligations at December 31, 2017 and 2016 are as follows ($ in thousands): December 31, 2017 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at December 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 $ 120,493 $ 479,507 3.23% - 3.98% 10/1/2020 (2) (3) $ 160,031 $ 159,568 Committed Loan Repurchase Facility 450,000 183,111 266,889 3.63% - 4.48% 5/24/2018 (4) (3) 333,647 335,076 Committed Loan Repurchase Facility 300,000 63,007 236,993 3.73% - 4.73% 4/10/2018 (5) (6) 125,379 125,975 Committed Loan Repurchase Facility 200,000 32,042 167,958 4.25% - 4.50% 2/29/2020 (7) (8) 48,045 48,045 Committed Loan Repurchase Facility 100,000 — 100,000 NA 6/28/2019 N/A (3) — — Total Committed Loan Repurchase Facilities 1,650,000 398,653 1,251,347 667,102 668,664 Committed Securities Repurchase Facility 400,000 — 400,000 NA 9/30/2019 N/A (9) — — Uncommitted Securities Repurchase Facility N/A (10) 74,757 N/A (10) 1.65% - 3.31% 1/2018 - 3/2018 N/A (9) 86,322 86,322 (11) Total Repurchase Facilities 2,050,000 473,410 1,651,347 753,424 754,986 Revolving Credit Facility 241,430 — 241,430 NA 2/11/2018 (4) N/A (12) N/A (14) N/A (14) Mortgage Loan Financing 692,696 692,696 — 4.25% - 6.75% 2018 - 2027 N/A (13) 911,034 1,066,708 (14) CLO Debt 688,479 688,479 (15) — 2.36% - 5.08% 2021-2034 N/A (16) 880,385 881,576 Participation Financing - Mortgage Loan Receivable 3,107 3,107 — 17.00% 6/6/2018 N/A (3) 3,107 3,107 Borrowings from the FHLB 2,000,000 1,370,000 630,000 0.87% - 2.74% 2018 - 2024 N/A (17) 1,777,597 1,783,210 (18) Senior Unsecured Notes 1,166,201 1,152,134 (19) — 5.250% - 5.875% 2021 - 2025 N/A N/A (20) N/A (20) N/A (20) Total Debt Obligations $ 6,841,913 $ 4,379,826 $ 2,522,777 $ 4,325,547 $ 4,489,587 (1) December 31, 2017 LIBOR rates are used to calculate interest rates for floating rate debt. (2) Two additional 12 -month periods at Company’s option. No new advances are permitted after the initial maturity date. (3) First mortgage commercial real estate loans and senior and pari passu interests therein. 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) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (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) As more fully described in Note 4 , certain securities which were purchased from the LCCM LC-26 securitization trust are restricted. Includes $26.7 million of restricted securities. (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) Presented net of unamortized debt issuance costs of $6.0 million at December 31, 2017 . (16) First mortgage commercial real estate loans and pari passu interests therein. It does not include the real estate collateralizing such loans. (17) 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. (18) As more fully described in Note 4 , certain securities which were purchased from the LCCM LC-26 securitization trust are restricted. Includes $10.1 million of restricted securities. (19) Presented net of unamortized debt issuance costs of $14.1 million at December 31, 2017 . (20) 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 2018 $ 1,083,235 2019 283,101 2020 490,321 2021 605,649 2022 656,166 Thereafter 1,274,833 Subtotal $ 4,393,305 Debt issuance costs included in senior unsecured notes (14,067 ) Debt issuance costs included in CLO debt (6,009 ) Premiums included in mortgage loan financing(1) 6,597 Total 4,379,826 (1) Deferred gains on intercompany loans, secured by our own real estate, sold into securitizations. Premium is amortized as a reduction to interest expense.

FAIR VALUE OF FINANCIAL INSTR41

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 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 December 31, 2017 and 2016 are as follows ($ in thousands): December 31, 2017 Weighted Average Outstanding Face Amount Amortized Cost Basis Fair Value Fair Value Method Yield % Remaining Maturity/Duration (years) Assets: CMBS(1) $ 945,167 $ 954,397 $ 953,499 Internal model, third-party inputs 2.79 % 2.89 CMBS interest-only(1) 3,140,297 (2) 112,609 113,071 Internal model, third-party inputs 3.16 % 3.08 GNMA interest-only(3) 172,916 (2) 5,245 4,477 Internal model, third-party inputs 6.70 % 4.18 Agency securities(1) 720 743 728 Internal model, third-party inputs 1.80 % 2.94 GNMA permanent securities(1) 33,745 34,386 34,742 Internal model, third-party inputs 3.62 % 5.66 Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loan receivables held for investment, net, at amortized cost 3,300,709 3,282,462 3,292,035 Discounted Cash Flow(4) 7.18 % 1.61 Provision for loan losses N/A (4,000 ) (4,000 ) (5) N/A N/A Mortgage loan receivables held for sale 232,527 230,180 236,428 Internal model, third-party inputs(6) 4.88 % 8.17 FHLB stock(7) 77,915 77,915 77,915 (7) 4.25 % N/A Nonhedge derivatives(1)(8) 594,140 N/A 888 Counterparty quotations N/A 0.24 Liabilities: Repurchase agreements - short-term 371,427 371,427 371,427 Discounted Cash Flow(9) 3.19 % 0.35 Repurchase agreements - long-term 101,983 101,983 101,983 Discounted Cash Flow(10) 2.62 % 2.64 Mortgage loan financing 692,394 692,696 693,055 Discounted Cash Flow(10) 4.91 % 6.81 CLO debt 688,479 688,479 688,479 Discounted Cash Flow(9) 3.40 % 10.77 Participation Financing - Mortgage Loan Receivable 3,107 3,107 3,107 Discounted Cash Flow(11) 17.00 % 0.43 Borrowings from the FHLB 1,370,000 1,370,000 1,369,544 Discounted Cash Flow 1.61 % 2.49 Senior unsecured notes 1,166,201 1,152,134 1,187,187 Broker quotations, pricing services 5.39 % 5.28 Nonhedge derivatives(1)(8) 54,160 N/A 2,606 Counterparty quotations N/A 2.44 (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 is estimated to equal par value. (6) Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing. (7) Fair value of the FHLB stock approximates outstanding face amount as the Company’s 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. (8) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (9) Fair value for repurchase agreement liabilities and CLO debt 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. (10) 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. (11) Fair value for Participation Financing - Mortgage Loan Receivable approximates amortized cost as this is a loan participation to a third party. 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, net, at amortized cost: Mortgage loan receivables held for investment, net, at amortized cost 2,011,309 2,000,095 2,018,973 Discounted Cash Flow(4) 7.17 % 1.66 Provision for loan losses N/A (4,000 ) (4,000 ) (5) N/A N/A Mortgage loan receivables held for sale 360,518 357,882 359,897 Internal model, third-party inputs(6) 4.20 % 4.55 FHLB stock(7) 77,915 77,915 77,915 (7) 4.25 % N/A Nonhedge derivatives(1)(8) 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(9) 2.10 % 0.18 Repurchase agreements - long-term 477,756 477,756 477,756 Discounted Cash Flow(10) 2.00 % 1.70 Revolving credit facility 25,000 25,000 25,000 Discounted Cash Flow(11) 3.16 % 0.12 Mortgage loan financing 589,152 590,106 595,778 Discounted Cash Flow(10) 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)(8) 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 is estimated to equal par value. (6) Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing. (7) Fair value of the FHLB stock approximates outstanding face amount as the Company’s 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. (8) The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (9) 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. (10) 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. (11) 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.
Summary of financial assets and liabilities, both reported at fair value on a recurring basis or amortized cost/par	The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2017 and 2016 ($ in thousands): December 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) $ 945,167 $ — $ — $ 953,499 $ 953,499 CMBS interest-only(1) 3,140,297 (2) — — 113,071 113,071 GNMA interest-only(3) 172,916 (2) — — 4,477 4,477 Agency securities(1) 720 — — 728 728 GNMA permanent securities(1) 33,745 — — 34,742 34,742 Nonhedge derivatives(4) 594,140 — 888 — 888 $ — $ 888 $ 1,106,517 $ 1,107,405 Liabilities: Nonhedge derivatives(4) 54,160 $ — $ 2,606 $ — $ 2,606 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, net, at amortized cost: Mortgage loans held by consolidated subsidiaries $ 3,300,709 $ — $ — $ 3,292,035 $ 3,292,035 Provision for loan losses N/A — — (4,000 ) (4,000 ) Mortgage loan receivable held for sale 232,527 — — 236,428 236,428 FHLB stock 77,915 — — 77,915 77,915 $ — $ — $ 3,602,378 $ 3,602,378 Liabilities: 0 Repurchase agreements - short-term 371,427 $ — $ — $ 371,427 $ 371,427 Repurchase agreements - long-term 101,983 — — 101,983 101,983 Mortgage loan financing 692,394 — — 693,055 693,055 CLO debt 688,479 — — 688,479 688,479 Participation Financing - Mortgage Loan Receivable 3,107 — — 3,107 3,107 Borrowings from the FHLB 1,370,000 — — 1,369,544 1,369,544 Senior unsecured notes 1,166,201 — — 1,187,187 1,187,187 $ — $ — $ 4,414,782 $ 4,414,782 (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 receivable held for investment, net, at amortized cost: Mortgage loans held by consolidated subsidiaries $ 2,011,309 $ — $ — $ 2,018,973 $ 2,018,973 Provision for loan losses N/A — — (4,000 ) (4,000 ) 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 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.
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 years ended December 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 210,521 977,456 Sales (1,025,700 ) (539,295 ) Paydowns/maturities (138,413 ) (684,143 ) Amortization of premium/discount (57,231 ) (76,475 ) Unrealized gain/(loss) (816 ) 8,463 Realized gain/(loss) on sale(1) 17,209 7,724 Balance at December 31, $ 1,106,517 $ 2,100,947 (1) Includes realized losses on securities recorded as other than temporary impairments.
Schedule of quantitative information	The following is quantitative information about significant unobservable inputs in our Level 3 measurements for those assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2017 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS (1) $ 953,499 Discounted cash flow Yield (4) 0.61 % 3 % 18.32 % Duration (years)(5) 0.12 3.19 7.84 CMBS interest-only (1) 113,072 (2) Discounted cash flow Yield (4) 2.7 % 3.52 % 6.31 % Duration (years)(5) 0.39 3.06 4.46 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only (3) 4,476 (2) Discounted cash flow Yield (4) 4.46 % 11.85 % 71.88 % Duration (years)(5) 0.44 2.43 5.19 Prepayment speed (CPJ)(5) 5.00 12.19 35.00 Agency securities (1) 728 Discounted cash flow Yield (4) 1.4 % 2.16 % 2.52 % Duration (years)(5) 0 3.22 4.72 GNMA permanent securities (1) 34,742 Discounted cash flow Yield (4) 2.62 % 3.44 % 6.93 % Duration (years)(5) 1.40 5.75 5.94 Total $ 1,106,517 (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) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (3) 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 (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) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (3) 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 (4) Significant increase (decrease) in the unobservable input in isolation would result in significantly lower (higher) fair value measurement. (5) Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (lower or higher) fair value measurement depending on the structural features of the security in question.

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
	Dec. 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 December 31, 2017 and 2016 ($ in thousands): December 31, 2017 Fair Value Remaining Maturity (years) Contract Type Notional Asset(1) Liability(1) Futures 5-year Swap $ 304,300 $ 656 $ — 0.25 10-year Swap 248,100 133 153 0.25 5-year U.S. Treasury Note 11,400 47 — 0.25 Variation Margin — — 911 Total futures 563,800 836 1,064 Swaps 3 Month LIBOR(2) 50,000 — 1,542 2.68 Credit derivatives VIX 34,500 52 — 0.12 Total credit derivatives 34,500 52 — Total derivatives $ 648,300 $ 888 $ 2,606 (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.
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 years ended December 31, 2017 , 2016 and 2015 ($ in thousands): Year Ended December 31, 2017 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ (4,975 ) $ (7,655 ) $ (12,630 ) Swaps 1,126 (1,008 ) 118 Credit Derivatives 417 (546 ) (129 ) Total $ (3,432 ) $ (9,209 ) $ (12,641 ) Year Ended December 31, 2016 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ 3,608 $ (3,954 ) $ (346 ) Swaps 956 (1,264 ) (308 ) Credit Derivatives (340 ) (415 ) (755 ) Total $ 4,224 $ (5,633 ) $ (1,409 ) Year Ended December 31, 2015 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ 9,214 $ (46,816 ) $ (37,602 ) Swaps 661 (1,992 ) (1,331 ) Credit Derivatives 307 (311 ) (4 ) Total $ 10,182 $ (49,119 ) $ (38,937 )

OFFSETTING ASSETS AND LIABILI43

OFFSETTING ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2017
Offsetting [Abstract]
Schedule of offsetting of financial assets	As of December 31, 2016 Offsetting of Financial Assets and Derivative Assets ($ in thousands) Description Gross amounts of recognized assets Gross amounts offset in the balance sheet Net amounts of assets presented in the balance sheet Gross amounts not offset in the balance sheet Net amount Financial instruments Cash collateral received/(posted)(1) Derivatives $ 5,018 $ — $ 5,018 $ — $ — $ 5,018 Total $ 5,018 $ — $ 5,018 $ — $ — $ 5,018 (1) Included in restricted cash on consolidated balance sheets. As of December 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 $ 888 $ — $ 888 $ — $ — $ 888 Total $ 888 $ — $ 888 $ — $ — $ 888 (1) Included in restricted cash on consolidated balance sheets.
Schedule of offsetting of financial liabilities	As of December 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 $ 2,606 $ — $ 2,606 $ — $ 2,606 $ — Repurchase agreements 473,410 — 473,410 473,410 — — Total $ 476,016 $ — $ 476,016 $ 473,410 $ 2,606 $ — (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.

EQUITY STRUCTURE AND ACCOUNTS (

EQUITY STRUCTURE AND ACCOUNTS (Tables)	12 Months Ended
	Dec. 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 years ended December 31, 2017 , 2016 and 2015 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2016 $ 44,353 Additional authorizations — Repurchases paid 189,897 (2,584 ) Repurchases unsettled — Authorizations remaining as of December 31, 2017 $ 41,769 (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 December 31, 2016 $ 44,353 (1) Amount excludes commissions paid associated with share repurchases. Shares Amount(1) Authorizations remaining as of December 31, 2014 $ 50,000 Additional authorizations — Repurchases paid 84,203 (994 ) Repurchases unsettled — Authorizations remaining as of December 31, 2015 $ 49,006 (1) Amount excludes commissions paid associated with share repurchases.
Schedule of dividends declared and paid	The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2017 , 2016 and 2015 : Declaration Date Dividend per Share March 1, 2017 $ 0.300 June 1, 2017 0.300 September 1, 2017 0.300 November 7, 2017 0.315 Total $ 1.215 March 1, 2016 $ 0.275 June 1, 2016 0.275 September 1, 2016 0.275 December 2, 2016 0.460 Total $ 1.285 March 12, 2015 $ 0.250 June 8, 2015 0.250 September 1, 2015 0.275 December 1, 2015 1.450 Total $ 2.225 The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2017 , 2016 and 2015 : Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain December 27, 2016 January 24, 2017 (1) $ 0.059 $ 0.054 $ — $ 0.005 $ — March 13, 2017 April 3, 2017 0.300 0.276 — 0.024 — June 12, 2017 July 3, 2017 0.300 0.276 — 0.024 — September 11, 2017 October 2, 2017 0.300 0.276 — 0.024 — December 11, 2017 January 3, 2018 (2) 0.265 0.244 — 0.021 — Total $ 1.224 $ 1.126 $ — $ 0.098 $ — (1) $0.401 of the $0.460 fourth quarter dividend paid on January 24, 2017 is considered a 2016 dividend for U.S. federal income tax purposes. $0.059 is considered a 2017 dividend for U.S. federal income tax purposes and will be reflected in 2017 tax reporting. (2) $0.265 of the $0.315 fourth quarter dividend paid on January 3, 2018 is considered a 2017 dividend for U.S. federal income tax purposes. $0.050 is considered a 2018 dividend for U.S. federal income tax purposes and will be reflected in 2018 tax reporting. Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain March 10, 2016 April 1, 2016 $ 0.275 $ 0.254 $ — $ 0.021 $ — June 13, 2016 July 1, 2016 0.275 0.254 — 0.021 — September 12, 2016 October 3, 2016 0.275 0.254 — 0.021 — December 27, 2016 January 24, 2017 (1) 0.401 0.370 — 0.031 — Total $ 1.226 $ 1.132 $ — $ 0.094 $ — (1) $0.401 of the $0.460 fourth quarter dividend paid on January 24, 2017 is considered a 2016 dividend for U.S. federal income tax purposes. $0.059 is considered a 2017 dividend for U.S. federal income tax purposes and will be reflected in 2017 tax reporting. Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends (1) Capital Gain Unrecaptured 1250 Gain (2) April 6, 2015 April 15, 2015 $ 0.250 $ 0.250 $ 0.250 $ — $ — June 15, 2015 July 1, 2015 0.250 0.250 0.250 — — September 10, 2015 October 1, 2015 0.275 0.275 0.275 — — December 10, 2015 January 21, 2016 (3) 1.450 1.306 0.156 0.144 0.020 Total $ 2.225 $ 2.081 $ 0.931 $ 0.144 $ 0.020 (1) For 2015, Qualified Dividends represents the portion of total Ordinary Dividends which constitutes “qualified dividend income,” as defined by the Internal Revenue Code. (2) For 2015, Unrecaptured 1250 Gain represents the portion of total Capital Gain which constitutes gain required to be taxed as “Unrecaptured Section 1250 Gain,” as defined by the Internal Revenue Code. (3) The fourth quarter dividend paid on January 21, 2016 is considered a 2015 dividend for U.S. federal income tax purposes.
Schedule of accumulated other comprehensive Income	The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2017 , 2016 and 2015 ($ in thousands): Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2016 $ 1,365 $ 759 $ 2,124 Other comprehensive income (loss) (2,915 ) 695 (2,220 ) Exchange of noncontrolling interest for common stock 1,696 (1,696 ) — Rebalancing of ownership percentage between Company and Operating Partnership (358 ) 358 — December 31, 2017 $ (212 ) $ 116 $ (96 ) Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2015 $ (3,556 ) $ (2,839 ) $ (6,395 ) Other comprehensive income (loss) 3,420 5,099 8,519 Exchange of noncontrolling interest for common stock 1,202 (1,202 ) — Rebalancing of ownership percentage between Company and Operating Partnership 299 (299 ) — December 31, 2016 $ 1,365 $ 759 $ 2,124 Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2014 $ 15,656 $ 14,494 $ 30,150 Other comprehensive income (loss) (20,046 ) (16,499 ) (36,545 ) Exchange of noncontrolling interest for common stock 645 (645 ) — Rebalancing of ownership percentage between Company and Operating Partnership 189 (189 ) — December 31, 2015 $ (3,556 ) $ (2,839 ) $ (6,395 )

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2017 , 2016 and 2015 consist of the following: ($ in thousands except share amounts) For the Year Ended December 31, 2017 For the Year Ended December 31, 2016 For the Year Ended December 31, 2015 Basic Net income (loss) available for Class A common shareholders $ 95,276 $ 66,727 $ 73,821 Diluted Net income (loss) available for Class A common shareholders $ 124,046 $ 114,156 $ 73,821 Weighted average shares outstanding Basic 81,902,524 61,998,089 51,702,188 Diluted 109,704,880 107,638,788 51,870,808
Schedule of calculation of basic and diluted net income per share amounts	(In thousands except share amounts) For the Year Ended December 31, 2017 For the Year Ended December 31, 2016 For the Year Ended December 31, 2015 Basic Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 95,276 $ 66,727 $ 73,821 Denominator: Weighted average number of shares of Class A common stock outstanding 81,902,524 61,998,089 51,702,188 Basic net income (loss) per share of Class A common stock $ 1.16 $ 1.08 $ 1.43 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 95,276 $ 66,727 $ 73,821 Add (deduct) - dilutive effect of: Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss) 30,378 47,130 — Additional corporate tax (expense) benefit (1,608 ) 299 — Diluted net income (loss) attributable to Class A common shareholders $ 124,046 $ 114,156 $ 73,821 Denominator: Basic weighted average number of shares of Class A common stock outstanding 81,902,524 61,998,089 51,702,188 Add - dilutive effect of: Shares issuable relating to converted Class B common shareholders 27,773,765 45,118,668 — Incremental shares of unvested Class A restricted stock 28,591 522,031 168,620 Diluted weighted average number of shares of Class A common stock outstanding 109,704,880 107,638,788 51,870,808 Diluted net income (loss) per share of Class A common stock $ 1.13 $ 1.06 $ 1.42

STOCK BASED COMPENSATION PLANS

STOCK BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Compensation Plans Summary	The following table summarizes the impact on the consolidated statement of operations of the various stock based compensation plans described in this note ($ in thousands): Year Ended December 31, 2017 2016 2015 Stock Based Compensation Expense: 2015 Annual Restricted Stock/Option Awards $ 1,876 $ 4,838 $ 6,197 2016 Annual Restricted Stock/Option Awards 2,094 6,690 — 2017 Annual Restricted Stock Awards 7,289 (1) — — 2017 Other Restricted Stock Awards 302 — — 2018 Annual Restricted Stock Awards(2) 6,768 (1) — — Other Employee/Director Awards 636 6,112 7,591 Total Stock Based Compensation Expense $ 18,965 $ 17,640 $ 13,788 Phantom Equity Investment Plan $ 510 $ 689 $ (2,958 ) Ladder Capital Corp Deferred Compensation Plan $ 568 $ 710 $ (553 ) Bonus Expense $ 33,747 $ 29,224 $ 34,359 (1) Includes immediate vesting of retirement eligible employees, including Brian Harris. (2) Granted in December 2017.
Summary of the grants	A summary of the grants is presented below ($ in thousands): Year Ended December 31, 2017 2016 2015 Number Weighted Average Fair Value Number Weighted Average Fair Value Number Weighted Average Fair Value Grants - Class A Common Stock (restricted) 1,996,594 $ 27,489 793,598 $ 9,118 726,327 $ 13,353 Grants - Class A Common Stock (restricted) dividends 15,560 216 166,934 1,908 — — Stock Options — — 380,949 1,356 670,256 1,441 Amortization to compensation expense LP Units compensation expense — — (124 ) Ladder compensation expense (18,965 ) (17,640 ) (13,664 ) Total amortization to compensation expense $ (18,965 ) $ (17,640 ) $ (13,788 )
Schedule of Nonvested Shares Activity	The table below presents the number of unvested shares and outstanding stock options at December 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 2,012,154 — Exercised — Vested (2,225,654 ) Forfeited (10,000 ) — Expired — Nonvested/Outstanding at December 31, 2017 1,252,365 982,135 Exercisable at December 31, 2017 752,017 The table below presents the number of unvested shares and outstanding stock options at December 31, 2016 and changes during 2016 of the (i) Class A Common stock and Stock Options of Ladder Capital Corp granted under the 2014 Omnibus Incentive Plan and (ii) Series B Participating Preferred Units of LCFH granted under the 2008 Plan, which were subsequently converted to LP Units of LCFH in connection with the IPO: Restricted Stock Stock Options LP Units(1) Nonvested/Outstanding at December 31, 2015 1,334,369 601,186 504 Granted 960,531 380,949 — Exercised — Vested (770,568 ) (504 ) Forfeited (48,467 ) — — Expired — Nonvested/Outstanding at December 31, 2016 1,475,865 982,135 — Exercisable at December 31, 2016 230,936 (1) Converted to LP Units of LCFH on February 11, 2014 in connection with IPO. LCFH LP Unitholders also received an equal number of shares of Class B Common stock of the Company at IPO. The LP Units converted to an equal number of Series REIT LP Units and Series TRS LP Units on December 31, 2014 in connection with the Company’s conversion to a REIT.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of components of provision for income taxes	Components of the provision for income taxes consist of the following ($ in thousands): Year Ended December 31, 2017 2016 2015 Current expense (benefit) U.S. Federal $ 1,845 $ (386 ) $ 9,020 State and local 276 4,838 2,637 Total current expense (benefit) 2,121 4,452 11,657 Deferred expense (benefit) U.S. Federal 4,632 1,417 2,247 State and local 959 451 653 Total deferred expense (benefit) 5,591 1,868 2,900 Provision for income tax expense (benefit) $ 7,712 $ 6,320 $ 14,557
Schedule of reconciliation of U.S. federal statutory and effective income tax rates	A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2017 , 2016 and 2015 is as follows: Year Ended December 31, 2017 2016 2015 US statutory tax rate 35.00 % 35.00 % 35.00 % REIT income not subject to corporate income tax (29.53 )% (34.38 )% (32.37 )% Increase due to state and local taxes 0.74 % 4.41 % (1) 1.40 % Deferred tax asset write-off upon conversion to REIT — % — % 1.44 % Change in valuation allowance 2.13 % 0.42 % 3.29 % Impact of Tax Cuts and Jobs Act (2.53 )% — % — % Other (0.04 )% (0.19 )% 0.39 % Effective income tax rate 5.77 % 5.26 % 9.15 % (1) The increase in state taxes shown above is primarily related to additional tax expense of $3.3 million pertaining to a New York State tax audit, further discussed below.
Schedule of components of deferred tax assets and liabilities	The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands): December 31, 2017 December 31, 2016 Deferred Tax Assets Basis difference in operating partnerships $ — $ 2,023 Unrealized gains (losses) 1,461 99 Unrealized gains (losses) - derivatives 5,781 5,668 Valuation allowance (5,781 ) (5,668 ) Total Deferred Tax Assets $ 1,461 $ 2,122 December 31, 2017 December 31, 2016 Deferred Tax Liability Basis difference in operating partnerships $ 7,134 $ — Unrealized gains (losses) — — Unrealized gains (losses) - derivatives — — Valuation allowance — — Total Deferred Tax Liability $ 7,134 $ —

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 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 2018 $ 1,205 2019 1,180 2020 1,180 2021 1,180 2022 100 Thereafter — Total $ 4,845

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 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 Year ended December 31, 2017 Interest income $ 219,892 $ 43,542 $ 15 $ 218 $ 263,667 Interest expense (39,530 ) (5,800 ) (28,679 ) (72,109 ) (146,118 ) Net interest income (expense) 180,362 37,742 (28,664 ) (71,891 ) 117,549 Provision for loan losses — — — — — Net interest income (expense) after provision for loan losses 180,362 37,742 (28,664 ) (71,891 ) 117,549 Operating lease income — — 89,492 — 89,492 Tenant recoveries — — 7,179 — 7,179 Sale of loans, net 54,046 — — — 54,046 Realized gain on securities — 17,209 — — 17,209 Unrealized gain (loss) on Agency interest-only securities — 1,405 — — 1,405 Realized gain (loss) on sale of real estate, net — — 11,423 — 11,423 Fee and other income 6,859 — 7,865 3,617 18,341 Net result from derivative transactions (8,425 ) (4,216 ) — — (12,641 ) Earnings from investment in unconsolidated joint ventures — — 89 — 89 Gain (loss) on extinguishment of debt (19 ) — — (54 ) (73 ) Total other income (expense) 52,461 14,398 116,048 3,563 186,470 Salaries and employee benefits — — — (70,463 ) (70,463 ) Operating expenses 302 — — (21,723 ) (21,421 ) Real estate operating expenses — — (33,216 ) (33,216 ) Fee expense (3,649 ) (280 ) (1,067 ) — (4,996 ) Depreciation and amortization — — (40,239 ) (93 ) (40,332 ) Total costs and expenses (3,347 ) (280 ) (74,522 ) (92,279 ) (170,428 ) Tax (expense) benefit — — — (7,712 ) (7,712 ) Segment profit (loss) $ 229,476 $ 51,860 $ 12,862 $ (168,319 ) $ 125,879 Total assets as of December 31, 2017 $ 3,508,642 $ 1,106,517 $ 1,067,482 $ 342,974 $ 6,025,615 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Year ended December 31, 2016 Interest income $ 161,315 $ 74,987 $ 10 $ 60 $ 236,372 Interest expense (25,531 ) (9,740 ) (25,333 ) (60,223 ) (120,827 ) Net interest income (expense) 135,784 65,247 (25,323 ) (60,163 ) 115,545 Provision for loan losses (300 ) — — — (300 ) Net interest income (expense) after provision for loan losses 135,484 65,247 (25,323 ) (60,163 ) 115,245 Operating lease income — — 77,277 — 77,277 Tenant recoveries — — 5,958 — 5,958 Sale of loans, net 26,009 — — — 26,009 Realized gain on securities — 7,724 — — 7,724 Unrealized gain (loss) on Agency interest-only securities — (56 ) — — (56 ) Realized gain on sale of real estate, net — — 20,636 — 20,636 Fee and other income 7,547 — 7,253 6,565 21,365 Net result from derivative transactions 8,371 (9,780 ) — — (1,409 ) Earnings from investment in unconsolidated joint ventures — — (466 ) 892 426 Loss on extinguishment of debt — — — 5,382 5,382 Total other income 41,927 (2,112 ) 110,658 12,839 163,312 Salaries and employee benefits (11,000 ) — — (53,270 ) (64,270 ) Operating expenses — — — (20,552 ) (20,552 ) Real estate operating expenses — — (30,545 ) — (30,545 ) Fee expense (2,343 ) (166 ) (618 ) (576 ) (3,703 ) Depreciation and amortization — — (39,354 ) (93 ) (39,447 ) Total costs and expenses (13,343 ) (166 ) (70,517 ) (74,491 ) (158,517 ) Income tax (expense) benefit — — — (6,320 ) (6,320 ) Segment profit (loss) $ 164,068 $ 62,969 $ 14,818 $ (128,135 ) $ 113,720 Total assets as of December 31, 2016 $ 2,353,977 $ 2,100,947 $ 856,363 $ 267,050 $ 5,578,337 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Year ended December 31, 2015 Interest income $ 165,403 $ 76,083 $ — $ 53 $ 241,539 Interest expense (24,039 ) (7,256 ) (23,873 ) (58,135 ) (113,303 ) Net interest income (expense) 141,364 68,827 (23,873 ) (58,082 ) 128,236 Provision for loan losses (600 ) — — — (600 ) Net interest income (expense) after provision for loan losses 140,764 68,827 (23,873 ) (58,082 ) 127,636 Operating lease income — — 80,465 — 80,465 Tenant recoveries — — 9,907 — 9,907 Sale of loans, net 71,066 — — — 71,066 Gain on securities — 24,007 — — 24,007 Unrealized gain (loss) on Agency interest-only securities — (1,249 ) — — (1,249 ) Sale of real estate, net 2,346 — 38,040 — 40,386 Fee and other income 5,999 230 5,989 2,987 15,205 Net result from derivative transactions (12,609 ) (26,328 ) — — (38,937 ) Earnings from investment in unconsolidated joint ventures — — 255 116 371 Total other income 66,802 (3,340 ) 134,656 3,103 201,221 Salaries and employee benefits (16,531 ) — — (45,081 ) (61,612 ) Operating expenses 381 — — (25,484 ) (25,103 ) Real estate operating expenses — — (37,868 ) (1 ) (37,869 ) Fee expense (1,693 ) (40 ) (470 ) (2,318 ) (4,521 ) Depreciation and amortization — — (38,953 ) (108 ) (39,061 ) Total costs and expenses (17,843 ) (40 ) (77,291 ) (72,992 ) (168,166 ) Tax (expense) benefit — — — (14,557 ) (14,557 ) Segment profit (loss) $ 189,723 $ 65,447 $ 33,492 $ (142,528 ) $ 146,134 Total assets as of December 31, 2015 $ 2,310,409 $ 2,407,217 $ 868,528 $ 309,058 $ 5,895,212 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $35.4 million and $34.0 million as of December 31, 2017 and 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 December 31, 2017 and 2016 , the Company’s deferred tax asset (liability) of $(5.7) million and $2.1 million as of December 31, 2017 and 2016 , respectively and the Company’s senior unsecured notes of $1.2 billion and $559.8 million as of December 31, 2017 and 2016 , respectively.

QUARTERLY FINANCIAL DATA (UNA50

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly consolidated financial data	The following summarizes the consolidated quarterly financial information for the Company ($ in thousands except per share and dividend amounts): Q4 2017 Q3 2017 Q2 2017 Q1 2017(1) (as adjusted for the impact of change in accounting principle) Interest income $ 73,352 $ 66,833 $ 65,970 $ 57,512 Net interest income after provision for loan losses 31,795 29,348 30,309 26,097 Other income (loss) 69,436 39,141 47,475 30,418 Costs and expenses 52,804 39,244 40,120 38,260 Income (loss) before taxes 48,427 29,245 37,664 18,255 Income tax expense (benefit) 3,057 (576 ) 6,606 (1,375 ) Net income (loss) 45,370 29,821 31,058 19,630 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (92 ) 265 (77 ) (322 ) Net (income) loss attributable to noncontrolling interest in operating partnership (9,172 ) (6,499 ) (8,868 ) (5,838 ) Net income (loss) attributable to Class A common shareholders $ 36,106 $ 23,587 $ 22,113 $ 13,470 Earnings per share: Basic $ 0.41 $ 0.28 $ 0.28 $ 0.18 Diluted $ 0.40 $ 0.28 $ 0.26 $ 0.18 Dividends per share of common stock $ 0.315 $ 0.300 $ 0.300 $ 0.300 Q4 2016(2) Q3 2016 Q2 2016 Q1 2016(2) (as historically reported - no adjustments) Interest income $ 60,721 $ 60,284 $ 55,766 $ 59,601 Net interest income after provision for loan losses 28,517 29,599 27,214 29,915 Other income (loss) 89,212 69,335 11,835 (7,070 ) Costs and expenses 45,335 40,615 37,405 35,162 Income (loss) before taxes 72,394 58,319 1,644 (12,317 ) Income tax expense (benefit) 773 8,721 (2,301 ) (873 ) Net income (loss) 71,621 49,598 3,945 (11,444 ) Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (298 ) 439 (235 ) 232 Net (income) loss attributable to predecessor unitholders — — — — Net (income) loss attributable to noncontrolling interest in operating partnership (29,467 ) (22,429 ) (908 ) 5,673 Net income (loss) attributable to Class A common shareholders $ 41,856 $ 27,608 $ 2,802 $ (5,539 ) Earnings per share: Basic $ 0.64 $ 0.44 $ 0.05 $ (0.09 ) Diluted $ 0.63 $ 0.44 $ 0.05 $ (0.09 ) Dividends per share of common stock $ 0.460 $ 0.275 $ 0.275 $ 0.275 (1) See Note 2. Significant Accounting Policies , “Out-of-Period Adjustments” for out-of-period adjustments included in the three month periods ended March 31, 2017. (2) See Note 2. Significant Accounting Policies , “Out-of-Period Adjustments” for out-of-period adjustments included in the three month periods ended March 31, 2016 and December 31, 2016. Q3 2017 Q2 2017 (as historically reported) Interest income $ 72,763 $ 66,136 Net interest income after provision for loan losses 30,156 30,532 Other income (loss) 39,141 21,571 Costs and expenses 39,244 40,120 Income (loss) before taxes 30,053 11,983 Income tax expense (benefit) (400 ) (1,449 ) Net income (loss) 30,453 13,432 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures 265 (77 ) Net (income) loss attributable to noncontrolling interest in operating partnership (6,679 ) (2,693 ) Net income (loss) attributable to Class A common shareholders $ 24,039 $ 10,662 Earnings per share: Basic $ 0.28 $ 0.13 Diluted $ 0.28 $ 0.13 Dividends per share of common stock $ 0.300 $ 0.300

ORGANIZATION AND OPERATIONS (De

ORGANIZATION AND OPERATIONS (Details)	Feb. 11, 2014	Dec. 31, 2017	Feb. 27, 2015
ORGANIZATION AND OPERATIONS
Ownership restriction, maximum percentage of outstanding capital stock			9.80%
Percentage of applicable cash saving in income tax distributable to specified unitholders		85.00%
Percentage of applicable cash saving in income tax available for the entity		15.00%
LCFH | Class A common stock
ORGANIZATION AND OPERATIONS
Stock exchange ratio	1
Series REIT
ORGANIZATION AND OPERATIONS
Percentage of investment of operating partner	51.90%
Limited partners ownership interest	48.10%
Series REIT | LCFH
ORGANIZATION AND OPERATIONS
Ownership interest in subsidiaries	100.00%
Series TRS | LCFH
ORGANIZATION AND OPERATIONS
Ownership interest in subsidiaries	100.00%
LCFH | LCFH
ORGANIZATION AND OPERATIONS
Ownership interest in LCFH		84.10%

SIGNIFICANT ACCOUNTING POLICI52

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	Jun. 29, 2017	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Percentage of commercial mortgage backed securities with below AA rating		4.10%								4.10%
Reduction in depreciation and amortization										$ (40,332)	$ (39,447)	$ (39,061)
Additional state taxes		$ 3,057	$ (576)	$ 6,606	$ (1,375)	$ 773	$ 8,721	$ (2,301)	$ (873)	7,712	6,320	14,557
Additional return on equity from Company's investments										0	1,017	294
Mortgage loans on real estate, transfered to securitization	$ 625,700
Net cash provided by (used in) operating activities										11,985	338,427	(38,307)
Net cash provided by (used in) investing activities										(306,635)	36,284	34,650
Accounting Standards Update 2016-15
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by (used in) operating activities										(52,000)	(70,100)	(79,100)
Net cash provided by (used in) investing activities										$ 52,000	$ 70,100	$ 79,100
Out-of-Period Adjustment Related to Prior Years
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Reduction in depreciation and amortization		600			$ 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
Out-of-Period Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Reduction in depreciation and amortization		$ 1,200
Building | Minimum
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful lives of real estate										20 years
Building | Maximum
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful lives of real estate										47 years
Building Fixtures and Improvements | Minimum
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful lives of real estate										4 years
Building Fixtures and Improvements | Maximum
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful lives of real estate										15 years

CONSOLIDATED VARIABLE INTERES53

CONSOLIDATED VARIABLE INTEREST ENTITIES (Details) - CLO $ in Thousands	Dec. 31, 2017USD ($)
Variable Interest Entity [Line Items]
Total assets	$ 884,637
Total liabilities	690,755
Net equity in VIEs (eliminated in consolidation)	193,882
Total equity	193,882
Total liabilities and equity	884,637
Mortgage loan receivables held for investment, net, at amortized cost
Variable Interest Entity [Line Items]
Total assets	880,385
Accrued interest receivable
Variable Interest Entity [Line Items]
Total assets	4,252
Senior and unsecured debt obligations
Variable Interest Entity [Line Items]
Total liabilities	689,961
Accrued expenses
Variable Interest Entity [Line Items]
Total liabilities	$ 794

MORTGAGE LOAN RECEIVABLES - Sch

MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 3,533,236		$ 2,371,827
Provision for loan losses	(4,000)	[1]	(4,000)
Carrying Value	$ 3,508,642		$ 2,353,977
Weighted Average Yield (as a percent)	7.03%		6.73%
Remaining Maturity (years)	2 years 14 days		2 years 1 month 6 days
Mortgage loans held by consolidated subsidiaries
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 3,300,709		$ 2,011,309
Carrying Value	$ 3,282,462		$ 2,000,095
Weighted Average Yield (as a percent)	7.18%		7.17%
Remaining Maturity (years)	1 year 7 months 9 days		1 year 7 months 27 days
Mortgage loan receivables held for investment, net, at amortized cost
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 3,300,709		$ 2,011,309
Provision for loan losses	(4,000)		(4,000)	$ (3,700)	$ (3,100)
Carrying Value	3,278,462		1,996,095
Mortgage loan receivables held for sale
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	232,527		360,518
Carrying Value	$ 230,180		$ 357,882
Weighted Average Yield (as a percent)	4.88%		4.20%
Remaining Maturity (years)	8 years 2 months 1 day		4 years 6 months 18 days
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

MORTGAGE LOAN RECEIVABLES - Add

MORTGAGE LOAN RECEIVABLES - Additional Information (Details)	Jun. 29, 2017USD ($)loan	Dec. 31, 2017USD ($)loan		Dec. 31, 2016USD ($)loan
Mortgage Loans on Real Estate [Line Items]
Proceeds from sales of mortgage loan receivables	$ 625,700,000
Outstanding Face Amount		$ 3,533,236,000		$ 2,371,827,000
Risk retention requirement, amount	$ 12,900,000
Risk retention requirement, percentage	2.00%
Sold, horizontal interest percentage	3.00%
Controlling classes, percentage	98.00%
Purchase, not recognized for accounting purposes	$ 62,700,000
Gain on sale		26,100,000
Liability for transfers not considered sales		78,800,000
Unamortized discounts included in mortgage loan receivables held for investment, at amortized cost		$ 200,000		600,000
Number of mortgage loans impaired | loan		0
Accrued and unpaid interest receivable		$ 25,875,000	[1]	24,439,000
First mortgage loans
Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	34
Outstanding Face Amount	$ 549,000,000	3,140,788,000		1,843,006,000
Carrying Value	$ 547,700,000
Intercompany loans held-for-investment
Mortgage Loans on Real Estate [Line Items]
Number of loans | loan	23
Outstanding Face Amount	$ 76,700,000
Mortgage loan receivables held for investment, net, at amortized cost
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount		3,300,709,000		2,011,309,000
Loans receivable with fixed rates of interest		$ 700,000,000		$ 205,400,000
Percentage of loans receivable with fixed rates of interest		22.00%		10.30%
Loans receivable with variable rates of interest		$ 2,600,000,000		$ 1,800,000,000
Loans receivable with variable rates of interest, percentage		78.00%		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		4,600,000		$ 3,500,000
Default interest included in accrued and unpaid interest receivable		3,500,000		2,200,000
Mortgage loan receivables held for sale
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount		232,527,000		360,518,000
Loans receivable with fixed rates of interest		$ 230,200,000		$ 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]
Loans nonaccrual status, amount		$ 0		$ 0
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

MORTGAGE LOAN RECEIVABLES - Mor

MORTGAGE LOAN RECEIVABLES - Mortgage Loan Receivables by Loan Type (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 29, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 3,533,236		$ 2,371,827
Carrying Value	3,508,642		2,353,977
Provision for loan losses	(4,000)		(4,000)	$ (3,700)	$ (3,100)
First mortgage loans
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	3,140,788	$ 549,000	1,843,006
Carrying value	3,123,268		1,832,626
Mezzanine loans
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	159,921		168,303
Carrying value	159,194		167,469
Mortgage loan receivables held for investment, net, at amortized cost
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	3,300,709		2,011,309
Carrying value	3,282,462		2,000,095
Carrying Value	3,278,462		1,996,095
First mortgage loans
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	232,527		360,518
Carrying Value	230,180		357,882
Mortgage loan receivables held for sale
Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	232,527		360,518
Carrying Value	$ 230,180		$ 357,882

MORTGAGE LOAN RECEIVABLES - Act

MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Activity in loan portfolio
Balance at the beginning of the period	$ 2,353,977		$ 2,310,409	$ 1,939,008
Balance at the beginning of the period, provision for loan losses	(4,000)
Origination of mortgage loan receivables	2,873,304		2,098,052	3,557,164
Purchases of mortgage loan receivables	94,079		73,421
Repayment of mortgage loan receivables	(386,852)		(722,360)	(754,760)
Proceeds from sales of mortgage loan receivables	(1,491,092)		(1,440,195)	(2,509,090)
Non-cash disposition of loan via foreclosure				(4,620)
Realized gain on sale of mortgage loan receivables	54,046		26,009	71,066
Transfer between held for investment and held for sale	0
Accretion/amortization of discount, premium and other fees	11,180		8,941	12,241
Loan loss provision	0		(300)	(600)
Balance at the end of the period, provision for loan losses	(4,000)	[1]	(4,000)
Balance at the end of the period	3,508,642		2,353,977	2,310,409
Proceeds from sales of mortgage loan receivables held for sale	115,359		0	0
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	$ 119,900
Loans from held for sale transferred to portfolio loans, remaining maturity	3 years
Loans held-for-sale transferred to held-for-investment, fair value	$ 33,800
Loans held-for-sale transferred to held-for-investment, remaining maturity	3 years 6 months 7 days
Origination of mortgage loans receivable held for investment	$ 0		50,378	0
Repayment of mortgage loans receivable held for investment	0		(70,678)	0
Mortgage loans held by consolidated subsidiaries
Activity in loan portfolio
Balance at the beginning of the period	2,000,095		1,742,345	1,524,153
Origination of mortgage loan receivables	1,407,669		969,401	963,023
Purchases of mortgage loan receivables	94,079		0
Repayment of mortgage loan receivables	(384,283)		(720,592)	(752,452)
Proceeds from sales of mortgage loan receivables	0		0	0
Non-cash disposition of loan via foreclosure				(4,620)
Realized gain on sale of mortgage loan receivables	0		0	0
Transfer between held for investment and held for sale	153,722
Transfer between held for investment and held for sale	153,722		0	0
Accretion/amortization of discount, premium and other fees	11,180		8,941	12,241
Loan loss provision	0		0	0
Balance at the end of the period	3,282,462		2,000,095	1,742,345
Origination of mortgage loans receivable held for investment			50,400
Repayment of mortgage loans receivable held for investment			(70,700)
Mortgage loan receivables held for investment, net, at amortized cost
Activity in loan portfolio
Balance at the beginning of the period, provision for loan losses	(4,000)		(3,700)	(3,100)
Loan loss provision	0		(300)	(600)
Balance at the end of the period, provision for loan losses	(4,000)		(4,000)	(3,700)
Mortgage loan receivables held for sale
Activity in loan portfolio
Balance at the beginning of the period	357,882		571,764	417,955
Origination of mortgage loan receivables	1,465,635		1,128,651	2,594,141
Purchases of mortgage loan receivables	0		73,421
Repayment of mortgage loan receivables	(2,569)		(1,768)	(2,308)
Proceeds from sales of mortgage loan receivables	(1,491,092)		(1,440,195)	(2,509,090)
Non-cash disposition of loan via foreclosure				0
Realized gain on sale of mortgage loan receivables	54,046		26,009	71,066
Transfer between held for investment and held for sale	(153,722)
Accretion/amortization of discount, premium and other fees	0		0	0
Loan loss provision	0		0	0
Balance at the end of the period	230,180		357,882	$ 571,764
Repayment of mortgage loans receivable held for sale	500
Proceeds from sales of mortgage loan receivables held for sale	115,400
Realized losses on loans recorded as other than temporary impairments	$ 1,800		$ 2,600
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

MORTGAGE LOAN RECEIVABLES - Pro

MORTGAGE LOAN RECEIVABLES - Provision for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allowance for Loan and Lease Losses [Roll Forward]
Provision for loan losses at beginning of period	$ 4,000	$ 3,700	$ 3,100
Provision for loan losses	0	300	600
Provision for loan losses at end of period	$ 4,000	$ 4,000	$ 3,700

REAL ESTATE SECURITIES - Summar

REAL ESTATE SECURITIES - Summary of Securities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)securities		Dec. 31, 2016USD ($)securities	Jun. 29, 2017USD ($)
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 4,292,845		$ 10,354,816
Amortized Cost Basis	1,107,380		2,100,994
Gross Unrealized Gains	4,296		13,194
Gross Unrealized Losses	(5,159)		(13,241)
Carrying Value	$ 1,106,517	[1]	$ 2,100,947
Number of Securities | securities	142		219
Weighted Average Coupon %	1.37%		1.27%
Weighted Average Yield %	2.87%		2.94%
Remaining Duration (years)	3 years		3 years 7 months 6 days
Risk retention requirement, amount				$ 12,900
CMBS
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 945,167		$ 1,676,680
Amortized Cost Basis	954,397		1,698,616
Gross Unrealized Gains	2,748		10,880
Gross Unrealized Losses	(3,646)		(8,101)
Carrying Value	$ 953,499		$ 1,701,395
Number of Securities | securities	96		131
Weighted Average Coupon %	3.28%		3.26%
Weighted Average Yield %	2.79%		2.81%
Remaining Duration (years)	2 years 10 months 20 days		3 years 6 months 18 days
Risk retention requirement, amount	$ 11,700
CMBS interest-only
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	3,140,297		$ 8,160,458
Amortized Cost Basis	112,609		343,438
Gross Unrealized Gains	796		1,273
Gross Unrealized Losses	(334)		(2,540)
Carrying Value	$ 113,071		$ 342,171
Number of Securities | securities	25		60
Weighted Average Coupon %	0.81%		0.87%
Weighted Average Yield %	3.16%		3.45%
Remaining Duration (years)	3 years 29 days		2 years 11 months 26 days
Risk retention requirement, amount	$ 1,100
GNMA interest-only
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	172,916		$ 478,577
Amortized Cost Basis	5,245		18,994
Gross Unrealized Gains	157		159
Gross Unrealized Losses	(925)		(2,332)
Carrying Value	$ 4,477		$ 16,821
Number of Securities | securities	13		17
Weighted Average Coupon %	0.58%		0.73%
Weighted Average Yield %	6.70%		4.19%
Remaining Duration (years)	4 years 2 months 4 days		4 years 5 months 8 days
Agency securities
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 720		$ 774
Amortized Cost Basis	743		802
Gross Unrealized Gains	0		0
Gross Unrealized Losses	(15)		(22)
Carrying Value	$ 728		$ 780
Number of Securities | securities	2		2
Weighted Average Coupon %	2.82%		2.90%
Weighted Average Yield %	1.80%		1.29%
Remaining Duration (years)	2 years 11 months 8 days		3 years 3 months 7 days
GNMA permanent securities
Schedule of Available-for-sale Securities [Line Items]
Outstanding Face Amount	$ 33,745		$ 38,327
Amortized Cost Basis	34,386		39,144
Gross Unrealized Gains	595		882
Gross Unrealized Losses	(239)		(246)
Carrying Value	$ 34,742		$ 39,780
Number of Securities | securities	6		9
Weighted Average Coupon %	3.98%		4.09%
Weighted Average Yield %	3.62%		3.80%
Remaining Duration (years)	5 years 7 months 27 days		10 years 3 months 18 days
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

REAL ESTATE SECURITIES - Securi

REAL ESTATE SECURITIES - Securities by Remaining Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2017		Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	$ 286,595		$ 143,918
1-5 years	663,243		1,508,191
5-10 years	156,668		441,038
After 10 years	11		7,800
Fair value of real estate securities	1,106,517	[1]	2,100,947
CMBS
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	285,982		132,730
1-5 years	544,278		1,156,026
5-10 years	123,239		412,639
After 10 years	0		0
Fair value of real estate securities	953,499		1,701,395
CMBS interest-only
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	537		11,188
1-5 years	112,534		330,983
5-10 years	0		0
After 10 years	0		0
Fair value of real estate securities	113,071		342,171
GNMA interest-only
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	76		0
1-5 years	3,906		15,914
5-10 years	484		724
After 10 years	11		183
Fair value of real estate securities	4,477		16,821
Agency securities
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	0		0
1-5 years	728		780
5-10 years	0		0
After 10 years	0		0
Fair value of real estate securities	728		780
GNMA permanent securities
Schedule of Available-for-sale Securities [Line Items]
Within 1 year	0		0
1-5 years	1,797		4,488
5-10 years	32,945		27,675
After 10 years	0		7,617
Fair value of real estate securities	$ 34,742		$ 39,780
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

REAL ESTATE SECURITIES - Additi

REAL ESTATE SECURITIES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Other than temporary impairment losses included in consolidated statements of income	$ (3.5)	$ (4.7)	$ (1.6)

REAL ESTATE AND RELATED LEASE62

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands	Dec. 31, 2017		Dec. 31, 2016
Real estate and related lease intangibles, net
Less: Accumulated depreciation and amortization	$ (161,063)		$ (122,007)
Real estate and related lease intangibles, net	1,032,041	[1]	822,338
Other liabilities
Real estate and related lease intangibles, net
Below market lease intangibles, net (other liabilities)	(42,607)		(16,506)
In-place leases and other intangibles
Real estate and related lease intangibles, net
Real estate	189,490		154,687
Land
Real estate and related lease intangibles, net
Real estate	213,992		143,286
Building
Real estate and related lease intangibles, net
Real estate	$ 789,622		$ 646,372
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

REAL ESTATE AND RELATED LEASE63

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Depreciation and Amortization Expense on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Abstract]
Depreciation expense	$ 28,271	$ 26,031	$ 23,922
Amortization expense	11,968	13,302	15,031
Total real estate depreciation and amortization expense	40,239	39,333	38,953
Depreciation on corporate fixed assets	$ 93	$ 114	$ 108

REAL ESTATE AND RELATED LEASE64

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Gross intangible assets	$ 189,500	$ 154,700
Accumulated amortization	60,900	48,100
Net intangible assets	128,600	106,600
Unamortized favorable/unfavorable lease intangibles	8,900	7,000
Net increase in operating lease income, amortization of below market lease intangibles	1,900	1,400	$ 1,800
Unbilled rent receivables	900	700
Unencumbered real estates	$ 128,700	$ 70,300
Weighted average amortization period for intangible assets acquired	19 years	19 years 6 months	22 years 7 months 6 days
Revenue recorded from acquisitions	$ 9,500	$ 2,800	$ 14,000
Earnings (losses) recorded from acquisitions	6,800	(300)	3,200
Real estate acquired in settlement of mortgage loan receivable held for investment	0	0	6,700
Mortgage loans on real estate, carrying amount	3,512,642
Above Market Leases
Business Acquisition [Line Items]
Net reduction in operating lease income, amortization of above market leases	$ 1,100	$ 1,300	1,400
Other
Business Acquisition [Line Items]
Real estate acquired in settlement of mortgage loan receivable held for investment			6,700
Gain (loss) on sale of mortgage loans			800
Mortgage loans on real estate, carrying amount			$ 5,900

REAL ESTATE AND RELATED LEASE65

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Total	$ 128,600	$ 106,600
In-place leases intangibles
Finite-Lived Intangible Assets [Line Items]
2,018	10,634
2,019	10,317
2,020	10,158
2,021	9,556
2,022	7,277
Thereafter	72,285
Total	$ 120,227

REAL ESTATE AND RELATED LEASE66

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details) $ in Thousands	Dec. 31, 2017USD ($)
Real Estate [Abstract]
2,018	$ 100,409
2,019	93,686
2,020	88,472
2,021	86,216
2,022	81,159
Thereafter	1,240,213
Total	$ 1,690,155

REAL ESTATE AND RELATED LEASE67

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Properties Acquired (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Purchase Price	$ 236,932	$ 62,495	$ 219,456
Real estate acquired in settlement of mortgage loan receivable held for investment	0	0	6,700
Land | St. Paul, MN
Business Acquisition [Line Items]
Purchase Price		$ 200
Ownership Interest (percent)		100.00%
Net Lease | Carmi, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,411
Ownership Interest (percent)	100.00%
Net Lease | Peoria, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,183		$ 1,226
Ownership Interest (percent)	100.00%		100.00%
Net Lease | Ridgedale, MO
Business Acquisition [Line Items]
Purchase Price	$ 1,298
Ownership Interest (percent)	100.00%
Net Lease | Hanna City, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,141
Ownership Interest (percent)	100.00%
Net Lease | Jessup, IA
Business Acquisition [Line Items]
Purchase Price	$ 1,163
Ownership Interest (percent)	100.00%
Net Lease | Shelbyville, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,132
Ownership Interest (percent)	100.00%
Net Lease | Jacksonville, FL
Business Acquisition [Line Items]
Purchase Price	$ 115,641
Ownership Interest (percent)	100.00%
Net Lease | Wabasha, MN
Business Acquisition [Line Items]
Purchase Price	$ 1,280
Ownership Interest (percent)	100.00%
Net Lease | Port O'Connor, TX
Business Acquisition [Line Items]
Purchase Price	$ 1,255
Ownership Interest (percent)	100.00%
Net Lease | Denver, IA
Business Acquisition [Line Items]
Purchase Price	$ 1,183
Ownership Interest (percent)	100.00%
Net Lease | Jefferson City, MO
Business Acquisition [Line Items]
Purchase Price	$ 1,241
Ownership Interest (percent)	100.00%
Net Lease | Milford, IA
Business Acquisition [Line Items]
Purchase Price	$ 1,298
Ownership Interest (percent)	100.00%
Net Lease | Kawkawlin, MI
Business Acquisition [Line Items]
Purchase Price	$ 1,234
Ownership Interest (percent)	100.00%
Net Lease | Aroma Park, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,218
Ownership Interest (percent)	100.00%
Net Lease | East Peoria, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,350
Ownership Interest (percent)	100.00%
Net Lease | Winterset, IA
Business Acquisition [Line Items]
Purchase Price	$ 1,258
Ownership Interest (percent)	100.00%
Net Lease | Rockford, MN
Business Acquisition [Line Items]
Purchase Price	$ 1,195
Ownership Interest (percent)	100.00%
Net Lease | Dimmitt, TX
Business Acquisition [Line Items]
Purchase Price		$ 1,319
Ownership Interest (percent)		100.00%
Net Lease | Philo, IL
Business Acquisition [Line Items]
Purchase Price		$ 1,156
Ownership Interest (percent)		100.00%
Net Lease | St. Charles, MN
Business Acquisition [Line Items]
Purchase Price		$ 1,198
Ownership Interest (percent)		100.00%
Net Lease | San Antonio, TX
Business Acquisition [Line Items]
Purchase Price		$ 1,096
Ownership Interest (percent)		100.00%
Net Lease | Borger, TX
Business Acquisition [Line Items]
Purchase Price		$ 978
Ownership Interest (percent)		100.00%
Net Lease | Champaign, IL
Business Acquisition [Line Items]
Purchase Price		$ 1,324
Ownership Interest (percent)		100.00%
Net Lease | Decatur-Sunnyside, IL
Business Acquisition [Line Items]
Purchase Price		$ 1,181
Ownership Interest (percent)		100.00%
Net Lease | Flora Vista, NM
Business Acquisition [Line Items]
Purchase Price		$ 1,305
Ownership Interest (percent)		100.00%
Net Lease | Mountain Grove, MO
Business Acquisition [Line Items]
Purchase Price		$ 1,279
Ownership Interest (percent)		100.00%
Net Lease | Rantoul, IL
Business Acquisition [Line Items]
Purchase Price		$ 1,204
Ownership Interest (percent)		100.00%
Net Lease | Decatur-Pershing, IL
Business Acquisition [Line Items]
Purchase Price		$ 1,365
Ownership Interest (percent)		100.00%
Net Lease | Cape Girardeau, MO
Business Acquisition [Line Items]
Purchase Price		$ 1,281
Ownership Interest (percent)		100.00%
Net Lease | Linn, MO
Business Acquisition [Line Items]
Purchase Price		$ 1,122
Ownership Interest (percent)		100.00%
Net Lease | Union, MO
Business Acquisition [Line Items]
Purchase Price		$ 1,227
Ownership Interest (percent)		100.00%
Net Lease | Pawnee, IL
Business Acquisition [Line Items]
Purchase Price		$ 1,201
Ownership Interest (percent)		100.00%
Net Lease | Lamar, MO
Business Acquisition [Line Items]
Purchase Price		$ 1,176
Ownership Interest (percent)		100.00%
Net Lease | Dryden Township, MI
Business Acquisition [Line Items]
Purchase Price		$ 1,190
Ownership Interest (percent)		100.00%
Net Lease | Fayetteville, NC
Business Acquisition [Line Items]
Purchase Price		$ 6,971
Ownership Interest (percent)		100.00%
Net Lease | Springfield, IL
Business Acquisition [Line Items]
Purchase Price		$ 1,322
Ownership Interest (percent)		100.00%
Net Lease | Jacksonville, NC
Business Acquisition [Line Items]
Purchase Price			$ 7,877
Ownership Interest (percent)			100.00%
Net Lease | Iberia, MO
Business Acquisition [Line Items]
Purchase Price			$ 1,328
Ownership Interest (percent)			100.00%
Net Lease | Isle, MN
Business Acquisition [Line Items]
Purchase Price			$ 1,078
Ownership Interest (percent)			100.00%
Net Lease | Pine Island, MN
Business Acquisition [Line Items]
Purchase Price			$ 1,142
Ownership Interest (percent)			100.00%
Net Lease | Kings Mountain, NC
Business Acquisition [Line Items]
Purchase Price			$ 21,241
Ownership Interest (percent)			100.00%
Net Lease | Village of Menomonee Falls, WI
Business Acquisition [Line Items]
Purchase Price			$ 17,050
Ownership Interest (percent)			100.00%
Net Lease | Rockland, MA
Business Acquisition [Line Items]
Purchase Price			$ 7,316
Ownership Interest (percent)			100.00%
Net Lease | Crawfordsville, IA
Business Acquisition [Line Items]
Purchase Price			$ 6,000
Ownership Interest (percent)			100.00%
Net Lease | Boardman Township, OH
Business Acquisition [Line Items]
Purchase Price			$ 5,400
Ownership Interest (percent)			100.00%
Net Lease | Hilliard, OH
Business Acquisition [Line Items]
Purchase Price			$ 6,384
Ownership Interest (percent)			100.00%
Net Lease | Weathersfield Township, OH
Business Acquisition [Line Items]
Purchase Price			$ 5,200
Ownership Interest (percent)			100.00%
Net Lease | Rotterdam, NY
Business Acquisition [Line Items]
Purchase Price			$ 12,000
Ownership Interest (percent)			100.00%
Net Lease | Wheaton, MO
Business Acquisition [Line Items]
Purchase Price			$ 970
Ownership Interest (percent)			100.00%
Net Lease | Paynesville, MN
Business Acquisition [Line Items]
Purchase Price			$ 1,254
Ownership Interest (percent)			100.00%
Net Lease | Loveland, CO
Business Acquisition [Line Items]
Purchase Price			$ 5,600
Ownership Interest (percent)			100.00%
Net Lease | Battle Lake, MN
Business Acquisition [Line Items]
Purchase Price			$ 1,098
Ownership Interest (percent)			100.00%
Net Lease | Yorktown, TX
Business Acquisition [Line Items]
Purchase Price			$ 1,207
Ownership Interest (percent)			100.00%
Net Lease | St. Francis, MN
Business Acquisition [Line Items]
Purchase Price			$ 1,117
Ownership Interest (percent)			100.00%
Net Lease | Red Oak, IA
Business Acquisition [Line Items]
Purchase Price			$ 1,185
Ownership Interest (percent)			100.00%
Net Lease | Zapata, TX
Business Acquisition [Line Items]
Purchase Price			$ 1,150
Ownership Interest (percent)			100.00%
Net Lease | Aurora, MN
Business Acquisition [Line Items]
Purchase Price			$ 952
Ownership Interest (percent)			100.00%
Net Lease | Canyon Lake, TX
Business Acquisition [Line Items]
Purchase Price			$ 1,377
Ownership Interest (percent)			100.00%
Net Lease | Wheeler, TX
Business Acquisition [Line Items]
Purchase Price			$ 1,075
Ownership Interest (percent)			100.00%
Net Lease | Bridgeport, IL
Business Acquisition [Line Items]
Purchase Price			$ 1,186
Ownership Interest (percent)			100.00%
Net Lease | Pleasanton, TX
Business Acquisition [Line Items]
Purchase Price			$ 1,316
Ownership Interest (percent)			100.00%
Net Lease | Warren, MN
Business Acquisition [Line Items]
Purchase Price			$ 1,055
Ownership Interest (percent)			100.00%
Net Lease | Tremont, IL
Business Acquisition [Line Items]
Purchase Price			$ 1,150
Ownership Interest (percent)			100.00%
Net Lease | Ponce, Puerto Rico
Business Acquisition [Line Items]
Purchase Price			$ 8,900
Ownership Interest (percent)			100.00%
Net Lease | Effingham County, IL
Business Acquisition [Line Items]
Purchase Price			$ 1,195
Ownership Interest (percent)			100.00%
Net Lease | Lebanon, MI
Business Acquisition [Line Items]
Purchase Price			$ 1,200
Ownership Interest (percent)			100.00%
Net Lease | Minot, ND
Business Acquisition [Line Items]
Purchase Price			$ 6,644
Ownership Interest (percent)			100.00%
Net Lease | Floresville, TX
Business Acquisition [Line Items]
Purchase Price			$ 1,251
Ownership Interest (percent)			100.00%
Net Lease | Kerrville, TX
Business Acquisition [Line Items]
Purchase Price			$ 1,174
Ownership Interest (percent)			97.00%
Net Lease | De Soto, IL
Business Acquisition [Line Items]
Purchase Price			$ 1,066
Ownership Interest (percent)			97.00%
Net Lease | Biscoe, NC
Business Acquisition [Line Items]
Purchase Price			$ 1,216
Ownership Interest (percent)			100.00%
Net Lease | Moultrie, GA
Business Acquisition [Line Items]
Purchase Price			$ 1,305
Ownership Interest (percent)			100.00%
Net Lease | Rose Hill, NC
Business Acquisition [Line Items]
Purchase Price			$ 1,420
Ownership Interest (percent)			100.00%
Net Lease | Rockingham, NC
Business Acquisition [Line Items]
Purchase Price			$ 1,158
Ownership Interest (percent)			100.00%
Net Lease | Wilmington, IL
Business Acquisition [Line Items]
Purchase Price			$ 1,309
Ownership Interest (percent)			100.00%
Net Lease | Danville, IL
Business Acquisition [Line Items]
Purchase Price			$ 1,074
Ownership Interest (percent)			100.00%
Net Lease | Bloomington, IL
Business Acquisition [Line Items]
Purchase Price			$ 1,193
Ownership Interest (percent)			100.00%
Net Lease | Lincoln County , MO
Business Acquisition [Line Items]
Purchase Price			$ 1,072
Ownership Interest (percent)			100.00%
Net Lease | Montrose, MN
Business Acquisition [Line Items]
Purchase Price			$ 1,167
Ownership Interest (percent)			100.00%
Net Lease | Jenks, OK
Business Acquisition [Line Items]
Purchase Price			$ 12,160
Ownership Interest (percent)			100.00%
Net Lease | Grove, OK
Business Acquisition [Line Items]
Purchase Price			$ 5,030
Ownership Interest (percent)			100.00%
Net Lease | Farmington, IL
Business Acquisition [Line Items]
Purchase Price			$ 1,303
Ownership Interest (percent)			100.00%
Net Lease | Bixby, OK
Business Acquisition [Line Items]
Purchase Price			$ 10,978
Ownership Interest (percent)			100.00%
Net Lease | Rice, MN
Business Acquisition [Line Items]
Purchase Price			$ 1,200
Ownership Interest (percent)			100.00%
Net Lease | Gordonville, MO
Business Acquisition [Line Items]
Purchase Price			$ 1,125
Ownership Interest (percent)			100.00%
Net Lease | Malone, NY
Business Acquisition [Line Items]
Purchase Price			$ 1,466
Ownership Interest (percent)			100.00%
Net Lease | Mercedes, TX
Business Acquisition [Line Items]
Purchase Price			$ 1,204
Ownership Interest (percent)			100.00%
Net Lease | Albion, PA
Business Acquisition [Line Items]
Purchase Price			$ 1,525
Ownership Interest (percent)			100.00%
Net Lease | Radford, VA
Business Acquisition [Line Items]
Purchase Price			$ 1,564
Ownership Interest (percent)			100.00%
Net Lease | Rural Retreat, VA
Business Acquisition [Line Items]
Purchase Price			$ 1,399
Ownership Interest (percent)			100.00%
Net Lease | Mount Vernon, AL
Business Acquisition [Line Items]
Purchase Price			$ 1,224
Ownership Interest (percent)			100.00%
Other
Business Acquisition [Line Items]
Real estate acquired in settlement of mortgage loan receivable held for investment			$ 6,700
Other | Peoria, IL
Business Acquisition [Line Items]
Purchase Price		$ 2,760
Ownership Interest (percent)		100.00%
Other | El Monte, CA
Business Acquisition [Line Items]
Purchase Price	$ 54,110
Ownership Interest (percent)	70.00%
Other | Miami, FL
Business Acquisition [Line Items]
Purchase Price	$ 38,145
Ownership Interest (percent)	80.00%
Other | Crum Lynne, PA
Business Acquisition [Line Items]
Purchase Price	$ 9,196
Ownership Interest (percent)	100.00%
Other | Ewing, NJ
Business Acquisition [Line Items]
Purchase Price		$ 30,640
Ownership Interest (percent)		100.00%
Other | Grand Rapids, MI
Business Acquisition [Line Items]
Purchase Price			$ 9,300
Ownership Interest (percent)			97.00%
Other | Grand Rapids, MI
Business Acquisition [Line Items]
Purchase Price			$ 6,300
Ownership Interest (percent)			97.00%
Other | Wayne, NJ
Business Acquisition [Line Items]
Purchase Price			$ 9,700
Ownership Interest (percent)			100.00%
Other | Carmel, NY
Business Acquisition [Line Items]
Ownership Interest (percent)			100.00%
Real estate acquired in settlement of mortgage loan receivable held for investment			$ 6,700
Real Estate
Business Acquisition [Line Items]
Purchase Price			$ 212,756
Consolidated Joint Venture | Other | El Monte, CA
Business Acquisition [Line Items]
Purchase Price	$ 5,300
Consolidated Joint Venture | Other | Miami, FL
Business Acquisition [Line Items]
Purchase Price	$ 1,600

REAL ESTATE AND RELATED LEASE68

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Abstract]
Land	$ 71,908	$ 9,242	$ 32,260
Building	157,921	39,609	166,556
Intangibles	35,083	15,854	32,084
Below Market Lease Intangibles	(27,980)	(2,210)	(11,444)
Purchase Price	$ 236,932	$ 62,495	$ 219,456

REAL ESTATE AND RELATED LEASE69

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)property		Dec. 31, 2016USD ($)property		Dec. 31, 2015USD ($)property
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate	$ 29,519		$ 72,953	[1]	$ 98,558
Real estate and related lease intangibles, net	1,032,041	[2]	822,338
Realized Gain/(Loss)	11,423		20,636		40,386
Other
Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of mortgage loans					800
2017 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate	31,104
Real estate and related lease intangibles, net	19,517
Realized Gain/(Loss)	11,587
Realized loss on sale	164
Proceeds from sale of real estate	1,400
2017 Disposal Properties | Condominium | Las Vegas, NV
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate	20,122
Real estate and related lease intangibles, net	10,824
Realized Gain/(Loss)	$ 9,298
Number of properties disposed | property	0
Number of units sold (in properties) | property	46
Number of units remaining (in properties) | property	13
2017 Disposal Properties | Condominium | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate	$ 10,982
Real estate and related lease intangibles, net	8,693
Realized Gain/(Loss)	$ 2,289
Number of properties disposed | property	0
Number of units sold (in properties) | property	40
Number of units remaining (in properties) | property	48
2016 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate			66,470
Real estate and related lease intangibles, net			45,834
Realized Gain/(Loss)			20,636
2016 Disposal Properties | Condominium | Las Vegas, NV
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate			34,049
Real estate and related lease intangibles, net			18,907
Realized Gain/(Loss)			$ 15,142
Number of properties disposed | property			0
Number of units sold (in properties) | property			73
Number of units remaining (in properties) | property			59
2016 Disposal Properties | Condominium | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate			$ 18,307
Real estate and related lease intangibles, net			13,991
Realized Gain/(Loss)			$ 4,316
Number of properties disposed | property			0
Number of units sold (in properties) | property			65
Number of units remaining (in properties) | property			88
2016 Disposal Properties | Net Lease | Rockland, MA
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate			$ 7,922
Real estate and related lease intangibles, net			7,210
Realized Gain/(Loss)			$ 712
Number of properties disposed | property			1
Number of units sold (in properties) | property			0
Number of units remaining (in properties) | property			0
2016 Disposal Properties | Net Lease | Crawfordsville, IN
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate			$ 6,192
Real estate and related lease intangibles, net			5,726
Realized Gain/(Loss)			$ 466
Number of properties disposed | property			1
Number of units sold (in properties) | property			0
Number of units remaining (in properties) | property			0
2015 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate					172,134
Real estate and related lease intangibles, net					133,005
Realized Gain/(Loss)					39,129
2015 Disposal Properties | Condominium | Las Vegas, NV
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate					38,779
Real estate and related lease intangibles, net					22,310
Realized Gain/(Loss)					$ 16,469
Number of properties disposed | property					0
Number of units sold (in properties) | property					88
Number of units remaining (in properties) | property					132
2015 Disposal Properties | Condominium | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate					$ 29,924
Real estate and related lease intangibles, net					22,942
Realized Gain/(Loss)					$ 6,982
Number of properties disposed | property					0
Number of units sold (in properties) | property					99
Number of units remaining (in properties) | property					153
2015 Disposal Properties | Net Lease | Plattsmouth, NE
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate					$ 8,440
Real estate and related lease intangibles, net					7,983
Realized Gain/(Loss)					$ 457
Number of properties disposed | property					1
Number of units sold (in properties) | property					0
Number of units remaining (in properties) | property					0
2015 Disposal Properties | Net Lease | Worthington, MN
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate					$ 8,793
Real estate and related lease intangibles, net					8,321
Realized Gain/(Loss)					$ 472
Number of properties disposed | property					1
Number of units sold (in properties) | property					0
Number of units remaining (in properties) | property					0
2015 Disposal Properties | Net Lease | Loveland, CO
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate					$ 6,249
Real estate and related lease intangibles, net					5,600
Realized Gain/(Loss)					$ 649
Number of properties disposed | property					1
Number of units sold (in properties) | property					0
Number of units remaining (in properties) | property					0
2015 Disposal Properties | Net Lease | Village of Menomonee Falls, WI
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate					$ 17,856
Real estate and related lease intangibles, net					16,827
Realized Gain/(Loss)					$ 1,029
Number of properties disposed | property					1
Number of units sold (in properties) | property					0
Number of units remaining (in properties) | property					0
Mortgage loan related to property sales					$ 11,300
Gain (loss) on sale of mortgage loans					300
2015 Disposal Properties | Other | Minneapolis, MN
Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate					62,093
Real estate and related lease intangibles, net					49,022
Realized Gain/(Loss)					$ 13,071
Number of properties disposed | property					1
Number of units sold (in properties) | property					0
Number of units remaining (in properties) | property					0
Mortgage loan related to property sales					$ 39,800
Gain (loss) on sale of mortgage loans					1,100
Gain (Loss) on Sale of Properties | 2015 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on disposition of property plant equipment					$ (200)
[1]	Includes cash proceeds received in the current year that relate to prior year sales of real estate of $6.5 million.
[2]	Includes amounts relating to consolidated variable interest entities. See Note 3.

REAL ESTATE AND RELATED LEASE70

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Pro forma (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Line Items]
Operating lease income									$ 89,492	$ 77,277	$ 80,465
Net income (loss)	$ 45,370	$ 29,821	$ 31,058	$ 19,630					125,879	113,720	146,134
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures										138	(1,568)
Net (income) loss attributable to noncontrolling interest in operating partnership	(9,172)	(6,499)	(8,868)	(5,838)	$ (29,467)	$ (22,429)	$ (908)	$ 5,673	(30,377)	(47,131)	(70,745)
Acquisitions
Real Estate [Line Items]
Operating lease income										2,473	10,966
Net income (loss)										2,080	7,363
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures										0	0
Net (income) loss attributable to noncontrolling interest in operating partnership										(865)	(3,334)
Consolidated Pro Forma
Real Estate [Line Items]
Operating lease income										79,750	91,431
Net income (loss)										115,800	153,497
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures										138	(1,568)
Net (income) loss attributable to noncontrolling interest in operating partnership										(47,996)	(74,079)
Class A common stock
Real Estate [Line Items]
Net income attributable to Class A common shareholders	$ 36,106	$ 23,587	$ 22,113	$ 13,470	$ 41,856	$ 27,608	$ 2,802	$ (5,539)	$ 95,276	66,727	73,821
Class A common stock | Acquisitions
Real Estate [Line Items]
Net income attributable to Class A common shareholders										1,215	4,029
Class A common stock | Consolidated Pro Forma
Real Estate [Line Items]
Net income attributable to Class A common shareholders										$ 67,942	$ 77,850

INVESTMENT IN UNCONSOLIDATED 71

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Additional Information (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2012	Mar. 31, 2016USD ($)	Dec. 31, 2017USD ($)property		Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Aug. 07, 2015USD ($)	Mar. 22, 2013	Apr. 15, 2011
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures			$ 35,441,000	[1]	$ 34,025,000
Additional return on equity from Company's investments			0		1,017,000	$ 294,000
Management fees			18,341,000		21,365,000	15,205,000
Expenses from investment			15,291,000		15,861,000	15,849,000
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
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures			30,533,000		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			1,100,000		1,400,000	600,000
Interest costs capitalized			1,300,000		900,000	300,000
24 Second Avenue Holdings LLC | Operating Partner
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)							26.20%
Ownership percentage after achievement of profit multiplier ratio							50.00%
24 Second Avenue Holdings LLC | Co-venturer
Schedule of Equity Method Investments [Line Items]
Loans payable outstanding from unconsolidated joint venture			36,500,000		21,600,000
24 Second Avenue Holdings LLC | Co-venturer | Construction Loan
Schedule of Equity Method Investments [Line Items]
Committed amount on credit agreement			50,465,000
Outstanding amount under credit agreement			36,500,000
Remaining borrowing capacity under credit agreement			0
Ladder Capital Realty Income Partnership I LP
Schedule of Equity Method Investments [Line Items]
Minimum average net equity partnership investment as a basis for management fee reduction			100,000,000
Management fees			0		6,905	$ 77,447
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			$ 4,908,000		$ 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			81.00%
Grace Lake JV, LLC | LP Units
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)								19.00%
Grace Lake JV, LLC | Limited liability company
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)			19.00%
Apartment Building | 24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property			31
Number of real estate properties, under contract | property			11
Real estate properties, under contract			$ 30,000,000
Real estate properties, under contract, deposit			10.00%
Other | 24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property			1
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

INVESTMENT IN UNCONSOLIDATED 72

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Investments in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2017		Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures	$ 35,441	[1]	$ 34,025
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures	4,908		3,719
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures	$ 30,533		$ 30,306
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

INVESTMENT IN UNCONSOLIDATED 73

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Summary of Allocated Earnings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	$ 89	$ 426	$ 371
Ladder Capital Realty Income Partnership I LP
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	0	892	116
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	1,189	953	823
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	$ (1,100)	$ (1,419)	$ (568)

INVESTMENT IN UNCONSOLIDATED 74

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Results from Operations of the Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Financial Position
Total assets	$ 154,979	$ 138,298
Total liabilities	108,119	94,964
Partners’/members’ capital	46,860	43,334
Results from Operations
Total revenues	18,482	17,047	$ 18,886
Total expenses	15,291	15,861	15,849
Net income (loss)	$ 3,191	$ 1,186	$ 3,037

DEBT OBLIGATIONS, NET - Schedul

DEBT OBLIGATIONS, NET - Schedule of Company's Debt Obligations (Details)	Mar. 21, 2017Extension	Dec. 31, 2017USD ($)Extension	Dec. 31, 2016USD ($)Extension	Dec. 21, 2017USD ($)	Oct. 17, 2017USD ($)	Feb. 22, 2017USD ($)	Aug. 03, 2016USD ($)Extension	Jul. 01, 2016USD ($)	Jun. 28, 2016USD ($)	Apr. 19, 2016Extension
Assets Sold under Agreements to Repurchase [Line Items]
Gross amounts of recognized liabilities		$ 473,410,000	$ 1,107,185,000
Secured and unsecured debt obligations		4,379,826,000
Carrying Amount of Collateral		0	0
Committed Loan Repurchase Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		1,650,000,000	1,650,000,000
Gross amounts of recognized liabilities		398,653,000	567,163,000
Committed but Unfunded		1,251,347,000	1,082,837,000
Carrying Amount of Collateral		667,102,000	961,791,000
Fair Value of Collateral		668,664,000	965,888,000
Committed Loan Repurchase Facility | 10/1/2020
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		600,000,000
Gross amounts of recognized liabilities		120,493,000
Committed but Unfunded		479,507,000
Carrying Amount of Collateral		160,031,000
Fair Value of Collateral		$ 159,568,000
Number of extension maturity periods | Extension		2
Length of extension options		12 months
Length of additional extension maturity periods	12 months
Committed Loan Repurchase Facility | 10/1/2020 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		3.23%
Committed Loan Repurchase Facility | 10/1/2020 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		3.98%
Committed Loan Repurchase Facility | 10/30/2018
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement			600,000,000
Gross amounts of recognized liabilities			183,604,000
Committed but Unfunded			416,396,000
Carrying Amount of Collateral			292,628,000
Fair Value of Collateral			$ 293,618,000
Number of extension maturity periods | Extension			3
Length of extension options			12 months
Committed Loan Repurchase Facility | 10/30/2018 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			2.45%
Committed Loan Repurchase Facility | 10/30/2018 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			3.27%
Committed Loan Repurchase Facility | 5/24/2018
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		$ 450,000,000
Gross amounts of recognized liabilities		183,111,000
Committed but Unfunded		266,889,000
Carrying Amount of Collateral		333,647,000
Fair Value of Collateral		$ 335,076,000
Number of extension maturity periods | Extension		3								2
Length of extension options		12 months
Committed Loan Repurchase Facility | 5/24/2018 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		3.63%
Committed Loan Repurchase Facility | 5/24/2018 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		4.48%
Committed Loan Repurchase Facility | 5/24/2017
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement			$ 450,000,000
Gross amounts of recognized liabilities			184,158,000
Committed but Unfunded			265,842,000
Carrying Amount of Collateral			286,848,000
Fair Value of Collateral			$ 288,267,000
Number of extension maturity periods | Extension			3
Length of extension options			12 months
Committed Loan Repurchase Facility | 5/24/2017 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			2.95%
Committed Loan Repurchase Facility | 5/24/2017 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			3.70%
Committed Loan Repurchase Facility | 4/10/2018
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		$ 300,000,000				$ 300,000,000
Gross amounts of recognized liabilities		63,007,000
Committed but Unfunded		236,993,000
Carrying Amount of Collateral		125,379,000
Fair Value of Collateral		$ 125,975,000
Number of extension maturity periods | Extension		2
Number of additional extension maturity periods | Extension	1	1
Length of additional extension maturity periods	364 days	364 days
Committed Loan Repurchase Facility | 4/10/2018 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		3.73%
Committed Loan Repurchase Facility | 4/10/2018 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		4.73%
Committed Loan Repurchase Facility | 4/9/2017
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement			$ 400,000,000
Gross amounts of recognized liabilities			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 Facility | 4/9/2017 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			2.95%
Committed Loan Repurchase Facility | 4/9/2017 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			3.99%
Committed Loan Repurchase Facility | 2/29/2020
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		$ 200,000,000
Gross amounts of recognized liabilities		32,042,000
Committed but Unfunded		167,958,000
Carrying Amount of Collateral		48,045,000
Fair Value of Collateral		$ 48,045,000
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 Facility | 2/29/2020 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		4.25%
Committed Loan Repurchase Facility | 2/29/2020 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		4.50%
Committed Loan Repurchase Facility | 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
Gross amounts of recognized liabilities		0	27,132,000
Committed but Unfunded		100,000,000	72,868,000
Carrying Amount of Collateral		0	36,166,000
Fair Value of Collateral		0	$ 36,410,000
Committed Loan Repurchase Facility | 6/28/2019 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			2.90%
Committed Loan Repurchase Facility | 6/28/2019 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			3.13%
Committed Loan Repurchase Facility | 8/2/2019
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement			$ 100,000,000				$ 100,000,000
Gross amounts of recognized liabilities			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
Number of additional extension maturity periods | Extension			2				2
Length of additional extension maturity periods			6 months
Committed Loan Repurchase Facility | 8/2/2019 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			2.93%
Committed Loan Repurchase Facility | 8/2/2019 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			3.68%
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 | 9/30/2019
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		400,000,000
Gross amounts of recognized liabilities		0
Committed but Unfunded		400,000,000
Carrying Amount of Collateral		0
Fair Value of Collateral		0
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
Gross amounts of recognized liabilities			228,317,000
Committed but Unfunded			171,683,000
Carrying Amount of Collateral			272,402,000
Fair Value of Collateral			$ 272,402,000
Committed Securities Repurchase Facility | 7/1/2018 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			1.00%
Committed Securities Repurchase Facility | 7/1/2018 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			2.59%
Uncommitted Securities Repurchase Facility | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Gross amounts of recognized liabilities		74,757,000	$ 311,705,000
Carrying Amount of Collateral		86,322,000	368,638,000
Fair Value of Collateral		86,322,000	$ 368,638,000
Purchase, not reflected in consolidated financial statement		$ 26,700,000
Uncommitted Securities Repurchase Facility | Various Dates | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		1.65%	1.00%
Uncommitted Securities Repurchase Facility | Various Dates | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		3.31%	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
Gross amounts of recognized liabilities		473,410,000	1,107,185,000
Committed but Unfunded		1,651,347,000	1,254,520,000
Carrying Amount of Collateral		753,424,000	1,602,831,000
Fair Value of Collateral		754,986,000	1,606,928,000
Revolving Credit Facility | 2/11/2018
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		241,430,000
Gross amounts of recognized liabilities		0
Committed but Unfunded		241,430,000
Revolving Credit Facility | 2/11/2017
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement			143,000,000
Gross amounts of recognized liabilities			25,000,000
Committed but Unfunded			$ 118,000,000
Interest rate			3.16%
Number of extension maturity periods | Extension			2
Length of extension options			12 months
Mortgage Loan Financing | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		692,696,000	$ 590,106,000
Gross amounts of recognized liabilities		692,696,000	590,106,000
Committed but Unfunded			0
Carrying Amount of Collateral		911,034,000	757,468,000
Fair Value of Collateral		$ 1,066,708,000	$ 875,160,000
Mortgage Loan Financing | Various Dates | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		4.25%	4.25%
Mortgage Loan Financing | Various Dates | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		6.75%	6.75%
CLO Debt | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		$ 688,479,000
Gross amounts of recognized liabilities		688,479,000
Committed but Unfunded		0
Carrying Amount of Collateral		880,385,000		$ 431,500,000	$ 456,900,000
Fair Value of Collateral		881,576,000
Unamortized debt issuance costs		$ 6,000,000
CLO Debt | Various Dates | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		2.36%
CLO Debt | Various Dates | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		5.08%
Participation Financing - Mortgage Loan Receivable | 6/6/2018
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on master repurchase agreement		$ 3,107,000
Gross amounts of recognized liabilities		$ 3,107,000
Stated interest rate on debt instrument (as a percent)		17.00%
Carrying Amount of Collateral		$ 3,107,000
Fair Value of Collateral		3,107,000
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
Gross amounts of recognized liabilities		1,370,000,000	1,660,000,000
Committed but Unfunded		630,000,000	338,931,000
Carrying Amount of Collateral		1,777,597,000	2,162,779,000
Fair Value of Collateral		1,783,210,000	$ 2,167,017,000
Purchase, not reflected in consolidated financial statement		$ 10,100,000
Borrowings from the FHLB | Various Dates | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0.87%	0.43%
Borrowings from the FHLB | Various Dates | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		2.74%	2.74%
Senior Unsecured Notes
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs		$ 14,067,000
Senior Unsecured Notes | Various Dates
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued		1,166,201,000	$ 563,872,000
Senior unsecured notes		1,152,134,000	559,847,000
Committed but Unfunded		0	0
Unamortized debt issuance costs		$ 14,100,000	$ 4,000,000
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)		5.875%	7.375%
Total Debt Obligations
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued		$ 6,841,913,000	$ 5,345,909,000
Secured and unsecured debt obligations		4,379,826,000	3,942,138,000
Committed but Unfunded		2,522,777,000	1,711,451,000
Carrying Amount of Collateral		4,325,547,000	4,523,078,000
Fair Value of Collateral		$ 4,489,587,000	$ 4,649,105,000

DEBT OBLIGATIONS, NET - Additio

DEBT OBLIGATIONS, NET - Additional Information (Details)

Dec. 06, 2017

Mar. 21, 2017Extension

Feb. 22, 2017USD ($)

Nov. 09, 2016

Apr. 19, 2016Extension

Feb. 11, 2014USD ($)Extension

Dec. 31, 2017USD ($)counterpartyagreementExtension

Dec. 31, 2016USD ($)agreementExtension

Dec. 31, 2015USD ($)agreement

Jan. 01, 2021USD ($)

Apr. 01, 2020USD ($)

Dec. 31, 2018USD ($)

Dec. 21, 2017USD ($)

Oct. 17, 2017USD ($)

Mar. 23, 2017Extension

Mar. 01, 2017USD ($)

Aug. 03, 2016USD ($)Extension

Jul. 01, 2016USD ($)

Jun. 28, 2016USD ($)

Feb. 19, 2016

Committed Loan and Securities Repurchase Facilities

Gross amounts of recognized liabilities

$ 473,410,000

$ 1,107,185,000

Mortgage loan receivables held for investment, net, at amortized cost:

Amortization of premiums

(1,025,000)

(894,000)

$ (902,000)

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

0

0

Participation Financing - Mortgage Loan Receivable

Proceeds from borrowings under debt obligations

$ 10,080,341,000

12,359,830,000

$ 16,280,023,000

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

Percent of FHLB advances to total debt obligations outstanding

31.30%

Retained earnings, appropriated

$ 780,000,000

Tuebor

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

Amount restricted from transfer

$ 1,200,000,000

Revolving credit facility | One-Month LIBOR

Committed Loan and Securities Repurchase Facilities

Committed amount on credit agreement

$ 241,430,000

Number of extension maturity periods | Extension

3

Length of extension options

12 months

Number of additional extension maturity periods | Extension

2

Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]

Basis spread on variable rate (as a percent)

3.50%

Letters of credit

Committed Loan and Securities Repurchase Facilities

Committed amount on credit agreement

$ 25,000,000

Committed Loan Repurchase Facility

Committed Loan and Securities Repurchase Facilities

Number of agreements | agreement

5

Committed amount on credit agreement

$ 1,650,000,000

Committed amount on master repurchase agreement

1,650,000,000

1,650,000,000

Gross amounts of recognized liabilities

398,653,000

567,163,000

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

667,102,000

961,791,000

Term master repurchase agreement

Committed Loan and Securities Repurchase Facilities

Committed amount on master repurchase agreement

400,000,000

Total Repurchase Facilities

Committed Loan and Securities Repurchase Facilities

Committed amount on master repurchase agreement

$ 2,050,000,000

2,050,000,000

Repurchase agreements, number of counterparties | counterparty

7

Gross amounts of recognized liabilities

$ 473,410,000

1,107,185,000

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

$ 753,424,000

1,602,831,000

Total Repurchase Facilities | Deutshe Bank, J.P. Morgan and Wells Fargo

Committed Loan and Securities Repurchase Facilities

Repurchase agreements, number of counterparties | counterparty

2

Excess collateral over amounts borrowed under repurchase agreements

$ 74,400,000

Ratio indebtedness over total equity (as a percent)

5.00%

Haircut on repurchase agreements (as a percent)

37.30%

Uncommitted securities Repurchase Facilities | Minimum

Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]

Advance rates (as a percent)

75.00%

Uncommitted securities Repurchase Facilities | Maximum

Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]

Advance rates (as a percent)

95.00%

Participation Financing - Mortgage Loan Receivable

Participation Financing - Mortgage Loan Receivable

Proceeds from borrowings under debt obligations

$ 4,000,000

Interest expense

500,000

5/24/2018 | Committed Loan Repurchase Facility

Committed Loan and Securities Repurchase Facilities

Committed amount on master repurchase agreement

$ 450,000,000

Debt borrowings term

1 year

Number of extension maturity periods | Extension

2

3

Length of extension options

12 months

Gross amounts of recognized liabilities

$ 183,111,000

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

$ 333,647,000

5/24/2018 | Committed Loan Repurchase Facility | Minimum

Collateralized Debt Obligations [Abstract]

Interest rate

3.63%

5/24/2018 | Committed Loan Repurchase Facility | Maximum

Collateralized Debt Obligations [Abstract]

Interest rate

4.48%

9/30/2018 | Term master repurchase agreement

Committed Loan and Securities Repurchase Facilities

Committed amount on master repurchase agreement

400,000,000

$ 400,000,000

Gross amounts of recognized liabilities

228,317,000

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

$ 272,402,000

9/30/2018 | Term master repurchase agreement | Minimum

Collateralized Debt Obligations [Abstract]

Interest rate

1.00%

9/30/2018 | Term master repurchase agreement | Maximum

Collateralized Debt Obligations [Abstract]

Interest rate

2.59%

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

Gross amounts of recognized liabilities

0

27,132,000

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

0

$ 36,166,000

6/28/2019 | Committed Loan Repurchase Facility | Minimum

Collateralized Debt Obligations [Abstract]

Interest rate

2.90%

6/28/2019 | Committed Loan Repurchase Facility | Maximum

Collateralized Debt Obligations [Abstract]

Interest rate

3.13%

8/2/2019 | Committed Loan Repurchase Facility

Committed Loan and Securities Repurchase Facilities

Committed amount on master repurchase agreement

$ 100,000,000

$ 100,000,000

Number of extension maturity periods | Extension

1

1

Length of extension options

12 months

Number of additional extension maturity periods | Extension

2

2

Length of additional extension maturity periods

6 months

Gross amounts of recognized liabilities

$ 71,290,000

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

$ 110,271,000

8/2/2019 | Committed Loan Repurchase Facility | Minimum

Collateralized Debt Obligations [Abstract]

Interest rate

2.93%

8/2/2019 | Committed Loan Repurchase Facility | Maximum

Collateralized Debt Obligations [Abstract]

Interest rate

3.68%

10/24/2016 | Committed Loan Repurchase Facility

Committed Loan and Securities Repurchase Facilities

Committed amount or master repurchase facility terminated

$ 35,000,000

4/10/2018 | Committed Loan Repurchase Facility

Committed Loan and Securities Repurchase Facilities

Committed amount on master repurchase agreement

$ 300,000,000

$ 300,000,000

Number of extension maturity periods | Extension

2

Number of additional extension maturity periods | Extension

1

1

Length of additional extension maturity periods

364 days

364 days

Gross amounts of recognized liabilities

$ 63,007,000

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

$ 125,379,000

4/10/2018 | 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

1 year

4/10/2018 | Committed Loan Repurchase Facility | Minimum

Collateralized Debt Obligations [Abstract]

Interest rate

3.73%

4/10/2018 | Committed Loan Repurchase Facility | Maximum

Collateralized Debt Obligations [Abstract]

Interest rate

4.73%

10/30/2018 | Committed Loan Repurchase Facility

Committed Loan and Securities Repurchase Facilities

Committed amount on master repurchase agreement

$ 600,000,000

Debt borrowings term

1 year

Number of extension maturity periods | Extension

3

Length of extension options

12 months

Gross amounts of recognized liabilities

$ 183,604,000

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

$ 292,628,000

10/30/2018 | Committed Loan Repurchase Facility | Minimum

Collateralized Debt Obligations [Abstract]

Interest rate

2.45%

10/30/2018 | Committed Loan Repurchase Facility | Maximum

Collateralized Debt Obligations [Abstract]

Interest rate

3.27%

2/28/2022 | Revolving credit facility

Committed Loan and Securities Repurchase Facilities

Committed amount on credit agreement

$ 200,000,000

10/1/2020 | Committed Loan Repurchase Facility

Committed Loan and Securities Repurchase Facilities

Committed amount on master repurchase agreement

$ 600,000,000

Number of extension maturity periods | Extension

2

Length of extension options

12 months

Length of additional extension maturity periods

12 months

Gross amounts of recognized liabilities

$ 120,493,000

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

$ 160,031,000

10/1/2020 | Committed Loan Repurchase Facility | Minimum

Collateralized Debt Obligations [Abstract]

Interest rate

3.23%

10/1/2020 | Committed Loan Repurchase Facility | Maximum

Collateralized Debt Obligations [Abstract]

Interest rate

3.98%

Various Dates | Uncommitted securities Repurchase Facilities

Committed Loan and Securities Repurchase Facilities

Gross amounts of recognized liabilities

$ 74,757,000

$ 311,705,000

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

$ 86,322,000

$ 368,638,000

Various Dates | Uncommitted securities Repurchase Facilities | Minimum

Collateralized Debt Obligations [Abstract]

Interest rate

1.65%

1.00%

Various Dates | Uncommitted securities Repurchase Facilities | Maximum

Collateralized Debt Obligations [Abstract]

Interest rate

3.31%

2.41%

Various Dates | CLO Debt

Committed Loan and Securities Repurchase Facilities

Committed amount on master repurchase agreement

$ 688,479,000

Gross amounts of recognized liabilities

688,479,000

Collateralized Debt Obligations [Abstract]

Unamortized debt issuance costs

6,000,000

Gross amounts offset in the balance sheet

$ 880,385,000

$ 431,500,000

$ 456,900,000

Various Dates | CLO Debt | Minimum

Collateralized Debt Obligations [Abstract]

Interest rate

2.36%

Various Dates | CLO Debt | Maximum

Collateralized Debt Obligations [Abstract]

Interest rate

5.08%

Various Dates | CLO Debt | Weighted Average

Collateralized Debt Obligations [Abstract]

Interest rate

3.40%

Various Dates | Mortgage loan financing

Committed Loan and Securities Repurchase Facilities

Committed amount on master repurchase agreement

$ 692,696,000

$ 590,106,000

Gross amounts of recognized liabilities

692,696,000

590,106,000

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

$ 911,034,000

$ 757,468,000

Various Dates | Mortgage loan financing | Minimum

Collateralized Debt Obligations [Abstract]

Interest rate

4.25%

4.25%

Various Dates | Mortgage loan financing | Maximum

Collateralized Debt Obligations [Abstract]

Interest rate

6.75%

6.75%

6/6/2018 | Participation Financing - Mortgage Loan Receivable

Committed Loan and Securities Repurchase Facilities

Committed amount on master repurchase agreement

$ 3,107,000

Gross amounts of recognized liabilities

3,107,000

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

$ 3,107,000

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

Stated interest rate on debt instrument (as a percent)

17.00%

Credit Agreement and Revolving Credit Facility

Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]

Unamortized debt issuance costs

$ 7,800,000

$ 4,900,000

Mortgage loan financing

Committed Loan and Securities Repurchase Facilities

Number of agreements | agreement

28

18

51

Mortgage loan receivables held for investment, net, at amortized cost:

Mortgage loan financing

$ 692,700,000

$ 590,100,000

Net unamortized premiums

6,600,000

5,600,000

Amortization of premiums

1,000,000

900,000

$ 900,000

Pledged assets, real estate and lease intangibles, net

$ 911,000,000

$ 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

Committed Loan and Securities Repurchase Facilities

Debt borrowings term

6 years

7 years

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

Advance rates of total assets (as a percent)

40.00%

Advance rates of total equity (as a percent)

150.00%

FHLB borrowings outstanding

$ 1,400,000,000

$ 1,700,000,000

Additional committed term financing available from FHLB

$ 630,000,000

$ 338,900,000

Weighted average term

2 years 5 months 26 days

2 years 5 months 1 day

Weighted average interest rate

1.61%

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)

49.60%

49.60%

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

Stated interest rate on debt instrument (as a percent)

0.87%

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)

100.00%

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

$ 861,700,000

$ 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

$ 915,900,000

$ 724,000,000

Affiliated Entity | Various Dates | CLO Debt

Collateralized Debt Obligations [Abstract]

Ownership Percentage

25.00%

18.50%

Scenario, Forecast | Borrowings from the Federal Home Loan Bank | Tuebor

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

Maximum advance limit

$ 750,000,000

$ 1,500,000,000

$ 2,000,000,000

DEBT OBLIGATIONS, NET - Sched77

DEBT OBLIGATIONS, NET - Schedule of Maturities (Details) - USD ($)	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Long-term Debt, Fiscal Year Maturity [Abstract]
2,018	$ 1,083,235,000
2,019	283,101,000
2,020	490,321,000
2,021	605,649,000
2,022	656,166,000
Thereafter	1,274,833,000
Subtotal	4,393,305,000
Premiums included in mortgage loan financing(1)	6,597,000
Debt obligations	4,379,826,000
2017 Notes | Senior Unsecured Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Debt issuance costs		$ (22,847)	$ (200,000)
Senior Unsecured Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Debt issuance costs	(14,067,000)
CLO debt
Long-term Debt, Fiscal Year Maturity [Abstract]
Debt issuance costs	(6,009,000)
Various Dates | Senior Unsecured Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Debt issuance costs	$ (14,100,000)		$ (4,000,000)

DEBT OBLIGATIONS, NET - Senior

DEBT OBLIGATIONS, NET - Senior Unsecured Notes (Details) - USD ($)

Sep. 25, 2017

Apr. 01, 2017

Mar. 16, 2017

Dec. 17, 2014

Jun. 30, 2017

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Feb. 24, 2016

Nov. 05, 2014

Aug. 01, 2014

Sep. 19, 2012

Debt Instrument [Line Items]

Gain (loss) on extinguishment of debt

$ (73,000)

$ 5,382,000

$ 0

LCFH | LCFH

Debt Instrument [Line Items]

Ownership interest in LCFH

84.10%

LCFH | LCFC

Debt Instrument [Line Items]

Ownership interest in LCFH

100.00%

Senior Unsecured Notes

Debt Instrument [Line Items]

Unamortized debt issuance costs

$ (14,067,000)

Senior Unsecured Notes | Various Dates

Debt Instrument [Line Items]

Unamortized debt issuance costs

(14,100,000)

(4,000,000)

Debt instrument, aggregate amount

$ 1,166,201,000

563,872,000

Senior Unsecured Notes

Debt Instrument [Line Items]

Debt instrument, redemption price percentage

100.00%

Gross proceeds from senior notes offering (not less than)

$ 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

297,700,000

21,400,000

$ 325,000,000

Debt instrument, repurchased face amount

5,445,000

297,671,000

21,900,000

Gain (loss) on extinguishment of debt

$ (200,000)

$ (53,547)

300,000

Senior Unsecured Notes | 2021 Notes

Debt Instrument [Line Items]

Unamortized debt issuance costs

(400,000)

Debt instrument, aggregate amount

$ 266,201,000

$ 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

Senior Unsecured Notes | 2025 Notes

Debt Instrument [Line Items]

Debt instrument, aggregate amount

$ 400,000,000

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

FAIR VALUE OF FINANCIAL INSTR79

FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016
Assets:
Fair Value	$ 3,602,378		$ 2,452,785
Provision for loan losses	(4,000)	[1]	(4,000)
Liabilities:
Fair Value	4,414,782		3,940,704
Repurchase agreements - short-term
Liabilities:
Outstanding Face Amount	371,427		629,430
Fair Value	371,427		629,430
Repurchase agreements - long-term
Liabilities:
Outstanding Face Amount	101,983		477,756
Fair Value	101,983		477,756
Revolving credit facility
Liabilities:
Outstanding Face Amount			25,000
Fair Value			$ 25,000
Fair Value Assumptions:
Period of short interest rate reset risk			30 days
Mortgage loan financing
Liabilities:
Outstanding Face Amount	692,394		$ 589,152
Fair Value	693,055		595,778
CLO debt
Liabilities:
Outstanding Face Amount	688,479
Fair Value	688,479
Participation Financing - Mortgage Loan Receivable
Liabilities:
Outstanding Face Amount	3,107
Fair Value	3,107
Borrowings from the FHLB
Liabilities:
Outstanding Face Amount	1,370,000		1,660,000
Fair Value	1,369,544		1,662,178
Senior unsecured notes
Liabilities:
Outstanding Face Amount	1,166,201		563,872
Fair Value	1,187,187		550,562
Mortgage loan receivables held for investment, net, at amortized cost
Assets:
Outstanding Face Amount	3,300,709		2,011,309
Fair Value	$ 3,292,035		$ 2,018,973
Fair Value Assumptions:
Period of short interest rate reset risk	30 days		30 days
Mortgage loan receivables held for sale
Assets:
Outstanding Face Amount	$ 232,527		$ 360,518
Fair Value	236,428		359,897
FHLB stock
Assets:
Outstanding Face Amount	77,915		77,915
Fair Value	77,915		77,915
Recurring
Assets:
Fair Value	1,107,405		2,105,965
Recurring | Repurchase agreements - short-term | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	371,427		629,430
Amortized Cost Basis	371,427		629,430
Fair Value	$ 371,427		$ 629,430
Fair Value Assumptions:
Weighted average yield %	3.19%		2.10%
Weighted Average Remaining Maturity/Duration	4 months 6 days		2 months 4 days
Recurring | Repurchase agreements - long-term | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 101,983		$ 477,756
Amortized Cost Basis	101,983		477,756
Fair Value	$ 101,983		$ 477,756
Fair Value Assumptions:
Weighted average yield %	2.62%		2.00%
Weighted Average Remaining Maturity/Duration	2 years 7 months 20 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			1 month 13 days
Recurring | Mortgage loan financing | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 692,394		$ 589,152
Amortized Cost Basis	692,696		590,106
Fair Value	$ 693,055		$ 595,778
Fair Value Assumptions:
Weighted average yield %	4.91%		4.85%
Weighted Average Remaining Maturity/Duration	6 years 9 months 21 days		7 years 1 month 24 days
Recurring | CLO debt | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 688,479
Amortized Cost Basis	688,479
Fair Value	$ 688,479
Fair Value Assumptions:
Weighted average yield %	3.40%
Weighted Average Remaining Maturity/Duration	10 years 9 months 7 days
Recurring | Participation Financing - Mortgage Loan Receivable | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 3,107
Amortized Cost Basis	3,107
Fair Value	$ 3,107
Fair Value Assumptions:
Weighted average yield %	17.00%
Weighted Average Remaining Maturity/Duration	5 months 4 days
Recurring | Borrowings from the FHLB | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 1,370,000		$ 1,660,000
Amortized Cost Basis	1,370,000		1,660,000
Fair Value	$ 1,369,544		$ 1,662,178
Fair Value Assumptions:
Weighted average yield %	1.61%		1.12%
Weighted Average Remaining Maturity/Duration	2 years 5 months 26 days		2 years 5 months 1 day
Recurring | Senior unsecured notes | Broker quotations, pricing services
Liabilities:
Outstanding Face Amount	$ 1,166,201		$ 563,872
Amortized Cost Basis	1,152,134		559,847
Fair Value	$ 1,187,187		$ 550,562
Fair Value Assumptions:
Weighted average yield %	5.39%		6.67%
Weighted Average Remaining Maturity/Duration	5 years 3 months 10 days		2 years 9 months 21 days
Recurring | Nonhedge derivatives
Liabilities:
Derivative liability face amount	$ 54,160		$ 100,400
Fair Value	2,606		3,446
Recurring | Nonhedge derivatives | Counterparty quotations
Liabilities:
Derivative liability face amount	54,160		100,400
Fair Value	$ 2,606		$ 3,446
Fair Value Assumptions:
Weighted Average Remaining Maturity/Duration	2 years 5 months 8 days		3 years 2 months 15 days
Recurring | CMBS
Assets:
Outstanding Face Amount	$ 945,167		$ 1,676,680
Fair Value	953,499		1,701,395
Recurring | CMBS | Internal model, third-party inputs
Assets:
Outstanding Face Amount	945,167		1,676,680
Amortized Cost Basis	954,397		1,698,276
Fair Value	$ 953,499		$ 1,701,395
Fair Value Assumptions:
Weighted average yield %	2.79%		2.81%
Weighted Average Remaining Maturity/Duration	2 years 10 months 20 days		3 years 6 months 18 days
Recurring | CMBS interest-only
Assets:
Outstanding Face Amount	$ 3,140,297		$ 8,160,458
Fair Value	113,071		342,171
Recurring | CMBS interest-only | Internal model, third-party inputs
Assets:
Outstanding Face Amount	3,140,297		8,160,458
Amortized Cost Basis	112,609		343,534
Fair Value	$ 113,071		$ 342,171
Fair Value Assumptions:
Weighted average yield %	3.16%		3.45%
Weighted Average Remaining Maturity/Duration	3 years 29 days		2 years 11 months 26 days
Recurring | GNMA interest-only
Assets:
Outstanding Face Amount	$ 172,916		$ 478,577
Fair Value	4,477		16,821
Recurring | GNMA interest-only | Internal model, third-party inputs
Assets:
Outstanding Face Amount	172,916		478,577
Amortized Cost Basis	5,245		18,994
Fair Value	$ 4,477		$ 16,821
Fair Value Assumptions:
Weighted average yield %	6.70%		4.19%
Weighted Average Remaining Maturity/Duration	4 years 2 months 4 days		4 years 5 months 8 days
Recurring | Agency securities
Assets:
Outstanding Face Amount	$ 720		$ 774
Fair Value	728		780
Recurring | Agency securities | Internal model, third-party inputs
Assets:
Outstanding Face Amount	720		774
Amortized Cost Basis	743		802
Fair Value	$ 728		$ 780
Fair Value Assumptions:
Weighted average yield %	1.80%		1.29%
Weighted Average Remaining Maturity/Duration	2 years 11 months 8 days		3 years 3 months 7 days
Recurring | GNMA permanent securities
Assets:
Outstanding Face Amount	$ 33,745		$ 38,327
Fair Value	34,742		39,780
Recurring | GNMA permanent securities | Internal model, third-party inputs
Assets:
Outstanding Face Amount	33,745		38,327
Amortized Cost Basis	34,386		39,145
Fair Value	$ 34,742		$ 39,780
Fair Value Assumptions:
Weighted average yield %	3.62%		3.80%
Weighted Average Remaining Maturity/Duration	5 years 7 months 27 days		10 years 3 months 18 days
Recurring | Mortgage loan receivables held for investment, net, at amortized cost
Assets:
Provision for loan losses	$ (4,000)		$ (4,000)
Recurring | Mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow
Assets:
Outstanding Face Amount	3,300,709		2,011,309
Amortized Cost Basis	3,282,462		2,000,095
Fair Value	$ 3,292,035		$ 2,018,973
Fair Value Assumptions:
Weighted average yield %	7.18%		7.17%
Weighted Average Remaining Maturity/Duration	1 year 7 months 9 days		1 year 7 months 27 days
Recurring | Mortgage loan receivables held for sale | Internal model, third-party inputs
Assets:
Outstanding Face Amount	$ 232,527		$ 360,518
Amortized Cost Basis	230,180		357,882
Fair Value	$ 236,428		$ 359,897
Fair Value Assumptions:
Weighted average yield %	4.88%		4.20%
Weighted Average Remaining Maturity/Duration	8 years 2 months 1 day		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	$ 594,140		$ 847,000
Fair Value	888		5,018
Recurring | Nonhedge derivatives | Counterparty quotations
Assets:
Derivative asset face amount	594,140		847,000
Fair Value	$ 888		$ 5,018
Fair Value Assumptions:
Weighted Average Remaining Maturity/Duration	2 months 26 days		3 months
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

FAIR VALUE OF FINANCIAL INSTR80

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017		Dec. 31, 2016
Assets:
Fair Value	$ 3,602,378		$ 2,452,785
Provision for loan losses	(4,000)	[1]	(4,000)
Liabilities:
Fair Value	4,414,782		3,940,704
Repurchase agreements - short-term
Liabilities:
Outstanding Face Amount	371,427		629,430
Fair Value	371,427		629,430
Repurchase agreements - long-term
Liabilities:
Outstanding Face Amount	101,983		477,756
Fair Value	101,983		477,756
Revolving credit facility
Liabilities:
Outstanding Face Amount			25,000
Fair Value			25,000
Mortgage loan financing
Liabilities:
Outstanding Face Amount	692,394		589,152
Fair Value	693,055		595,778
CLO debt
Liabilities:
Outstanding Face Amount	688,479
Fair Value	688,479
Participation Financing - Mortgage Loan Receivable
Liabilities:
Outstanding Face Amount	3,107
Fair Value	3,107
Borrowings from the FHLB
Liabilities:
Outstanding Face Amount	1,370,000		1,660,000
Fair Value	1,369,544		1,662,178
Senior unsecured notes
Liabilities:
Outstanding Face Amount	1,166,201		563,872
Fair Value	1,187,187		550,562
Mortgage loan receivables held for investment, net, at amortized cost
Assets:
Outstanding Face Amount	3,300,709		2,011,309
Fair Value	3,292,035		2,018,973
Mortgage loan receivables held for sale
Assets:
Outstanding Face Amount	232,527		360,518
Fair Value	236,428		359,897
FHLB stock
Assets:
Outstanding Face Amount	77,915		77,915
Fair Value	77,915		77,915
Level 1
Assets:
Fair Value	0		0
Provision for loan losses	0		0
Liabilities:
Fair Value	0		0
Level 1 | Repurchase agreements - short-term
Liabilities:
Fair Value	0		0
Level 1 | Repurchase agreements - long-term
Liabilities:
Fair Value	0		0
Level 1 | Revolving credit facility
Liabilities:
Fair Value			0
Level 1 | Mortgage loan financing
Liabilities:
Fair Value	0		0
Level 1 | CLO debt
Liabilities:
Fair Value	0
Level 1 | Participation Financing - Mortgage Loan Receivable
Liabilities:
Fair Value	0
Level 1 | Borrowings from the FHLB
Liabilities:
Fair Value	0		0
Level 1 | Senior unsecured notes
Liabilities:
Fair Value	0		0
Level 1 | Mortgage loan receivables held for investment, net, at amortized cost
Assets:
Fair Value	0		0
Level 1 | Mortgage loan receivables held for sale
Assets:
Fair Value	0		0
Level 1 | FHLB stock
Assets:
Fair Value	0		0
Level 2
Assets:
Fair Value	0		0
Provision for loan losses	0		0
Liabilities:
Fair Value	0		0
Level 2 | Repurchase agreements - short-term
Liabilities:
Fair Value	0		0
Level 2 | Repurchase agreements - long-term
Liabilities:
Fair Value	0		0
Level 2 | Revolving credit facility
Liabilities:
Fair Value			0
Level 2 | Mortgage loan financing
Liabilities:
Fair Value	0		0
Level 2 | CLO debt
Liabilities:
Fair Value	0
Level 2 | Participation Financing - Mortgage Loan Receivable
Liabilities:
Fair Value	0
Level 2 | Borrowings from the FHLB
Liabilities:
Fair Value	0		0
Level 2 | Senior unsecured notes
Liabilities:
Fair Value	0		0
Level 2 | Mortgage loan receivables held for investment, net, at amortized cost
Assets:
Fair Value	0		0
Level 2 | Mortgage loan receivables held for sale
Assets:
Fair Value	0		0
Level 2 | FHLB stock
Assets:
Fair Value	0		0
Level 3
Assets:
Fair Value	3,602,378		2,452,785
Provision for loan losses	(4,000)		(4,000)
Liabilities:
Fair Value	4,414,782		3,940,704
Level 3 | Repurchase agreements - short-term
Liabilities:
Fair Value	371,427		629,430
Level 3 | Repurchase agreements - long-term
Liabilities:
Fair Value	101,983		477,756
Level 3 | Revolving credit facility
Liabilities:
Fair Value			25,000
Level 3 | Mortgage loan financing
Liabilities:
Fair Value	693,055		595,778
Level 3 | CLO debt
Liabilities:
Fair Value	688,479
Level 3 | Participation Financing - Mortgage Loan Receivable
Liabilities:
Fair Value	3,107
Level 3 | Borrowings from the FHLB
Liabilities:
Fair Value	1,369,544		1,662,178
Level 3 | Senior unsecured notes
Liabilities:
Fair Value	1,187,187		550,562
Level 3 | Mortgage loan receivables held for investment, net, at amortized cost
Assets:
Fair Value	3,292,035		2,018,973
Level 3 | Mortgage loan receivables held for sale
Assets:
Fair Value	236,428		359,897
Level 3 | FHLB stock
Assets:
Fair Value	77,915		77,915
Recurring
Assets:
Fair Value	1,107,405		2,105,965
Recurring | Nonhedge derivatives
Liabilities:
Derivative liability face amount	54,160		100,400
Fair Value	2,606		3,446
Recurring | CMBS
Assets:
Outstanding Face Amount	945,167		1,676,680
Fair Value	953,499		1,701,395
Recurring | CMBS interest-only
Assets:
Outstanding Face Amount	3,140,297		8,160,458
Fair Value	113,071		342,171
Recurring | GNMA interest-only
Assets:
Outstanding Face Amount	172,916		478,577
Fair Value	4,477		16,821
Recurring | Agency securities
Assets:
Outstanding Face Amount	720		774
Fair Value	728		780
Recurring | GNMA permanent securities
Assets:
Outstanding Face Amount	33,745		38,327
Fair Value	34,742		39,780
Recurring | Nonhedge derivatives
Assets:
Derivative asset face amount	594,140		847,000
Fair Value	888		5,018
Recurring | Mortgage loan receivables held for investment, net, at amortized cost
Assets:
Provision for loan losses	(4,000)		(4,000)
Recurring | Level 1
Assets:
Fair Value	0		0
Recurring | Level 1 | Nonhedge derivatives
Liabilities:
Fair Value	0		0
Recurring | Level 1 | CMBS
Assets:
Fair Value	0		0
Recurring | Level 1 | CMBS interest-only
Assets:
Fair Value	0		0
Recurring | Level 1 | GNMA interest-only
Assets:
Fair Value	0		0
Recurring | Level 1 | Agency securities
Assets:
Fair Value	0		0
Recurring | Level 1 | GNMA permanent securities
Assets:
Fair Value	0		0
Recurring | Level 1 | Nonhedge derivatives
Assets:
Fair Value	0		0
Recurring | Level 2
Assets:
Fair Value	888		5,018
Recurring | Level 2 | Nonhedge derivatives
Liabilities:
Fair Value	2,606		3,446
Recurring | Level 2 | CMBS
Assets:
Fair Value	0		0
Recurring | Level 2 | CMBS interest-only
Assets:
Fair Value	0		0
Recurring | Level 2 | GNMA interest-only
Assets:
Fair Value	0		0
Recurring | Level 2 | Agency securities
Assets:
Fair Value	0		0
Recurring | Level 2 | GNMA permanent securities
Assets:
Fair Value	0		0
Recurring | Level 2 | Nonhedge derivatives
Assets:
Fair Value	888		5,018
Recurring | Level 3
Assets:
Fair Value	1,106,517		2,100,947
Recurring | Level 3 | Nonhedge derivatives
Liabilities:
Fair Value	0		0
Recurring | Level 3 | CMBS
Assets:
Fair Value	953,499		1,701,395
Recurring | Level 3 | CMBS interest-only
Assets:
Fair Value	113,071		342,171
Recurring | Level 3 | GNMA interest-only
Assets:
Fair Value	4,477		16,821
Recurring | Level 3 | Agency securities
Assets:
Fair Value	728		780
Recurring | Level 3 | GNMA permanent securities
Assets:
Fair Value	34,742		39,780
Recurring | Level 3 | Nonhedge derivatives
Assets:
Fair Value	$ 0		$ 0
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

FAIR VALUE OF FINANCIAL INSTR81

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Changes in Level 3 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 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	210,521	977,456
Sales	(1,025,700)	(539,295)
Paydowns/maturities	(138,413)	(684,143)
Amortization of premium/discount	(57,231)	(76,475)
Unrealized gain/(loss)	(816)	8,463
Realized gain/(loss) on sale(1)	17,209	7,724
Ending balance	$ 1,106,517	$ 2,100,947

FAIR VALUE OF FINANCIAL INSTR82

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Quantitative Information (Details) - Discounted Cash Flow - Level 3 $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 1,106,517	$ 2,100,947
CMBS
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 953,499	$ 1,701,395
CMBS | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	0.61%	1.35%
Duration (in years)	1 month 13 days	15 days
CMBS | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	3.00%	2.87%
Duration (in years)	3 years 2 months 8 days	3 years 6 months 18 days
CMBS | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	18.32%	9.18%
Duration (in years)	7 years 10 months 2 days	9 years 3 days
CMBS interest-only
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 113,072	$ 342,171
CMBS interest-only | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	2.70%	2.84%
Duration (in years)	4 months 20 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 21 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)	6.31%	4.80%
Duration (in years)	4 years 5 months 15 days	4 years 4 months 13 days
Prepayment speed	100	100
GNMA interest-only
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 4,476	$ 16,821
GNMA interest-only | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	4.46%	0.87%
Duration (in years)	5 months 8 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)	11.85%	7.22%
Duration (in years)	2 years 5 months 4 days	4 years 5 months 8 days
Prepayment speed	12.19	13.80
GNMA interest-only | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	71.88%	48.64%
Duration (in years)	5 years 2 months 8 days	20 years 7 months 27 days
Prepayment speed	35	35
Agency securities
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 728	$ 780
Agency securities | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	1.40%	1.40%
Duration (in years)	0 years	2 years 7 months 9 days
Agency securities | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	2.16%	2.17%
Duration (in years)	3 years 2 months 19 days	3 years 3 months 7 days
Agency securities | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	2.52%	2.63%
Duration (in years)	4 years 8 months 19 days	4 years 4 months 20 days
GNMA permanent securities
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Carrying Value	$ 34,742	$ 39,780
GNMA permanent securities | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	2.62%	2.63%
Duration (in years)	1 year 4 months 24 days	1 year 11 months 1 day
GNMA permanent securities | Weighted Average
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	3.44%	3.65%
Duration (in years)	5 years 9 months	10 years 3 months 18 days
GNMA permanent securities | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Yield (as a percent)	6.93%	6.92%
Duration (in years)	5 years 11 months 8 days	15 years 7 months 27 days

DERIVATIVE INSTRUMENTS - Schedu

DERIVATIVE INSTRUMENTS - Schedule of Derivatives Outstanding (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016
Derivative [Line Items]
Notional	$ 648,300,000		$ 947,400,000
Fair value, Asset	888,000	[1]	5,018,000
Fair value, Liability	2,606,000	[1]	3,446,000
5-year Swap
Derivative [Line Items]
Notional	304,300,000		602,200,000
Fair value, Asset	656,000		3,210,000
Fair value, Liability	$ 0		$ 2,000
Remaining Maturity	3 months		3 months
10-year Swap
Derivative [Line Items]
Notional	$ 248,100,000		$ 226,700,000
Fair value, Asset	133,000		1,674,000
Fair value, Liability	$ 153,000		$ 266,000
Remaining Maturity	3 months		3 months
5-year U.S. Treasury Note
Derivative [Line Items]
Notional	$ 11,400,000		$ 21,800,000
Fair value, Asset	47,000		93,000
Fair value, Liability	$ 0		$ 0
Remaining Maturity	3 months		3 months
10-year U.S. Treasury Note
Derivative [Line Items]
Notional			$ 3,200,000
Fair value, Asset			38,000
Fair value, Liability			$ 0
Remaining Maturity			3 months
Variation Margin
Derivative [Line Items]
Notional	$ 0
Fair value, Asset	0
Fair value, Liability	911,000
Futures
Derivative [Line Items]
Notional	563,800,000		$ 853,900,000
Fair value, Asset	836,000		5,015,000
Fair value, Liability	1,064,000		268,000
3 Month LIBOR
Derivative [Line Items]
Notional	50,000,000		50,000,000
Fair value, Asset	0		0
Fair value, Liability	$ 1,542,000		$ 2,697,000
Remaining Maturity	2 years 8 months 4 days		3 years 8 months 19 days
VIX
Derivative [Line Items]
Notional	$ 34,500,000
Fair value, Asset	52,000
Fair value, Liability	$ 0
Remaining Maturity	1 month 13 days
CMBX
Derivative [Line Items]
Notional			$ 10,000,000
Fair value, Asset			3,000
Fair value, Liability			$ 0
Remaining Maturity			5 years 29 days
CDX
Derivative [Line Items]
Notional			$ 33,500,000
Fair value, Asset			0
Fair value, Liability			$ 481,000
Remaining Maturity			1 year 11 months 19 days
Credit Derivatives
Derivative [Line Items]
Notional	$ 34,500,000		$ 43,500,000
Fair value, Asset	52,000		3,000
Fair value, Liability	$ 0		$ 481,000
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

DERIVATIVE INSTRUMENTS - Sche84

DERIVATIVE INSTRUMENTS - Schedule of Realized Gains (Losses) on Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Unrealized Gain/(Loss)	$ (3,432)	$ 4,224	$ 10,182
Realized Gain/(Loss)	(9,209)	(5,633)	(49,119)
Net Result from Derivative Transactions	(12,641)	(1,409)	(38,937)
Futures
Derivative [Line Items]
Unrealized Gain/(Loss)	(4,975)	3,608	9,214
Realized Gain/(Loss)	(7,655)	(3,954)	(46,816)
Net Result from Derivative Transactions	(12,630)	(346)	(37,602)
Swaps
Derivative [Line Items]
Unrealized Gain/(Loss)	1,126	956	661
Realized Gain/(Loss)	(1,008)	(1,264)	(1,992)
Net Result from Derivative Transactions	118	(308)	(1,331)
Credit Derivatives
Derivative [Line Items]
Unrealized Gain/(Loss)	417	(340)	307
Realized Gain/(Loss)	(546)	(415)	(311)
Net Result from Derivative Transactions	$ (129)	$ (755)	$ (4)

DERIVATIVE INSTRUMENTS - Additi

DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash margins held as collateral for derivatives by counterparties	$ 9.6	$ 11.3
Cash collateral held by counterparty	$ 4.1	$ 6.2

OFFSETTING ASSETS AND LIABILI86

OFFSETTING ASSETS AND LIABILITIES - Offsetting Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017		Dec. 31, 2016
Offsetting of derivative assets
Gross amounts of recognized assets	$ 888		$ 5,018
Gross amounts offset in the balance sheet	0		0
Net amounts of assets presented in the balance sheet	888	[1]	5,018
Gross amounts not offset in the balance sheet
Financial instruments	0		0
Cash collateral received/(posted)	0		0
Net amount	$ 888		$ 5,018
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

OFFSETTING ASSETS AND LIABILI87

OFFSETTING ASSETS AND LIABILITIES - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017		Dec. 31, 2016
Derivatives
Gross amounts of recognized liabilities	$ 2,606		$ 3,446
Gross amounts offset in the balance sheet	0		0
Net amounts of liabilities presented in the balance sheet	2,606	[1]	3,446
Gross amounts not offset in the balance sheet
Financial instruments collateral	0		0
Cash collateral posted/(received)	2,606		3,446
Net amount	0		0
Repurchase agreements
Gross amounts of recognized liabilities	473,410		1,107,185
Gross amounts offset in the balance sheet	0		0
Net amounts of liabilities presented in the balance sheet	473,410		1,107,185
Gross amounts not offset in the balance sheet
Financial instruments collateral	473,410		1,107,185
Cash collateral posted/(received)	0		0
Net amount	0		0
Total
Gross amounts of recognized liabilities	476,016		1,110,631
Gross amounts offset in the balance sheet	0		0
Net amounts of liabilities presented in the balance sheet	476,016		1,110,631
Gross amounts not offset in the balance sheet
Financial instruments collateral	473,410		1,107,185
Cash collateral posted/(received)	2,606		3,446
Net amount	$ 0		$ 0
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

EQUITY STRUCTURE AND ACCOUNTS -

EQUITY STRUCTURE AND ACCOUNTS - Additional Information (Details)	Nov. 07, 2017$ / shares	Sep. 01, 2017$ / shares	Jun. 01, 2017$ / shares	Mar. 01, 2017$ / shares	Jan. 24, 2017USD ($)shares	Dec. 02, 2016$ / shares	Sep. 01, 2016$ / shares	Jun. 01, 2016$ / shares	Apr. 01, 2016$ / shares	Dec. 01, 2015$ / shares	Sep. 01, 2015$ / shares	Jun. 08, 2015$ / shares	Mar. 12, 2015$ / shares	Jan. 01, 2015USD ($)$ / shares	Dec. 31, 2017USD ($)$ / shares	Sep. 30, 2017$ / shares	Jun. 30, 2017$ / shares	Mar. 31, 2017$ / shares	Dec. 31, 2016USD ($)$ / shares	Sep. 30, 2016$ / shares	Jun. 30, 2016$ / shares	Mar. 31, 2016$ / shares	Dec. 31, 2017USD ($)VoteClass_of_Stock$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)	Oct. 30, 2014USD ($)
Class of Stock [Line Items]
Number of classes of common stock | Class_of_Stock																							2
Purchase of treasury stock																							$ 2,588,000	$ 4,652,000	$ 994,000
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																							$ 105,921,000	$ 74,393,000	$ 57,390,000
Dividends per share of common stock (in dollars per share) | $ / shares															$ 0.315	$ 0.3	$ 0.3	$ 0.3	$ 0.46	$ 0.275	$ 0.275	$ 0.275
2014 Share Repurchase Authorization Program
Class of Stock [Line Items]
Percentage of aggregate common stock outstanding under Repurchase Program															3.50%								3.50%
Share price (in dollars per share) | $ / shares															$ 13.63								$ 13.63
Series REIT LP Units
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock, units exchanged (in shares) | shares																							20,767,407	10,521,149	3,586,546
Series TRS LP Units
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock, units exchanged (in shares) | shares																							20,767,407	10,521,149	3,586,546
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																							20,767,407	10,521,149	3,586,546
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	$ 0.315	$ 0.3	$ 0.3	$ 0.3		$ 0.46	$ 0.275	$ 0.275	$ 0.275	$ 1.45	$ 0.275	$ 0.25	$ 0.25										$ 1.215	$ 1.285	$ 2.225
Common stock, dividends, weighted average price per share | $ / shares																			$ 14.06
Class A common stock | 2014 Share Repurchase Authorization Program
Class of Stock [Line Items]
Authorized amount of stock repurchase															$ 0				$ 0				$ 0	$ 0			$ 50,000,000
Purchase of treasury stock (in shares) | shares																							189,897	424,317	84,203
Treasury stock acquired, average cost (in dollars per share) | $ / shares																							$ 13.61	$ 10.96	$ 11.81
Purchase of treasury stock																							$ 2,584,000	$ 4,653,000	$ 994,000
Remaining amount available for repurchase															$ 41,769,000				$ 44,353,000				$ 41,769,000	$ 44,353,000	$ 49,006,000	$ 50,000,000
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																							(20,767,407)	(10,521,149)	(3,586,546)
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 ACCOUNTS89

EQUITY STRUCTURE AND ACCOUNTS - Schedule of Treasury Stock Repurchase Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Oct. 30, 2014
Shares Repurchase Program [Roll Forward]
Repurchases paid	$ (2,588,000)	$ (4,652,000)	$ (994,000)
2014 Share Repurchase Authorization Program | Class A common stock
Shares Repurchase Program [Roll Forward]
Authorizations remaining at beginning of the year	44,353,000	49,006,000	$ 50,000,000
Additional authorizations	$ 0	$ 0		$ 50,000,000
Repurchases paid (in shares)	189,897	424,317	84,203
Repurchases paid	$ (2,584,000)	$ (4,653,000)	$ (994,000)
Repurchases unsettled	0	0	0
Authorizations remaining at the end of the year	$ 41,769,000	$ 44,353,000	$ 49,006,000

EQUITY STRUCTURE AND ACCOUNTS90

EQUITY STRUCTURE AND ACCOUNTS - Dividends Declared (Details) - $ / shares	Nov. 07, 2017	Sep. 01, 2017	Jun. 01, 2017	Mar. 01, 2017	Dec. 02, 2016	Sep. 01, 2016	Jun. 01, 2016	Apr. 01, 2016	Dec. 01, 2015	Sep. 01, 2015	Jun. 08, 2015	Mar. 12, 2015	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Dividends per share of common stock (in dollars per share)													$ 0.315	$ 0.3	$ 0.3	$ 0.3	$ 0.46	$ 0.275	$ 0.275	$ 0.275
Class A common stock
Class of Stock [Line Items]
Dividends per share of common stock (in dollars per share)	$ 0.315	$ 0.3	$ 0.3	$ 0.3	$ 0.46	$ 0.275	$ 0.275	$ 0.275	$ 1.45	$ 0.275	$ 0.25	$ 0.25									$ 1.215	$ 1.285	$ 2.225

EQUITY STRUCTURE AND ACCOUNTS91

EQUITY STRUCTURE AND ACCOUNTS - Tax Treatment of Aggregate Distributions Per Share of Common Stock Paid (Details) - $ / shares	Jan. 03, 2018	Nov. 07, 2017	Oct. 02, 2017	Sep. 01, 2017	Jul. 03, 2017	Jun. 01, 2017	Apr. 03, 2017	Mar. 01, 2017	Jan. 24, 2017	Dec. 02, 2016	Oct. 03, 2016	Sep. 01, 2016	Jul. 01, 2016	Jun. 01, 2016	Apr. 01, 2016	Jan. 21, 2016	Dec. 01, 2015	Oct. 01, 2015	Sep. 01, 2015	Jul. 01, 2015	Jun. 08, 2015	Apr. 15, 2015	Mar. 12, 2015	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Jan. 03, 2018	Jan. 21, 2016	Jan. 24, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Dividends per share of common stock (in dollars per share)																								$ 0.315	$ 0.3	$ 0.3	$ 0.3	$ 0.46	$ 0.275	$ 0.275	$ 0.275
Class A common stock
Class of Stock [Line Items]
Dividends per share of common stock (in dollars per share)		$ 0.315		$ 0.3		$ 0.3		$ 0.3		$ 0.46		$ 0.275		$ 0.275	$ 0.275		$ 1.45		$ 0.275		$ 0.25		$ 0.25												$ 1.215	$ 1.285	$ 2.225
Subsequent Event | Class A common stock
Class of Stock [Line Items]
Dividend per Share (in dollars per share)	$ 0.315
Tax Year 2017 | Class A common stock
Class of Stock [Line Items]
Dividend per Share (in dollars per share)			$ 0.3		$ 0.3		$ 0.3		$ 0.059
Ordinary Dividends (in dollars per share)			0.276		0.276		0.276		0.054
Qualified Dividends (in dollars per share)			0		0		0		0
Capital Gain (in dollars per share)			0.024		0.024		0.024		0.005
Unrecaptured 1250 Gain (in dollars per share)			$ 0		$ 0		$ 0		0
Tax Year 2017 | Subsequent Event | Class A common stock
Class of Stock [Line Items]
Dividend per Share (in dollars per share)	0.265																															$ 1.224
Ordinary Dividends (in dollars per share)	0.244																															1.126
Qualified Dividends (in dollars per share)	0																															0
Capital Gain (in dollars per share)	0.021																															0.098
Unrecaptured 1250 Gain (in dollars per share)	0																															$ 0
Tax Year 2018 | Subsequent Event | Class A common stock
Class of Stock [Line Items]
Dividend per Share (in dollars per share)	$ 0.05
Tax Year 2016 | Class A common stock
Class of Stock [Line Items]
Dividend per Share (in dollars per share)									0.401		$ 0.275		$ 0.275		0.275																			$ 1.226
Ordinary Dividends (in dollars per share)									0.37		0.254		0.254		0.254																			1.132
Qualified Dividends (in dollars per share)									0		0		0		0																			0
Capital Gain (in dollars per share)									0.031		0.021		0.021		0.021																			0.094
Unrecaptured 1250 Gain (in dollars per share)									$ 0		$ 0		$ 0		$ 0																			$ 0
Tax Year 2015 | Class A common stock
Class of Stock [Line Items]
Dividend per Share (in dollars per share)																$ 1.45		$ 0.275		$ 0.25		$ 0.25											$ 2.225
Ordinary Dividends (in dollars per share)																1.306		0.275		0.25		0.25											2.081
Qualified Dividends (in dollars per share)																0.156		0.275		0.25		0.25											0.931
Capital Gain (in dollars per share)																0.144		0		0		0											0.144
Unrecaptured 1250 Gain (in dollars per share)																$ 0.020		$ 0		$ 0		$ 0											$ 0.02

EQUITY STRUCTURE AND ACCOUNTS92

EQUITY STRUCTURE AND ACCOUNTS - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	$ 1,509,554		$ 1,491,408	$ 1,505,207
Other comprehensive income (loss)	(2,220)		8,519	(36,545)
Exchange of noncontrolling interest for common stock	(2,353)		0	0
Rebalancing of ownership percentage between Company and Operating Partnership	(3,524)		8,096	(544)
Ending Balance	1,488,146	[1]	1,509,554	1,491,408
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	1,365		(3,556)	15,656
Other comprehensive income (loss)	(2,915)		3,420	(20,046)
Exchange of noncontrolling interest for common stock	1,696		1,202	645
Rebalancing of ownership percentage between Company and Operating Partnership	(358)		299	189
Ending Balance	(212)		1,365	(3,556)
Accumulated Other Comprehensive Income of Noncontrolling Interests
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	759		(2,839)	14,494
Other comprehensive income (loss)	695		5,099	(16,499)
Exchange of noncontrolling interest for common stock	(1,696)		(1,202)	(645)
Rebalancing of ownership percentage between Company and Operating Partnership	358		(299)	(189)
Ending Balance	116		759	(2,839)
Total Accumulated Other Comprehensive Income
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	2,124		(6,395)	30,150
Other comprehensive income (loss)	(2,220)		8,519	(36,545)
Exchange of noncontrolling interest for common stock	0		0	0
Rebalancing of ownership percentage between Company and Operating Partnership	0		0	0
Ending Balance	$ (96)		$ 2,124	$ (6,395)
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)propertyJoint_Venture	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Noncontrolling Interest [Line Items]
Increase in additional paid in capital and other comprehensive income	$ 0	$ 0	$ 0
Number of consolidated joint ventures | Joint_Venture	9
Minimum
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership	1.20%
Maximum
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership	30.00%
Noncontrolling Interests Operating Partnership
Noncontrolling Interest [Line Items]
Decrease in noncontrolling interest in Operating Partnership	$ (3,500)
Increase in additional paid in capital and other comprehensive income	3,524	$ (8,096)	$ 544
Accumulated Other Comprehensive Income (Loss) and Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Increase in additional paid in capital and other comprehensive income	$ 3,500
Consolidated Joint Venture | Office building
Noncontrolling Interest [Line Items]
Number of real estate properties | property	26
Consolidated Joint Venture | Warehouse
Noncontrolling Interest [Line Items]
Number of real estate properties | property	1
Consolidated Joint Venture | Other
Noncontrolling Interest [Line Items]
Number of real estate properties | property	1

EARNINGS PER SHARE - Net Income

EARNINGS PER SHARE - Net Income and Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Weighted average shares outstanding:
Basic (in shares)									81,902,524	61,998,089	51,702,188
Diluted (in shares)									109,704,880	107,638,788	51,870,808
Class A common stock
Earnings Per Share
Basic Net income (loss) available for Class A common shareholders	$ 36,106	$ 23,587	$ 22,113	$ 13,470	$ 41,856	$ 27,608	$ 2,802	$ (5,539)	$ 95,276	$ 66,727	$ 73,821
Diluted Net income (loss) available for Class A common shareholders									$ 124,046	$ 114,156	$ 73,821
Weighted average shares outstanding:
Basic (in shares)									81,902,524	61,998,089	51,702,188
Diluted (in shares)									109,704,880	107,638,788	51,870,808

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)									81,902,524	61,998,089	51,702,188
Basic net income (loss) per share of Class A common stock (in dollars per share)	$ 0.41	$ 0.28	$ 0.28	$ 0.18	$ 0.64	$ 0.44	$ 0.05	$ (0.09)	$ 1.16	$ 1.08	$ 1.43
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)									81,902,524	61,998,089	51,702,188
Diluted weighted average number of shares of Class A common stock outstanding (in shares)									109,704,880	107,638,788	51,870,808
Diluted net income per share of Class A common stock (in dollars per share)	$ 0.40	$ 0.28	$ 0.26	$ 0.18	$ 0.63	$ 0.44	$ 0.05	$ (0.09)	$ 1.13	$ 1.06	$ 1.42
Class A common stock
Numerator:
Net income attributable to Class A common shareholders	$ 36,106	$ 23,587	$ 22,113	$ 13,470	$ 41,856	$ 27,608	$ 2,802	$ (5,539)	$ 95,276	$ 66,727	$ 73,821
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)									81,902,524	61,998,089	51,702,188
Basic net income (loss) per share of Class A common stock (in dollars per share)									$ 1.16	$ 1.08	$ 1.43
Numerator:
Net income attributable to Class A common shareholders	$ 36,106	$ 23,587	$ 22,113	$ 13,470	$ 41,856	$ 27,608	$ 2,802	$ (5,539)	$ 95,276	$ 66,727	$ 73,821
Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss)									30,378	47,130	0
Additional corporate tax (expense) benefit									(1,608)	299	0
Diluted Net income (loss) available for Class A common shareholders									$ 124,046	$ 114,156	$ 73,821
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)									81,902,524	61,998,089	51,702,188
Shares issuable relating to converted Class B common shareholders (in shares)									27,773,765	45,118,668	0
Incremental shares of unvested Class A restricted stock (in shares)									28,591	522,031	168,620
Diluted weighted average number of shares of Class A common stock outstanding (in shares)									109,704,880	107,638,788	51,870,808
Diluted net income per share of Class A common stock (in dollars per share)									$ 1.13	$ 1.06	$ 1.42

STOCK BASED COMPENSATION PLAN96

STOCK BASED COMPENSATION PLANS - Stock Based Compensation Plans Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	$ 18,965	$ 17,640	$ 13,788
Ladder Capital Corp Deferred Compensation Plan	568	710	(553)
Bonus Expense	33,747	29,224	34,359
2014 Omnibus Incentive Plan | 2015 Annual Restricted Stock/Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	1,876	4,838	6,197
2014 Omnibus Incentive Plan | 2016 Annual Restricted Stock/Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	2,094	6,690	0
2014 Omnibus Incentive Plan | 2017 Annual Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	7,289	0	0
2014 Omnibus Incentive Plan | 2017 Other Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	302	0	0
2014 Omnibus Incentive Plan | 2018 Annual Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	6,768	0	0
Other Employee/Director Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	636	6,112	7,591
Phantom Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	$ 510	$ 689	$ (2,958)

STOCK BASED COMPENSATION PLAN97

STOCK BASED COMPENSATION PLANS - Additional Information (Details)

Dec. 21, 2017USD ($)installmentshares

Jun. 22, 2017USD ($)shares

Jun. 19, 2017USD ($)shares

Mar. 17, 2017

Mar. 03, 2017USD ($)shares

Feb. 18, 2017

Feb. 18, 2017

Feb. 18, 2017USD ($)

Feb. 18, 2017shares

Feb. 18, 2017Vesting_Installment

Feb. 18, 2017installment

Feb. 08, 2017USD ($)

Jan. 24, 2017USD ($)shares

Feb. 18, 2016USD ($)shares

Jun. 10, 2015USD ($)shares

Feb. 18, 2015USD ($)Vesting_Installmentshares

Dec. 31, 2017USD ($)shares

Dec. 31, 2016USD ($)shares

Dec. 31, 2015USD ($)shares

Jan. 05, 2018USD ($)

Dec. 29, 2017USD ($)

Dec. 19, 2017USD ($)

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

Period of recognition for unrecognized compensation costs

38 months

26 months

Unrecognized compensation cost | $

$ 14,500,000

$ 6,100,000

Weighted average remaining vesting period

27 months 21 days

19 months 9 days

Days following the end of the participant’s employment

60 days

Stock price, days following the end of the participant’s employment

45 days

Accrued Bonuses | $

$ 39,500,000

$ 49,300,000

Compensation bonus | $

$ 17,100,000

Bonus payment allocated to equity based compensation | $

$ 15,500,000

$ 10,200,000

Bonus Expense | $

$ 33,747,000

$ 29,224,000

$ 34,359,000

Restricted Stock

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

Number of restricted shares granted (in shares)

2,012,154

960,531

Stock Options

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

Number of options granted (in shares)

0

380,949

670,256

2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock

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

Period of recognition for unrecognized compensation costs

3 years

2014 Omnibus Incentive Plan | Management Grantees | 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 | Management Grantees | 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 | Management Grantees | Restricted Stock | Time Based Vesting on Three Year Anniversary

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

Number of installments in which awards are vested | installment

3

3

2014 Omnibus Incentive Plan | Management Grantees | 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)

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

Fair value valuation assumptions: volatility rate

48.00%

24.00%

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 | 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

2014 Omnibus Incentive Plan | Non-Management Grantee | Restricted Stock | Time Based Vesting on Three Year Anniversary

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

Number of installments in which awards are vested | installment

3

2014 Omnibus Incentive Plan | Michael Mazzei | Restricted Stock

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

Period of recognition for unrecognized compensation costs

3 years

Phantom Equity Incentive Plan

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

Units withdrawn (in shares)

42,270

Units outstanding (in shares)

373,871

Units vested (in shares)

373,871

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

$ 1,000,000

$ 6,100,000

2014 Deferred Compensation Plan

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

Units withdrawn (in shares)

53,848

Units outstanding (in shares)

321,476

273,709

Units unvested (in shares)

182,983

134,281

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

$ 3,800,000

$ 3,600,000

Class A common stock | Restricted Stock

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

Number of restricted shares granted (in shares)

1,996,594

793,598

726,327

Class A common stock | 2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock

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

Aggregate value of awards granted | $

$ 10,500,000

$ 10,200,000

$ 30,455

$ 12,600,000

Number of restricted shares granted (in shares)

768,205

736,461

2,191

688,400

Class A common stock | 2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock | Performance-based vesting

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

Vesting percentage

50.00%

50.00%

50.00%

Number of installments in which awards are vested

3

3

3

Class A common stock | 2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock | Time-based vesting

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

Vesting percentage

50.00%

50.00%

50.00%

Class A common stock | 2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock | Period 2

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

Vesting period

3 years

3 years

Class A common stock | 2014 Omnibus Incentive 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 | $

48,475

Number of restricted shares granted (in shares)

3,500

Cash dividends received | $

1,000,000

Class A common stock | 2014 Omnibus Incentive Plan | Management Grantees | Stock Options

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

Number of restricted shares granted (in shares)

289,326

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

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

Vesting period

2 years

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

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

Aggregate value of awards granted | $

200,000

Number of restricted shares granted (in shares)

16,245

12,636

4,223

7,962

Grant date fair value of awards granted | $

$ 100,000

$ 100,000

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

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

Vesting period

3 years

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

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

Aggregate value of awards granted | $

$ 9,100,000

Number of restricted shares granted (in shares)

793,598

Class A common stock | 2014 Omnibus Incentive 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)

28,881

Number of installments in which awards are vested | Vesting_Installment

2

Number of anniversaries in which awards are vested | installment

2

Class A common stock | 2014 Omnibus Incentive Plan | Non-Management Grantee | Restricted Stock

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

Aggregate value of awards granted | $

$ 5,000,000

$ 300,000

$ 600,000

Number of restricted shares granted (in shares)

369,328

21,307

40,000

Class A common stock | 2014 Omnibus Incentive Plan | Non-Management Grantee | Restricted Stock | Performance-based vesting

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

Vesting percentage

50.00%

Number of installments in which awards are vested | installment

3

Class A common stock | 2014 Omnibus Incentive Plan | Non-Management Grantee | 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 | Non-Management Grantee | Restricted Stock | Period 1

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

Expected to vest (in shares)

1,775

Class A common stock | 2014 Omnibus Incentive Plan | Non-Management Grantee | Restricted Stock | Period 7

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

Expected to vest (in shares)

1,780

Class A common stock | 2014 Omnibus Incentive Plan | New Member of Board of Directors | Restricted Stock

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

Aggregate value of awards granted | $

$ 100,000

Number of restricted shares granted (in shares)

5,130

Vesting period

3 years

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

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

Expected to vest (in shares)

1,775

Class A common stock | 2014 Omnibus Incentive Plan | New Member of Board of Directors | Restricted Stock | Period 2

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

Expected to vest (in shares)

1,775

Class A common stock | 2014 Omnibus Incentive Plan | New Member of Board of Directors | Restricted Stock | Period 3

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

Expected to vest (in shares)

1,775

Class A common stock | 2014 Omnibus Incentive Plan | New Member of Board of Directors | Restricted Stock | Period 4

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

Expected to vest (in shares)

1,775

Class A common stock | 2014 Omnibus Incentive Plan | New Member of Board of Directors | Restricted Stock | Period 5

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

Expected to vest (in shares)

1,775

Class A common stock | 2014 Omnibus Incentive Plan | New Member of Board of Directors | Restricted Stock | Period 6

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

Expected to vest (in shares)

1,775

Class A common stock | 2014 Omnibus Incentive Plan | Michael Mazzei | Restricted Stock

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

Aggregate value of awards granted | $

$ 100,000

Number of restricted shares granted (in shares)

5,346

Subsequent Event

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

Compensation bonus | $

$ 16,800,000

STOCK BASED COMPENSATION PLAN98

STOCK BASED COMPENSATION PLANS - Summary of Grants (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	$ (18,965)	$ (17,640)	$ (13,788)
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares)	2,012,154	960,531
Recognized equity based compensation expense	$ (18,965)	$ (17,640)	$ (13,664)
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted (in shares)	0	380,949	670,256
Weighted Average Fair Value of Options (in dollars)	$ 0	$ 1,356	$ 1,441
LP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares)		0
Recognized equity based compensation expense	$ 0	$ 0	$ (124)
Class A common stock | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares)	1,996,594	793,598	726,327
Weighted Average Fair Value (in dollars)	$ 27,489	$ 9,118	$ 13,353
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	0
Weighted Average Fair Value (in dollars)	$ 216	$ 1,908	$ 0

STOCK BASED COMPENSATION PLAN99

STOCK BASED COMPENSATION PLANS - Nonvested Shares Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted Stock
Number of Shares Nonvested Other than Options [Roll Forward]
Nonvested/Outstanding (in shares)	1,475,865	1,334,369
Granted (in shares)	2,012,154	960,531
Vested (in shares)	(2,225,654)	(770,568)
Forfeited (in shares)	(10,000)	(48,467)
Nonvested/Outstanding (in shares)	1,252,365	1,475,865	1,334,369
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Nonvested/Outstanding (in shares)	982,135	601,186
Granted (in shares)	0	380,949	670,256
Exercised (in shares)	0	0
Forfeited (in shares)	0	0
Expired (in shares)	0	0
Nonvested/Outstanding (in shares)	982,135	982,135	601,186
Exercisable (in shares)	752,017	230,936
LP Units
Number of Shares Nonvested Other than Options [Roll Forward]
Nonvested/Outstanding (in shares)	0	504
Granted (in shares)		0
Vested (in shares)		(504)
Forfeited (in shares)		0
Nonvested/Outstanding (in shares)		0	504

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended				36 Months Ended
	Dec. 31, 2016	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017
Income Tax Contingency [Line Items]
Accrued income taxes	$ 800,000	$ 2,600,000		$ 800,000		$ 2,600,000
Prepaid taxes	13,400,000	12,400,000		13,400,000		12,400,000
Current tax expense (benefit)		2,121,000		4,452,000	$ 11,657,000
Deferred Income tax expense (benefit)		5,591,000		1,868,000	$ 2,900,000
Deferred tax asset relating to capital losses	5,700,000	5,800,000		5,700,000		5,800,000
Deferred tax liabilities	0	(7,134,000)		0		(7,134,000)
Interest and penalties recognized for uncertain tax positions		0				$ 0
Percentage of applicable cash saving in income tax distributable to specified unitholders						85.00%
Percentage of applicable cash saving in income tax available for the entity						15.00%
Amount due pursuant to tax receivable agreement	2,520,000	1,656,000	[1]	2,520,000		$ 1,656,000	[1]
Other assets
Income Tax Contingency [Line Items]
Net deferred tax assets	2,100,000			2,100,000
Deferred tax liabilities		(5,700,000)				(5,700,000)
Accrued Expenses
Income Tax Contingency [Line Items]
Liability for unrecognized tax benefits for uncertain income tax positions	800,000	800,000		800,000		800,000
Amount Payable Pursuant to Tax Receivable Agreement
Income Tax Contingency [Line Items]
Amount due pursuant to tax receivable agreement	2,500,000	1,700,000		2,500,000		1,700,000
Indemnity Counterparty
Income Tax Contingency [Line Items]
Settlements receivable	3,300,000			3,300,000
Amount recovered from indemnity counterparty		3,300,000
State and Local Jurisdiction | New York
Income Tax Contingency [Line Items]
Unincorporated business tax payable (receivable)	400,000	$ 500,000		400,000		$ 500,000
State income tax expense (benefit)	3,300,000			3,300,000
Estimated insurance recovery recorded as other income and fees	3,300,000			3,300,000
State income tax payable	$ 3,300,000			$ 3,300,000
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

INCOME TAXES - Components of th

INCOME TAXES - Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current expense (benefit)
U.S. Federal									$ 1,845	$ (386)	$ 9,020
State and local									276	4,838	2,637
Total current expense (benefit)									2,121	4,452	11,657
Deferred expense (benefit)
U.S. Federal									4,632	1,417	2,247
State and local									959	451	653
Total deferred expense (benefit)									5,591	1,868	2,900
Income Tax Expense (Benefit)	$ 3,057	$ (576)	$ 6,606	$ (1,375)	$ 773	$ 8,721	$ (2,301)	$ (873)	$ 7,712	$ 6,320	$ 14,557

INCOME TAXES - Tax Rate Reconci

INCOME TAXES - Tax Rate Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Effective Income Tax Rate Reconciliation, Percent [Abstract]
US statutory tax rate		35.00%	35.00%	35.00%
REIT income not subject to corporate income tax		(29.53%)	(34.38%)	(32.37%)
Increase due to state and local taxes		0.74%	4.41%	1.40%
Deferred tax asset write-off upon conversion to REIT		0.00%	0.00%	1.44%
Change in valuation allowance		2.13%	0.42%	3.29%
Impact of Tax Cuts and Jobs Act		(2.53%)	0.00%	0.00%
Other		(0.04%)	(0.19%)	0.39%
Effective income tax rate		5.77%	5.26%	9.15%
State and Local Jurisdiction | New York
Effective Income Tax Rate Reconciliation, Percent [Abstract]
State income tax expense (benefit)	$ 3.3		$ 3.3

INCOME TAXES - Components of De

INCOME TAXES - Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred Tax Assets
Basis difference in operating partnerships	$ 0	$ 2,023
Unrealized gains (losses)	1,461	99
Unrealized gains (losses) - derivatives	5,781	5,668
Valuation allowance	(5,781)	(5,668)
Total Deferred Tax Assets	$ 1,461	$ 2,122

INCOME TAXES - Components of D

INCOME TAXES - Components of Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Basis difference in operating partnerships	$ 7,134	$ 0
Total Deferred Tax Liability	$ 7,134	$ 0

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	Mar. 03, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jul. 06, 2017USD ($)property	Mar. 13, 2017USD ($)	Oct. 18, 2016USD ($)	May 20, 2015USD ($)a
RELATED PARTY TRANSACTIONS
Interest expense		$ 146,118	$ 120,827	$ 113,303
Halletts Investors LLC | Mezzanine loan
RELATED PARTY TRANSACTIONS
Loans receivable from related party								$ 25,000
Percentage of loans receivable with fixed rates of interest								9.00%
Interest income on loans			$ 1,000	$ 1,400
Three Limited Liability Companies | Halletts Investors LLC
RELATED PARTY TRANSACTIONS
Area of land (in acres) | a								9.66
Affiliated Entity
RELATED PARTY TRANSACTIONS
Investment in mutual fund		$ 900					$ 10,000
Fee earned on assets under management (as percentage)		0.75%
Fund's cap expense (as percentage)		0.95%
Affiliated Entity | Related Reserve IV LLC | B Participation Interest
RELATED PARTY TRANSACTIONS
Percentage of loans receivable with fixed rates of interest						17.00%
Interest expense		$ 500
Mortgage loan participation purchased by related party						$ 4,000
Participating mortgage loan amount						$ 136,500
Affiliated Entity | Brickell Heights Commercial LLC | First mortgage loan
RELATED PARTY TRANSACTIONS
Loans receivable from related party					$ 21,000
Interest income on loans		$ 300
Multi-family | Affiliated Entity | Brickell Heights Commercial LLC
RELATED PARTY TRANSACTIONS
Number of real estate properties | property					2
Brickell Heights Commercial LLC | Consolidated Joint Venture | Related Special Assets LLC
RELATED PARTY TRANSACTIONS
Ownership Interest (percent)					80.00%
Brickell Heights Commercial LLC | Consolidated Joint Venture | The Related Group of Florida
RELATED PARTY TRANSACTIONS
Ownership Interest (percent)					20.00%
Class A common stock | Related
RELATED PARTY TRANSACTIONS
Related party purchases of shares from shareholders	$ 80,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions	May 15, 2012Extension_Option	Oct. 01, 2011Extension_Option	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Unfunded Loan Commitments
Number of extension options | Extension_Option	0	0
Rent expense			$ 1.1	$ 1.2	$ 1.5
Provision for loan losses
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment			157	147.7
First mortgage loan financing
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment			157	146.3
Mezzanine loan
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment				$ 1.4
Hurricane Harvey
Unfunded Loan Commitments
Real estate assets and securing loans			13
Hurricane Irma
Unfunded Loan Commitments
Real estate assets and securing loans			291.3
Hurricane Maria
Unfunded Loan Commitments
Real estate assets and securing loans			$ 23.8

COMMITMENTS AND CONTINGENCIE107

COMMITMENTS AND CONTINGENCIES - Future Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2017USD ($)
Future minimum rental payments
2,018	$ 1,205
2,019	1,180
2,020	1,180
2,021	1,180
2,022	100
Thereafter	0
Total	$ 4,845

SEGMENT REPORTING - Additional

SEGMENT REPORTING - Additional Information (Details)	12 Months Ended
	Dec. 31, 2017segment
Segment Reporting [Abstract]
Number of reportable segments	3

SEGMENT REPORTING - Schedule of

SEGMENT REPORTING - Schedule of Segments (Details) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2017		Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Interest income	$ 73,352		$ 66,833	$ 65,970	$ 57,512	$ 60,721	$ 60,284	$ 55,766	$ 59,601	$ 263,667		$ 236,372	$ 241,539
Interest expense										(146,118)		(120,827)	(113,303)
Net interest income										117,549		115,545	128,236
Provision for loan losses										0		(300)	(600)
Net interest income after provision for loan losses	31,795		29,348	30,309	26,097	28,517	29,599	27,214	29,915	117,549		115,245	127,636
Operating lease income										89,492		77,277	80,465
Tenant recoveries										7,179		5,958	9,907
Sale of loans, net										54,046		26,009	71,066
Realized gain on securities										17,209		7,724	24,007
Unrealized gain (loss) on Agency interest-only securities										1,405		(56)	(1,249)
Realized gain on sale of real estate, net										11,423		20,636	40,386
Fee and other income										18,341		21,365	15,205
Net result from derivative transactions										(12,641)		(1,409)	(38,937)
Earnings (loss) from investment in unconsolidated joint ventures										89		426	371
Gain (loss) on extinguishment of debt										(73)		5,382	0
Total other income										186,470		163,312	201,221
Salaries and employee benefits										(70,463)		(64,270)	(61,612)
Operating expenses										(21,421)		(20,552)	(25,103)
Real estate operating expenses										(33,216)		(30,545)	(37,869)
Fee expense										(4,996)		(3,703)	(4,521)
Depreciation and amortization										(40,332)		(39,447)	(39,061)
Total costs and expenses	(52,804)		(39,244)	(40,120)	(38,260)	(45,335)	(40,615)	(37,405)	(35,162)	(170,428)		(158,517)	(168,166)
Income tax (expense) benefit	(3,057)		576	(6,606)	1,375	(773)	$ (8,721)	$ 2,301	$ 873	(7,712)		(6,320)	(14,557)
Net income (loss)	45,370		$ 29,821	$ 31,058	$ 19,630					125,879		113,720	146,134
Total assets	6,025,615	[1]				5,578,337				6,025,615	[1]	5,578,337	5,895,212
Investment in unconsolidated joint ventures	35,441	[1]				34,025				35,441	[1]	34,025
Investment in FHLB stock	77,915	[1]				77,915				77,915	[1]	77,915
Deferred tax liabilities	(7,134)					0				(7,134)		0
Deferred tax assets	1,461					2,122				1,461		2,122
Operating Segment
Income Statement [Abstract]
Investment in unconsolidated joint ventures	35,400					34,000				35,400		34,000
Operating Segment | Loans
Income Statement [Abstract]
Interest income										219,892		161,315	165,403
Interest expense										(39,530)		(25,531)	(24,039)
Net interest income										180,362		135,784	141,364
Provision for loan losses										0		(300)	(600)
Net interest income after provision for loan losses										180,362		135,484	140,764
Operating lease income										0		0	0
Tenant recoveries										0		0	0
Sale of loans, net										54,046		26,009	71,066
Realized gain on securities										0		0	0
Unrealized gain (loss) on Agency interest-only securities										0		0	0
Realized gain on sale of real estate, net										0		0	2,346
Fee and other income										6,859		7,547	5,999
Net result from derivative transactions										(8,425)		8,371	(12,609)
Earnings (loss) from investment in unconsolidated joint ventures										0		0	0
Gain (loss) on extinguishment of debt										(19)		0
Total other income										52,461		41,927	66,802
Salaries and employee benefits										0		(11,000)	(16,531)
Operating expenses										302		0	381
Real estate operating expenses										0		0	0
Fee expense										(3,649)		(2,343)	(1,693)
Depreciation and amortization										0		0	0
Total costs and expenses										(3,347)		(13,343)	(17,843)
Income tax (expense) benefit										0		0	0
Net income (loss)										229,476		164,068	189,723
Total assets	3,508,642					2,353,977				3,508,642		2,353,977	2,310,409
Operating Segment | Securities
Income Statement [Abstract]
Interest income										43,542		74,987	76,083
Interest expense										(5,800)		(9,740)	(7,256)
Net interest income										37,742		65,247	68,827
Provision for loan losses										0		0	0
Net interest income after provision for loan losses										37,742		65,247	68,827
Operating lease income										0		0	0
Tenant recoveries										0		0	0
Sale of loans, net										0		0	0
Realized gain on securities										17,209		7,724	24,007
Unrealized gain (loss) on Agency interest-only securities										1,405		(56)	(1,249)
Realized gain on sale of real estate, net										0		0	0
Fee and other income										0		0	230
Net result from derivative transactions										(4,216)		(9,780)	(26,328)
Earnings (loss) from investment in unconsolidated joint ventures										0		0	0
Gain (loss) on extinguishment of debt										0		0
Total other income										14,398		(2,112)	(3,340)
Salaries and employee benefits										0		0	0
Operating expenses										0		0	0
Real estate operating expenses										0		0	0
Fee expense										(280)		(166)	(40)
Depreciation and amortization										0		0	0
Total costs and expenses										(280)		(166)	(40)
Income tax (expense) benefit										0		0	0
Net income (loss)										51,860		62,969	65,447
Total assets	1,106,517					2,100,947				1,106,517		2,100,947	2,407,217
Operating Segment | Real Estate
Income Statement [Abstract]
Interest income										15		10	0
Interest expense										(28,679)		(25,333)	(23,873)
Net interest income										(28,664)		(25,323)	(23,873)
Provision for loan losses										0		0	0
Net interest income after provision for loan losses										(28,664)		(25,323)	(23,873)
Operating lease income										89,492		77,277	80,465
Tenant recoveries										7,179		5,958	9,907
Sale of loans, net										0		0	0
Realized gain on securities										0		0	0
Unrealized gain (loss) on Agency interest-only securities										0		0	0
Realized gain on sale of real estate, net										11,423		20,636	38,040
Fee and other income										7,865		7,253	5,989
Net result from derivative transactions										0		0	0
Earnings (loss) from investment in unconsolidated joint ventures										89		(466)	255
Gain (loss) on extinguishment of debt										0		0
Total other income										116,048		110,658	134,656
Salaries and employee benefits										0		0	0
Operating expenses										0		0	0
Real estate operating expenses										(33,216)		(30,545)	(37,868)
Fee expense										(1,067)		(618)	(470)
Depreciation and amortization										(40,239)		(39,354)	(38,953)
Total costs and expenses										(74,522)		(70,517)	(77,291)
Income tax (expense) benefit										0		0	0
Net income (loss)										12,862		14,818	33,492
Total assets	1,067,482					856,363				1,067,482		856,363	868,528
Corporate/Other
Income Statement [Abstract]
Interest income										218		60	53
Interest expense										(72,109)		(60,223)	(58,135)
Net interest income										(71,891)		(60,163)	(58,082)
Provision for loan losses										0		0	0
Net interest income after provision for loan losses										(71,891)		(60,163)	(58,082)
Operating lease income										0		0	0
Tenant recoveries										0		0	0
Sale of loans, net										0		0	0
Realized gain on securities										0		0	0
Unrealized gain (loss) on Agency interest-only securities										0		0	0
Realized gain on sale of real estate, net										0		0	0
Fee and other income										3,617		6,565	2,987
Net result from derivative transactions										0		0	0
Earnings (loss) from investment in unconsolidated joint ventures										0		892	116
Gain (loss) on extinguishment of debt										(54)		5,382
Total other income										3,563		12,839	3,103
Salaries and employee benefits										(70,463)		(53,270)	(45,081)
Operating expenses										(21,723)		(20,552)	(25,484)
Real estate operating expenses												0	(1)
Fee expense										0		(576)	(2,318)
Depreciation and amortization										(93)		(93)	(108)
Total costs and expenses										(92,279)		(74,491)	(72,992)
Income tax (expense) benefit										(7,712)		(6,320)	(14,557)
Net income (loss)										(168,319)		(128,135)	(142,528)
Total assets	342,974					267,050				342,974		267,050	$ 309,058
Investment in FHLB stock	77,900					77,900				77,900		77,900
Deferred tax liabilities	(5,700)									(5,700)
Deferred tax assets						2,100						2,100
Corporate/Other | Senior Unsecured Notes
Income Statement [Abstract]
Senior Notes	$ 1,200,000					$ 559,800				$ 1,200,000		$ 559,800
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

QUARTERLY FINANCIAL DATA (UN110

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 07, 2017	Sep. 01, 2017	Jun. 01, 2017	Mar. 01, 2017	Dec. 02, 2016	Sep. 01, 2016	Jun. 01, 2016	Apr. 01, 2016	Dec. 01, 2015	Sep. 01, 2015	Jun. 08, 2015	Mar. 12, 2015	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Interest income													$ 73,352	$ 66,833	$ 65,970	$ 57,512	$ 60,721	$ 60,284	$ 55,766	$ 59,601	$ 263,667	$ 236,372	$ 241,539
Net interest income after provision for loan losses													31,795	29,348	30,309	26,097	28,517	29,599	27,214	29,915	117,549	115,245	127,636
Other income (loss)													69,436	39,141	47,475	30,418	89,212	69,335	11,835	(7,070)
Costs and expenses													52,804	39,244	40,120	38,260	45,335	40,615	37,405	35,162	170,428	158,517	168,166
Income (loss) before taxes													48,427	29,245	37,664	18,255	72,394	58,319	1,644	(12,317)	133,591	120,040	160,691
Income tax expense (benefit)													3,057	(576)	6,606	(1,375)	773	8,721	(2,301)	(873)	7,712	6,320	14,557
Net income (loss)													45,370	29,821	31,058	19,630					125,879	113,720	146,134
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures													(92)	265	(77)	(322)	(298)	439	(235)	232	(226)	138	(1,568)
Net (income) loss attributable to predecessor unitholders																	0	0	0	0
Net (income) loss attributable to noncontrolling interest in operating partnership													$ (9,172)	$ (6,499)	$ (8,868)	$ (5,838)	$ (29,467)	$ (22,429)	$ (908)	$ 5,673	$ (30,377)	$ (47,131)	$ (70,745)
Earnings Per Share, Basic and Diluted [Abstract]
Basic (in dollars per share)													$ 0.41	$ 0.28	$ 0.28	$ 0.18	$ 0.64	$ 0.44	$ 0.05	$ (0.09)	$ 1.16	$ 1.08	$ 1.43
Diluted (in dollars per share)													0.40	0.28	0.26	0.18	0.63	0.44	0.05	(0.09)	$ 1.13	$ 1.06	$ 1.42
Dividends per share of common stock (in dollars per share)													$ 0.315	$ 0.3	$ 0.3	$ 0.3	$ 0.46	$ 0.275	$ 0.275	$ 0.275
Additional return on equity from Company's investments																					$ 0	$ 1,017	$ 294
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax																	$ 71,621	$ 49,598	$ 3,945	$ (11,444)
Noncontrolling Interests in Consolidated Joint Ventures
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)																					226	(138)	1,568
Scenario, Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Interest income														$ 72,763	$ 66,136
Net interest income after provision for loan losses														30,156	30,532
Other income (loss)														39,141	21,571
Costs and expenses														39,244	40,120
Income (loss) before taxes														30,053	11,983
Income tax expense (benefit)														(400)	(1,449)
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures														265	(77)
Net (income) loss attributable to noncontrolling interest in operating partnership														$ (6,679)	$ (2,693)
Earnings Per Share, Basic and Diluted [Abstract]
Basic (in dollars per share)														$ 0.28	$ 0.13
Diluted (in dollars per share)														0.28	0.13
Dividends per share of common stock (in dollars per share)														$ 0.3	$ 0.3
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax														$ 30,453	$ 13,432
Class A common stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss) attributable to Class A common shareholders													$ 36,106	23,587	22,113	$ 13,470	$ 41,856	$ 27,608	$ 2,802	$ (5,539)	$ 95,276	$ 66,727	$ 73,821
Earnings Per Share, Basic and Diluted [Abstract]
Basic (in dollars per share)																					$ 1.16	$ 1.08	$ 1.43
Diluted (in dollars per share)																					1.13	1.06	1.42
Dividends per share of common stock (in dollars per share)	$ 0.315	$ 0.3	$ 0.3	$ 0.3	$ 0.46	$ 0.275	$ 0.275	$ 0.275	$ 1.45	$ 0.275	$ 0.25	$ 0.25									$ 1.215	$ 1.285	$ 2.225
Class A common stock | Scenario, Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss) attributable to Class A common shareholders														$ 24,039	$ 10,662

Schedule III - Real Estate a111

Schedule III - Real Estate and Accumulated Depreciation Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 692,698
Initial Cost to Company
Land	221,488
Building	935,769
Intangibles	190,942
Cost Capitalized Subsequent to Acquisition	27,354
Gross Amount at which Carried at Close of Period
Land	213,992
Buildings	789,622
Intangibles	189,490
Total	1,193,104	$ 944,346	$ 917,835	$ 819,591
Accumulated Depreciation	(161,063)	$ (122,008)	$ (83,056)	$ (50,605)
Aggregate cost for Federal income tax purposes	$ 1,100,000
El Monte, CA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	5 years
El Monte, CA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	25 years
Retail Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 495,949
Initial Cost to Company
Land	112,998
Building	532,124
Intangibles	112,381
Cost Capitalized Subsequent to Acquisition	4,952
Gross Amount at which Carried at Close of Period
Land	112,999
Buildings	537,086
Intangibles	112,370
Total	762,455
Accumulated Depreciation	(79,195)
Retail Property | Rockford, MN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company
Land	187
Building	850
Intangibles	206
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	187
Buildings	850
Intangibles	206
Total	1,243
Accumulated Depreciation	$ (2)
Retail Property | Rockford, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Rockford, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	30 years
Retail Property | Winterset, IA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	272
Building	830
Intangibles	200
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	272
Buildings	830
Intangibles	200
Total	1,302
Accumulated Depreciation	$ (2)
Retail Property | Winterset, IA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Winterset, IA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Kawkawlin, MI
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	242
Building	871
Intangibles	179
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	242
Buildings	871
Intangibles	179
Total	1,292
Accumulated Depreciation	$ (9)
Retail Property | Kawkawlin, MI | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Kawkawlin, MI | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	30 years
Retail Property | Aroma Park, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 950
Initial Cost to Company
Land	223
Building	869
Intangibles	165
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	223
Buildings	869
Intangibles	165
Total	1,257
Accumulated Depreciation	$ (8)
Retail Property | Aroma Park, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Aroma Park, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | East Peoria, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,020
Initial Cost to Company
Land	233
Building	998
Intangibles	161
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	233
Buildings	998
Intangibles	161
Total	1,392
Accumulated Depreciation	$ (9)
Retail Property | East Peoria, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | East Peoria, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Milford, IA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 989
Initial Cost to Company
Land	254
Building	883
Intangibles	217
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	254
Buildings	883
Intangibles	217
Total	1,354
Accumulated Depreciation	$ (11)
Retail Property | Milford, IA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Milford, IA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Jefferson City, MO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 954
Initial Cost to Company
Land	164
Building	966
Intangibles	205
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	164
Buildings	966
Intangibles	205
Total	1,335
Accumulated Depreciation	$ (20)
Retail Property | Jefferson City, MO | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Jefferson City, MO | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Denver, IA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 908
Initial Cost to Company
Land	198
Building	840
Intangibles	191
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	198
Buildings	840
Intangibles	191
Total	1,229
Accumulated Depreciation	$ (20)
Retail Property | Denver, IA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Denver, IA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Port O'Connor, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 959
Initial Cost to Company
Land	167
Building	937
Intangibles	200
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	167
Buildings	937
Intangibles	200
Total	1,304
Accumulated Depreciation	$ (22)
Retail Property | Port O'Connor, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Port O'Connor, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Wabasha, MN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 974
Initial Cost to Company
Land	237
Building	912
Intangibles	214
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	237
Buildings	912
Intangibles	214
Total	1,363
Accumulated Depreciation	$ (24)
Retail Property | Wabasha, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Wabasha, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Shelbyville, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 872
Initial Cost to Company
Land	189
Building	849
Intangibles	199
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	189
Buildings	849
Intangibles	198
Total	1,236
Accumulated Depreciation	$ (19)
Retail Property | Shelbyville, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Shelbyville, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Jessup, IA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 893
Initial Cost to Company
Land	119
Building	890
Intangibles	191
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	119
Buildings	890
Intangibles	191
Total	1,200
Accumulated Depreciation	$ (23)
Retail Property | Jessup, IA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Jessup, IA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Hanna City, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 874
Initial Cost to Company
Land	174
Building	925
Intangibles	132
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	174
Buildings	925
Intangibles	131
Total	1,230
Accumulated Depreciation	$ (24)
Retail Property | Hanna City, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail Property | Hanna City, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	39 years
Retail Property | Ridgedale, MO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,002
Initial Cost to Company
Land	250
Building	928
Intangibles	187
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	250
Buildings	928
Intangibles	187
Total	1,365
Accumulated Depreciation	$ (28)
Retail Property | Ridgedale, MO | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Ridgedale, MO | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Peoria, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 913
Initial Cost to Company
Land	209
Building	933
Intangibles	133
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	209
Buildings	933
Intangibles	131
Total	1,273
Accumulated Depreciation	$ (31)
Retail Property | Peoria, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail Property | Peoria, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Carmi, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,111
Initial Cost to Company
Land	286
Building	916
Intangibles	239
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	286
Buildings	916
Intangibles	238
Total	1,440
Accumulated Depreciation	$ (30)
Retail Property | Carmi, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Carmi, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Springfield, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,011
Initial Cost to Company
Land	391
Building	784
Intangibles	231
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	393
Buildings	789
Intangibles	224
Total	1,406
Accumulated Depreciation	$ (33)
Retail Property | Springfield, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Springfield, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Fayetteville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,933
Initial Cost to Company
Land	1,379
Building	3,121
Intangibles	2,471
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,379
Buildings	3,121
Intangibles	2,471
Total	6,971
Accumulated Depreciation	$ (268)
Retail Property | Fayetteville, NC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail Property | Fayetteville, NC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	37 years
Retail Property | Dryden Township, MI
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 920
Initial Cost to Company
Land	178
Building	893
Intangibles	209
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	178
Buildings	899
Intangibles	203
Total	1,280
Accumulated Depreciation	$ (38)
Retail Property | Dryden Township, MI | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Dryden Township, MI | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Lamar, MO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 910
Initial Cost to Company
Land	164
Building	903
Intangibles	170
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	164
Buildings	903
Intangibles	170
Total	1,237
Accumulated Depreciation	$ (45)
Retail Property | Lamar, MO | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Lamar, MO | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Union, MO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 954
Initial Cost to Company
Land	267
Building	867
Intangibles	207
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	267
Buildings	867
Intangibles	207
Total	1,341
Accumulated Depreciation	$ (50)
Retail Property | Union, MO | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Union, MO | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Pawnee, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 954
Initial Cost to Company
Land	249
Building	775
Intangibles	205
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	249
Buildings	775
Intangibles	205
Total	1,229
Accumulated Depreciation	$ (45)
Retail Property | Pawnee, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Pawnee, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Linn, MO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 868
Initial Cost to Company
Land	89
Building	920
Intangibles	183
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	89
Buildings	920
Intangibles	183
Total	1,192
Accumulated Depreciation	$ (49)
Retail Property | Linn, MO | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Linn, MO | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Cape Girardeau, MO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,018
Initial Cost to Company
Land	453
Building	702
Intangibles	217
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	453
Buildings	702
Intangibles	217
Total	1,372
Accumulated Depreciation	$ (43)
Retail Property | Cape Girardeau, MO | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Cape Girardeau, MO | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Decatur-Sunnyside, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,061
Initial Cost to Company
Land	395
Building	924
Intangibles	155
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	395
Buildings	924
Intangibles	155
Total	1,474
Accumulated Depreciation	$ (49)
Retail Property | Decatur-Sunnyside, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Decatur-Sunnyside, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Rantoul, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 932
Initial Cost to Company
Land	100
Building	1,023
Intangibles	178
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	100
Buildings	1,023
Intangibles	178
Total	1,301
Accumulated Depreciation	$ (51)
Retail Property | Rantoul, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Rantoul, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Flora Vista, NM
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,010
Initial Cost to Company
Land	272
Building	864
Intangibles	198
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	272
Buildings	864
Intangibles	198
Total	1,334
Accumulated Depreciation	$ (62)
Retail Property | Flora Vista, NM | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Flora Vista, NM | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Mountain Grove, MO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 990
Initial Cost to Company
Land	163
Building	1,026
Intangibles	212
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	163
Buildings	1,026
Intangibles	212
Total	1,401
Accumulated Depreciation	$ (58)
Retail Property | Mountain Grove, MO | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Mountain Grove, MO | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Decatur-Pershing, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 946
Initial Cost to Company
Land	182
Building	954
Intangibles	138
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	182
Buildings	954
Intangibles	138
Total	1,274
Accumulated Depreciation	$ (51)
Retail Property | Decatur-Pershing, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Decatur-Pershing, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Champaign, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,026
Initial Cost to Company
Land	365
Building	915
Intangibles	149
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	365
Buildings	915
Intangibles	149
Total	1,429
Accumulated Depreciation	$ (48)
Retail Property | Champaign, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Champaign, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | San Antonio, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 887
Initial Cost to Company
Land	252
Building	703
Intangibles	194
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	251
Buildings	702
Intangibles	196
Total	1,149
Accumulated Depreciation	$ (51)
Retail Property | San Antonio, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | San Antonio, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Borger, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 784
Initial Cost to Company
Land	68
Building	800
Intangibles	180
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	68
Buildings	800
Intangibles	180
Total	1,048
Accumulated Depreciation	$ (50)
Retail Property | Borger, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Borger, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Dimmitt, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,048
Initial Cost to Company
Land	86
Building	1,077
Intangibles	233
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	85
Buildings	1,074
Intangibles	237
Total	1,396
Accumulated Depreciation	$ (67)
Retail Property | Dimmitt, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Dimmitt, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | St. Charles, MN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 961
Initial Cost to Company
Land	200
Building	843
Intangibles	226
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	200
Buildings	843
Intangibles	226
Total	1,269
Accumulated Depreciation	$ (66)
Retail Property | St. Charles, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | St. Charles, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	30 years
Retail Property | Philo, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 924
Initial Cost to Company
Land	160
Building	889
Intangibles	188
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	160
Buildings	889
Intangibles	188
Total	1,237
Accumulated Depreciation	$ (50)
Retail Property | Philo, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Philo, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Radford, VA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,137
Initial Cost to Company
Land	411
Building	896
Intangibles	256
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	411
Buildings	896
Intangibles	256
Total	1,563
Accumulated Depreciation	$ (84)
Retail Property | Radford, VA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Radford, VA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Rural Retreat, VA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,044
Initial Cost to Company
Land	328
Building	811
Intangibles	260
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	328
Buildings	811
Intangibles	260
Total	1,399
Accumulated Depreciation	$ (73)
Retail Property | Rural Retreat, VA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Rural Retreat, VA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Albion, PA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,132
Initial Cost to Company
Land	100
Building	1,033
Intangibles	392
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	100
Buildings	1,033
Intangibles	392
Total	1,525
Accumulated Depreciation	$ (124)
Retail Property | Albion, PA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail Property | Albion, PA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	50 years
Retail Property | Mount Vernon, AL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 949
Initial Cost to Company
Land	187
Building	876
Intangibles	174
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	187
Buildings	876
Intangibles	174
Total	1,237
Accumulated Depreciation	$ (71)
Retail Property | Mount Vernon, AL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail Property | Mount Vernon, AL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	44 years
Retail Property | Malone, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,087
Initial Cost to Company
Land	183
Building	1,154
Intangibles	137
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	183
Buildings	1,154
Intangibles	137
Total	1,474
Accumulated Depreciation	$ (82)
Retail Property | Malone, NY | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail Property | Malone, NY | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	39 years
Retail Property | Mercedes, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 838
Initial Cost to Company
Land	257
Building	874
Intangibles	132
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	257
Buildings	874
Intangibles	132
Total	1,263
Accumulated Depreciation	$ (59)
Retail Property | Mercedes, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Mercedes, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	45 years
Retail Property | Gordonville, MO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 774
Initial Cost to Company
Land	247
Building	787
Intangibles	172
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	247
Buildings	787
Intangibles	172
Total	1,206
Accumulated Depreciation	$ (61)
Retail Property | Gordonville, MO | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Gordonville, MO | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Rice, MN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 820
Initial Cost to Company
Land	200
Building	859
Intangibles	183
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	200
Buildings	859
Intangibles	183
Total	1,242
Accumulated Depreciation	$ (90)
Retail Property | Rice, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Rice, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	30 years
Retail Property | Bixby, OK
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,984
Initial Cost to Company
Land	2,609
Building	7,776
Intangibles	1,765
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	2,609
Buildings	7,776
Intangibles	1,765
Total	12,150
Accumulated Depreciation	$ (632)
Retail Property | Bixby, OK | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail Property | Bixby, OK | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	37 years
Retail Property | Farmington, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 899
Initial Cost to Company
Land	96
Building	1,161
Intangibles	150
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	96
Buildings	1,161
Intangibles	150
Total	1,407
Accumulated Depreciation	$ (81)
Retail Property | Farmington, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Farmington, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Grove, OK
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,639
Initial Cost to Company
Land	402
Building	4,364
Intangibles	816
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	402
Buildings	4,364
Intangibles	816
Total	5,582
Accumulated Depreciation	$ (374)
Retail Property | Grove, OK | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail Property | Grove, OK | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	37 years
Retail Property | Jenks, OK
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,834
Initial Cost to Company
Land	2,617
Building	8,694
Intangibles	2,107
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	2,617
Buildings	8,694
Intangibles	2,107
Total	13,418
Accumulated Depreciation	$ (754)
Retail Property | Jenks, OK | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	9 years
Retail Property | Jenks, OK | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	38 years
Retail Property | Bloomington, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 820
Initial Cost to Company
Land	173
Building	984
Intangibles	137
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	173
Buildings	984
Intangibles	137
Total	1,294
Accumulated Depreciation	$ (73)
Retail Property | Bloomington, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Bloomington, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Montrose, MN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 787
Initial Cost to Company
Land	149
Building	876
Intangibles	168
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	149
Buildings	876
Intangibles	168
Total	1,193
Accumulated Depreciation	$ (92)
Retail Property | Montrose, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Montrose, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	30 years
Retail Property | Lincoln County , MO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 741
Initial Cost to Company
Land	149
Building	800
Intangibles	187
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	149
Buildings	800
Intangibles	187
Total	1,136
Accumulated Depreciation	$ (64)
Retail Property | Lincoln County , MO | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Lincoln County , MO | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Wilmington, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 906
Initial Cost to Company
Land	161
Building	1,078
Intangibles	160
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	161
Buildings	1,078
Intangibles	160
Total	1,399
Accumulated Depreciation	$ (80)
Retail Property | Wilmington, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Wilmington, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Danville, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 742
Initial Cost to Company
Land	158
Building	870
Intangibles	132
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	158
Buildings	870
Intangibles	132
Total	1,160
Accumulated Depreciation	$ (61)
Retail Property | Danville, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Danville, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Moultrie, GA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 933
Initial Cost to Company
Land	170
Building	962
Intangibles	173
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	170
Buildings	962
Intangibles	173
Total	1,305
Accumulated Depreciation	$ (101)
Retail Property | Moultrie, GA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail Property | Moultrie, GA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	44 years
Retail Property | Rose Hill, NC
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,004
Initial Cost to Company
Land	245
Building	972
Intangibles	204
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	245
Buildings	972
Intangibles	204
Total	1,421
Accumulated Depreciation	$ (98)
Retail Property | Rose Hill, NC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail Property | Rose Hill, NC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	44 years
Retail Property | Rockingham, NC
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 824
Initial Cost to Company
Land	73
Building	922
Intangibles	163
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	73
Buildings	922
Intangibles	163
Total	1,158
Accumulated Depreciation	$ (87)
Retail Property | Rockingham, NC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail Property | Rockingham, NC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	44 years
Retail Property | Biscoe, NC
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 863
Initial Cost to Company
Land	147
Building	905
Intangibles	164
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	147
Buildings	905
Intangibles	164
Total	1,216
Accumulated Depreciation	$ (89)
Retail Property | Biscoe, NC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail Property | Biscoe, NC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	44 years
Retail Property | De Soto, IA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 706
Initial Cost to Company
Land	139
Building	796
Intangibles	176
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	139
Buildings	796
Intangibles	176
Total	1,111
Accumulated Depreciation	$ (71)
Retail Property | De Soto, IA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | De Soto, IA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Kerrville, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 769
Initial Cost to Company
Land	186
Building	849
Intangibles	200
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	186
Buildings	849
Intangibles	200
Total	1,235
Accumulated Depreciation	$ (89)
Retail Property | Kerrville, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Kerrville, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Floresville, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 815
Initial Cost to Company
Land	268
Building	828
Intangibles	216
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	268
Buildings	828
Intangibles	216
Total	1,312
Accumulated Depreciation	$ (91)
Retail Property | Floresville, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Floresville, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Minot, ND
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,701
Initial Cost to Company
Land	1,856
Building	4,472
Intangibles	618
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,856
Buildings	4,472
Intangibles	618
Total	6,946
Accumulated Depreciation	$ (358)
Retail Property | Minot, ND | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	13 years
Retail Property | Minot, ND | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	38 years
Retail Property | Lebanon, MI
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 821
Initial Cost to Company
Land	359
Building	724
Intangibles	179
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	359
Buildings	724
Intangibles	179
Total	1,262
Accumulated Depreciation	$ (65)
Retail Property | Lebanon, MI | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Lebanon, MI | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Effingham County, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 821
Initial Cost to Company
Land	273
Building	774
Intangibles	204
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	273
Buildings	774
Intangibles	204
Total	1,251
Accumulated Depreciation	$ (74)
Retail Property | Effingham County, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Effingham County, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Ponce, Puerto Rico
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,526
Initial Cost to Company
Land	1,365
Building	6,662
Intangibles	1,318
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,365
Buildings	6,662
Intangibles	1,318
Total	9,345
Accumulated Depreciation	$ (550)
Retail Property | Ponce, Puerto Rico | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail Property | Ponce, Puerto Rico | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	37 years
Retail Property | Tremont, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 791
Initial Cost to Company
Land	164
Building	860
Intangibles	168
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	164
Buildings	860
Intangibles	168
Total	1,192
Accumulated Depreciation	$ (82)
Retail Property | Tremont, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Tremont, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Pleasanton, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 867
Initial Cost to Company
Land	311
Building	850
Intangibles	216
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	311
Buildings	850
Intangibles	216
Total	1,377
Accumulated Depreciation	$ (95)
Retail Property | Pleasanton, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Pleasanton, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Peoria, Illinois, 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 857
Initial Cost to Company
Land	180
Building	934
Intangibles	179
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	180
Buildings	934
Intangibles	179
Total	1,293
Accumulated Depreciation	$ (90)
Retail Property | Peoria, Illinois, 2 | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Peoria, Illinois, 2 | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Bridgeport, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 824
Initial Cost to Company
Land	192
Building	874
Intangibles	176
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	192
Buildings	874
Intangibles	176
Total	1,242
Accumulated Depreciation	$ (84)
Retail Property | Bridgeport, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Bridgeport, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Warren, MN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 697
Initial Cost to Company
Land	108
Building	825
Intangibles	156
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	108
Buildings	825
Intangibles	156
Total	1,089
Accumulated Depreciation	$ (95)
Retail Property | Warren, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Warren, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	30 years
Retail Property | Canyon Lake, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 910
Initial Cost to Company
Land	291
Building	932
Intangibles	220
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	291
Buildings	932
Intangibles	220
Total	1,443
Accumulated Depreciation	$ (100)
Retail Property | Canyon Lake, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Canyon Lake, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Wheeler, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 718
Initial Cost to Company
Land	53
Building	887
Intangibles	187
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	53
Buildings	887
Intangibles	187
Total	1,127
Accumulated Depreciation	$ (94)
Retail Property | Wheeler, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Wheeler, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Aurora, MN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 630
Initial Cost to Company
Land	126
Building	709
Intangibles	157
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	126
Buildings	709
Intangibles	157
Total	992
Accumulated Depreciation	$ (68)
Retail Property | Aurora, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Aurora, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Red Oak, IA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 778
Initial Cost to Company
Land	190
Building	839
Intangibles	180
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	190
Buildings	839
Intangibles	180
Total	1,209
Accumulated Depreciation	$ (102)
Retail Property | Red Oak, IA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Red Oak, IA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Zapata, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 746
Initial Cost to Company
Land	62
Building	998
Intangibles	144
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	62
Buildings	998
Intangibles	144
Total	1,204
Accumulated Depreciation	$ (126)
Retail Property | Zapata, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Zapata, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | St. Francis, MN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 732
Initial Cost to Company
Land	105
Building	911
Intangibles	163
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	105
Buildings	911
Intangibles	163
Total	1,179
Accumulated Depreciation	$ (126)
Retail Property | St. Francis, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | St. Francis, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Yorktown, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 784
Initial Cost to Company
Land	97
Building	1,005
Intangibles	198
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	97
Buildings	1,005
Intangibles	198
Total	1,300
Accumulated Depreciation	$ (136)
Retail Property | Yorktown, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Yorktown, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Battle Lake, MN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 719
Initial Cost to Company
Land	136
Building	875
Intangibles	156
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	136
Buildings	875
Intangibles	156
Total	1,167
Accumulated Depreciation	$ (131)
Retail Property | Battle Lake, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Battle Lake, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	30 years
Retail Property | Paynesville, MN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 804
Initial Cost to Company
Land	246
Building	816
Intangibles	191
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	246
Buildings	816
Intangibles	191
Total	1,253
Accumulated Depreciation	$ (110)
Retail Property | Paynesville, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Paynesville, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Wheaton, MO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 651
Initial Cost to Company
Land	73
Building	800
Intangibles	96
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	73
Buildings	800
Intangibles	96
Total	969
Accumulated Depreciation	$ (93)
Retail Property | Wheaton, MO | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Wheaton, MO | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Rotterdam, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,905
Initial Cost to Company
Land	2,530
Building	7,924
Intangibles	2,165
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	2,530
Buildings	7,924
Intangibles	2,165
Total	12,619
Accumulated Depreciation	$ (1,795)
Retail Property | Rotterdam, NY | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	8 years
Retail Property | Rotterdam, NY | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	20 years
Retail Property | Hilliard, OH
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,579
Initial Cost to Company
Land	654
Building	4,870
Intangibles	860
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	654
Buildings	4,870
Intangibles	860
Total	6,384
Accumulated Depreciation	$ (513)
Retail Property | Hilliard, OH | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail Property | Hilliard, OH | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	41 years
Retail Property | Niles, OH
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,721
Initial Cost to Company
Land	437
Building	4,084
Intangibles	679
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	437
Buildings	4,084
Intangibles	679
Total	5,200
Accumulated Depreciation	$ (427)
Retail Property | Niles, OH | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail Property | Niles, OH | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	41 years
Retail Property | Youngstown, OH
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,838
Initial Cost to Company
Land	380
Building	4,363
Intangibles	657
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	380
Buildings	4,363
Intangibles	657
Total	5,400
Accumulated Depreciation	$ (469)
Retail Property | Youngstown, OH | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail Property | Youngstown, OH | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Kings Mountain, NC
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 18,674
Initial Cost to Company
Land	1,368
Building	19,533
Intangibles	3,266
Cost Capitalized Subsequent to Acquisition	4,850
Gross Amount at which Carried at Close of Period
Land	1,368
Buildings	24,383
Intangibles	3,266
Total	29,017
Accumulated Depreciation	$ (3,137)
Retail Property | Kings Mountain, NC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	10 years
Retail Property | Kings Mountain, NC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Iberia, MO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 896
Initial Cost to Company
Land	130
Building	1,033
Intangibles	165
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	130
Buildings	1,033
Intangibles	165
Total	1,328
Accumulated Depreciation	$ (127)
Retail Property | Iberia, MO | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail Property | Iberia, MO | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	39 years
Retail Property | Pine Island, MN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 771
Initial Cost to Company
Land	112
Building	845
Intangibles	186
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	112
Buildings	845
Intangibles	186
Total	1,143
Accumulated Depreciation	$ (123)
Retail Property | Pine Island, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Pine Island, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Isle, MN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 725
Initial Cost to Company
Land	120
Building	787
Intangibles	171
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	120
Buildings	787
Intangibles	171
Total	1,078
Accumulated Depreciation	$ (118)
Retail Property | Isle, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Isle, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Jacksonville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,688
Initial Cost to Company
Land	1,863
Building	5,749
Intangibles	1,020
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,863
Buildings	5,749
Intangibles	1,020
Total	8,632
Accumulated Depreciation	$ (670)
Retail Property | Jacksonville, NC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Jacksonville, NC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	44 years
Retail Property | Evansville, IN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,436
Initial Cost to Company
Land	1,788
Building	6,348
Intangibles	865
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,788
Buildings	6,348
Intangibles	865
Total	9,001
Accumulated Depreciation	$ (808)
Retail Property | Evansville, IN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Evansville, IN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Woodland Park, CO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,804
Initial Cost to Company
Land	668
Building	2,681
Intangibles	621
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	668
Buildings	2,681
Intangibles	621
Total	3,970
Accumulated Depreciation	$ (434)
Retail Property | Woodland Park, CO | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Woodland Park, CO | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Bellport, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 12,848
Initial Cost to Company
Land	3,601
Building	12,465
Intangibles	2,035
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	3,601
Buildings	12,465
Intangibles	2,035
Total	18,101
Accumulated Depreciation	$ (1,693)
Retail Property | Bellport, NY | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Bellport, NY | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Ankemy, IA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,719
Initial Cost to Company
Land	3,180
Building	10,513
Intangibles	2,843
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	3,180
Buildings	10,513
Intangibles	2,843
Total	16,536
Accumulated Depreciation	$ (1,497)
Retail Property | Ankemy, IA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail Property | Ankemy, IA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	39 years
Retail Property | Springfield, MO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,366
Initial Cost to Company
Land	3,658
Building	6,296
Intangibles	1,870
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	3,658
Buildings	6,296
Intangibles	1,870
Total	11,824
Accumulated Depreciation	$ (978)
Retail Property | Springfield, MO | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail Property | Springfield, MO | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	37 years
Retail Property | Cedar Rapids, IA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,808
Initial Cost to Company
Land	1,569
Building	7,553
Intangibles	1,878
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,569
Buildings	7,553
Intangibles	1,878
Total	11,000
Accumulated Depreciation	$ (1,262)
Retail Property | Cedar Rapids, IA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	10 years
Retail Property | Cedar Rapids, IA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	30 years
Retail Property | Fairfield, IA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,595
Initial Cost to Company
Land	1,132
Building	7,779
Intangibles	1,800
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,132
Buildings	7,779
Intangibles	1,800
Total	10,711
Accumulated Depreciation	$ (1,091)
Retail Property | Fairfield, IA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail Property | Fairfield, IA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	37 years
Retail Property | Owatonna, MN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,129
Initial Cost to Company
Land	1,398
Building	7,125
Intangibles	1,564
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,398
Buildings	7,125
Intangibles	1,564
Total	10,087
Accumulated Depreciation	$ (1,045)
Retail Property | Owatonna, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	11 years
Retail Property | Owatonna, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	36 years
Retail Property | Muscatine, IA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,113
Initial Cost to Company
Land	1,060
Building	6,636
Intangibles	1,307
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,060
Buildings	6,636
Intangibles	1,307
Total	9,003
Accumulated Depreciation	$ (1,037)
Retail Property | Muscatine, IA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	10 years
Retail Property | Muscatine, IA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	29 years
Retail Property | Sheldon, IA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,075
Initial Cost to Company
Land	633
Building	3,053
Intangibles	709
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	633
Buildings	3,053
Intangibles	709
Total	4,395
Accumulated Depreciation	$ (447)
Retail Property | Sheldon, IA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail Property | Sheldon, IA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	37 years
Retail Property | Memphis, TN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,922
Initial Cost to Company
Land	1,986
Building	2,800
Intangibles	804
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,986
Buildings	2,800
Intangibles	804
Total	5,590
Accumulated Depreciation	$ (899)
Retail Property | Memphis, TN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	10 years
Retail Property | Memphis, TN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Bennett, CO
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,490
Initial Cost to Company
Land	470
Building	2,503
Intangibles	563
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	470
Buildings	2,503
Intangibles	563
Total	3,536
Accumulated Depreciation	$ (424)
Retail Property | Bennett, CO | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail Property | Bennett, CO | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	34 years
Retail Property | Conyers, GA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 22,837
Initial Cost to Company
Land	876
Building	27,396
Intangibles	4,258
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	876
Buildings	27,396
Intangibles	4,258
Total	32,530
Accumulated Depreciation	$ (3,346)
Retail Property | Conyers, GA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Conyers, GA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	45 years
Retail Property | O'Fallon, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,686
Initial Cost to Company
Land	2,488
Building	5,388
Intangibles	1,063
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	2,488
Buildings	5,388
Intangibles	1,063
Total	8,939
Accumulated Depreciation	$ (1,726)
Retail Property | O'Fallon, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	7 years
Retail Property | O'Fallon, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | El Centro, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,984
Initial Cost to Company
Land	569
Building	3,133
Intangibles	575
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	569
Buildings	3,133
Intangibles	575
Total	4,277
Accumulated Depreciation	$ (417)
Retail Property | El Centro, CA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | El Centro, CA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	50 years
Retail Property | Durant, OK
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,233
Initial Cost to Company
Land	594
Building	3,900
Intangibles	497
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	594
Buildings	3,900
Intangibles	497
Total	4,991
Accumulated Depreciation	$ (644)
Retail Property | Durant, OK | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	10 years
Retail Property | Durant, OK | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Gallatin, TN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,304
Initial Cost to Company
Land	1,725
Building	2,616
Intangibles	721
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,725
Buildings	2,616
Intangibles	721
Total	5,062
Accumulated Depreciation	$ (580)
Retail Property | Gallatin, TN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	11 years
Retail Property | Gallatin, TN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Mt. Airy, NC
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,934
Initial Cost to Company
Land	729
Building	3,353
Intangibles	621
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	729
Buildings	3,353
Intangibles	621
Total	4,703
Accumulated Depreciation	$ (663)
Retail Property | Mt. Airy, NC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	9 years
Retail Property | Mt. Airy, NC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	39 years
Retail Property | Aiken, SC
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,865
Initial Cost to Company
Land	1,588
Building	3,480
Intangibles	858
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,588
Buildings	3,480
Intangibles	858
Total	5,926
Accumulated Depreciation	$ (708)
Retail Property | Aiken, SC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	11 years
Retail Property | Aiken, SC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	41 years
Retail Property | Johnson City, TN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,435
Initial Cost to Company
Land	917
Building	3,607
Intangibles	739
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	917
Buildings	3,607
Intangibles	739
Total	5,263
Accumulated Depreciation	$ (713)
Retail Property | Johnson City, TN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	11 years
Retail Property | Johnson City, TN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Retail Property | Palmview, TX
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,562
Initial Cost to Company
Land	938
Building	4,837
Intangibles	1,045
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	938
Buildings	4,837
Intangibles	1,045
Total	6,820
Accumulated Depreciation	$ (818)
Retail Property | Palmview, TX | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	11 years
Retail Property | Palmview, TX | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	44 years
Retail Property | Ooltewah, TN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,821
Initial Cost to Company
Land	903
Building	3,957
Intangibles	842
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	903
Buildings	3,957
Intangibles	842
Total	5,702
Accumulated Depreciation	$ (763)
Retail Property | Ooltewah, TN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	11 years
Retail Property | Ooltewah, TN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	41 years
Retail Property | Abingdon, VA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,068
Initial Cost to Company
Land	682
Building	3,733
Intangibles	665
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	682
Buildings	3,733
Intangibles	665
Total	5,080
Accumulated Depreciation	$ (727)
Retail Property | Abingdon, VA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	11 years
Retail Property | Abingdon, VA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	41 years
Retail Property | Wichita, KS
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,781
Initial Cost to Company
Land	1,187
Building	4,850
Intangibles	1,162
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,187
Buildings	4,850
Intangibles	1,162
Total	7,199
Accumulated Depreciation	$ (1,230)
Retail Property | Wichita, KS | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail Property | Wichita, KS | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	34 years
Retail Property | North Dartsmouth, MA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 18,948
Initial Cost to Company
Land	7,033
Building	19,745
Intangibles	3,187
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	7,033
Buildings	19,745
Intangibles	3,187
Total	29,965
Accumulated Depreciation	$ (6,448)
Retail Property | North Dartsmouth, MA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	10 years
Retail Property | North Dartsmouth, MA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	20 years
Retail Property | Vineland, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 13,909
Initial Cost to Company
Land	1,482
Building	17,742
Intangibles	3,282
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,482
Buildings	17,742
Intangibles	3,282
Total	22,506
Accumulated Depreciation	$ (4,509)
Retail Property | Vineland, NJ | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail Property | Vineland, NJ | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	30 years
Retail Property | Saratoga Springs, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 12,497
Initial Cost to Company
Land	748
Building	13,936
Intangibles	5,538
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	748
Buildings	13,936
Intangibles	5,538
Total	20,222
Accumulated Depreciation	$ (4,209)
Retail Property | Saratoga Springs, NY | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Saratoga Springs, NY | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	27 years
Retail Property | Waldorf, MD
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,620
Initial Cost to Company
Land	4,933
Building	11,684
Intangibles	2,882
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	4,933
Buildings	11,684
Intangibles	2,882
Total	19,499
Accumulated Depreciation	$ (3,610)
Retail Property | Waldorf, MD | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	10 years
Retail Property | Waldorf, MD | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	25 years
Retail Property | Mooresville, NC
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 10,904
Initial Cost to Company
Land	2,615
Building	12,462
Intangibles	2,567
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	2,615
Buildings	12,462
Intangibles	2,567
Total	17,644
Accumulated Depreciation	$ (3,803)
Retail Property | Mooresville, NC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail Property | Mooresville, NC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	24 years
Retail Property | Sennett, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,727
Initial Cost to Company
Land	1,147
Building	4,480
Intangibles	1,849
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,147
Buildings	4,480
Intangibles	1,849
Total	7,476
Accumulated Depreciation	$ (1,678)
Retail Property | Sennett, NY | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	10 years
Retail Property | Sennett, NY | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	23 years
Retail Property | DeLeon Springs, FL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 818
Initial Cost to Company
Land	239
Building	782
Intangibles	222
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	239
Buildings	782
Intangibles	222
Total	1,243
Accumulated Depreciation	$ (266)
Retail Property | DeLeon Springs, FL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | DeLeon Springs, FL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Orange City, FL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 797
Initial Cost to Company
Land	229
Building	853
Intangibles	235
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	229
Buildings	853
Intangibles	235
Total	1,317
Accumulated Depreciation	$ (280)
Retail Property | Orange City, FL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Orange City, FL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Satsuma, FL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 718
Initial Cost to Company
Land	79
Building	821
Intangibles	192
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	79
Buildings	821
Intangibles	192
Total	1,092
Accumulated Depreciation	$ (272)
Retail Property | Satsuma, FL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Retail Property | Satsuma, FL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Retail Property | Greenwood, AR
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,409
Initial Cost to Company
Land	1,038
Building	3,415
Intangibles	694
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,038
Buildings	3,415
Intangibles	694
Total	5,147
Accumulated Depreciation	$ (740)
Retail Property | Greenwood, AR | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	13 years
Retail Property | Greenwood, AR | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	43 years
Retail Property | Snellville, GA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,314
Initial Cost to Company
Land	1,293
Building	5,724
Intangibles	983
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,293
Buildings	5,724
Intangibles	983
Total	8,000
Accumulated Depreciation	$ (1,496)
Retail Property | Snellville, GA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail Property | Snellville, GA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	34 years
Retail Property | Columbia, SC
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,169
Initial Cost to Company
Land	2,148
Building	4,629
Intangibles	1,023
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	2,148
Buildings	4,629
Intangibles	1,023
Total	7,800
Accumulated Depreciation	$ (1,264)
Retail Property | Columbia, SC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail Property | Columbia, SC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	34 years
Retail Property | Millbrook, AL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,596
Initial Cost to Company
Land	970
Building	5,971
Intangibles	0
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	970
Buildings	5,971
Intangibles	0
Total	6,941
Accumulated Depreciation	$ (1,083)
Estimated useful lives of real estate	32 years
Retail Property | Pittsfield, MA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,109
Initial Cost to Company
Land	1,801
Building	11,556
Intangibles	1,344
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,801
Buildings	11,556
Intangibles	1,343
Total	14,700
Accumulated Depreciation	$ (2,568)
Retail Property | Pittsfield, MA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail Property | Pittsfield, MA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	34 years
Retail Property | Spartanburg, SC
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,652
Initial Cost to Company
Land	828
Building	2,567
Intangibles	772
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	828
Buildings	2,566
Intangibles	772
Total	4,166
Accumulated Depreciation	$ (798)
Retail Property | Spartanburg, SC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail Property | Spartanburg, SC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	42 years
Retail Property | Tupelo, MS
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,090
Initial Cost to Company
Land	1,119
Building	3,070
Intangibles	939
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,120
Buildings	3,070
Intangibles	938
Total	5,128
Accumulated Depreciation	$ (933)
Retail Property | Tupelo, MS | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail Property | Tupelo, MS | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	47 years
Retail Property | Lilburn, GA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,474
Initial Cost to Company
Land	1,090
Building	3,669
Intangibles	1,028
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,090
Buildings	3,673
Intangibles	1,028
Total	5,791
Accumulated Depreciation	$ (1,078)
Retail Property | Lilburn, GA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Retail Property | Lilburn, GA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	47 years
Retail Property | Douglasville, GA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,264
Initial Cost to Company
Land	1,717
Building	2,705
Intangibles	987
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,717
Buildings	2,705
Intangibles	987
Total	5,409
Accumulated Depreciation	$ (851)
Retail Property | Douglasville, GA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	13 years
Retail Property | Douglasville, GA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	48 years
Retail Property | Elkton, MD
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,928
Initial Cost to Company
Land	963
Building	3,049
Intangibles	860
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	963
Buildings	3,050
Intangibles	860
Total	4,873
Accumulated Depreciation	$ (902)
Retail Property | Elkton, MD | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	14 years
Retail Property | Elkton, MD | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	49 years
Retail Property | Lexington, SC
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,898
Initial Cost to Company
Land	1,644
Building	2,219
Intangibles	869
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,644
Buildings	2,219
Intangibles	870
Total	4,733
Accumulated Depreciation	$ (770)
Retail Property | Lexington, SC | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	13 years
Retail Property | Lexington, SC | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	48 years
Office building | Jacksonville, FL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 83,516
Initial Cost to Company
Land	13,290
Building	106,601
Intangibles	21,361
Cost Capitalized Subsequent to Acquisition	102
Gross Amount at which Carried at Close of Period
Land	13,290
Buildings	106,702
Intangibles	21,363
Total	141,355
Accumulated Depreciation	$ (2,792)
Office building | Jacksonville, FL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	9 years
Office building | Jacksonville, FL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	36 years
Office building | Peoria, IL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	940
Building	439
Intangibles	1,507
Cost Capitalized Subsequent to Acquisition	340
Gross Amount at which Carried at Close of Period
Land	939
Buildings	779
Intangibles	1,508
Total	3,226
Accumulated Depreciation	$ (177)
Office building | Peoria, IL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	5 years
Office building | Peoria, IL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Office building | Crum Lynne, PA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,034
Initial Cost to Company
Land	1,403
Building	7,518
Intangibles	1,666
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,403
Buildings	7,518
Intangibles	1,666
Total	10,587
Accumulated Depreciation	$ (78)
Office building | Crum Lynne, PA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	12 years
Office building | Crum Lynne, PA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Office building | Wayne, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 21,818
Initial Cost to Company
Land	2,744
Building	20,212
Intangibles	8,323
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	2,743
Buildings	20,212
Intangibles	8,324
Total	31,279
Accumulated Depreciation	$ (1,805)
Office building | Wayne, NJ | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	15 years
Office building | Wayne, NJ | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	45 years
Office building | Wayne, NJ
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,658
Initial Cost to Company
Land	1,386
Building	5,474
Intangibles	2,839
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	1,385
Buildings	5,474
Intangibles	2,840
Total	9,699
Accumulated Depreciation	$ (1,057)
Office building | Wayne, NJ | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	10 years
Office building | Wayne, NJ | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	40 years
Office building | Grand Rapids, MI
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,918
Initial Cost to Company
Land	547
Building	5,157
Intangibles	597
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	547
Buildings	5,157
Intangibles	597
Total	6,301
Accumulated Depreciation	$ (850)
Office building | Grand Rapids, MI | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	6 years
Office building | Grand Rapids, MI | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	28 years
Office building | St. Paul, MN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 47,620
Initial Cost to Company
Land	9,415
Building	33,679
Intangibles	20,570
Cost Capitalized Subsequent to Acquisition	5,020
Gross Amount at which Carried at Close of Period
Land	10,715
Buildings	37,448
Intangibles	20,521
Total	68,684
Accumulated Depreciation	$ (18,076)
Office building | St. Paul, MN | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	7 years
Office building | St. Paul, MN | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	19 years
Office building | Richmond, VA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 15,796
Initial Cost to Company
Land	4,539
Building	12,633
Intangibles	2,707
Cost Capitalized Subsequent to Acquisition	1,135
Gross Amount at which Carried at Close of Period
Land	4,539
Buildings	13,771
Intangibles	2,704
Total	21,014
Accumulated Depreciation	$ (4,912)
Office building | Richmond, VA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	4 years
Office building | Richmond, VA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	33 years
Office building | Richmond, VA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 86,679
Initial Cost to Company
Land	14,632
Building	87,629
Intangibles	17,657
Cost Capitalized Subsequent to Acquisition	5,758
Gross Amount at which Carried at Close of Period
Land	14,633
Buildings	93,433
Intangibles	17,610
Total	125,676
Accumulated Depreciation	$ (35,104)
Office building | Richmond, VA | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	4 years
Office building | Richmond, VA | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	41 years
Office building | Oakland County, MI
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,148
Building	7,707
Intangibles	9,930
Cost Capitalized Subsequent to Acquisition	6,766
Gross Amount at which Carried at Close of Period
Land	1,147
Buildings	14,472
Intangibles	9,932
Total	25,551
Accumulated Depreciation	$ (14,073)
Office building | Oakland County, MI | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	4 years
Office building | Oakland County, MI | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Warehouse | Grand Rapids, MI
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,226
Initial Cost to Company
Land	497
Building	8,157
Intangibles	1,077
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	497
Buildings	8,157
Intangibles	1,077
Total	9,731
Accumulated Depreciation	$ (968)
Warehouse | Grand Rapids, MI | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	8 years
Warehouse | Grand Rapids, MI | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Shopping center | Carmel, NY
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,041
Building	3,632
Intangibles	1,033
Cost Capitalized Subsequent to Acquisition	509
Gross Amount at which Carried at Close of Period
Land	2,041
Buildings	4,141
Intangibles	1,033
Total	7,215
Accumulated Depreciation	$ (653)
Shopping center | Carmel, NY | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	5 years
Shopping center | Carmel, NY | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	20 years
Other
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 196,749
Initial Cost to Company
Land	93,103
Building	221,642
Intangibles	76,943
Cost Capitalized Subsequent to Acquisition	19,538
Gross Amount at which Carried at Close of Period
Land	94,400
Buildings	239,792
Intangibles	76,849
Total	411,041
Accumulated Depreciation	(79,934)
Other | El Monte, CA
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company
Land	41,168
Building	4,873
Intangibles	8,069
Cost Capitalized Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period
Land	41,168
Buildings	4,873
Intangibles	8,069
Total	54,110
Accumulated Depreciation	(1,218)
Condominium
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company
Land	15,387
Building	182,003
Intangibles	1,618
Cost Capitalized Subsequent to Acquisition	2,864
Gross Amount at which Carried at Close of Period
Land	6,593
Buildings	12,744
Intangibles	271
Total	19,608
Accumulated Depreciation	(1,934)
Condominium | Miami, Fl, 2
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company
Land	12,643
Building	24,532
Intangibles	968
Cost Capitalized Subsequent to Acquisition	10
Gross Amount at which Carried at Close of Period
Land	12,643
Buildings	24,357
Intangibles	968
Total	37,968
Accumulated Depreciation	$ (963)
Condominium | Miami, Fl, 2 | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	5 years
Condominium | Miami, Fl, 2 | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	35 years
Condominium | Miami, FL
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	10,487
Building	67,903
Intangibles	1,618
Cost Capitalized Subsequent to Acquisition	1,522
Gross Amount at which Carried at Close of Period
Land	1,693
Buildings	12,127
Intangibles	271
Total	14,091
Accumulated Depreciation	$ (1,313)
Condominium | Miami, FL | Minimum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	7 years
Condominium | Miami, FL | Maximum
Gross Amount at which Carried at Close of Period
Estimated useful lives of real estate	47 years
Condominium | Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	4,900
Building	114,100
Intangibles	0
Cost Capitalized Subsequent to Acquisition	1,342
Gross Amount at which Carried at Close of Period
Land	4,900
Buildings	617
Intangibles	0
Total	5,517
Accumulated Depreciation	$ (621)
Estimated useful lives of real estate	40 years

Schedule III - Real Estate a112

Schedule III - Real Estate and Accumulated Depreciation - Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Real Estate
Balance at the beginning of the period	$ 944,346	$ 917,835	$ 819,591
Reclassification of intangibles to accumulated amortization		1,316
Improvements and additions	270,551	75,345	232,582
Acquisitions through foreclosures			6,706
Dispositions	(21,793)	(50,150)	(141,044)
Balance at the end of the period	1,193,104	944,346	917,835
Commercial Real Estate
Reconciliation of Real Estate
Balance at the beginning of the period	901,797	842,140	697,965
Reclassification of intangibles to accumulated amortization		1,316
Improvements and additions	233,561	72,963	230,915
Acquisitions through foreclosures			6,706
Dispositions	0	(14,622)	(93,446)
Balance at the end of the period	1,135,358	901,797	842,140
Residential Real Estate
Reconciliation of Real Estate
Balance at the beginning of the period	42,549	75,695	121,626
Reclassification of intangibles to accumulated amortization		0
Improvements and additions	36,990	2,382	1,667
Acquisitions through foreclosures			0
Dispositions	(21,793)	(35,528)	(47,598)
Balance at the end of the period	$ 57,746	$ 42,549	$ 75,695

Schedule III - Real Estate a113

Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Gross	$ 1,193,104	$ 944,346	$ 917,835	$ 819,591
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at the beginning of the period	122,008	83,056	50,605
Reclassification of intangibles to accumulated amortization		1,316
Additions	41,332	40,726	40,490
Dispositions	(2,277)	(3,090)	(8,039)
Balance at the end of the period	161,063	122,008	83,056
Commercial Real Estate
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Gross	1,135,358	901,797	842,140	697,965
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at the beginning of the period	118,630	78,376	45,856
Reclassification of intangibles to accumulated amortization		1,316
Additions	40,508	39,398	38,213
Dispositions		(460)	(5,693)
Balance at the end of the period	159,138	118,630	78,376
Residential Real Estate
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate, Gross	57,746	42,549	75,695	$ 121,626
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at the beginning of the period	3,378	4,680	4,749
Reclassification of intangibles to accumulated amortization		0
Additions	824	1,328	2,277
Dispositions	(2,277)	(2,630)	(2,346)
Balance at the end of the period	$ 1,925	$ 3,378	$ 4,680

Schedule IV - Mortgage Loans114

Schedule IV - Mortgage Loans on Real Estate - Schedule of Instruments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)loan	Dec. 31, 2016loan
Mortgage Loans on Real Estate [Line Items]
Mortgage loans on real estate, interest rate	7.03%	6.73%
Prior Liens	$ 1,260,294
Face amount of Mortgages	3,533,236
Mortgage loans on real estate, carrying amount	3,512,642
Provision for Loan Losses	(4,000)
Total Mortgages after Provision for Loan Losses	3,508,642
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	26,850
Aggregate cost for Federal income tax purposes	$ 3,500,000
Provision for loan losses
Mortgage Loans on Real Estate [Line Items]
Number or loans in default | loan	2	2
Loans in default, carrying value	$ 26,900
First mortgage loan
Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face amount of Mortgages	3,373,315
Mortgage loans on real estate, carrying amount	3,353,448
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	26,850
Subordinated Mortgages
Mortgage Loans on Real Estate [Line Items]
Prior Liens	1,260,294
Face amount of Mortgages	159,921
Mortgage loans on real estate, carrying amount	159,194
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	$ 0
Multi-family | First Mortgage 5.15%
Mortgage Loans on Real Estate [Line Items]
Mortgage loans on real estate, interest rate	2.87%
Prior Liens	$ 0
Face amount of Mortgages	120,000
Mortgage loans on real estate, carrying amount	119,952
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	$ 0
Hotel | First Mortgage 5.75%
Mortgage Loans on Real Estate [Line Items]
Mortgage loans on real estate, interest rate	5.88%
Prior Liens	$ 0
Face amount of Mortgages	110,000
Mortgage loans on real estate, carrying amount	109,506
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	0
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Retail, Self Storage | First mortgages individually less than 3%
Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face amount of Mortgages	3,143,315
Mortgage loans on real estate, carrying amount	3,123,990
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	$ 26,850
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Retail, Self Storage | First mortgages individually less than 3% | Minimum
Mortgage Loans on Real Estate [Line Items]
Mortgage loans on real estate, interest rate	3.50%
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Retail, Self Storage | First mortgages individually less than 3% | Maximum
Mortgage Loans on Real Estate [Line Items]
Mortgage loans on real estate, interest rate	14.50%
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Retail, Self Storage | Subordinated mortgages individually less than 3%
Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 1,260,294
Face amount of Mortgages	159,921
Mortgage loans on real estate, carrying amount	159,194
Principal Amount of Mortgages Subject to Delinquent Principal or Interest	$ 0
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Retail, Self Storage | Subordinated mortgages individually less than 3% | Minimum
Mortgage Loans on Real Estate [Line Items]
Mortgage loans on real estate, interest rate	6.04%
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Retail, Self Storage | Subordinated mortgages individually less than 3% | Maximum
Mortgage Loans on Real Estate [Line Items]
Mortgage loans on real estate, interest rate	15.00%

Schedule IV - Mortgage Loans115

Schedule IV - Mortgage Loans on Real Estate - Rollforward Reconciliations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Mortgage loans on Real Estate:
Balance at the beginning of the period	$ 2,353,977		$ 2,310,409	$ 1,939,008
Balance at the beginning of the period, provision for loan losses	(4,000)
Origination of mortgage loan receivables	2,873,304		2,098,052	3,557,164
Purchases of mortgage loan receivables	94,079		73,421
Repayment of mortgage loan receivables	(386,852)		(722,360)	(754,760)
Proceeds from sales of mortgage loan receivables	(1,491,092)		(1,440,195)	(2,509,090)
Non-cash disposition of loan via foreclosure				(4,620)
Sale of loans, net	54,046		26,009	71,066
Transfer between held for investment and held for sale	0
Accretion/amortization of discount, premium and other fees	11,180		8,941	12,241
Loan loss provision	0		(300)	(600)
Balance at the end of the period	3,508,642		2,353,977	2,310,409
Balance at the end of the period, provision for loan losses	(4,000)	[1]	(4,000)
Provision for loan losses
Reconciliation of Mortgage loans on Real Estate:
Balance at the beginning of the period, provision for loan losses	(4,000)		(3,700)	(3,100)
Loan loss provision	0		(300)	(600)
Balance at the end of the period, provision for loan losses	(4,000)		(4,000)	(3,700)
Mortgage loan receivables held for sale
Reconciliation of Mortgage loans on Real Estate:
Balance at the beginning of the period	357,882		571,764	417,955
Origination of mortgage loan receivables	1,465,635		1,128,651	2,594,141
Purchases of mortgage loan receivables	0		73,421
Repayment of mortgage loan receivables	(2,569)		(1,768)	(2,308)
Proceeds from sales of mortgage loan receivables	(1,491,092)		(1,440,195)	(2,509,090)
Non-cash disposition of loan via foreclosure				0
Sale of loans, net	54,046		26,009	71,066
Transfer between held for investment and held for sale	(153,722)
Accretion/amortization of discount, premium and other fees	0		0	0
Loan loss provision	0		0	0
Balance at the end of the period	230,180		357,882	571,764
Mortgage loans held by consolidated subsidiaries
Reconciliation of Mortgage loans on Real Estate:
Balance at the beginning of the period	2,000,095		1,742,345	1,524,153
Origination of mortgage loan receivables	1,407,669		969,401	963,023
Purchases of mortgage loan receivables	94,079		0
Repayment of mortgage loan receivables	(384,283)		(720,592)	(752,452)
Proceeds from sales of mortgage loan receivables	0		0	0
Non-cash disposition of loan via foreclosure				(4,620)
Sale of loans, net	0		0	0
Transfer between held for investment and held for sale	153,722
Transfer between held for investment and held for sale	153,722		0	0
Accretion/amortization of discount, premium and other fees	11,180		8,941	12,241
Loan loss provision	0		0	0
Balance at the end of the period	$ 3,282,462		$ 2,000,095	$ 1,742,345
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.