Ladder Capital (LADR) 10-K 28 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 27, 2019	Jun. 30, 2018
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, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Smaller Reporting Company	false
Entity Shell Company	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1,359,293,887
Class A Common Stock
Entity Common Stock, Shares Outstanding (in shares)		107,016,471
Class B Common Stock
Entity Common Stock, Shares Outstanding (in shares)		13,198,344

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	[1]	$ 67,878	$ 76,674
Restricted cash	[1]	30,572	106,009
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans held by consolidated subsidiaries	[1]	3,318,390	3,282,462
Provision for loan losses	[1]	(17,900)	(4,000)
Mortgage loan receivables held for sale	[1]	182,439	230,180
Real estate securities	[1]	1,410,126	1,106,517
Real estate and related lease intangibles, net	[1]	998,022	1,032,041
Investments in unconsolidated joint ventures	[1]	40,354	35,441
FHLB stock	[1]	57,915	77,915
Derivative instruments	[1]	0	888
Accrued interest receivable	[1]	27,214	25,875
Other assets	[1]	157,862	55,613
Total assets	[1]	6,272,872	6,025,615
Liabilities
Debt obligations, net	[1]	4,452,574	4,379,826
Due to brokers	[1]	1,301	14
Derivative instruments	[1]	975	2,606
Amount payable pursuant to tax receivable agreement	[1]	1,570	1,656
Dividends payable	[1]	37,316	30,528
Accrued expenses	[1]	82,425	59,619
Other liabilities	[1]	53,076	63,220
Total liabilities	[1]	4,629,237	4,537,469
Commitments and contingencies (Note 18)	[1]	0	0
Equity
Additional paid-in capital	[1]	1,471,157	1,306,136
Treasury stock, 2,701,162 and 2,617,587 shares, at cost	[1]	(32,815)	(31,956)
Retained earnings (dividends in excess of earnings)	[1]	11,342	(39,112)
Accumulated other comprehensive income (loss)	[1]	(4,649)	(212)
Total shareholders’ equity	[1]	1,445,153	1,234,968
Noncontrolling interest in operating partnership	[1]	188,427	240,861
Noncontrolling interest in consolidated joint ventures	[1]	10,055	12,317
Total equity	[1]	1,643,635	1,488,146
Total liabilities and equity	[1]	6,272,872	6,025,615
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 106,642,335 and 96,258,847 shares issued and 103,941,173 and 93,641,260 shares outstanding
Equity
Common stock	[1]	105	94
Class B common stock, par value $0.001 per share, 100,000,000 shares authorized; 13,117,419 and 17,667,251 shares issued and outstanding
Equity
Common stock	[1]	$ 13	$ 18
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Common stock, issued shares (in shares)	5,800,000
Treasury stock, shares (in shares)	2,701,162	2,617,587
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)	106,642,335	96,258,847
Common stock, outstanding shares (in shares)	103,941,173	93,641,260
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)	13,117,419	17,667,251
Common stock, outstanding shares (in shares)	13,117,419	17,667,251

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	Nov. 01, 2018	Sep. 05, 2018	May 30, 2018	Feb. 27, 2018	Jan. 03, 2018	Nov. 07, 2017	Sep. 01, 2017	Jun. 01, 2017	Mar. 01, 2017	Dec. 02, 2016	Sep. 01, 2016	Jun. 01, 2016	Mar. 01, 2016	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net interest income
Interest income														$ 90,994	$ 90,386	$ 85,230	$ 78,206	$ 73,352	$ 66,833	$ 65,970	$ 57,512	$ 344,816	$ 263,667	$ 236,372
Interest expense																						194,291	146,118	120,827
Net interest income																						150,525	117,549	115,545
Provision for loan losses																						13,900	0	300
Net interest income after provision for loan losses														41,009	28,610	36,513	30,493	31,795	29,348	30,309	26,097	136,625	117,549	115,245
Other income
Operating lease income																						96,506	89,492	77,277
Tenant recoveries																						9,671	7,179	5,958
Sale of loans, net																						16,511	54,046	26,009
Realized gain (loss) on securities																						(5,808)	17,209	7,724
Unrealized gain (loss) on equity securities																						(1,605)	0	0
Unrealized gain (loss) on Agency interest-only securities																						555	1,405	(56)
Realized gain on sale of real estate, net																						95,881	11,423	20,636
Fee and other income																						26,285	18,341	21,365
Net result from derivative transactions																						15,926	(12,641)	(1,409)
Earnings (loss) from investment in unconsolidated joint ventures																						790	89	426
Gain (loss) on extinguishment/defeasance of debt																						(4,392)	(73)	5,382
Total other income																						250,320	186,470	163,312
Costs and expenses
Salaries and employee benefits																						60,117	70,463	64,270
Operating expenses																						21,696	21,421	20,552
Real estate operating expenses																						29,799	33,216	30,545
Fee expense																						5,055	4,996	3,703
Depreciation and amortization																						41,959	40,332	39,447
Total costs and expenses														36,610	40,136	38,753	43,127	52,804	39,244	40,120	38,260	158,626	170,428	158,517
Income (loss) before taxes														27,810	84,668	44,141	71,700	48,427	29,245	37,664	18,255	228,319	133,591	120,040
Income tax expense (benefit)														964	1,204	573	3,902	3,057	(576)	6,606	(1,375)	6,643	7,712	6,320
Net income (loss)														26,846	83,464	43,568	67,798	45,370	29,821	31,058	19,630	221,676	125,879	113,720
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures														268	(7,843)	133	(8,422)	(92)	265	(77)	(322)	(15,864)	(226)	138
Net (income) loss attributable to noncontrolling interest in operating partnership														$ (3,011)	$ (8,991)	$ (5,294)	$ (8,501)	$ (9,172)	$ (6,499)	$ (8,868)	$ (5,838)	$ (25,797)	$ (30,377)	$ (47,131)
Earnings per share:
Basic (in dollars per share)														$ 0.24	$ 0.69	$ 0.40	$ 0.53	$ 0.41	$ 0.28	$ 0.28	$ 0.18	$ 1.85	$ 1.16	$ 1.08
Diluted (in dollars per share)														$ 0.24	$ 0.67	$ 0.40	$ 0.53	0.40	0.28	0.26	0.18	$ 1.84	$ 1.13	$ 1.06
Weighted average shares outstanding:
Basic (in shares)																						97,226,027	81,902,524	61,998,089
Diluted (in shares)																						97,652,065	109,704,880	107,638,788
Dividends per share of Class A common stock (in dollars per share)					$ 0.315													$ 0.315	$ 0.3	$ 0.3	$ 0.3	$ 1.535	$ 1.215	$ 1.285
Class A Common Stock
Costs and expenses
Net income (loss) attributable to Class A common shareholders														$ 24,103	$ 66,630	$ 38,407	$ 50,875	$ 36,106	$ 23,587	$ 22,113	$ 13,470	$ 180,015	$ 95,276	$ 66,727
Earnings per share:
Basic (in dollars per share)																						$ 1.85	$ 1.16	$ 1.08
Diluted (in dollars per share)																						$ 1.84	$ 1.13	$ 1.06
Weighted average shares outstanding:
Basic (in shares)																						97,226,027	81,902,524	61,998,089
Diluted (in shares)																						97,652,065	109,704,880	107,638,788
Dividends per share of Class A common stock (in dollars per share)	$ 0.57	$ 0.325	$ 0.325	$ 0.315		$ 0.315	$ 0.3	$ 0.3	$ 0.3	$ 0.460	$ 0.275	$ 0.275	$ 0.275	$ 0.57	$ 0.325	$ 0.325	$ 0.315					$ 1.535	$ 1.215	$ 1.285

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net income (loss)	$ 221,676	$ 125,879	$ 113,720
Unrealized gain (loss) on securities, net of tax:
Unrealized gain (loss) on real estate securities, available for sale	(8,205)	18,515	20,947
Reclassification adjustment for (gains) included in net income	3,064	(20,735)	(12,428)
Total other comprehensive income (loss)	(5,141)	(2,220)	8,519
Comprehensive income	216,535	123,659	122,239
Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint ventures	(15,864)	(226)	138
Comprehensive income of combined Class A common shareholders and Operating Partnership unitholders	200,671	123,433	122,377
Comprehensive (income) attributable to noncontrolling interest in operating partnership	(24,868)	(31,072)	(52,230)
Class A Common Stock
Unrealized gain (loss) on securities, net of tax:
Comprehensive income attributable to Class A common shareholders	$ 175,803	$ 92,361	$ 70,147

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)	Operating Partnership	Consolidated Joint Ventures
Beginning Balance (in shares) at Dec. 31, 2015					55,210,000	44,056,000
Beginning Balance at Dec. 31, 2015	$ 1,491,408				$ 55	$ 44	$ 776,866	$ (5,812)	$ 60,618	$ (3,556)	$ 657,380	$ 5,813
Increase Decrease in Stockholders' Equity
Contributions	250										250	0
Distributions	(40,562)										(39,805)	(757)
Equity based compensation	17,640						516				17,124
Grants of restricted stock (in shares)					794,000
Grants of restricted stock	0				$ 1		(1)
Purchase of treasury stock (in shares)					(424,000)
Purchase of treasury stock	(4,652)							(4,652)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)					(73,000)	(1,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(786)				$ 0			(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			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)
Adjustments to Additional Paid in Capital, Adjustment to Tax Receivable Agreement as Result of Exchange of Class B Share	(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
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			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
Increase Decrease in Stockholders' Equity
Contributions	7,604										0	7,604
Distributions	(46,083)										(20,353)	(25,730)
Equity based compensation	8,831						8,831
Issuance of common stock (in shares)					5,800,000
Issuance of common stock	99,006				$ 6		99,000
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	(499)						(499)
Grants of restricted stock (in shares)					34,000
Grants of restricted stock	0						0
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)					(58,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(859)							(859)
Forfeitures (in shares)					(26,000)
Forfeitures	0
Dividends declared	(129,561)								(129,561)
Exchange of noncontrolling interest for common stock			4,549,832	4,549,832	4,550,000	(4,550,000)
Exchange of noncontrolling interest for common stock	515				$ 5	$ (5)	63,109			(167)	(62,427)
Net income (loss)	221,676								180,015		25,797	15,864
Other comprehensive income (loss)	(5,141)									(4,211)	(930)
Rebalancing of ownership percentage between Company and Operating Partnership	0						(5,420)			(59)	5,479
Ending Balance (in shares) at Dec. 31, 2018					103,941,000	13,118,000
Ending Balance at Dec. 31, 2018	$ 1,643,635	[1]			$ 105	$ 13	$ 1,471,157	$ (32,815)	$ 11,342	$ (4,649)	$ 188,427	$ 10,055
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ 221,676		$ 125,879		$ 113,720
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gain) loss on extinguishment/defeasance of debt	4,392		73		(5,382)
Depreciation and amortization	41,959		40,332		39,447
Unrealized (gain) loss on derivative instruments	(705)		3,432		(4,224)
Unrealized (gain) loss on equity securities	1,605		0		0
Unrealized (gain) loss on Agency interest-only securities	(555)		(1,405)		56
Unrealized (gain) loss on investment in mutual fund	(156)		(300)		14
Provision for loan losses	13,900		0		300
Amortization of equity based compensation	8,831		18,965		17,640
Amortization of deferred financing costs included in interest expense	10,906		7,856		7,459
Amortization of premium on mortgage loan financing	(1,023)		(1,025)		(894)
Amortization of above- and below-market lease intangibles	(1,739)		(786)		(108)
Amortization of premium/(accretion) of discount and other fees on loans	(19,820)		(11,180)		(8,941)
Amortization of premium/(accretion) of discount and other fees on securities	3,124		5,241		6,422
Realized (gain) loss on sale of mortgage loan receivables held for sale	(16,511)		(54,046)		(26,009)
Realized (gain) loss on real estate securities	5,808		(17,209)		(7,724)
Realized gain on sale of real estate, net	(95,881)		(11,423)		(20,636)
Realized gain on sale of derivative instruments	(242)		199		24
Origination of mortgage loan receivables held for sale	(1,297,221)		(1,465,635)		(1,128,651)
Purchases of mortgage loan receivables held for sale	0		0		(73,421)
Repayment of mortgage loan receivables held for sale	14,242		2,083		1,768
Proceeds from sales of mortgage loan receivables held for sale	1,292,442	[1]	1,375,733	[2]	1,440,195
(Income) loss from investments in unconsolidated joint ventures in excess of distributions received	(790)		(89)		(426)
Distributions from operations of investment in unconsolidated joint ventures	1,250		0		1,017
Deferred tax asset (liability)	(7,525)		5,591		1,868
Payments pursuant to tax receivable agreement	0		(1,013)		0
Changes in operating assets and liabilities:
Accrued interest receivable	(1,339)		(1,437)		(1,662)
Other assets	3,369		(3,275)		(4,340)
Accrued expenses and other liabilities	20,436		(4,576)		(9,085)
Net cash provided by (used in) operating activities	200,433		11,985		338,427
Cash flows from investing activities:
Purchase of derivative instruments	(545)		(300)		(73)
Sale of derivative instruments	888		0		39
Purchases of real estate securities	(770,039)		(210,903)		(977,062)
Repayment of real estate securities	109,446		138,413		684,143
Proceeds from sales of real estate securities	324,798		1,025,710		539,295
Proceeds from sale of FHLB stock	20,000		0		0
Origination of mortgage loan receivables held for investment	(1,478,771)		(1,407,669)		(919,023)
Purchases of mortgage loan receivables held for investment	0		(94,079)		0
Repayment of mortgage loan receivables held for investment	1,411,862		404,584	[2]	649,914
Basis recovery of Agency interest-only securities	18,349		51,989		70,053
Capital contributions to investment in unconsolidated joint ventures	(3,865)		0		0
Distributions received from investments in unconsolidated joint ventures in excess of income	0		0		48
Capitalization of interest on investment in unconsolidated joint ventures	(1,507)		(1,327)		(867)
Capital contributions to investment in mutual fund	0		0		(10,001)
Purchases of real estate	(122,707)		(236,932)		(62,495)
Capital improvements of real estate	(7,782)		(5,640)		(10,640)
Proceeds from sale of real estate	157,008	[3]	29,519		72,953	[4]
Net cash provided by (used in) investing activities	(342,865)		(306,635)		36,284
Cash flows from financing activities:
Deferred financing costs paid	(3,509)		(26,330)		(5,927)
Proceeds from borrowings under debt obligations	5,806,914		10,080,341		12,359,830
Repayment of borrowings under debt obligations	(5,681,604)		(9,510,272)		(12,689,064)
Cash dividends paid to Class A common shareholders	(122,772)		(100,076)		(67,166)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(858)		(18,125)		(786)
Purchase of treasury stock	0		(2,588)		(4,652)
Issuance of common stock	99,006		0		0
Common stock offering costs	(499)		0		0
Net cash provided by (used in) financing activities	58,199		387,905		(448,077)
Net increase (decrease) in cash, cash equivalents and restricted cash	(84,233)		93,255		(73,366)
Cash, cash equivalents and restricted cash at beginning of period	182,683		89,428		162,794
Cash, cash equivalents and restricted cash at end of period	98,450		182,683		89,428
Supplemental information:
Cash paid for interest, net of amounts capitalized	183,215		130,795		115,246
Cash paid (received) for income taxes	9,839		(214)		8,775
Non-cash investing and financing activities:
Securities and derivatives purchased, not settled	(1,287)		380		(394)
Securities and derivatives sold, not settled	0		(10)		0
Origination of mortgage loans receivable held for investment	0		0		50,378
Repayment in transit of mortgage loans receivable held for investment (other assets)	106,204		0		(70,678)
Transfer from mortgage loans receivable held for sale to mortgage loans receivable held for investment, at amortized cost	55,403		153,722		0
Proceeds from sale of real estate	1,421		0		0
Reduction in proceeds from sales of real estate	62,417		115,359		0
Assumption of debt obligations by real estate buyer/defeasance of debt and related costs	(62,417)		(115,359)		0
Exchange of noncontrolling interest for common stock	62,433		284,783		145,841
Change in deferred tax asset related to exchanges of noncontrolling interest for common stock	428		2,203		980
Increase in amount payable pursuant to tax receivable agreement	(86)		149		610
Rebalancing of ownership percentage between Company and Operating Partnership	5,480		3,524		(8,096)
Dividends declared, not paid	37,316		30,528		23,364
Stock dividends	0		17,319		64,100
Proceeds from sale of mortgage loans held for sale from prior years	(400)		(20,300)
Proceeds from sale of real estate held-for-investment from prior years			(1,400)		(6,500)
Cash, cash equivalents and restricted cash at end of period	182,683		89,428		162,794
Consolidated Joint Venture
Cash flows from financing activities:
Capital contributed by noncontrolling interests in consolidated joint ventures	7,604		7,479		0
Capital distributed to noncontrolling interests	(25,730)		(306)		(757)
Operating Partnership
Cash flows from financing activities:
Capital contributed by noncontrolling interests in consolidated joint ventures	0		0		250
Capital distributed to noncontrolling interests	$ (20,353)		$ (42,218)		$ (39,805)
[1]	Includes cash proceeds received in 2018 that relate to 2017 sales of loans of $0.4 million.
[2]	Includes cash proceeds received in 2017 that relate to 2016 sales of loans of $20.3 million.
[3]	Includes cash proceeds received in 2018 that relate to 2017 sales of real estate of $1.4 million.
[4]	Includes cash proceeds received in 2016 that relate to 2015 sales of real estate of $6.5 million.

ORGANIZATION AND OPERATIONS

ORGANIZATION AND OPERATIONS	12 Months Ended
	Dec. 31, 2018
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, 2018 , Ladder Capital Corp has a 88.8% 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.” In anticipation of the Company’s election to be subject to tax as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) beginning with its 2015 taxable year (the “REIT Election”), the Company effected an internal realignment as of December 31, 2014. 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. Series REIT and Series TRS have separate boards, officers, books and records, bank accounts, and tax identification numbers. 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”). Ladder Capital Corp remains the general partner 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 and Series TRS LP Units are exchangeable for an equal number of shares (“TRS Shares”) of LC TRS I (a “TRS Exchange”). 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 Series Units 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 Third Amended and Restated LLLP Agreement, dated as of December 31, 2014 and as amended from time to time, 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) 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. However, such exchange 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 Series Units, including TRS Shares as applicable, will be exchanged. As a result of the Company’s ownership interest in LCFH and LCFH’s election under Section 754 of the Code, the Company expects to benefit from depreciation and other tax deductions reflecting LCFH’s tax basis for its assets. Those deductions will be allocated to the Company and will be taken into account in reporting the Company’s taxable income. As 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, 2018
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. 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; • valuation of mortgage loan receivables held for sale; • 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 including the valuation of underlying collateral for collateral dependent loans; • 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, 2018 and 2017 . At December 31, 2018 and 2017 , 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. Mortgage Loan Receivables Held for Investment Loans for which the Company has the intention 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 on the consolidated balance sheets. Provision for Loan Losses The provision for loan losses reflects the Company’s estimate of loan losses inherent in the loan portfolio as of the balance sheet date. The provision for loan losses includes a portfolio-based, general component and an asset-specific component. The Company estimates its portfolio-based loan loss provision based on its historical loss experience and expectation of losses inherent in the investment portfolio but not yet realized. 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. The asset-specific reserve component relates to reserves for losses on individually impaired loans. The Company evaluates each loan 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 effective rate or the fair value of the collateral, less the estimated costs to sell, if recovery of the Company’s investment is expected solely from the collateral. The Company’s 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/sponsor on a loan by loan basis. 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. For collateral dependent impaired loans, impairment is measured using the estimated fair value of collateral less the estimated cost to sell. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and are updated if circumstances indicate that a significant change in value has occurred. The Company generally will use the direct capitalization rate valuation methodology to estimate the fair value of the collateral for such loans. In more limited cases, the Company will obtain external appraisals for loan collateral. A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when a concession is granted and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loans. Significant judgment is required when evaluating loans for impairment, therefore actual results over time could be materially different. The Company designates non-performing loans at such time as (i) loan payments become 90-days past due; (ii) the loan has a maturity default; or (iii) in the opinion of the Company, it is probable the Company will be unable to collect all amounts due according to the contractual terms of the loan. Income recognition will be suspended when a loan is designated non-performing and resumed only when the suspended loan becomes contractually current and performance is demonstrated to have resumed. Any interest received for loans in non-performing status will be applied as a reduction to the unpaid principal balance. A loan will be written off when it is no longer realizable and legally discharged. 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”) and equity 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. Equity securities are classified as available-for-sale. The Company has elected the fair market value option for accounting for these equity securities and changes in fair value are recorded in current period earnings. 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 after January 1, 2018 are recognized pursuant to the provisions included in ASC 606-20, Revenue from Contracts with Customers (“ASC 606-20”) or ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Generally, the Company’s sales of residential condominiums would be governed by ASC 606-20 and the sales of rental properties under ASC 610-20. Gain on sales of real estate prior to January 1, 2018 are recognized pursuant to the provisions included in ASC 360-20, Real Estate Sales (“ASC 360-20”). The specific timing of a sale was 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 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 unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in commercial real estate joint ventures) are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future. See Note 7, Investment in Unconsolidated Joint Ventures . Capitalization of Interest Capitalization of costs begins when the activities necessary to get the development project ready for its int

CONSOLIDATED VARIABLE INTEREST

CONSOLIDATED VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONSOLIDATED VARIABLE INTEREST ENTITIES	3. CONSOLIDATED VARIABLE INTEREST ENTITIES FASB 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 two collateralized loan obligation (“CLO”) VIEs with the following aggregate balance sheets ($ in thousands): December 31, 2018 December 31, 2017 Notes 4 & 8 Notes 4 & 8 Mortgage loan receivables held for investment, net, at amortized cost $ 710,502 880,385 Accrued interest receivable 3,921 4,252 Other assets(1) 81,390 — Total assets $ 795,813 $ 884,637 Senior and unsecured debt obligations $ 607,440 $ 689,961 Accrued expenses 1,471 794 Other liabilities 2 — Total liabilities 608,913 690,755 Net equity in VIEs (eliminated in consolidation) 186,900 193,882 Total equity 186,900 193,882 Total liabilities and equity $ 795,813 $ 884,637 (1) Primarily consists of loan repayments in transit as of December 31, 2018 .

MORTGAGE LOAN RECEIVABLES

MORTGAGE LOAN RECEIVABLES	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOAN RECEIVABLES	4 MORTGAGE LOAN RECEIVABLES December 31, 2018 ($ in thousands) Outstanding Face Amount Carrying Value Weighted Average Yield (1) Remaining Maturity (years) Mortgage loans held by consolidated subsidiaries(2) $ 3,340,381 $ 3,318,390 7.84 % 1.32 Provision for loan losses N/A (17,900 ) Mortgage loan receivables held for investment, net, at amortized cost 3,340,381 3,300,490 Mortgage loan receivables held for sale 181,905 182,439 5.46 % 9.75 Total $ 3,522,286 $ 3,482,929 7.76 % 1.77 (1) December 31, 2018 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 . As of December 31, 2018 , $816.8 million , or 24.6% , of the carrying value of our mortgage loan receivables held for investment, at amortized cost, were at fixed interest rates and $2.5 billion , or 75.4% , 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, 2018 , $182.4 million , or 100.0% , of the carrying value of our mortgage loan receivables held for sale were at fixed interest rates. December 31, 2017 ($ in thousands) Outstanding Face Amount Carrying Value Weighted Average Yield (1) Remaining Maturity (years) Mortgage loans held by consolidated subsidiaries $ 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 LIBOR rates are used to calculate weighted average yield for floating rate loans. As of December 31, 2017 , $723.7 million , 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 , $230.2 million , or 100% , of the carrying value of our mortgage loan receivables held for sale were at fixed interest rates. The following table summarizes mortgage loan receivables by loan type ($ in thousands): December 31, 2018 December 31, 2017 Outstanding Face Amount Carrying Value Outstanding Face Amount Carrying Value Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 3,192,160 $ 3,170,788 $ 3,140,788 $ 3,123,268 Mezzanine loans 148,221 147,602 159,921 159,194 Mortgage loan receivables held for investment, net, at amortized cost 3,340,381 3,318,390 3,300,709 3,282,462 Mortgage loan receivables held for sale First mortgage loans 181,905 182,439 232,527 230,180 Total mortgage loan receivables held for sale 181,905 182,439 232,527 230,180 Provision for loan losses N/A (17,900 ) N/A (4,000 ) Total $ 3,522,286 $ 3,482,929 $ 3,533,236 $ 3,508,642 For the years ended December 31, 2018 , 2017 and 2016 , 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, 2017 $ 3,282,462 $ (4,000 ) $ 230,180 Origination of mortgage loan receivables 1,478,771 — 1,297,221 Repayment of mortgage loan receivables (1,518,066 ) — (14,242 ) Proceeds from sales of mortgage loan receivables — — (1,291,828 ) Realized gain on sale of mortgage loan receivables(1) — — 16,511 Transfer between held for investment and held for sale(2) 55,403 — (55,403 ) Accretion/amortization of discount, premium and other fees 19,820 — — Loan loss provision(3) — (13,900 ) — Balance, December 31, 2018 $ 3,318,390 $ (17,900 ) $ 182,439 (1) Includes $0.5 million of realized losses on loans related to lower of cost or market adjustments for the year ended December 31, 2018 . (2) During the year ended December 31, 2018 , the Company reclassified from mortgage loan receivables held for sale to mortgage loan receivables held for investment, net, at amortized cost, three loans with a combined outstanding face amount of $57.6 million , a combined book value of $55.4 million (fair value at date of reclassification) and a remaining maturity of 2.5 years . The loans had been recorded at lower of cost or market prior to their 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. These transfers have been reflected as non-cash items on the consolidated statement of cash flows for the year ended December 31, 2018 . (3) As further discussed below, during the year ended December 31, 2018 , the Company recorded asset-specific provisions on collateral dependent loans of $12.7 million . In addition, the Company records a portfolio-based, general loan loss provision to provide reserves for expected losses over the remaining portfolio of mortgage loan receivables held for investment. During the year ended December 31, 2018 , the Company recorded an additional general reserve of $1.2 million . 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(1) (384,283 ) — (2,569 ) Proceeds from sales of mortgage loan receivables(2) — — (1,491,092 ) 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 — — 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 the 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 ) Non-cash disposition of loan via foreclosure — — — Realized gain on sale of mortgage loan receivables — — 26,009 Transfer between held for investment and held for sale — — — 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 realized losses on loans related to lower of cost or market adjustments for the year ended December 31, 2016 . During the year ended December 31, 2018 , the transfers of financial assets via sales of loans were treated as sales under ASC Topic 860 — Transfers and Servicing. At December 31, 2018 and 2017 , there was $0.5 million and $0.2 million , respectively, of unamortized discounts included in our mortgage loan receivables held for investment, at amortized cost, on our consolidated balance sheets. Provision for Loan Losses and Non-Accrual Status ($ in thousands) Year Ended December 31, 2018 2017 2016 Provision for loan losses at beginning of period $ 4,000 $ 4,000 $ 3,700 Provision for loan losses 13,900 — 300 Provision for loan losses at end of period $ 17,900 $ 4,000 $ 4,000 December 31, 2018 December 31, 2017 December 31, 2016 Principal balance of loans on non-accrual status $ 36,850 $ 26,850 $ — 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, other than the three loans discussed below, are individually impaired as of December 31, 2018 and none of its loans are individually impaired as of December 31, 2017 . It is probable, however, that Ladder’s loan portfolio as a whole incurred an impairment due to common characteristics and shared inherent risks in the portfolio. The Company determined that an increase in its provision expense for loan losses of $13.9 million was required for the year ended December 31, 2018 . This provision consisted of a portfolio-based, general loan loss provision of $1.2 million to provide reserves for expected losses over the remaining portfolio of mortgage loan receivables held for investment, an asset-specific reserve of $2.7 million relating to two of the Company’s loans, discussed below and an asset-specific reserve of $10.0 million relating to one of the Company’s loans, discussed below. As of December 31, 2018 , 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. These loans are directly and indirectly secured by the same property and are considered collateral dependent because repayment is expected to be provided solely by the underlying collateral. The Company placed these loans on non-accrual status in July 2017. In assessing these collateral dependent loans for impairment, the most significant consideration is the fair value of the underlying real estate collateral, which includes an in-place long-dated retail lease. The value of such properties is most significantly affected by the contractual lease payments and the appropriate market capitalization rates, which are driven by the property’s market strength, the general interest rate environment and the retail tenant’s creditworthiness. In view of these considerations, the Company uses a direct capitalization rate valuation methodology to calculate the fair value of the underlying real estate collateral. These non-recurring fair values are considered Level 3 measurements in the fair value hierarchy. Through December 31, 2017, the Company believed no loss provision was necessary as the estimated fair value of the property less the cost to foreclose and sell the property exceeded the combined carrying value of the loans. The Company utilized direct capitalization rates of 4.35% to 4.65% at December 31, 2017 . The on-going bankruptcy proceedings, rising interest rates and retail tenant’s creditworthiness, resulted in a decline in the estimated value of the collateral. As a result, on March 31, 2018, the Company recorded a provision for loss on these loans of $2.7 million to reduce the carrying value of these loans to the fair value of the property less the cost to foreclose and sell the property utilizing direct capitalization rates of 4.70% to 5.00% . As of December 31, 2018 , the Company believed no additional loss provision was necessary based on the application of direct capitalization rates of 4.60% to 4.90% utilized by the Company. During the year ended December 31, 2018, management identified a loan with a carrying value of $45.0 million as potentially impaired, reflecting a decline in collateral value attributable to: (i) recent and near term tenant vacancies at the property; (ii) new information available during the three months ended September 30, 2018 regarding the addition of supply that will increase the submarket vacancy rate in the local market; and (iii) declining market conditions. As of September 30, 2018 this loan was not yet in default but the borrower was not expected to be able to pay off or refinance the loan at maturity. As part of the Company’s evaluation, it obtained an external appraisal of the loan collateral. Based on this review, a reserve of $10.0 million was recorded for this potentially impaired loan in the three months ended September 30, 2018 to reduce the carrying value of the loan to the estimated fair value of the collateral, less the estimated costs to sell. The Company has placed this loan on non-accrual status as of September 30, 2018. During the quarter ended December 31, 2018, this loan experienced a maturity default and its terms were modified in a Troubled Debt Restructuring (“TDR”) on October 17, 2018 . The terms of the TDR provided for, among other things, the restructuring of the Company’s existing $45.0 million first mortgage loan into a $35.0 million A-Note and a $10.0 million B-Note and a 19.0% equity interest which is not subject to dilution and that can be increased to 25% under certain conditions. Under certain conditions, the B-Note may be forgiven or reduced. The restructured loan was extended for up to 12 months, including extensions. Generally when granting concessions, the Company will seek to protect its position by requiring incremental pay downs, additional collateral or guarantees and in some cases lookback features or equity kickers to offset concessions granted should conditions impacting the loan improve. The Company's determination of credit losses is impacted by TDRs whereby loans that have gone through TDRs are considered impaired, assessed for specific reserves, and are not included in the Company's assessment of general loan loss reserves. Loans previously restructured under TDRs that subsequently default are reassessed to incorporate the Company's current assumptions on expected cash flows and additional provision expense is recorded to the extent necessary. As of December 31, 2018 , there were no unfunded commitments associated with modified loans considered TDRs. As of December 31, 2018 there was one other loan in default with a carrying value of $17.6 million , however, based on the underlying collateral, there are no expected losses. As of December 31, 2018 and December 31, 2017 there were no other loans on non-accrual status.

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	12 Months Ended
	Dec. 31, 2018
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, GNMA permanent securities and corporate bonds 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. Equity securities are classified as available-for-sale and reported 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, 2018 and 2017 ($ in thousands): December 31, 2018 Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Amortized Cost Basis/Purchase Price Gains Losses Carrying Value # of Securities Rating (1) Coupon % Yield % Remaining Duration (years) CMBS(2) $ 1,258,819 $ 1,257,801 $ 2,477 $ (7,638 ) $ 1,252,640 (3) 138 AAA 3.32 % 3.14 % 2.33 CMBS interest-only(2)(4) 2,373,936 55,534 428 (271 ) 55,691 (5) 19 AAA 0.57 % 2.80 % 2.69 GNMA interest-only(4)(6) 135,932 2,862 93 (307 ) 2,648 12 AA+ 0.51 % 6.30 % 4.11 Agency securities(2) 668 682 — (20 ) 662 2 AA+ 2.73 % 1.83 % 2.36 GNMA permanent securities(2) 32,633 32,889 420 (245 ) 33,064 6 AA+ 3.94 % 3.76 % 5.03 Corporate bonds(2) 55,305 54,257 — (386 ) 53,871 2 BB 4.08 % 5.04 % 2.51 Total debt securities $ 3,857,293 $ 1,404,025 $ 3,418 $ (8,867 ) $ 1,398,576 179 1.54 % 3.19 % 2.40 Equity securities(7) N/A 13,154 — (1,604 ) 11,550 3 N/A N/A N/A N/A Total real estate securities $ 3,857,293 $ 1,417,179 $ 3,418 $ (10,471 ) $ 1,410,126 182 (1) Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the highest rating is used. Ratings provided were determined by third-party rating agencies as of a particular date, may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time. (2) CMBS, CMBS interest-only securities, Agency securities, GNMA permanent securities and corporate bonds 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) Includes $11.3 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, which are classified as held-to-maturity and reported at amortized cost. (4) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (5) Includes $0.9 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, which are classified as held-to-maturity and reported at amortized cost. (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 has elected to 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. (7) The Company has elected to account for equity securities at fair value with changes in fair value recorded in current period earnings. 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 debt securities $ 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) Includes $11.7 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, which are classified as held-to-maturity and reported at amortized cost. (4) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (5) Includes $1.1 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, which are classified as held-to-maturity and reported at amortized cost. (6) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income in accordance with ASC 815. The following is a breakdown of the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2018 and 2017 ($ in thousands): December 31, 2018 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS(1) $ 342,121 $ 772,594 $ 137,925 $ — $ 1,252,640 CMBS interest-only(1) 1,145 54,546 — — 55,691 GNMA interest-only(2) 17 2,276 353 2 2,648 Agency securities(1) — 662 — — 662 GNMA permanent securities(1) 551 1,048 31,465 — 33,064 Corporate bonds(1) — 53,871 — — 53,871 Total debt securities $ 343,834 $ 884,997 $ 169,743 $ 2 $ 1,398,576 (1) CMBS, CMBS interest-only securities, Agency securities, GNMA permanent securities and corporate bonds 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. 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 debt securities $ 286,595 $ 663,243 $ 156,668 $ 11 $ 1,106,517 (1) CMBS, CMBS interest-only securities, Agency securities, GNMA permanent securities and corporate bonds 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. During the year ended December 31, 2018 , the Company realized a gain (loss) on sale of equity securities of $98.6 thousand which is included in realized gain (loss) on securities on the Company’s consolidated statements of income. There were $2.8 million , $3.5 million and $4.7 million of realized losses on securities recorded as other than temporary impairments for the years ended December 31, 2018 , 2017 and 2016 , respectively, which is included in realized gain (loss) on securities on the Company’s consolidated statements of income. 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 its securities before recovery of its amortized cost basis. For cash flow statement purposes, receipts of interest from interest-only real estate securities are bifurcated between amortization of premium/(accretion) of discount and other fees on securities as part of cash flows from operations and basis recovery of Agency interest-only securities as part of cash flows from investing activities.

REAL ESTATE AND RELATED LEASE I

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET	12 Months Ended
	Dec. 31, 2018
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, 2018 December 31, 2017 Land $ 195,644 $ 213,992 Building 814,314 789,622 In-place leases and other intangibles 162,002 189,490 Less: Accumulated depreciation and amortization (173,938 ) (161,063 ) Real estate and related lease intangibles, net $ 998,022 $ 1,032,041 Below market lease intangibles, net (other liabilities) $ (40,367 ) $ (42,607 ) The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Year Ended December 31, 2018 2017 2016 Depreciation expense (1) $ 31,537 $ 28,271 $ 26,031 Amortization expense 10,347 11,968 13,302 Total real estate depreciation and amortization expense $ 41,884 $ 40,239 $ 39,333 (1) Depreciation expense on the consolidated statements of income also includes $75 thousand , $93 thousand and $114 thousand of depreciation on corporate fixed assets for the years ended December 31, 2018 , 2017 and 2016 respectively. The Company’s intangible assets are comprised of in-place leases, favorable leases compared to market leases and other intangibles. At December 31, 2018 , gross intangible assets totaled $162.0 million with total accumulated amortization of $57.7 million , resulting in net intangible assets of $104.3 million , including $5.5 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, 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. For the years ended December 31, 2018 , 2017 and 2016 the Company recorded a reduction in operating lease income of $0.6 million , $1.1 million and $1.3 million , respectively, for amortization of above market leases intangibles acquired. For the years ended December 31, 2018 , 2017 and 2016 , the Company recorded an increase in operating lease income of $2.4 million , $1.9 million and $1.4 million , respectively, for amortization of below market lease intangibles acquired. The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of December 31, 2018 ($ in thousands): Period Ending December 31, Adjustment to Operating Lease Income Amortization Expense 2019 $ 985 $ 6,702 2020 991 6,544 2021 993 6,478 2022 997 6,414 2023 997 6,414 Thereafter 29,928 66,267 Total $ 34,891 $ 98,819 There were $0.8 million and $0.9 million of rent receivables included in other assets on the consolidated balance sheets as of December 31, 2018 and 2017 , respectively. There was unencumbered real estate of $58.6 million and $128.7 million as of December 31, 2018 and 2017 , respectively. The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at December 31, 2018 ($ in thousands): Period Ending December 31, Amount 2019 $ 78,907 2020 69,121 2021 66,198 2022 62,983 2023 61,564 Thereafter 509,389 Total $ 848,162 Acquisitions During the year ended December 31, 2018 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) March 2018 Diversified(2) Lithia Springs, GA $ 24,466 70.6% April 2018 Net Lease Kirbyville, MO 1,156 100.0% April 2018 Net Lease Gladwin, MI 1,171 100.0% April 2018 Net Lease Foley, MN 1,176 100.0% April 2018 Net Lease Moscow Mills, MO 1,237 100.0% April 2018 Net Lease Wonder Lake, IL 1,255 100.0% May 2018 Diversified(3) Isla Vista, CA 85,087 75.0% October 2018 Net Lease Ogden, IA 1,137 100.0% November 2018 Net Lease New Hampton, IA 1,317 100.0% December 2018 Net Lease Pinconning, MI 1,235 100.0% December 2018 Net Lease Bolivar, MO 1,175 100.0% December 2018 Net Lease Carthage, MO 1,099 100.0% December 2018 Net Lease Pelican Rapids, MN 1,196 100.0% Total $ 122,707 (1) Properties were consolidated as of acquisition date. (2) Joint venture partner contributed $2.9 million to the partnership. (3) Joint venture partner contributed $4.6 million to the partnership. On October 1, 2016, the Company early adopted ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). As a result of this adoption, acquisitions of real estate may not meet the revised definition of a business and may be treated as asset acquisitions rather than business combinations. The measurement of assets and liabilities acquired will no longer be recorded at fair value and the Company will now allocate purchase consideration based on relative fair values. Real estate acquisition costs which are no longer expensed as incurred, will be capitalized as a component of the cost of the assets acquired. During the year ended December 31, 2018 , all acquisitions were determined to be asset acquisitions. The purchase prices were allocated to the asset acquisitions during the year ended December 31, 2018 , as follows ($ in thousands): Purchase Price Allocation Land $ 40,960 Building 79,398 Intangibles 3,153 Below Market Lease Intangibles (804 ) Total purchase price $ 122,707 The weighted average amortization period for intangible assets acquired during the year ended December 31, 2018 was 25.1 years. The Company recorded $5.3 million in revenues from its 2018 acquisitions for the year ended December 31, 2018 , which is included in its consolidated statements of income. The Company recorded $2.4 million in earnings (losses) from its 2018 acquisitions for the year ended December 31, 2018 , which is included in its consolidated statements of income. During the year ended December 31, 2017 , the Company acquired the following properties ($ 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 Diversified(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 Diversified(3) Miami, FL 38,145 80.0% September 2017 Net Lease Milford, IA 1,298 100.0% September 2017 Diversified 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 the 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 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 Diversified Ewing, NJ 30,640 100.0% October 2016 Diversified 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 asset acquisitions 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 from its 2016 acquisitions for the year ended December 31, 2016 , which is included in its consolidated statements of income. The Company recorded $(0.3) million in earnings (losses) from its 2016 acquisitions for the year ended December 31, 2016 , which is included in its consolidated statements of income. Sales The Company sold the following properties during the year ended December 31, 2018 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining Various Condominium Las Vegas, NV $ 8,763 $ 4,458 $ 4,305 — 12 1 Various Condominium Miami, FL 7,851 6,716 1,135 — 26 22 March 2018 Diversified El Monte, CA 71,807 52,610 19,197 (1) 1 — — March 2018 Diversified Richmond, VA 20,966 11,370 9,596 (2) 1 — — September 2018 Diversified St. Paul, MN 109,275 47,627 61,648 (3) 4 — — Totals $ 218,662 $ 122,781 $ 95,881 (1) This property had a third party investor. The third party investor has been allocated $7.0 million of the realized gain, which is included in net (income) loss attributable to noncontrolling interest in consolidated joint ventures, for the year ended December 31, 2017 , on the consolidated statements of income. (2) This property had a third party investor. The third party investor has been allocated $0.4 million of the realized gain, which is included in net (income) loss attributable to noncontrolling interest in consolidated joint ventures, for the year ended December 31, 2017 , on the consolidated statements of income. (3) This property had a third party investor. The third party investor has been allocated $7.9 million of the realized gain, which is included in net (income) loss attributable to noncontrolling interest in consolidated joint ventures, for the year ended December 31, 2017 , on the consolidated statements of income. The Company sold the following properties during the year ended December 31, 2017 ($ 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 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 Mar 2016 Net Lease Rockland, MA 7,922 7,210 712 1 — — Sep 2016 Net Lease Crawfordsville, IN 6,192 5,726 466 1 — — Totals $ 66,470 $ 45,834 $ 20,636

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	12 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	7. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES As of December 31, 2018 and 2017 , the Company had an aggregate investment of $40.4 million and $35.4 million , respectively, in its equity method joint ventures with unaffiliated third parties. The following is a summary of the Company’s investments in unconsolidated joint ventures, which we account for using the equity method, as of December 31, 2018 and 2017 ($ in thousands): Entity December 31, 2018 December 31, 2017 Grace Lake JV, LLC $ 5,316 $ 4,908 24 Second Avenue Holdings LLC 35,038 30,533 Investment in unconsolidated joint ventures $ 40,354 $ 35,441 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, 2018 , 2017 and 2016 ($ in thousands): Year Ended December 31, Entity 2018 2017 2016 Ladder Capital Realty Income Partnership I LP $ — $ — $ 892 Grace Lake JV, LLC 1,658 1,189 953 24 Second Avenue Holdings LLC (868 ) (1,100 ) (1,419 ) Earnings (loss) from investment in unconsolidated joint ventures $ 790 $ 89 $ 426 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, 2018 and 2017 , the Company recorded no management fees. During the year ended December 31, 2016 , the Company recorded $6.9 thousand 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 interest 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. During the year ended December 31, 2018 , the Company received a $1.3 million distribution from its investment in Grace Lake JV, LLC. 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, 2018 , 2017 and 2016 , the Company recorded $0.9 million , $1.1 million and $1.4 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, 2018 , 2017 and 2016 , the Company capitalized $1.5 million , $1.3 million and $0.9 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, 2018 and 2017 , 24 Second Avenue had $46.7 million and $36.5 million , respectively, of loans payable to third party lenders. 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, 2018 , 16 residential condominium units were under contract for sale for $39.5 million in sales proceeds. As of December 31, 2018 , 24 Second Avenue is holding a 10.0% deposit on each sales contract. 24 Second Avenue expects to start closing on the existing sales contracts during the quarter ended March 31, 2019, pending New York City Building Department approvals. 24 Second Avenue entered into a construction loan in the amount of $50.5 million to fund the completion of the project, which matured on February 11, 2019 . As of December 31, 2018 , draws of $46.7 million have been taken against the construction loan. On February 11, 2019 , the Company provided 24 Second Avenue with a $50.5 million first mortgage loan and a $6.5 million mezzanine loan. 24 Second Avenue used the proceeds from these loans to repay the outstanding construction loan and will use the remaining funds to finance the completion of the project. As of December 31, 2018 , the Company has a $0.6 million remaining capital commitment to our operating partner. The Company’s investment in 24 Second Avenue is an unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture was deemed to be a VIE primarily based on the fact there are disproportionate voting and economic rights within the joint venture. The Company determined that it was not the primary beneficiary of this VIE based on the fact that the Company has shared control of this entity along with the entity’s partner and therefore does not have controlling financial interests in this VIE. The Company’s maximum exposure to loss is limited to its investment in the VIE. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. In general, future costs of development not financed through a third party will be funded with capital contributions from the Company and its outside partner in accordance with their respective ownership percentages. The Company holds its investment in 24 Second Avenue in its TRS. Combined Summary Financial Information for Unconsolidated Joint Ventures The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2018 and 2017 ($ in thousands): December 31, 2018 December 31, 2017 Total assets $ 167,837 $ 154,979 Total liabilities 116,667 108,119 Partners’/members’ capital $ 51,170 $ 46,860 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, 2018 and 2017 ($ in thousands): Year Ended December 31, 2018 2017 2016 Total revenues $ 19,122 $ 18,482 $ 17,047 Total expenses 13,381 15,291 15,861 Net income (loss) $ 5,741 $ 3,191 $ 1,186

DEBT OBLIGATIONS, NET

DEBT OBLIGATIONS, NET	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
DEBT OBLIGATIONS, NET	8. DEBT OBLIGATIONS, NET The details of the Company’s debt obligations at December 31, 2018 and 2017 are as follows ($ in thousands): December 31, 2018 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at December 31, 2018(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 600,000 $ 180,597 $ 419,403 4.21% - 4.96% 10/1/2020 (2) (3) $ 262,642 $ 261,602 Committed Loan Repurchase Facility 350,000 63,679 286,321 4.68% - 4.98% 5/24/2019 (4) (5) 87,385 88,762 Committed Loan Repurchase Facility 300,000 120,631 179,369 4.46% - 4.96% 4/7/2019 (6) (7) 204,747 205,219 Committed Loan Repurchase Facility 300,000 79,886 220,114 4.44% - 4.94% 5/6/2021 (8) (3) 117,382 117,366 Committed Loan Repurchase Facility 100,000 52,738 47,262 4.58% - 4.96% 7/20/2021 (9) (3) 72,154 72,154 Committed Loan Repurchase Facility 100,000 — 100,000 NA 12/26/2019 (10) (11) — — Total Committed Loan Repurchase Facilities 1,750,000 497,531 1,252,469 744,310 745,103 Committed Securities Repurchase Facility 400,000 — 400,000 NA 9/30/2019 N/A (12) — — Uncommitted Securities Repurchase Facility N/A (12) 166,154 N/A (13) 2.99% - 4.55% 1/2019 - 3/2019 N/A (12) 187,803 187,803 (14)(15) Total Repurchase Facilities 2,150,000 663,685 1,652,469 932,113 932,906 Revolving Credit Facility 266,430 — 266,430 NA 2/11/2019 (16) N/A (17) N/A (17) N/A (17) Mortgage Loan Financing 743,902 743,902 — 4.25% - 7.00% 2020 - 2028 N/A (18) 939,362 1,108,968 (19) CLO Debt 601,543 601,543 (20) — 3.34% - 6.06% 2021-2034 N/A (21) 710,502 710,737 Participation Financing - Mortgage Loan Receivable 2,453 2,453 — 17.00% 6/6/2019 N/A (3) 2,453 2,453 Borrowings from the FHLB 1,933,522 1,286,000 647,522 1.18% - 3.01% 2019 - 2024 N/A (22) 1,652,952 1,655,150 (23) Senior Unsecured Notes 1,166,201 1,154,991 (24) — 5.250% - 5.875% 2021 - 2025 N/A N/A (25) N/A (25) N/A (25) Total Debt Obligations, Net $ 6,864,051 $ 4,452,574 $ 2,566,421 $ 4,237,382 $ 4,410,214 (1) December 2018 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) Two additional 12 -month periods at Company’s option. (5) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (6) One additional 364 -day periods at Company’s option and one additional 364 -day period with Bank’s consent. (7) First mortgage and mezzanine commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans. (8) One additional 12 -month extension period and two additional 6 -month extension periods at Company’s option. (9) One additional 12 -month extension period at Company’s option. No new advances are permitted after the initial maturity date. (10) The Company may extend periodically with lender’s consent. At no time can the maturity of the facility exceed 364 days from the date of determination. (11) First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein. (12) Commercial real estate securities. It does not include the real estate collateralizing such securities. (13) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (14) Includes $3.0 million of restricted securities under the risk retention rules of Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (15) Includes $6.0 million of securities purchased in the secondary market of the Company’s October 2017 CLO issuance. These securities are not included in real estate securities, available-for-sale but were rather considered a partial retirement of CLO Debt. (16) Four additional 12-month periods at Company’s option. (17) 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. (18) Real estate. (19) Using undepreciated carrying value of commercial real estate to approximate fair value. (20) Presented net of unamortized debt issuance costs of $2.6 million at December 31, 2018 . (21) First mortgage commercial real estate loans and pari passu interests therein. It does not include the real estate collateralizing such loans. (22) 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. (23) Includes $9.7 million of restricted securities under the risk retention rules of Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (24) Presented net of unamortized debt issuance costs of $11.2 million at December 31, 2018 . (25) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. 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 N/A 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 N/A 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 N/A 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) Includes $26.7 million of restricted securities under the risk retention rules of Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (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) Includes $10.1 million of restricted securities under the risk retention rules of Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (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. 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 six committed master repurchase agreements, as outlined in the December 31, 2018 table above, totaling $1.8 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, 2018 and 2017 . 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 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. On January 4, 2018, the Company exercised its option to extend one of its committed loan repurchase facilities with a major banking institution for a term of one year. On April 3, 2018, the Company exercised its option to extend one of its credit facilities with a major banking institution for a term of one year and agreed with such banking institution to decrease the maximum funding capacity under such facility from $450 million to $350 million together with other related modifications, all of which will be memorialized in definitive documentation. On May 7, 2018, 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 May 6, 2023 and increasing the maximum funding capacity to $300.0 million . On July 20, 2018, 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 July 20, 2021 and decreasing the interest rate spreads thereunder by 25 basis points. On December 27, 2018, the Company executed a new $100.0 million committed loan repurchase facility with a major banking institution to finance first mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein. The facility has a one-year initial term and the Company may extend periodically with lender’s consent, but at no time can the maturity of the facility exceed 364 days from the date of determination. As of December 31, 2018 , we had repurchase agreements with eight counterparties, with total debt obligations outstanding of $663.7 million . As of December 31, 2018 , two counterparties, JP Morgan and Wells Fargo , held collateral that exceeded the amounts borrowed under the related repurchase agreements by more than $82.2 million , or 5% of our total equity. As of December 31, 2018 , the weighted average haircut, or the percent of collateral value in excess of the loan amount, under our repurchase agreements was 28.9% . There have been no significant fluctuations in haircuts across asset classes on our repurchase facilities. Revolving Credit Facility The Company’s revolving credit facility (the “Revolving Credit Facility”) provides for an aggregate maximum borrowing amount of $266.4 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, 2019 , which may be extended by four 12 -month periods subject to the satisfaction of customary conditions, including the absence of default. Subsequent to December 31, 2018 , the Company extended the maturity date of the Revolving Credit Facility to February 11, 2020. The Company has additional one -year extension options to extend the final maturity date to February 2023. Interest on the Revolving Credit Facility is one-month LIBOR plus 3.25% per annum payable monthly in arrears. The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries. The Revolving Credit Facility is secured by a pledge of the shares of (or other ownership or equity interests in) certain subsidiaries to the extent the pledge is not restricted under existing regulations, law or contractual obligations. LCFH is subject to customary affirmative covenants and negative covenants, including limitations on the incurrence of additional debt, liens, restricted payments, sales of assets and affiliate transactions. In addition, under the Revolving Credit Facility, LCFH is required to comply with financial covenants relating to minimum net worth, maximum leverage, minimum liquidity, and minimum fixed charge coverage, consistent with our other credit facilities. The Company’s ability to borrow under the Revolving Credit Facility is dependent on, among other things, LCFH’s compliance with the financial covenants. The Revolving Credit Facility contains customary events of default, including non-payment of principal or interest, fees or other amounts, failure to perform or observe covenants, cross-default to other indebtedness, the rendering of judgments against the Company or certain of our subsidiaries to pay certain amounts of money and certain events of bankruptcy or insolvency. Debt Issuance Costs As discussed in Note 2, Significant Accounting Policies in the Annual Report, the Company considers its committed loan master repurchase facilities and Revolving Credit Facility to be revolving debt arrangements. As such, the Company continues to defer and present costs associated with these facilities as an asset, subsequently amortizing those costs ratably over the term of each revolving debt arrangement. As of December 31, 2018 and 2017 , the amount of unamortized costs relating to such facilities are $6.3 million and $7.8 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 These non-recourse debt agreements provide for fixed rate financing at rates, ranging from 4.25% to 7.00% , maturing between 2020 - 2028 as of December 31, 2018 . These loans have carrying amounts of $743.9 million and $692.7 million , net of unamortized premiums of $5.8 million and $6.6 million as of December 31, 2018 and 2017 , 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 , $1.0 million and $0.9 million of premium amortization, which decreased interest expense, for the years ended December 31, 2018 , 2017 and 2016 , respectively. The loans are collateralized by real estate and related lease intangibles, net, of $939.4 million and $911.0 million as of December 31, 2018 and 2017 , respectively. During the years ended December 31, 2018 , 2017 and 2016 , the Company executed 12 , 28 and 51 term debt agreements, respectively, to finance properties in its real estate portfolio. CLO Debt The Company completed its inaugural CLO issuances in the two transactions described below. As of December 31, 2018 and 2017 , the Company had a total of $601.5 million and $688.5 million , respectively, of floating rate, non-recourse CLO debt included in debt obligations on its consolidated balance sheets. Unamortized debt issuance costs of $2.6 million and $6.0 million are included in CLO Debt as of December 31, 2018 and 2017 , respectively. As of December 31, 2018 , the CLO debt has interest rates of 3.34% to 6.06% (with a weighted average of 4.41% ). As of December 31, 2018 , collateral for the CLO debt comprised $710.5 million of first mortgage commercial mortgage real estate loans. On October 17, 2017, a consolidated 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 consolidated 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 consolidated subsidiary. A consolidated subsidiary 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 consolidated 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 consolidated subsidiary. A consolidated subsidiary 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 three months ended March 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 $2.5 million and $3.1 million outstanding as of December 31, 2018 and 2017 , respectively. The Company recorded $0.5 million of interest expense for the years ended December 31, 2018 and 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, 2018 , Tuebor had $1.3 billion of borrowings outstanding (with an additional $647.5 million of committed term financing available from the FHLB), with terms of overnight to 5.75 years (with a weighted average of 2.5 years ), interest rates of 1.18% to 3.01% (with a weighted average of 2.55% ), and advance rates of 56.4% to 95.2% of the collateral. As of December 31, 2018 , collateral for the borrowings was comprised of $1.0 billion of CMBS and U.S. Agency Securities and $637.2 million of first mortgage commercial real estate loans. 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. 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 $1.8 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, 2018 . 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 28.9% of the Company’s outstanding debt obligations as of December 31, 2018 . 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, 2018 , the Company has a 88.8% 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. The Company believes it was in compliance with all covenants of the Notes as of December 31, 2018 and 2017 . Unamortized debt issuance costs of $11.2 million and $14.1 million are included in senior unsecured notes as of December 31, 2018 and 2017 , 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 $53.5 thousand net loss on extinguishment of debt after recognizing $(22.8) thousand 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. On May 2, 2018, the board of the directors authorized the Company to repurchase any or all 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, 2018 , the remaining $266.2 million in aggregate princi

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	9. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is based upon internal models, using 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, 2018 and 2017 are as follows ($ in thousands): December 31, 2018 Weighted Average Outstanding Face Amount Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield % Remaining Maturity/Duration (years) Assets: CMBS(1) $ 1,258,819 $ 1,257,801 $ 1,252,640 Internal model, third-party inputs 3.14 % 2.33 CMBS interest-only(1) 2,373,936 (2) 55,534 55,691 Internal model, third-party inputs 2.80 % 2.69 GNMA interest-only(3) 135,932 (2) 2,862 2,648 Internal model, third-party inputs 6.30 % 4.11 Agency securities(1) 668 682 662 Internal model, third-party inputs 1.83 % 2.36 GNMA permanent securities(1) 32,633 32,889 33,064 Internal model, third-party inputs 3.76 % 5.03 Corporate bonds(1) 55,305 54,257 53,871 Internal model, third-party inputs 5.04 % 2.51 Equity securities(3) N/A 13,154 11,550 Observable market prices N/A N/A Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loan receivables held for investment, net, at amortized cost 3,340,381 3,318,390 3,324,588 Discounted Cash Flow(4) 7.84 % 1.32 Provision for loan losses N/A (17,900 ) (17,900 ) (5) N/A N/A Mortgage loan receivables held for sale 181,905 182,439 187,870 Internal model, third-party inputs(6) 5.46 % 9.75 FHLB stock(7) 57,915 57,915 57,915 (7) 4.50 % N/A Liabilities: Repurchase agreements - short-term 436,957 436,957 436,957 Discounted Cash Flow(9) 3.42 % 0.23 Repurchase agreements - long-term 226,728 226,728 226,728 Discounted Cash Flow(10) 3.47 % 1.73 Mortgage loan financing 738,825 743,902 735,662 Discounted Cash Flow(10) 5.09 % 2.61 CLO debt 601,543 601,543 601,543 Discounted Cash Flow(9) 4.41 % 9.40 Participation Financing - Mortgage Loan Receivable 2,453 2,453 2,453 Discounted Cash Flow(11) 17.00 % 0.43 Borrowings from the FHLB 1,286,000 1,286,000 1,286,664 Discounted Cash Flow 2.55 % 2.46 Senior unsecured notes 1,166,201 1,154,991 1,111,288 Broker quotations, pricing services 5.39 % 4.28 Nonhedge derivatives(1)(8) 578,971 N/A 975 Counterparty quotations N/A 0.25 (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 discounted cash flow model. (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, 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. 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, 2018 and 2017 ($ in thousands): December 31, 2018 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) $ 1,246,609 $ — $ — $ 1,241,334 $ 1,241,334 CMBS interest-only(1) 2,362,747 (2) — — 54,789 54,789 GNMA interest-only(3) 135,932 (2) — — 2,648 2,648 Agency securities(1) 668 — — 662 662 GNMA permanent securities(1) 32,633 — — 33,064 33,064 Corporate bonds(1) 55,305 — — 53,871 53,871 Equity securities N/A 11,550 — — 11,550 $ 11,550 $ — $ 1,386,368 $ 1,397,918 Liabilities: Nonhedge derivatives(4) 605,871 $ — $ 975 $ — $ 975 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 $ 3,340,381 $ — $ — $ 3,324,588 $ 3,324,588 Provision for loan losses N/A — — (17,900 ) (17,900 ) Mortgage loan receivable held for sale 181,905 — — 187,870 187,870 CMBS(5) 12,210 — — 11,306 11,306 CMBS interest-only(5) 11,189 (2) — — 902 902 FHLB stock 57,915 — — 57,915 57,915 $ — $ — $ 3,564,681 $ 3,564,681 Liabilities: Repurchase agreements - short-term 436,957 $ — $ — $ 436,957 $ 436,957 Repurchase agreements - long-term 226,728 — — 226,728 226,728 Mortgage loan financing 738,825 — — 735,662 735,662 CLO debt 601,543 — — 601,543 601,543 Participation Financing - Mortgage Loan Receivable 2,453 — — 2,453 2,453 Borrowings from the FHLB 1,286,000 — — 1,286,664 1,286,664 Senior unsecured notes 1,166,201 — — 1,111,288 1,111,288 $ — $ — $ 4,401,295 $ 4,401,295 (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. (5) Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, which are classified as held-to-maturity and reported at amortized cost. 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) $ 932,874 $ — $ — $ 941,849 $ 941,849 CMBS interest-only(1) 3,129,027 (2) — — 112,003 112,003 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 $ 1,093,799 $ 1,094,687 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 receivables held for sale 232,527 — — 236,428 236,428 CMBS(5) 12,293 — — 11,651 11,651 CMBS interest-only(5) 11,271 (2) — — 1,068 1,068 FHLB stock 77,915 — — 77,915 77,915 $ — $ — $ 3,615,097 $ 3,615,097 Liabilities: 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 Participation Financing - Mortgage Loan Receivable 688,479 — — 688,479 688,479 Liability for transfers not considered sales 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. (5) Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, which are classified as held-to-maturity and reported at amortized cost. 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, 2018 and 2017 ($ in thousands): Level 3 2018 2017 Balance at January 1, $ 1,106,517 $ 2,100,947 Transfer from level 2 — — Purchases 756,449 210,521 Sales (322,979 ) (1,025,700 ) Paydowns/maturities (109,446 ) (138,413 ) Amortization of premium/discount (21,473 ) (57,231 ) Unrealized gain/(loss) (4,586 ) (816 ) Realized gain/(loss) on sale(1) (5,906 ) 17,209 Balance at December 31, $ 1,398,576 $ 1,106,517 (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, 2018 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 1,252,640 Discounted cash flow Yield (4) — % 3.54 % 21.67 % Duration (years)(5) 0.00 2.50 7.78 CMBS interest-only(1) 55,691 (2) Discounted cash flow Yield (4) 0.87 % 4.71 % 8.11 % Duration (years)(5) 0.14 2.96 6.86 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only(3) 2,648 (2) Discounted cash flow Yield (4) 1.21 % 5.54 % 10.21 % Duration (years)(5) 0.04 3.13 4.77 Prepayment speed (CPJ)(5) 5.00 6.58 15.00 Agency securities(1) 662 Discounted cash flow Yield (4) — % 2.1 % 2.84 % Duration (years)(5) 0.00 2.83 3.82 GNMA permanent securities(1) 33,064 Discounted cash flow Yield (4) — % 3.51 % 4.00 % Duration (years)(5) 0.00 5.62 5.88 Corporate bonds(1) 53,871 Discounted cash flow Yield (4) 5.30 % 5.35 % 5.46 % Duration (years)(5) 1.94 2.19 2.70 Total $ 1,398,576 (1) CMBS, CMBS interest-only securities, Agency securities, GNMA construction securities, GNMA permanent securities and corporate bonds 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, 2017 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 953,499 Discounted cash flow Yield (3) 0.61 % 3 % 18.32 % Duration (years)(4) 0.12 3.19 7.84 CMBS interest-only(1) 113,071 (2) Discounted cash flow Yield (3) 2.7 % 3.52 % 6.31 % Duration (years)(4) 0.39 3.06 4.46 Prepayment speed (CPY)(4) 100.00 100.00 100.00 GNMA interest-only(3) 4,477 (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) 0.00 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, 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, 2018
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, 2018 and 2017 ($ in thousands): December 31, 2018 Fair Value Remaining Maturity (years) Contract Type Notional Asset(1) Liability(1) Caps 1 Month LIBOR $ 69,571 $ — $ — 1.35 Futures 5-year Swap 274,900 — 526 0.25 10-year Swap 227,700 — 436 0.25 5-year U.S. Treasury Note 6,800 — 13 0.25 Total futures 509,400 — 975 Total derivatives $ 578,971 $ — $ 975 (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. 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 10-year U.S. Treasury Note — — 911 Total futures 563,800 836 1,064 Swaps 3 Month LIBOR(2) 50,000 — 1,542 2.68 Credit Derivatives CDX 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 was paying fixed interest rates on these swaps. The swap was subsequently terminated in 2018. 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, 2018 , 2017 and 2016 ($ in thousands): Year Ended December 31, 2018 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ (747 ) $ 16,176 $ 15,429 Swaps 1,403 (848 ) 555 Credit Derivatives 49 (107 ) (58 ) Total $ 705 $ 15,221 $ 15,926 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 ) The Company’s counterparties held $5.0 million and $9.6 million of cash margin as collateral for derivatives as of December 31, 2018 and 2017 , 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, 2018 and 2017 , the Company was in compliance with these requirements and not in default on its indebtedness. As of December 31, 2018 , there was no cash collateral held by the derivative counterparties for these derivatives. As of December 31, 2017 , there was $4.1 million of cash collateral held by the derivative counterparties for these derivatives, 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, 2018
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, 2018 and 2017 . 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, 2018 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 $ 975 $ — $ 975 $ — $ 975 $ — Repurchase agreements 663,686 — 663,686 663,686 — — Total $ 664,661 $ — $ 664,661 $ 663,686 $ 975 $ — (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. 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) Derivatives $ 2,606 $ — $ 2,606 $ — $ 2,606 $ — Repurchase agreements 473,410 — 473,410 473,410 — — Total $ 476,016 $ — $ 476,016 $ 473,410 $ 2,606 $ — 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, 2018 and 2017 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, 2018
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. Issuance of equity For the year ended December 31, 2018 , the Company recognized net proceeds of $98.5 million in connection with the issuance of 5.8 million shares of its Class A common stock. Class B Common Stock Voting Rights Holders of shares of Class B common stock are entitled to one vote for each share held of record by such holder and all matters submitted to a vote of shareholders. Holders of shares of our Class A common stock and Class B common stock vote together as a single class on all matters presented to our shareholders for their vote or approval, except as otherwise required by applicable law. No Dividend or Liquidation Rights Holders of Class B common stock do not have any right to receive dividends or to receive a distribution upon a liquidation or winding up of Ladder Capital Corp. Exchange for Class A Common Stock Pursuant to the Third Amended and Restated LLLP Agreement of LCFH, the Continuing LCFH Limited Partners may from time to time, subject to certain conditions, 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, 2018 , 4,549,832 Series REIT LP Units and 4,549,832 Series TRS LP Units were collectively exchanged for 4,549,832 shares of Class A common stock and 4,549,832 shares of Class B common stock were canceled. We received no other consideration in connection with these exchanges. 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. 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, 2018 , the Company repurchased no shares of Class A common stock. 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 . All repurchased shares are recorded in treasury stock at cost. As of December 31, 2018 , the Company has a remaining amount available for repurchase of $41.8 million , which represents 2.6% in the aggregate of its outstanding Class A common stock, based on the closing price of $15.47 per share on such date. The following table is a summary of the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2018 , 2017 and 2016 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2017 $ 41,769 Additional authorizations — Repurchases paid — — Repurchases unsettled — Authorizations remaining as of December 31, 2018 $ 41,769 (1) Amount excludes commissions paid associated with share repurchases. 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. 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, 2018 , 2017 and 2016 : Declaration Date Dividend per Share February 27, 2018 $ 0.315 May 30, 2018 0.325 September 5, 2018 0.325 November 1, 2018 0.570 (1) Total $ 1.535 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 (2) Total $ 1.285 (1) On November 1, 2018 , the Company’s board of directors approved the fourth quarter 2018 dividend of $0.570 per share of the Company’s Class A common stock in order to meet its annual REIT taxable income distribution requirement. The dividend was paid as a combination of cash and Class A common stock, subject to shareholder elections. (2) On December 2, 2016 , our board of directors approved the fourth quarter 2016 dividend of $0.460 per share of the Company’s Class A common stock in order to meet our annual REIT taxable income distribution requirement. The dividend was paid as a combination of cash and Class A common stock, subject to shareholder elections. The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2018 , 2017 and 2016 : Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain December 11, 2017 January 3, 2018 (1) $ 0.050 $ 0.038 $ — $ 0.012 $ 0.001 March 12, 2018 April 2, 2018 0.315 0.239 — 0.076 0.009 June 11, 2018 July 2, 2018 0.325 0.246 — 0.079 0.009 September 17, 2018 October 1, 2018 0.325 0.246 — 0.079 0.009 December 10, 2018 January 24, 2019 (2) 0.570 0.432 — 0.138 0.015 Total $ 1.585 $ 1.201 $ — $ 0.384 $ 0.043 (1) $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. (2) The $0.570 fourth quarter dividend paid on January 24, 2019 is considered a 2018 dividend for U.S. federal income tax purposes. 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. Stock Dividend 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 elected, subject to the cash/stock election by its shareholders described below, to pay its fourth quarter 2018 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. Pursuant to IRS guidance, shareholders had the option to elect to receive the fourth quarter 2018 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 2018 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 2018 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 2018 dividends was sufficient to fully distribute its 2018 taxable income and its accumulated earnings and profits. On January 24, 2019 , the Company paid an aggregate of $34.9 million in cash to its Class A shareholders, accrued for dividends payable on unvested restricted stock and unvested options with dividend equivalent rights of $0.5 million and issued 1,434,297 shares of its Class A common stock, equivalent to $23.9 million , in connection with the fourth quarter 2018 dividend totaling $0.570 per share. The total number of shares of Class A common stock distributed pursuant to the fourth quarter 2018 dividend was determined based on shareholder elections and the volume weighted average price of $16.67 per share of Class A common stock on the New York Stock Exchange for the three trading days after January 10, 2019 , the date that election forms were due. The Company also issued 180,925 shares of its Class B common stock and each of Series REIT and Series TRS of LCFH issued 1,615,222 of their respective Series LP units corresponding to the aggregate number of Class A and Class B shares issued by the Company. The Company believes that the total value of its 2018 dividend was sufficient to fully distribute its 2018 taxable income. Changes in Accumulated Other Comprehensive Income The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2018 , 2017 and 2016 ($ in thousands): Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2017 $ (212 ) $ 116 $ (96 ) Other comprehensive income (loss) (4,211 ) (930 ) (5,141 ) Exchange of noncontrolling interest for common stock (167 ) 167 — Rebalancing of ownership percentage between Company and Operating Partnership (59 ) 59 — December 31, 2018 $ (4,649 ) $ (588 ) $ (5,237 ) 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

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2018
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, 2018 , 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 $5.5 million as of December 31, 2018 . 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 of LCFH upon liquidation of the Operating Partnership’s assets. Noncontrolling Interest in Unconsolidated Joint Ventures As of December 31, 2018 , the Company consolidates nine ventures in which there are other noncontrolling investors, which own between 1.2% - 29.4% of such ventures. These ventures hold investments in a 40 property student housing portfolio, 21 office buildings, two industrial properties, one condominium complex and one apartment complex. 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, 2018
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, 2018 , 2017 and 2016 consist of the following: ($ in thousands except share amounts) For the Year Ended December 31, 2018 For the Year Ended December 31, 2017 For the Year Ended December 31, 2016 Basic Net income (loss) available for Class A common shareholders $ 180,015 $ 95,276 $ 66,727 Diluted Net income (loss) available for Class A common shareholders $ 180,015 $ 124,046 $ 114,156 Weighted average shares outstanding Basic 97,226,027 81,902,524 61,998,089 Diluted 97,652,065 109,704,880 107,638,788 The calculation of basic and diluted net income (loss) per share amounts for the years ended December 31, 2018 , 2017 and 2016 are described and presented below. Basic Net Income (Loss) per Share Numerator: utilizes net income (loss) available for Class A common shareholders for the years ended December 31, 2018 , 2017 and 2016 , respectively. Denominator: utilizes the weighted average shares of Class A common stock for the years ended December 31, 2018 , 2017 and 2016 , respectively. Diluted Net Income (Loss) per Share Numerator: utilizes net income (loss) available for Class A common shareholders for the years ended December 31, 2018 , 2017 and 2016 , respectively, for the basic net income (loss) per share calculation described above, adding net income (loss) amounts attributable to the noncontrolling interest in the Operating Partnership using the as-if converted method for the Class B common shareholders while adjusting for additional corporate income tax expense (benefit) for the described net income (loss) add-back. Denominator: utilizes the weighted average number of shares of Class A common stock for the years ended December 31, 2018 , 2017 and 2016 , respectively, for the basic net income (loss) per share calculation described above adding the dilutive effect of shares issuable relating to Operating Partnership exchangeable interests and the incremental shares of unvested Class A restricted stock using the treasury method. (In thousands except share amounts) For the Year Ended December 31, 2018 For the Year Ended December 31, 2017 For the Year Ended December 31, 2016 Basic Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 180,015 $ 95,276 $ 66,727 Denominator: Weighted average number of shares of Class A common stock outstanding 97,226,027 81,902,524 61,998,089 Basic net income (loss) per share of Class A common stock $ 1.85 $ 1.16 $ 1.08 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 180,015 $ 95,276 $ 66,727 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 $ 180,015 $ 124,046 $ 114,156 Denominator: Basic weighted average number of shares of Class A common stock outstanding 97,226,027 81,902,524 61,998,089 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 426,038 28,591 522,031 Diluted weighted average number of shares of Class A common stock outstanding 97,652,065 109,704,880 107,638,788 Diluted net income (loss) per share of Class A common stock $ 1.84 $ 1.13 $ 1.06 (1) For the year ended December 31, 2018 , 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 AND OTHER COMPENSAT

STOCK BASED AND OTHER COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK BASED AND OTHER 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, 2018 2017 2016 Stock Based Compensation Expense: Annual Incentive Awards Granted in 2015 with Respect to 2014 Performance $ 172 $ 1,876 $ 4,838 Annual Incentive Awards Granted in 2016 with Respect to 2015 Performance 1,294 2,094 6,690 Annual Incentive Awards Granted in 2017 with Respect to 2016 Performance(1) 2,178 7,289 — Other 2017 Restricted Stock Awards(1) 334 302 — Annual Incentive Awards Granted in 2017 with Respect to 2017 Performance(1) 4,448 6,768 — 2018 Restricted Stock Awards 324 — — Other 2018 Restricted Stock Awards(1) 23 — — Other Employee/Director Awards 58 636 6,112 Total Stock Based Compensation Expense $ 8,831 $ 18,965 $ 17,640 Phantom Equity Investment Plan $ — $ 510 $ 689 Ladder Capital Corp Deferred Compensation Plan $ 1,163 $ 568 $ 710 Bonus Expense $ 34,465 $ 33,747 $ 29,224 (1) Includes immediate vesting of retirement eligible employees, including Brian Harris, our Chief Executive Officer. 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. Annual Incentive Awards Granted in 2016 with Respect to 2015 Performance Members of management were 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, 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. 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, 2017 and 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 is 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. 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. Annual Incentive Awards Granted in 2017 with Respect to 2016 Performance 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 , 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. 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. Annual Incentive Awards Granted in 2017 with Respect to 2017 Performance 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, 50% 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. 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. 2018 Restricted Stock Awards On February 18, 2018 , certain members of the board of directors each received Annual Restricted Stock Awards with a grant date fair value of $0.4 million , representing 25,370 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. Other 2018 Restricted Stock Awards On April 24, 2018, a new employee of the Company received a Restricted Stock Award with a grant date fair value of $0.1 million , representing 3,566 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 employment on the applicable vesting dates. Compensation expense shall be recognized on a straight-line basis over the requisite service period. On July 19, 2018 , a new member of the board of directors received a Restricted Stock Award with a grant date fair value of $0.1 million , representing 4,720 shares of restricted Class A common stock, which will vest in three equal installments on each of the first three anniversaries of the date of grant, subject to continued service on the board of directors. Compensation expense for restricted stock subject to time-based vesting criteria granted to the director will be expensed 1/3 each year, for three years on an annual basis following such grant. Summary of Restricted Stock and Stock Option Expense and Shares/Options Nonvested/Outstanding A summary of the grants is presented below ($ in thousands): Year Ended December 31, 2018 2017 2016 Number Weighted Average Fair Value Number Weighted Average Fair Value Number Weighted Average Fair Value Grants - Class A Common Stock (restricted) 33,656 $ 500 1,996,594 $ 27,489 793,598 $ 9,118 Grants - Class A Common Stock (restricted) dividends — — 15,560 216 166,934 1,908 Stock Options — — — — 380,949 1,356 Amortization to compensation expense Ladder compensation expense $ (8,831 ) $ (18,965 ) (17,640 ) Total amortization to compensation expense $ (8,831 ) $ (18,965 ) $ (17,640 ) The table below presents the number of unvested shares and outstanding stock options at December 31, 2018 and changes during 2018 of the 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, 2017 1,252,365 982,135 Granted 33,656 — Exercised — Vested (141,766 ) Forfeited (26,061 ) — Expired — Nonvested/Outstanding at December 31, 2018 1,118,194 982,135 Exercisable at December 31, 2018 929,701 At December 31, 2018 there was $5.8 million of total unrecognized compensation cost related to certain share-based compensation awards that is expected to be recognized over a period of up to 31 months , with a weighted-average remaining vesting period of 20.2 months . The table below presents the number of unvested shares and outstanding stock options at December 31, 2017 and changes during 2017 of the 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 As of 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 Class A Common stock and Stock Options of Ladder Capital Corp granted under the 2014 Omnibus Incentive Plan: 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 maintained 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 and adopted the 2014 Deferred Compensation Plan, as defined and further described below. The Phantom Equity Plan is an annual deferred compensation plan pursuant to which participants could elect, or in some cases, non-management participants could be required, depending upon the participant’s specific level of compensation, to defer all or a portion of their annual cash performance-based bonuses as elective or mandatory contributions. Generally, if a participant’s total compensation was in excess of a certain threshold, a portion of such participant’s annual bonus, was required to be deferred into the Phantom Equity Plan. Otherwise, amounts could be deferred into the Phantom Equity Plan at the election of the participant, so long as such election was timely made in accordance with the terms and procedures of the Phantom Equity Plan. In the event that a participant elected to (or was required to) defer a portion of his or her compensation pursuant to the Phantom Equity Plan, such amount was not paid to the participant and was instead credited to such participant’s notional account under the Phantom Equity Plan. Prior to the closing of our IPO, such amounts were invested, on a phantom basis, in the Series B Participating Preferred Units issued by LCFH until such amounts were eventually paid to the participant pursuant to the Phantom Equity Plan. Following our IPO, as described below, such amounts were invested on a phantom basis in shares of the Company’s Class A common stock. Mandatory contributions are subject to one-third vesting over a three year period following the applicable Phantom Equity Plan year in which the related compensation was earned. Elective contributions were immediately vested upon contribution. Unvested amounts are generally forfeited upon the participant’s involuntary termination for cause, a voluntary termination for which the participant’s employer would have grounds to terminate the participant for cause or a voluntary termination within one year of which the participant obtains employment with a financial services organization. The date that the amounts deferred into the Phantom Equity Plan are paid to a participant depends upon whether such deferral is a mandatory deferral or an elective deferral. Elective deferrals are paid upon the earliest to occur of (1) a change in control (as defined in the Phantom Equity Plan), (2) the end of the participant’s employment, or (3) December 31, 2017. The vested amounts of the mandatory contributions are paid upon the first to occur of (A) a change in control and (B) the first to occur of (x) December 31, 2017 or (y) the date of payment of the annual bonus payments following December 31 of the third calendar year following the applicable plan year to which the underlying deferred annual bonus relates. The Company could elect to make, and did make, payments pursuant to the Phantom Equity Plan in the fo

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2018
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 2017 Tax Cuts and Jobs Act, the federal income tax rate applicable to TRS activities was reduced. The Company 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, 2018 2017 2016 Current expense (benefit) U.S. Federal $ 7,099 $ 1,845 $ (386 ) State and local 7,068 276 4,838 Total current expense (benefit) 14,167 2,121 4,452 Deferred expense (benefit) U.S. Federal (5,115 ) 4,632 1,417 State and local (2,409 ) 959 451 Total deferred expense (benefit) (7,524 ) 5,591 1,868 Provision for income tax expense (benefit) $ 6,643 $ 7,712 $ 6,320 There were $6.1 million corporate taxes payable (receivable) as of December 31, 2018 . Corporate taxes payable (receivable) as of December 31, 2017 were $2.6 million . There were $0.5 million NYC UBT taxes payable (receivable) at December 31, 2018 . NYC UBT taxes payable (receivable) at December 31, 2017 were $0.5 million . Prepaid corporate taxes as of December 31, 2018 and 2017 were $11.6 million and $12.4 million , respectively. A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2018 , 2017 and 2016 is as follows: Year Ended December 31, 2018 2017 2016 US statutory tax rate 21.00 % 35.00 % 35.00 % REIT income not subject to corporate income tax (18.86 )% (29.53 )% (34.38 )% Increase due to state and local taxes 2.44 % (1) 0.74 % 4.41 % (1) Change in valuation allowance (1.64 )% 2.13 % 0.42 % Impact of Tax Cuts and Jobs Act — % (2.53 )% — % Other (0.03 )% (0.04 )% (0.19 )% Effective income tax rate 2.91 % 5.77 % 5.26 % (1) The increase in state taxes shown above is primarily related to additional tax expense of $3.3 million for the years ended December 31, 2018 and 2016, pertaining to New York State tax audits, 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, 2018 and 2017 , the Company’s net deferred tax assets (liabilities) were $2.3 million and $(5.7) million , respectively, and are included in other assets (liabilities) in the Company’s consolidated balance sheets. The Company believes it is more likely than not that the net deferred tax assets will be realized in the future. Realization of the net deferred tax assets (liabilities) is dependent upon our generation of sufficient taxable income in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences. The amount of net deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change. The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands): December 31, 2018 December 31, 2017 Deferred Tax Assets Basis difference in operating partnerships $ 1,343 $ — Net unrealized losses 937 1,461 Capital losses carryforward 2,427 5,781 Valuation allowance (2,427 ) (5,781 ) Total Deferred Tax Assets $ 2,280 $ 1,461 December 31, 2018 December 31, 2017 Deferred Tax Liability Basis difference in operating partnerships $ — $ 7,134 Net unrealized gains — — Valuation allowance — — Total Deferred Tax Liability $ — $ 7,134 As of December 31, 2018 , the Company had $2.4 million deferred tax assets relating to capital losses which it may only use to offset capital gains. As of December 31, 2017 , the Company had $5.8 million relating to capital losses which it may only use to offset capital gains. These tax attributes will expire if unused in 2020. As the realization of these assets are not more likely than not before their expiration, the Company has provided a full valuation allowance against these deferred tax assets. The Company’s tax returns are subject to audit by taxing authorities. Generally, as of December 31, 2018 , the tax years 2013-2017 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 each 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. In January 2019, a settlement was reached with New York State pertaining to an audit of these same corporate entities for the years 2013-2015. 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. Pursuant to the indemnification, management expects to recover $2.5 million of such amounts and, accordingly, recorded fee and other income in the amount of $2.5 million as well as a corresponding receivable from the indemnity counterparties. The IRS and New York City have begun routine audits of the Company’s U.S. federal and city income tax returns for tax year 2014 and 2012-2014, 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, 2018 and 2017 , 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, 2018 , the Company has not 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 (the “TRA Members”). Under the Tax Receivable Agreement the Company generally is required to pay to the TRA Members 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 TRA Member 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, 2018 and 2017 , pursuant to the Tax Receivable Agreement, the Company recorded a liability of $1.6 million and $1.7 million , respectively, included in amount payable pursuant to tax receivable agreement in the consolidated balance sheets for TRA Members. 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 the Company’s 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 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, 2018
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, 2018 , 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 (“Related”), and certain pre-IPO stockholders of Ladder, including affiliates of TowerBrook Capital Partners, L.P. and GI Partners L.P., closed a purchase by Related of $80.0 million 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 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. The Company recorded $0.5 million and $0.5 million of interest expense for the years ended December 31, 2018 and 2017 , respectively, which is included in accrued expenses on the consolidated balance sheets. On July 6, 2017 , Ladder provided a $21.0 million first mortgage loan to a borrower affiliated with Related 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 Related, and another investor, with the remaining 20% interest belonging to an affiliate of The Related Group of Florida. This loan was sold to a securitization trust on October 31, 2017. For the year ended December 31, 2017 , the Company earned $0.3 million in interest income related to this loan. On December 12, 2018 , Ladder provided a $6.4 million first mortgage interest-only loan to a borrower affiliated with principals of Related to facilitate the acquisition of a gym facility and associated parking located in Woodbury, New York. The borrowing entity is owned directly or indirectly by certain investors, including, among other principals of Related, Richard O’Toole, who owns an approximate 12% interest in the borrowing entity and is a member of Ladder’s board of directors. For the year ended December 31, 2018 , the Company earned $19.3 thousand in interest income related to this loan. Firm Relationships DLA Piper LLP (US), of which Mr. Jeffrey B. Steiner, a member of the Company’s board of directors, was a Partner until March 2018, and McDermott Will & Emery, of which Mr. Steiner is currently a Partner, each provide legal services to the Company. During the year ended December 31, 2017 , the Company paid, or caused to be paid, to DLA Piper approximately $2.7 million in fees for legal services. Expenditures by the Company to DLA Piper and McDermott Will & Emery for the year ended December 31, 2018 , for legal services in the aggregate totaled $2.1 million . Mr. Steiner’s son, Andrew Steiner, is an associate at the Company; during the year ended December 31, 2018 , his compensation from the Company exceeded $120,000 . Andrew Steiner’s compensation and other benefits the year ended December 31, 2018 were comparable to those of other employees of the Company in similar positions and determined by the Company consistent with its compensation practices applicable to other similarly situated employees.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2018
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 , $1.1 million and $1.2 million , of rental expense for the years ended December 31, 2018 , 2017 and 2016 , respectively, which is included in operating expenses in the consolidated statements of income. The Company also rents month-to-month regional offices in California and South Carolina, which are not included in the table below. The following is a schedule of future minimum rental payments required under the above operating lease ($ in thousands): Period Ending December 31, Amount 2019 $ 1,180 2020 1,180 2021 1,180 2022 98 2023 — Thereafter — Total $ 3,638 Unfunded Loan Commitments As of December 31, 2018 , the Company’s off-balance sheet arrangements consisted of $379.8 million of unfunded commitments on mortgage loan receivables held for investment to provide additional first mortgage loan financing, at rates to be determined at the time of funding. As of December 31, 2017 , the Company’s off-balance sheet arrangements consisted of $157.0 million of unfunded commitments of mortgage loan receivables held for investment to provide additional first mortgage loan financing, at rates to be determined at the time of funding. 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.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2018
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, U.S. Agency Securities, corporate bonds and equity securities. The real estate segment includes net leased properties, office buildings, a student housing portfolio, industrial buildings, 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, 2018 Interest income $ 310,149 $ 34,217 $ 24 $ 426 $ 344,816 Interest expense (62,474 ) (4,617 ) (34,739 ) (92,461 ) (194,291 ) Net interest income (expense) 247,675 29,600 (34,715 ) (92,035 ) 150,525 Provision for loan losses (13,900 ) — — — (13,900 ) Net interest income (expense) after provision for loan losses 233,775 29,600 (34,715 ) (92,035 ) 136,625 Operating lease income — — 96,506 — 96,506 Tenant recoveries — — 9,671 — 9,671 Sale of loans, net 16,511 — — — 16,511 Realized gain (loss) on securities — (5,808 ) — — (5,808 ) Unrealized gain (loss) on equity securities — (1,605 ) — — (1,605 ) Unrealized gain (loss) on Agency interest-only securities — 555 — — 555 Realized gain (loss) on sale of real estate, net — — 95,881 — 95,881 Fee and other income 16,490 — 3,416 6,379 26,285 Net result from derivative transactions 10,467 5,459 — — 15,926 Earnings from investment in unconsolidated joint ventures — — 790 — 790 Gain (loss) on extinguishment/defeasance of debt (69 ) — (4,323 ) — (4,392 ) Total other income (expense) 43,399 (1,399 ) 201,941 6,379 250,320 Salaries and employee benefits — — — (60,117 ) (60,117 ) Operating expenses — — — (21,696 ) (3) (21,696 ) Real estate operating expenses — — (29,799 ) (29,799 ) Fee expense (4,040 ) (398 ) (617 ) — (5,055 ) Depreciation and amortization — — (41,884 ) (75 ) (41,959 ) Total costs and expenses (4,040 ) (398 ) (72,300 ) (81,888 ) (158,626 ) Tax (expense) benefit — — — (6,643 ) (6,643 ) Segment profit (loss) $ 273,134 $ 27,803 $ 94,926 $ (174,187 ) $ 221,676 Total assets as of December 31, 2018 $ 3,482,929 $ 1,410,126 $ 1,038,376 $ 341,441 $ 6,272,872 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 (loss) on securities — 17,209 — — 17,209 Unrealized gain (loss) on Agency interest-only securities — 1,405 — — 1,405 Realized gain 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/defeasance of debt (19 ) — — (54 ) (73 ) Total other income 52,461 14,398 116,048 3,563 186,470 Salaries and employee benefits — — — (70,463 ) (70,463 ) Operating expenses 302 — — (21,723 ) (3) (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 ) Income 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 Gain on securities — 7,724 — — 7,724 Unrealized gain (loss) on Agency interest-only securities — (56 ) — — (56 ) Sale of real estate, net — — 20,636 — 20,636 Fee and other income 7,547 — 7,253 6,565 21,365 Net result from derivative transactions 8,371 (9,780 ) — — (1,409 ) Earnings from investment in unconsolidated joint ventures — — (466 ) 892 426 Gain (loss) on extinguishment/defeasance 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 ) (3) (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 ) 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 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $40.4 million and $35.4 million as of December 31, 2018 and 2017 , 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 $57.9 million and $77.9 million as of December 31, 2018 and 2017 , respectively, the Company’s deferred tax asset (liability) of $2.3 million and $(5.7) million as of December 31, 2018 and 2017 , respectively and the Company’s senior unsecured notes of $1.2 billion as of December 31, 2018 and 2017 . (3) Includes $11.5 million , $11.2 million and $11.3 million of professional fees as of December 31, 2018 , 2017 and 2016 , respectively.

QUARTERLY FINANCIAL INFORMATION

QUARTERLY FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	20. QUARTERLY FINANCIAL DATA (UNAUDITED) The following table summarizes the consolidated quarterly financial information for the Company ($ in thousands except per share and dividend amounts): Q4 2018 Q3 2018 Q2 2018 Q1 2018(1) Interest income $ 90,994 $ 90,386 $ 85,230 $ 78,206 Net interest income after provision for loan losses 41,009 28,610 36,513 30,493 Other income (loss)(2) 23,411 96,194 46,381 84,334 Costs and expenses 36,610 40,136 38,753 43,127 Income (loss) before taxes 27,810 84,668 44,141 71,700 Income tax expense (benefit) 964 1,204 573 3,902 Net income (loss) 26,846 83,464 43,568 67,798 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures 268 (7,843 ) 133 (8,422 ) Net (income) loss attributable to noncontrolling interest in operating partnership (3,011 ) (8,991 ) (5,294 ) (8,501 ) Net income (loss) attributable to Class A common shareholders $ 24,103 $ 66,630 $ 38,407 $ 50,875 Earnings per share: Basic $ 0.24 $ 0.69 $ 0.40 $ 0.53 Diluted $ 0.24 $ 0.67 $ 0.40 $ 0.53 Dividends per share of Class A common stock(3) $ 0.570 $ 0.325 $ 0.325 $ 0.315 Q4 2017 Q3 2017 Q2 2017 Q1 2017(1) 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 Class A common stock $ 0.315 $ 0.300 $ 0.300 $ 0.300 (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, 2018 and 2017. (2) During the quarter ended December 31, 2018 , other income includes a $2.5 million in income from an indemnity counterparty, which is more fully discussed in Note 16, Income Taxes . (3) On November 1, 2018 , the Company’s board of directors approved the fourth quarter 2018 dividend of $0.570 per share of the Company’s Class A common stock in order to meet its annual REIT taxable income distribution requirement. The dividend was paid as a combination of cash and Class A common stock, subject to shareholder elections.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2018
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 the following disclosure is necessary: Lease Prepayment by Lessor and Retirement of Related Mortgage Loan Financing On January 10, 2019 , the Company received $10.0 million prepayment of a lease on a single-tenant industrial two-story office building in Wayne, NJ. As of December 31, 2018 , this property had a book value of $8.2 million , which is net of accumulated depreciation and amortization of $1.5 million . The Company intends to recognize the $10.0 million of operating lease income on a straight-line basis over the revised lease term, which ends on May 31, 2019 . On February 6, 2019 , the Company paid off $6.6 million of mortgage loan financing related to the property, recognizing a loss on defeasance of debt of $1.1 million . Committed Loan Repurchase Facility On February 26, 2019 , 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 initial term of the facility to February 24, 2022 and continues to have two additional 12 -month extension periods at Company’s option. No new advances are permitted after the initial maturity date.

Schedule III-Real Estate and Ac

Schedule III-Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III-Real Estate and Accumulated Depreciation	chedule III-Real Estate and Accumulated Depreciation Ladder Capital Corp December 31, 2018 ($ 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 Pelican Rapids, MN $ — $ 78 $ 1,016 $ 169 $ — $ 78 $ 1,016 $ 169 $ 1,263 $ (1 ) 12/26/18 2018 15-30yrs Retail Property in Carthage, MO — 225 766 176 — 227 766 176 1,169 (1 ) 12/26/18 2018 15-40yrs Retail Property in Bolivar, MO — 186 876 182 — 186 876 182 1,244 (1 ) 12/26/18 2018 15-40yrs Retail Property in Pinconning, MI — 167 905 221 — 167 905 221 1,293 (2 ) 12/06/18 2018 15-45yrs Retail Property in New Hampton, IA — 177 1,111 187 — 177 1,111 187 1,475 (4 ) 11/30/18 2018 15-35yrs Retail Property in Ogden, IA 857 107 931 153 — 107 931 153 1,191 (9 ) 10/03/18 2018 15-35yrs Retail Property in Wonder Lake, IL 944 221 888 214 — 221 888 214 1,323 (25 ) 04/12/18 2017 14-39yrs Retail Property in Moscow Mills, MO 992 161 945 203 — 161 945 203 1,309 (25 ) 04/12/18 2018 15-45yrs Retail Property in Foley, MN 884 238 823 172 — 238 823 172 1,233 (25 ) 04/12/18 2018 15-35yrs Retail Property in Kirbyville, MO 870 98 965 155 — 98 965 155 1,218 (24 ) 04/02/18 2018 15-40yrs Retail Property in Gladwin, MI 884 88 951 203 — 88 951 203 1,242 (24 ) 04/02/18 2017 15-45yrs Retail Property in Rockford, MN 885 187 850 207 — 187 850 207 1,244 (46 ) 12/08/17 2017 15-30yrs Retail Property in Winterset, IA 933 272 830 200 — 272 830 200 1,302 (36 ) 12/08/17 2017 15-35yrs Retail Property in Kawkawlin, MI 916 242 871 179 — 242 871 179 1,292 (47 ) 10/05/17 2017 15-30yrs Retail Property in Aroma Park, IL 950 223 869 164 — 223 869 164 1,256 (40 ) 10/05/17 2017 15-35yrs Retail Property in East Peoria, IL 1,019 233 998 161 — 233 998 161 1,392 (45 ) 10/05/17 2017 15-40yrs Retail Property in Milford, IA 988 254 883 217 — 254 883 217 1,354 (45 ) 09/08/17 2017 15-40yrs Retail Property in Jefferson City, MO 951 164 966 205 — 164 966 205 1,335 (55 ) 06/02/17 2016 15-40yrs Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Denver, IA 905 198 840 191 — 198 840 191 1,229 (54 ) 05/31/17 2017 15-35yrs Retail Property in Port O'Connor, TX 956 167 937 200 — 167 937 200 1,304 (60 ) 05/25/17 2017 15-35yrs Retail Property in Wabasha, MN 972 237 912 214 — 237 912 214 1,363 (63 ) 05/25/17 2016 15-35yrs Office in Jacksonville, FL 83,382 13,290 106,601 21,362 1,080 13,290 107,681 21,362 142,333 (7,415 ) 05/23/17 1989 9-36yrs Retail Property in Shelbyville, IL 869 189 849 199 — 189 849 199 1,237 (52 ) 05/23/17 2016 15-40yrs Retail Property in Jesup, IA 891 119 890 191 — 119 890 191 1,200 (57 ) 05/05/17 2017 15-35yrs Retail Property in Hanna City, IL 872 174 925 132 — 174 925 132 1,231 (59 ) 04/11/17 2016 14-39yrs Retail Property in Ridgedale, MO 999 250 928 187 — 250 928 187 1,365 (62 ) 03/09/17 2016 15-40yrs Retail Property in Peoria, IL 910 209 933 133 — 209 933 133 1,275 (68 ) 02/06/17 2016 14-35yrs Retail Property in Carmi, IL 1,108 286 916 239 — 286 916 239 1,441 (65 ) 02/03/17 2016 15-40yrs Retail Property in Springfield, IL 1,009 391 784 227 — 393 789 224 1,406 (63 ) 11/16/16 2016 15-40yrs Retail Property in Fayetteville, NC 4,919 1,379 3,121 2,472 — 1,379 3,121 2,471 6,971 (507 ) 11/15/16 2008 12-37yrs Retail Property in Dryden Township, MI 918 178 893 201 — 178 899 202 1,279 (69 ) 10/26/16 2016 15-40yrs Retail Property in Lamar, MO 907 164 903 171 — 164 903 171 1,238 (77 ) 07/22/16 2016 15-40yrs Retail Property in Union, MO 951 267 867 207 — 267 867 207 1,341 (84 ) 07/01/16 2016 15-40yrs Retail Property in Pawnee, IL 951 249 775 206 — 249 775 206 1,230 (76 ) 07/01/16 2016 15-40yrs Retail Property in Linn, MO 865 89 920 183 — 89 920 183 1,192 (81 ) 06/30/16 2016 15-40yrs Retail Property in Cape Girardeau, MO 1,021 453 702 217 — 453 702 217 1,372 (71 ) 06/30/16 2016 15-40yrs Retail Property in Decatur-Pershing, IL 1,058 395 924 155 — 395 924 155 1,474 (81 ) 06/30/16 2016 15-40yrs Retail Property in Rantoul, IL 930 100 1,023 178 — 100 1,023 178 1,301 (85 ) 06/21/16 2016 15-40yrs Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Flora Vista, NM 1,008 272 864 198 — 272 864 198 1,334 (101 ) 06/06/16 2016 15-35yrs Retail Property in Mountain Grove, MO 987 163 1,026 212 — 163 1,026 212 1,401 (95 ) 06/03/16 2016 15-40yrs Retail Property in Decatur-Sunnyside, IL 948 182 954 139 — 182 954 139 1,275 (84 ) 06/03/16 2016 15-40yrs Retail Property in Champaign, IL 1,023 365 915 149 — 365 915 149 1,429 (79 ) 06/03/16 2016 15-40yrs Retail Property in San Antonio, TX 889 252 703 196 — 251 702 196 1,149 (82 ) 05/06/16 2015 15-35yrs Retail Property in Borger, TX 785 68 800 181 — 68 800 181 1,049 (82 ) 05/06/16 2016 15-40yrs Retail Property in Dimmitt, TX 1,051 86 1,077 236 — 85 1,074 236 1,395 (106 ) 04/26/16 2016 15-40yrs Retail Property in St. Charles, MN 963 200 843 226 — 200 843 226 1,269 (105 ) 04/26/16 2016 15-30yrs Retail Property in Philo, IL 926 160 889 189 — 160 889 189 1,238 (81 ) 04/26/16 2016 15-40yrs Retail Property in Radford, VA 1,135 411 896 256 — 411 896 256 1,563 (125 ) 12/23/15 2015 15-40yrs Retail Property in Rural Retreat, VA 1,039 328 811 260 — 328 811 260 1,399 (109 ) 12/23/15 2015 15-40yrs Retail Property in Albion, PA 1,126 100 1,033 392 — 100 1,033 392 1,525 (185 ) 12/23/15 2015 14-50yrs Retail Property in Mount Vernon, AL 944 187 876 174 — 187 876 174 1,237 (106 ) 12/23/15 2015 14-44yrs Retail Property in Malone, NY 1,085 183 1,154 137 — 183 1,154 137 1,474 (123 ) 12/16/15 2015 14-39yrs Retail Property in Mercedes, TX 836 257 874 132 — 257 874 132 1,263 (88 ) 12/16/15 2015 15-45yrs Retail Property in Gordonville, MO 773 247 787 173 — 247 787 173 1,207 (91 ) 11/10/15 2015 15-40yrs Retail Property in Rice, MN 819 200 859 184 — 200 859 184 1,243 (133 ) 10/28/15 2015 15-30yrs Retail Property in Bixby, OK 7,974 2,609 7,776 1,765 — 2,609 7,776 1,765 12,150 (922 ) 10/27/15 2012 12-37yrs Retail Property in Farmington, IL 898 96 1,161 150 — 96 1,161 150 1,407 (118 ) 10/23/15 2015 15-40yrs Retail Property in Grove, OK 3,634 402 4,364 817 — 402 4,364 817 5,583 (545 ) 10/20/15 2012 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 Jenks, OK 8,823 2,617 8,694 2,107 — 2,617 8,694 2,107 13,418 (1,097 ) 10/19/15 2009 9-38yrs Retail Property in Bloomington, IL 819 173 984 138 — 173 984 138 1,295 (107 ) 10/14/15 2015 15-40yrs Retail Property in Montrose, MN 784 149 876 169 — 149 876 169 1,194 (134 ) 10/14/15 2015 15-30yrs Retail Property in Lincoln County , MO 740 149 800 188 — 149 800 188 1,137 (94 ) 10/14/15 2015 15-40yrs Retail Property in Wilmington, IL 905 161 1,078 160 — 161 1,078 160 1,399 (116 ) 10/07/15 2015 15-40yrs Retail Property in Danville, IL 741 158 870 132 — 158 870 132 1,160 (89 ) 10/07/15 2015 15-40yrs Retail Property in Moultrie, GA 932 170 962 173 — 170 962 173 1,305 (145 ) 09/22/15 2014 14-44yrs Retail Property in Rose Hill, NC 1,003 245 972 203 — 245 972 203 1,420 (140 ) 09/22/15 2014 14-44yrs Retail Property in Rockingham, NC 823 73 922 163 — 73 922 163 1,158 (126 ) 09/22/15 2014 14-44yrs Retail Property in Biscoe, NC 862 147 905 164 — 147 905 164 1,216 (128 ) 09/22/15 2014 14-44yrs Retail Property in De Soto, IA 706 139 796 176 — 139 796 176 1,111 (102 ) 09/08/15 2015 15-35yrs Retail Property in Kerrville, TX 769 186 849 200 — 186 849 200 1,235 (128 ) 08/28/15 2015 15-35yrs Retail Property in Floresville, TX 815 268 828 216 — 268 828 216 1,312 (130 ) 08/28/15 2015 15-35yrs Retail Property in Minot, ND 4,700 1,856 4,472 618 — 1,856 4,472 618 6,946 (510 ) 08/19/15 2012 13-38yrs Retail Property in Lebanon, MI 821 359 724 178 — 359 724 178 1,261 (91 ) 08/14/15 2015 15-40yrs Retail Property in Effingham County, IL 821 273 774 205 — 273 774 205 1,252 (106 ) 08/10/15 2015 15-40yrs Retail Property in Ponce, Puerto Rico 6,524 1,365 6,662 1,318 — 1,365 6,662 1,318 9,345 (778 ) 08/03/15 2012 12-37yrs Retail Property in Tremont, IL 790 164 860 168 — 164 860 168 1,192 (115 ) 06/25/15 2015 15-35yrs Retail Property in Pleasanton, TX 866 311 850 216 — 311 850 216 1,377 (133 ) 06/24/15 2015 15-35yrs Retail Property in Peoria, IL 855 180 934 179 — 180 934 179 1,293 (125 ) 06/24/15 2015 15-35yrs Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Bridgeport, IL 822 192 874 175 — 192 874 175 1,241 (116 ) 06/24/15 2015 15-35yrs Retail Property in Warren, MN 697 108 825 157 — 108 825 157 1,090 (134 ) 06/24/15 2015 15-30yrs Retail Property in Canyon Lake, TX 908 291 932 220 — 291 932 220 1,443 (139 ) 06/18/15 2015 15-35yrs Retail Property in Wheeler, TX 717 53 887 188 — 53 887 188 1,128 (132 ) 06/18/15 2015 15-35yrs Retail Property in Aurora, MN 629 126 709 157 — 126 709 157 992 (94 ) 06/18/15 2015 15-40yrs Retail Property in Red Oak, IA 779 190 839 179 — 190 839 179 1,208 (140 ) 05/07/15 2014 15-35yrs Retail Property in Zapata, TX 746 62 998 145 — 62 998 145 1,205 (174 ) 05/07/15 2015 15-35yrs Retail Property in St. Francis, MN 733 105 911 163 — 105 911 163 1,179 (171 ) 03/26/15 2014 15-35yrs Retail Property in Yorktown, TX 784 97 1,005 199 — 97 1,005 199 1,301 (186 ) 03/25/15 2015 15-35yrs Retail Property in Battle Lake, MN 720 136 875 157 — 136 875 157 1,168 (179 ) 03/25/15 2014 15-30yrs Retail Property in Paynesville, MN 804 246 816 192 — 246 816 192 1,254 (150 ) 03/05/15 2015 15-40yrs Retail Property in Wheaton, MO 649 73 800 97 — 73 800 97 970 (127 ) 03/05/15 2015 15-40yrs Retail Property in Rotterdam, NY 8,919 2,530 7,924 2,165 — 2,530 7,924 2,165 12,619 (2,430 ) 03/03/15 1996 8-20yrs Retail Property in Hilliard, OH 4,565 654 4,870 860 — 654 4,870 860 6,384 (694 ) 03/02/15 2007 12-41yrs Retail Property in Niles, OH 3,709 437 4,084 680 — 437 4,084 680 5,201 (578 ) 03/02/15 2007 12-41yrs Retail Property in Youngstown, OH 3,831 380 4,363 658 — 380 4,363 658 5,401 (634 ) 02/20/15 2005 12-40yrs Retail Property in Kings Mountain, NC 18,617 1,368 19,533 3,266 4,850 1,368 24,383 3,266 29,017 (4,323 ) 01/29/15 1995 10-35yrs Retail Property in Iberia, MO 894 130 1,033 165 — 130 1,033 165 1,328 (170 ) 01/23/15 2015 14-39yrs Retail Property in Pine Island, MN 768 112 845 185 — 112 845 185 1,142 (164 ) 01/23/15 2014 15-40yrs Retail Property in Isle, MN 722 120 787 171 — 120 787 171 1,078 (158 ) 01/23/15 2014 15-40yrs Retail Property in Jacksonville, NC 5,671 1,863 5,749 1,020 — 1,863 5,749 1,020 8,632 (898 ) 01/22/15 2014 15-44yrs Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Evansville, IN 6,416 1,788 6,348 864 — 1,788 6,348 864 9,000 (1,068 ) 11/26/14 2014 15-35yrs Retail Property in Woodland Park, CO 2,798 668 2,681 620 — 668 2,681 620 3,969 (572 ) 11/14/14 2014 15-35yrs Retail Property in Bellport, NY 12,822 3,601 12,465 2,034 — 3,601 12,465 2,034 18,100 (2,232 ) 11/13/14 2014 15-35yrs Retail Property in Ankeny, IA 11,695 3,180 10,513 2,843 — 3,180 10,513 2,843 16,536 (1,971 ) 11/04/14 2013 14-39yrs Retail Property in Springfield, MO 8,340 3,658 6,296 1,870 — 3,658 6,296 1,870 11,824 (1,288 ) 11/04/14 2011 12-37yrs Retail Property in Cedar Rapids, IA 7,792 1,569 7,553 1,878 — 1,569 7,553 1,878 11,000 (1,662 ) 11/04/14 2012 10-30yrs Retail Property in Fairfield, IA 7,580 1,132 7,779 1,800 — 1,132 7,779 1,800 10,711 (1,436 ) 11/04/14 2011 12-37yrs Retail Property in Owatonna, MN 7,107 1,398 7,125 1,564 — 1,398 7,125 1,564 10,087 (1,376 ) 11/04/14 2010 11-36yrs Retail Property in Muscatine, IA 5,097 1,060 6,636 1,307 — 1,060 6,636 1,307 9,003 (1,366 ) 11/04/14 2013 10-29yrs Retail Property in Sheldon, IA 3,065 633 3,053 708 — 633 3,053 708 4,394 (588 ) 11/04/14 2011 12-37yrs Retail Property in Memphis, TN 3,914 1,986 2,800 803 — 1,986 2,800 803 5,589 (1,180 ) 10/24/14 1962 5-15yrs Retail Property in Bennett, CO 2,486 470 2,503 563 — 470 2,503 563 3,536 (555 ) 10/02/14 2014 14-34yrs Retail Property in Conyers, GA 22,827 876 27,396 4,258 — 876 27,396 4,258 32,530 (4,347 ) 08/28/14 2014 15-45yrs Retail Property in O'Fallon, IL 5,684 2,488 5,388 1,064 — 2,488 5,388 1,064 8,940 (2,235 ) 08/08/14 1984 7-15yrs Retail Property in El Centro, CA 2,982 569 3,133 575 — 569 3,133 575 4,277 (539 ) 08/08/14 2014 15-50yrs Retail Property in Durant, OK 3,236 594 3,900 498 — 594 3,900 498 4,992 (776 ) 01/28/13 2007 10-40yrs Retail Property in Gallatin, TN 3,308 1,725 2,616 721 — 1,725 2,616 721 5,062 (696 ) 12/28/12 2007 11-40yrs Retail Property in Mt. Airy, NC 2,938 729 3,353 621 — 729 3,353 621 4,703 (795 ) 12/27/12 2007 9-39yrs Retail Property in Aiken, SC 3,869 1,588 3,480 858 — 1,588 3,480 858 5,926 (848 ) 12/21/12 2008 11-41yrs Retail Property in Johnson City, TN 3,438 917 3,607 739 — 917 3,607 739 5,263 (855 ) 12/21/12 2007 11-40yrs Retail Property in Palmview, TX 4,543 938 4,837 1,044 — 938 4,837 1,044 6,819 (979 ) 12/19/12 2012 11-44yrs Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Ooltewah, TN 3,805 903 3,957 843 — 903 3,957 843 5,703 (915 ) 12/18/12 2008 11-41yrs Retail Property in Abingdon, VA 3,055 682 3,733 666 — 682 3,733 666 5,081 (872 ) 12/18/12 2006 11-41yrs Retail Property in Wichita, KS 4,761 1,187 4,850 1,163 — 1,187 4,850 1,163 7,200 (1,475 ) 12/14/12 2012 14-34yrs Retail Property in North Dartmouth, MA 18,849 7,033 19,745 3,187 — 7,033 19,745 3,187 29,965 (7,670 ) 09/21/12 1989 10-20yrs Retail Property in Vineland, NJ 13,847 1,482 17,742 3,282 — 1,482 17,742 3,282 22,506 (5,363 ) 09/21/12 2003 12-30yrs Retail Property in Saratoga Springs, NY 12,442 748 13,936 5,538 — 748 13,936 5,538 20,222 (5,018 ) 09/21/12 1994 15-27yrs Retail Property in Waldorf, MD 11,569 4,933 11,684 2,882 — 4,933 11,684 2,882 19,499 (4,289 ) 09/21/12 1999 10-25yrs Retail Property in Mooresville, NC 10,855 2,615 12,462 2,566 — 2,615 12,462 2,566 17,643 (4,521 ) 09/21/12 2000 12-24yrs Retail Property in Sennett, NY 4,702 1,147 4,480 1,848 — 1,147 4,480 1,848 7,475 (1,995 ) 09/21/12 1996 10-23yrs Retail Property in DeLeon Springs, FL 814 239 782 221 — 239 782 221 1,242 (315 ) 08/13/12 2011 15-35yrs Retail Property in Orange City, FL 798 229 853 235 — 229 853 235 1,317 (330 ) 05/23/12 2011 15-35yrs Retail Property in Satsuma, FL 719 79 821 192 — 79 821 192 1,092 (319 ) 04/19/12 2011 15-35yrs Retail Property in Greenwood, AR 3,394 1,038 3,415 694 — 1,038 3,415 694 5,147 (869 ) 04/12/12 2009 13-43yrs Retail Property in Snellville, GA 5,306 1,293 5,724 983 — 1,293 5,724 983 8,000 (1,757 ) 04/04/12 2011 14-34yrs Retail Property in Columbia, SC 5,161 2,148 4,629 1,023 — 2,148 4,629 1,023 7,800 (1,484 ) 04/04/12 2001 14-34yrs Retail Property in Millbrook, AL 4,576 970 5,972 — — 970 5,972 — 6,942 (1,272 ) 03/28/12 2008 32yrs Retail Property in Pittsfield, MA 11,083 1,801 11,556 1,344 — 1,801 11,556 1,344 14,701 (3,007 ) 02/17/12 2011 14-34yrs Retail Property in Spartanburg, SC 2,599 828 2,567 772 — 828 2,567 772 4,167 (914 ) 01/14/11 2007 12-42yrs Retail Property in Tupelo, MS 3,090 1,120 3,070 939 — 1,120 3,070 939 5,129 (1,060 ) 08/13/10 2007 12-47yrs Retail Property in Lilburn, GA 3,474 1,090 3,673 1,028 — 1,090 3,673 1,028 5,791 (1,224 ) 08/12/10 2007 12-47yrs 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 Douglasville, GA 3,264 1,717 2,705 987 — 1,717 2,705 987 5,409 (966 ) 08/12/10 2008 13-48yrs Retail Property in Elkton, MD 2,928 963 3,049 860 — 963 3,049 860 4,872 (1,023 ) 07/27/10 2008 14-49yrs Retail Property in Lexington, SC 2,898 1,644 2,219 869 — 1,644 2,219 869 4,732 (872 ) 06/28/10 2009 13-48yrs Total Net Lease 503,018 114,745 542,306 114,423 5,930 114,747 548,243 114,420 777,410 (104,043 ) Apartments in Isla Vista, CA 68,893 36,274 47,694 1,118 391 36,274 48,085 1,118 85,477 (1,944 ) 05/01/18 2009 2-42yrs Warehouse in Lithia Springs, GA 17,326 2,939 21,527 — 368 2,939 21,895 — 24,834 (548 ) 03/08/18 2005 11-34yrs Office in Crum Lynne, PA 6,031 1,403 7,518 1,666 — 1,403 7,518 1,666 10,587 (382 ) 09/29/17 1999 12-35yrs Apartment Building in Miami, FL — 12,643 24,533 968 509 12,643 24,856 968 38,467 (2,221 ) 08/31/17 1987 5-35yrs Office in Peoria, IL — 940 439 1,508 610 940 1,049 1,508 3,497 (335 ) 10/21/16 1926 5-15yrs Office in Wayne, NJ 21,780 2,744 20,212 8,323 — 2,744 20,212 8,323 31,279 (3,087 ) 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 (953 ) 10/14/15 1985 5-20yrs Office in Wayne, NJ 6,645 1,386 5,474 2,840 — 1,386 5,474 2,840 9,700 (1,477 ) 06/24/15 1980 10-40yrs Warehouse in Grand Rapids, MI 7,212 497 8,157 1,077 — 497 8,157 1,077 9,731 (1,350 ) 06/18/15 1963 8-35yrs Office in Grand Rapids, MI 4,882 547 5,157 596 — 547 5,157 596 6,300 (1,184 ) 06/18/15 1992 6-28yrs Office in Richmond, VA 15,733 4,539 12,633 2,707 1,879 4,539 14,515 2,704 21,758 (5,965 ) 08/14/14 1986 4-33yrs Office in Richmond, VA 74,298 14,632 87,629 17,658 7,478 12,941 83,115 15,696 111,752 (34,161 ) 06/07/13 1984 4-41yrs Office in Oakland County, MI 18,081 1,147 7,707 9,932 7,807 1,144 15,510 9,929 26,583 (15,457 ) 02/01/13 1989 4-35yrs Total Diversified 240,881 81,732 252,312 49,426 19,551 80,038 259,684 47,458 387,180 (69,064 ) Condominium in Miami, FL — 10,487 67,895 1,618 1,522 802 5,952 124 6,878 (763 ) 11/21/13 2010 7-47yrs Condominium in Las Vegas, NV — 4,900 114,100 — 1,342 57 435 — 492 (68 ) 12/20/12 2006 40yrs Total Condominium — 15,387 181,995 1,618 2,864 859 6,387 124 7,370 (1) (831 ) Total Real Estate $ 743,899 $ 211,864 $ 976,613 $ 165,467 $ 28,345 $ 195,644 $ 814,314 $ 162,002 $ 1,171,960 (2) $ (173,938 ) (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 $1.0 billion at December 31, 2018 . Reconciliation of Real Estate: The following table reconciles real estate from December 31, 2017 to December 31, 2018 $ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2017 $ 1,193,104 $ 1,135,358 $ 57,746 Improvements and additions 131,294 130,969 325 Dispositions (152,438 ) (139,884 ) (12,554 ) Balance at December 31, 2018 $ 1,171,960 $ 1,126,443 $ 45,517 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 Reconciliation of Accumulated Depreciation and Amortization: The following table reconciles accumulated depreciation and amortization from December 31, 2017 to December 31, 2018 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2017 $ 161,063 $ 159,138 $ 1,925 Additions 42,532 42,246 286 Dispositions (29,657 ) (28,277 ) (1,380 ) Balance at December 31, 2018 $ 173,938 $ 173,107 $ 831 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

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in 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, 2018 ($ 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 7.5% 2/6/2020 IO — 106,000 105,006 — First Mortgages individually <3% First Mortgage Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Retail, Self Storage and Condominium 6.04% - 15.00% 2019-2027 — 3,148,065 3,128,269 44,600 Total First Mortgages $ — $ 3,374,065 $ 3,353,227 $ 44,600 Subordinated Mortgages individually <3% Subordinate Mortgage Hotel, Mixed Use, Multi-family, Office and Retail 6.04% - 15.00% 2019-2027 1,147,657 148,221 147,602 — Total Subordinated Mortgages $ 1,147,657 $ 148,221 $ 147,602 $ — Total Mortgages $ 1,147,657 $ 3,522,286 $ 3,500,829 $ 44,600 Provision for Loan Losses N/A N/A $ (17,900 ) N/A Total Mortgages after Provision for Loan Losses $ 1,147,657 $ 3,522,286 $ 3,482,929 (4) $ 44,600 (1) Interest rates as of December 31, 2018 . (2) IO = Interest only. P&I = Principal and interest. (3) As of December 31, 2018 , includes two of the Company’s loans, with a single borrower, with a carrying value of $26.9 million (net of a $2.7 million provision for loan losses) and another loan, with a carrying value of $17.6 million , for which no provision was considered necessary. Refer to Provision for Loan Losses and Non-Accrual Status in Note 4, Mortgage Loan Receivables , to the consolidated financial statements. (4) The aggregate cost for U.S. federal income tax purposes is $3.5 billion . Reconciliation of mortgage loans on real estate: The following tables reconcile mortgage loans on real estate from December 31, 2015 to December 31, 2018 ($ 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, 2017 $ 3,282,462 $ (4,000 ) $ 230,180 $ 3,508,642 Origination of mortgage loan receivables 1,478,771 — 1,297,221 2,775,992 Purchases of mortgage loan receivables — — — — Repayment of mortgage loan receivables (1,518,066 ) — (14,242 ) (1,532,308 ) Proceeds from sales of mortgage loan receivables — — (1,291,828 ) (1,291,828 ) Non-cash disposition of loan via foreclosure — — — — Realized gain on sale of mortgage loan receivables — — 16,511 16,511 Transfer between held for investment and held for sale 55,403 — (55,403 ) — Accretion/amortization of discount, premium and other fees 19,820 — — 19,820 Loan loss provision — (13,900 ) — (13,900 ) Balance December 31, 2018 $ 3,318,390 $ (17,900 ) $ 182,439 $ 3,482,929 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 ) Non-cash disposition of loan via foreclosure — — — — 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 ) Non-cash disposition of loan via foreclosure — — — — Realized gain on sale of mortgage loan receivables — — 26,009 26,009 Transfer between held for investment and held for sale — — — — 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

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Accounting and Principles of 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; • valuation of mortgage loan receivables held for sale; • 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 including the valuation of underlying collateral for collateral dependent loans; • 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, 2018 and 2017 .
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.
Mortgage Loan Receivables Held for Investment	Mortgage Loan Receivables Held for Investment Loans for which the Company has the intention 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 on the consolidated balance sheets.
Provision for Loan Losses	Provision for Loan Losses The provision for loan losses reflects the Company’s estimate of loan losses inherent in the loan portfolio as of the balance sheet date. The provision for loan losses includes a portfolio-based, general component and an asset-specific component. The Company estimates its portfolio-based loan loss provision based on its historical loss experience and expectation of losses inherent in the investment portfolio but not yet realized. 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. The asset-specific reserve component relates to reserves for losses on individually impaired loans. The Company evaluates each loan 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 effective rate or the fair value of the collateral, less the estimated costs to sell, if recovery of the Company’s investment is expected solely from the collateral. The Company’s 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/sponsor on a loan by loan basis. 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. For collateral dependent impaired loans, impairment is measured using the estimated fair value of collateral less the estimated cost to sell. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and are updated if circumstances indicate that a significant change in value has occurred. The Company generally will use the direct capitalization rate valuation methodology to estimate the fair value of the collateral for such loans. In more limited cases, the Company will obtain external appraisals for loan collateral. A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when a concession is granted and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loans. Significant judgment is required when evaluating loans for impairment, therefore actual results over time could be materially different. The Company designates non-performing loans at such time as (i) loan payments become 90-days past due; (ii) the loan has a maturity default; or (iii) in the opinion of the Company, it is probable the Company will be unable to collect all amounts due according to the contractual terms of the loan. Income recognition will be suspended when a loan is designated non-performing and resumed only when the suspended loan becomes contractually current and performance is demonstrated to have resumed. Any interest received for loans in non-performing status will be applied as a reduction to the unpaid principal balance. A loan will be written off when it is no longer realizable and legally discharged.
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”) and equity 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. Equity securities are classified as available-for-sale. The Company has elected the fair market value option for accounting for these equity securities and changes in fair value are recorded in current period earnings. 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 after January 1, 2018 are recognized pursuant to the provisions included in ASC 606-20, Revenue from Contracts with Customers (“ASC 606-20”) or ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Generally, the Company’s sales of residential condominiums would be governed by ASC 606-20 and the sales of rental properties under ASC 610-20. Gain on sales of real estate prior to January 1, 2018 are recognized pursuant to the provisions included in ASC 360-20, Real Estate Sales (“ASC 360-20”). The specific timing of a sale was 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 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. See Note 7, Investment in Unconsolidated Joint Ventures .
Capitalization of Interest	Capitalization of Interest Capitalization of costs begins when the activities necessary to get the development project ready for its intended use begins, which include costs incurred before the beginning of construction. Capitalization of costs ceases when the development project is substantially complete and ready for its intended use. Determining when a development project commences, and when it is substantially complete and ready for its intended use involves a degree of judgment. We generally consider a development project to be substantially complete and ready for its intended use upon receipt of a certificate of occupancy. We cease cost capitalization if activities necessary for the development of the property have been suspended. Capitalized costs are allocated to the specific components of a project that are benefited. Interest shall be capitalized for investments accounted for by the equity method while the investee has activities in progress necessary to commence its planned principal operations, provided that the investee’s activities include the use of funds to acquire qualifying assets for its operations. The investor’s investment in the investee, not the individual assets or projects of the investee, is the qualifying asset for purposes of interest capitalization.
Valuation of Financial Instruments	Valuation of Financial Instruments Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, fair values are not necessarily indicative of the amounts the Company could realize upon disposition of the financial instruments. Financial instruments with readily available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of pricing observability and will therefore require a lesser degree of judgment to be utilized in measuring fair value. Conversely, financial instruments rarely traded or not quoted will generally have less, or no, pricing observability and will require a higher degree of judgment in measuring fair value. Pricing observability is generally affected by such items as the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction and overall market conditions. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts. For a further discussion regarding the measurement of financial instruments see Note 9, Fair Value of Financial Instruments .
Valuation Hierarchy	Valuation Hierarchy In accordance with the authoritative guidance on fair value measurements and disclosures under ASC 820, Fair Value Measurement, the methodologies used for valuing such instruments have been categorized into three broad levels as follows: Level 1 - Quoted prices in active markets for identical instruments. Level 2 - Valuations based principally on other observable market parameters, including: • Quoted prices in active markets for similar instruments, • Quoted prices in less active or inactive markets for identical or similar instruments, • Other observable inputs (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates), and • Market corroborated inputs (derived principally from or corroborated by observable market data). Level 3 - Valuations based significantly on unobservable inputs. • Valuations based on third-party indications (broker quotes, counterparty quotes or pricing services) which were, in turn, based significantly on unobservable inputs or were otherwise not supportable as Level 2 valuations, and • Valuations based on internal models with significant unobservable inputs. Pursuant to the authoritative guidance, these levels form a hierarchy. The Company follows this hierarchy for its financial instruments measured at fair value on a recurring basis. The classifications are based on the lowest level of input that is significant to the fair value measurement. 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 $11.2 million are included in senior unsecured notes as of December 31, 2018 , and unamortized debt issuance costs of $14.1 million are included in senior unsecured notes as of December 31, 2017 . 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. As of December 31, 2018 and 2017 , none of the Company’s repurchase agreements are accounted for as linked transactions.
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 January 1, 2015, the effective date of Company’s election to be subject to tax as a REIT under the Code (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. For the years ended December 31, 2018 and 2017 , the Company did not have material interest or penalties associated with the underpayment of any income taxes. The last three tax years remain open and subject to examination by tax jurisdictions.
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 LLC (“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.
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, 2018 , the Company did not hold any loans for which the fair value option was elected. For our CMBS rated below AA, which represents 3.1% of the Company’s CMBS portfolio as of December 31, 2018 , 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. 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. It also includes a $2.5 million in income from an indemnity counterparty, which is more fully discussed in Note 16, Income Taxes .
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. In November 2017, the SEC staff indicated that, despite transfer restrictions placed on qualified Third Party Purchasers (“TPP”) by the risk retention rules of the Dodd-Frank Act, they would not take exception to a registrant treating transfers of financial instruments in a securitization as sales if the transfers otherwise met all the criteria for sale accounting. The Company believes treatment of such transfers as sales is consistent with the substance of such transactions and, accordingly, reflects such transfers as sales.
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.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 of 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 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 adopted the standard using the modified retrospective approach on January 1, 2018 and there was no cumulative effect adjustment recognized. The Company’s revenues impacted by this standard are included in tenant recoveries in the consolidated statements of income. 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”), which was further amended in February and in March 2018 by ASU 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities, (“ASU 2018-03”) and ASU 2018-04, Investments—Debt Securities (Topic 320) and Regulated Operations (Topic 980): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273 (SEC Update), (“ASU 2018-04”) to clarify certain aspects of ASU 2016-01 and to update Securities and Exchange Commission (“SEC”) interpretive guidance in connection with the provisions of ASU 2016-01. These updates provide guidance for the recognition, measurement, presentation, and disclosure of financial instruments. Among other changes, the updates require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, and clarifies that entities should evaluate the need for a valuation allowance on a deferred tax asset related to available for sale securities in combination with the entities' other deferred tax assets. These standards are effective for public companies for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. The Company adopted the guidance effective January 1, 2018, using the modified retrospective method. Upon adoption, the fair value of the Company's loan portfolio is now presented using an exit price method. Also, the Company is no longer required to disclose the methodologies used for estimating fair value of financial assets and liabilities that are not measured at fair value on a recurring or nonrecurring basis. The remaining requirements of this update did not have a material impact on the Company's consolidated financial statements. 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 Company adopted the guidance effective January 1, 2018. The adoption of ASU 2017-09 did not have a material impact on the Company’s consolidated financial statements. In May 2018, FASB issued ASU No. 2018-06, Codification Improvements to Topic 942, Depository and Lending—Income Taxes , (“ASU 2018-06”). The amendments in ASU 2018-06 supersede the guidance within Subtopic 942-741 that has been rescinded by the Office of the Comptroller of the Currency and is no longer relevant. A cross-reference between Subtopic 740-30, Income Taxes—Other Considerations or Special Areas, and Subtopic 942-740 is being added to the remaining guidance in Subtopic 740-30 to improve the usefulness of the codification. The amendments in ASU 2018-06 are effective upon issuance, as no accounting requirements are affected. The amendments in ASU 2018-06 do not have a material impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements Pending Adoption 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 or financing 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) . In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 (Leases) (“ASU 2018-10”), which provides narrow amendments to clarify how to apply certain aspects of the new leasing standard. In July 2018, the FASB also issued ASU 2018-11, Leases (Topic 842): Targeted Improvements (“ASU 2018-11”), which provides a new transition method at the adoption date through a cumulative-effect adjustment to the opening balance of retained earnings, prior periods will not require restatement. ASU 2018-11 also provides a new practical expedient for lessors adopting the new lease standard. Lessors have the option to aggregate nonlease components with the related lease component upon adoption of the new standard if the following conditions are met: (1) the timing and pattern of transfer for the nonlease component and the related lease component are the same and (2) the stand-alone lease component would be classified as an operating lease if accounted for separately. In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842) (“ASU 2018-20”), which provides narrow amendments to clarify how to apply certain aspects of the new leasing standard. Each of the standards are effective for the Company on January 1, 2019, with early adoption permitted. The Company plans to use the alternative transition option and reflect lease adoption on January 1, 2019, with no adjustment to 2018 or earlier periods. The net impact will be reflected as a cumulative-effect adjustment to retained earnings under the ASU. The Company currently believes that the adoption of ASU 2016-02, ASU 2018-10, ASU 2018-11 and ASU 2018-20 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. For leases where the Company is the lessee, primarily for the Company’s corporate headquarters and other identified leases, the Company expects to record a lease liability and a right of use asset on its consolidated financial statements upon adoption of $3.7 million and $3.5 million (including previously accrued straight line rent), respectively, with no adjustment required to retained earnings. The lease liability and right-of-use asset are to be carried at the present value of remaining expected future lease payments. 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. In November 2018, the FASB issued ASU 2018-19 to clarify that operating lease receivables recorded by lessors are explicitly excluded from the scope of ASU 2016-13. 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 amendments in ASU 2017-08 will not have a material 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 amendments in ASU 2017-11 will not have a material impact on the Company’s consolidated financial statements. 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 amendments in ASU 2018-01 will not have a material impact on the Company’s consolidated financial statements. 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 does not expect the adoption of ASU 2018-02 to have a material impact on its financial statements and related disclosures. In March 2018, the FASB issued ASU 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (SEC Update) , (“ASU 2018-05”), which included amendments to SEC paragraphs pursuant to SEC Staff Accounting Bulletin No. 118 (“SAB 118”). The pronouncement addresses certain circumstances that may arise for registrants in accounting for the income tax effects of the Tax Cuts and Jobs Act, including when certain income tax effects of the Tax Cuts and Jobs Act are incomplete by the time financial statements are issued. The Company has complied with the amendments related to SAB 118, as discussed further in Note 16 . In July 2018, the FASB issued ASU 2018-09, Codification Improvements , (“ASU 2018-09”). This standard does not prescribe any new accounting guidance, but instead makes minor improvements and clarifications of several different FASB Accounting Standards Codification areas based on comments and suggestions made by various stakeholders. Certain updates are applicable immediately while others provide for a transition period to adopt as part of the next fiscal year beginning after December 15, 2018. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement, (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, (“ASU 2018-13”). ASU 2018-13 eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The standard is effective for all entities for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of ASU 2018-02 to have a material impact on its financial statements and related disclosures. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities, (“ASU 2018-17”). ASU 2018-17 requires reporting entities to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety for determining whether a decision-making fee is a variable interest. The standard is effective for all entities for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. Entities are required to apply the amendments in ASU 2018-17 retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. 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 INTERES_2

CONSOLIDATED VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	In addition, the Operating Partnership consolidates two collateralized loan obligation (“CLO”) VIEs with the following aggregate balance sheets ($ in thousands): December 31, 2018 December 31, 2017 Notes 4 & 8 Notes 4 & 8 Mortgage loan receivables held for investment, net, at amortized cost $ 710,502 880,385 Accrued interest receivable 3,921 4,252 Other assets(1) 81,390 — Total assets $ 795,813 $ 884,637 Senior and unsecured debt obligations $ 607,440 $ 689,961 Accrued expenses 1,471 794 Other liabilities 2 — Total liabilities 608,913 690,755 Net equity in VIEs (eliminated in consolidation) 186,900 193,882 Total equity 186,900 193,882 Total liabilities and equity $ 795,813 $ 884,637 (1) Primarily consists of loan repayments in transit as of December 31, 2018 .

MORTGAGE LOAN RECEIVABLES (Tabl

MORTGAGE LOAN RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of mortgage loan receivables	Outstanding Face Amount Carrying Value Weighted Average Yield (1) Remaining Maturity (years) Mortgage loans held by consolidated subsidiaries(2) $ 3,340,381 $ 3,318,390 7.84 % 1.32 Provision for loan losses N/A (17,900 ) Mortgage loan receivables held for investment, net, at amortized cost 3,340,381 3,300,490 Mortgage loan receivables held for sale 181,905 182,439 5.46 % 9.75 Total $ 3,522,286 $ 3,482,929 7.76 % 1.77 (1) December 31, 2018 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 . December 31, 2017 ($ in thousands) Outstanding Face Amount Carrying Value Weighted Average Yield (1) Remaining Maturity (years) Mortgage loans held by consolidated subsidiaries $ 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 LIBOR rates are used to calculate weighted average yield for floating rate loans.
Summary of mortgage loan receivables by loan type	The following table summarizes mortgage loan receivables by loan type ($ in thousands): December 31, 2018 December 31, 2017 Outstanding Face Amount Carrying Value Outstanding Face Amount Carrying Value Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 3,192,160 $ 3,170,788 $ 3,140,788 $ 3,123,268 Mezzanine loans 148,221 147,602 159,921 159,194 Mortgage loan receivables held for investment, net, at amortized cost 3,340,381 3,318,390 3,300,709 3,282,462 Mortgage loan receivables held for sale First mortgage loans 181,905 182,439 232,527 230,180 Total mortgage loan receivables held for sale 181,905 182,439 232,527 230,180 Provision for loan losses N/A (17,900 ) N/A (4,000 ) Total $ 3,522,286 $ 3,482,929 $ 3,533,236 $ 3,508,642 For the years ended December 31, 2018 , 2017 and 2016 , 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, 2017 $ 3,282,462 $ (4,000 ) $ 230,180 Origination of mortgage loan receivables 1,478,771 — 1,297,221 Repayment of mortgage loan receivables (1,518,066 ) — (14,242 ) Proceeds from sales of mortgage loan receivables — — (1,291,828 ) Realized gain on sale of mortgage loan receivables(1) — — 16,511 Transfer between held for investment and held for sale(2) 55,403 — (55,403 ) Accretion/amortization of discount, premium and other fees 19,820 — — Loan loss provision(3) — (13,900 ) — Balance, December 31, 2018 $ 3,318,390 $ (17,900 ) $ 182,439 (1) Includes $0.5 million of realized losses on loans related to lower of cost or market adjustments for the year ended December 31, 2018 . (2) During the year ended December 31, 2018 , the Company reclassified from mortgage loan receivables held for sale to mortgage loan receivables held for investment, net, at amortized cost, three loans with a combined outstanding face amount of $57.6 million , a combined book value of $55.4 million (fair value at date of reclassification) and a remaining maturity of 2.5 years . The loans had been recorded at lower of cost or market prior to their 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. These transfers have been reflected as non-cash items on the consolidated statement of cash flows for the year ended December 31, 2018 . (3) As further discussed below, during the year ended December 31, 2018 , the Company recorded asset-specific provisions on collateral dependent loans of $12.7 million . In addition, the Company records a portfolio-based, general loan loss provision to provide reserves for expected losses over the remaining portfolio of mortgage loan receivables held for investment. During the year ended December 31, 2018 , the Company recorded an additional general reserve of $1.2 million . 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(1) (384,283 ) — (2,569 ) Proceeds from sales of mortgage loan receivables(2) — — (1,491,092 ) 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 — — 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 the 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 ) Non-cash disposition of loan via foreclosure — — — Realized gain on sale of mortgage loan receivables — — 26,009 Transfer between held for investment and held for sale — — — 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 $2.6 million of realized losses on loans related to lower of cost or market adjustments for the year ended December 31, 2016 .
Schedule of provision for loan losses	Provision for Loan Losses and Non-Accrual Status ($ in thousands) Year Ended December 31, 2018 2017 2016 Provision for loan losses at beginning of period $ 4,000 $ 4,000 $ 3,700 Provision for loan losses 13,900 — 300 Provision for loan losses at end of period $ 17,900 $ 4,000 $ 4,000 December 31, 2018 December 31, 2017 December 31, 2016 Principal balance of loans on non-accrual status $ 36,850 $ 26,850 $ —

REAL ESTATE SECURITIES (Tables)

REAL ESTATE SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 ($ in thousands): December 31, 2018 Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Amortized Cost Basis/Purchase Price Gains Losses Carrying Value # of Securities Rating (1) Coupon % Yield % Remaining Duration (years) CMBS(2) $ 1,258,819 $ 1,257,801 $ 2,477 $ (7,638 ) $ 1,252,640 (3) 138 AAA 3.32 % 3.14 % 2.33 CMBS interest-only(2)(4) 2,373,936 55,534 428 (271 ) 55,691 (5) 19 AAA 0.57 % 2.80 % 2.69 GNMA interest-only(4)(6) 135,932 2,862 93 (307 ) 2,648 12 AA+ 0.51 % 6.30 % 4.11 Agency securities(2) 668 682 — (20 ) 662 2 AA+ 2.73 % 1.83 % 2.36 GNMA permanent securities(2) 32,633 32,889 420 (245 ) 33,064 6 AA+ 3.94 % 3.76 % 5.03 Corporate bonds(2) 55,305 54,257 — (386 ) 53,871 2 BB 4.08 % 5.04 % 2.51 Total debt securities $ 3,857,293 $ 1,404,025 $ 3,418 $ (8,867 ) $ 1,398,576 179 1.54 % 3.19 % 2.40 Equity securities(7) N/A 13,154 — (1,604 ) 11,550 3 N/A N/A N/A N/A Total real estate securities $ 3,857,293 $ 1,417,179 $ 3,418 $ (10,471 ) $ 1,410,126 182 (1) Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the highest rating is used. Ratings provided were determined by third-party rating agencies as of a particular date, may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time. (2) CMBS, CMBS interest-only securities, Agency securities, GNMA permanent securities and corporate bonds 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) Includes $11.3 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, which are classified as held-to-maturity and reported at amortized cost. (4) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (5) Includes $0.9 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, which are classified as held-to-maturity and reported at amortized cost. (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 has elected to 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. (7) The Company has elected to account for equity securities at fair value with changes in fair value recorded in current period earnings. 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 debt securities $ 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) Includes $11.7 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, which are classified as held-to-maturity and reported at amortized cost. (4) The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate. (5) Includes $1.1 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, which are classified as held-to-maturity and reported at amortized cost. (6) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income in accordance with ASC 815.
Schedule of fair value of the Company's securities by remaining maturity based upon expected cash flows	The following is a breakdown of the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2018 and 2017 ($ in thousands): December 31, 2018 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS(1) $ 342,121 $ 772,594 $ 137,925 $ — $ 1,252,640 CMBS interest-only(1) 1,145 54,546 — — 55,691 GNMA interest-only(2) 17 2,276 353 2 2,648 Agency securities(1) — 662 — — 662 GNMA permanent securities(1) 551 1,048 31,465 — 33,064 Corporate bonds(1) — 53,871 — — 53,871 Total debt securities $ 343,834 $ 884,997 $ 169,743 $ 2 $ 1,398,576 (1) CMBS, CMBS interest-only securities, Agency securities, GNMA permanent securities and corporate bonds 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. 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 debt securities $ 286,595 $ 663,243 $ 156,668 $ 11 $ 1,106,517 (1) CMBS, CMBS interest-only securities, Agency securities, GNMA permanent securities and corporate bonds 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 LEASE_2

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 December 31, 2017 Land $ 195,644 $ 213,992 Building 814,314 789,622 In-place leases and other intangibles 162,002 189,490 Less: Accumulated depreciation and amortization (173,938 ) (161,063 ) Real estate and related lease intangibles, net $ 998,022 $ 1,032,041 Below market lease intangibles, net (other liabilities) $ (40,367 ) $ (42,607 )
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, 2018 2017 2016 Depreciation expense (1) $ 31,537 $ 28,271 $ 26,031 Amortization expense 10,347 11,968 13,302 Total real estate depreciation and amortization expense $ 41,884 $ 40,239 $ 39,333 (1) Depreciation expense on the consolidated statements of income also includes $75 thousand , $93 thousand and $114 thousand of depreciation on corporate fixed assets for the years ended December 31, 2018 , 2017 and 2016 respectively.
Schedule of expected amortization expense related to the acquired in-place lease intangibles, for property owned	The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of December 31, 2018 ($ in thousands): Period Ending December 31, Adjustment to Operating Lease Income Amortization Expense 2019 $ 985 $ 6,702 2020 991 6,544 2021 993 6,478 2022 997 6,414 2023 997 6,414 Thereafter 29,928 66,267 Total $ 34,891 $ 98,819
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) at December 31, 2018 ($ in thousands): Period Ending December 31, Amount 2019 $ 78,907 2020 69,121 2021 66,198 2022 62,983 2023 61,564 Thereafter 509,389 Total $ 848,162
Schedule of real estate properties acquired	The purchase prices were allocated to the asset acquisitions 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 purchase prices were allocated to the asset acquisitions during the year ended December 31, 2018 , as follows ($ in thousands): Purchase Price Allocation Land $ 40,960 Building 79,398 Intangibles 3,153 Below Market Lease Intangibles (804 ) Total purchase price $ 122,707 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, 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 Diversified(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 Diversified(3) Miami, FL 38,145 80.0% September 2017 Net Lease Milford, IA 1,298 100.0% September 2017 Diversified 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 the partnership. (3) Joint venture partner contributed $1.6 million to the partnership. During the year ended December 31, 2018 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price Ownership Interest (1) March 2018 Diversified(2) Lithia Springs, GA $ 24,466 70.6% April 2018 Net Lease Kirbyville, MO 1,156 100.0% April 2018 Net Lease Gladwin, MI 1,171 100.0% April 2018 Net Lease Foley, MN 1,176 100.0% April 2018 Net Lease Moscow Mills, MO 1,237 100.0% April 2018 Net Lease Wonder Lake, IL 1,255 100.0% May 2018 Diversified(3) Isla Vista, CA 85,087 75.0% October 2018 Net Lease Ogden, IA 1,137 100.0% November 2018 Net Lease New Hampton, IA 1,317 100.0% December 2018 Net Lease Pinconning, MI 1,235 100.0% December 2018 Net Lease Bolivar, MO 1,175 100.0% December 2018 Net Lease Carthage, MO 1,099 100.0% December 2018 Net Lease Pelican Rapids, MN 1,196 100.0% Total $ 122,707 (1) Properties were consolidated as of acquisition date. (2) Joint venture partner contributed $2.9 million to the partnership. (3) Joint venture partner contributed $4.6 million to the partnership. During the year ended December 31, 2016 , the Company acquired the following properties ($ 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 Diversified Ewing, NJ 30,640 100.0% October 2016 Diversified 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.
Schedule of properties sold	The Company sold the following properties during the year ended December 31, 2018 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining Various Condominium Las Vegas, NV $ 8,763 $ 4,458 $ 4,305 — 12 1 Various Condominium Miami, FL 7,851 6,716 1,135 — 26 22 March 2018 Diversified El Monte, CA 71,807 52,610 19,197 (1) 1 — — March 2018 Diversified Richmond, VA 20,966 11,370 9,596 (2) 1 — — September 2018 Diversified St. Paul, MN 109,275 47,627 61,648 (3) 4 — — Totals $ 218,662 $ 122,781 $ 95,881 (1) This property had a third party investor. The third party investor has been allocated $7.0 million of the realized gain, which is included in net (income) loss attributable to noncontrolling interest in consolidated joint ventures, for the year ended December 31, 2017 , on the consolidated statements of income. (2) This property had a third party investor. The third party investor has been allocated $0.4 million of the realized gain, which is included in net (income) loss attributable to noncontrolling interest in consolidated joint ventures, for the year ended December 31, 2017 , on the consolidated statements of income. (3) This property had a third party investor. The third party investor has been allocated $7.9 million of the realized gain, which is included in net (income) loss attributable to noncontrolling interest in consolidated joint ventures, for the year ended December 31, 2017 , on the consolidated statements of income. The Company sold the following properties during the year ended December 31, 2017 ($ 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 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 Mar 2016 Net Lease Rockland, MA 7,922 7,210 712 1 — — Sep 2016 Net Lease Crawfordsville, IN 6,192 5,726 466 1 — — Totals $ 66,470 $ 45,834 $ 20,636

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 ($ in thousands): Entity December 31, 2018 December 31, 2017 Grace Lake JV, LLC $ 5,316 $ 4,908 24 Second Avenue Holdings LLC 35,038 30,533 Investment in unconsolidated joint ventures $ 40,354 $ 35,441
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, 2018 , 2017 and 2016 ($ in thousands): Year Ended December 31, Entity 2018 2017 2016 Ladder Capital Realty Income Partnership I LP $ — $ — $ 892 Grace Lake JV, LLC 1,658 1,189 953 24 Second Avenue Holdings LLC (868 ) (1,100 ) (1,419 ) Earnings (loss) from investment in unconsolidated joint ventures $ 790 $ 89 $ 426
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, 2018 and 2017 ($ in thousands): December 31, 2018 December 31, 2017 Total assets $ 167,837 $ 154,979 Total liabilities 116,667 108,119 Partners’/members’ capital $ 51,170 $ 46,860 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, 2018 and 2017 ($ in thousands): Year Ended December 31, 2018 2017 2016 Total revenues $ 19,122 $ 18,482 $ 17,047 Total expenses 13,381 15,291 15,861 Net income (loss) $ 5,741 $ 3,191 $ 1,186

DEBT OBLIGATIONS, NET (Tables)

DEBT OBLIGATIONS, NET (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of repurchase agreement	The details of the Company’s debt obligations at December 31, 2018 and 2017 are as follows ($ in thousands): December 31, 2018 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at December 31, 2018(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 600,000 $ 180,597 $ 419,403 4.21% - 4.96% 10/1/2020 (2) (3) $ 262,642 $ 261,602 Committed Loan Repurchase Facility 350,000 63,679 286,321 4.68% - 4.98% 5/24/2019 (4) (5) 87,385 88,762 Committed Loan Repurchase Facility 300,000 120,631 179,369 4.46% - 4.96% 4/7/2019 (6) (7) 204,747 205,219 Committed Loan Repurchase Facility 300,000 79,886 220,114 4.44% - 4.94% 5/6/2021 (8) (3) 117,382 117,366 Committed Loan Repurchase Facility 100,000 52,738 47,262 4.58% - 4.96% 7/20/2021 (9) (3) 72,154 72,154 Committed Loan Repurchase Facility 100,000 — 100,000 NA 12/26/2019 (10) (11) — — Total Committed Loan Repurchase Facilities 1,750,000 497,531 1,252,469 744,310 745,103 Committed Securities Repurchase Facility 400,000 — 400,000 NA 9/30/2019 N/A (12) — — Uncommitted Securities Repurchase Facility N/A (12) 166,154 N/A (13) 2.99% - 4.55% 1/2019 - 3/2019 N/A (12) 187,803 187,803 (14)(15) Total Repurchase Facilities 2,150,000 663,685 1,652,469 932,113 932,906 Revolving Credit Facility 266,430 — 266,430 NA 2/11/2019 (16) N/A (17) N/A (17) N/A (17) Mortgage Loan Financing 743,902 743,902 — 4.25% - 7.00% 2020 - 2028 N/A (18) 939,362 1,108,968 (19) CLO Debt 601,543 601,543 (20) — 3.34% - 6.06% 2021-2034 N/A (21) 710,502 710,737 Participation Financing - Mortgage Loan Receivable 2,453 2,453 — 17.00% 6/6/2019 N/A (3) 2,453 2,453 Borrowings from the FHLB 1,933,522 1,286,000 647,522 1.18% - 3.01% 2019 - 2024 N/A (22) 1,652,952 1,655,150 (23) Senior Unsecured Notes 1,166,201 1,154,991 (24) — 5.250% - 5.875% 2021 - 2025 N/A N/A (25) N/A (25) N/A (25) Total Debt Obligations, Net $ 6,864,051 $ 4,452,574 $ 2,566,421 $ 4,237,382 $ 4,410,214 (1) December 2018 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) Two additional 12 -month periods at Company’s option. (5) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (6) One additional 364 -day periods at Company’s option and one additional 364 -day period with Bank’s consent. (7) First mortgage and mezzanine commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans. (8) One additional 12 -month extension period and two additional 6 -month extension periods at Company’s option. (9) One additional 12 -month extension period at Company’s option. No new advances are permitted after the initial maturity date. (10) The Company may extend periodically with lender’s consent. At no time can the maturity of the facility exceed 364 days from the date of determination. (11) First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein. (12) Commercial real estate securities. It does not include the real estate collateralizing such securities. (13) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (14) Includes $3.0 million of restricted securities under the risk retention rules of Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (15) Includes $6.0 million of securities purchased in the secondary market of the Company’s October 2017 CLO issuance. These securities are not included in real estate securities, available-for-sale but were rather considered a partial retirement of CLO Debt. (16) Four additional 12-month periods at Company’s option. (17) 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. (18) Real estate. (19) Using undepreciated carrying value of commercial real estate to approximate fair value. (20) Presented net of unamortized debt issuance costs of $2.6 million at December 31, 2018 . (21) First mortgage commercial real estate loans and pari passu interests therein. It does not include the real estate collateralizing such loans. (22) 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. (23) Includes $9.7 million of restricted securities under the risk retention rules of Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (24) Presented net of unamortized debt issuance costs of $11.2 million at December 31, 2018 . (25) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. 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 N/A 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 N/A 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 N/A 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) Includes $26.7 million of restricted securities under the risk retention rules of Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (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) Includes $10.1 million of restricted securities under the risk retention rules of Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (19) Presented net of unamortized debt issuance costs of $14.1 million at December 31, 2017 . (20) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Schedule of contractual payments under all borrowings by maturity	The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by Maturity(1) 2019 $ 804,470 2020 855,977 2021 795,605 2022 760,582 2023 159,012 Thereafter 1,085,631 Subtotal $ 4,461,277 Debt issuance costs included in senior unsecured notes (11,210 ) Debt issuance costs included in CLO debt (2,569 ) Debt issuance costs included in mortgage loan financing (732 ) Premiums included in mortgage loan financing(2) 5,808 Total $ 4,452,574 (1) Contractual payments under current maturities, some of which are subject to extensions. The maturities listed above for 2019 relate to debt obligations that are subject to existing Company controlled extension options for one or more additional one -year periods or could be refinanced by other existing facilities as of December 31, 2018 . (2) Deferred gains on intercompany loans, secured by our own real estate, sold into securitizations. These premiums are amortized as a reduction to interest expense.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 are as follows ($ in thousands): December 31, 2018 Weighted Average Outstanding Face Amount Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield % Remaining Maturity/Duration (years) Assets: CMBS(1) $ 1,258,819 $ 1,257,801 $ 1,252,640 Internal model, third-party inputs 3.14 % 2.33 CMBS interest-only(1) 2,373,936 (2) 55,534 55,691 Internal model, third-party inputs 2.80 % 2.69 GNMA interest-only(3) 135,932 (2) 2,862 2,648 Internal model, third-party inputs 6.30 % 4.11 Agency securities(1) 668 682 662 Internal model, third-party inputs 1.83 % 2.36 GNMA permanent securities(1) 32,633 32,889 33,064 Internal model, third-party inputs 3.76 % 5.03 Corporate bonds(1) 55,305 54,257 53,871 Internal model, third-party inputs 5.04 % 2.51 Equity securities(3) N/A 13,154 11,550 Observable market prices N/A N/A Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loan receivables held for investment, net, at amortized cost 3,340,381 3,318,390 3,324,588 Discounted Cash Flow(4) 7.84 % 1.32 Provision for loan losses N/A (17,900 ) (17,900 ) (5) N/A N/A Mortgage loan receivables held for sale 181,905 182,439 187,870 Internal model, third-party inputs(6) 5.46 % 9.75 FHLB stock(7) 57,915 57,915 57,915 (7) 4.50 % N/A Liabilities: Repurchase agreements - short-term 436,957 436,957 436,957 Discounted Cash Flow(9) 3.42 % 0.23 Repurchase agreements - long-term 226,728 226,728 226,728 Discounted Cash Flow(10) 3.47 % 1.73 Mortgage loan financing 738,825 743,902 735,662 Discounted Cash Flow(10) 5.09 % 2.61 CLO debt 601,543 601,543 601,543 Discounted Cash Flow(9) 4.41 % 9.40 Participation Financing - Mortgage Loan Receivable 2,453 2,453 2,453 Discounted Cash Flow(11) 17.00 % 0.43 Borrowings from the FHLB 1,286,000 1,286,000 1,286,664 Discounted Cash Flow 2.55 % 2.46 Senior unsecured notes 1,166,201 1,154,991 1,111,288 Broker quotations, pricing services 5.39 % 4.28 Nonhedge derivatives(1)(8) 578,971 N/A 975 Counterparty quotations N/A 0.25 (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 discounted cash flow model. (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, 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.
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, 2018 and 2017 ($ in thousands): December 31, 2018 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) $ 1,246,609 $ — $ — $ 1,241,334 $ 1,241,334 CMBS interest-only(1) 2,362,747 (2) — — 54,789 54,789 GNMA interest-only(3) 135,932 (2) — — 2,648 2,648 Agency securities(1) 668 — — 662 662 GNMA permanent securities(1) 32,633 — — 33,064 33,064 Corporate bonds(1) 55,305 — — 53,871 53,871 Equity securities N/A 11,550 — — 11,550 $ 11,550 $ — $ 1,386,368 $ 1,397,918 Liabilities: Nonhedge derivatives(4) 605,871 $ — $ 975 $ — $ 975 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 $ 3,340,381 $ — $ — $ 3,324,588 $ 3,324,588 Provision for loan losses N/A — — (17,900 ) (17,900 ) Mortgage loan receivable held for sale 181,905 — — 187,870 187,870 CMBS(5) 12,210 — — 11,306 11,306 CMBS interest-only(5) 11,189 (2) — — 902 902 FHLB stock 57,915 — — 57,915 57,915 $ — $ — $ 3,564,681 $ 3,564,681 Liabilities: Repurchase agreements - short-term 436,957 $ — $ — $ 436,957 $ 436,957 Repurchase agreements - long-term 226,728 — — 226,728 226,728 Mortgage loan financing 738,825 — — 735,662 735,662 CLO debt 601,543 — — 601,543 601,543 Participation Financing - Mortgage Loan Receivable 2,453 — — 2,453 2,453 Borrowings from the FHLB 1,286,000 — — 1,286,664 1,286,664 Senior unsecured notes 1,166,201 — — 1,111,288 1,111,288 $ — $ — $ 4,401,295 $ 4,401,295 (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. (5) Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, which are classified as held-to-maturity and reported at amortized cost. 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) $ 932,874 $ — $ — $ 941,849 $ 941,849 CMBS interest-only(1) 3,129,027 (2) — — 112,003 112,003 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 $ 1,093,799 $ 1,094,687 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 receivables held for sale 232,527 — — 236,428 236,428 CMBS(5) 12,293 — — 11,651 11,651 CMBS interest-only(5) 11,271 (2) — — 1,068 1,068 FHLB stock 77,915 — — 77,915 77,915 $ — $ — $ 3,615,097 $ 3,615,097 Liabilities: 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 Participation Financing - Mortgage Loan Receivable 688,479 — — 688,479 688,479 Liability for transfers not considered sales 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. (5) Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, which are classified as held-to-maturity and reported at amortized cost.
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, 2018 and 2017 ($ in thousands): Level 3 2018 2017 Balance at January 1, $ 1,106,517 $ 2,100,947 Transfer from level 2 — — Purchases 756,449 210,521 Sales (322,979 ) (1,025,700 ) Paydowns/maturities (109,446 ) (138,413 ) Amortization of premium/discount (21,473 ) (57,231 ) Unrealized gain/(loss) (4,586 ) (816 ) Realized gain/(loss) on sale(1) (5,906 ) 17,209 Balance at December 31, $ 1,398,576 $ 1,106,517 (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, 2018 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 1,252,640 Discounted cash flow Yield (4) — % 3.54 % 21.67 % Duration (years)(5) 0.00 2.50 7.78 CMBS interest-only(1) 55,691 (2) Discounted cash flow Yield (4) 0.87 % 4.71 % 8.11 % Duration (years)(5) 0.14 2.96 6.86 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only(3) 2,648 (2) Discounted cash flow Yield (4) 1.21 % 5.54 % 10.21 % Duration (years)(5) 0.04 3.13 4.77 Prepayment speed (CPJ)(5) 5.00 6.58 15.00 Agency securities(1) 662 Discounted cash flow Yield (4) — % 2.1 % 2.84 % Duration (years)(5) 0.00 2.83 3.82 GNMA permanent securities(1) 33,064 Discounted cash flow Yield (4) — % 3.51 % 4.00 % Duration (years)(5) 0.00 5.62 5.88 Corporate bonds(1) 53,871 Discounted cash flow Yield (4) 5.30 % 5.35 % 5.46 % Duration (years)(5) 1.94 2.19 2.70 Total $ 1,398,576 (1) CMBS, CMBS interest-only securities, Agency securities, GNMA construction securities, GNMA permanent securities and corporate bonds 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, 2017 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 953,499 Discounted cash flow Yield (3) 0.61 % 3 % 18.32 % Duration (years)(4) 0.12 3.19 7.84 CMBS interest-only(1) 113,071 (2) Discounted cash flow Yield (3) 2.7 % 3.52 % 6.31 % Duration (years)(4) 0.39 3.06 4.46 Prepayment speed (CPY)(4) 100.00 100.00 100.00 GNMA interest-only(3) 4,477 (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) 0.00 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, 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, 2018
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, 2018 and 2017 ($ in thousands): December 31, 2018 Fair Value Remaining Maturity (years) Contract Type Notional Asset(1) Liability(1) Caps 1 Month LIBOR $ 69,571 $ — $ — 1.35 Futures 5-year Swap 274,900 — 526 0.25 10-year Swap 227,700 — 436 0.25 5-year U.S. Treasury Note 6,800 — 13 0.25 Total futures 509,400 — 975 Total derivatives $ 578,971 $ — $ 975 (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. 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 10-year U.S. Treasury Note — — 911 Total futures 563,800 836 1,064 Swaps 3 Month LIBOR(2) 50,000 — 1,542 2.68 Credit Derivatives CDX 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 was paying fixed interest rates on these swaps. The swap was subsequently terminated in 2018.
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, 2018 , 2017 and 2016 ($ in thousands): Year Ended December 31, 2018 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ (747 ) $ 16,176 $ 15,429 Swaps 1,403 (848 ) 555 Credit Derivatives 49 (107 ) (58 ) Total $ 705 $ 15,221 $ 15,926 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 )

OFFSETTING ASSETS AND LIABILI_2

OFFSETTING ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2018
Offsetting [Abstract]
Schedule of offsetting of financial assets	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) Derivatives $ 2,606 $ — $ 2,606 $ — $ 2,606 $ — Repurchase agreements 473,410 — 473,410 473,410 — — Total $ 476,016 $ — $ 476,016 $ 473,410 $ 2,606 $ — As of December 31, 2018 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 $ 975 $ — $ 975 $ — $ 975 $ — Repurchase agreements 663,686 — 663,686 663,686 — — Total $ 664,661 $ — $ 664,661 $ 663,686 $ 975 $ —

EQUITY STRUCTURE AND ACCOUNTS (

EQUITY STRUCTURE AND ACCOUNTS (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Class of Treasury Stock	The following table is a summary of the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2018 , 2017 and 2016 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2017 $ 41,769 Additional authorizations — Repurchases paid — — Repurchases unsettled — Authorizations remaining as of December 31, 2018 $ 41,769 (1) Amount excludes commissions paid associated with share repurchases. 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.
Schedule of dividends declared and paid	The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2018 , 2017 and 2016 : Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain December 11, 2017 January 3, 2018 (1) $ 0.050 $ 0.038 $ — $ 0.012 $ 0.001 March 12, 2018 April 2, 2018 0.315 0.239 — 0.076 0.009 June 11, 2018 July 2, 2018 0.325 0.246 — 0.079 0.009 September 17, 2018 October 1, 2018 0.325 0.246 — 0.079 0.009 December 10, 2018 January 24, 2019 (2) 0.570 0.432 — 0.138 0.015 Total $ 1.585 $ 1.201 $ — $ 0.384 $ 0.043 (1) $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. (2) The $0.570 fourth quarter dividend paid on January 24, 2019 is considered a 2018 dividend for U.S. federal income tax purposes. 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. The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2018 , 2017 and 2016 : Declaration Date Dividend per Share February 27, 2018 $ 0.315 May 30, 2018 0.325 September 5, 2018 0.325 November 1, 2018 0.570 (1) Total $ 1.535 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 (2) Total $ 1.285 (1) On November 1, 2018 , the Company’s board of directors approved the fourth quarter 2018 dividend of $0.570 per share of the Company’s Class A common stock in order to meet its annual REIT taxable income distribution requirement. The dividend was paid as a combination of cash and Class A common stock, subject to shareholder elections. (2) On December 2, 2016 , our board of directors approved the fourth quarter 2016 dividend of $0.460 per share of the Company’s Class A common stock in order to meet our annual REIT taxable income distribution requirement. The dividend was paid as a combination of cash and Class A common stock, subject to shareholder elections.
Schedule of accumulated other comprehensive Income	The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2018 , 2017 and 2016 ($ in thousands): Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2017 $ (212 ) $ 116 $ (96 ) Other comprehensive income (loss) (4,211 ) (930 ) (5,141 ) Exchange of noncontrolling interest for common stock (167 ) 167 — Rebalancing of ownership percentage between Company and Operating Partnership (59 ) 59 — December 31, 2018 $ (4,649 ) $ (588 ) $ (5,237 ) 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

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 , 2017 and 2016 consist of the following: ($ in thousands except share amounts) For the Year Ended December 31, 2018 For the Year Ended December 31, 2017 For the Year Ended December 31, 2016 Basic Net income (loss) available for Class A common shareholders $ 180,015 $ 95,276 $ 66,727 Diluted Net income (loss) available for Class A common shareholders $ 180,015 $ 124,046 $ 114,156 Weighted average shares outstanding Basic 97,226,027 81,902,524 61,998,089 Diluted 97,652,065 109,704,880 107,638,788
Schedule of calculation of basic and diluted net income per share amounts	(In thousands except share amounts) For the Year Ended December 31, 2018 For the Year Ended December 31, 2017 For the Year Ended December 31, 2016 Basic Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 180,015 $ 95,276 $ 66,727 Denominator: Weighted average number of shares of Class A common stock outstanding 97,226,027 81,902,524 61,998,089 Basic net income (loss) per share of Class A common stock $ 1.85 $ 1.16 $ 1.08 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 180,015 $ 95,276 $ 66,727 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 $ 180,015 $ 124,046 $ 114,156 Denominator: Basic weighted average number of shares of Class A common stock outstanding 97,226,027 81,902,524 61,998,089 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 426,038 28,591 522,031 Diluted weighted average number of shares of Class A common stock outstanding 97,652,065 109,704,880 107,638,788 Diluted net income (loss) per share of Class A common stock $ 1.84 $ 1.13 $ 1.06 (1) For the year ended December 31, 2018 , shares issuable relating to converted Class B common shareholders are excluded from the calculation of diluted EPS as the inclusion of such potential common shares in the calculation would be anti-dilutive.

STOCK BASED AND OTHER COMPENS_2

STOCK BASED AND OTHER COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 2017 2016 Stock Based Compensation Expense: Annual Incentive Awards Granted in 2015 with Respect to 2014 Performance $ 172 $ 1,876 $ 4,838 Annual Incentive Awards Granted in 2016 with Respect to 2015 Performance 1,294 2,094 6,690 Annual Incentive Awards Granted in 2017 with Respect to 2016 Performance(1) 2,178 7,289 — Other 2017 Restricted Stock Awards(1) 334 302 — Annual Incentive Awards Granted in 2017 with Respect to 2017 Performance(1) 4,448 6,768 — 2018 Restricted Stock Awards 324 — — Other 2018 Restricted Stock Awards(1) 23 — — Other Employee/Director Awards 58 636 6,112 Total Stock Based Compensation Expense $ 8,831 $ 18,965 $ 17,640 Phantom Equity Investment Plan $ — $ 510 $ 689 Ladder Capital Corp Deferred Compensation Plan $ 1,163 $ 568 $ 710 Bonus Expense $ 34,465 $ 33,747 $ 29,224 (1) Includes immediate vesting of retirement eligible employees, including Brian Harris, our Chief Executive Officer.
Summary of the grants	A summary of the grants is presented below ($ in thousands): Year Ended December 31, 2018 2017 2016 Number Weighted Average Fair Value Number Weighted Average Fair Value Number Weighted Average Fair Value Grants - Class A Common Stock (restricted) 33,656 $ 500 1,996,594 $ 27,489 793,598 $ 9,118 Grants - Class A Common Stock (restricted) dividends — — 15,560 216 166,934 1,908 Stock Options — — — — 380,949 1,356 Amortization to compensation expense Ladder compensation expense $ (8,831 ) $ (18,965 ) (17,640 ) Total amortization to compensation expense $ (8,831 ) $ (18,965 ) $ (17,640 )
Schedule of nonvested shares activity	The table below presents the number of unvested shares and outstanding stock options at December 31, 2018 and changes during 2018 of the 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, 2017 1,252,365 982,135 Granted 33,656 — Exercised — Vested (141,766 ) Forfeited (26,061 ) — Expired — Nonvested/Outstanding at December 31, 2018 1,118,194 982,135 Exercisable at December 31, 2018 929,701 The table below presents the number of unvested shares and outstanding stock options at December 31, 2017 and changes during 2017 of the 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 As of 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 Class A Common stock and Stock Options of Ladder Capital Corp granted under the 2014 Omnibus Incentive Plan: 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, 2018
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities	The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands): December 31, 2018 December 31, 2017 Deferred Tax Assets Basis difference in operating partnerships $ 1,343 $ — Net unrealized losses 937 1,461 Capital losses carryforward 2,427 5,781 Valuation allowance (2,427 ) (5,781 ) Total Deferred Tax Assets $ 2,280 $ 1,461 December 31, 2018 December 31, 2017 Deferred Tax Liability Basis difference in operating partnerships $ — $ 7,134 Net unrealized gains — — Valuation allowance — — Total Deferred Tax Liability $ — $ 7,134
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2018 , 2017 and 2016 is as follows: Year Ended December 31, 2018 2017 2016 US statutory tax rate 21.00 % 35.00 % 35.00 % REIT income not subject to corporate income tax (18.86 )% (29.53 )% (34.38 )% Increase due to state and local taxes 2.44 % (1) 0.74 % 4.41 % (1) Change in valuation allowance (1.64 )% 2.13 % 0.42 % Impact of Tax Cuts and Jobs Act — % (2.53 )% — % Other (0.03 )% (0.04 )% (0.19 )% Effective income tax rate 2.91 % 5.77 % 5.26 % (1) The increase in state taxes shown above is primarily related to additional tax expense of $3.3 million for the years ended December 31, 2018 and 2016, pertaining to New York State tax audits, further discussed below
Schedule of Components of Income Tax Expense (Benefit)	Components of the provision for income taxes consist of the following ($ in thousands): Year Ended December 31, 2018 2017 2016 Current expense (benefit) U.S. Federal $ 7,099 $ 1,845 $ (386 ) State and local 7,068 276 4,838 Total current expense (benefit) 14,167 2,121 4,452 Deferred expense (benefit) U.S. Federal (5,115 ) 4,632 1,417 State and local (2,409 ) 959 451 Total deferred expense (benefit) (7,524 ) 5,591 1,868 Provision for income tax expense (benefit) $ 6,643 $ 7,712 $ 6,320

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2018
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 lease ($ in thousands): Period Ending December 31, Amount 2019 $ 1,180 2020 1,180 2021 1,180 2022 98 2023 — Thereafter — Total $ 3,638

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 Interest income $ 310,149 $ 34,217 $ 24 $ 426 $ 344,816 Interest expense (62,474 ) (4,617 ) (34,739 ) (92,461 ) (194,291 ) Net interest income (expense) 247,675 29,600 (34,715 ) (92,035 ) 150,525 Provision for loan losses (13,900 ) — — — (13,900 ) Net interest income (expense) after provision for loan losses 233,775 29,600 (34,715 ) (92,035 ) 136,625 Operating lease income — — 96,506 — 96,506 Tenant recoveries — — 9,671 — 9,671 Sale of loans, net 16,511 — — — 16,511 Realized gain (loss) on securities — (5,808 ) — — (5,808 ) Unrealized gain (loss) on equity securities — (1,605 ) — — (1,605 ) Unrealized gain (loss) on Agency interest-only securities — 555 — — 555 Realized gain (loss) on sale of real estate, net — — 95,881 — 95,881 Fee and other income 16,490 — 3,416 6,379 26,285 Net result from derivative transactions 10,467 5,459 — — 15,926 Earnings from investment in unconsolidated joint ventures — — 790 — 790 Gain (loss) on extinguishment/defeasance of debt (69 ) — (4,323 ) — (4,392 ) Total other income (expense) 43,399 (1,399 ) 201,941 6,379 250,320 Salaries and employee benefits — — — (60,117 ) (60,117 ) Operating expenses — — — (21,696 ) (3) (21,696 ) Real estate operating expenses — — (29,799 ) (29,799 ) Fee expense (4,040 ) (398 ) (617 ) — (5,055 ) Depreciation and amortization — — (41,884 ) (75 ) (41,959 ) Total costs and expenses (4,040 ) (398 ) (72,300 ) (81,888 ) (158,626 ) Tax (expense) benefit — — — (6,643 ) (6,643 ) Segment profit (loss) $ 273,134 $ 27,803 $ 94,926 $ (174,187 ) $ 221,676 Total assets as of December 31, 2018 $ 3,482,929 $ 1,410,126 $ 1,038,376 $ 341,441 $ 6,272,872 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 (loss) on securities — 17,209 — — 17,209 Unrealized gain (loss) on Agency interest-only securities — 1,405 — — 1,405 Realized gain 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/defeasance of debt (19 ) — — (54 ) (73 ) Total other income 52,461 14,398 116,048 3,563 186,470 Salaries and employee benefits — — — (70,463 ) (70,463 ) Operating expenses 302 — — (21,723 ) (3) (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 ) Income 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 Gain on securities — 7,724 — — 7,724 Unrealized gain (loss) on Agency interest-only securities — (56 ) — — (56 ) Sale of real estate, net — — 20,636 — 20,636 Fee and other income 7,547 — 7,253 6,565 21,365 Net result from derivative transactions 8,371 (9,780 ) — — (1,409 ) Earnings from investment in unconsolidated joint ventures — — (466 ) 892 426 Gain (loss) on extinguishment/defeasance 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 ) (3) (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 ) 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 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $40.4 million and $35.4 million as of December 31, 2018 and 2017 , 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 $57.9 million and $77.9 million as of December 31, 2018 and 2017 , respectively, the Company’s deferred tax asset (liability) of $2.3 million and $(5.7) million as of December 31, 2018 and 2017 , respectively and the Company’s senior unsecured notes of $1.2 billion as of December 31, 2018 and 2017 . (3) Includes $11.5 million , $11.2 million and $11.3 million of professional fees as of December 31, 2018 , 2017 and 2016 , respectively.

QUARTERLY FINANCIAL INFORMATI_2

QUARTERLY FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	The following table summarizes the consolidated quarterly financial information for the Company ($ in thousands except per share and dividend amounts): Q4 2018 Q3 2018 Q2 2018 Q1 2018(1) Interest income $ 90,994 $ 90,386 $ 85,230 $ 78,206 Net interest income after provision for loan losses 41,009 28,610 36,513 30,493 Other income (loss)(2) 23,411 96,194 46,381 84,334 Costs and expenses 36,610 40,136 38,753 43,127 Income (loss) before taxes 27,810 84,668 44,141 71,700 Income tax expense (benefit) 964 1,204 573 3,902 Net income (loss) 26,846 83,464 43,568 67,798 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures 268 (7,843 ) 133 (8,422 ) Net (income) loss attributable to noncontrolling interest in operating partnership (3,011 ) (8,991 ) (5,294 ) (8,501 ) Net income (loss) attributable to Class A common shareholders $ 24,103 $ 66,630 $ 38,407 $ 50,875 Earnings per share: Basic $ 0.24 $ 0.69 $ 0.40 $ 0.53 Diluted $ 0.24 $ 0.67 $ 0.40 $ 0.53 Dividends per share of Class A common stock(3) $ 0.570 $ 0.325 $ 0.325 $ 0.315 Q4 2017 Q3 2017 Q2 2017 Q1 2017(1) 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 Class A common stock $ 0.315 $ 0.300 $ 0.300 $ 0.300 (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, 2018 and 2017. (2) During the quarter ended December 31, 2018 , other income includes a $2.5 million in income from an indemnity counterparty, which is more fully discussed in Note 16, Income Taxes . (3) On November 1, 2018 , the Company’s board of directors approved the fourth quarter 2018 dividend of $0.570 per share of the Company’s Class A common stock in order to meet its annual REIT taxable income distribution requirement. The dividend was paid as a combination of cash and Class A common stock, subject to shareholder elections.

ORGANIZATION AND OPERATIONS (De

ORGANIZATION AND OPERATIONS (Details)	Dec. 31, 2018
LCFH
ORGANIZATION AND OPERATIONS
Ownership interest in LCFH	88.80%

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2016

Mar. 31, 2016

Sep. 30, 2016

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Jan. 01, 2019

Error Corrections and Prior Period Adjustments Restatement [Line Items]

CMBS rated below AA

3.10%

Fees And Other Income

$ 2,500

Increase in tenant real estate tax recoveries on net lease property

$ 1,100

Reduction in depreciation and amortization

(41,959)

$ (40,332)

$ (39,447)

Income tax expense (benefit)

$ 964

$ 1,204

$ 573

$ 3,902

$ 3,057

$ (576)

$ 6,606

$ (1,375)

6,643

7,712

6,320

Distributions from operations of investment in unconsolidated joint ventures

1,250

0

$ 1,017

Out-of-Period Adjustment Related to Prior Years

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Reduction in depreciation and amortization

$ (800)

$ (1,200)

$ (600)

Deferred financing cost amortization

$ 500

Tax Year 2015 [Member] | State and Local Jurisdiction

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Income tax expense (benefit)

1,200

Senior Unsecured Notes

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Debt Issuance Costs, Net

11,210

11,210

Senior Unsecured Notes | Various Date

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Debt Issuance Costs, Net

$ 11,200

$ 14,100

$ 11,200

$ 14,100

Consolidated Joint Ventures | Out-of-Period Adjustment Related to Prior Years

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Distributions from operations of investment in unconsolidated joint ventures

$ 900

Building | Minimum

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Property, Plant and Equipment, Useful Life

20 years

Building | Maximum

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Property, Plant and Equipment, Useful Life

47 years

Building Improvements | Minimum

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Property, Plant and Equipment, Useful Life

4 years

Building Improvements | Maximum

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Property, Plant and Equipment, Useful Life

15 years

Accounting Standards Update 2016-02 | Scenario, Forecast

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Finance Lease, Right-of-Use Asset

$ 3,700

Finance Lease, Liability, Noncurrent

$ 3,500

CONSOLIDATED VARIABLE INTERES_3

CONSOLIDATED VARIABLE INTEREST ENTITIES (Details) - CLO - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Total assets	$ 795,813	$ 884,637
Total liabilities	608,913	690,755
Net equity in VIEs (eliminated in consolidation)	186,900	193,882
Total equity	186,900	193,882
Total liabilities and equity	795,813	884,637
Mortgage loan receivables held for investment, net, at amortized cost
Variable Interest Entity [Line Items]
Total assets	710,502	880,385
Accrued interest receivable
Variable Interest Entity [Line Items]
Total assets	3,921	4,252
Other assets(1)
Variable Interest Entity [Line Items]
Total assets	81,390	0
Senior and unsecured debt obligations
Variable Interest Entity [Line Items]
Total liabilities	607,440	689,961
Accrued expenses
Variable Interest Entity [Line Items]
Total liabilities	1,471	794
Other liabilities
Variable Interest Entity [Line Items]
Total liabilities	$ 2	$ 0

MORTGAGE LOAN RECEIVABLES - Add

MORTGAGE LOAN RECEIVABLES - Additional Information (Details)	3 Months Ended		12 Months Ended
	Sep. 30, 2018USD ($)	Mar. 31, 2018	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)loan	Dec. 31, 2016USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Realized gain on sale of mortgage loan receivables			$ 0	$ 0	$ 0
Outstanding face amount			3,522,286,000	3,533,236,000
Unamortized discounts included in mortgage loan receivables held for investment, at amortized cost			$ 500,000	$ 200,000
Number of mortgage loans impaired | loan			0	0
Provision for loan losses			$ 13,900,000	$ 0	300,000
Loans in default, no losses expected			17,600,000
Loans nonaccrual status, amount			36,850,000	26,850,000	0
First mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding face amount			3,192,160,000	3,140,788,000
Mortgage loan receivables held for investment, net, at amortized cost
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding face amount			3,340,381,000	3,300,709,000
Carrying value			3,318,390,000	3,282,462,000
Loans receivable with fixed rates of interest			$ 816,800,000	$ 723,700,000
Percentage of loans receivable with fixed rates of interest			24.60%	22.00%
Loans receivable with variable rates of interest			$ 2,500,000,000	$ 2,600,000,000
Loans receivable with variable rates of interest, percentage			75.40%	78.00%
Mortgage loan receivables held for sale
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Realized gain on sale of mortgage loan receivables			$ 0	$ 0	$ 0
Outstanding face amount			181,905,000	232,527,000
Loans receivable with fixed rates of interest			$ 182,400,000	$ 230,200,000
Percentage of loans receivable with fixed rates of interest			100.00%	100.00%
Loan on non-accrual status
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans nonaccrual status, amount			$ 0	$ 0
Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Direct capitalization rate		4.70%	4.60%	4.35%
Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Direct capitalization rate		5.00%	4.90%	4.65%
One Of Company Loans | Mortgage loan receivables held for investment, net, at amortized cost
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans in default, carrying value	$ 45,000,000
One Of Company Loans | Minimum | Mortgage loan receivables held for investment, net, at amortized cost
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Percentage of equity kicker not subject to investment	19.00%
One Of Company Loans | Maximum | Mortgage loan receivables held for investment, net, at amortized cost
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Percentage of equity kicker not subject to investment	25.00%
Two Of Company Loans | Mortgage loan receivables held for investment, net, at amortized cost
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Reserve based on targeted percentage level in portfolio			$ 1,200,000
Allowance for Loan and Lease Losses, Provision For Loss Resulting From On-going Bankruptcy Proceedings			$ 2,700,000
Number or loans in default | loan			2
Loans in default, carrying value			$ 26,900,000
Series A | One Of Company Loans | Mortgage loan receivables held for investment, net, at amortized cost
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans in default, carrying value	$ 35,000,000
Series B | One Of Company Loans | Mortgage loan receivables held for investment, net, at amortized cost
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans in default, carrying value	$ 10,000,000

MORTGAGE LOAN RECEIVABLES - Sch

MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount		$ 3,522,286	$ 3,533,236
Provision for loan losses	[1]	(17,900)	(4,000)
Carrying Value		$ 3,482,929	$ 3,508,642
Weighted Average Yield		7.76%	7.03%
Remaining Maturity (years)		1 year 9 months 7 days	2 years 14 days
Mortgage loan receivables held for investment, net, at amortized cost
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount		$ 3,340,381	$ 3,300,709
Carrying Value		3,318,390	3,282,462
Provision for loan losses		(17,900)	(4,000)	$ (4,000)	$ (3,700)
Carrying Value		$ 3,300,490	$ 3,278,462
Weighted Average Yield		7.84%	7.18%
Remaining Maturity (years)		1 year 3 months 25 days	1 year 7 months 9 days
Mortgage loan receivables held for sale
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount		$ 181,905	$ 232,527
Carrying Value		$ 182,439	$ 230,180
Weighted Average Yield		5.46%	4.88%
Remaining Maturity (years)		9 years 9 months	8 years 2 months 1 day
[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		9 Months Ended	12 Months Ended
		Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Realized gain on sale of mortgage loan receivables			$ 0	$ 0	$ 0
Mortgage loans held by consolidated subsidiaries, beginning balance		$ 3,508,642	3,508,642	2,353,977	2,310,409
Origination of mortgage loan receivables			2,775,992	2,873,304	2,098,052
Purchases of mortgage loan receivables			0	94,079	73,421
Proceeds from sales of mortgage loan receivables(3)			(1,532,308)	(386,852)	(722,360)
Sale of loans, net			(16,511)	(54,046)	(26,009)
Transfer between held for investment and held for sale			0	0	0
Accretion/amortization of discount, premium and other fees			(19,820)	(11,180)	(8,941)
Provision for loan and lease losses			13,900	0	300
Mortgage loans held by consolidated subsidiaries, ending balance			3,482,929	3,508,642	2,353,977
Outstanding Face Amount			3,522,286	3,533,236
Provision for loan losses	[1]		(17,900)	(4,000)
Provision for loan losses			(17,900)	(4,000)	(4,000)	$ (3,700)
Carrying Value			3,482,929	3,508,642
Loans held for sale transferred to loans held for investments, fair value			$ 55,400	$ 119,900
Loans from held for sale transferred to portfolio loans, remaining maturity		3 years	2 years 6 months 7 days	3 years 6 months 7 days
Mortgage loans held by consolidated subsidiaries
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Realized gain on sale of mortgage loan receivables			$ 0		0
Mortgage loans held by consolidated subsidiaries, beginning balance		$ 3,282,462	3,282,462	$ 2,000,095	1,742,345
Origination of mortgage loan receivables			1,478,771	1,407,669	969,401
Purchases of mortgage loan receivables			0	94,079	0
Proceeds from sales of mortgage loan receivables(3)			(1,518,066)	(384,283)	(720,592)
Sale of loans, net			0	0	0
Transfer between held for investment and held for sale			55,403	153,722	0
Accretion/amortization of discount, premium and other fees			(19,820)	(11,180)	8,941
Provision for loan and lease losses			0
Mortgage loans held by consolidated subsidiaries, ending balance			3,318,390	3,282,462	2,000,095
First mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount			3,192,160	3,140,788
Carrying value			3,170,788	3,123,268
Mezzanine loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount			148,221	159,921
Carrying value			147,602	159,194
Mortgage loan receivables held for investment, net, at amortized cost
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Provision for loan and lease losses			13,900		300
Outstanding Face Amount			3,340,381	3,300,709
Provision for loan losses			(17,900)	(4,000)	(4,000)	$ (3,700)
Carrying value			3,318,390	3,282,462
Carrying Value			3,300,490	3,278,462
First mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount			181,905	232,527
Carrying Value			182,439	230,180
Mortgage loan receivables held for sale
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Realized gain on sale of mortgage loan receivables			0	0	0
Mortgage loans held by consolidated subsidiaries, beginning balance		$ 230,180	230,180	357,882	571,764
Origination of mortgage loan receivables			1,297,221	1,465,635	1,128,651
Purchases of mortgage loan receivables			0	0	73,421
Proceeds from sales of mortgage loan receivables(3)			(14,242)	(2,569)	(1,768)
Sale of loans, net			(16,511)	(54,046)	26,009
Transfer between held for investment and held for sale			(55,403)	(153,722)	0
Accretion/amortization of discount, premium and other fees			0	0	0
Provision for loan and lease losses			0		0
Mortgage loans held by consolidated subsidiaries, ending balance			182,439	230,180	$ 357,882
Outstanding Face Amount			181,905	232,527
Carrying Value			$ 182,439	$ 230,180
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

MORTGAGE LOAN RECEIVABLES - Act

MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Activity in loan portfolio
Mortgage loans held by consolidated subsidiaries, beginning balance		$ 3,508,642	$ 3,508,642	$ 2,353,977	$ 2,310,409
Origination of mortgage loan receivables			2,775,992	2,873,304	2,098,052
Purchases of mortgage loan receivables			0	94,079	73,421
Repayment of mortgage loan receivables			(1,532,308)	(386,852)	(722,360)
Proceeds from sales of mortgage loan receivables			(1,291,828)	(1,491,092)	(1,440,195)
Realized gain on sale of mortgage loan receivables			16,511	54,046	26,009
Transfer between held for investment and held for sale			0	0	0
Accretion/amortization of discount, premium and other fees			19,820	11,180	8,941
Mortgage loans held by consolidated subsidiaries, ending balance			3,482,929	3,508,642	2,353,977
Allowance for Loan and Lease Losses [Roll Forward]
Balance at the beginning of the period, provision for loan losses	[1]	$ (4,000)	(4,000)
Loan loss provision			(13,900)	0	(300)
Balance at the end of the period, provision for loan losses	[1]		(17,900)	(4,000)
Loans held for sale transferred loan held for investment, book value			57,600	120,000
Loans held for sale transferred to loans held for investments, fair value			$ 55,400	$ 119,900
Loans from held for sale transferred to portfolio loans, remaining maturity		3 years	2 years 6 months 7 days	3 years 6 months 7 days
Mortgage loans transfered				$ 33,800
Reduction in proceeds from sales of real estate			$ 62,417	115,359	0
Origination of mortgage loans receivable held for investment			0	0	50,378
Unamortized discounts included in mortgage loan receivables held for investment, at amortized cost			500	200
Mortgage loans held by consolidated subsidiaries
Activity in loan portfolio
Mortgage loans held by consolidated subsidiaries, beginning balance		$ 3,282,462	3,282,462	2,000,095	1,742,345
Origination of mortgage loan receivables			1,478,771	1,407,669	969,401
Purchases of mortgage loan receivables			0	94,079	0
Repayment of mortgage loan receivables			(1,518,066)	(384,283)	(720,592)
Proceeds from sales of mortgage loan receivables			0	0	0
Realized gain on sale of mortgage loan receivables			0	0	0
Transfer between held for investment and held for sale			55,403	153,722	0
Accretion/amortization of discount, premium and other fees			19,820	11,180	(8,941)
Mortgage loans held by consolidated subsidiaries, ending balance			3,318,390	3,282,462	2,000,095
Allowance for Loan and Lease Losses [Roll Forward]
Loan loss provision			0
Realized losses on loans recorded as other than temporary impairments					2,600
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
Allowance for Loan and Lease Losses [Roll Forward]
Balance at the beginning of the period, provision for loan losses		(4,000)	(4,000)	(4,000)	(3,700)
Loan loss provision			(13,900)		(300)
Balance at the end of the period, provision for loan losses			(17,900)	(4,000)	(4,000)
Mortgage loan receivables held for sale
Activity in loan portfolio
Mortgage loans held by consolidated subsidiaries, beginning balance		230,180	230,180	357,882	571,764
Origination of mortgage loan receivables			1,297,221	1,465,635	1,128,651
Purchases of mortgage loan receivables			0	0	73,421
Repayment of mortgage loan receivables			(14,242)	(2,569)	(1,768)
Proceeds from sales of mortgage loan receivables			(1,291,828)	(1,491,092)	(1,440,195)
Realized gain on sale of mortgage loan receivables			16,511	54,046	(26,009)
Transfer between held for investment and held for sale			(55,403)	(153,722)	0
Accretion/amortization of discount, premium and other fees			0	0	0
Mortgage loans held by consolidated subsidiaries, ending balance			182,439	230,180	357,882
Allowance for Loan and Lease Losses [Roll Forward]
Loan loss provision			0		$ 0
Realized losses on loans recorded as other than temporary impairments			500	1,800
Payments of Mortgage Loans Receivable Held for Sale				$ 500
Reduction in proceeds from sales of real estate			115,400
Two Of Company Loans | Mortgage loan receivables held for investment, net, at amortized cost
Allowance for Loan and Lease Losses [Roll Forward]
Provisions on collateral dependent loans			2,700
Reserve based on targeted percentage level in portfolio			$ 1,200
Number or loans in default | loan			2
Loans in default, carrying value			$ 26,900
Asset Specific Reserve, Company Loan | Mortgage loan receivables held for investment, net, at amortized cost
Allowance for Loan and Lease Losses [Roll Forward]
Provisions on collateral dependent loans			$ 10,000
Number or loans in default | loan			1
One Of Company Loans | Mortgage loan receivables held for investment, net, at amortized cost
Allowance for Loan and Lease Losses [Roll Forward]
Loan loss provision			$ (12,700)
Loans in default, carrying value		$ 45,000
[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, 2018	Dec. 31, 2017	Dec. 31, 2016
Allowance for Loan and Lease Losses [Roll Forward]
Provision for loan losses at beginning of period	$ 4,000	$ 4,000	$ 3,700
Provision for loan and lease losses	13,900	0	300
Provision for loan losses at end of period	17,900	4,000	4,000
Principal balance of loans on non-accrual status	$ 36,850	$ 26,850	$ 0

REAL ESTATE SECURITIES - Summar

REAL ESTATE SECURITIES - Summary of Securities (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2018USD ($)security	Dec. 31, 2017USD ($)security
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount		$ 3,857,293	$ 4,292,845
Amortized Cost Basis/Purchase Price		1,404,025	1,107,380
Gross Unrealized Gains		3,418	4,296
Gross Unrealized Losses		(8,867)	(5,159)
Carrying Value		$ 1,398,576	$ 1,106,517
Number of Securities		179	142
Weighted Average Coupon %		1.54%	1.37%
Weighted Average Yield %		3.19%	2.87%
Remaining Duration (years)		2 years 4 months 24 days	3 years
Number of equity securities | security		3
Amortized Cost Basis/Purchase Price		$ 1,417,179
Gains		3,418
Losses		(10,471)
Carrying Value	[1]	$ 1,410,126	$ 1,106,517
Total number of Securities | security		182
CMBS
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount		$ 1,258,819	945,167
Amortized Cost Basis/Purchase Price		1,257,801	954,397
Gross Unrealized Gains		2,477	2,748
Gross Unrealized Losses		(7,638)	(3,646)
Carrying Value		$ 1,252,640	$ 953,499
Number of Securities | security		138	96
Weighted Average Coupon %		3.32%	3.28%
Weighted Average Yield %		3.14%	2.79%
Remaining Duration (years)		2 years 3 months 29 days	2 years 10 months 20 days
Risk retention requirement, amount		$ 11,300	$ 11,700
CMBS interest-only
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount		2,373,936	3,140,297
Amortized Cost Basis/Purchase Price		55,534	112,609
Gross Unrealized Gains		428	796
Gross Unrealized Losses		(271)	(334)
Carrying Value		$ 55,691	$ 113,071
Number of Securities | security		19	25
Weighted Average Coupon %		0.57%	0.81%
Weighted Average Yield %		2.80%	3.16%
Remaining Duration (years)		2 years 8 months 8 days	3 years 29 days
Risk retention requirement, amount		$ 900	$ 1,100
GNMA interest-only
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount		135,932	172,916
Amortized Cost Basis/Purchase Price		2,862	5,245
Gross Unrealized Gains		93	157
Gross Unrealized Losses		(307)	(925)
Carrying Value		$ 2,648	$ 4,477
Number of Securities | security		12	13
Weighted Average Coupon %		0.51%	0.58%
Weighted Average Yield %		6.30%	6.70%
Remaining Duration (years)		4 years 1 month 9 days	4 years 2 months 4 days
Agency securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount		$ 668	$ 720
Amortized Cost Basis/Purchase Price		682	743
Gross Unrealized Gains		0	0
Gross Unrealized Losses		(20)	(15)
Carrying Value		$ 662	$ 728
Number of Securities | security		2	2
Weighted Average Coupon %		2.73%	2.82%
Weighted Average Yield %		1.83%	1.80%
Remaining Duration (years)		2 years 4 months 9 days	2 years 11 months 8 days
GNMA permanent securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount		$ 32,633	$ 33,745
Amortized Cost Basis/Purchase Price		32,889	34,386
Gross Unrealized Gains		420	595
Gross Unrealized Losses		(245)	(239)
Carrying Value		$ 33,064	$ 34,742
Number of Securities | security		6	6
Weighted Average Coupon %		3.94%	3.98%
Weighted Average Yield %		3.76%	3.62%
Remaining Duration (years)		5 years 10 days	5 years 7 months 27 days
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount		$ 55,305
Amortized Cost Basis/Purchase Price		54,257
Gross Unrealized Gains		0
Gross Unrealized Losses		(386)
Carrying Value		$ 53,871
Number of Securities | security		2
Weighted Average Coupon %		4.08%
Weighted Average Yield %		5.04%
Remaining Duration (years)		2 years 6 months 3 days
Common Stock
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis/Purchase Price		$ 13,154
Gains		0
Losses		(1,604)
Carrying Value		$ 11,550
[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, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Within 1 year	$ 343,834	$ 286,595
1-5 years	884,997	663,243
5-10 years	169,743	156,668
After 10 years	2	11
Total	1,398,576	1,106,517
CMBS
Debt Securities, Available-for-sale [Line Items]
Within 1 year	342,121	285,982
1-5 years	772,594	544,278
5-10 years	137,925	123,239
After 10 years	0	0
Total	1,252,640	953,499
CMBS interest-only
Debt Securities, Available-for-sale [Line Items]
Within 1 year	1,145	537
1-5 years	54,546	112,534
5-10 years	0	0
After 10 years	0	0
Total	55,691	113,071
GNMA interest-only
Debt Securities, Available-for-sale [Line Items]
Within 1 year	17	76
1-5 years	2,276	3,906
5-10 years	353	484
After 10 years	2	11
Total	2,648	4,477
Agency securities
Debt Securities, Available-for-sale [Line Items]
Within 1 year	0	0
1-5 years	662	728
5-10 years	0	0
After 10 years	0	0
Total	662	728
GNMA permanent securities
Debt Securities, Available-for-sale [Line Items]
Within 1 year	551	0
1-5 years	1,048	1,797
5-10 years	31,465	32,945
After 10 years	0	0
Total	33,064	$ 34,742
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year	0
1-5 years	53,871
5-10 years	0
After 10 years	0
Total	$ 53,871

REAL ESTATE SECURITIES - Additi

REAL ESTATE SECURITIES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Unrealized gain (loss) on equity securities	$ 98,600
Other than temporary impairment losses included in consolidated statements of income	$ (2,800,000)	$ (3,500,000)	$ (4,700,000)

REAL ESTATE AND RELATED LEASE_3

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Gross intangible assets	$ 162	$ 189.5
Accumulated amortization	57.7	60.9
Net intangible assets	104.3	128.6
Unamortized favorable/unfavorable lease intangibles	5.5	8.9
Increase in operating lease income, amortization of below market lease intangibles acquired	2.4	1.9	$ 1.4
Unbilled rent receivables	0.8	0.9
Unencumbered real estates	$ 58.6	$ 128.7
Weighted average amortization period for intangible assets acquired	25 years 1 month 6 days	19 years	19 years 6 months
Revenues from acquisitions	$ 5.3	$ 9.5	$ 2.8
Net earnings (loss)	2.4	6.8	(0.3)
Above Market Leases
Business Acquisition [Line Items]
Decrease in operating lease income, amortization of above market lease intangibles acquired	$ (0.6)	$ (1.1)	$ (1.3)

REAL ESTATE AND RELATED LEASE_4

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Real estate and related lease intangibles, net
Less: Accumulated depreciation and amortization		$ (173,938)	$ (161,063)
Real estate and related lease intangibles, net	[1]	998,022	1,032,041
Below market lease intangibles, net (other liabilities)		(40,367)	(42,607)
In-place leases and other intangibles
Real estate and related lease intangibles, net
Real estate		162,002	189,490
Land
Real estate and related lease intangibles, net
Real estate		195,644	213,992
Building
Real estate and related lease intangibles, net
Real estate		$ 814,314	$ 789,622
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

REAL ESTATE AND RELATED LEASE_5

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, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Depreciation expense	$ 31,537	$ 28,271	$ 26,031
Amortization expense	10,347	11,968	13,302
Total real estate depreciation and amortization expense	41,884	40,239	39,333
Depreciation on corporate fixed assets	$ 75	$ 93	$ 114

REAL ESTATE AND RELATED LEASE_6

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Total	$ 104,300	$ 128,600
In-place leases intangibles
Finite-Lived Intangible Assets [Line Items]
2,019	985
2,020	991
2,021	993
2,022	997
2,023	997
Thereafter	29,928
Total	34,891
Amortization Expense
Finite-Lived Intangible Assets [Line Items]
2,019	6,702
2,020	6,544
2,021	6,478
2,022	6,414
2,023	6,414
Thereafter	66,267
Total	$ 98,819

REAL ESTATE AND RELATED LEASE_7

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details) $ in Thousands	Dec. 31, 2018USD ($)
Real Estate [Abstract]
2,019	$ 78,907
2,020	69,121
2,021	66,198
2,022	62,983
2,023	61,564
Thereafter	509,389
Total	$ 848,162

REAL ESTATE AND RELATED LEASE_8

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Properties Acquired (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Purchase Price	$ 122,707	$ 236,932	$ 62,495
Diversified | Lithia Springs, GA
Business Acquisition [Line Items]
Purchase Price	$ 24,466
Ownership Interest (percent)	70.60%
Diversified | Lithia Springs, GA | Consolidated Joint Venture
Business Acquisition [Line Items]
Purchase Price	$ 2,900
Diversified | Isla Vista, CA
Business Acquisition [Line Items]
Purchase Price	$ 85,087
Ownership Interest (percent)	75.00%
Diversified | Isla Vista, CA | Consolidated Joint Venture
Business Acquisition [Line Items]
Purchase Price	$ 4,600
Diversified | Peoria, IL
Business Acquisition [Line Items]
Purchase Price			$ 2,760
Ownership Interest (percent)			100.00%
Diversified | El Monte, CA
Business Acquisition [Line Items]
Purchase Price		$ 54,110
Ownership Interest (percent)		70.00%
Diversified | El Monte, CA | Consolidated Joint Venture
Business Acquisition [Line Items]
Purchase Price		$ 5,300
Diversified | Miami, FL
Business Acquisition [Line Items]
Purchase Price		$ 38,145
Ownership Interest (percent)		80.00%
Diversified | Miami, FL | Consolidated Joint Venture
Business Acquisition [Line Items]
Purchase Price		$ 1,600
Diversified | Crum Lynne, PA
Business Acquisition [Line Items]
Purchase Price		$ 9,196
Ownership Interest (percent)		100.00%
Diversified | Ewing, NJ
Business Acquisition [Line Items]
Purchase Price			$ 30,640
Ownership Interest (percent)			100.00%
Net Lease | Kirbyville, MO
Business Acquisition [Line Items]
Purchase Price	$ 1,156
Ownership Interest (percent)	100.00%
Net Lease | Gladwin, MI
Business Acquisition [Line Items]
Purchase Price	$ 1,171
Ownership Interest (percent)	100.00%
Net Lease | Foley, MN
Business Acquisition [Line Items]
Purchase Price	$ 1,176
Ownership Interest (percent)	100.00%
Net Lease | Moscow Mills, MO
Business Acquisition [Line Items]
Purchase Price	$ 1,237
Ownership Interest (percent)	100.00%
Net Lease | Wonder Lake, IL
Business Acquisition [Line Items]
Purchase Price	$ 1,255
Ownership Interest (percent)	100.00%
Net Lease | Ogden, IA
Business Acquisition [Line Items]
Purchase Price	$ 1,137
Ownership Interest (percent)	100.00%
Net Lease | New Hampton, IA
Business Acquisition [Line Items]
Purchase Price	$ 1,317
Ownership Interest (percent)	100.00%
Net Lease | Pinconning, MI
Business Acquisition [Line Items]
Purchase Price	$ 1,235
Ownership Interest (percent)	100.00%
Net Lease | Bolivar, MO
Business Acquisition [Line Items]
Purchase Price	$ 1,175
Ownership Interest (percent)	100.00%
Net Lease | Carthage, MO
Business Acquisition [Line Items]
Purchase Price	$ 1,099
Ownership Interest (percent)	100.00%
Net Lease | Pelican Rapids, MN
Business Acquisition [Line Items]
Purchase Price	$ 1,196
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
Ownership Interest (percent)		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%
Land | St. Paul, MN
Business Acquisition [Line Items]
Purchase Price			$ 200
Ownership Interest (percent)			100.00%

REAL ESTATE AND RELATED LEASE_9

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Land	$ 40,960	$ 71,908	$ 9,242
Building	79,398	157,921	39,609
Intangibles	3,153	35,083	15,854
Below Market Lease Intangibles	(804)	(27,980)	(2,210)
Purchase Price	$ 122,707	$ 236,932	$ 62,495

REAL ESTATE AND RELATED LEAS_10

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2018USD ($)property		Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)property
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds(1)(2)		$ 157,008	[1]	$ 29,519	$ 72,953	[2]
Net Book Value	[3]	998,022		1,032,041
Realized Gain/(Loss)		95,881		11,423	20,636
Proceeds From Sale Of Real Estate Held-For-Investment From Prior Years				1,400	6,500
2018 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds(1)(2)		218,662
Net Book Value		122,781
Realized Gain/(Loss)		95,881
2018 Disposal Properties | Condominium | Las Vegas, NV
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds(1)(2)		8,763
Net Book Value		4,458
Realized Gain/(Loss)		$ 4,305
Properties | property		0
Units Sold | property		12
Units Remaining | property		1
2018 Disposal Properties | Condominium | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds(1)(2)		$ 7,851
Net Book Value		6,716
Realized Gain/(Loss)		$ 1,135
Properties | property		0
Units Sold | property		26
Units Remaining | property		22
2018 Disposal Properties | Diversified | El Monte, CA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds(1)(2)		$ 71,807
Net Book Value		52,610
Realized Gain/(Loss)		$ 19,197
Properties | property		1
Units Sold | property		0
Units Remaining | property		0
2018 Disposal Properties | Diversified | El Monte, CA | Third Party Investor
Disposal Groups, Including Discontinued Operations [Line Items]
Realized Gain/(Loss)		$ 7,000
2018 Disposal Properties | Diversified | Richmond, VA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds(1)(2)		20,966
Net Book Value		11,370
Realized Gain/(Loss)		$ 9,596
Properties | property		1
Units Sold | property		0
Units Remaining | property		0
2018 Disposal Properties | Diversified | Richmond, VA | Third Party Investor
Disposal Groups, Including Discontinued Operations [Line Items]
Realized Gain/(Loss)		$ 400
2018 Disposal Properties | Diversified | St. Paul, MN
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds(1)(2)		109,275
Net Book Value		47,627
Realized Gain/(Loss)		$ 61,648
Properties | property		4
Units Sold | property		0
Units Remaining | property		0
2018 Disposal Properties | Diversified | St. Paul, MN | Third Party Investor
Disposal Groups, Including Discontinued Operations [Line Items]
Realized Gain/(Loss)		$ 7,900
2017 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds(1)(2)				31,104
Net Book Value				19,517
Realized Gain/(Loss)				11,587
2017 Disposal Properties | Condominium
Disposal Groups, Including Discontinued Operations [Line Items]
Realized Gain/(Loss)				(164)
2017 Disposal Properties | Condominium | Las Vegas, NV
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds(1)(2)				20,122
Net Book Value				10,824
Realized Gain/(Loss)				$ 9,298
Properties | property				0
Units Sold | property				46
Units Remaining | property				13
2017 Disposal Properties | Condominium | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds(1)(2)				$ 10,982
Net Book Value				8,693
Realized Gain/(Loss)				$ 2,289
Properties | property				0
Units Sold | property				40
Units Remaining | property				48
2016 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds(1)(2)					66,470
Net Book Value					45,834
Realized Gain/(Loss)					20,636
2016 Disposal Properties | Condominium | Las Vegas, NV
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds(1)(2)					34,049
Net Book Value					18,907
Realized Gain/(Loss)					$ 15,142
Properties | property					0
Units Sold | property					73
Units Remaining | property					59
2016 Disposal Properties | Condominium | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds(1)(2)					$ 18,307
Net Book Value					13,991
Realized Gain/(Loss)					$ 4,316
Properties | property					0
Units Sold | property					65
Units Remaining | property					88
2016 Disposal Properties | Net Lease | Rockland, MA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds(1)(2)					$ 7,922
Net Book Value					7,210
Realized Gain/(Loss)					$ 712
Properties | property					1
Units Sold | property					0
Units Remaining | property					0
2016 Disposal Properties | Net Lease | Crawfordsville, IN
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds(1)(2)					$ 6,192
Net Book Value					5,726
Realized Gain/(Loss)					$ 466
Properties | property					1
Units Sold | property					0
Units Remaining | property					0
[1]	Includes cash proceeds received in 2018 that relate to 2017 sales of real estate of $1.4 million.
[2]	Includes cash proceeds received in 2016 that relate to 2015 sales of real estate of $6.5 million.
[3]	Includes amounts relating to consolidated variable interest entities. See Note 3.

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Additional Information (Details)

Apr. 15, 2016USD ($)

Apr. 30, 2012

Mar. 31, 2017USD ($)

Mar. 31, 2016USD ($)

Dec. 31, 2018USD ($)property

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Feb. 08, 2019USD ($)

Aug. 07, 2015USD ($)

Mar. 22, 2013

Apr. 15, 2011

Schedule of Equity Method Investments [Line Items]

Investments in unconsolidated joint ventures

[1]

$ 40,354,000

$ 35,441,000

Distributions from operations of investment in unconsolidated joint ventures

1,250,000

0

$ 1,017,000

Expenses from investment

(13,381,000)

(15,291,000)

$ (15,861,000)

Ladder Capital Realty Income Partnership I LP

Schedule of Equity Method Investments [Line Items]

Minimum Average Net Equity Partnership Investment as Basis for Management Fee Reduction

$ 100,000,000

Sales Commissions and Fees

$ 6,900

0

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

$ 5,316,000

4,908,000

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%

24 Second Avenue Holdings LLC

Schedule of Equity Method Investments [Line Items]

Investments in unconsolidated joint ventures

$ 35,038,000

30,533,000

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)

(900,000)

Interest costs capitalized

$ 1,300,000

900,000

1,500,000

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

46,700,000

$ 36,500,000

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

46,700,000

Remaining capital commitment to operating partner

$ 600,000

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

16

Real estate properties, under contract

$ 39,500,000

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

Consolidated Joint Ventures | Out-of-Period Adjustment Related to Prior Years

Schedule of Equity Method Investments [Line Items]

Distributions from operations of investment in unconsolidated joint ventures

$ 900,000

Subsequent Event | 24 Second Avenue Holdings LLC | First mortgage loan

Schedule of Equity Method Investments [Line Items]

Committed amount on credit agreement

$ 50,500,000

Subsequent Event | 24 Second Avenue Holdings LLC | Mezzanine Loan

Schedule of Equity Method Investments [Line Items]

Committed amount on credit agreement

$ 6,500,000

[1]

Includes amounts relating to consolidated variable interest entities. See Note 3.

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Investments in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures	[1]	$ 40,354	$ 35,441
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures		5,316	4,908
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures		$ 35,038	$ 30,533
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

INVESTMENT IN UNCONSOLIDATED _5

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Summary of Allocated Earnings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	$ 790	$ 89	$ 426
Ladder Capital Realty Income Partnership I LP
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	0	0	892
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	1,658	1,189	953
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	$ (868)	$ (1,100)	$ (1,419)

INVESTMENT IN UNCONSOLIDATED _6

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Results from Operations of the Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Financial Position
Total assets	$ 167,837	$ 154,979
Total liabilities	116,667	108,119
Partners’/members’ capital	51,170	46,860
Results from Operations
Total revenues	19,122	18,482	$ 17,047
Total expenses	13,381	15,291	15,861
Net income (loss)	$ 5,741	$ 3,191	$ 1,186

DEBT OBLIGATIONS, NET - Additio

DEBT OBLIGATIONS, NET - Additional Information (Details)

Jul. 20, 2018

Apr. 03, 2018USD ($)

Jan. 04, 2018

Dec. 06, 2017USD ($)

Apr. 03, 2017USD ($)

Apr. 01, 2017USD ($)

Mar. 21, 2017Extensionoption

Feb. 22, 2017USD ($)

Dec. 17, 2014USD ($)

Feb. 11, 2014USD ($)Extension

Mar. 31, 2017USD ($)

Sep. 30, 2018agreement

Dec. 31, 2018USD ($)agreementExtensioncounterparty

Dec. 31, 2017USD ($)Extension

Dec. 31, 2016USD ($)agreement

Jan. 01, 2021USD ($)

Apr. 01, 2020USD ($)

Dec. 27, 2018USD ($)

May 07, 2018USD ($)

Dec. 21, 2017USD ($)

Oct. 17, 2017USD ($)

Mar. 01, 2017USD ($)

Feb. 19, 2016

Nov. 05, 2014USD ($)

Sep. 19, 2012USD ($)

Committed Loan and Securities Repurchase Facilities

Gross amounts of recognized liabilities

$ 663,686,000

$ 473,410,000

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

Amortization of premiums

1,023,000

1,025,000

$ 894,000

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

0

0

Proceeds from borrowings under debt obligations

$ 5,806,914,000

10,080,341,000

12,359,830,000

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

Percent of FHLB advances to total debt obligations outstanding

28.90%

Retained earnings, appropriated

$ 849,300,000

Gain (loss) on extinguishment/defeasance of debt

(4,392,000)

(73,000)

$ 5,382,000

Tuebor

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

Amount restricted from transfer

1,800,000,000

Revolving credit facility

Committed Loan and Securities Repurchase Facilities

Committed amount on credit agreement

$ 450,000,000

$ 350,000,000

$ 300,000,000

Debt borrowings term

1 year

Revolving credit facility | One-Month LIBOR

Committed Loan and Securities Repurchase Facilities

Committed amount on credit agreement

$ 266,430,000

Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]

Number of extension maturity periods | Extension

4

Length of extension options

12 months

Basis spread on variable rate (as a percent)

25.00%

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

Stated interest rate on debt instrument (as a percent)

3.25%

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

6

Committed amount on credit agreement

$ 1,750,000,000

Committed financing

1,750,000,000

1,650,000,000

$ 100,000,000

Length of additional extension maturity periods

1 year

Gross amounts of recognized liabilities

497,531,000

398,653,000

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

744,310,000

667,102,000

Term master repurchase agreement

Committed Loan and Securities Repurchase Facilities

Committed financing

400,000,000

Total Repurchase Facilities

Committed Loan and Securities Repurchase Facilities

Committed financing

$ 2,150,000,000

2,050,000,000

Repurchase agreements, number of counterparties | counterparty

8

Gross amounts of recognized liabilities

$ 663,685,000

473,410,000

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

$ 932,113,000

753,424,000

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

$ 82,200,000

Ratio indebtedness over total equity (as a percent)

5.00%

Haircut on repurchase agreements (as a percent)

28.90%

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

Committed Loan and Securities Repurchase Facilities

Gross amounts of recognized liabilities

$ 2,500,000

3,100,000

Collateralized Debt Obligations [Abstract]

Proceeds from borrowings under debt obligations

$ 4,000,000

Senior Unsecured Notes

Collateralized Debt Obligations [Abstract]

Unamortized debt issuance costs

11,210,000

2/29/2020 | Committed Loan Repurchase Facility

Committed Loan and Securities Repurchase Facilities

Committed financing

$ 200,000,000

Number of additional extension maturity periods | Extension

2

Length of additional extension maturity periods

6 months

Gross amounts of recognized liabilities

$ 32,042,000

Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]

Number of extension maturity periods | Extension

1

Length of extension options

12 months

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

$ 48,045,000

2/29/2020 | Committed Loan Repurchase Facility | Minimum

Collateralized Debt Obligations [Abstract]

Interest rate

4.25%

2/29/2020 | Committed Loan Repurchase Facility | Maximum

Collateralized Debt Obligations [Abstract]

Interest rate

4.50%

4/10/2018 | Committed Loan Repurchase Facility

Committed Loan and Securities Repurchase Facilities

Committed financing

$ 300,000,000

$ 300,000,000

Number of additional extension maturity periods | Extension

1

1

Length of additional extension maturity periods

364 days

Gross amounts of recognized liabilities

$ 63,007,000

Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]

Number of extension maturity periods | Extension

2

Length of extension options

1 year

364 days

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

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%

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 financing

600,000,000

$ 600,000,000

Number of extension options | option

2

Length of additional extension maturity periods

12 months

Gross amounts of recognized liabilities

$ 180,597,000

$ 120,493,000

Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]

Number of extension maturity periods | Extension

2

2

Length of extension options

12 months

12 months

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

$ 262,642,000

$ 160,031,000

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

Collateralized Debt Obligations [Abstract]

Interest rate

4.41%

3.23%

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

Collateralized Debt Obligations [Abstract]

Interest rate

4.96%

3.98%

Various Date | Uncommitted securities Repurchase Facilities

Committed Loan and Securities Repurchase Facilities

Gross amounts of recognized liabilities

$ 166,154,000

$ 74,757,000

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

$ 187,803,000

$ 86,322,000

Various Date | Uncommitted securities Repurchase Facilities | Minimum

Collateralized Debt Obligations [Abstract]

Interest rate

2.99%

1.65%

Various Date | Uncommitted securities Repurchase Facilities | Maximum

Collateralized Debt Obligations [Abstract]

Interest rate

4.55%

3.31%

Various Date | Mortgage loan financing

Committed Loan and Securities Repurchase Facilities

Committed financing

$ 743,902,000

$ 692,696,000

Gross amounts of recognized liabilities

743,902,000

692,696,000

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

$ 939,362,000

$ 911,034,000

Various Date | Mortgage loan financing | Minimum

Collateralized Debt Obligations [Abstract]

Interest rate

4.25%

4.25%

Various Date | Mortgage loan financing | Maximum

Collateralized Debt Obligations [Abstract]

Interest rate

7.00%

6.75%

Various Date | CLO Debt

Committed Loan and Securities Repurchase Facilities

Committed financing

$ 601,543,000

$ 688,479,000

Gross amounts of recognized liabilities

601,543,000

688,479,000

Collateralized Debt Obligations [Abstract]

Unamortized debt issuance costs

2,600,000

6,000,000

Gross amounts offset in the balance sheet

$ 710,502,000

$ 880,385,000

$ 431,500,000

$ 456,900,000

Various Date | CLO Debt | Minimum

Collateralized Debt Obligations [Abstract]

Interest rate

3.34%

2.36%

Various Date | CLO Debt | Maximum

Collateralized Debt Obligations [Abstract]

Interest rate

6.06%

5.08%

Various Date | CLO Debt | Weighted Average

Collateralized Debt Obligations [Abstract]

Interest rate

4.41%

Various Date | Senior Unsecured Notes

Collateralized Debt Obligations [Abstract]

Unamortized debt issuance costs

$ 11,200,000

$ 14,100,000

Debt Instrument, Face Amount

$ 1,166,201,000

$ 1,166,201,000

Various Date | Senior Unsecured Notes | Minimum

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

Stated interest rate on debt instrument (as a percent)

5.25%

5.25%

Various Date | Senior Unsecured Notes | Maximum

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

Stated interest rate on debt instrument (as a percent)

5.875%

5.875%

4/7/2019 | Committed Loan Repurchase Facility

Committed Loan and Securities Repurchase Facilities

Committed financing

$ 300,000,000

Number of additional extension maturity periods | Extension

1

Gross amounts of recognized liabilities

$ 120,631,000

Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]

Number of extension maturity periods | Extension

1

Length of extension options

364 days

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

$ 204,747,000

4/7/2019 | Committed Loan Repurchase Facility | Minimum

Collateralized Debt Obligations [Abstract]

Interest rate

4.46%

4/7/2019 | Committed Loan Repurchase Facility | Maximum

Collateralized Debt Obligations [Abstract]

Interest rate

4.96%

5/6/2021 | Committed Loan Repurchase Facility

Committed Loan and Securities Repurchase Facilities

Committed financing

$ 300,000,000

Number of additional extension maturity periods | Extension

2

Length of additional extension maturity periods

6 months

Gross amounts of recognized liabilities

$ 79,886,000

Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]

Number of extension maturity periods | Extension

1

Length of extension options

12 months

Collateralized Debt Obligations [Abstract]

Gross amounts offset in the balance sheet

$ 117,382,000

5/6/2021 | Committed Loan Repurchase Facility | Minimum

Collateralized Debt Obligations [Abstract]

Interest rate

4.44%

5/6/2021 | Committed Loan Repurchase Facility | Maximum

Collateralized Debt Obligations [Abstract]

Interest rate

4.94%

Credit Agreement and Revolving Credit Facility

Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]

Unamortized debt issuance costs

$ 6,300,000

$ 7,800,000

Mortgage loan financing

Committed Loan and Securities Repurchase Facilities

Number of agreements | agreement

28

12

51

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

Mortgage loan financing

$ 743,900,000

692,700,000

Net unamortized premiums

5,800,000

6,600,000

Amortization of premiums

1,000,000

1,000,000

$ 900,000

Pledged assets, real estate and lease intangibles, net

$ 939,400,000

$ 911,000,000

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)

7.00%

Borrowings from the Federal Home Loan Bank | Tuebor

Committed Loan and Securities Repurchase Facilities

Debt borrowings term

5 years 9 months

6 years

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

Maximum advance limit

$ 2,000,000,000

Advance rates of total assets (as a percent)

40.00%

Advance rates of total equity (as a percent)

150.00%

FHLB borrowings outstanding

$ 1,300,000,000

$ 1,400,000,000

Additional committed term financing available from FHLB

$ 647,500,000

$ 630,000,000

Weighted average term

2 years 5 months 15 days

2 years 5 months 26 days

Weighted average interest rate

2.55%

1.61%

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)

56.40%

49.60%

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

Stated interest rate on debt instrument (as a percent)

1.18%

0.87%

Borrowings from the Federal Home Loan Bank | Tuebor | Maximum

Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]

Advance rates (as a percent)

95.20%

100.00%

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

Stated interest rate on debt instrument (as a percent)

3.01%

2.74%

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

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

Collateral for debt instrument

$ 1,000,000,000

$ 861,700,000

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

$ 637,200,000

915,900,000

Senior Unsecured Notes | Senior Notes Due, 2017

Collateralized Debt Obligations [Abstract]

Unamortized debt issuance costs

$ 22,800

200,000

Debt Instrument, Face Amount

$ 325,000,000

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

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

297,700,000

$ 5,600,000

21,400,000

$ 325,000,000

Gain (loss) on extinguishment/defeasance of debt

(53,500)

(200,000)

300,000

Debt instrument, repurchased face amount

$ 297,700,000

$ 5,400,000

$ 21,900,000

Debt instrument, redemption price percentage

100.00%

Proceeds from Issuance of Senior Long-term Debt

$ 500,000,000

Affiliated Entity | Various Date | 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

B Participation Interest | Affiliated Entity | Participation Financing - Mortgage Loan Receivable | Related Reserve IV LLC

Collateralized Debt Obligations [Abstract]

Interest expense, debt

$ 500,000

$ 500,000

LCFH

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

Ownership interest in LCFH

88.80%

LCFH | LCFC

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

Ownership interest in LCFH

100.00%

DEBT OBLIGATIONS, NET - Schedul

DEBT OBLIGATIONS, NET - Schedule of Company's Debt Obligations (Details)		Jan. 04, 2018	Mar. 21, 2017Extension	Feb. 22, 2017USD ($)	Dec. 31, 2018USD ($)Extension	Dec. 31, 2017USD ($)Extension	Dec. 27, 2018USD ($)	Dec. 21, 2017USD ($)	Oct. 17, 2017USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Debt Obligations Outstanding					$ 663,686,000	$ 473,410,000
Debt obligations	[1]				4,452,574,000	4,379,826,000
Carrying Amount of Collateral					0	0
Committed Loan Repurchase Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing					1,750,000,000	1,650,000,000	$ 100,000,000
Debt Obligations Outstanding					497,531,000	398,653,000
Committed but Unfunded					1,252,469,000	1,251,347,000
Carrying Amount of Collateral					744,310,000	667,102,000
Fair Value of Collateral					745,103,000	668,664,000
Length of additional extension maturity periods		1 year
Committed Loan Repurchase Facility | 10/1/2020
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing					600,000,000	600,000,000
Debt Obligations Outstanding					180,597,000	120,493,000
Committed but Unfunded					419,403,000	479,507,000
Carrying Amount of Collateral					262,642,000	160,031,000
Fair Value of Collateral					$ 261,602,000	$ 159,568,000
Number of extension maturity periods | Extension					2	2
Length of extension options					12 months	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					4.41%	3.23%
Committed Loan Repurchase Facility | 10/1/2020 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate					4.96%	3.98%
Committed Loan Repurchase Facility | 5/24/2019
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing					$ 350,000,000
Debt Obligations Outstanding					63,679,000
Committed but Unfunded					286,321,000
Carrying Amount of Collateral					87,385,000
Fair Value of Collateral					$ 88,762,000
Committed Loan Repurchase Facility | 5/24/2019 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate					4.68%
Committed Loan Repurchase Facility | 5/24/2019 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate					4.98%
Committed Loan Repurchase Facility | 5/24/2018
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing						$ 450,000,000
Debt Obligations Outstanding						183,111,000
Committed but Unfunded						266,889,000
Carrying Amount of Collateral						333,647,000
Fair Value of Collateral						$ 335,076,000
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 | 4/7/2019
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing					$ 300,000,000
Debt Obligations Outstanding					120,631,000
Committed but Unfunded					179,369,000
Carrying Amount of Collateral					204,747,000
Fair Value of Collateral					$ 205,219,000
Number of extension maturity periods | Extension					1
Length of extension options					364 days
Additional length of period of extension options					364 days
Number of additional extension maturity periods | Extension					1
Committed Loan Repurchase Facility | 4/7/2019 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate					4.46%
Committed Loan Repurchase Facility | 4/7/2019 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate					4.96%
Committed Loan Repurchase Facility | 4/10/2018
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing				$ 300,000,000		$ 300,000,000
Debt Obligations Outstanding						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
Length of extension options				1 year		364 days
Additional length of period of extension options						364 days
Length of additional extension maturity periods			364 days
Number of additional extension maturity periods | Extension			1			1
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 | 5/6/2021
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing					$ 300,000,000
Debt Obligations Outstanding					79,886,000
Committed but Unfunded					220,114,000
Carrying Amount of Collateral					117,382,000
Fair Value of Collateral					$ 117,366,000
Number of extension maturity periods | Extension					1
Length of extension options					12 months
Length of additional extension maturity periods					6 months
Number of additional extension maturity periods | Extension					2
Committed Loan Repurchase Facility | 5/6/2021 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate					4.44%
Committed Loan Repurchase Facility | 5/6/2021 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate					4.94%
Committed Loan Repurchase Facility | 7/20/2021
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing					$ 100,000,000
Debt Obligations Outstanding					52,738,000
Committed but Unfunded					47,262,000
Carrying Amount of Collateral					72,154,000
Fair Value of Collateral					$ 72,154,000
Number of extension maturity periods | Extension					1
Length of extension options					12 months
Committed Loan Repurchase Facility | 7/20/2021 | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate					4.58%
Committed Loan Repurchase Facility | 7/20/2021 | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate					4.96%
Committed Loan Repurchase Facility | 12/26/2019
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing					$ 100,000,000
Committed but Unfunded					100,000,000
Committed Loan Repurchase Facility | 2/29/2020
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing						$ 200,000,000
Debt Obligations Outstanding						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
Length of additional extension maturity periods						6 months
Number of additional extension maturity periods | Extension						2
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 Financing						$ 100,000,000
Debt Obligations Outstanding						0
Committed but Unfunded						100,000,000
Carrying Amount of Collateral						0
Fair Value of Collateral						0
Committed Securities Repurchase Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing					400,000,000
Committed Securities Repurchase Facility | 9/30/2019
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing					400,000,000	400,000,000
Debt Obligations Outstanding					0	0
Committed but Unfunded					400,000,000	400,000,000
Carrying Amount of Collateral					0	0
Fair Value of Collateral					0	0
Uncommitted Securities Repurchase Facility | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Debt Obligations Outstanding					166,154,000	74,757,000
Carrying Amount of Collateral					187,803,000	86,322,000
Fair Value of Collateral					187,803,000	86,322,000
Purchase, not reflected in consolidated financial statement					3,000,000	$ 26,700,000
Securities phased in secondary market					$ 6,000,000
Uncommitted Securities Repurchase Facility | Various Date | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate					2.99%	1.65%
Uncommitted Securities Repurchase Facility | Various Date | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate					4.55%	3.31%
Total Repurchase Facilities
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing					$ 2,150,000,000	$ 2,050,000,000
Debt Obligations Outstanding					663,685,000	473,410,000
Committed but Unfunded					1,652,469,000	1,651,347,000
Carrying Amount of Collateral					932,113,000	753,424,000
Fair Value of Collateral					$ 932,906,000	$ 754,986,000
Revolving Credit Facility | 5/24/2019
Assets Sold under Agreements to Repurchase [Line Items]
Number of extension maturity periods | Extension						2
Length of extension options					12 months
Revolving Credit Facility | 5/24/2018
Assets Sold under Agreements to Repurchase [Line Items]
Number of extension maturity periods | Extension						3
Length of extension options						12 months
Revolving Credit Facility | 2/11/2019
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing					$ 266,430,000
Debt Obligations Outstanding					0
Committed but Unfunded					$ 266,430,000
Length of extension options					12 months
Number of additional extension maturity periods | Extension					4
Revolving Credit Facility | 2/11/2018
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing						$ 241,430,000
Debt Obligations Outstanding						0
Committed but Unfunded						$ 241,430,000
Number of extension maturity periods | Extension						3
Length of extension options						12 months
Mortgage Loan Financing | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing					$ 743,902,000	$ 692,696,000
Debt Obligations Outstanding					743,902,000	692,696,000
Committed but Unfunded					0	0
Carrying Amount of Collateral					939,362,000	911,034,000
Fair Value of Collateral					$ 1,108,968,000	$ 1,066,708,000
Mortgage Loan Financing | Various Date | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate					4.25%	4.25%
Mortgage Loan Financing | Various Date | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate					7.00%	6.75%
CLO Debt | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing					$ 601,543,000	$ 688,479,000
Debt Obligations Outstanding					601,543,000	688,479,000
Committed but Unfunded					0	0
Carrying Amount of Collateral					710,502,000	880,385,000		$ 431,500,000	$ 456,900,000
Fair Value of Collateral					710,737,000	881,576,000
Unamortized debt issuance costs					$ 2,600,000	$ 6,000,000
CLO Debt | Various Date | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate					3.34%	2.36%
CLO Debt | Various Date | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate					6.06%	5.08%
Participation Financing - Mortgage Loan Receivable
Assets Sold under Agreements to Repurchase [Line Items]
Debt Obligations Outstanding					$ 2,500,000	$ 3,100,000
Participation Financing - Mortgage Loan Receivable | 6/6/2019
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing					2,453,000
Debt Obligations Outstanding					2,453,000
Committed but Unfunded					$ 0
Stated interest rate on debt instrument (as a percent)					17.00%
Carrying Amount of Collateral					$ 2,453,000
Fair Value of Collateral					2,453,000
Participation Financing - Mortgage Loan Receivable | 6/6/2018
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing						3,107,000
Debt Obligations Outstanding						3,107,000
Committed but Unfunded						$ 0
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 Date
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing					1,933,522,000	2,000,000,000
Debt Obligations Outstanding					1,286,000,000	1,370,000,000
Committed but Unfunded					647,522,000	630,000,000
Carrying Amount of Collateral					1,652,952,000	1,777,597,000
Fair Value of Collateral					1,655,150,000	1,783,210,000
Purchase, not reflected in consolidated financial statement					$ 9,700,000	$ 10,100,000
Borrowings from the FHLB | Various Date | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate					1.18%	0.87%
Borrowings from the FHLB | Various Date | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate					3.01%	2.74%
Senior Unsecured Notes
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs					$ 11,210,000
Senior Unsecured Notes | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued					1,166,201,000	$ 1,166,201,000
Senior Unsecured Notes					1,154,991,000	1,152,134,000
Committed but Unfunded					0	0
Unamortized debt issuance costs					$ 11,200,000	$ 14,100,000
Senior Unsecured Notes | Various Date | Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Stated interest rate on debt instrument (as a percent)					5.25%	5.25%
Senior Unsecured Notes | Various Date | Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Stated interest rate on debt instrument (as a percent)					5.875%	5.875%
Total Debt Obligations
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued					$ 6,864,051,000	$ 6,841,913,000
Debt obligations					4,452,574,000	4,379,826,000
Committed but Unfunded					2,566,421,000	2,522,777,000
Carrying Amount of Collateral					4,237,382,000	4,325,547,000
Fair Value of Collateral					$ 4,410,214,000	$ 4,489,587,000
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

DEBT OBLIGATIONS, NET - Senior

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

Sep. 25, 2017

Apr. 03, 2017

Apr. 01, 2017

Mar. 16, 2017

Dec. 17, 2014

Mar. 31, 2016

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Feb. 24, 2016

Nov. 05, 2014

Aug. 01, 2014

Sep. 19, 2012

Debt Instrument [Line Items]

Gain (loss) on extinguishment/defeasance of debt

$ (4,392,000)

$ (73,000)

$ 5,382,000

Senior Unsecured Notes

Debt Instrument [Line Items]

Unamortized debt issuance costs

(11,210,000)

Senior Unsecured Notes | Various Date

Debt Instrument [Line Items]

Unamortized debt issuance costs

(11,200,000)

(14,100,000)

Debt issued

$ 1,166,201,000

1,166,201,000

Senior Unsecured Notes | Senior Notes Due, 2017

Debt Instrument [Line Items]

Unamortized debt issuance costs

$ (22,800)

$ (200,000)

Debt issued

$ 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

297,700,000

$ 5,600,000

21,400,000

$ 325,000,000

Debt instrument, repurchased face amount

297,700,000

5,400,000

21,900,000

Gain (loss) on extinguishment/defeasance of debt

$ (53,500)

$ (200,000)

300,000

Debt instrument, redemption price percentage

100.00%

Proceeds from Issuance of Senior Long-term Debt

$ 500,000,000

Senior Unsecured Notes | 2021 Notes

Debt Instrument [Line Items]

Unamortized debt issuance costs

(400,000)

Debt issued

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/defeasance of debt

$ 5,100,000

Debt instrument, authorized repurchase amount

$ 100,000,000

Senior Unsecured Notes | 2022 Notes

Debt Instrument [Line Items]

Debt issued

$ 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 issued

$ 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

DEBT OBLIGATIONS, NET - Sched_2

DEBT OBLIGATIONS, NET - Schedule of Maturities (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Long-term Debt, Fiscal Year Maturity [Abstract]
2018 (Last 3 months)		$ 804,470
2,019		855,977
2,020		795,605
2,021		760,582
2,022		159,012
Thereafter		1,085,631
Subtotal		4,461,277
Premiums included in mortgage loan financing		5,808
Debt obligations	[1]	4,452,574	$ 4,379,826
Senior Unsecured Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Debt issuance costs		(11,210)
CLO debt
Long-term Debt, Fiscal Year Maturity [Abstract]
Debt issuance costs		(2,569)
Mortgage Loan Financing
Long-term Debt, Fiscal Year Maturity [Abstract]
Debt issuance costs		$ (732)
Length of extension options		1 year
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Assets:
Fair Value		$ 3,564,681	$ 3,615,097
Provision for loan losses	[1]	(17,900)	(4,000)
Carrying Value		1,398,576	1,106,517
Liabilities:
Fair Value		4,401,295	4,414,782
Recurring
Assets:
Fair Value		1,397,918	1,094,687
CMBS
Assets:
Carrying Value		1,252,640	953,499
CMBS | Recurring | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount		1,258,819	945,167
Amortized Cost Basis/Purchase Price		1,257,801	$ 954,397
Fair Value		$ 1,252,640
Debt securities, available-for-sale, measurement input		0.0314	0.0279
Liabilities:
Weighted average remaining maturity/duration		2 years 3 months 29 days	2 years 10 months 20 days
CMBS interest-only
Assets:
Carrying Value		$ 55,691	$ 113,071
CMBS interest-only | Recurring | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount		2,373,936	3,140,297
Amortized Cost Basis/Purchase Price		55,534	$ 112,609
Fair Value		$ 55,691
Debt securities, available-for-sale, measurement input		0.0280	0.0316
Liabilities:
Weighted average remaining maturity/duration		2 years 8 months 8 days	3 years 29 days
GNMA interest-only
Assets:
Carrying Value		$ 2,648	$ 4,477
GNMA interest-only | Recurring | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount		135,932	172,916
Amortized Cost Basis/Purchase Price		2,862	$ 5,245
Fair Value		$ 2,648
Debt securities, available-for-sale, measurement input		0.0630	0.0670
Liabilities:
Weighted average remaining maturity/duration		4 years 1 month 9 days	4 years 2 months 4 days
Agency securities
Assets:
Carrying Value		$ 662	$ 728
Agency securities | Recurring | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount		668	720
Amortized Cost Basis/Purchase Price		682	$ 743
Fair Value		$ 662
Debt securities, available-for-sale, measurement input		0.0183	0.0180
Liabilities:
Weighted average remaining maturity/duration		2 years 4 months 9 days	2 years 11 months 8 days
GNMA permanent securities
Assets:
Carrying Value		$ 33,064	$ 34,742
GNMA permanent securities | Recurring | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount		32,633	33,745
Amortized Cost Basis/Purchase Price		32,889	$ 34,386
Fair Value		$ 33,064
Debt securities, available-for-sale, measurement input		0.0376	0.0362
Liabilities:
Weighted average remaining maturity/duration		5 years 10 days	5 years 7 months 27 days
Corporate bonds
Assets:
Carrying Value		$ 53,871
Corporate bonds | Recurring | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount		55,305
Amortized Cost Basis/Purchase Price		54,257
Fair Value		$ 53,871
Debt securities, available-for-sale, measurement input		0.0504
Liabilities:
Weighted average remaining maturity/duration		2 years 6 months 3 days
Common Stock | Recurring | Internal Model Third Party Inputs Valuation Technique
Assets:
Amortized Cost Basis/Purchase Price		$ 13,154
Fair Value		$ 11,550
Mortgage loan receivables held for investment, net, at amortized cost
Liabilities:
Period of short interest rate reset risk		30 days	30 days
Mortgage loan receivables held for investment, net, at amortized cost | Recurring | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount		$ 3,340,381
Mortgage loan receivables held for investment, net, at amortized cost | Recurring | Discounted Cash Flow
Assets:
Outstanding Face Amount			$ 3,300,709
Amortized Cost Basis/Purchase Price		3,318,390	3,282,462
Fair Value		$ 3,324,588	$ 3,292,035
Debt securities, available-for-sale, measurement input		0.0784	0.0718
Liabilities:
Weighted average remaining maturity/duration		1 year 3 months 25 days	1 year 7 months 9 days
Provisions For Loan Losses | Recurring
Assets:
Provision for loan losses		$ (17,900)	$ (4,000)
Mortgage loan receivables held for sale | Recurring | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount		181,905	232,527
Amortized Cost Basis/Purchase Price		182,439	230,180
Fair Value		$ 187,870	$ 236,428
Debt securities, available-for-sale, measurement input		0.0546	0.0488
Liabilities:
Weighted average remaining maturity/duration		9 years 9 months	8 years 2 months 1 day
FHLB stock | Recurring | FHLB stock
Assets:
Outstanding Face Amount		$ 57,915	$ 77,915
Amortized Cost Basis/Purchase Price		57,915	77,915
Fair Value		$ 57,915	$ 77,915
Debt securities, available-for-sale, measurement input		0.0450	0.0425
Nonhedge derivatives | Recurring | Counterparty Quotations Valuation Technique
Assets:
Nonhedge derivative assets			$ 594,140
Fair Value			$ 888
Liabilities:
Weighted average remaining maturity/duration			2 months 26 days
Repurchase agreements - short-term | Recurring | Discounted Cash Flow
Assets:
Debt securities, available-for-sale, measurement input		0.0342	0.0319
Liabilities:
Outstanding Face Amount		$ 436,957	$ 371,427
Amortized Cost Basis/Purchase Price		436,957	371,427
Fair Value		$ 436,957	$ 371,427
Weighted average remaining maturity/duration		2 months 23 days	4 months 6 days
Repurchase agreements - long-term | Recurring | Discounted Cash Flow
Assets:
Debt securities, available-for-sale, measurement input		0.0347	0.0262
Liabilities:
Outstanding Face Amount		$ 226,728	$ 101,983
Amortized Cost Basis/Purchase Price		226,728	101,983
Fair Value		$ 226,728	$ 101,983
Weighted average remaining maturity/duration		1 year 8 months 23 days	2 years 7 months 20 days
Mortgage loan financing | Recurring | Discounted Cash Flow
Assets:
Debt securities, available-for-sale, measurement input		0.0509	0.0491
Liabilities:
Outstanding Face Amount		$ 738,825	$ 692,394
Amortized Cost Basis/Purchase Price		743,902	692,696
Fair Value		$ 735,662	$ 693,055
Weighted average remaining maturity/duration		2 years 7 months 9 days	6 years 9 months 21 days
CLO debt
Liabilities:
Period of short interest rate reset risk		30 days	30 days
CLO debt | Recurring | Discounted Cash Flow
Assets:
Debt securities, available-for-sale, measurement input		0.0441	0.0340
Liabilities:
Outstanding Face Amount		$ 601,543	$ 688,479
Amortized Cost Basis/Purchase Price		601,543	688,479
Fair Value		$ 601,543	$ 688,479
Weighted average remaining maturity/duration		9 years 4 months 24 days	10 years 9 months 7 days
Participation Financing - Mortgage Loan Receivable | Recurring | Discounted Cash Flow
Assets:
Debt securities, available-for-sale, measurement input		0.1700	0.1700
Liabilities:
Outstanding Face Amount		$ 2,453	$ 3,107
Amortized Cost Basis/Purchase Price		2,453	3,107
Fair Value		$ 2,453	$ 3,107
Weighted average remaining maturity/duration		5 months 4 days	5 months 4 days
Borrowings from the FHLB | Recurring | Discounted Cash Flow
Assets:
Debt securities, available-for-sale, measurement input		0.0255	0.0161
Liabilities:
Outstanding Face Amount		$ 1,286,000	$ 1,370,000
Amortized Cost Basis/Purchase Price		1,286,000	1,370,000
Fair Value		$ 1,286,664	$ 1,369,544
Weighted average remaining maturity/duration		2 years 5 months 15 days	2 years 5 months 26 days
Senior unsecured notes | Recurring | Broker Quotations Pricing Services Valuation Technique
Assets:
Debt securities, available-for-sale, measurement input		0.0539	0.0539
Liabilities:
Outstanding Face Amount		$ 1,166,201	$ 1,166,201
Amortized Cost Basis/Purchase Price		1,154,991	1,152,134
Fair Value		$ 1,111,288	$ 1,187,187
Weighted average remaining maturity/duration		4 years 3 months 10 days	5 years 3 months 10 days
Nonhedge derivatives | Recurring | Counterparty Quotations Valuation Technique
Liabilities:
Nonhedge derivative liabilities		$ 578,971	$ 54,160
Fair Value		$ 975	$ 2,606
Weighted average remaining maturity/duration		3 months	2 years 5 months 8 days
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Assets:
Fair value of assets		$ 3,564,681	$ 3,615,097
Provision for loan losses	[1]	(17,900)	(4,000)
Liabilities:
Fair value of liabilities		4,401,295	4,414,782
Repurchase agreements - short-term
Liabilities:
Outstanding Face Amount		436,957	371,427
Fair value of liabilities		436,957	371,427
Repurchase agreements - long-term
Liabilities:
Outstanding Face Amount		226,728	101,983
Fair value of liabilities		226,728	101,983
Mortgage loan financing
Liabilities:
Outstanding Face Amount		738,825	692,394
Fair value of liabilities		735,662	693,055
CLO debt
Liabilities:
Outstanding Face Amount		601,543
Fair value of liabilities		601,543
Participation Financing - Mortgage Loan Receivable
Liabilities:
Outstanding Face Amount		2,453	688,479
Fair value of liabilities		2,453	688,479
Senior unsecured notes
Liabilities:
Outstanding Face Amount		1,166,201	1,166,201
Fair value of liabilities		1,111,288	1,187,187
Borrowings from the FHLB
Liabilities:
Outstanding Face Amount		1,286,000	1,370,000
Fair value of liabilities		1,286,664	1,369,544
Liability For Transfers Not Considered Sales
Liabilities:
Outstanding Face Amount			3,107
Fair value of liabilities			3,107
CMBS
Assets:
Outstanding Face Amount		12,210	12,293
Fair value of assets		11,306	11,651
CMBS interest-only
Assets:
Outstanding Face Amount		11,189	11,271
Fair value of assets		902	1,068
Mortgage loan receivables held for investment, net, at amortized cost
Assets:
Outstanding Face Amount		3,340,381	3,300,709
Fair value of assets		3,324,588	3,292,035
Mortgage loan receivables held for sale
Assets:
Outstanding Face Amount		181,905	232,527
Fair value of assets		187,870	236,428
FHLB stock
Assets:
Outstanding Face Amount		57,915	77,915
Fair value of assets		57,915	77,915
Level 1
Assets:
Fair value of assets		0	0
Provision for loan losses		0	0
Liabilities:
Fair value of liabilities		0	0
Level 1 | Repurchase agreements - short-term
Liabilities:
Fair value of liabilities		0	0
Level 1 | Repurchase agreements - long-term
Liabilities:
Fair value of liabilities		0	0
Level 1 | Mortgage loan financing
Liabilities:
Fair value of liabilities		0	0
Level 1 | CLO debt
Liabilities:
Fair value of liabilities		0
Level 1 | Participation Financing - Mortgage Loan Receivable
Liabilities:
Fair value of liabilities		0	0
Level 1 | Senior unsecured notes
Liabilities:
Fair value of liabilities		0	0
Level 1 | Borrowings from the FHLB
Liabilities:
Fair value of liabilities		0	0
Level 1 | Liability For Transfers Not Considered Sales
Liabilities:
Fair value of liabilities			0
Level 1 | CMBS
Assets:
Fair value of assets		0	0
Level 1 | CMBS interest-only
Assets:
Fair value of assets		0	0
Level 1 | Mortgage loan receivables held for investment, net, at amortized cost
Assets:
Fair value of assets		0	0
Level 1 | Mortgage loan receivables held for sale
Assets:
Fair value of assets		0	0
Level 1 | FHLB stock
Assets:
Fair value of assets		0	0
Level 2
Assets:
Fair value of assets		0	0
Provision for loan losses		0	0
Liabilities:
Fair value of liabilities		0	0
Level 2 | Repurchase agreements - short-term
Liabilities:
Fair value of liabilities		0	0
Level 2 | Repurchase agreements - long-term
Liabilities:
Fair value of liabilities		0	0
Level 2 | Mortgage loan financing
Liabilities:
Fair value of liabilities		0	0
Level 2 | CLO debt
Liabilities:
Fair value of liabilities		0
Level 2 | Participation Financing - Mortgage Loan Receivable
Liabilities:
Fair value of liabilities		0	0
Level 2 | Senior unsecured notes
Liabilities:
Fair value of liabilities		0	0
Level 2 | Borrowings from the FHLB
Liabilities:
Fair value of liabilities		0	0
Level 2 | Liability For Transfers Not Considered Sales
Liabilities:
Fair value of liabilities			0
Level 2 | CMBS
Assets:
Fair value of assets		0	0
Level 2 | CMBS interest-only
Assets:
Fair value of assets		0	0
Level 2 | Mortgage loan receivables held for investment, net, at amortized cost
Assets:
Fair value of assets		0	0
Level 2 | Mortgage loan receivables held for sale
Assets:
Fair value of assets		0	0
Level 2 | FHLB stock
Assets:
Fair value of assets		0	0
Level 3
Assets:
Fair value of assets		3,564,681	3,615,097
Provision for loan losses		(17,900)	(4,000)
Liabilities:
Fair value of liabilities		4,401,295	4,414,782
Level 3 | Repurchase agreements - short-term
Liabilities:
Fair value of liabilities		436,957	371,427
Level 3 | Repurchase agreements - long-term
Liabilities:
Fair value of liabilities		226,728	101,983
Level 3 | Mortgage loan financing
Liabilities:
Fair value of liabilities		735,662	693,055
Level 3 | CLO debt
Liabilities:
Fair value of liabilities		601,543
Level 3 | Participation Financing - Mortgage Loan Receivable
Liabilities:
Fair value of liabilities		2,453	688,479
Level 3 | Senior unsecured notes
Liabilities:
Fair value of liabilities		1,111,288	1,187,187
Level 3 | Borrowings from the FHLB
Liabilities:
Fair value of liabilities		1,286,664	1,369,544
Level 3 | Liability For Transfers Not Considered Sales
Liabilities:
Fair value of liabilities			3,107
Level 3 | CMBS
Assets:
Fair value of assets		11,306	11,651
Level 3 | CMBS interest-only
Assets:
Fair value of assets		902	1,068
Level 3 | Mortgage loan receivables held for investment, net, at amortized cost
Assets:
Fair value of assets		3,324,588	3,292,035
Level 3 | Mortgage loan receivables held for sale
Assets:
Fair value of assets		187,870	236,428
Level 3 | FHLB stock
Assets:
Fair value of assets		57,915	77,915
Recurring
Assets:
Fair value of assets		1,397,918	1,094,687
Recurring | Nonhedge derivatives
Assets:
Fair value of assets		975
Liabilities:
Nonhedge derivative liabilities		605,871	54,160
Fair value of liabilities			2,606
Recurring | CMBS
Assets:
Outstanding Face Amount		1,246,609	932,874
Fair value of assets		1,241,334	941,849
Recurring | CMBS interest-only
Assets:
Outstanding Face Amount		2,362,747	3,129,027
Fair value of assets		54,789	112,003
Recurring | GNMA interest-only
Assets:
Outstanding Face Amount		135,932	172,916
Fair value of assets		2,648	4,477
Recurring | Agency securities
Assets:
Outstanding Face Amount		668	720
Fair value of assets		662	728
Recurring | GNMA permanent securities
Assets:
Outstanding Face Amount		32,633	33,745
Fair value of assets		33,064	34,742
Recurring | Corporate bonds
Assets:
Outstanding Face Amount		55,305
Fair value of assets		53,871
Recurring | Nonhedge derivatives
Assets:
Fair value of assets			888
Derivative Asset, Notional Amount			594,140
Recurring | Common Stock
Assets:
Fair value of assets		11,550
Recurring | Level 1
Assets:
Fair value of assets		11,550	0
Recurring | Level 1 | Nonhedge derivatives
Assets:
Fair value of assets		0
Liabilities:
Fair value of liabilities			0
Recurring | Level 1 | CMBS
Assets:
Fair value of assets		0	0
Recurring | Level 1 | CMBS interest-only
Assets:
Fair value of assets		0	0
Recurring | Level 1 | GNMA interest-only
Assets:
Fair value of assets		0	0
Recurring | Level 1 | Agency securities
Assets:
Fair value of assets		0	0
Recurring | Level 1 | GNMA permanent securities
Assets:
Fair value of assets		0	0
Recurring | Level 1 | Corporate bonds
Assets:
Fair value of assets		0
Recurring | Level 1 | Nonhedge derivatives
Assets:
Fair value of assets			0
Recurring | Level 1 | Common Stock
Assets:
Fair value of assets		11,550
Recurring | Level 2
Assets:
Fair value of assets		0	888
Recurring | Level 2 | Nonhedge derivatives
Liabilities:
Fair value of liabilities		975	2,606
Recurring | Level 2 | CMBS
Assets:
Fair value of assets		0	0
Recurring | Level 2 | CMBS interest-only
Assets:
Fair value of assets		0	0
Recurring | Level 2 | GNMA interest-only
Assets:
Fair value of assets		0	0
Recurring | Level 2 | Agency securities
Assets:
Fair value of assets		0	0
Recurring | Level 2 | GNMA permanent securities
Assets:
Fair value of assets		0	0
Recurring | Level 2 | Corporate bonds
Assets:
Fair value of assets		0
Recurring | Level 2 | Nonhedge derivatives
Assets:
Fair value of assets			888
Recurring | Level 3
Assets:
Fair value of assets		1,386,368	1,093,799
Recurring | Level 3 | Nonhedge derivatives
Liabilities:
Fair value of liabilities		0	0
Recurring | Level 3 | CMBS
Assets:
Fair value of assets		1,241,334	941,849
Recurring | Level 3 | CMBS interest-only
Assets:
Fair value of assets		54,789	112,003
Recurring | Level 3 | GNMA interest-only
Assets:
Fair value of assets		2,648	4,477
Recurring | Level 3 | Agency securities
Assets:
Fair value of assets		662	728
Recurring | Level 3 | GNMA permanent securities
Assets:
Fair value of assets		33,064	34,742
Recurring | Level 3 | Corporate bonds
Assets:
Fair value of assets		$ 53,871
Recurring | Level 3 | Nonhedge derivatives
Assets:
Fair value of assets			$ 0
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Changes in Level 3 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,106,517	$ 2,100,947
Transfer from level 2	0	0
Purchases	756,449	210,521
Sales	(322,979)	(1,025,700)
Paydowns/maturities	(109,446)	(138,413)
Amortization of premium/discount	(21,473)	(57,231)
Unrealized gain/(loss)	(4,586)	(816)
Realized gain/(loss) on sale	(5,906)	17,209
Ending balance	$ 1,398,576	$ 1,106,517

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Quantitative Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 1,398,576	$ 1,106,517
CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	1,252,640	953,499
CMBS interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	55,691	113,071
GNMA interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	2,648	4,477
Agency securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	662	728
GNMA permanent securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	33,064	34,742
Corporate bonds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	53,871
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	1,398,576	$ 1,106,517
Level 3 | CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 1,252,640
Level 3 | CMBS | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration (in years)	0 years	1 month 13 days
Level 3 | CMBS | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration (in years)	2 years 6 months	3 years 2 months 8 days
Level 3 | CMBS | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration (in years)	7 years 9 months 10 days	7 years 10 months 2 days
Level 3 | CMBS interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 55,691
Level 3 | CMBS interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration (in years)	1 month 20 days	4 months 20 days
Level 3 | CMBS interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration (in years)	2 years 11 months 15 days	3 years 21 days
Level 3 | CMBS interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration (in years)	6 years 10 months 9 days	4 years 5 months 15 days
Level 3 | GNMA interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 2,648
Level 3 | GNMA interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration (in years)	14 days	5 months 8 days
Level 3 | GNMA interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration (in years)	3 years 1 month 17 days	2 years 5 months 4 days
Level 3 | GNMA interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration (in years)	4 years 9 months 7 days	5 years 2 months 8 days
Level 3 | Agency securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 662
Level 3 | Agency securities | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration (in years)	0 years	0 years
Level 3 | Agency securities | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration (in years)	2 years 9 months 29 days	3 years 2 months 19 days
Level 3 | Agency securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration (in years)	3 years 9 months 25 days	4 years 8 months 19 days
Level 3 | GNMA permanent securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 33,064
Level 3 | GNMA permanent securities | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration (in years)	0 years	1 year 4 months 24 days
Level 3 | GNMA permanent securities | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration (in years)	5 years 7 months 13 days	5 years 9 months
Level 3 | GNMA permanent securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration (in years)	5 years 10 months 17 days	5 years 11 months 8 days
Level 3 | Corporate bonds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 53,871
Level 3 | Corporate bonds | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration (in years)	1 year 11 months 8 days
Level 3 | Corporate bonds | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration (in years)	2 years 2 months 8 days
Level 3 | Corporate bonds | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration (in years)	2 years 8 months 12 days
Level 3 | Yield | CMBS | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0	0.0061
Level 3 | Yield | CMBS | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0354	0.03
Level 3 | Yield | CMBS | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.2167	0.1832
Level 3 | Yield | CMBS interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0087	0.027
Level 3 | Yield | CMBS interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0471	0.0352
Level 3 | Yield | CMBS interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0811	0.0631
Level 3 | Yield | GNMA interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0121	0.0446
Level 3 | Yield | GNMA interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0554	0.1185
Level 3 | Yield | GNMA interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.1021	0.7188
Level 3 | Yield | Agency securities | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0	0.014
Level 3 | Yield | Agency securities | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.021	0.0216
Level 3 | Yield | Agency securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0284	0.0252
Level 3 | Yield | GNMA permanent securities | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0	0.0262
Level 3 | Yield | GNMA permanent securities | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0351	0.0344
Level 3 | Yield | GNMA permanent securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0400	0.0693
Level 3 | Yield | Corporate bonds | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0530
Level 3 | Yield | Corporate bonds | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0535
Level 3 | Yield | Corporate bonds | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0546
Level 3 | Prepayment speed | CMBS interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	100	100
Level 3 | Prepayment speed | CMBS interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	100	100
Level 3 | Prepayment speed | CMBS interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	100	100
Level 3 | Prepayment speed | GNMA interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	5	5
Level 3 | Prepayment speed | GNMA interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	6.58	12.19
Level 3 | Prepayment speed | GNMA interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	15	35
Recurring | Internal Model Third Party Inputs Valuation Technique | CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0314	0.0279
Duration (in years)	2 years 3 months 29 days	2 years 10 months 20 days
Recurring | Internal Model Third Party Inputs Valuation Technique | CMBS interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0280	0.0316
Duration (in years)	2 years 8 months 8 days	3 years 29 days
Recurring | Internal Model Third Party Inputs Valuation Technique | GNMA interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0630	0.0670
Duration (in years)	4 years 1 month 9 days	4 years 2 months 4 days
Recurring | Internal Model Third Party Inputs Valuation Technique | Agency securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0183	0.0180
Duration (in years)	2 years 4 months 9 days	2 years 11 months 8 days
Recurring | Internal Model Third Party Inputs Valuation Technique | GNMA permanent securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0376	0.0362
Duration (in years)	5 years 10 days	5 years 7 months 27 days
Recurring | Internal Model Third Party Inputs Valuation Technique | Corporate bonds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0504
Duration (in years)	2 years 6 months 3 days
Recurring | Internal Model Third Party Inputs Valuation Technique | Level 3 | CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value		$ 953,499
Recurring | Internal Model Third Party Inputs Valuation Technique | Level 3 | CMBS interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value		113,071
Recurring | Internal Model Third Party Inputs Valuation Technique | Level 3 | GNMA interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value		4,477
Recurring | Internal Model Third Party Inputs Valuation Technique | Level 3 | Agency securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value		728
Recurring | Internal Model Third Party Inputs Valuation Technique | Level 3 | GNMA permanent securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value		$ 34,742

DERIVATIVE INSTRUMENTS - Schedu

DERIVATIVE INSTRUMENTS - Schedule of Derivatives Outstanding (Details) - USD ($)		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Notional		$ 578,971,000	$ 648,300,000
Fair value, Asset	[1]	0	888,000
Fair value, Liability	[1]	975,000	2,606,000
Futures
Derivative [Line Items]
Notional		509,400,000	563,800,000
Fair value, Asset		0	836,000
Fair value, Liability		975,000	1,064,000
5-year Swap
Derivative [Line Items]
Notional		274,900,000	304,300,000
Fair value, Asset		0	656,000
Fair value, Liability		$ 526,000	$ 0
Remaining Maturity		3 months	3 months
10-year Swap
Derivative [Line Items]
Notional		$ 227,700,000	$ 248,100,000
Fair value, Asset		0	133,000
Fair value, Liability		$ 436,000	$ 153,000
Remaining Maturity		3 months	3 months
5-year U.S. Treasury Note
Derivative [Line Items]
Notional		$ 6,800,000	$ 11,400,000
Fair value, Asset		0	47,000
Fair value, Liability		$ 13,000	$ 0
Remaining Maturity		3 months	3 months
10-year U.S. Treasury Note
Derivative [Line Items]
Notional			$ 0
Fair value, Asset			0
Fair value, Liability			$ 911,000
Remaining Maturity
1 Month LIBOR
Derivative [Line Items]
Notional		$ 69,571,000
Fair value, Asset		0
Fair value, Liability		$ 0
Remaining Maturity		1 year 4 months 6 days
Interest Rate Swap
Derivative [Line Items]
Notional			$ 50,000,000
Fair value, Asset			0
Fair value, Liability			$ 1,542,000
Remaining Maturity			2 years 8 months 4 days
CDX
Derivative [Line Items]
Notional			$ 34,500,000
Fair value, Asset			52,000
Fair value, Liability			$ 0
Remaining Maturity			1 month 13 days
Credit Derivatives
Derivative [Line Items]
Notional			$ 34,500,000
Fair value, Asset			52,000
Fair value, Liability			$ 0
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

DERIVATIVE INSTRUMENTS - Sche_2

DERIVATIVE INSTRUMENTS - Schedule of Realized Gains (Losses) on Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Unrealized Gain/(Loss)	$ 705	$ (3,432)	$ 4,224
Realized Gain/(Loss)	15,221	(9,209)	(5,633)
Net Result from Derivative Transactions	15,926	(12,641)	(1,409)
Futures
Derivative [Line Items]
Unrealized Gain/(Loss)	(747)	(4,975)	3,608
Realized Gain/(Loss)	16,176	(7,655)	(3,954)
Net Result from Derivative Transactions	15,429	(12,630)	(346)
Swaps
Derivative [Line Items]
Unrealized Gain/(Loss)	1,403	1,126	956
Realized Gain/(Loss)	(848)	(1,008)	(1,264)
Net Result from Derivative Transactions	555	118	(308)
Credit Derivatives
Derivative [Line Items]
Unrealized Gain/(Loss)	49	417	(340)
Realized Gain/(Loss)	(107)	(546)	(415)
Net Result from Derivative Transactions	$ (58)	$ (129)	$ (755)

DERIVATIVE INSTRUMENTS - Additi

DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash margins held as collateral for derivatives by counterparties	$ 5,000,000	$ 9,600,000
Cash collateral held by counterparty	$ 0	$ 4,100,000

OFFSETTING ASSETS AND LIABILI_3

OFFSETTING ASSETS AND LIABILITIES - Offsetting Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Derivatives
Gross amounts of recognized liabilities		$ 975	$ 2,606
Gross amounts offset in the balance sheet		0	0
Net amounts of liabilities presented in the balance sheet	[1]	975	2,606
Gross amounts not offset in the balance sheet
Financial instruments collateral		0	0
Cash collateral posted/(received)		975	2,606
Net amount		0	0
Repurchase agreements
Gross amounts of recognized liabilities		663,686	473,410
Gross amounts offset in the balance sheet		0	0
Net amounts of liabilities presented in the balance sheet		663,686	473,410
Gross amounts not offset in the balance sheet
Financial instruments collateral		663,686	473,410
Cash collateral posted/(received)		0	0
Net amount		0	0
Total
Gross amounts of recognized liabilities		664,661	476,016
Gross amounts offset in the balance sheet		0	0
Net amounts of liabilities presented in the balance sheet		664,661	476,016
Gross amounts not offset in the balance sheet
Financial instruments collateral		663,686	473,410
Cash collateral posted/(received)		975	2,606
Net amount		$ 0	$ 0
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

OFFSETTING ASSETS AND LIABILI_4

OFFSETTING ASSETS AND LIABILITIES - Offsetting Assets (Details) - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Offsetting of derivative assets
Gross amounts of recognized assets			$ 888
Gross amounts offset in the balance sheet			0
Net amounts of assets presented in the balance sheet	[1]	$ 0	888
Gross amounts not offset in the balance sheet
Financial instruments			0
Cash collateral received/(posted)			0
Net amount			$ 888
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

EQUITY STRUCTURE AND ACCOUNTS -

EQUITY STRUCTURE AND ACCOUNTS - Additional Information (Details)	Jan. 24, 2019USD ($)$ / sharesshares	Nov. 01, 2018$ / shares	Sep. 05, 2018$ / shares	May 30, 2018$ / shares	Feb. 27, 2018$ / shares	Jan. 03, 2018$ / shares	Nov. 07, 2017$ / shares	Sep. 01, 2017$ / shares	Jun. 01, 2017$ / shares	Mar. 01, 2017$ / shares	Dec. 02, 2016$ / shares	Sep. 01, 2016$ / shares	Jun. 01, 2016$ / shares	Mar. 01, 2016$ / shares	Dec. 31, 2018USD ($)$ / sharesshares	Sep. 30, 2018$ / shares	Jun. 30, 2018$ / shares	Mar. 31, 2018$ / shares	Dec. 31, 2017USD ($)$ / sharesshares	Sep. 30, 2017$ / shares	Jun. 30, 2017$ / shares	Mar. 31, 2017$ / shares	Dec. 31, 2018USD ($)VoteClass_of_Stock$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)	Oct. 30, 2014USD ($)
Class of Stock [Line Items]
Number of classes of common stock | Class_of_Stock																							2
Issuance of common stock | $																							$ 98,500,000
Common stock, issued shares (in shares)															5,800,000								5,800,000
Purchase of treasury stock | $																								$ (2,588,000)	$ (4,652,000)
Dividends | $																							$ 129,561,000	$ 105,921,000	$ 74,393,000
Dividends per share of Class A common stock (in dollars per share) | $ / shares						$ 0.315													$ 0.315	$ 0.3	$ 0.3	$ 0.3	$ 1.535	$ 1.215	$ 1.285
Shares Issued, Price Per Share | $ / shares															$ 15.47								$ 15.47
2014 Share Repurchase Authorization Program
Class of Stock [Line Items]
Remaining amount available for repurchase | $															$ 41,800,000								$ 41,800,000
Percentage of aggregate common stock outstanding under Repurchase Program															2.60%								2.60%
Series REIT LP Units
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock, units exchanged (in shares)																							4,549,832	20,767,407	10,521,149
Series TRS LP Units
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock, units exchanged (in shares)																							4,549,832	20,767,407	10,521,149
Class A Common Stock
Class of Stock [Line Items]
Number of votes per share | Vote																							1
Common stock, issued shares (in shares)															106,642,335				96,258,847				106,642,335	96,258,847
Exchange of noncontrolling interest for common stock (in shares)																							(4,549,832)	(20,767,407)	(10,521,149)
Dividends per share of Class A common stock (in dollars per share) | $ / shares		$ 0.57	$ 0.325	$ 0.325	$ 0.315		$ 0.315	$ 0.3	$ 0.3	$ 0.3	$ 0.460	$ 0.275	$ 0.275	$ 0.275	$ 0.57	$ 0.325	$ 0.325	$ 0.315					$ 1.535	$ 1.215	$ 1.285
Class A Common Stock | 2014 Share Repurchase Authorization Program
Class of Stock [Line Items]
Additional authorizations | $															$ 0				$ 0				$ 0	$ 0	$ 0		$ 50,000,000
Purchase of treasury stock (in shares)																							0	189,897	424,317
Treasury Stock Acquired, Average Cost Per Share | $ / shares																								$ 13.61	$ 10.96
Purchase of treasury stock | $																							$ 0	$ (2,584,000)	$ (4,653,000)
Remaining amount available for repurchase | $															$ 41,769,000				$ 41,769,000				$ 41,769,000	$ 41,769,000	$ 44,353,000	$ 49,006,000
Class B Common Stock
Class of Stock [Line Items]
Number of votes per share | Vote																							1
Common stock, issued shares (in shares)															13,117,419				17,667,251				13,117,419	17,667,251
Exchange of noncontrolling interest for common stock (in shares)																							(4,549,832)	(20,767,407)	(10,521,149)
Subsequent Event | Class A Common Stock
Class of Stock [Line Items]
Dividends | $	$ 34,900,000
Dividends, Common Stock, Stock | $	23,900,000
Dividends, Share-based Compensation, Stock | $	$ 500,000
Dividends per share of Class A common stock (in dollars per share) | $ / shares	$ 0.570
Weighted-average price per share | $ / shares	$ 16.67
Common Stock Dividends, Shares	1,434,297
Subsequent Event | Class B Common Stock
Class of Stock [Line Items]
Common Stock Dividends, Shares	180,925
Subsequent Event | Series REIT LP Units
Class of Stock [Line Items]
Common Stock Dividends, Shares	1,615,222

EQUITY STRUCTURE AND ACCOUNTS_2

EQUITY STRUCTURE AND ACCOUNTS - Schedule of repurchase of treasury stock activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Oct. 30, 2014
Treasury Stock [Roll Forward]
Repurchases paid		$ 2,588,000	$ 4,652,000
2014 Share Repurchase Authorization Program
Treasury Stock [Roll Forward]
Remaining amount available for repurchase	$ 41,800,000
2014 Share Repurchase Authorization Program | Class A Common Stock
Class of Stock [Line Items]
Purchase of treasury stock (in shares)	0	189,897	424,317
Treasury Stock [Roll Forward]
Remaining amount available for repurchase	$ 41,769,000	$ 44,353,000	$ 49,006,000
Additional authorizations	0	0	0	$ 50,000,000
Repurchases paid	0	2,584,000	4,653,000
Repurchases unsettled	0	0	0
Remaining amount available for repurchase	$ 41,769,000	$ 41,769,000	$ 44,353,000

EQUITY STRUCTURE AND ACCOUNTS_3

EQUITY STRUCTURE AND ACCOUNTS - Dividends Declared (Details) - $ / shares	Jan. 24, 2019	Nov. 01, 2018	Sep. 05, 2018	May 30, 2018	Feb. 27, 2018	Jan. 03, 2018	Nov. 07, 2017	Sep. 01, 2017	Jun. 01, 2017	Mar. 01, 2017	Dec. 02, 2016	Sep. 01, 2016	Jun. 01, 2016	Mar. 01, 2016	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Dividends per share of Class A common stock (in dollars per share)						$ 0.315													$ 0.315	$ 0.3	$ 0.3	$ 0.3	$ 1.535	$ 1.215	$ 1.285
Class A Common Stock
Class of Stock [Line Items]
Dividends per share of Class A common stock (in dollars per share)		$ 0.57	$ 0.325	$ 0.325	$ 0.315		$ 0.315	$ 0.3	$ 0.3	$ 0.3	$ 0.460	$ 0.275	$ 0.275	$ 0.275	$ 0.57	$ 0.325	$ 0.325	$ 0.315					$ 1.535	$ 1.215	$ 1.285
Subsequent Event | Class A Common Stock
Class of Stock [Line Items]
Dividends per share of Class A common stock (in dollars per share)	$ 0.570

EQUITY STRUCTURE AND ACCOUNTS_4

EQUITY STRUCTURE AND ACCOUNTS - Schedule of dividends declared and paid (Details) - $ / shares	Jan. 24, 2019	Nov. 01, 2018	Oct. 01, 2018	Sep. 05, 2018	Jul. 02, 2018	May 30, 2018	Apr. 02, 2018	Feb. 27, 2018	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	Mar. 01, 2016	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Jan. 03, 2018	Jan. 24, 2019	Jan. 24, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Dividends per share of Class A common stock (in dollars per share)									$ 0.315																				$ 0.315	$ 0.3	$ 0.3	$ 0.3				$ 1.535	$ 1.215	$ 1.285
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 106,642,335 and 96,258,847 shares issued and 103,941,173 and 93,641,260 shares outstanding
Class of Stock [Line Items]
Dividends per share of Class A common stock (in dollars per share)		$ 0.57		$ 0.325		$ 0.325		$ 0.315		$ 0.315		$ 0.3		$ 0.3		$ 0.3		$ 0.460		$ 0.275		$ 0.275		$ 0.275	$ 0.57	$ 0.325	$ 0.325	$ 0.315								1.535	$ 1.215	$ 1.285
Subsequent Event | Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 106,642,335 and 96,258,847 shares issued and 103,941,173 and 93,641,260 shares outstanding
Class of Stock [Line Items]
Dividends per share of Class A common stock (in dollars per share)	$ 0.570
Tax Year 2018 | Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 106,642,335 and 96,258,847 shares issued and 103,941,173 and 93,641,260 shares outstanding
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Cash Paid			$ 0.325		$ 0.325		$ 0.315		0.050																											$ 0.570
Ordinary Dividends, Per Share, Common Stock			0.246		0.246		0.239		0.038
Ordinary Dividends Treated as Qualified Dividends, Per Share, Common Stock			0		0		0		0
Ordinary Dividends Treated as Capital Gain Per Share Common Stock			0.079		0.079		0.076		0.012
Ordinary Dividends Treated as Capital Gain Unrecaptured 1250Gain Per Share Common Stock			$ 0.009		$ 0.009		$ 0.009		0.001
Tax Year 2018 | Subsequent Event | Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 106,642,335 and 96,258,847 shares issued and 103,941,173 and 93,641,260 shares outstanding
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Cash Paid																																		$ 1.585
Ordinary Dividends, Per Share, Common Stock	0.432																																	1.201
Ordinary Dividends Treated as Qualified Dividends, Per Share, Common Stock	0																																	0
Ordinary Dividends Treated as Capital Gain Per Share Common Stock	0.138																																	0.384
Ordinary Dividends Treated as Capital Gain Unrecaptured 1250Gain Per Share Common Stock	$ 0.015																																	$ 0.043
Tax Year 2017 | Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 106,642,335 and 96,258,847 shares issued and 103,941,173 and 93,641,260 shares outstanding
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Cash Paid									0.265		$ 0.300		$ 0.300		$ 0.300		$ 0.059																$ 1.224
Ordinary Dividends, Per Share, Common Stock									0.244		0.276		0.276		0.276		0.054																1.126
Ordinary Dividends Treated as Qualified Dividends, Per Share, Common Stock									0		0		0		0		0																0
Ordinary Dividends Treated as Capital Gain Per Share Common Stock									0.021		0.024		0.024		0.024		0.005																0.098
Ordinary Dividends Treated as Capital Gain Unrecaptured 1250Gain Per Share Common Stock									$ 0		$ 0		$ 0		$ 0		0																$ 0
Tax Year 2016 | Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 106,642,335 and 96,258,847 shares issued and 103,941,173 and 93,641,260 shares outstanding
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Cash Paid																	0.401		$ 0.275		$ 0.275		$ 0.275												$ 1.226
Ordinary Dividends, Per Share, Common Stock																	0.370		0.254		0.254		0.254												1.132
Ordinary Dividends Treated as Qualified Dividends, Per Share, Common Stock																	0		0		0		0												0
Ordinary Dividends Treated as Capital Gain Per Share Common Stock																	0.031		0.021		0.021		0.021												0.094
Ordinary Dividends Treated as Capital Gain Unrecaptured 1250Gain Per Share Common Stock																	$ 0		$ 0		$ 0		$ 0												$ 0

EQUITY STRUCTURE AND ACCOUNTS_5

EQUITY STRUCTURE AND ACCOUNTS - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	$ 1,488,146	[1]	$ 1,509,554		$ 1,491,408
Other comprehensive income (loss)	(5,141)		(2,220)		8,519
Exchange of noncontrolling interest for common stock	0		0		0
Rebalancing of ownership percentage between Company and Operating Partnership	0		0		0
Ending Balance	1,643,635	[1]	1,488,146	[1]	1,509,554
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	(212)		1,365		(3,556)
Other comprehensive income (loss)	(4,211)		(2,915)		3,420
Exchange of noncontrolling interest for common stock	(167)		1,696		1,202
Rebalancing of ownership percentage between Company and Operating Partnership	(59)		(358)		(299)
Ending Balance	(4,649)		(212)		1,365
Accumulated Other Comprehensive Income of Noncontrolling Interests
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	116		759		(2,839)
Other comprehensive income (loss)	(930)		695		5,099
Exchange of noncontrolling interest for common stock	167		(1,696)		1,202
Rebalancing of ownership percentage between Company and Operating Partnership	59		358		(299)
Ending Balance	(588)		116		759
Total Accumulated Other Comprehensive Income
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	(96)		2,124		(6,395)
Ending Balance	$ (5,237)		$ (96)		$ 2,124
[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, 2018USD ($)propertyJoint_Venture	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Noncontrolling Interest [Line Items]
Rebalancing of ownership percentage between Company and Operating Partnership | $	$ 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	29.40%
Operating Partnership
Noncontrolling Interest [Line Items]
Decrease in noncontrolling interest in Operating Partnership | $	$ (5,500)
Rebalancing of ownership percentage between Company and Operating Partnership | $	5,479	$ 3,524	$ (8,096)
Accumulated Other Comprehensive Income (Loss) and Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Rebalancing of ownership percentage between Company and Operating Partnership | $	$ (3,500)
Consolidated Joint Venture
Noncontrolling Interest [Line Items]
Number of real estate properties	40
Consolidated Joint Venture | Office building
Noncontrolling Interest [Line Items]
Number of real estate properties	21
Consolidated Joint Venture | Industrial Properties
Noncontrolling Interest [Line Items]
Number of real estate properties	2
Consolidated Joint Venture | Condominium
Noncontrolling Interest [Line Items]
Number of real estate properties	1
Consolidated Joint Venture | Apartment Building
Noncontrolling Interest [Line Items]
Number of real estate properties	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, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Weighted average shares outstanding:
Basic (in shares)									97,226,027	81,902,524	61,998,089
Diluted (in shares)									97,652,065	109,704,880	107,638,788
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 106,642,335 and 96,258,847 shares issued and 103,941,173 and 93,641,260 shares outstanding
Earnings Per Share
Basic Net income (loss) available for Class A common shareholders	$ 24,103	$ 66,630	$ 38,407	$ 50,875	$ 36,106	$ 23,587	$ 22,113	$ 13,470	$ 180,015	$ 95,276	$ 66,727
Diluted Net income (loss) available for Class A common shareholders									$ 180,015	$ 124,046	$ 114,156
Weighted average shares outstanding:
Basic (in shares)									97,226,027	81,902,524	61,998,089
Diluted (in shares)									97,652,065	109,704,880	107,638,788

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, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)									97,226,027	81,902,524	61,998,089
Basic (in dollars per share)	$ 0.24	$ 0.69	$ 0.40	$ 0.53	$ 0.41	$ 0.28	$ 0.28	$ 0.18	$ 1.85	$ 1.16	$ 1.08
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)									97,226,027	81,902,524	61,998,089
Diluted weighted average number of shares of Class A common stock outstanding (in shares)									97,652,065	109,704,880	107,638,788
Diluted (in dollars per share)	$ 0.24	$ 0.67	$ 0.40	$ 0.53	$ 0.40	$ 0.28	$ 0.26	$ 0.18	$ 1.84	$ 1.13	$ 1.06
Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders	$ 24,103	$ 66,630	$ 38,407	$ 50,875	$ 36,106	$ 23,587	$ 22,113	$ 13,470	$ 180,015	$ 95,276	$ 66,727
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)									97,226,027	81,902,524	61,998,089
Basic (in dollars per share)									$ 1.85	$ 1.16	$ 1.08
Numerator:
Net income (loss) attributable to Class A common shareholders	$ 24,103	$ 66,630	$ 38,407	$ 50,875	$ 36,106	$ 23,587	$ 22,113	$ 13,470	$ 180,015	$ 95,276	$ 66,727
Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss)									0	30,378	47,130
Additional corporate tax (expense) benefit									0	(1,608)	299
Diluted Net income (loss) available for Class A common shareholders									$ 180,015	$ 124,046	$ 114,156
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)									97,226,027	81,902,524	61,998,089
Shares issuable relating to converted Class B common shareholders (in shares)									0	27,773,765	45,118,668
Incremental shares of unvested Class A restricted stock (in shares)									426,038	28,591	522,031
Diluted weighted average number of shares of Class A common stock outstanding (in shares)									97,652,065	109,704,880	107,638,788
Diluted (in dollars per share)									$ 1.84	$ 1.13	$ 1.06

STOCK BASED AND OTHER COMPENS_3

STOCK BASED AND OTHER COMPENSATION PLANS - Additional Information (Details)

Feb. 15, 2019USD ($)

Jul. 19, 2018USD ($)installmentshares

Apr. 24, 2018USD ($)anniversaryinstallmentshares

Feb. 18, 2018USD ($)shares

Dec. 21, 2017USD ($)installmentshares

Jun. 22, 2017USD ($)anniversaryinstallmentshares

Jun. 19, 2017USD ($)shares

Mar. 03, 2017USD ($)anniversaryinstallmentshares

Feb. 18, 2017

Feb. 18, 2017

Feb. 18, 2017shares

Feb. 18, 2017USD ($)

Feb. 18, 2017anniversary

Feb. 18, 2017Vesting_Installment

Feb. 18, 2017installment

Jan. 24, 2017USD ($)shares

Feb. 18, 2016USD ($)anniversaryVesting_Installmentinstallmentshares

Mar. 17, 2015

Dec. 31, 2018USD ($)shares

Dec. 31, 2017USD ($)shares

Dec. 31, 2016USD ($)shares

Jan. 05, 2018USD ($)

Dec. 29, 2017USD ($)

Dec. 19, 2017USD ($)

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

Number of restricted shares granted (in shares) | shares

0

Period of recognition for unrecognized compensation costs

31 months

38 months

26 months

Remaining vesting period

20 months 6 days

21 years 8 months 12 days

19 months 9 days

Unrecognized compensation cost

$ 5,800,000

$ 14,500,000

$ 6,100,000

Accrued bonuses

$ 49,300,000

Bonus payment allocated to equity based compensation

$ 15,500,000

Compensation bonus

$ 16,800,000

$ 17,100,000

Bonus expense

$ 17,640,000

Restricted Stock

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

Number of restricted shares granted (in shares) | shares

33,656

2,012,154

960,531

Bonus expense

$ 8,831,000

$ 18,965,000

$ 17,640,000

2014 Omnibus Incentive Plan

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

Bonus expense

$ 8,831,000

$ 18,965,000

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

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 | installment

3

Number of anniversaries in which awards are vested | anniversary

3

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 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

Number of anniversaries in which awards are vested | anniversary

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

Fair value valuation assumptions: risk-free rate

1.50%

Fair value valuation assumptions: dividend yield

9.80%

Fair value valuation assumptions: Expected term

6 years

Fair value valuation assumptions: volatility rate

48.00%

2014 Omnibus Incentive Plan | Board of Directors | Restricted Stock | Time-based vesting

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

Aggregate grant date fair value of stock options granted

$ 100,000

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

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 | 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 Deferred Compensation Plan

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

Days following the end of the participant’s employment

60 days

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

45 days

Units withdrawn (in shares) | shares

42,270

Units outstanding (in shares) | shares

380,662

321,476

Units unvested (in shares) | shares

130,389

182,983

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

$ 5,900,000

Phantom Units1

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

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

$ 1,000,000

Phantom Units 2

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

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

3,800,000

2018 Bonus Expense

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

Bonus expense

$ 34,500,000

$ 33,700,000

$ 29,200,000

Class A Common Stock | Restricted Stock

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

Number of restricted shares granted (in shares) | shares

4,720

3,566

25,370

33,656

1,996,594

793,598

Number of installments in which awards are vested | installment

3

3

Number of anniversaries in which awards are vested | anniversary

3

Vesting period

1 year

Period of recognition for unrecognized compensation costs

3 years

Grant date fair value

$ 100,000

$ 100,000

$ 400,000

Class A Common Stock | 2014 Omnibus Incentive Plan | Restricted Stock

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

Aggregate value of awards granted

$ 100,000

Number of restricted shares granted (in shares) | shares

5,130

Number of installments in which awards are vested | installment

3

Number of anniversaries in which awards are vested | anniversary

3

Vesting period

3 years

Class A Common Stock | 2014 Omnibus Incentive Plan | Restricted Stock | Year 1

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

Expected To Vest (in shares) | shares

1,775

Class A Common Stock | 2014 Omnibus Incentive Plan | Restricted Stock | Period 2

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

Expected To Vest (in shares) | shares

1,775

Class A Common Stock | 2014 Omnibus Incentive Plan | Restricted Stock | Period 3

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

Expected To Vest (in shares) | shares

1,775

Class A Common Stock | 2014 Omnibus Incentive Plan | Restricted Stock | Period 4

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

Expected To Vest (in shares) | shares

1,775

Class A Common Stock | 2014 Omnibus Incentive Plan | Restricted Stock | Period 5

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

Expected To Vest (in shares) | shares

1,775

Class A Common Stock | 2014 Omnibus Incentive Plan | Restricted Stock | Period 6

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

Expected To Vest (in shares) | shares

1,775

Class A Common Stock | 2014 Omnibus Incentive Plan | Executive Officers | Restricted Stock

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

Aggregate value of awards granted

$ 9,100,000

Number of restricted shares granted (in shares) | shares

793,598

Class A Common Stock | 2014 Omnibus Incentive Plan | 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

Number of restricted shares granted (in shares) | shares

768,205

736,461

2,191

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 | 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

Number of anniversaries in which awards are vested | anniversary

3

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

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) | shares

289,326

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) | shares

3,500

Cash dividends received

1,000,000

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) | shares

16,245

12,636

Vesting period

1 year

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) | 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 | 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) | shares

5,346

Number of installments in which awards are vested | installment

3

Number of anniversaries in which awards are vested | anniversary

3

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) | shares

369,328

21,307

40,000

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 | 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 | Period 1

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

Expected To Vest (in shares) | 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) | shares

1,780

Class A Common Stock | 2014 Deferred Compensation Plan

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

Days following the end of the participant’s employment

3 years

Subsequent Event

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

Accrued bonuses

$ 61,400,000

Bonus payment allocated to equity based compensation

$ 26,600,000

STOCK BASED AND OTHER COMPENS_4

STOCK BASED AND OTHER COMPENSATION PLANS - Stock Based Compensation Plans Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense			$ 17,640
Ladder Capital Corp Deferred Compensation Plan	$ 1,163	$ 568	710
Bonus Expense	34,465	33,747	29,224
2014 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	8,831	18,965
2014 Omnibus Incentive Plan | Annual Incentive Awards Granted in 2015 with Respect to 2014 Performance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	172	1,876	4,838
2014 Omnibus Incentive Plan | Annual Incentive Awards Granted in 2016 with Respect to 2015 Performance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	1,294	2,094	6,690
2014 Omnibus Incentive Plan | Annual Incentive Awards Granted in 2017 With Respect to 2016 Performance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	2,178	7,289	0
2014 Omnibus Incentive Plan | Other 2017 Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	334	302	0
2014 Omnibus Incentive Plan | Annual Incentive Awards Granted in 2017 With Respect to 2017 Performance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	4,448	6,768	0
2014 Omnibus Incentive Plan | 2018 Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	324	0	0
2014 Omnibus Incentive Plan | Other 2018 Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	23	0	0
Other Employee/Director Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	58	636	6,112
Phantom Equity Investment Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	$ 0	$ 510	$ 689

STOCK BASED AND OTHER COMPENS_5

STOCK BASED AND OTHER COMPENSATION PLANS - Summary of Grants (Details) - USD ($) $ in Thousands	Jul. 19, 2018	Apr. 24, 2018	Feb. 18, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares)						0
Recognized equity based compensation expense						$ (17,640)
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares)				33,656	2,012,154	960,531
Recognized equity based compensation expense				$ (8,831)	$ (18,965)	$ (17,640)
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted (in shares)				0	0	380,949
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Fair Value						$ 1,356
Class A Common Stock | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares)	4,720	3,566	25,370	33,656	1,996,594	793,598
Weighted Average Fair Value (in dollars)				$ 500	$ 27,489	$ 9,118
Class A Common Stock | Grants - Class A Common Stock (restricted) dividends
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares)				0	15,560	166,934
Weighted Average Fair Value (in dollars)				$ 0	$ 216	$ 1,908

STOCK BASED AND OTHER COMPENS_6

STOCK BASED AND OTHER COMPENSATION PLANS - Nonvested Shares Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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
Restricted Stock
Number of Shares Nonvested Other than Options [Roll Forward]
Nonvested/Outstanding (in shares)	1,252,365	1,475,865	1,334,369
Granted (in shares)	33,656	2,012,154	960,531
Vested (in shares)	(141,766)	(2,225,654)	(770,568)
Forfeited (in shares)	(26,061)	(10,000)	(48,467)
Nonvested/Outstanding (in shares)	1,118,194	1,252,365	1,475,865
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Nonvested/Outstanding (in shares)	982,135	982,135	601,186
Granted (in shares)	0	0	380,949
Exercised (in shares)	0	0	0
Forfeited (in shares)	0	0	0
Expired (in shares)	0	0	0
Nonvested/Outstanding (in shares)	982,135	982,135	982,135
Exercisable (in shares)	929,701	752,017	230,936

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Income Tax Contingency [Line Items]
Accrued income taxes		$ 6,100	$ 2,600
Prepaid taxes		11,600	12,400
Deferred tax liabilities		0	7,134
Deferred tax asset relating to capital losses		$ 2,400	5,800
Percentage of applicable cash saving in income tax distributable to specified unitholders		85.00%
Percentage of applicable cash saving in income tax available for the entity		15.00%
Amount due pursuant to tax receivable agreement	[1]	$ 1,570	1,656
Other assets(1)
Income Tax Contingency [Line Items]
Deferred tax assets		2,300
Deferred tax liabilities			5,700
Accrued Expenses
Income Tax Contingency [Line Items]
Liability for unrecognized tax benefits for uncertain income tax positions		800	800
Amount Payable Pursuant to Tax Receivable Agreement
Income Tax Contingency [Line Items]
Amount due pursuant to tax receivable agreement		1,600	1,700
State and Local Jurisdiction | New York
Income Tax Contingency [Line Items]
Unincorporated business tax payable (receivable)		$ 500	$ 500
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

INCOME TAXES Components of the

INCOME TAXES Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
U.S. Federal									$ 7,099	$ 1,845	$ (386)
State and local									7,068	276	4,838
Total current expense (benefit)									14,167	2,121	4,452
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
U.S. Federal									(5,115)	4,632	1,417
State and local									(2,409)	959	451
Total deferred expense (benefit)									(7,524)	5,591	1,868
Provision for income tax expense (benefit)	$ 964	$ 1,204	$ 573	$ 3,902	$ 3,057	$ (576)	$ 6,606	$ (1,375)	$ 6,643	$ 7,712	$ 6,320

INCOME TAXES Tax Rate Reconcili

INCOME TAXES Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Contingency [Line Items]
US statutory tax rate	21.00%	35.00%	35.00%
REIT income not subject to corporate income tax	(18.86%)	(29.53%)	(34.38%)
Increase due to state and local taxes	2.44%	0.74%	4.41%
Change in valuation allowance	(1.64%)	2.13%	0.42%
Impact of Tax Cuts and Jobs Act	0.00%	(2.53%)	0.00%
Other	(0.03%)	(0.04%)	(0.19%)
Effective income tax rate	2.91%	5.77%	5.26%
Effective Income Tax Rate Reconciliation, Tax Settlement, State and Local, Amount	$ 3.3
Fees And Other Income	$ 2.5

INCOME TAXES Components of Defe

INCOME TAXES Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Basis difference in operating partnerships	$ 1,343	$ 0
Net unrealized losses	937	1,461
Capital losses carryforward	2,427	5,781
Valuation allowance	(2,427)	(5,781)
Deferred Tax Assets, Net of Valuation Allowance	$ 2,280	$ 1,461

INCOME TAXES Components of De_2

INCOME TAXES Components of Deferred Tax Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Basis difference in operating partnerships	$ 0	$ 7,134
Net unrealized gains	0	0
Valuation allowance	0	0
Total Deferred Tax Liability	$ 0	$ 7,134

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	Dec. 12, 2018USD ($)	Mar. 03, 2017USD ($)	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Jul. 06, 2017USD ($)property	Mar. 13, 2017USD ($)	Oct. 18, 2016USD ($)
DLA Piper LLP (US)
RELATED PARTY TRANSACTIONS
Fees for legal expenses			$ 2,700,000
Mr. Steiner
RELATED PARTY TRANSACTIONS
Fees for legal expenses			2,100,000
Affiliated Entity
RELATED PARTY TRANSACTIONS
Investment in mutual fund			$ 900,000				$ 10,000,000
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
Mortgage loan participation purchased by related party						$ 4,000,000
Participating mortgage loan amount (up to)						$ 136,500,000
Percentage of loans receivable with fixed rates of interest						17.00%
Affiliated Entity | Brickell Heights Commercial LLC | First mortgage loan
RELATED PARTY TRANSACTIONS
Loans receivable from related party	$ 6,400,000				$ 21,000,000
Consolidated Joint Venture
RELATED PARTY TRANSACTIONS
Number of real estate properties | property			40
Consolidated Joint Venture | The Related Group of Florida | First mortgage loan
RELATED PARTY TRANSACTIONS
Interest income, related party	$ 19,275			$ 300,000
Andrew Steiner
RELATED PARTY TRANSACTIONS
Compensation amount (more than)			$ 120,000
Multi-family | Affiliated Entity | Brickell Heights Commercial LLC
RELATED PARTY TRANSACTIONS
Number of real estate properties | property					2
Multi-family | Consolidated Joint Venture
RELATED PARTY TRANSACTIONS
Number of real estate properties | property			1
Brickell Heights Commercial LLC | Consolidated Joint Venture | Related Special Assets LLC
RELATED PARTY TRANSACTIONS
Ownership Interest (percent)	12.00%				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		$ 80,000,000
Participation Financing - Mortgage Loan Receivable | Affiliated Entity | Related Reserve IV LLC | B Participation Interest
RELATED PARTY TRANSACTIONS
Interest expense, debt			$ 500,000	$ 500,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions	May 15, 2012Extension_Option	Oct. 01, 2011Extension_Option	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Unfunded Loan Commitments
Number of extension options | Extension_Option	0	0
Rent expense			$ 1.1	$ 1.1	$ 1.2
Provision for loan losses
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment			$ 379.8	$ 157

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Future Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Future minimum rental payments
2,019	$ 1,180
2,020	1,180
2,021	1,180
2,022	98
2,023	0
Thereafter	0
Total	$ 3,638

SEGMENT REPORTING - Additional

SEGMENT REPORTING - Additional Information (Details)	12 Months Ended
	Dec. 31, 2018segment
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, 2018		Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017		Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Income Statement [Abstract]
Interest income		$ 90,994		$ 90,386	$ 85,230	$ 78,206	$ 73,352		$ 66,833	$ 65,970	$ 57,512	$ 344,816		$ 263,667		$ 236,372
Interest expense												(194,291)		(146,118)		(120,827)
Net interest income												150,525		117,549		115,545
Provision for loan losses												(13,900)		0		(300)
Net interest income after provision for loan losses		41,009		28,610	36,513	30,493	31,795		29,348	30,309	26,097	136,625		117,549		115,245
Operating lease income												96,506		89,492		77,277
Tenant recoveries												9,671		7,179		5,958
Sale of loans, net												16,511		54,046		26,009
Gain on securities																7,724
Realized gain (loss) on securities												(5,808)		17,209		7,724
Unrealized gain (loss) on equity securities												(1,605)		0		0
Unrealized gain (loss) on Agency interest-only securities												555		1,405		(56)
Realized gain on sale of real estate, net												95,881		11,423		20,636
Fee and other income												26,285		18,341		21,365
Net result from derivative transactions												15,926		(12,641)		(1,409)
Earnings (loss) from investment in unconsolidated joint ventures												790		89		426
Gain (loss) on extinguishment/defeasance of debt												(4,392)		(73)		5,382
Total other income												250,320		186,470		163,312
Salaries and employee benefits												(60,117)		(70,463)		(64,270)
Operating expenses												(21,696)		(21,421)		(20,552)
Real estate operating expenses												(29,799)		(33,216)		(30,545)
Fee expense												(5,055)		(4,996)		(3,703)
Depreciation and amortization												(41,959)		(40,332)		(39,447)
Total costs and expenses		(36,610)		(40,136)	(38,753)	(43,127)	(52,804)		(39,244)	(40,120)	(38,260)	(158,626)		(170,428)		(158,517)
Income tax (expense) benefit		(964)		(1,204)	(573)	(3,902)	(3,057)		576	(6,606)	1,375	(6,643)		(7,712)		(6,320)
Net income (loss)		26,846		$ 83,464	$ 43,568	$ 67,798	45,370		$ 29,821	$ 31,058	$ 19,630	221,676		125,879		113,720
Total assets		6,272,872	[1]				6,025,615	[1]				6,272,872	[1]	6,025,615	[1]	5,578,337
Investment in unconsolidated joint ventures	[1]	40,354					35,441					40,354		35,441
Investment in FHLB stock	[1]	57,915					77,915					57,915		77,915
Deferred tax liabilities		0					(7,134)					0		(7,134)
Professional Fees												11,500		11,200		11,300
Operating Segment
Income Statement [Abstract]
Investment in unconsolidated joint ventures		40,400					35,400					40,400		35,400
Operating Segment | Loans
Income Statement [Abstract]
Interest income												310,149		219,892		161,315
Interest expense												(62,474)		(39,530)		(25,531)
Net interest income												247,675		180,362		135,784
Provision for loan losses												(13,900)		0		(300)
Net interest income after provision for loan losses												233,775		180,362		135,484
Operating lease income												0		0		0
Tenant recoveries												0		0		0
Sale of loans, net												16,511		54,046		26,009
Gain on securities																0
Realized gain (loss) on securities												0		0
Unrealized gain (loss) on equity securities												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												16,490		6,859		7,547
Net result from derivative transactions												10,467		(8,425)		8,371
Earnings (loss) from investment in unconsolidated joint ventures												0		0		0
Gain (loss) on extinguishment/defeasance of debt												(69)		(19)		0
Total other income												43,399		52,461		41,927
Salaries and employee benefits												0		0		(11,000)
Operating expenses												0		302		0
Real estate operating expenses												0		0		0
Fee expense												(4,040)		(3,649)		(2,343)
Depreciation and amortization												0		0		0
Total costs and expenses												(4,040)		(3,347)		(13,343)
Income tax (expense) benefit												0		0		0
Net income (loss)												273,134		229,476		164,068
Total assets		3,482,929					3,508,642					3,482,929		3,508,642		2,353,977
Operating Segment | Securities
Income Statement [Abstract]
Interest income												34,217		43,542		74,987
Interest expense												(4,617)		(5,800)		(9,740)
Net interest income												29,600		37,742		65,247
Provision for loan losses												0		0		0
Net interest income after provision for loan losses												29,600		37,742		65,247
Operating lease income												0		0		0
Tenant recoveries												0		0		0
Sale of loans, net												0		0		0
Gain on securities																7,724
Realized gain (loss) on securities												(5,808)		17,209
Unrealized gain (loss) on equity securities												(1,605)
Unrealized gain (loss) on Agency interest-only securities												555		1,405		(56)
Realized gain on sale of real estate, net												0		0		0
Fee and other income												0		0		0
Net result from derivative transactions												5,459		(4,216)		(9,780)
Earnings (loss) from investment in unconsolidated joint ventures												0		0		0
Gain (loss) on extinguishment/defeasance of debt												0		0		0
Total other income												(1,399)		14,398		(2,112)
Salaries and employee benefits												0		0		0
Operating expenses												0		0		0
Real estate operating expenses												0		0		0
Fee expense												(398)		(280)		(166)
Depreciation and amortization												0		0		0
Total costs and expenses												(398)		(280)		(166)
Income tax (expense) benefit												0		0		0
Net income (loss)												27,803		51,860		62,969
Total assets		1,410,126					1,106,517					1,410,126		1,106,517		2,100,947
Operating Segment | Real Estate
Income Statement [Abstract]
Interest income												24		15		10
Interest expense												(34,739)		(28,679)		(25,333)
Net interest income												(34,715)		(28,664)		(25,323)
Provision for loan losses												0		0		0
Net interest income after provision for loan losses												(34,715)		(28,664)		(25,323)
Operating lease income												96,506		89,492		77,277
Tenant recoveries												9,671		7,179		5,958
Sale of loans, net												0		0		0
Gain on securities																0
Realized gain (loss) on securities												0		0
Unrealized gain (loss) on equity securities												0
Unrealized gain (loss) on Agency interest-only securities												0		0		0
Realized gain on sale of real estate, net												95,881		11,423		20,636
Fee and other income												3,416		7,865		7,253
Net result from derivative transactions												0		0		0
Earnings (loss) from investment in unconsolidated joint ventures												790		89		(466)
Gain (loss) on extinguishment/defeasance of debt												(4,323)		0		0
Total other income												201,941		116,048		110,658
Salaries and employee benefits												0		0		0
Operating expenses												0		0		0
Real estate operating expenses												(29,799)		(33,216)		(30,545)
Fee expense												(617)		(1,067)		(618)
Depreciation and amortization												(41,884)		(40,239)		(39,354)
Total costs and expenses												(72,300)		(74,522)		(70,517)
Income tax (expense) benefit												0		0		0
Net income (loss)												94,926		12,862		14,818
Total assets		1,038,376					1,067,482					1,038,376		1,067,482		856,363
Corporate/Other
Income Statement [Abstract]
Interest income												426		218		60
Interest expense												(92,461)		(72,109)		(60,223)
Net interest income												(92,035)		(71,891)		(60,163)
Provision for loan losses												0		0		0
Net interest income after provision for loan losses												(92,035)		(71,891)		(60,163)
Operating lease income												0		0		0
Tenant recoveries												0		0		0
Sale of loans, net												0		0		0
Gain on securities																0
Realized gain (loss) on securities												0		0
Unrealized gain (loss) on equity securities												0
Unrealized gain (loss) on Agency interest-only securities												0		0		0
Realized gain on sale of real estate, net												0		0		0
Fee and other income												6,379		3,617		6,565
Net result from derivative transactions												0		0		0
Earnings (loss) from investment in unconsolidated joint ventures												0		0		892
Gain (loss) on extinguishment/defeasance of debt												0		(54)		5,382
Total other income												6,379		3,563		12,839
Salaries and employee benefits												(60,117)		(70,463)		(53,270)
Operating expenses												(21,696)		(21,723)		(20,552)
Real estate operating expenses														0		0
Fee expense												0		0		(576)
Depreciation and amortization												(75)		(93)		(93)
Total costs and expenses												(81,888)		(92,279)		(74,491)
Income tax (expense) benefit												(6,643)		(7,712)		(6,320)
Net income (loss)												(174,187)		(168,319)		(128,135)
Total assets		341,441					342,974					341,441		342,974		$ 267,050
Investment in FHLB stock		57,900					77,900					57,900		77,900
Deferred tax liabilities		2,300					(5,700)					2,300		(5,700)
Corporate/Other | Senior Unsecured Notes
Income Statement [Abstract]
Senior Notes		$ 1,200,000					$ 1,200,000					$ 1,200,000		$ 1,200,000
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

QUARTERLY FINANCIAL INFORMATI_3

QUARTERLY FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 01, 2018	Sep. 05, 2018	May 30, 2018	Feb. 27, 2018	Jan. 03, 2018	Nov. 07, 2017	Sep. 01, 2017	Jun. 01, 2017	Mar. 01, 2017	Dec. 02, 2016	Sep. 01, 2016	Jun. 01, 2016	Mar. 01, 2016	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Interest income														$ 90,994	$ 90,386	$ 85,230	$ 78,206	$ 73,352	$ 66,833	$ 65,970	$ 57,512	$ 344,816	$ 263,667	$ 236,372
Interest Income (Expense), after Provision for Loan Loss														41,009	28,610	36,513	30,493	31,795	29,348	30,309	26,097	136,625	117,549	115,245
Noninterest Income														23,411	96,194	46,381	84,334	69,436	39,141	47,475	30,418
Costs and Expenses														36,610	40,136	38,753	43,127	52,804	39,244	40,120	38,260	158,626	170,428	158,517
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest														27,810	84,668	44,141	71,700	48,427	29,245	37,664	18,255	228,319	133,591	120,040
Income tax expense (benefit)														964	1,204	573	3,902	3,057	(576)	6,606	(1,375)	6,643	7,712	6,320
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest														26,846	83,464	43,568	67,798	45,370	29,821	31,058	19,630	221,676	125,879	113,720
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures														268	(7,843)	133	(8,422)	(92)	265	(77)	(322)	(15,864)	(226)	138
Net (income) loss attributable to noncontrolling interest in operating partnership														$ (3,011)	$ (8,991)	$ (5,294)	$ (8,501)	$ (9,172)	$ (6,499)	$ (8,868)	$ (5,838)	$ (25,797)	$ (30,377)	$ (47,131)
Earnings Per Share, Basic and Diluted [Abstract]
Basic (in dollars per share)														$ 0.24	$ 0.69	$ 0.40	$ 0.53	$ 0.41	$ 0.28	$ 0.28	$ 0.18	$ 1.85	$ 1.16	$ 1.08
Diluted (in dollars per share)														$ 0.24	$ 0.67	$ 0.40	$ 0.53	0.40	0.28	0.26	0.18	$ 1.84	1.13	1.06
Fees And Other Income																						$ 2,500
Dividends per share of Class A common stock (in dollars per share)					$ 0.315													$ 0.315	$ 0.3	$ 0.3	$ 0.3	$ 1.535	$ 1.215	$ 1.285
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 106,642,335 and 96,258,847 shares issued and 103,941,173 and 93,641,260 shares outstanding
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss) attributable to Class A common shareholders														$ 24,103	$ 66,630	$ 38,407	$ 50,875	$ 36,106	$ 23,587	$ 22,113	$ 13,470	$ 180,015	$ 95,276	$ 66,727
Earnings Per Share, Basic and Diluted [Abstract]
Basic (in dollars per share)																						$ 1.85	$ 1.16	$ 1.08
Diluted (in dollars per share)																						1.84	1.13	1.06
Dividends per share of Class A common stock (in dollars per share)	$ 0.57	$ 0.325	$ 0.325	$ 0.315		$ 0.315	$ 0.3	$ 0.3	$ 0.3	$ 0.460	$ 0.275	$ 0.275	$ 0.275	$ 0.57	$ 0.325	$ 0.325	$ 0.315					$ 1.535	$ 1.215	$ 1.285

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands		Feb. 26, 2019amendment	Feb. 06, 2019USD ($)	Jan. 10, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Subsequent Event [Line Items]
Real estate and related lease intangibles, net	[1]				$ 998,022	$ 1,032,041
Less: Accumulated depreciation and amortization					173,938	161,063
Gain (loss) on extinguishment/defeasance of debt					(4,392)	$ (73)	$ 5,382
Subsequent Event
Subsequent Event [Line Items]
Proceeds from lease				$ 10,000
Mortgage Loan Related to Property Sales			$ 6,600
Gain (loss) on extinguishment/defeasance of debt			$ (1,100)
Wayne, New Jersey
Subsequent Event [Line Items]
Real estate and related lease intangibles, net					8,200
Less: Accumulated depreciation and amortization					$ 1,500
Committed Loan Repurchase Facility | Subsequent Event
Subsequent Event [Line Items]
Number of committed loan repurchase facilities executed | amendment		1
Number of additional extension periods | amendment		2
Line of credit facility, period of additional extensions of maturity		12 months
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

Schedule III-Real Estate and _2

Schedule III-Real Estate and Accumulated Depreciation Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 743,899
Initial Cost to Company
Land	211,864
Building	976,613
Intangibles	165,467
Costs Capitalized Subsequent to Acquisition	28,345
Land	195,644
Building	814,314
Intangibles	162,002
Total	1,171,960	$ 1,193,104	$ 944,346	$ 917,835
Accumulated Depreciation and Amortization	(173,938)	$ (161,063)	$ (122,008)	$ (83,056)
Tax Basis	1,000,000
Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	503,018
Initial Cost to Company
Land	114,745
Building	542,306
Intangibles	114,423
Costs Capitalized Subsequent to Acquisition	5,930
Land	114,747
Building	548,243
Intangibles	114,420
Total	777,410
Accumulated Depreciation and Amortization	(104,043)
Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company
Land	15,387
Building	181,995
Intangibles	1,618
Costs Capitalized Subsequent to Acquisition	2,864
Land	859
Building	6,387
Intangibles	124
Total	7,370
Accumulated Depreciation and Amortization	(831)
Other
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	240,881
Initial Cost to Company
Land	81,732
Building	252,312
Intangibles	49,426
Costs Capitalized Subsequent to Acquisition	19,551
Land	80,038
Building	259,684
Intangibles	47,458
Total	387,180
Accumulated Depreciation and Amortization	(69,064)
Pelican Rapids, MN | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company
Land	78
Building	1,016
Intangibles	169
Costs Capitalized Subsequent to Acquisition	0
Land	78
Building	1,016
Intangibles	169
Total	1,263
Accumulated Depreciation and Amortization	$ (1)
Pelican Rapids, MN | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Pelican Rapids, MN | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Carthage, MO | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	225
Building	766
Intangibles	176
Costs Capitalized Subsequent to Acquisition	0
Land	227
Building	766
Intangibles	176
Total	1,169
Accumulated Depreciation and Amortization	$ (1)
Carthage, MO | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Carthage, MO | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Bolivar, MO | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	186
Building	876
Intangibles	182
Costs Capitalized Subsequent to Acquisition	0
Land	186
Building	876
Intangibles	182
Total	1,244
Accumulated Depreciation and Amortization	$ (1)
Bolivar, MO | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Bolivar, MO | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Pinconning, MI | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	167
Building	905
Intangibles	221
Costs Capitalized Subsequent to Acquisition	0
Land	167
Building	905
Intangibles	221
Total	1,293
Accumulated Depreciation and Amortization	$ (2)
Pinconning, MI | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Pinconning, MI | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	45 years
New Hampton, IA | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	177
Building	1,111
Intangibles	187
Costs Capitalized Subsequent to Acquisition	0
Land	177
Building	1,111
Intangibles	187
Total	1,475
Accumulated Depreciation and Amortization	$ (4)
New Hampton, IA | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
New Hampton, IA | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Ogden, IA | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 857
Initial Cost to Company
Land	107
Building	931
Intangibles	153
Costs Capitalized Subsequent to Acquisition	0
Land	107
Building	931
Intangibles	153
Total	1,191
Accumulated Depreciation and Amortization	$ (9)
Ogden, IA | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Ogden, IA | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Wonder Lake, IL | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 944
Initial Cost to Company
Land	221
Building	888
Intangibles	214
Costs Capitalized Subsequent to Acquisition	0
Land	221
Building	888
Intangibles	214
Total	1,323
Accumulated Depreciation and Amortization	$ (25)
Wonder Lake, IL | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Wonder Lake, IL | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Moscow Mills, MO | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 992
Initial Cost to Company
Land	161
Building	945
Intangibles	203
Costs Capitalized Subsequent to Acquisition	0
Land	161
Building	945
Intangibles	203
Total	1,309
Accumulated Depreciation and Amortization	$ (25)
Moscow Mills, MO | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Moscow Mills, MO | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Foley, MN | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 884
Initial Cost to Company
Land	238
Building	823
Intangibles	172
Costs Capitalized Subsequent to Acquisition	0
Land	238
Building	823
Intangibles	172
Total	1,233
Accumulated Depreciation and Amortization	$ (25)
Foley, MN | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Foley, MN | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Kirbyville, MO | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 870
Initial Cost to Company
Land	98
Building	965
Intangibles	155
Costs Capitalized Subsequent to Acquisition	0
Land	98
Building	965
Intangibles	155
Total	1,218
Accumulated Depreciation and Amortization	$ (24)
Kirbyville, MO | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Kirbyville, MO | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Gladwin, MI | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 884
Initial Cost to Company
Land	88
Building	951
Intangibles	203
Costs Capitalized Subsequent to Acquisition	0
Land	88
Building	951
Intangibles	203
Total	1,242
Accumulated Depreciation and Amortization	$ (24)
Gladwin, MI | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Gladwin, MI | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Rockford, MN | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 885
Initial Cost to Company
Land	187
Building	850
Intangibles	207
Costs Capitalized Subsequent to Acquisition	0
Land	187
Building	850
Intangibles	207
Total	1,244
Accumulated Depreciation and Amortization	$ (46)
Rockford, MN | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Rockford, MN | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Winterset, IA | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 933
Initial Cost to Company
Land	272
Building	830
Intangibles	200
Costs Capitalized Subsequent to Acquisition	0
Land	272
Building	830
Intangibles	200
Total	1,302
Accumulated Depreciation and Amortization	$ (36)
Winterset, IA | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Winterset, IA | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Kawkawlin, MI | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 916
Initial Cost to Company
Land	242
Building	871
Intangibles	179
Costs Capitalized Subsequent to Acquisition	0
Land	242
Building	871
Intangibles	179
Total	1,292
Accumulated Depreciation and Amortization	$ (47)
Kawkawlin, MI | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Kawkawlin, MI | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Aroma Park, IL | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 950
Initial Cost to Company
Land	223
Building	869
Intangibles	164
Costs Capitalized Subsequent to Acquisition	0
Land	223
Building	869
Intangibles	164
Total	1,256
Accumulated Depreciation and Amortization	$ (40)
Aroma Park, IL | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Aroma Park, IL | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
East Peoria, IL | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,019
Initial Cost to Company
Land	233
Building	998
Intangibles	161
Costs Capitalized Subsequent to Acquisition	0
Land	233
Building	998
Intangibles	161
Total	1,392
Accumulated Depreciation and Amortization	$ (45)
East Peoria, IL | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
East Peoria, IL | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Milford, IA | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 988
Initial Cost to Company
Land	254
Building	883
Intangibles	217
Costs Capitalized Subsequent to Acquisition	0
Land	254
Building	883
Intangibles	217
Total	1,354
Accumulated Depreciation and Amortization	$ (45)
Milford, IA | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Milford, IA | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Jefferson City, MO | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 951
Initial Cost to Company
Land	164
Building	966
Intangibles	205
Costs Capitalized Subsequent to Acquisition	0
Land	164
Building	966
Intangibles	205
Total	1,335
Accumulated Depreciation and Amortization	$ (55)
Jefferson City, MO | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Jefferson City, MO | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Denver, IA | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 905
Initial Cost to Company
Land	198
Building	840
Intangibles	191
Costs Capitalized Subsequent to Acquisition	0
Land	198
Building	840
Intangibles	191
Total	1,229
Accumulated Depreciation and Amortization	$ (54)
Denver, IA | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Denver, IA | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Port O'Connor, TX | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 956
Initial Cost to Company
Land	167
Building	937
Intangibles	200
Costs Capitalized Subsequent to Acquisition	0
Land	167
Building	937
Intangibles	200
Total	1,304
Accumulated Depreciation and Amortization	$ (60)
Port O'Connor, TX | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Port O'Connor, TX | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Wabasha, MN | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 972
Initial Cost to Company
Land	237
Building	912
Intangibles	214
Costs Capitalized Subsequent to Acquisition	0
Land	237
Building	912
Intangibles	214
Total	1,363
Accumulated Depreciation and Amortization	$ (63)
Wabasha, MN | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Wabasha, MN | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Jacksonville, FL | Office building
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 83,382
Initial Cost to Company
Land	13,290
Building	106,601
Intangibles	21,362
Costs Capitalized Subsequent to Acquisition	1,080
Land	13,290
Building	107,681
Intangibles	21,362
Total	142,333
Accumulated Depreciation and Amortization	$ (7,415)
Jacksonville, FL | Office building | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	9 years
Jacksonville, FL | Office building | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Shelbyville, IL | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 869
Initial Cost to Company
Land	189
Building	849
Intangibles	199
Costs Capitalized Subsequent to Acquisition	0
Land	189
Building	849
Intangibles	199
Total	1,237
Accumulated Depreciation and Amortization	$ (52)
Shelbyville, IL | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Shelbyville, IL | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Jessup, IA | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 891
Initial Cost to Company
Land	119
Building	890
Intangibles	191
Costs Capitalized Subsequent to Acquisition	0
Land	119
Building	890
Intangibles	191
Total	1,200
Accumulated Depreciation and Amortization	$ (57)
Jessup, IA | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Jessup, IA | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Hanna City, IL | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 872
Initial Cost to Company
Land	174
Building	925
Intangibles	132
Costs Capitalized Subsequent to Acquisition	0
Land	174
Building	925
Intangibles	132
Total	1,231
Accumulated Depreciation and Amortization	$ (59)
Hanna City, IL | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Hanna City, IL | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Ridgedale, MO | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 999
Initial Cost to Company
Land	250
Building	928
Intangibles	187
Costs Capitalized Subsequent to Acquisition	0
Land	250
Building	928
Intangibles	187
Total	1,365
Accumulated Depreciation and Amortization	$ (62)
Ridgedale, MO | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Ridgedale, MO | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Peoria, IL | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 910
Initial Cost to Company
Land	209
Building	933
Intangibles	133
Costs Capitalized Subsequent to Acquisition	0
Land	209
Building	933
Intangibles	133
Total	1,275
Accumulated Depreciation and Amortization	$ (68)
Peoria, IL | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Peoria, IL | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Peoria, IL | Office building
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	940
Building	439
Intangibles	1,508
Costs Capitalized Subsequent to Acquisition	610
Land	940
Building	1,049
Intangibles	1,508
Total	3,497
Accumulated Depreciation and Amortization	(335)
Carmi, IL | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,108
Initial Cost to Company
Land	286
Building	916
Intangibles	239
Costs Capitalized Subsequent to Acquisition	0
Land	286
Building	916
Intangibles	239
Total	1,441
Accumulated Depreciation and Amortization	$ (65)
Carmi, IL | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Carmi, IL | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Springfield, IL | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,009
Initial Cost to Company
Land	391
Building	784
Intangibles	227
Costs Capitalized Subsequent to Acquisition	0
Land	393
Building	789
Intangibles	224
Total	1,406
Accumulated Depreciation and Amortization	$ (63)
Springfield, IL | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Springfield, IL | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Fayetteville, NC | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,919
Initial Cost to Company
Land	1,379
Building	3,121
Intangibles	2,472
Costs Capitalized Subsequent to Acquisition	0
Land	1,379
Building	3,121
Intangibles	2,471
Total	6,971
Accumulated Depreciation and Amortization	$ (507)
Fayetteville, NC | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	12 years
Fayetteville, NC | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Retail Property in Dryden Township, MI | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 918
Initial Cost to Company
Land	178
Building	893
Intangibles	201
Costs Capitalized Subsequent to Acquisition	0
Land	178
Building	899
Intangibles	202
Total	1,279
Accumulated Depreciation and Amortization	$ (69)
Retail Property in Dryden Township, MI | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Retail Property in Dryden Township, MI | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Lamar, MO | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 907
Initial Cost to Company
Land	164
Building	903
Intangibles	171
Costs Capitalized Subsequent to Acquisition	0
Land	164
Building	903
Intangibles	171
Total	1,238
Accumulated Depreciation and Amortization	$ (77)
Lamar, MO | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Lamar, MO | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Union, MO | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 951
Initial Cost to Company
Land	267
Building	867
Intangibles	207
Costs Capitalized Subsequent to Acquisition	0
Land	267
Building	867
Intangibles	207
Total	1,341
Accumulated Depreciation and Amortization	$ (84)
Union, MO | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Union, MO | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Pawnee, IL | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 951
Initial Cost to Company
Land	249
Building	775
Intangibles	206
Costs Capitalized Subsequent to Acquisition	0
Land	249
Building	775
Intangibles	206
Total	1,230
Accumulated Depreciation and Amortization	$ (76)
Pawnee, IL | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Pawnee, IL | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Linn, MO | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 865
Initial Cost to Company
Land	89
Building	920
Intangibles	183
Costs Capitalized Subsequent to Acquisition	0
Land	89
Building	920
Intangibles	183
Total	1,192
Accumulated Depreciation and Amortization	$ (81)
Linn, MO | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Linn, MO | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Cape Girardeau, MO | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,021
Initial Cost to Company
Land	453
Building	702
Intangibles	217
Costs Capitalized Subsequent to Acquisition	0
Land	453
Building	702
Intangibles	217
Total	1,372
Accumulated Depreciation and Amortization	$ (71)
Cape Girardeau, MO | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Cape Girardeau, MO | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Retail Property in Decatur-Pershing, IL | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,058
Initial Cost to Company
Land	395
Building	924
Intangibles	155
Costs Capitalized Subsequent to Acquisition	0
Land	395
Building	924
Intangibles	155
Total	1,474
Accumulated Depreciation and Amortization	$ (81)
Retail Property in Decatur-Pershing, IL | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Retail Property in Decatur-Pershing, IL | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Rantoul, IL | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 930
Initial Cost to Company
Land	100
Building	1,023
Intangibles	178
Costs Capitalized Subsequent to Acquisition	0
Land	100
Building	1,023
Intangibles	178
Total	1,301
Accumulated Depreciation and Amortization	$ (85)
Rantoul, IL | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Rantoul, IL | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Flora Vista, NM | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,008
Initial Cost to Company
Land	272
Building	864
Intangibles	198
Costs Capitalized Subsequent to Acquisition	0
Land	272
Building	864
Intangibles	198
Total	1,334
Accumulated Depreciation and Amortization	$ (101)
Flora Vista, NM | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Flora Vista, NM | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Mountain Grove, MO | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 987
Initial Cost to Company
Land	163
Building	1,026
Intangibles	212
Costs Capitalized Subsequent to Acquisition	0
Land	163
Building	1,026
Intangibles	212
Total	1,401
Accumulated Depreciation and Amortization	$ (95)
Mountain Grove, MO | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Mountain Grove, MO | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Retail Property in Decatur-Sunnyside, IL | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 948
Initial Cost to Company
Land	182
Building	954
Intangibles	139
Costs Capitalized Subsequent to Acquisition	0
Land	182
Building	954
Intangibles	139
Total	1,275
Accumulated Depreciation and Amortization	$ (84)
Retail Property in Decatur-Sunnyside, IL | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Retail Property in Decatur-Sunnyside, IL | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Champaign, IL | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,023
Initial Cost to Company
Land	365
Building	915
Intangibles	149
Costs Capitalized Subsequent to Acquisition	0
Land	365
Building	915
Intangibles	149
Total	1,429
Accumulated Depreciation and Amortization	$ (79)
Champaign, IL | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Champaign, IL | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Retail Property in San Antonio, TX | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 889
Initial Cost to Company
Land	252
Building	703
Intangibles	196
Costs Capitalized Subsequent to Acquisition	0
Land	251
Building	702
Intangibles	196
Total	1,149
Accumulated Depreciation and Amortization	$ (82)
Retail Property in San Antonio, TX | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Retail Property in San Antonio, TX | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Retail Property in Borger, TX | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 785
Initial Cost to Company
Land	68
Building	800
Intangibles	181
Costs Capitalized Subsequent to Acquisition	0
Land	68
Building	800
Intangibles	181
Total	1,049
Accumulated Depreciation and Amortization	$ (82)
Retail Property in Borger, TX | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Retail Property in Borger, TX | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Retail Property in Dimmitt, TX | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,051
Initial Cost to Company
Land	86
Building	1,077
Intangibles	236
Costs Capitalized Subsequent to Acquisition	0
Land	85
Building	1,074
Intangibles	236
Total	1,395
Accumulated Depreciation and Amortization	$ (106)
Retail Property in Dimmitt, TX | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Retail Property in Dimmitt, TX | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
St. Charles, Minnesota | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 963
Initial Cost to Company
Land	200
Building	843
Intangibles	226
Costs Capitalized Subsequent to Acquisition	0
Land	200
Building	843
Intangibles	226
Total	1,269
Accumulated Depreciation and Amortization	$ (105)
St. Charles, Minnesota | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
St. Charles, Minnesota | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Philo, Illinois | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 926
Initial Cost to Company
Land	160
Building	889
Intangibles	189
Costs Capitalized Subsequent to Acquisition	0
Land	160
Building	889
Intangibles	189
Total	1,238
Accumulated Depreciation and Amortization	$ (81)
Philo, Illinois | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Philo, Illinois | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Radford, Virginia | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,135
Initial Cost to Company
Land	411
Building	896
Intangibles	256
Costs Capitalized Subsequent to Acquisition	0
Land	411
Building	896
Intangibles	256
Total	1,563
Accumulated Depreciation and Amortization	$ (125)
Radford, Virginia | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Radford, Virginia | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Rural Retreat, Virginia | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,039
Initial Cost to Company
Land	328
Building	811
Intangibles	260
Costs Capitalized Subsequent to Acquisition	0
Land	328
Building	811
Intangibles	260
Total	1,399
Accumulated Depreciation and Amortization	$ (109)
Rural Retreat, Virginia | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Rural Retreat, Virginia | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Albion, Pennsylvania | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,126
Initial Cost to Company
Land	100
Building	1,033
Intangibles	392
Costs Capitalized Subsequent to Acquisition	0
Land	100
Building	1,033
Intangibles	392
Total	1,525
Accumulated Depreciation and Amortization	$ (185)
Albion, Pennsylvania | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Albion, Pennsylvania | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	50 years
Mount Vernon, Alabama | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 944
Initial Cost to Company
Land	187
Building	876
Intangibles	174
Costs Capitalized Subsequent to Acquisition	0
Land	187
Building	876
Intangibles	174
Total	1,237
Accumulated Depreciation and Amortization	$ (106)
Mount Vernon, Alabama | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Mount Vernon, Alabama | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Malone, New York | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,085
Initial Cost to Company
Land	183
Building	1,154
Intangibles	137
Costs Capitalized Subsequent to Acquisition	0
Land	183
Building	1,154
Intangibles	137
Total	1,474
Accumulated Depreciation and Amortization	$ (123)
Malone, New York | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Malone, New York | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Mercedes, Texas | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 836
Initial Cost to Company
Land	257
Building	874
Intangibles	132
Costs Capitalized Subsequent to Acquisition	0
Land	257
Building	874
Intangibles	132
Total	1,263
Accumulated Depreciation and Amortization	$ (88)
Mercedes, Texas | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Mercedes, Texas | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Gordonville, Missouri | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 773
Initial Cost to Company
Land	247
Building	787
Intangibles	173
Costs Capitalized Subsequent to Acquisition	0
Land	247
Building	787
Intangibles	173
Total	1,207
Accumulated Depreciation and Amortization	$ (91)
Gordonville, Missouri | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Gordonville, Missouri | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Rice, Minnesota | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 819
Initial Cost to Company
Land	200
Building	859
Intangibles	184
Costs Capitalized Subsequent to Acquisition	0
Land	200
Building	859
Intangibles	184
Total	1,243
Accumulated Depreciation and Amortization	$ (133)
Rice, Minnesota | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Rice, Minnesota | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Bixby, Oklahoma | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,974
Initial Cost to Company
Land	2,609
Building	7,776
Intangibles	1,765
Costs Capitalized Subsequent to Acquisition	0
Land	2,609
Building	7,776
Intangibles	1,765
Total	12,150
Accumulated Depreciation and Amortization	$ (922)
Bixby, Oklahoma | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	12 years
Bixby, Oklahoma | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Farmington, Illinois | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 898
Initial Cost to Company
Land	96
Building	1,161
Intangibles	150
Costs Capitalized Subsequent to Acquisition	0
Land	96
Building	1,161
Intangibles	150
Total	1,407
Accumulated Depreciation and Amortization	$ (118)
Farmington, Illinois | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Farmington, Illinois | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Grove, Oklahoma | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,634
Initial Cost to Company
Land	402
Building	4,364
Intangibles	817
Costs Capitalized Subsequent to Acquisition	0
Land	402
Building	4,364
Intangibles	817
Total	5,583
Accumulated Depreciation and Amortization	$ (545)
Grove, Oklahoma | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	12 years
Grove, Oklahoma | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Jenks, Oklahoma | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,823
Initial Cost to Company
Land	2,617
Building	8,694
Intangibles	2,107
Costs Capitalized Subsequent to Acquisition	0
Land	2,617
Building	8,694
Intangibles	2,107
Total	13,418
Accumulated Depreciation and Amortization	$ (1,097)
Jenks, Oklahoma | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	9 years
Jenks, Oklahoma | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Bloomington, Illinois | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 819
Initial Cost to Company
Land	173
Building	984
Intangibles	138
Costs Capitalized Subsequent to Acquisition	0
Land	173
Building	984
Intangibles	138
Total	1,295
Accumulated Depreciation and Amortization	$ (107)
Bloomington, Illinois | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Bloomington, Illinois | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Montrose, Minnesota | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 784
Initial Cost to Company
Land	149
Building	876
Intangibles	169
Costs Capitalized Subsequent to Acquisition	0
Land	149
Building	876
Intangibles	169
Total	1,194
Accumulated Depreciation and Amortization	$ (134)
Montrose, Minnesota | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Montrose, Minnesota | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Lincoln County, Missouri | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 740
Initial Cost to Company
Land	149
Building	800
Intangibles	188
Costs Capitalized Subsequent to Acquisition	0
Land	149
Building	800
Intangibles	188
Total	1,137
Accumulated Depreciation and Amortization	$ (94)
Lincoln County, Missouri | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Lincoln County, Missouri | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Wilmington, Illinois | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 905
Initial Cost to Company
Land	161
Building	1,078
Intangibles	160
Costs Capitalized Subsequent to Acquisition	0
Land	161
Building	1,078
Intangibles	160
Total	1,399
Accumulated Depreciation and Amortization	$ (116)
Wilmington, Illinois | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Wilmington, Illinois | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Danville, Illinois | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 741
Initial Cost to Company
Land	158
Building	870
Intangibles	132
Costs Capitalized Subsequent to Acquisition	0
Land	158
Building	870
Intangibles	132
Total	1,160
Accumulated Depreciation and Amortization	$ (89)
Danville, Illinois | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Danville, Illinois | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Moultrie, Georgia | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 932
Initial Cost to Company
Land	170
Building	962
Intangibles	173
Costs Capitalized Subsequent to Acquisition	0
Land	170
Building	962
Intangibles	173
Total	1,305
Accumulated Depreciation and Amortization	$ (145)
Moultrie, Georgia | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Moultrie, Georgia | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Rose Hill, North Carolina | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,003
Initial Cost to Company
Land	245
Building	972
Intangibles	203
Costs Capitalized Subsequent to Acquisition	0
Land	245
Building	972
Intangibles	203
Total	1,420
Accumulated Depreciation and Amortization	$ (140)
Rose Hill, North Carolina | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Rose Hill, North Carolina | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Rockingham, North Carolina | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 823
Initial Cost to Company
Land	73
Building	922
Intangibles	163
Costs Capitalized Subsequent to Acquisition	0
Land	73
Building	922
Intangibles	163
Total	1,158
Accumulated Depreciation and Amortization	$ (126)
Rockingham, North Carolina | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Rockingham, North Carolina | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Biscoe, North Carolina | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 862
Initial Cost to Company
Land	147
Building	905
Intangibles	164
Costs Capitalized Subsequent to Acquisition	0
Land	147
Building	905
Intangibles	164
Total	1,216
Accumulated Depreciation and Amortization	$ (128)
Biscoe, North Carolina | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Biscoe, North Carolina | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	44 years
DeSotaIowaMember | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 706
Initial Cost to Company
Land	139
Building	796
Intangibles	176
Costs Capitalized Subsequent to Acquisition	0
Land	139
Building	796
Intangibles	176
Total	1,111
Accumulated Depreciation and Amortization	$ (102)
DeSotaIowaMember | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
DeSotaIowaMember | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Kerrville, Texas | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 769
Initial Cost to Company
Land	186
Building	849
Intangibles	200
Costs Capitalized Subsequent to Acquisition	0
Land	186
Building	849
Intangibles	200
Total	1,235
Accumulated Depreciation and Amortization	$ (128)
Kerrville, Texas | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Kerrville, Texas | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Floresville, Texas | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 815
Initial Cost to Company
Land	268
Building	828
Intangibles	216
Costs Capitalized Subsequent to Acquisition	0
Land	268
Building	828
Intangibles	216
Total	1,312
Accumulated Depreciation and Amortization	$ (130)
Floresville, Texas | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Floresville, Texas | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Minot, North Dakota | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,700
Initial Cost to Company
Land	1,856
Building	4,472
Intangibles	618
Costs Capitalized Subsequent to Acquisition	0
Land	1,856
Building	4,472
Intangibles	618
Total	6,946
Accumulated Depreciation and Amortization	$ (510)
Minot, North Dakota | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	13 years
Minot, North Dakota | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Lebanon, Michigan | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 821
Initial Cost to Company
Land	359
Building	724
Intangibles	178
Costs Capitalized Subsequent to Acquisition	0
Land	359
Building	724
Intangibles	178
Total	1,261
Accumulated Depreciation and Amortization	$ (91)
Lebanon, Michigan | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Lebanon, Michigan | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Effingham County, Illinois | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 821
Initial Cost to Company
Land	273
Building	774
Intangibles	205
Costs Capitalized Subsequent to Acquisition	0
Land	273
Building	774
Intangibles	205
Total	1,252
Accumulated Depreciation and Amortization	$ (106)
Effingham County, Illinois | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Effingham County, Illinois | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Ponce, Puerto Rico | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,524
Initial Cost to Company
Land	1,365
Building	6,662
Intangibles	1,318
Costs Capitalized Subsequent to Acquisition	0
Land	1,365
Building	6,662
Intangibles	1,318
Total	9,345
Accumulated Depreciation and Amortization	$ (778)
Ponce, Puerto Rico | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	12 years
Ponce, Puerto Rico | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Tremont, Illinois | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 790
Initial Cost to Company
Land	164
Building	860
Intangibles	168
Costs Capitalized Subsequent to Acquisition	0
Land	164
Building	860
Intangibles	168
Total	1,192
Accumulated Depreciation and Amortization	$ (115)
Tremont, Illinois | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Tremont, Illinois | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Pleasanton, Texas | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 866
Initial Cost to Company
Land	311
Building	850
Intangibles	216
Costs Capitalized Subsequent to Acquisition	0
Land	311
Building	850
Intangibles	216
Total	1,377
Accumulated Depreciation and Amortization	$ (133)
Pleasanton, Texas | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Pleasanton, Texas | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Peoria, Illinois, 2 | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 855
Initial Cost to Company
Land	180
Building	934
Intangibles	179
Costs Capitalized Subsequent to Acquisition	0
Land	180
Building	934
Intangibles	179
Total	1,293
Accumulated Depreciation and Amortization	$ (125)
Peoria, Illinois, 2 | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Peoria, Illinois, 2 | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Bridgeport, Illinois | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 822
Initial Cost to Company
Land	192
Building	874
Intangibles	175
Costs Capitalized Subsequent to Acquisition	0
Land	192
Building	874
Intangibles	175
Total	1,241
Accumulated Depreciation and Amortization	$ (116)
Bridgeport, Illinois | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Bridgeport, Illinois | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Warren, Minnesota | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 697
Initial Cost to Company
Land	108
Building	825
Intangibles	157
Costs Capitalized Subsequent to Acquisition	0
Land	108
Building	825
Intangibles	157
Total	1,090
Accumulated Depreciation and Amortization	$ (134)
Warren, Minnesota | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Warren, Minnesota | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Canyon Lake, Texas | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 908
Initial Cost to Company
Land	291
Building	932
Intangibles	220
Costs Capitalized Subsequent to Acquisition	0
Land	291
Building	932
Intangibles	220
Total	1,443
Accumulated Depreciation and Amortization	$ (139)
Canyon Lake, Texas | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Canyon Lake, Texas | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Wheeler, Texas | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 717
Initial Cost to Company
Land	53
Building	887
Intangibles	188
Costs Capitalized Subsequent to Acquisition	0
Land	53
Building	887
Intangibles	188
Total	1,128
Accumulated Depreciation and Amortization	$ (132)
Wheeler, Texas | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Wheeler, Texas | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Aurora, Minnesota | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 629
Initial Cost to Company
Land	126
Building	709
Intangibles	157
Costs Capitalized Subsequent to Acquisition	0
Land	126
Building	709
Intangibles	157
Total	992
Accumulated Depreciation and Amortization	$ (94)
Aurora, Minnesota | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Aurora, Minnesota | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Red Oak, Iowa | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 779
Initial Cost to Company
Land	190
Building	839
Intangibles	179
Costs Capitalized Subsequent to Acquisition	0
Land	190
Building	839
Intangibles	179
Total	1,208
Accumulated Depreciation and Amortization	$ (140)
Red Oak, Iowa | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Red Oak, Iowa | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Zapata, Texas | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 746
Initial Cost to Company
Land	62
Building	998
Intangibles	145
Costs Capitalized Subsequent to Acquisition	0
Land	62
Building	998
Intangibles	145
Total	1,205
Accumulated Depreciation and Amortization	$ (174)
Zapata, Texas | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Zapata, Texas | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
St. Francis, Minnesota | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 733
Initial Cost to Company
Land	105
Building	911
Intangibles	163
Costs Capitalized Subsequent to Acquisition	0
Land	105
Building	911
Intangibles	163
Total	1,179
Accumulated Depreciation and Amortization	$ (171)
St. Francis, Minnesota | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
St. Francis, Minnesota | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Yorktown, Texas | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 784
Initial Cost to Company
Land	97
Building	1,005
Intangibles	199
Costs Capitalized Subsequent to Acquisition	0
Land	97
Building	1,005
Intangibles	199
Total	1,301
Accumulated Depreciation and Amortization	$ (186)
Yorktown, Texas | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Yorktown, Texas | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Battle Lake, Minnesota | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 720
Initial Cost to Company
Land	136
Building	875
Intangibles	157
Costs Capitalized Subsequent to Acquisition	0
Land	136
Building	875
Intangibles	157
Total	1,168
Accumulated Depreciation and Amortization	$ (179)
Battle Lake, Minnesota | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Battle Lake, Minnesota | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Paynesville, Minnesota | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 804
Initial Cost to Company
Land	246
Building	816
Intangibles	192
Costs Capitalized Subsequent to Acquisition	0
Land	246
Building	816
Intangibles	192
Total	1,254
Accumulated Depreciation and Amortization	$ (150)
Paynesville, Minnesota | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Paynesville, Minnesota | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Wheaton, Missouri | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 649
Initial Cost to Company
Land	73
Building	800
Intangibles	97
Costs Capitalized Subsequent to Acquisition	0
Land	73
Building	800
Intangibles	97
Total	970
Accumulated Depreciation and Amortization	$ (127)
Wheaton, Missouri | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Wheaton, Missouri | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Rotterdam, New York | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,919
Initial Cost to Company
Land	2,530
Building	7,924
Intangibles	2,165
Costs Capitalized Subsequent to Acquisition	0
Land	2,530
Building	7,924
Intangibles	2,165
Total	12,619
Accumulated Depreciation and Amortization	$ (2,430)
Rotterdam, New York | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	8 years
Rotterdam, New York | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Hilliard, Ohio | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,565
Initial Cost to Company
Land	654
Building	4,870
Intangibles	860
Costs Capitalized Subsequent to Acquisition	0
Land	654
Building	4,870
Intangibles	860
Total	6,384
Accumulated Depreciation and Amortization	$ (694)
Hilliard, Ohio | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	12 years
Hilliard, Ohio | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Niles, Ohio | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,709
Initial Cost to Company
Land	437
Building	4,084
Intangibles	680
Costs Capitalized Subsequent to Acquisition	0
Land	437
Building	4,084
Intangibles	680
Total	5,201
Accumulated Depreciation and Amortization	$ (578)
Niles, Ohio | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	12 years
Niles, Ohio | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Youngstown, Ohio | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,831
Initial Cost to Company
Land	380
Building	4,363
Intangibles	658
Costs Capitalized Subsequent to Acquisition	0
Land	380
Building	4,363
Intangibles	658
Total	5,401
Accumulated Depreciation and Amortization	$ (634)
Youngstown, Ohio | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	12 years
Youngstown, Ohio | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Kings Mountain, North Carolina | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 18,617
Initial Cost to Company
Land	1,368
Building	19,533
Intangibles	3,266
Costs Capitalized Subsequent to Acquisition	4,850
Land	1,368
Building	24,383
Intangibles	3,266
Total	29,017
Accumulated Depreciation and Amortization	$ (4,323)
Kings Mountain, North Carolina | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	10 years
Kings Mountain, North Carolina | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Iberia, Missouri | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 894
Initial Cost to Company
Land	130
Building	1,033
Intangibles	165
Costs Capitalized Subsequent to Acquisition	0
Land	130
Building	1,033
Intangibles	165
Total	1,328
Accumulated Depreciation and Amortization	$ (170)
Iberia, Missouri | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Iberia, Missouri | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Pine Island, Minnesota | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 768
Initial Cost to Company
Land	112
Building	845
Intangibles	185
Costs Capitalized Subsequent to Acquisition	0
Land	112
Building	845
Intangibles	185
Total	1,142
Accumulated Depreciation and Amortization	$ (164)
Pine Island, Minnesota | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Pine Island, Minnesota | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Isle, Minnesota | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 722
Initial Cost to Company
Land	120
Building	787
Intangibles	171
Costs Capitalized Subsequent to Acquisition	0
Land	120
Building	787
Intangibles	171
Total	1,078
Accumulated Depreciation and Amortization	$ (158)
Isle, Minnesota | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Isle, Minnesota | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Jacksonville, North Carolina | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,671
Initial Cost to Company
Land	1,863
Building	5,749
Intangibles	1,020
Costs Capitalized Subsequent to Acquisition	0
Land	1,863
Building	5,749
Intangibles	1,020
Total	8,632
Accumulated Depreciation and Amortization	$ (898)
Jacksonville, North Carolina | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Jacksonville, North Carolina | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Evansville, Indiana | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,416
Initial Cost to Company
Land	1,788
Building	6,348
Intangibles	864
Costs Capitalized Subsequent to Acquisition	0
Land	1,788
Building	6,348
Intangibles	864
Total	9,000
Accumulated Depreciation and Amortization	$ (1,068)
Evansville, Indiana | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Evansville, Indiana | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Woodland Park, Colorado | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,798
Initial Cost to Company
Land	668
Building	2,681
Intangibles	620
Costs Capitalized Subsequent to Acquisition	0
Land	668
Building	2,681
Intangibles	620
Total	3,969
Accumulated Depreciation and Amortization	$ (572)
Woodland Park, Colorado | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Woodland Park, Colorado | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Bellport, New York | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 12,822
Initial Cost to Company
Land	3,601
Building	12,465
Intangibles	2,034
Costs Capitalized Subsequent to Acquisition	0
Land	3,601
Building	12,465
Intangibles	2,034
Total	18,100
Accumulated Depreciation and Amortization	$ (2,232)
Bellport, New York | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Bellport, New York | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Ankeny, Iowa | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,695
Initial Cost to Company
Land	3,180
Building	10,513
Intangibles	2,843
Costs Capitalized Subsequent to Acquisition	0
Land	3,180
Building	10,513
Intangibles	2,843
Total	16,536
Accumulated Depreciation and Amortization	$ (1,971)
Ankeny, Iowa | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Ankeny, Iowa | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Springfield, Missouri | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,340
Initial Cost to Company
Land	3,658
Building	6,296
Intangibles	1,870
Costs Capitalized Subsequent to Acquisition	0
Land	3,658
Building	6,296
Intangibles	1,870
Total	11,824
Accumulated Depreciation and Amortization	$ (1,288)
Springfield, Missouri | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	12 years
Springfield, Missouri | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Cedar Rapids, Iowa | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,792
Initial Cost to Company
Land	1,569
Building	7,553
Intangibles	1,878
Costs Capitalized Subsequent to Acquisition	0
Land	1,569
Building	7,553
Intangibles	1,878
Total	11,000
Accumulated Depreciation and Amortization	$ (1,662)
Cedar Rapids, Iowa | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	10 years
Cedar Rapids, Iowa | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Fairfield, Iowa | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,580
Initial Cost to Company
Land	1,132
Building	7,779
Intangibles	1,800
Costs Capitalized Subsequent to Acquisition	0
Land	1,132
Building	7,779
Intangibles	1,800
Total	10,711
Accumulated Depreciation and Amortization	$ (1,436)
Fairfield, Iowa | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	12 years
Fairfield, Iowa | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Owatonna, Minnesota | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,107
Initial Cost to Company
Land	1,398
Building	7,125
Intangibles	1,564
Costs Capitalized Subsequent to Acquisition	0
Land	1,398
Building	7,125
Intangibles	1,564
Total	10,087
Accumulated Depreciation and Amortization	$ (1,376)
Owatonna, Minnesota | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	11 years
Owatonna, Minnesota | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Muscatine, Iowa | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,097
Initial Cost to Company
Land	1,060
Building	6,636
Intangibles	1,307
Costs Capitalized Subsequent to Acquisition	0
Land	1,060
Building	6,636
Intangibles	1,307
Total	9,003
Accumulated Depreciation and Amortization	$ (1,366)
Muscatine, Iowa | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	10 years
Muscatine, Iowa | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Sheldon, Iowa | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,065
Initial Cost to Company
Land	633
Building	3,053
Intangibles	708
Costs Capitalized Subsequent to Acquisition	0
Land	633
Building	3,053
Intangibles	708
Total	4,394
Accumulated Depreciation and Amortization	$ (588)
Sheldon, Iowa | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	12 years
Sheldon, Iowa | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Memphis, Tennessee | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,914
Initial Cost to Company
Land	1,986
Building	2,800
Intangibles	803
Costs Capitalized Subsequent to Acquisition	0
Land	1,986
Building	2,800
Intangibles	803
Total	5,589
Accumulated Depreciation and Amortization	$ (1,180)
Memphis, Tennessee | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	5 years
Memphis, Tennessee | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Bennett, Colorado | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,486
Initial Cost to Company
Land	470
Building	2,503
Intangibles	563
Costs Capitalized Subsequent to Acquisition	0
Land	470
Building	2,503
Intangibles	563
Total	3,536
Accumulated Depreciation and Amortization	$ (555)
Bennett, Colorado | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Bennett, Colorado | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Conyers, Georgia | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 22,827
Initial Cost to Company
Land	876
Building	27,396
Intangibles	4,258
Costs Capitalized Subsequent to Acquisition	0
Land	876
Building	27,396
Intangibles	4,258
Total	32,530
Accumulated Depreciation and Amortization	$ (4,347)
Conyers, Georgia | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Conyers, Georgia | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	45 years
O'Fallon, Illinois | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,684
Initial Cost to Company
Land	2,488
Building	5,388
Intangibles	1,064
Costs Capitalized Subsequent to Acquisition	0
Land	2,488
Building	5,388
Intangibles	1,064
Total	8,940
Accumulated Depreciation and Amortization	$ (2,235)
O'Fallon, Illinois | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	7 years
O'Fallon, Illinois | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
El Centro, California | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,982
Initial Cost to Company
Land	569
Building	3,133
Intangibles	575
Costs Capitalized Subsequent to Acquisition	0
Land	569
Building	3,133
Intangibles	575
Total	4,277
Accumulated Depreciation and Amortization	$ (539)
El Centro, California | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
El Centro, California | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	50 years
Durant, Oklahoma | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,236
Initial Cost to Company
Land	594
Building	3,900
Intangibles	498
Costs Capitalized Subsequent to Acquisition	0
Land	594
Building	3,900
Intangibles	498
Total	4,992
Accumulated Depreciation and Amortization	$ (776)
Durant, Oklahoma | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	10 years
Durant, Oklahoma | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Gallatin, Tennessee | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,308
Initial Cost to Company
Land	1,725
Building	2,616
Intangibles	721
Costs Capitalized Subsequent to Acquisition	0
Land	1,725
Building	2,616
Intangibles	721
Total	5,062
Accumulated Depreciation and Amortization	$ (696)
Gallatin, Tennessee | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	11 years
Gallatin, Tennessee | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Mt. Airy, North Carolina | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,938
Initial Cost to Company
Land	729
Building	3,353
Intangibles	621
Costs Capitalized Subsequent to Acquisition	0
Land	729
Building	3,353
Intangibles	621
Total	4,703
Accumulated Depreciation and Amortization	$ (795)
Mt. Airy, North Carolina | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	9 years
Mt. Airy, North Carolina | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Aiken, South Carolina | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,869
Initial Cost to Company
Land	1,588
Building	3,480
Intangibles	858
Costs Capitalized Subsequent to Acquisition	0
Land	1,588
Building	3,480
Intangibles	858
Total	5,926
Accumulated Depreciation and Amortization	$ (848)
Aiken, South Carolina | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	11 years
Aiken, South Carolina | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Johnson City, Tennessee | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,438
Initial Cost to Company
Land	917
Building	3,607
Intangibles	739
Costs Capitalized Subsequent to Acquisition	0
Land	917
Building	3,607
Intangibles	739
Total	5,263
Accumulated Depreciation and Amortization	$ (855)
Johnson City, Tennessee | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	11 years
Johnson City, Tennessee | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Palmview, Texas | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,543
Initial Cost to Company
Land	938
Building	4,837
Intangibles	1,044
Costs Capitalized Subsequent to Acquisition	0
Land	938
Building	4,837
Intangibles	1,044
Total	6,819
Accumulated Depreciation and Amortization	$ (979)
Palmview, Texas | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	11 years
Palmview, Texas | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Ooltewah, Tennessee | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,805
Initial Cost to Company
Land	903
Building	3,957
Intangibles	843
Costs Capitalized Subsequent to Acquisition	0
Land	903
Building	3,957
Intangibles	843
Total	5,703
Accumulated Depreciation and Amortization	$ (915)
Ooltewah, Tennessee | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	11 years
Ooltewah, Tennessee | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Abingdon, Virginia | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,055
Initial Cost to Company
Land	682
Building	3,733
Intangibles	666
Costs Capitalized Subsequent to Acquisition	0
Land	682
Building	3,733
Intangibles	666
Total	5,081
Accumulated Depreciation and Amortization	$ (872)
Abingdon, Virginia | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	11 years
Abingdon, Virginia | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Wichita, Kansas | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,761
Initial Cost to Company
Land	1,187
Building	4,850
Intangibles	1,163
Costs Capitalized Subsequent to Acquisition	0
Land	1,187
Building	4,850
Intangibles	1,163
Total	7,200
Accumulated Depreciation and Amortization	$ (1,475)
Wichita, Kansas | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Wichita, Kansas | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	34 years
North Dartsmouth, Massachusetts | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 18,849
Initial Cost to Company
Land	7,033
Building	19,745
Intangibles	3,187
Costs Capitalized Subsequent to Acquisition	0
Land	7,033
Building	19,745
Intangibles	3,187
Total	29,965
Accumulated Depreciation and Amortization	$ (7,670)
North Dartsmouth, Massachusetts | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	10 years
North Dartsmouth, Massachusetts | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Vineland, New Jersey | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 13,847
Initial Cost to Company
Land	1,482
Building	17,742
Intangibles	3,282
Costs Capitalized Subsequent to Acquisition	0
Land	1,482
Building	17,742
Intangibles	3,282
Total	22,506
Accumulated Depreciation and Amortization	$ (5,363)
Vineland, New Jersey | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	12 years
Vineland, New Jersey | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Saratoga Springs, New York | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 12,442
Initial Cost to Company
Land	748
Building	13,936
Intangibles	5,538
Costs Capitalized Subsequent to Acquisition	0
Land	748
Building	13,936
Intangibles	5,538
Total	20,222
Accumulated Depreciation and Amortization	$ (5,018)
Saratoga Springs, New York | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Saratoga Springs, New York | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Waldorf, Maryland | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,569
Initial Cost to Company
Land	4,933
Building	11,684
Intangibles	2,882
Costs Capitalized Subsequent to Acquisition	0
Land	4,933
Building	11,684
Intangibles	2,882
Total	19,499
Accumulated Depreciation and Amortization	$ (4,289)
Waldorf, Maryland | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	10 years
Waldorf, Maryland | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Mooresville, North Carolina | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 10,855
Initial Cost to Company
Land	2,615
Building	12,462
Intangibles	2,566
Costs Capitalized Subsequent to Acquisition	0
Land	2,615
Building	12,462
Intangibles	2,566
Total	17,643
Accumulated Depreciation and Amortization	$ (4,521)
Mooresville, North Carolina | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	12 years
Mooresville, North Carolina | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Sennett, New York | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,702
Initial Cost to Company
Land	1,147
Building	4,480
Intangibles	1,848
Costs Capitalized Subsequent to Acquisition	0
Land	1,147
Building	4,480
Intangibles	1,848
Total	7,475
Accumulated Depreciation and Amortization	$ (1,995)
Sennett, New York | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	10 years
Sennett, New York | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	23 years
DeLeon Springs, Florida | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 814
Initial Cost to Company
Land	239
Building	782
Intangibles	221
Costs Capitalized Subsequent to Acquisition	0
Land	239
Building	782
Intangibles	221
Total	1,242
Accumulated Depreciation and Amortization	$ (315)
DeLeon Springs, Florida | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
DeLeon Springs, Florida | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Orange City, Florida | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 798
Initial Cost to Company
Land	229
Building	853
Intangibles	235
Costs Capitalized Subsequent to Acquisition	0
Land	229
Building	853
Intangibles	235
Total	1,317
Accumulated Depreciation and Amortization	$ (330)
Orange City, Florida | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Orange City, Florida | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Satsuma, Florida | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 719
Initial Cost to Company
Land	79
Building	821
Intangibles	192
Costs Capitalized Subsequent to Acquisition	0
Land	79
Building	821
Intangibles	192
Total	1,092
Accumulated Depreciation and Amortization	$ (319)
Satsuma, Florida | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Satsuma, Florida | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Greenwood, Arkansas | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,394
Initial Cost to Company
Land	1,038
Building	3,415
Intangibles	694
Costs Capitalized Subsequent to Acquisition	0
Land	1,038
Building	3,415
Intangibles	694
Total	5,147
Accumulated Depreciation and Amortization	$ (869)
Greenwood, Arkansas | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	13 years
Greenwood, Arkansas | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	43 years
Snellville, Georgia | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,306
Initial Cost to Company
Land	1,293
Building	5,724
Intangibles	983
Costs Capitalized Subsequent to Acquisition	0
Land	1,293
Building	5,724
Intangibles	983
Total	8,000
Accumulated Depreciation and Amortization	$ (1,757)
Snellville, Georgia | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Snellville, Georgia | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Columbia, South Carolina | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,161
Initial Cost to Company
Land	2,148
Building	4,629
Intangibles	1,023
Costs Capitalized Subsequent to Acquisition	0
Land	2,148
Building	4,629
Intangibles	1,023
Total	7,800
Accumulated Depreciation and Amortization	$ (1,484)
Columbia, South Carolina | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Columbia, South Carolina | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Millbrook, Alabama | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,576
Initial Cost to Company
Land	970
Building	5,972
Intangibles	0
Costs Capitalized Subsequent to Acquisition	0
Land	970
Building	5,972
Intangibles	0
Total	6,942
Accumulated Depreciation and Amortization	$ (1,272)
Millbrook, Alabama | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Millbrook, Alabama | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Pittsfield, Massachusetts | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,083
Initial Cost to Company
Land	1,801
Building	11,556
Intangibles	1,344
Costs Capitalized Subsequent to Acquisition	0
Land	1,801
Building	11,556
Intangibles	1,344
Total	14,701
Accumulated Depreciation and Amortization	$ (3,007)
Pittsfield, Massachusetts | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Pittsfield, Massachusetts | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Spartanburg, South Carolina | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,599
Initial Cost to Company
Land	828
Building	2,567
Intangibles	772
Costs Capitalized Subsequent to Acquisition	0
Land	828
Building	2,567
Intangibles	772
Total	4,167
Accumulated Depreciation and Amortization	$ (914)
Spartanburg, South Carolina | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	12 years
Spartanburg, South Carolina | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	42 years
Tupelo, Mississippi | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,090
Initial Cost to Company
Land	1,120
Building	3,070
Intangibles	939
Costs Capitalized Subsequent to Acquisition	0
Land	1,120
Building	3,070
Intangibles	939
Total	5,129
Accumulated Depreciation and Amortization	$ (1,060)
Tupelo, Mississippi | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	12 years
Tupelo, Mississippi | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	47 years
Lilburn, Georgia | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,474
Initial Cost to Company
Land	1,090
Building	3,673
Intangibles	1,028
Costs Capitalized Subsequent to Acquisition	0
Land	1,090
Building	3,673
Intangibles	1,028
Total	5,791
Accumulated Depreciation and Amortization	$ (1,224)
Lilburn, Georgia | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	12 years
Lilburn, Georgia | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	47 years
Douglasville, Georgia | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,264
Initial Cost to Company
Land	1,717
Building	2,705
Intangibles	987
Costs Capitalized Subsequent to Acquisition	0
Land	1,717
Building	2,705
Intangibles	987
Total	5,409
Accumulated Depreciation and Amortization	$ (966)
Douglasville, Georgia | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	13 years
Douglasville, Georgia | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	48 years
Elkton, Maryland | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,928
Initial Cost to Company
Land	963
Building	3,049
Intangibles	860
Costs Capitalized Subsequent to Acquisition	0
Land	963
Building	3,049
Intangibles	860
Total	4,872
Accumulated Depreciation and Amortization	$ (1,023)
Elkton, Maryland | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	14 years
Elkton, Maryland | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	49 years
Lexington, South Carolina | Retail Site
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,898
Initial Cost to Company
Land	1,644
Building	2,219
Intangibles	869
Costs Capitalized Subsequent to Acquisition	0
Land	1,644
Building	2,219
Intangibles	869
Total	4,732
Accumulated Depreciation and Amortization	$ (872)
Lexington, South Carolina | Retail Site | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	13 years
Lexington, South Carolina | Retail Site | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	48 years
Isla Vista, California | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 68,893
Initial Cost to Company
Land	36,274
Building	47,694
Intangibles	1,118
Costs Capitalized Subsequent to Acquisition	391
Land	36,274
Building	48,085
Intangibles	1,118
Total	85,477
Accumulated Depreciation and Amortization	$ (1,944)
Isla Vista, California | Multi-family | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	2 years
Isla Vista, California | Multi-family | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	42 years
Lithia Springs, Georgia | Warehouse
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 17,326
Initial Cost to Company
Land	2,939
Building	21,527
Intangibles	0
Costs Capitalized Subsequent to Acquisition	368
Land	2,939
Building	21,895
Intangibles	0
Total	24,834
Accumulated Depreciation and Amortization	$ (548)
Lithia Springs, Georgia | Warehouse | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	11 years
Lithia Springs, Georgia | Warehouse | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Crum Lynne, PA | Office building
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,031
Initial Cost to Company
Land	1,403
Building	7,518
Intangibles	1,666
Costs Capitalized Subsequent to Acquisition	0
Land	1,403
Building	7,518
Intangibles	1,666
Total	10,587
Accumulated Depreciation and Amortization	$ (382)
Crum Lynne, PA | Office building | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	12 years
Crum Lynne, PA | Office building | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Miami, Florida, 2 | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	12,643
Building	24,533
Intangibles	968
Costs Capitalized Subsequent to Acquisition	509
Land	12,643
Building	24,856
Intangibles	968
Total	38,467
Accumulated Depreciation and Amortization	$ (2,221)
Miami, Florida, 2 | Multi-family | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	5 years
Miami, Florida, 2 | Multi-family | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Office in Peoria IL | Office building | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	5 years
Office in Peoria IL | Office building | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Wayne, New Jersey | Office building
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 21,780
Initial Cost to Company
Land	2,744
Building	20,212
Intangibles	8,323
Costs Capitalized Subsequent to Acquisition	0
Land	2,744
Building	20,212
Intangibles	8,323
Total	31,279
Accumulated Depreciation and Amortization	$ (3,087)
Wayne, New Jersey | Warehouse | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Wayne, New Jersey | Warehouse | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Carmel, New York | Office building | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	5 years
Carmel, New York | Office building | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Carmel, New York | Shopping Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,041
Building	3,632
Intangibles	1,033
Costs Capitalized Subsequent to Acquisition	509
Land	2,041
Building	4,141
Intangibles	1,033
Total	7,215
Accumulated Depreciation and Amortization	(953)
Wayne, New Jersey 2 | Office building
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,645
Initial Cost to Company
Land	1,386
Building	5,474
Intangibles	2,840
Costs Capitalized Subsequent to Acquisition	0
Land	1,386
Building	5,474
Intangibles	2,840
Total	9,700
Accumulated Depreciation and Amortization	$ (1,477)
Wayne, New Jersey 2 | Office building | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	10 years
Wayne, New Jersey 2 | Office building | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Grand Rapids, Michigan, Two | Office building
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,882
Initial Cost to Company
Land	547
Building	5,157
Intangibles	596
Costs Capitalized Subsequent to Acquisition	0
Land	547
Building	5,157
Intangibles	596
Total	6,300
Accumulated Depreciation and Amortization	$ (1,184)
Grand Rapids, Michigan, Two | Warehouse | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	8 years
Grand Rapids, Michigan, Two | Warehouse | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Grand Rapids, Michigan, One | Office building | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	6 years
Grand Rapids, Michigan, One | Office building | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	28 years
Grand Rapids, Michigan, One | Warehouse
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,212
Initial Cost to Company
Land	497
Building	8,157
Intangibles	1,077
Costs Capitalized Subsequent to Acquisition	0
Land	497
Building	8,157
Intangibles	1,077
Total	9,731
Accumulated Depreciation and Amortization	(1,350)
Richmond, VA | Office building
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,733
Initial Cost to Company
Land	4,539
Building	12,633
Intangibles	2,707
Costs Capitalized Subsequent to Acquisition	1,879
Land	4,539
Building	14,515
Intangibles	2,704
Total	21,758
Accumulated Depreciation and Amortization	$ (5,965)
Richmond, VA | Office building | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Richmond, VA | Office building | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	33 years
Richmond, Virginia 2 | Office building
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 74,298
Initial Cost to Company
Land	14,632
Building	87,629
Intangibles	17,658
Costs Capitalized Subsequent to Acquisition	7,478
Land	12,941
Building	83,115
Intangibles	15,696
Total	111,752
Accumulated Depreciation and Amortization	$ (34,161)
Richmond, Virginia 2 | Office building | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Richmond, Virginia 2 | Office building | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Oakland County, Michigan | Office building
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 18,081
Initial Cost to Company
Land	1,147
Building	7,707
Intangibles	9,932
Costs Capitalized Subsequent to Acquisition	7,807
Land	1,144
Building	15,510
Intangibles	9,929
Total	26,583
Accumulated Depreciation and Amortization	$ (15,457)
Oakland County, Michigan | Office building | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	4 years
Oakland County, Michigan | Office building | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Miami, FL | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	10,487
Building	67,895
Intangibles	1,618
Costs Capitalized Subsequent to Acquisition	1,522
Land	802
Building	5,952
Intangibles	124
Total	6,878
Accumulated Depreciation and Amortization	$ (763)
Miami, FL | Multi-family | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	7 years
Miami, FL | Multi-family | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	47 years
Las Vegas, Nevada | Multi-family
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	4,900
Building	114,100
Intangibles	0
Costs Capitalized Subsequent to Acquisition	1,342
Land	57
Building	435
Intangibles	0
Total	492
Accumulated Depreciation and Amortization	$ (68)
Las Vegas, Nevada | Multi-family | Minimum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Las Vegas, Nevada | Multi-family | Maximum
Initial Cost to Company
Life on which Depreciation in Latest Statement of Income is Computed	40 years

Schedule III-Real Estate and _3

Schedule III-Real Estate and Accumulated Depreciation Real Estate - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Beginning Balance	$ 1,193,104	$ 944,346	$ 917,835
Reclassification of intangibles to accumulated amortization			1,316
Improvements and additions	131,294	270,551	75,345
Dispositions	(152,438)	(21,793)	(50,150)
Ending Balance	1,171,960	1,193,104	944,346
Commercial Real Estate
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Beginning Balance	1,135,358	901,797	842,140
Reclassification of intangibles to accumulated amortization			1,316
Improvements and additions	130,969	233,561	72,963
Dispositions	(139,884)	0	(14,622)
Ending Balance	1,126,443	1,135,358	901,797
Residential Real Estate
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Beginning Balance	57,746	42,549	75,695
Reclassification of intangibles to accumulated amortization			0
Improvements and additions	325	36,990	2,382
Dispositions	(12,554)	(21,793)	(35,528)
Ending Balance	$ 45,517	$ 57,746	$ 42,549

Schedule III-Real Estate and _4

Schedule III-Real Estate and Accumulated Depreciation Real Estate - Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Beginning Balance	$ 161,063	$ 122,008	$ 83,056
Reclassification of intangibles to accumulated amortization			1,316
Additions	42,532	41,332	40,726
Dispositions	(29,657)	(2,277)	(3,090)
Ending Balance	173,938	161,063	122,008
Commercial Real Estate
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Beginning Balance	159,138	118,630	78,376
Reclassification of intangibles to accumulated amortization			1,316
Additions	42,246	40,508	39,398
Dispositions	(28,277)	0	(460)
Ending Balance	173,107	159,138	118,630
Residential Real Estate
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Beginning Balance	1,925	3,378	4,680
Reclassification of intangibles to accumulated amortization			0
Additions	286	824	1,328
Dispositions	(1,380)	(2,277)	(2,630)
Ending Balance	$ 831	$ 1,925	$ 3,378

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate Mortgage Loans on Real Estate (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Weighted Average Yield		7.76%	7.03%
Prior Liens					$ 1,147,657
Face amount of Mortgages					3,522,286
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Gross					3,500,829
Provision for loan losses					(17,900)	$ (4,000)	$ (4,000)	$ (3,700)
Carrying Amount of Mortgages		$ 3,508,642	$ 2,353,977	$ 2,310,409	3,482,929	3,508,642	2,353,977	2,310,409
Loans in default, no losses expected					17,600
Aggregate cost for U.S. federal tax income purposes					3,500,000
Principal Amount of Mortgages Subject to Delinquent Principal or Interest					44,600
Activity in loan portfolio
Mortgage loans held by consolidated subsidiaries, beginning balance		3,508,642	2,353,977	2,310,409
Origination of mortgage loan receivables		2,775,992	2,873,304	2,098,052
Purchases of mortgage loan receivables		0	94,079	73,421
Repayment of mortgage loan receivables		1,532,308	386,852	722,360
Proceeds from sales of mortgage loan receivables		1,291,828	1,491,092	1,440,195
Realized gain on sale of mortgage loan receivables		0	0	0
Sale of loans, net		16,511	54,046	26,009
Transfer between held for investment and held for sale		0	0	0
Accretion/amortization of discount, premium and other fees		19,820	11,180	8,941
Loan loss provision		13,900	0	300
Mortgage loans held by consolidated subsidiaries, ending balance		3,482,929	3,508,642	2,353,977
Provision for loan losses	[1]	4,000
Provision for loan and lease losses		13,900	0	300
Provision for loan losses	[1]	17,900	4,000
Mortgage loans held by consolidated subsidiaries
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Amount of Mortgages		3,282,462	2,000,095	1,742,345	3,318,390	3,282,462	2,000,095	1,742,345
Activity in loan portfolio
Mortgage loans held by consolidated subsidiaries, beginning balance		3,282,462	2,000,095	1,742,345
Origination of mortgage loan receivables		1,478,771	1,407,669	969,401
Purchases of mortgage loan receivables		0	94,079	0
Repayment of mortgage loan receivables		1,518,066	384,283	720,592
Proceeds from sales of mortgage loan receivables		0	0	0
Realized gain on sale of mortgage loan receivables		0		0
Sale of loans, net		0	0	0
Transfer between held for investment and held for sale		(55,403)	(153,722)	0
Accretion/amortization of discount, premium and other fees		19,820	11,180	(8,941)
Loan loss provision			0	0
Mortgage loans held by consolidated subsidiaries, ending balance		3,318,390	$ 3,282,462	2,000,095
Provision for loan and lease losses		$ 0
Mortgage loan receivables held for investment, net, at amortized cost
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Weighted Average Yield		7.84%	7.18%
Activity in loan portfolio
Loan loss provision			$ 0
Provision for loan losses		$ 4,000	4,000	3,700
Provision for loan and lease losses		13,900		300
Provision for loan losses		$ 17,900	$ 4,000	4,000
Mortgage loan receivables held for sale
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Weighted Average Yield		5.46%	4.88%
Carrying Amount of Mortgages		$ 230,180	$ 357,882	571,764	182,439	$ 230,180	$ 357,882	$ 571,764
Activity in loan portfolio
Mortgage loans held by consolidated subsidiaries, beginning balance		230,180	357,882	571,764
Origination of mortgage loan receivables		1,297,221	1,465,635	1,128,651
Purchases of mortgage loan receivables		0	0	73,421
Repayment of mortgage loan receivables		14,242	2,569	1,768
Proceeds from sales of mortgage loan receivables		1,291,828	1,491,092	1,440,195
Realized gain on sale of mortgage loan receivables		0	0	0
Sale of loans, net		16,511	54,046	(26,009)
Transfer between held for investment and held for sale		55,403	153,722	0
Accretion/amortization of discount, premium and other fees		0	0	0
Loan loss provision			0
Mortgage loans held by consolidated subsidiaries, ending balance		182,439	$ 230,180	357,882
Provision for loan and lease losses		$ 0		$ 0
First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens					0
Face amount of Mortgages					3,374,065
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Gross					3,353,227
Principal Amount of Mortgages Subject to Delinquent Principal or Interest					44,600
Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens					1,147,657
Face amount of Mortgages					148,221
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Gross					147,602
Principal Amount of Mortgages Subject to Delinquent Principal or Interest					0
Multi-family | First Mortgage, 5.15 Percent
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Weighted Average Yield		2.87%
Prior Liens					0
Face amount of Mortgages					120,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Gross					119,952
Principal Amount of Mortgages Subject to Delinquent Principal or Interest					0
Hotel | First Mortgage 5.75 Percent
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Weighted Average Yield		7.50%
Prior Liens					0
Face amount of Mortgages					106,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Gross					105,006
Principal Amount of Mortgages Subject to Delinquent Principal or Interest					0
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Other Commercial, Retail [Member] | First Mortgages Individually Less than Three Percent
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens					0
Face amount of Mortgages					3,148,065
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Gross					3,128,269
Principal Amount of Mortgages Subject to Delinquent Principal or Interest					44,600
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Other Commercial, Retail [Member] | Subordinate Mortgages Individually Less Than Three Percent
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens					1,147,657
Face amount of Mortgages					148,221
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Gross					147,602
Principal Amount of Mortgages Subject to Delinquent Principal or Interest					0
Two Of Company Loans | Mortgage loan receivables held for investment, net, at amortized cost
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number or loans in default | loan		2
Loans in default, carrying value					$ 26,900
Allowance for Loan and Lease Losses, Provision For Loss Resulting From On-going Bankruptcy Proceedings		$ 2,700
Minimum | Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Other Commercial, Retail [Member] | First Mortgages Individually Less than Three Percent
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Weighted Average Yield		6.04%
Minimum | Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Other Commercial, Retail [Member] | Subordinate Mortgages Individually Less Than Three Percent
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Weighted Average Yield		6.04%
Maximum | Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Other Commercial, Retail [Member] | First Mortgages Individually Less than Three Percent
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Weighted Average Yield		15.00%
Maximum | Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Other Commercial, Retail [Member] | Subordinate Mortgages Individually Less Than Three Percent
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Weighted Average Yield		15.00%
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3.

Uncategorized Items - ladr-2018

Label	Element	Value
Restricted Cash and Investments	us-gaap_RestrictedCashAndInvestments	$ 44,813,000
Restricted Cash and Investments	us-gaap_RestrictedCashAndInvestments	106,009,000
Restricted Cash and Investments	us-gaap_RestrictedCashAndInvestments	$ 30,572,000