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 |