Ladder Capital (LADR) 10-Q 1 Aug 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2019	Jul. 29, 2019
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-36299
Entity Registrant Name	Ladder Capital Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0925494
Entity Address, Address Line One	345 Park Avenue,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10154
City Area Code	212
Local Phone Number	715-3170
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Class A common stock, $0.001 par value
Trading Symbol	LADR
Security Exchange Name	NYSE
Entity Central Index Key	0001577670
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Entity Common Stock, Shares Outstanding (in shares)		107,574,439
Class B Common Stock
Entity Common Stock, Shares Outstanding (in shares)		12,158,933

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	[1]	$ 126,529	$ 67,878
Restricted cash	[1]	88,904	30,572
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans held by consolidated subsidiaries	[1]	3,119,857	3,318,390
Provision for loan losses	[1]	(18,500)	(17,900)
Mortgage loan receivables held for sale	[1]	111,977	182,439
Real estate securities	[1]	1,788,415	1,410,126
Real estate and related lease intangibles, net	[1]	984,377	998,022
Investments in and advances to unconsolidated joint ventures	[1]	57,751	40,354
FHLB stock	[1]	61,619	57,915
Derivative instruments	[1]	536	0
Due from brokers	[1]	5	0
Accrued interest receivable	[1]	24,269	27,214
Other assets	[1]	61,036	157,862
Total assets	[1]	6,406,775	6,272,872
Liabilities
Debt obligations, net	[1]	4,613,088	4,452,574
Due to brokers	[1]	25,500	1,301
Derivative instruments	[1]	0	975
Amount payable pursuant to tax receivable agreement	[1]	1,559	1,570
Dividends payable	[1]	1,860	37,316
Accrued expenses	[1]	55,453	82,425
Other liabilities	[1]	61,241	53,076
Total liabilities	[1]	4,758,701	4,629,237
Commitments and contingencies (Note 18)	[1]	0	0
Equity
Additional paid-in capital	[1]	1,526,469	1,471,157
Treasury stock, 3,142,899 and 2,701,162 shares, at cost	[1]	(41,535)	(32,815)
Retained earnings (dividends in excess of earnings)	[1]	(30,847)	11,342
Accumulated other comprehensive income (loss)	[1]	12,171	(4,649)
Total shareholders’ equity	[1]	1,466,378	1,445,153
Noncontrolling interest in operating partnership	[1]	172,466	188,427
Noncontrolling interest in consolidated joint ventures	[1]	9,230	10,055
Total equity	[1]	1,648,074	1,643,635
Total liabilities and equity	[1]	6,406,775	6,272,872
Class A Common Stock
Equity
Common stock	[1]	108	105
Class B Common Stock
Equity
Common stock	[1]	$ 12	$ 13
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3 .

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Treasury stock, shares (in shares)	3,142,899	2,701,162
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)	110,693,832	106,642,335
Common stock, outstanding shares (in shares)	107,550,933	103,941,173
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)	12,158,933	13,117,419
Common stock, outstanding shares (in shares)	12,158,933	13,117,419

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net interest income
Interest income	$ 85,322	$ 85,230	$ 171,789	$ 163,437
Interest expense	52,369	48,417	103,618	93,130
Net interest income	32,953	36,813	68,171	70,307
Provision for loan losses	300	300	600	3,300
Net interest income after provision for loan losses	32,653	36,513	67,571	67,007
Other income (loss)
Operating lease income	27,780		56,701
Operating lease income		26,171		54,310
Sale of loans, net	20,264	6,144	27,342	11,032
Realized gain (loss) on securities	4,464	(1,243)	7,329	(2,342)
Unrealized gain (loss) on equity securities	(990)	0	1,088	0
Unrealized gain (loss) on Agency interest-only securities	11	110	22	313
Realized gain (loss) on sale of real estate, net	(1,124)	1,628	(1,119)	32,637
Impairment of real estate	0	0	(1,350)	0
Fee and other income	7,196	6,477	11,882	12,728
Net result from derivative transactions	(15,457)	7,081	(26,491)	22,040
Earnings (loss) from investment in unconsolidated joint ventures	1,564	13	2,522	65
Gain (loss) on extinguishment/defeasance of debt	0	0	(1,070)	(69)
Total other income (loss)	43,708	46,381	76,856	130,714
Costs and expenses
Salaries and employee benefits	14,907	13,866	38,481	30,962
Operating expenses	6,012	5,597	11,413	11,144
Real estate operating expenses	6,032	7,836	11,506	16,654
Fee expense	1,183	799	2,895	1,641
Depreciation and amortization	9,935	10,656	20,162	21,479
Total costs and expenses	38,069	38,754	84,457	81,880
Income (loss) before taxes	38,292	44,140	59,970	115,841
Income tax expense (benefit)	2,219	573	(634)	4,476
Net income (loss)	36,073	43,567	60,604	111,365
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures	307	133	754	(8,289)
Net (income) loss attributable to noncontrolling interest in operating partnership	$ (4,136)	$ (5,294)	$ (6,939)	$ (13,795)
Earnings per share:
Basic (in dollars per share)	$ 0.31	$ 0.40	$ 0.52	$ 0.93
Diluted (in dollars per share)	$ 0.30	$ 0.40	$ 0.51	$ 0.93
Weighted average shares outstanding:
Basic (in shares)	105,511,385	96,810,266	104,888,925	96,003,151
Diluted (in shares)	105,892,420	97,165,899	105,742,589	96,276,824
Class A Common Stock
Costs and expenses
Net income (loss) attributable to Class A common shareholders	$ 32,244	$ 38,406	$ 54,419	$ 89,281
Earnings per share:
Basic (in dollars per share)	$ 0.31	$ 0.40	$ 0.52	$ 0.93
Diluted (in dollars per share)	$ 0.30	$ 0.40	$ 0.51	$ 0.93
Weighted average shares outstanding:
Basic (in shares)	105,511,385	96,810,266	104,888,925	96,003,151
Diluted (in shares)	105,892,420	97,165,899	105,742,589	96,276,824
Dividends per share of Class A common stock (in dollars per share)	$ 0.340	$ 0.325	$ 0.680	$ 0.640

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net income (loss)	$ 36,073	$ 43,567	$ 60,604	$ 111,365
Unrealized gain (loss) on securities, net of tax:
Unrealized gain (loss) on real estate securities, available for sale	10,053	(3,490)	26,024	(13,446)
Reclassification adjustment for (gain) loss included in net income (loss)	(4,464)	1,243	(7,242)	2,342
Total other comprehensive income (loss)	5,589	(2,247)	18,782	(11,104)
Comprehensive income (loss)	41,662	41,320	79,386	100,261
Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint ventures	307	133	754	(8,289)
Comprehensive income (loss) of combined Class A common shareholders and Operating Partnership unitholders	41,969	41,453	80,140	91,972
Comprehensive (income) loss attributable to noncontrolling interest in operating partnership	(4,718)	(5,025)	(8,983)	(12,197)
Class A Common Stock
Unrealized gain (loss) on securities, net of tax:
Comprehensive income (loss) attributable to Class A common shareholders	$ 37,251	$ 36,428	$ 71,157	$ 79,775

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, 2017					93,641,000	17,668,000
Beginning Balance at Dec. 31, 2017	$ 1,488,146				$ 94	$ 18	$ 1,306,136	$ (31,956)	$ (39,112)	$ (212)	$ 240,861	$ 12,317
Increase Decrease in Stockholders' Equity
Contributions	5,040											5,040
Distributions	(22,691)										(8,899)	(13,792)
Amortization of equity based compensation	4,505						4,505
Grants of restricted stock (in shares)					29,000
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)					(56,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(837)							(837)
Forfeitures (in shares)					(26,000)
Dividends declared	(62,275)								(62,275)
Exchange of noncontrolling interest for common stock (in shares)			4,349,832	(4,349,832)	4,350,000	(4,350,000)
Exchange of noncontrolling interest for common stock	313				$ 5	$ (5)	60,110			(143)	(59,654)
Net income (loss)	111,365								89,281		13,795	8,289
Other comprehensive income (loss)	(11,104)									(9,506)	(1,598)
Rebalancing of ownership percentage between Company and Operating Partnership							(659)			6	653
Ending Balance (in shares) at Jun. 30, 2018					97,938,000	13,318,000
Ending Balance at Jun. 30, 2018	1,512,462				$ 99	$ 13	1,370,092	(32,793)	(12,106)	(9,855)	185,158	11,854
Beginning Balance (in shares) at Mar. 31, 2018					97,956,000	13,318,000
Beginning Balance at Mar. 31, 2018	1,503,292				$ 99	$ 13	1,368,548	(32,684)	(18,659)	(7,880)	184,201	9,654
Increase Decrease in Stockholders' Equity
Contributions	2,405											2,405
Distributions	(4,698)										(4,626)	(72)
Amortization of equity based compensation	2,105						2,105
Grants of restricted stock (in shares)					4,000
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)					(7,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(109)							(109)
Forfeitures (in shares)					(15,000)
Dividends declared	(31,853)								(31,853)
Net income (loss)	43,567								38,406		5,294	(133)
Other comprehensive income (loss)	(2,247)									(1,978)	(269)
Rebalancing of ownership percentage between Company and Operating Partnership	0						(561)			3	558
Ending Balance (in shares) at Jun. 30, 2018					97,938,000	13,318,000
Ending Balance at Jun. 30, 2018	1,512,462				$ 99	$ 13	1,370,092	(32,793)	(12,106)	(9,855)	185,158	11,854
Beginning Balance (in shares) at Dec. 31, 2018					103,941,000	13,118,000
Beginning Balance at Dec. 31, 2018	1,643,635	[1]			$ 105	$ 13	1,471,157	(32,815)	11,342	(4,649)	188,427	10,055
Increase Decrease in Stockholders' Equity
Contributions	191											191
Distributions	(8,799)										(8,537)	(262)
Amortization of equity based compensation	14,761						14,761
Grants of restricted stock (in shares)					1,478,000
Grants of restricted stock					$ 1		(1)
Purchase of treasury stock (in shares)					(40,000)
Purchase of treasury stock	(637)							(637)
Re-issuance of treasury stock (in shares)					68,000
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)					(461,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(8,083)							(8,083)
Forfeitures (in shares)					(9,000)
Dividends declared	(72,785)								(72,785)
Stock dividends (in shares)					1,435,000
Stock dividends	0				$ 1	$ 180	23,822		(23,823)
Exchange of noncontrolling interest for common stock (in shares)					1,139,000	(1,139,000)
Exchange of noncontrolling interest for common stock	405				$ 1	$ (1)	16,449			65	(16,109)
Net income (loss)	60,604								54,419		6,939	(754)
Other comprehensive income (loss)	18,782									16,738	2,044
Rebalancing of ownership percentage between Company and Operating Partnership							281			17	(298)
Ending Balance (in shares) at Jun. 30, 2019					107,551,000	12,159,000
Ending Balance at Jun. 30, 2019	1,648,074	[1]			$ 108	$ 12	1,526,469	(41,535)	(30,847)	12,171	172,466	9,230
Beginning Balance (in shares) at Mar. 31, 2019					106,562,000	13,198,000
Beginning Balance at Mar. 31, 2019	1,644,243				$ 107	$ 13	1,508,452	(40,799)	(26,549)	7,080	186,310	9,629
Increase Decrease in Stockholders' Equity
Contributions	114											114
Distributions	(4,490)										(4,284)	(206)
Amortization of equity based compensation	3,469						3,469
Purchase of treasury stock (in shares)					(40,000)
Purchase of treasury stock	(637)							(637)
Re-issuance of treasury stock (in shares)					5,000
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)					(6,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(99)							(99)
Forfeitures (in shares)					(9,000)
Dividends declared	(36,542)								(36,542)
Exchange of noncontrolling interest for common stock (in shares)					1,039,000	(1,039,000)
Exchange of noncontrolling interest for common stock	354				$ 1	$ (1)	14,956			70	(14,672)
Net income (loss)	36,073								32,244		4,136	(307)
Other comprehensive income (loss)	5,589									5,007	582
Rebalancing of ownership percentage between Company and Operating Partnership	0						(408)			14	394
Ending Balance (in shares) at Jun. 30, 2019					107,551,000	12,159,000
Ending Balance at Jun. 30, 2019	$ 1,648,074	[1]			$ 108	$ 12	$ 1,526,469	$ (41,535)	$ (30,847)	$ 12,171	$ 172,466	$ 9,230
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3 .

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ 60,604	$ 111,365
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gain) loss on extinguishment/defeasance of debt	1,070	69
Depreciation and amortization	20,162	21,479
Unrealized (gain) loss on derivative instruments	(1,511)	(2,340)
Unrealized (gain) loss on equity securities	(1,088)	0
Unrealized (gain) loss on Agency interest-only securities	(22)	(313)
Unrealized (gain) loss on investment in mutual fund	(254)	(124)
Provision for loan losses	600	3,300
Impairment of real estate	1,350	0
Amortization of equity based compensation	14,761	4,505
Amortization of deferred financing costs included in interest expense	5,721	4,984
Amortization of premium on mortgage loan financing	(774)	(499)
Amortization of above- and below-market lease intangibles	(397)	(940)
Amortization of premium/(accretion) of discount and other fees on loans	(10,294)	(8,942)
Amortization of premium/(accretion) of discount and other fees on securities	(87)	2,270
Realized (gain) loss on sale of mortgage loan receivables held for sale	(27,342)	(11,032)
Realized (gain) loss on securities	(7,329)	2,342
Realized (gain) loss on sale of real estate, net	1,119	(32,637)
Realized gain on sale of derivative instruments	108	192
Origination of mortgage loan receivables held for sale	(333,342)	(764,948)
Repayment of mortgage loan receivables held for sale	370	286
Proceeds from sales of mortgage loan receivables held for sale	430,649	843,214
(Income) loss from investments in unconsolidated joint ventures in excess of distributions received	(2,522)	(65)
Distributions from operations of investment in unconsolidated joint ventures	3,067	0
Deferred tax asset (liability)	6,336	1,483
Changes in operating assets and liabilities:
Accrued interest receivable	2,705	(1,757)
Other assets	(6,310)	(793)
Accrued expenses and other liabilities	(24,805)	2,507
Net cash provided by (used in) operating activities	132,545	173,606
Cash flows from investing activities:
Purchase of derivative instruments	(159)	(205)
Sale of derivative instruments	50	114
Purchases of real estate securities	(827,999)	(199,135)
Repayment of real estate securities	110,443	56,707
Proceeds from sales of real estate securities	384,356	161,518
Purchase of FHLB stock	(3,704)	0
Origination of mortgage loan receivables held for investment	(484,496)	(914,489)
Repayment of mortgage loan receivables held for investment	781,916	431,030
Basis recovery of Agency interest-only securities	6,413	10,453
Capital contributions and advances to investment in unconsolidated joint ventures	(56,424)	(370)
Capital distribution from investment in unconsolidated joint ventures	38,625	1,250
Capitalization of interest on investment in unconsolidated joint ventures	(142)	(676)
Purchases of real estate	(5,071)	(114,184)
Capital improvements of real estate	(1,707)	(3,290)
Proceeds from sale of real estate	8,521	90,806
Net cash provided by (used in) investing activities	(49,378)	(480,471)
Cash flows from financing activities:
Deferred financing costs paid	(4,453)	(2,664)
Proceeds from borrowings under debt obligations	6,377,515	2,919,776
Repayment of borrowings under debt obligations	(6,213,678)	(2,588,483)
Cash dividends paid to Class A common shareholders	(108,240)	(91,220)
Purchase of treasury stock	637	0
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(8,083)	(837)
Net cash provided by (used in) financing activities	33,816	218,921
Net increase (decrease) in cash, cash equivalents and restricted cash	116,983	(87,944)
Cash, cash equivalents and restricted cash at beginning of period	98,450	182,683
Cash, cash equivalents and restricted cash at end of period	215,433	94,739
Supplemental information:
Cash paid for interest, net of amounts capitalized	98,832	87,675
Cash paid (received) for income taxes	3,591	6,266
Non-cash investing and financing activities:
Securities and derivatives purchased, not settled	25,500	(44,786)
Securities and derivatives sold, not settled	5	0
Repayment in transit of mortgage loans receivable held for investment (other assets)	0	66,094
Repayment of mortgage loans receivable held for sale	127	0
Settlement of mortgage loan receivable held for investment by real estate, net	(17,851)	0
Transfer from mortgage loans receivable held for sale to mortgage loans receivable held for investment, at amortized cost	15,504	55,403
Proceeds from sale of real estate	0	638
Real estate acquired in settlement of mortgage loan receivable held for investment, net	17,851	0
Net settlement of sale of real estate, subject to debt - real estate	7,144	0
Net settlement of sale of real estate, subject to debt - debt obligations	7,144	0
Reduction in proceeds from sales of real estate	0	11,050
Assumption of debt obligations by real estate buyer/defeasance of debt and related costs	0	(11,050)
Exchange of noncontrolling interest for common stock	16,109	59,654
Change in deferred tax asset related to exchanges of noncontrolling interest for common stock	0	(226)
Increase in amount payable pursuant to tax receivable agreement	(11)	(86)
Rebalancing of ownership percentage between Company and Operating Partnership	(298)	653
Dividends declared, not paid	1,860	1,582
Stock dividends	23,823	0
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	215,433	182,683
Consolidated Joint Venture
Cash flows from financing activities:
Capital distributed to noncontrolling interests	(262)	(13,792)
Capital contributed by noncontrolling interests in consolidated joint ventures	191	5,040
Operating Partnership
Cash flows from financing activities:
Capital distributed to noncontrolling interests	$ (8,537)	$ (8,899)

ORGANIZATION AND OPERATIONS

ORGANIZATION AND OPERATIONS	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 , Ladder Capital Corp has a 89.8% 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.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2019
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”). In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of results of operations, financial position and cash flows. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2018 , which are included in the Company’s Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The interim consolidated financial statements have been prepared, without audit, and do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations and cash flows in accordance with GAAP. The consolidated financial statements include the Company’s accounts and those of its subsidiaries which are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated. 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 equity 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 and advances to 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 June 30, 2019 and December 31, 2018 . At June 30, 2019 and December 31, 2018 , 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. Recognition of Operating Lease Income and Tenant Recoveries The Company adopted ASC Topic 842 on January 1, 2019. The primary impact of applying ASC Topic 842 was the initial recognition of a $3.5 million lease liability and a $3.3 million right-of-use asset (including previously accrued straight line rent) on the Company’s consolidated financial statements, for leases classified as operating leases under ASC Topic 840, primarily for the Company’s corporate headquarters and other identified leases. There is no cumulative effect on retained earnings or other components of equity recognized as of January 1, 2019. Certain arrangements may contain both lease and non-lease components. The Company determines if an arrangement is, or contains, a lease at contract inception. Only the lease components of these contractual arrangements are subject to the provisions of ASC Topic 842. Any non-lease components are subject to other applicable accounting guidance. We have elected, however, to adopt the optional practical expedient not to separate lease components from non-lease components for accounting purposes. This policy election has been adopted for each of the Company’s leased asset classes existing as of the effective date and subject to the transition provisions of ASC Topic 842, will be applied to all new or modified leases executed on or after January 1, 2019. For contractual arrangements executed in subsequent periods involving a new leased asset class, the Company will determine at contract inception whether it will apply the optional practical expedient to the new leased asset class. Leases are evaluated for classification as operating or finance leases at the commencement date of the lease. Right-of-use assets and corresponding liabilities are recognized on the Company’s consolidated balance sheet based on the present value of future lease payments relating to the use of the underlying asset during the lease term. Future lease payments include fixed lease payments as well as variable lease payments that depend upon an index or rate using the index or rate at the commencement date and probable amounts owed under residual value guarantees. The amount of future lease payments may be increased to include additional payments related to lease extension, termination, and/or purchase options when the Company has determined, at or subsequent to lease commencement, generally due to limited asset availability or operating commitments, it is reasonably certain of exercising such options. The Company uses its incremental borrowing rate as the discount rate in determining the present value of future lease payments, unless the interest rate implicit in the lease arrangement is readily determinable. Lease payments that vary based on future usage levels, the nature of leased asset activities, or certain other contingencies, are not included in the measurement of lease right-of-use assets and corresponding liabilities. The Company has elected not to record assets and liabilities on its consolidated balance sheet for lease arrangements with terms of 12 months or less. 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. Out-of-Period Adjustments During the first quarter of 2018, the Company recorded an out-of-period adjustment to increase tenant real estate tax recoveries on a net lease property by $1.1 million , which was not billed until the three month period ended March 31, 2018, but related to prior periods. The Company has concluded that this adjustment was not material to the financial position or results of operations for the three months ended March 31, 2018 or any prior periods; accordingly, the Company recorded the related adjustment in the three month period ended March 31, 2018. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“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. In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842): Codification Improvements (“ASU 2019-01”), which aligns the guidance for fair value of the underlying asset by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. As a result, the fair value of the underlying asset at lease commencement is its cost, reflecting any volume or trade discounts that may apply. However, if there has been a significant lapse of time between when the underlying asset is acquired and when the lease commences, the definition of fair value in Topic 820, Fair Value Measurement should be applied. ASU 2019-01 also requires lessors within the scope of Topic 942, Financial Services—Depository and Lending , to present all “principal payments received under leases” within investing activities. The Company adopted ASU 2016-02, ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01, collectively FASB ASC Topic 842, Leases (“ASC Topic 842”), beginning January 1, 2019. The Company adopted ASU Topic 842 using the modified retrospective approach and elected to utilize the Optional Transition Method, which permits the Company to apply the provisions of ASC Topic 842 to leasing arrangements existing at or entered into after January 1, 2019, and present in its financial statements comparative periods prior to January 1, 2019 under the historical requirements of ASC Topic 840. In addition, the Company elected to adopt the package of optional transition-related practical expedients, which among other things, allows the Company to carry forward certain historical conclusions reached under ASC Topic 840 regarding lease identification, classification, and the accounting treatment of initial direct costs. Furthermore, the Company elected not to record assets and liabilities on its consolidated balance sheets for new or existing lease arrangements with terms of 12 months or less. 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. Historically, entities generally amortized 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 adoption of ASU 2017-08 on January 1, 2019 had no 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 adoption of ASU 2017-11 on January 1, 2019 had no 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 adoption of ASU 2018-01 on January 1, 2019, had no 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 adoption of ASU 2018-02 on January 1, 2019 had no material impact on the Company’s consolidated financial statements. 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 adoption of ASU 2018-09 had no material impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements Pending Adoption In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, (“ASU 2016-13”). The guidance changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted for annual and interim periods beginning after December 15, 2018. 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. In May 2019, the FASB issued ASU 2019-05 to provide an option to irrevocably elect to measure certain individual financial assets at fair value instead of amortized cost. The Company must apply the amendments in these updates 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 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. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, (“ASU 2019-04”). ASU 2019-04 clarifies and improves areas of guidance related to the recently issued standards on credit losses (ASU 2016-13), hedging (ASU 2017-12), and recognition and measurement of financial instruments (ASU 2016-01). The amendments generally have the same effective dates as their related standards. If already adopted, the amendments of ASU 2016-01 and ASU 2016-13 are effective for fiscal years beginning after December 15, 2019 and the amendments of ASU 2017-12 are effective as of the beginning of the Company’s next annual reporting period; early adoption is permitted. The Company previously adopted ASU 2016-01 and does not expect the amendments of ASU 2019-04 to have a material impact 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 INTEREST

CONSOLIDATED VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2019
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): June 30, 2019 December 31, 2018 Notes 4 & 8 Notes 4 & 8 Mortgage loan receivables held for investment, net, at amortized cost $ 425,439 $ 710,502 Accrued interest receivable 2,342 3,921 Other assets(1) — 81,390 Total assets $ 427,781 $ 795,813 Senior and unsecured debt obligations $ 263,215 $ 607,440 Accrued expenses 766 1,471 Other liabilities 2 2 Total liabilities 263,983 608,913 Net equity in VIEs (eliminated in consolidation) 163,798 186,900 Total equity 163,798 186,900 Total liabilities and equity $ 427,781 $ 795,813 (1) Primarily consists of loan repayments in transit as of June 30, 2019

MORTGAGE LOAN RECEIVABLES

MORTGAGE LOAN RECEIVABLES	6 Months Ended
	Jun. 30, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOAN RECEIVABLES	4. MORTGAGE LOAN RECEIVABLES June 30, 2019 ($ in thousands) Outstanding Face Amount Carrying Value Weighted Average Yield (1) Remaining Maturity (years) Mortgage loans held by consolidated subsidiaries(2) $ 3,136,334 $ 3,119,857 8.01 % 1.19 Provision for loan losses N/A (18,500 ) Mortgage loan receivables held for investment, net, at amortized cost 3,136,334 3,101,357 Mortgage loan receivables held for sale 112,099 111,977 5.05 % 9.41 Total $ 3,248,433 $ 3,213,334 7.96 % 1.48 (1) June 30, 2019 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 June 30, 2019 , $2.5 billion , or 79.3% of the outstanding face amount of our mortgage loan receivables held for investment, at amortized cost, were at variable interest rates, linked to LIBOR. Of this $2.5 billion , 100% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of June 30, 2019 , $112.1 million , or 100% , of the outstanding face amount of our mortgage loan receivables held for sale were at fixed interest rates. December 31, 2018 ($ in thousands) Outstanding Face Amount Carrying Value Weighted Average Yield (1) Remaining Maturity (years) Mortgage loans held by consolidated subsidiaries $ 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 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 , $2.5 billion , or 75.4% , of the outstanding principal of our mortgage loan receivables held for investment, at amortized cost, were at variable interest rates, linked to LIBOR. Of this $2.5 billion , 100% of these variable rate mortgage loan receivables were subject to interest rate floors. As of December 31, 2018 , $182.4 million , or 100% , of the carrying value of our mortgage loan receivables held for sale were at fixed interest rates. The following table summarizes mortgage loan receivables by loan type ($ in thousands): June 30, 2019 December 31, 2018 Outstanding Face Amount Carrying Value Outstanding Face Amount Carrying Value Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 2,992,553 $ 2,976,625 $ 3,192,160 $ 3,170,788 Mezzanine loans 143,781 143,232 148,221 147,602 Mortgage loan receivables held for investment, net, at amortized cost 3,136,334 3,119,857 3,340,381 3,318,390 Mortgage loan receivables held for sale First mortgage loans 112,099 111,977 181,905 182,439 Total mortgage loan receivables held for sale 112,099 111,977 181,905 182,439 Provision for loan losses N/A (18,500 ) N/A (17,900 ) Total $ 3,248,433 $ 3,213,334 $ 3,522,286 $ 3,482,929 For the six months ended June 30, 2019 and 2018 , 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 Mortgage loans transferred but not considered sold Provision for loan losses Mortgage loan receivables held for sale Balance, December 31, 2018 $ 3,318,390 $ — $ (17,900 ) $ 182,439 Origination of mortgage loan receivables 484,496 — — 333,342 Repayment of mortgage loan receivables (693,323 ) — — (497 ) Proceeds from sales of mortgage loan receivables(1) — (15,504 ) — (415,145 ) Realized gain on sale of mortgage loan receivables — — — 27,342 Transfer between held for investment and held for sale(1) — 15,504 — (15,504 ) Accretion/amortization of discount, premium and other fees 10,294 — — — Provision for loan losses — — (600 ) — Balance, June 30, 2019 $ 3,119,857 $ — $ (18,500 ) $ 111,977 (1) During the three months ended March 31, 2019, the Company reclassified from mortgage loan receivables held for sale to mortgage loan receivables held for investment, net, at amortized cost, one loan with an outstanding face amount of $15.4 million , a book value of $15.5 million (fair value at the date of reclassification) and a remaining maturity of 9.8 years, which was sold to the WFCM 2019-C49 securitization trust. Subsequently, the controlling loan interest was sold to the UBS 2019-C16 securitization trust, and as a result, the loan previously sold during the three months ended March 31, 2019 will be accounted for as a sale during the six months ended June 30, 2019. 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 914,489 — 764,948 Repayment of mortgage loan receivables (497,124 ) — (286 ) Proceeds from sales of mortgage loan receivables — — (842,727 ) Realized gain on sale of mortgage loan receivables(1) — — 11,032 Transfer between held for investment and held for sale(2) 55,403 — (55,403 ) Accretion/amortization of discount, premium and other fees 8,942 — — Provision for loan losses — (3,300 ) — Balance, June 30, 2018 $ 3,764,172 $ (7,300 ) $ 107,744 (1) Includes $0.5 million of realized losses on loans related to lower of cost or market adjustments for the six months ended June 30, 2018 . (2) During the six months ended June 30, 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 loans’ origination and not a deterioration in credit of the borrowers or collateral coverage and the Company expects to collect all amounts due under the loans. During the six months ended June 30, 2019 and June 30, 2018 , the transfers of financial assets via sales of loans were treated as sales under ASC Topic 860 — Transfers and Servicing . As of June 30, 2019 and December 31, 2018 , there was $0.3 million and $0.5 million , respectively, of unamortized discounts included in our mortgage loan receivables held for investment, net, at amortized cost, on our consolidated balance sheets. Provision for Loan Losses and Non-Accrual Status ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Provision for loan losses at beginning of period $ 18,200 $ 7,000 $ 17,900 $ 4,000 Provision for loan losses 300 300 600 3,300 Provision for loan losses at end of period $ 18,500 $ 7,300 $ 18,500 $ 7,300 June 30, 2019 December 31, 2018 Principal balance of loans on non-accrual status $ 36,946 $ 36,850 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 June 30, 2019 and December 31, 2018 . 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 a provision expense for loan losses of $0.6 million was required for the six months ended June 30, 2019 . This provision consisted of a portfolio-based, general loan loss provision of $0.6 million to provide reserves for expected losses over the remaining portfolio of mortgage loan receivables held for investment, and no additional asset-specific reserves. As of June 30, 2019 , 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 property is most significantly affected by the contractual lease terms 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% as of December 31, 2017. The on-going bankruptcy proceedings, rising interest rates and the 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 June 30, 2019 , 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 local submarket vacancy rate; 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. There have been no additional changes during the six months ended June 30, 2019 . 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 June 30, 2019 , there were no unfunded commitments associated with modified loans considered TDRs. As of June 30, 2019 and December 31, 2018 there were no other loans on non-accrual status. During the six months ended June 30, 2019 , the Company acquired title to real estate through a mortgage foreclosure. The real estate had a fair value of $18.2 million and previously served as collateral for a mortgage loan receivable held for investment, which was previously on non-accrual status. This loan had an amortized cost of $17.8 million , accrued interest of $0.2 million and an unamortized discount of $0.1 million . The acquisition was accounted for in real estate, net, at fair value on the date of foreclosure. There was no gain or loss resulting from the disposition of the loan.

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 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) $ 1,642,160 $ 1,643,149 $ 11,108 $ (554 ) $ 1,653,703 (3) 145 AAA 3.47 % 3.31 % 2.26 CMBS interest-only(2)(4) 2,166,640 42,689 1,370 (7 ) 44,052 (5) 18 AAA 0.50 % 3.63 % 2.67 GNMA interest-only(4)(6) 118,858 2,483 124 (316 ) 2,291 12 AA+ 0.52 % 9.13 % 2.72 Agency securities(2) 652 664 1 (2 ) 663 2 AA+ 2.70 % 1.78 % 2.11 GNMA permanent securities(2) 32,055 32,291 793 — 33,084 6 AA+ 3.93 % 3.74 % 4.72 Corporate bonds(2) 41,205 40,581 837 — 41,418 2 BB- 3.80 % 4.82 % 1.64 Total debt securities $ 4,001,570 $ 1,761,857 $ 14,233 $ (879 ) $ 1,775,211 185 1.78 % 3.34 % 2.29 Equity securities(7) N/A 13,720 63 (579 ) 13,204 3 N/A N/A N/A N/A Total real estate securities $ 4,001,570 $ 1,775,577 $ 14,296 $ (1,458 ) $ 1,788,415 188 (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 $11.6 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 and 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 and 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 account 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, 2018 Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Amortized Cost Basis Gains Losses Carrying Value # of Securities Rating (1) Coupon % Yield % Remaining Duration (years) CMBS(2) $ 1,258,819 $ 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 and 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 $0.9 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (6) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income in accordance with ASC 815. (7) The Company has elected to account for equity securities at fair value with changes in fair value recorded in current period earnings. The following is a breakdown of the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS(1) $ 368,984 $ 1,143,775 $ 140,944 $ — $ 1,653,703 CMBS interest-only(1) 1,014 43,038 — — 44,052 GNMA interest-only(2) 297 1,745 249 — 2,291 Agency securities(1) — 663 — — 663 GNMA permanent securities(1) 414 32,670 — — 33,084 Corporate bonds(1) — 41,418 — — 41,418 Total debt securities $ 370,709 $ 1,263,309 $ 141,193 $ — $ 1,775,211 (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, 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. During the three and six months ended June 30, 2019 , the Company realized a gain (loss) on sale of equity securities of none and $86.9 thousand , respectively, which is included in realized gain (loss) on securities on the Company’s consolidated statements of income. During the three and six months ended June 30, 2018 , the Company realized a gain (loss) on sale of equity securities of $72.0 thousand , which is included in realized gain (loss) on securities on the Company’s consolidated statements of income. There were no realized losses on securities recorded as other than temporary impairments for the three and six months ended June 30, 2019 . During the three and six months ended June 30, 2018 there were $0.6 million and $1.6 million , respectively, of realized losses on securities recorded as other than temporary impairments, 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	6 Months Ended
	Jun. 30, 2019
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, net, including foreclosed properties ($ in thousands): June 30, 2019 December 31, 2018 Land $ 197,086 $ 195,644 Building 817,595 814,314 In-place leases and other intangibles 158,868 162,002 Less: Accumulated depreciation and amortization (189,172 ) (173,938 ) Real estate and related lease intangibles, net $ 984,377 $ 998,022 Below market lease intangibles, net (other liabilities) $ (39,163 ) $ (40,367 ) At June 30, 2019 and December 31, 2018 , the Company held foreclosed properties included in real estate, net with a carrying value of $24.1 million and $6.3 million , respectively. The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Depreciation expense (1) $ 7,697 $ 8,208 $ 15,382 $ 15,995 Amortization expense 2,213 2,429 4,730 5,447 Total real estate depreciation and amortization expense $ 9,910 $ 10,637 $ 20,112 $ 21,442 (1) Depreciation expense on the consolidated statements of income also includes $25 thousand and $19 thousand of depreciation on corporate fixed assets for the three months ended June 30, 2019 and 2018 , respectively, and $50 thousand and $37 thousand of depreciation on corporate fixed assets for the six months ended June 30, 2019 and 2018 , respectively. The Company’s intangible assets are comprised of in-place leases, favorable leases compared to market leases and other intangibles. At June 30, 2019 , gross intangible assets totaled $158.9 million with total accumulated amortization of $59.8 million , resulting in net intangible assets of $99.0 million , including $4.7 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, 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. For the three and six months ended June 30, 2019 , the Company recorded a reduction in operating lease income of $0.2 million and $0.6 million , respectively, for amortization of above market leases intangibles acquired, compared to $0.2 million and $0.4 million , respectively, for the three and six months ended June 30, 2018 . For the three and six months ended June 30, 2019 , the Company recorded an increase in operating lease income of $0.5 million and $1.0 million for amortization of below market lease intangibles acquired, compared to $0.7 million and $1.3 million for the three and six months ended June 30, 2018 . The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of June 30, 2019 ($ in thousands): Period Ending December 31, Adjustment to Operating Lease Income Amortization Expense 2019 (last 6 months) $ 517 $ 3,327 2020 1,036 6,347 2021 1,037 6,259 2022 1,041 6,195 2023 1,041 6,195 Thereafter 29,756 66,043 Total $ 34,428 $ 94,366 Lease Prepayment by Lessor, Retirement of Related Mortgage Loan Financing and Impairment of Real Estate On January 10, 2019 , the Company received $10.0 million prepayment of a lease on a single-tenant two-story office building in Wayne, NJ. As of March 31, 2019, this property had a book value of $5.6 million , which is net of accumulated depreciation and amortization of $2.7 million . The Company recognized the $10.0 million of operating lease income on a straight-line basis over the revised lease term. On February 6, 2019 , the Company paid off $6.6 million of mortgage loan financing related to the property, recognizing a loss on extinguishment of debt of $1.1 million . During the three months ended March 31, 2019, the Company recorded a $1.4 million impairment of real estate to reduce the carrying value of the real estate to the estimated fair value of the real estate. On May 1, 2019 , the Company completed the sale of the property recognizing $3.9 million of operating lease income, $3.5 million realized loss on sale of real estate, net and $0.4 million of depreciation and amortization expense, resulting in a net loss of $20 thousand . See Note 9, Fair Value of Financial Instruments for further detail. There were $1.4 million and $0.8 million of rent receivables included in other assets on the consolidated balance sheets as of June 30, 2019 and December 31, 2018 , respectively. There was unencumbered real estate of $71.5 million and $58.6 million as of June 30, 2019 and December 31, 2018 , respectively. During the three and six months ended June 30, 2019 , the Company recorded $0.8 million and $1.0 million of real estate operating income, respectively, which is included in operating lease income in the consolidated statements of income. The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at June 30, 2019 ($ in thousands): Period Ending December 31, Amount 2019 (last 6 months) $ 42,016 2020 77,970 2021 68,304 2022 64,406 2023 62,219 Thereafter 510,864 Total $ 825,779 Acquisitions During the six months ended June 30, 2019 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) Purchases of real estate February 2019 Net Lease Houghton Lake, MI $ 1,242 100.0% February 2019 Net Lease Trenton, MO 1,164 100.0% April 2019 Net Lease Centralia, IL 1,242 100.0% June 2019 Net Lease Fayette, MO 1,423 100.0% Total purchases of real estate 5,071 Real estate acquired via foreclosure February 2019 Diversified Omaha, NE 18,200 100.0% Total real estate acquired via foreclosure 18,200 Total real estate acquisitions $ 23,271 (1) Properties were consolidated as of acquisition date. During the six months ended June 30, 2019 , the Company acquired title to real estate in a foreclosure. The real estate had a fair value of $18.2 million and previously served as collateral for a mortgage loan receivable held for investment, which was previously on non-accrual status. This loan had an amortized cost of $17.8 million , accrued interest of $0.2 million and an unamortized discount of $0.1 million . The acquisition was accounted for in real estate, net, at fair value on the date of foreclosure. There was no gain or loss resulting from the disposition of the loan. On October 1, 2016, the Company early adopted ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). As a result of this adoption, acquisitions of real estate may not meet the revised definition of a business and may be treated as asset acquisitions rather than business combinations. The measurement of assets and liabilities acquired will no longer be recorded at fair value and the Company will now allocate purchase consideration based on relative fair values. Real estate acquisition costs, which are no longer expensed as incurred, will be capitalized as a component of the cost of the assets acquired. During the six months ended June 30, 2019 , all acquisitions were determined to be asset acquisitions. The purchase prices were allocated to the asset acquisitions during the six months ended June 30, 2019 , as follows ($ in thousands): Purchase Price Allocation Land $ 3,789 Building 18,885 Intangibles 854 Below Market Lease Intangibles (257 ) Total purchase price $ 23,271 The weighted average amortization period for intangible assets acquired during the six months ended June 30, 2019 was 37.0 months . The Company recorded $62 thousand and $79 thousand in revenues from its 2019 acquisitions for the three and six months ended June 30, 2019 , respectively, which is included in its consolidated statements of income. The Company recorded $(1.2) million and $(1.5) million in earnings (losses) from its 2019 acquisitions for the three and six months ended June 30, 2019 , respectively, which is included in its consolidated statements of income. During the six months ended June 30, 2018 , the Company acquired the following properties ($ 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% Total real estate acquisitions $ 115,548 (1) Properties were consolidated as of acquisition date. (2) Joint venture partner contributed $2.9 million to the partnership. (3) Joint venture partner contributed $4.6 million to the partnership. The purchase prices were allocated to the asset acquisitions during the six months ended June 30, 2018 , as follows ($ in thousands): Purchase Price Allocation Land $ 40,019 Building 73,794 Intangibles 2,065 Below Market Lease Intangibles (330 ) Total purchase price $ 115,548 The weighted average amortization period for intangible assets acquired during the six months ended June 30, 2018 was 18.4 years . The Company recorded $1.4 million revenues from its 2018 acquisition for the three and six months ended June 30, 2018 . The Company recorded $0.8 million in earnings (losses) from its 2018 acquisition for the three and six months ended June 30, 2018 , which is included in its consolidated statements of income. Sales The Company sold the following properties during the six months ended June 30, 2019 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining N/A Condominium Las Vegas, NV $ — $ — $ — — — 1 Various Condominium Miami, FL 3,917 3,550 367 — 13 9 April 2019 Diversified Wayne, NJ 1,729 4,799 (3,070 ) (1) 1 — — May 2019 Diversified Grand Rapids, MI 10,019 8,254 1,765 (2) 1 — — Totals $ 15,665 $ 16,603 $ (938 ) The Company sold the following properties during the six months ended June 30, 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 $ 4,509 $ 1,939 $ 2,570 — 6 7 Various Condominium Miami, FL 3,296 2,662 634 — 12 36 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 — — Totals $ 100,578 $ 68,581 $ 31,997 (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 six months ended June 30, 2018 , 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 six months ended June 30, 2018 , on the consolidated statements of income.

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	6 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	7. INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES As of June 30, 2019 and December 31, 2018 , the Company had an aggregate investment of $57.8 million and $40.4 million , respectively, in its equity method joint ventures with unaffiliated third parties. The following is a summary of the Company’s investments in and advances to unconsolidated joint ventures, which we account for using the equity method, as of June 30, 2019 and December 31, 2018 ($ in thousands): Entity June 30, 2019 December 31, 2018 Grace Lake JV, LLC $ 3,282 $ 5,316 24 Second Avenue Holdings LLC 54,469 35,038 Investment in unconsolidated joint ventures $ 57,751 $ 40,354 The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated joint ventures for the three and six months ended June 30, 2019 and 2018 ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, Entity 2019 2018 2019 2018 Grace Lake JV, LLC $ 618 $ 266 $ 1,032 $ 533 24 Second Avenue Holdings LLC 946 (253 ) 1,490 (468 ) Earnings (loss) from investment in unconsolidated joint ventures $ 1,564 $ 13 $ 2,522 $ 65 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 six months ended June 30, 2019 , the Company received no distributions from its investment in Grace Lake JV, LLC. During the six months ended June 30, 2018 , the Company received $1.3 million of distributions 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 (the “Operating Partner”) to invest in a ground-up residential/retail condominium development and construction project located at 24 Second Avenue, New York, NY. The Company accounted for its interest in 24 Second Avenue using the equity method of accounting as its joint venture partner was the managing member of 24 Second Avenue and had substantive management rights. During the three months ended March 31, 2019, the Company converted its existing $35.0 million common equity interest into a $35.0 million priority preferred equity position. The Company also provided $50.4 million in first mortgage financing in order to refinance the existing $48.1 million first mortgage construction loan which was made by another lending institution. In addition to the new $50.4 million first mortgage loan, the Company also funded a $6.5 million mezzanine loan for use in completing the project. The Operating Partner must fully fund any and all additional capital for necessary expenses. Due to the Company’s non-controlling equity interest in 24 Second Avenue, the Company accounts for the new loans as additional investments in the joint venture. During the three and six months ended June 30, 2019 , the Company recorded $0.9 million and $1.5 million , respectively, in income (expenses), each of which is recorded in earnings (loss) from investment in unconsolidated joint ventures in the consolidated statements of income. During the three and six months ended June 30, 2018 , the Company recorded $(0.3) million and $(0.5) million , respectively, in income (expenses), each of which is recorded in earnings (loss) from investment in unconsolidated joint ventures in the consolidated statements of income. During 2018, the Company capitalized interest related to the cost of its investment in 24 Second Avenue, as 24 Second Avenue had activities in progress necessary to construct and ultimately sell condominium units. During the six months ended June 30, 2019 , the Company capitalized $0.1 million of interest expense, using a weighted average interest rate. During the three and six months ended June 30, 2018 , the Company recorded $0.4 million and $0.7 million , respectively, of interest expense, using a weighted average interest rate. The capitalized interest expense was recorded in investment in unconsolidated joint ventures in the consolidated balance sheets. As a result of the transactions described above, during the three months ended March 31, 2019, the Company will no longer capitalize interest related to this investment, and income generated the new loans will be accounted for as earnings from investment in unconsolidated joint ventures. As of December 31, 2018, 24 Second Avenue had $46.7 million of loans payable to a third party lender. 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 and all certificates of occupancy for the units in 2019. 24 Second Avenue consists of 30 residential condominium units and one commercial condominium unit. 24 Second Avenue started closing on the existing sales contracts during the quarter ended March 31, 2019, upon receipt of New York City Building Department approvals and a temporary certificate of occupancy for a portion of the project. As of June 30, 2019 , 24 Second Avenue sold 15 residential condominium units for $40.1 million in total gross sale proceeds and one residential condominium unit was under contract for sale for $4.3 million in gross sales proceeds. As of June 30, 2019 , 24 Second Avenue is holding a 15% deposit on the sales contract. As of June 30, 2019 , the Company had no additional remaining capital commitment to 24 Second Avenue. The Company’s investment in 24 Second Avenue is an unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture was deemed to be a VIE primarily based on (i) the fact that the total equity investment at risk (inclusive of the additional financing the Company provided through the first mortgage and mezzanine loans) is sufficient to permit the entities to finance activities without additional subordinated financial support provided by any parties, including equity holders; and (ii) the voting and economic rights are not disproportionate within the joint venture. The Company determined that it was not the primary beneficiary of this VIE because it does not have a controlling financial interest. The Company holds its investment in 24 Second Avenue in its TRS. Combined Summary Financial Information for Unconsolidated Joint Ventures The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 December 31, 2018 Total assets $ 168,530 $ 167,837 Total liabilities 125,209 116,667 Partners’/members’ capital $ 43,321 $ 51,170 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 six months ended June 30, 2019 and 2018 ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Total revenues $ 6,330 $ 4,972 $ 11,030 $ 9,321 Total expenses 3,571 2,801 7,434 6,373 Net income (loss) $ 2,759 $ 2,171 $ 3,596 $ 2,948

DEBT OBLIGATIONS, NET

DEBT OBLIGATIONS, NET	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
DEBT OBLIGATIONS, NET	8. DEBT OBLIGATIONS, NET The details of the Company’s debt obligations at June 30, 2019 and December 31, 2018 are as follows ($ in thousands): June 30, 2019 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at June 30, 2019(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 600,000 $ 200,501 $ 399,499 4.14% - 4.64% 2/24/2022 (2) (3) $ 282,722 $ 282,798 Committed Loan Repurchase Facility 350,000 63,996 286,004 4.62% - 4.97% 5/24/2020 (4) (5) 98,515 100,652 Committed Loan Repurchase Facility 300,000 177,710 122,290 4.39% - 4.90% 4/10/2020 (6) (7) 302,349 302,349 Committed Loan Repurchase Facility 300,000 102,499 197,501 4.44% - 4.94% 5/6/2021 (8) (3) 155,332 155,332 Committed Loan Repurchase Facility 100,000 87,174 12,826 4.21% - 4.65% 7/20/2021 (9) (3) 133,949 134,211 Committed Loan Repurchase Facility 100,000 53,380 46,620 4.39% 3/26/2020 (10) (11) 71,800 71,800 Total Committed Loan Repurchase Facilities 1,750,000 685,260 1,064,740 1,044,667 1,047,142 Committed Securities Repurchase Facility 400,000 — 400,000 NA 3/4/2021 N/A (12) — — Uncommitted Securities Repurchase Facility N/A (12) 582,111 N/A (13) 2.99% - 4.06% 7/2019 - 9/2019 N/A (12) 637,238 637,238 (14) Total Repurchase Facilities 2,150,000 1,267,371 1,464,740 1,681,905 1,684,380 Revolving Credit Facility 266,430 — 266,430 NA 2/11/2020 (15) N/A (16) N/A (16) N/A (16) Mortgage Loan Financing 734,652 734,652 — 4.25% - 7.00% 2020 - 2029(17) N/A (18) 912,888 1,097,090 (19) CLO Debt 263,216 263,216 (20) — 3.40% - 5.99% 2021-2034 N/A (21) 425,439 425,810 Borrowings from the FHLB 1,945,795 1,191,449 754,346 1.47% - 3.00% 2019 - 2024 N/A (22) 1,493,752 1,500,648 (23) Senior Unsecured Notes 1,166,201 1,156,400 (24) — 5.250% - 5.875% 2021 - 2025 N/A N/A (25) N/A (25) N/A (25) Total Debt Obligations, Net $ 6,526,294 $ 4,613,088 $ 2,485,516 $ 4,513,984 $ 4,707,928 (1) June 2019 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) One additional 12 -month period 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 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) Three additional 12 -month periods at Company’s option. (16) 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. (17) Anticipated repayment dates. (18) Certain of our real estate investments serve as collateral for our mortgage loan financing. (19) Using undepreciated carrying value of commercial real estate to approximate fair value. (20) Presented net of unamortized debt issuance costs of $1.0 million at June 30, 2019 . (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 $10.0 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. (24) Presented net of unamortized debt issuance costs of $9.8 million at June 30, 2019 . (25) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. 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(18) N/A (19) 939,362 1,108,968 (20) CLO Debt 601,543 601,543 (21 ) — 3.34% - 6.06% 2021-2034 N/A (22) 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 (23) 1,652,952 1,655,150 (24) Senior Unsecured Notes 1,166,201 1,154,991 (25) — 5.250% - 5.875% 2021 - 2025 N/A N/A (26) N/A (26) N/A (26) Total Debt Obligations $ 6,864,051 $ 4,452,574 $ 2,566,421 $ 4,237,382 $ 4,410,214 (1) December 31, 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 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 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) Anticipated repayment dates. (19) Certain of our real estate investments serve as collateral for our mortgage loan financing. (20) Using undepreciated carrying value of commercial real estate to approximate fair value. (21) Presented net of unamortized debt issuance costs of $2.6 million at December 31, 2018 . (22) First mortgage commercial real estate loans and pari passu interests therein. It does not include the real estate collateralizing such loans. (23) 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. (24) 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. (25) Presented net of unamortized debt issuance costs of $11.2 million at December 31, 2018 . (26) 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 June 30, 2019 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 June 30, 2019 and December 31, 2018 . 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 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. 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. The facility has two additional 12 -month extension periods at the Company’s option. No new advances are permitted after the initial maturity date. On March 4, 2019, the Company executed an amendment of its committed securities repurchase facility with a major banking institution, providing for, among other things, the extension of the initial term of the facility to March 4, 2021. On May 1, 2019, the Company amended the pricing side letter related to 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 March 26, 2020. On May 24, 2019, 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 . As of June 30, 2019 , the Company had repurchase agreements with nine counterparties, with total debt obligations outstanding of $1.3 billion . As of June 30, 2019 , two counterparties, JP Morgan and Wells Fargo , held collateral that exceeded the amounts borrowed under the related repurchase agreements by more than $82.4 million , or 5% of our total equity. As of June 30, 2019 , the weighted average haircut, or the percent of collateral value in excess of the loan amount, under our repurchase agreements was 24.8% . 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. On January 15, 2019, 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 June 30, 2019 and December 31, 2018 , the amount of unamortized costs relating to such facilities are $8.3 million and $6.3 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% , with anticipated maturity dates between 2020 - 2029 as of June 30, 2019 . These loans have carrying amounts of $734.7 million and $743.9 million , net of unamortized premiums of $5.5 million and $5.8 million as of June 30, 2019 and December 31, 2018 , respectively, representing proceeds received upon financing greater than the contractual amounts due under these agreements. The premiums are being amortized over the remaining life of the respective debt instruments using the effective interest method. The Company recorded $0.4 million and $0.8 million of premium amortization, which decreased interest expense, for the three and six months ended June 30, 2019 , respectively. The Company recorded $0.2 million and $0.5 million of premium amortization, which decreased interest expense, for the three and six months ended June 30, 2018 , respectively. The loans are collateralized by real estate and related lease intangibles, net, of $912.9 million and $939.4 million as of June 30, 2019 and December 31, 2018 , respectively. During the six months ended June 30, 2019 and 2018 , the Company executed six and eight term debt agreements, respectively, to finance properties in its real estate portfolio. On February 6, 2019 , the Company paid off $6.6 million of mortgage loan financing, recognizing a loss on extinguishment of debt of $1.1 million . CLO Debt The Company completed CLO issuances in the two transactions described below. As of June 30, 2019 and December 31, 2018 , the Company had a total of $263.2 million and $601.5 million , respectively, of floating rate, non-recourse CLO debt included in debt obligations on its consolidated balance sheets. Unamortized debt issuance costs of $1.0 million and $2.6 million are included in CLO debt as of June 30, 2019 and December 31, 2018 , respectively. As of June 30, 2019 , the CLO debt has interest rates of 3.4% to 5.99% (with a weighted average of 5.1% ). As of June 30, 2019 , collateral for the CLO debt comprised $425.4 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. The Company 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, the CLO may acquire portions of the future fundings from the Company’s consolidated subsidiary, as long as certain requirements are met. 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. The Company 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 were considered non-recourse secured borrowings and were recognized in debt obligations on the Company’s consolidated balance sheets with $2.5 million outstanding as of December 31, 2018 . There were no non-recourse secured borrowings recognized in debt obligations on the Company’s consolidated balance sheets as of June 30, 2019 , as the loan matured and was repaid during the three months ended June 30, 2019. The Company recorded $0.1 million and $0.2 million of interest expense for the three and six months ended June 30, 2019 , respectively. The Company recorded $0.1 million and $0.2 million of interest expense for the three and six months ended June 30, 2018 , respectively. Borrowings from the Federal Home Loan Bank (“FHLB”) On July 11, 2012, Tuebor Captive Insurance Company LLC (“Tuebor”), a consolidated subsidiary of the Company, became a member of the FHLB and subsequently drew its first secured funding advances from the FHLB. On 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 June 30, 2019 , Tuebor had $1.2 billion of borrowings outstanding (with an additional $754.3 million of committed term financing available from the FHLB), with terms of overnight to 5.3 years (with a weighted average of 2.3 years ), interest rates of 1.47% to 3.00% (with a weighted average of 2.58% ), and advance rates of 55.2% to 100% of the collateral. As of June 30, 2019 , collateral for the borrowings was comprised of $825.9 million of CMBS and U.S. Agency Securities and $669.7 million of first mortgage commercial real estate loans. 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. 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 $1.9 billion of the member’s capital was restricted from transfer via dividend to Tuebor’s parent without prior approval of state insurance regulators at June 30, 2019 . 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 25.8% of the Company’s outstanding debt obligations as of June 30, 2019 . 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 June 30, 2019 , the Company has a 89.8% 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 June 30, 2019 and December 31, 2018 . Unamortized debt issuance costs of $9.8 million and $11.2 million are included in senior unsecured notes as of June 30, 2019 and December 31, 2018 , respectively, in accordance with GAAP. 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 after August 1, 2017, the Company may redeem the 2021 Notes in whole or in part, upon not less than 30 nor more than 60 days’ notice, at redemption prices defined in the indenture governing the 2021 Notes, plus accrued and unpaid interest, if any, to the redemption date. 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 June 30, 2019 , the remaining $266.2 million in aggregate principal amount of the 2021 Notes is due August 1, 2021. 2022 Notes On March 16, 2017, LCFH issued $500.0 million in aggregate principal amount of 5.250% senior notes due March 15, 2022 (the “2022 Notes”). The 2022 Notes require interest payments semi-annually in cash in arrears on March 15 and September 15 of each year, beginning on September 15, 2017. The 2022 Notes will mature on March 15, 2022. The 2022 Notes are unsecured and are subject to an unencumbered assets to unsecured debt covenant. At any time on or after September 15, 2021, the 2022 Notes are redeemable at the option of the Company, in whole or in part, upon not less than 15 nor more than 60 days’ notice, without penalty. On May 2, 2018, the board of the directors authorized the Company to repurchase any or all of the 2022 Notes from time to time without further approval. 2025 Notes On September 25, 2017, LCFH issued $400.0 million in aggregate principal amount of 5.250% senior notes due October 1, 2025 (the “2025 Notes”). The 2025 Notes require interest payments semi-annually in cash in arrears on April 1 and October 1 of each year, beginning on April 1, 2018. The 2025 Notes will mature on October 1, 2025. The 2025 Notes are unsecured and are subject to an unencumbered assets to unsecured debt covenant. The Company may redeem the 2025 Notes, in whole, at any time, or from time to time, prior to their stated maturity. At any time after October 1, 2020, the Company may redeem the 2025 Notes in whole or in part, upon not less than 15 nor more than 60 days’ notice, at a redemption prices defined in the indenture governing the 2025 Notes

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 and December 31, 2018 are as follows ($ in thousands): June 30, 2019 Weighted Average Outstanding Face Amount Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield % Remaining Maturity/Duration (years) Assets: CMBS(1) $ 1,642,160 $ 1,643,149 $ 1,653,703 Internal model, third-party inputs 3.31 % 2.26 CMBS interest-only(1) 2,166,640 (2) 42,689 44,052 Internal model, third-party inputs 3.63 % 2.67 GNMA interest-only(3) 118,858 (2) 2,483 2,291 Internal model, third-party inputs 9.13 % 2.72 Agency securities(1) 652 664 663 Internal model, third-party inputs 1.78 % 2.11 GNMA permanent securities(1) 32,055 32,291 33,084 Internal model, third-party inputs 3.74 % 4.72 Corporate bonds(1) 41,205 40,581 41,418 Internal model, third-party inputs 4.82 % 1.64 Equity securities(3) N/A 13,720 13,204 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 3,136,334 3,119,857 3,133,579 Discounted Cash Flow(4) 8.01 % 1.19 Provision for loan losses N/A (18,500 ) (18,500 ) (5) N/A N/A Mortgage loan receivables held for sale 112,099 111,977 116,531 Internal model, third-party inputs(6) 5.05 % 9.41 FHLB stock(7) 61,619 61,619 61,619 (7) 5.50 % N/A Nonhedge derivatives(1)(8) 344,171 N/A 536 Counterparty quotations N/A 0.25 Liabilities: Repurchase agreements - short-term 957,902 957,902 957,902 Discounted Cash Flow(9) 3.07 % 0.29 Repurchase agreements - long-term 309,469 309,469 309,469 Discounted Cash Flow(10) 3.36 % 1.52 Mortgage loan financing 729,685 734,652 750,161 Discounted Cash Flow(10) 5.09 % 1.82 CLO debt 263,216 263,216 263,216 Discounted Cash Flow(9) 5.10 % 4.89 Borrowings from the FHLB 1,191,449 1,191,449 1,199,510 Discounted Cash Flow 2.58 % 2.34 Senior unsecured notes 1,166,201 1,156,400 1,185,576 Broker quotations, pricing services 5.39 % 3.78 (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. December 31, 2018 Weighted Average Outstanding Face Amount Amortized Cost Basis 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 Nonhedge derivatives(1)(8) — N/A — Counterparty quotations N/A 0.00 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. (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 June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 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) $ 1,629,992 $ — $ — $ 1,642,058 $ 1,642,058 CMBS interest-only(1) 2,155,495 (2) — — 43,179 43,179 GNMA interest-only(3) 118,858 (2) — — 2,291 2,291 Agency securities(1) 652 — — 663 663 GNMA permanent securities(1) 32,055 — — 33,084 33,084 Corporate bonds(1) 41,205 — — 41,418 41,418 Equity securities N/A 13,204 — — 13,204 Nonhedge derivatives(4) 344,171 — 536 — 536 $ 13,204 $ 536 $ 1,762,693 $ 1,776,433 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 $ 3,136,334 $ — $ — $ 3,133,579 $ 3,133,579 Provision for loan losses N/A — — (18,500 ) (18,500 ) Mortgage loan receivable held for sale 112,099 — — 116,531 116,531 CMBS(5) 12,168 — — 11,645 11,645 CMBS interest-only(5) 11,145 (2) — — 873 873 FHLB stock 61,619 — — 61,619 61,619 $ — $ — $ 3,305,747 $ 3,305,747 Liabilities: Repurchase agreements - short-term 957,902 $ — $ — $ 957,902 $ 957,902 Repurchase agreements - long-term 309,469 — — 309,469 309,469 Mortgage loan financing 729,685 — — 750,161 750,161 CLO debt 263,216 — — 263,216 263,216 Borrowings from the FHLB 1,191,449 — — 1,199,510 1,199,510 Senior unsecured notes 1,166,201 — — 1,185,576 1,185,576 $ — $ — $ 4,665,834 $ 4,665,834 (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, 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 receivables 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. The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the six months ended June 30, 2019 and 2018 ($ in thousands): Six Months Ended June 30, Level 3 2019 2018 Balance at January 1, $ 1,385,957 $ 1,106,517 Transfer from level 2 — — Purchases 847,318 243,921 Sales (379,961 ) (161,518 ) Paydowns/maturities (110,400 ) (56,707 ) Amortization of premium/discount (6,267 ) (12,724 ) Unrealized gain/(loss) 18,804 (10,789 ) Realized gain/(loss) on sale(1) 7,242 (2,342 ) Balance at June 30, $ 1,762,693 $ 1,106,358 (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): June 30, 2019 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 1,653,703 Discounted cash flow Yield (4) — % 3.23 % 20.87 % Duration (years)(5) 0.00 1.71 7.37 CMBS interest-only(1) 44,052 (2) Discounted cash flow Yield (4) 1.95 % 4.16 % 9.88 % Duration (years)(5) 0.20 2.63 3.85 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only(3) 2,291 (2) Discounted cash flow Yield (4) (6 )% 14.03 % 59.34 % Duration (years)(5) 0.62 2.81 10.02 Prepayment speed (CPJ)(5) 5.00 6.74 15.00 Agency securities(1) 663 Discounted cash flow Yield (4) — % 1.53 % 2.01 % Duration (years)(5) 0.00 2.58 3.39 GNMA permanent securities(1) 33,084 Discounted cash flow Yield (4) 2.08 % 3.52 % 6.67 % Duration (years)(5) 2.62 3.60 6.67 Corporate bonds(1) 41,418 Discounted cash flow Yield (4) 3.48 % 3.51 % 3.52 % Duration (years)(5) 1.27 1.37 2.07 Total $ 1,775,211 (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, 2018 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 1,252,640 Discounted cash flow Yield (3) — % 3.54 % 21.67 % Duration (years)(4) 0.00 2.50 7.78 CMBS interest-only(1) 55,691 (2) Discounted cash flow Yield (3) 0.87 % 4.71 % 8.11 % Duration (years)(4) 0.14 2.96 6.86 Prepayment speed (CPY)(4) 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 % Duration (years)(5) 0.00 5.62 5.88 Corporate bonds(1) 53,871 Discounted cash flow Yield (4) 5.3 % 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. Nonrecurring Fair Values The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or write-down of assets value due to impairment. There were no assets carried at fair value on a nonrecurring basis at June 30, 2019 and December 31, 2018 . The following table summarizes the fair value write-downs to assets carried at fair value on a nonrecurring basis ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Impairment of real estate Real estate, net(1)(2) $ — $ — $ 1,350 $ — (1) The write down to fair value was recorded based on contracted sales price and classified as Level 2 of the fair valuation hierarchy. On May 1, 2019 , the Company completed the sale of the property recognizing $3.9 million of operating lease income, $3.5 million realized loss on sale of real estate, net and $0.4 million of depreciation and amortization expense, resulting in a $20 thousand loss on sale of real estate, net. (2) Impairment is discussed in further detail in Note 6, Real Estate and Related Lease Intangibles, Net .

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 Fair Value Remaining Maturity (years) Contract Type Notional Asset(1) Liability(1) Caps 1 Month LIBOR $ 69,571 $ — $ — 0.86 Futures 5-year Swap 95,800 187 — 0.25 10-year Swap 175,900 343 — 0.25 5-year U.S. Treasury Note 2,900 6 — 0.25 Total futures 274,600 536 — Total derivatives $ 344,171 $ 536 $ — (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. December 31, 2018 Fair Value Remaining Maturity (years) Contract Type Notional Asset(1) Liability(1) Caps 1MO 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. The following table indicates the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of operations for the three and six months ended June 30, 2019 and 2018 ($ in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ (1,046 ) $ (14,361 ) $ (15,407 ) $ 1,511 $ (27,894 ) $ (26,383 ) Credit Derivatives 66 (116 ) (50 ) — (108 ) (108 ) Total $ (980 ) $ (14,477 ) $ (15,457 ) $ 1,511 $ (28,002 ) $ (26,491 ) Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ 568 $ 6,513 $ 7,081 $ 888 $ 20,885 $ 21,773 Swaps — — — 1,403 (848 ) 555 Credit Derivatives — — — 49 (337 ) (288 ) Total $ 568 $ 6,513 $ 7,081 $ 2,340 $ 19,700 $ 22,040 The Company’s counterparties held $3.1 million and $5.0 million of cash margin as collateral for derivatives as of June 30, 2019 and December 31, 2018 , 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 June 30, 2019 and December 31, 2018 , the Company was in compliance with these requirements and not in default on its indebtedness. As of June 30, 2019 and December 31, 2018 , there was no

OFFSETTING ASSETS AND LIABILITI

OFFSETTING ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 and December 31, 2018 . 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 June 30, 2019 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 $ 536 $ — $ 536 $ — $ — $ 536 Total $ 536 $ — $ 536 $ — $ — $ 536 (1) Included in restricted cash on consolidated balance sheets. As of June 30, 2019 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) Repurchase agreements $ 1,267,371 $ — $ 1,267,371 $ 1,267,371 $ — $ — Total $ 1,267,371 $ — $ 1,267,371 $ 1,267,371 $ — $ — (1) Included in restricted cash on consolidated balance sheets. 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) Derivatives $ 975 $ — $ 975 $ — $ 975 $ — Repurchase agreements 663,685 — 663,685 663,685 — — Total $ 664,660 $ — $ 664,660 $ 663,685 $ 975 $ — (1) Included in restricted cash on consolidated balance sheets. Master netting agreements that the Company has entered into with its derivative and repurchase agreement counterparties allow for netting of the same transaction, in the same currency, on the same date. Assets, liabilities, and collateral subject to master netting agreements as of June 30, 2019 and December 31, 2018 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	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
EQUITY STRUCTURE AND ACCOUNTS	12. EQUITY STRUCTURE AND ACCOUNTS The Company has two classes of common stock, Class A and Class B, which are described as follows: Class A Common Stock Voting Rights Holders of shares of Class A common stock are entitled to one vote per share on all matters to be voted upon by the shareholders. The holders of Class A common stock do not have cumulative voting rights in the election of directors. Dividend Rights Subject to the rights of the holders of any preferred stock that may be outstanding and any contractual or statutory restrictions, holders of Class A common stock are entitled to receive equally and ratably, share for share, dividends as may be declared by the board of directors out of funds legally available to pay dividends. Dividends upon Class A common stock may be declared by the board of directors at any regular or special meeting and may be paid in cash, in property, or in shares of capital stock. Before payment of any dividend, there may be set aside out of any funds available for dividends, such sums as the board of directors deems proper as reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any of the Company’s property, or for any proper purpose, and the board of directors may modify or abolish any such reserve. Liquidation Rights Upon liquidation, dissolution, distribution of assets or other winding up, the holders of Class A common stock are entitled to receive ratably the assets available for distribution to the shareholders after payment of liabilities and the liquidation preference of any outstanding shares of preferred stock. Other Matters The shares of Class A common stock have no preemptive or conversion rights and are not subject to further calls or assessment by the Company. There are no redemption or sinking fund provisions applicable to the Class A common stock. All outstanding shares of Class A common stock are fully paid and non-assessable. Allocation of Income and Loss Income and losses are allocated among the shareholders based upon the number of shares outstanding. Class B Common Stock Voting Rights Holders of shares of Class B common stock are entitled to one vote for each share held of record by such holder and all matters submitted to a vote of shareholders. Holders of shares of our Class A common stock and Class B common stock vote together as a single class on all matters presented to our shareholders for their vote or approval, except as otherwise required by applicable law. No Dividend or Liquidation Rights Holders of Class B common stock do not have any right to receive dividends or to receive a distribution upon a liquidation or winding up of Ladder Capital Corp. Exchange for Class A Common Stock 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 six months ended June 30, 2019 , 1,139,411 Series REIT LP Units and 1,139,411 Series TRS LP Units were collectively exchanged for 1,139,411 shares of Class A common stock and 1,139,411 shares of Class B common stock were canceled. We received no other consideration in connection with these exchanges. During the six months ended June 30, 2018 , 4,349,832 Series REIT LP Units and 4,349,832 Series TRS LP Units were collectively exchanged for 4,349,832 shares of Class A common stock; and 4,349,832 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 six months ended June 30, 2019 , the Company repurchased 40,065 shares of Class A common stock. As of June 30, 2019 , the Company has a remaining amount available for repurchase of $41.1 million , which represents 2.3% in the aggregate of its outstanding Class A common stock, based on the closing price of $16.61 per share on such date. The following table is a summary of the Company’s repurchase activity of its Class A common stock during the six months ended June 30, 2019 and 2018 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2018 $ 41,769 Additional authorizations — Repurchases paid 40,065 (637 ) Repurchases unsettled — Authorizations remaining as of June 30, 2019 $ 41,132 (1) Amount excludes commissions paid associated with share repurchases. Shares Amount(1) Authorizations remaining as of December 31, 2017 $ 41,769 Additional authorizations — Repurchases paid — — Repurchases unsettled — Authorizations remaining as of June 30, 2018 $ 41,769 (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 six months ended June 30, 2019 and 2018 : Declaration Date Dividend per Share February 27, 2019 $ 0.340 May 30, 2019 0.340 Total $ 0.680 February 27, 2018 $ 0.315 May 30, 2018 0.325 Total $ 0.640 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 six months ended June 30, 2019 and 2018 ($ in thousands): Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2018 $ (4,649 ) $ (588 ) $ (5,237 ) Other comprehensive income (loss) 16,738 2,044 18,782 Exchange of noncontrolling interest for common stock 65 (65 ) — Rebalancing of ownership percentage between Company and Operating Partnership 17 (17 ) — June 30, 2019 $ 12,171 $ 1,374 $ 13,545 Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2017 $ (212 ) $ 116 $ (96 ) Other comprehensive income (loss) (9,506 ) (1,598 ) (11,104 ) Exchange of noncontrolling interest for common stock (143 ) 143 — Rebalancing of ownership percentage between Company and Operating Partnership 6 (6 ) — June 30, 2018 $ (9,855 ) $ (1,345 ) $ (11,200 )

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 2019
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 Continuing LCFH Limited Partners 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 six months ended June 30, 2019 , the Company has decreased noncontrolling interests in the Operating Partnership and increased additional paid-in capital and accumulated other comprehensive income in the Company’s shareholders’ equity by $0.3 million as of June 30, 2019 . 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 Consolidated Joint Ventures As of June 30, 2019 , the Company consolidates eight 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, 20 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	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
EARNINGS PER SHARE	14. EARNINGS PER SHARE The Company’s net income (loss) and weighted average shares outstanding for the three and six months ended June 30, 2019 and 2018 consist of the following: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands except share amounts) 2019 2018 2019 2018 Basic Net income (loss) available for Class A common shareholders $ 32,244 $ 38,406 $ 54,419 $ 89,281 Diluted Net income (loss) available for Class A common shareholders $ 32,244 $ 38,406 $ 54,419 $ 89,281 Weighted average shares outstanding Basic 105,511,385 96,810,266 104,888,925 96,003,151 Diluted 105,892,420 97,165,899 105,742,589 96,276,824 The calculation of basic and diluted net income (loss) per share amounts for the three and six months ended June 30, 2019 and 2018 are described and presented below. Basic Net Income (Loss) per Share Numerator: utilizes net income (loss) available for Class A common shareholders for the three and six months ended June 30, 2019 and 2018 , respectively. Denominator: utilizes the weighted average shares of Class A common stock for the three and six months ended June 30, 2019 and 2018 , respectively. Diluted Net Income (Loss) per Share Numerator: utilizes net income (loss) available for Class A common shareholders for the three and six months ended June 30, 2019 and 2018 , respectively, for the basic net income (loss) per share calculation described above, adding net income (loss) amounts attributable to the noncontrolling interest in the Operating Partnership using the as-if converted method for the Class B common shareholders while adjusting for additional corporate income tax expense (benefit) for the described net income (loss) add-back. Denominator: utilizes the weighted average number of shares of Class A common stock for the three and six months ended June 30, 2019 and 2018 , 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. Three Months Ended June 30, Six Months Ended June 30, (In thousands except share amounts) 2019 2018 2019 2018 Basic Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 32,244 $ 38,406 $ 54,419 $ 89,281 Denominator: Weighted average number of shares of Class A common stock outstanding 105,511,385 96,810,266 104,888,925 96,003,151 Basic net income (loss) per share of Class A common stock $ 0.31 $ 0.40 $ 0.52 $ 0.93 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 32,244 $ 38,406 $ 54,419 $ 89,281 Add (deduct) - dilutive effect of: Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss) — — — — Additional corporate tax (expense) benefit — — — — Diluted net income (loss) attributable to Class A common shareholders 32,244 38,406 54,419 89,281 Denominator: Basic weighted average number of shares of Class A common stock outstanding 105,511,385 96,810,266 104,888,925 96,003,151 Add - dilutive effect of: Shares issuable relating to converted Class B common shareholders — — — — Incremental shares of unvested Class A restricted stock 381,035 355,633 853,664 273,673 Diluted weighted average number of shares of Class A common stock outstanding 105,892,420 97,165,899 105,742,589 96,276,824 Diluted net income (loss) per share of Class A common stock $ 0.30 $ 0.40 $ 0.51 $ 0.93 (1) For three and six months ended June 30, 2019 and 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	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [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): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Stock Based Compensation Expense: Annual Incentive Awards Granted in 2015 with Respect to 2014 Performance $ — $ — $ — $ 172 Annual Incentive Awards Granted in 2016 with Respect to 2015 Performance — 325 131 647 Annual Incentive Awards Granted in 2017 with Respect to 2016 Performance(1) 282 509 676 1,131 Other 2017 Restricted Stock Awards(1) 25 76 76 181 Annual Incentive Awards Granted in 2017 with Respect to 2017 Performance(1) 580 1,087 1,365 2,202 2018 Restricted Stock Awards — 93 32 136 Other 2018 Restricted Stock Awards(1) 10 3 21 3 Annual Incentive Awards Granted in 2019 with Respect to 2018 Performance(1) 2,481 — 12,295 — 2019 Restricted Stock Awards 87 — 149 — Other Employee/Director Awards 4 12 16 33 Total Stock Based Compensation Expense $ 3,469 $ 2,105 $ 14,761 $ 4,505 Phantom Equity Investment Plan $ (98 ) $ — $ 704 $ — Ladder Capital Corp Deferred Compensation Plan $ — $ 236 $ — $ 919 Bonus Expense $ 7,717 $ 7,782 $ 14,501 $ 17,562 (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 2017 with Respect to 2016 Performance For 2016 performance, management received stock-based incentive equity (the “Annual Restricted Stock Awards”). 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, 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 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 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 3 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, 2018 and 2017. 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. 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, when 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 respective Executive Retirement Eligibility Dates for each of the Management Grantees except Mr. Harris, 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. 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. Annual Incentive Awards Granted in 2019 with Respect to 2018 Performance For 2018 performance, management received stock-based incentive equity. On February 18, 2019 , Annual Restricted Stock Awards were granted to Management Grantees with an aggregate value of $11.7 million which represents 666,288 shares of restricted Class A common stock in connection with 2018 compensation. In accordance with the Harris Employment Agreement, Mr. Harris’ annual awards were fully vested at grant. Having attained their Executive Retirement Eligibility Date, fifty percent of the annual awards (representing the portion of the Annual Restricted Stock Awards historically subject to time-based vesting) to Messrs. Fox, Harney, and Perelman was fully vested at grant and the remaining fifty percent of each of their Annual Restricted Stock Awards is subject to performance-based criteria. For Ms. McCormack, the vesting of her annual awards is the same as described for the Annual Restricted Stock Awards with respect to 2017 performance. Subject to the McCormack Retirement Eligibility Date, her time-vesting restricted stock will vest in three installments on each of February 18, 2020, February 18, 2021 and February 18, 2022, subject to continued employment on the applicable vesting dates and subject to the applicable Retirement Eligibility Date. The performance-vesting restricted stock for the Management Grantees other than Mr. Harris 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, 2019, 2020 and 2021, 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, 2019 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. Having attained their Executive Retirement Eligibility Date, compensation expense for restricted stock subject to time-based vesting criteria granted to Messrs. Fox, Harney, and Perelman was fully vested at grant 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 February 18, 2019 , Restricted Stock Awards were granted to certain non-management employees (each, a “Non-Management Grantee”) with an aggregate value of $14.9 million which represents 849,087 shares of restricted Class A common stock in connection with 2018 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 2020, 2021 and 2022 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, 2019, 2020 and 2021, 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 February 18, 2019 Restricted Stock Awards to Non-Management Grantees shall be recognized 1/3 for the period February 18, 2019 through February 18, 2020, 1/3 for the period February 19, 2020 through February 18, 2021 and 1/3 for the period February 19, 2021 through February 18, 2022. 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. 2019 Restricted Stock Awards On February 18, 2019 , certain members of the board of directors each received Annual Restricted Stock Awards with a grant date fair value of $0.4 million , representing 25,626 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 2019 Restricted Stock Awards On January 24, 2019 , Management Grantees received a Restricted Stock Award with a grant date fair value of $11,328 , representing 682 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. An equitable adjustment was also made to outstanding options in the first quarter of 2019 for the Company’s stock dividend paid on January 24, 2019 . Those additional options are reflected in the chart below. On June 4, 2019 , a new member of the board of directors received a Restricted Stock Award with a grant date fair value of $0.1 million , representing 4,568 shares of restricted Class A common stock, which will vest in three equal installments on each of the first three anniversaries of the date of grant, subject to continued service on the board of directors. These shares of restricted Class A common stock were a re-issuance of treasury stock. Compensation expense for restricted stock subject to time-based vesting criteria granted to the director will be expensed 1/3 each year, for three years on an annual basis following such grant. Summary of Restricted Stock and Stock Option Expense and Shares/Options Nonvested/Outstanding A summary of the grants is presented below ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Number Weighted Number Weighted Number Weighted Average Fair Value Number Weighted Average Fair Value Grants - Class A Common Stock (restricted) 4,568 $ 75 3,566 $ 50 1,546,251 $ 27,146 28,936 $ 425 Grants - Class A Common Stock (restricted) dividends — — — — 11,113 185 — — Stock Options — — — — 12,073 — — — Amortization to compensation expense Ladder compensation expense (3,469 ) (2,105 ) (14,761 ) (4,505 ) Total amortization to compensation expense $ (3,469 ) $ (2,105 ) $ (14,761 ) $ (4,505 ) The table below presents the number of unvested shares and outstanding stock options at June 30, 2019 and changes during 2019 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, 2018 1,118,194 982,135 Granted 1,556,682 12,073 Exercised — Vested (1,116,901 ) Forfeited (8,702 ) — Expired — Nonvested/Outstanding at June 30, 2019 1,549,273 994,208 Exercisable at June 30, 2019 994,208 At June 30, 2019 there was $17.9 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 36 months , with a weighted-average remaining vesting period of 27.7 months . The table below presents the number of unvested shares and outstanding stock options at June 30, 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 28,936 — Exercised — Vested (138,216 ) Forfeited (26,061 ) — Expired — Nonvested/Outstanding at June 30, 2018 1,117,024 982,135 Exercisable at June 30, 2018 929,701 As of June 30, 2018 there was $10.3 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 34 months , with a weighted-average remaining vesting period of 23.1 months . Ladder Capital Corp Deferred Compensation Plan On July 3, 2014, the Company adopted a nonqualified deferred compensation plan, which was amended and restated on March 17, 2015 (the “2014 Deferred Compensation Plan”), in which certain eligible employees participate. On February 22, 2018, the Board of Directors froze the 2014 Deferred Compensation Plan. Pursuant to the 2014 Deferr

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2019
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. Current income tax expense (benefit) was $(1.3) million and $(7.4) million for the three and six months ended June 30, 2019 , respectively. Current income tax expense (benefit) was $(0.5) million and $3.0 million for the three and six months ended June 30, 2018 , respectively. As of June 30, 2019 and December 31, 2018 , the Company’s net deferred tax assets (liabilities) were $(4.1) million and $2.3 million , respectively, and are included in other assets (other liabilities) in the Company’s consolidated balance sheets. Deferred income tax expense (benefit) included within the provision for income taxes was $3.5 million and $6.7 million for the three and six months ended June 30, 2019 , respectively. Deferred income tax expense (benefit) included within the provision for income taxes was $1.0 million and $1.5 million for the three and six months ended June 30, 2018 , respectively. The Company’s net deferred tax liability is comprised of deferred tax assets and deferred tax liabilities. The Company believes it is more likely than not that the deferred tax assets (aside from the exception noted below) will be realized in the future. Realization of the deferred tax assets is dependent upon our generation of sufficient taxable income in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences. The amount of deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change. As of June 30, 2019 , the Company has a deferred tax asset of $6.3 million relating to capital losses which it may only use to offset capital gains. These tax attributes will begin to expire if unused in 2020. As the realization of these assets are not more likely than not before their expiration, the Company has provided a full valuation allowance against this deferred tax asset. The Company’s tax returns are subject to audit by taxing authorities. Generally, as of June 30, 2019 , the tax years 2015-2018 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. In January 2019, a settlement was reached with New York State pertaining to an audit of these corporate entities for the years 2013-2015. As a result of the settlement, during the year ended December 31, 2018, 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. As of July 31, 2019 , the Company has collected all amounts owed by the indemnity counterparties related to the 2013-2015 audit. The IRS recently completed its audit of the 2014 tax year and did not recommend any changes to the Company’s tax return. The Company is currently under New York City audit for tax years 2012-2014. The Company does not expect the audit to result in any material changes to the Company’s financial position. The Company does not expect tax expense to have an impact on either short or long-term liquidity or capital needs. Under U.S. GAAP, a tax benefit related to an income tax position may be recognized when it is more likely than not that the position will be sustained upon examination by the tax authorities based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. As of June 30, 2019 and December 31, 2018 , the Company’s unrecognized tax benefit is a liability for $0.9 million and $0.8 million , respectively, 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 June 30, 2019 , 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. Under the Tax Receivable Agreement the Company generally is required to pay to those Continuing LCFH Limited Partners that exchange their interests in LCFH and Class B shares of the Company for Class A shares of the Company, 85% of the applicable cash savings, if any, in U.S. federal, state and local income tax that the Company realizes (or is deemed to realize in certain circumstances) as a result of (i) the increase in tax basis in its proportionate share of LCFH’s assets that is attributable to the Company as a result of the exchanges and (ii) payments under the Tax Receivable Agreement, including any tax benefits related to imputed interest deemed to be paid by the Company as a result of such agreement. The Company may make future payments under the Tax Receivable Agreement if the tax benefits are realized. We would then benefit from the remaining 15% of cash savings in income tax that we realize. For purposes of the Tax Receivable Agreement, cash savings in income tax will be computed by comparing our actual income tax liability to the amount of such taxes that we would have been required to pay had there been no increase to the tax basis of the assets of LCFH as a result of the exchanges and had we not entered into the Tax Receivable Agreement. Payments to a Continuing LCFH Limited Partner under the Tax Receivable Agreement are triggered by each exchange and are payable annually commencing following the Company’s filing of its income tax return for the year of such exchange. The timing of the payments may be subject to certain contingencies, including the Company having sufficient taxable income to utilize all of the tax benefits defined in the Tax Receivable Agreement. As of June 30, 2019 and December 31, 2018 , pursuant to the Tax Receivable Agreement, the Company recorded a liability of $1.6 million , included in amount payable pursuant to tax receivable agreement in the consolidated balance sheets for Continuing LCFH Limited Partners. The amount and timing of any payments may vary based on a number of factors, including the absence of any material change in the relevant tax law, the Company continuing to earn sufficient taxable income to realize all tax benefits, and assuming no additional exchanges that are subject to the Tax Receivable Agreement. Depending upon the outcome of these factors, the Company may be obligated to make substantial payments pursuant to the Tax Receivable Agreement. The actual payment amounts may differ from these estimated amounts, as the liability will reflect changes in prevailing tax rates, the actual benefit the Company realizes on its annual income tax returns, and any additional exchanges. To determine the current amount of the payments due, the Company estimates the amount of the Tax Receivable Agreement payments that will be made within twelve months of the balance sheet date. As described in Note 1 above, the Tax Receivable Agreement was amended and restated in connection with our REIT Election, effective as of December 31, 2014 (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	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 , members of senior management have $0.8 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 loan was repaid during the three months ended June 30, 2019. See Note 8, Debt Obligations, Net for further detail. The Company recorded $0.1 million and $0.2 million of interest expense for the three and six months ended June 30, 2019 , respectively, which is included in accrued expenses on the consolidated balance sheets. The Company recorded $0.1 million and $0.2 million of interest expense for the three and six months ended June 30, 2018 , respectively, which is included in accrued expenses on the consolidated balance sheets. 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 three and six months ended June 30, 2019 , the Company earned $14.5 thousand and $0.1 million , respectively, in interest income related to this loan. On March 5, 2019 , Ladder provided a $14.3 million first mortgage interest-only loan to a borrower affiliated with principals of Related to refinance a gym facility and associated parking located in Bloomfield Heights, Michigan. The borrowing entity is owned directly or indirectly by certain investors, including, among other principals of Related, Richard O’Toole, who owns an approximate 0.7% interest in the borrowing entity and is a member of Ladder’s board of directors. For the three and six months ended June 30, 2019 , the Company earned $0.2 million and $0.3 million , respectively, in interest income related to this loan.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	18. COMMITMENTS AND CONTINGENCIES Leases The Company adopted ASC Topic 842 on January 1, 2019. The primary impact of applying ASC Topic 842 was the initial recognition of a $3.5 million lease liability and a $3.3 million right of use asset (including previously accrued straight line rent) on the Company’s consolidated financial statements, for leases classified as operating leases under ASC Topic 840, primarily for the Company’s corporate headquarters and other identified leases. There is no cumulative effect on retained earnings or other components of equity recognized as of January 1, 2019. As of June 30, 2019 , the Company had a $3.0 million lease liability and a $2.9 million right-of-use asset on its consolidated balance sheets. Tenant reimbursements, which consist of real estate taxes and other municipal charges paid by us which were reimbursable by our tenants pursuant to the terms of triple-net lease agreements, were $1.7 million and $3.3 million for the three and six months ended June 30, 2019 , respectively, and are included in operating lease income on the Company’s consolidated statements of income, compared to $1.9 million and $5.5 million of tenant reimbursements for the three and six months ended June 30, 2018 , respectively. Investments in Unconsolidated Joint Ventures We have made investments in various unconsolidated joint ventures. See Note 7, Investment in and Advances to Unconsolidated Joint Ventures for further details of our unconsolidated investments. Our maximum exposure to loss from these investments is limited to the carrying value of our investments. Unfunded Loan Commitments As of June 30, 2019 , the Company’s off-balance sheet arrangements consisted of $228.6 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, 2018 , the Company’s off-balance sheet arrangements consisted of $379.8 million

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2019
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 Three months ended June 30, 2019 Interest income $ 69,794 $ 15,210 $ 7 $ 311 $ 85,322 Interest expense (14,224 ) (4,130 ) (9,091 ) (24,924 ) (52,369 ) Net interest income (expense) 55,570 11,080 (9,084 ) (24,613 ) 32,953 Provision for loan losses (300 ) — — — (300 ) Net interest income (expense) after provision for loan losses 55,270 11,080 (9,084 ) (24,613 ) 32,653 Operating lease income — — 27,780 — 27,780 Sale of loans, net 20,264 — — — 20,264 Realized gain (loss) on securities — 4,464 — — 4,464 Unrealized gain (loss) on equity securities — (990 ) — — (990 ) Unrealized gain (loss) on Agency interest-only securities — 11 — — 11 Realized gain on sale of real estate, net — — (1,124 ) — (1,124 ) Fee and other income 5,947 333 — 916 7,196 Net result from derivative transactions (8,518 ) (6,939 ) — — (15,457 ) Earnings (loss) from investment in unconsolidated joint ventures — — 1,564 — 1,564 Total other income (loss) 17,693 (3,121 ) 28,220 916 43,708 Salaries and employee benefits — — — (14,907 ) (14,907 ) Operating expenses — — — (6,012 ) (3) (6,012 ) Real estate operating expenses — — (6,032 ) — (6,032 ) Fee expense (1,058 ) (87 ) (38 ) — (1,183 ) Depreciation and amortization — — (9,910 ) (25 ) (9,935 ) Total costs and expenses (1,058 ) (87 ) (15,980 ) (20,944 ) (38,069 ) Income Tax (expense) benefit — — — (2,219 ) (2,219 ) Segment profit (loss) $ 71,905 $ 7,872 $ 3,156 $ (46,860 ) $ 36,073 Total assets as of June 30, 2019 $ 3,213,334 $ 1,788,415 $ 1,042,128 $ 362,898 $ 6,406,775 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Three months ended June 30, 2018 Interest income $ 76,485 $ 8,662 $ 5 $ 78 $ 85,230 Interest expense (15,488 ) (1,085 ) (8,732 ) (23,112 ) (48,417 ) Net interest income (expense) 60,997 7,577 (8,727 ) (23,034 ) 36,813 Provision for loan losses (300 ) — — — (300 ) Net interest income (expense) after provision for loan losses 60,697 7,577 (8,727 ) (23,034 ) 36,513 Operating lease income — — 26,171 — 26,171 Sale of loans, net 6,144 — — — 6,144 Realized gain (loss) on securities — (1,243 ) — — (1,243 ) Unrealized gain (loss) on Agency interest-only securities — 110 — — 110 Realized gain on sale of real estate, net — — 1,628 — 1,628 Fee and other income 3,866 72 1,634 905 6,477 Net result from derivative transactions 3,886 3,195 — — 7,081 Earnings (loss) from investment in unconsolidated joint ventures — — 13 — 13 Total other income (loss) 13,896 2,134 29,446 905 46,381 Salaries and employee benefits — — — (13,866 ) (13,866 ) Operating expenses (86 ) — — (5,511 ) (3) (5,597 ) Real estate operating expenses — — (7,836 ) — (7,836 ) Fee expense (615 ) (96 ) (88 ) — (799 ) Depreciation and amortization — — (10,637 ) (19 ) (10,656 ) Total costs and expenses (701 ) (96 ) (18,561 ) (19,396 ) (38,754 ) Income Tax (expense) benefit — — — (573 ) (573 ) Segment profit (loss) $ 73,892 $ 9,615 $ 2,158 $ (42,098 ) $ 43,567 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 Six months ended June 30, 2019 Interest income $ 142,947 $ 28,329 $ 15 $ 498 $ 171,789 Interest expense (28,981 ) (6,618 ) (17,973 ) (50,046 ) (103,618 ) Net interest income (expense) 113,966 21,711 (17,958 ) (49,548 ) 68,171 Provision for loan losses (600 ) — — — (600 ) Net interest income (expense) after provision for loan losses 113,366 21,711 (17,958 ) (49,548 ) 67,571 Operating lease income — — 56,701 — 56,701 Sale of loans, net 27,342 — — — 27,342 Realized gain (loss) on securities — 7,329 — — 7,329 Unrealized gain (loss) on equity securities — 1,088 — — 1,088 Unrealized gain (loss) on Agency interest-only securities — 22 — — 22 Realized gain on sale of real estate, net — — (1,119 ) — (1,119 ) Impairment of real estate — — (1,350 ) — (1,350 ) Fee and other income 9,257 737 7 1,881 11,882 Net result from derivative transactions (13,716 ) (12,775 ) — — (26,491 ) Earnings (loss) from investment in unconsolidated joint ventures — — 2,522 — 2,522 Gain (loss) on extinguishment of debt — — (1,070 ) — (1,070 ) Total other income (loss) 22,883 (3,599 ) 55,691 1,881 76,856 Salaries and employee benefits — — — (38,481 ) (38,481 ) Operating expenses — — — (11,413 ) (3) (11,413 ) Fee expense (2,252 ) (187 ) (456 ) — (2,895 ) Depreciation and amortization — — (20,112 ) (50 ) (20,162 ) Total costs and expenses (2,252 ) (187 ) (32,074 ) (49,944 ) (84,457 ) Income Tax (expense) benefit — — — 634 634 Segment profit (loss) $ 133,997 $ 17,925 $ 5,659 $ (96,977 ) $ 60,604 Total assets as of June 30, 2019 $ 3,213,334 $ 1,788,415 $ 1,042,128 $ 362,898 $ 6,406,775 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Six months ended June 30, 2018 Interest income $ 146,494 $ 16,676 $ 10 $ 257 $ 163,437 Interest expense (29,054 ) (1,941 ) (16,586 ) (45,549 ) (93,130 ) Net interest income (expense) 117,440 14,735 (16,576 ) (45,292 ) 70,307 Provision for loan losses (3,300 ) — — — (3,300 ) Net interest income (expense) after provision for loan losses 114,140 14,735 (16,576 ) (45,292 ) 67,007 Operating lease income — — 54,310 — 54,310 Sale of loans, net 11,032 — — — 11,032 Realized gain (loss) on securities — (2,342 ) — — (2,342 ) Unrealized gain (loss) on Agency interest-only securities — 313 — — 313 Realized gain on sale of real estate, net — — 32,637 — 32,637 Fee and other income 6,929 72 3,416 2,311 12,728 Net result from derivative transactions 10,774 11,266 — — 22,040 Earnings (loss) from investment in unconsolidated joint ventures — — 65 — 65 Gain (loss) on extinguishment of debt (69 ) — — — (69 ) Total other income (loss) 28,666 9,309 90,428 2,311 130,714 Salaries and employee benefits — — — (30,962 ) (30,962 ) Operating expenses — — — (11,144 ) (3) (11,144 ) Real estate operating expenses — — (16,654 ) (16,654 ) Fee expense (1,232 ) (206 ) (203 ) — (1,641 ) Depreciation and amortization — — (21,441 ) (38 ) (21,479 ) Total costs and expenses (1,232 ) (206 ) (38,298 ) (42,144 ) (81,880 ) Income Tax (expense) benefit — — — (4,476 ) (4,476 ) Segment profit (loss) $ 141,574 $ 23,838 $ 35,554 $ (89,601 ) $ 111,365 Total assets as of December 31, 2018 $ 3,482,929 $ 1,410,126 $ 1,038,376 $ 341,441 $ 6,272,872 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $57.8 million and $40.4 million as of June 30, 2019 and December 31, 2018 , respectively. (2) Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This segment 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 $61.6 million and $57.9 million as of June 30, 2019 and December 31, 2018 , respectively, the Company’s deferred tax asset (liability) of $(4.1) million and $2.3 million as of June 30, 2019 and December 31, 2018 , respectively and the Company’s senior unsecured notes of $1.2 billion as of June 30, 2019 and December 31, 2018 . (3) Includes $3.6 million and $6.1 million of professional fees for the three and six months ended June 30, 2019 , respectively. Includes $2.8 million and $5.7 million of professional fees for the three and six months ended June 30, 2018

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	20. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the issuance date of the financial statements and determined that no disclosure is necessary.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2019
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”). In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of results of operations, financial position and cash flows. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2018 , which are included in the Company’s Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The interim consolidated financial statements have been prepared, without audit, and do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations and cash flows in accordance with GAAP. The consolidated financial statements include the Company’s accounts and those of its subsidiaries which are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated. 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 equity 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 and advances to 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 June 30, 2019 and December 31, 2018 . At June 30, 2019 and December 31, 2018 , and at various times during the years, the balances exceeded the insured limits.
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.
Recognition of Operating Lease Income and Tenant Recoveries	Recognition of Operating Lease Income and Tenant Recoveries The Company adopted ASC Topic 842 on January 1, 2019. The primary impact of applying ASC Topic 842 was the initial recognition of a $3.5 million lease liability and a $3.3 million right-of-use asset (including previously accrued straight line rent) on the Company’s consolidated financial statements, for leases classified as operating leases under ASC Topic 840, primarily for the Company’s corporate headquarters and other identified leases. There is no cumulative effect on retained earnings or other components of equity recognized as of January 1, 2019. Certain arrangements may contain both lease and non-lease components. The Company determines if an arrangement is, or contains, a lease at contract inception. Only the lease components of these contractual arrangements are subject to the provisions of ASC Topic 842. Any non-lease components are subject to other applicable accounting guidance. We have elected, however, to adopt the optional practical expedient not to separate lease components from non-lease components for accounting purposes. This policy election has been adopted for each of the Company’s leased asset classes existing as of the effective date and subject to the transition provisions of ASC Topic 842, will be applied to all new or modified leases executed on or after January 1, 2019. For contractual arrangements executed in subsequent periods involving a new leased asset class, the Company will determine at contract inception whether it will apply the optional practical expedient to the new leased asset class. Leases are evaluated for classification as operating or finance leases at the commencement date of the lease. Right-of-use assets and corresponding liabilities are recognized on the Company’s consolidated balance sheet based on the present value of future lease payments relating to the use of the underlying asset during the lease term. Future lease payments include fixed lease payments as well as variable lease payments that depend upon an index or rate using the index or rate at the commencement date and probable amounts owed under residual value guarantees. The amount of future lease payments may be increased to include additional payments related to lease extension, termination, and/or purchase options when the Company has determined, at or subsequent to lease commencement, generally due to limited asset availability or operating commitments, it is reasonably certain of exercising such options. The Company uses its incremental borrowing rate as the discount rate in determining the present value of future lease payments, unless the interest rate implicit in the lease arrangement is readily determinable. Lease payments that vary based on future usage levels, the nature of leased asset activities, or certain other contingencies, are not included in the measurement of lease right-of-use assets and corresponding liabilities. The Company has elected not to record assets and liabilities on its consolidated balance sheet for lease arrangements with terms of 12 months or less. 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.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“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. In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842): Codification Improvements (“ASU 2019-01”), which aligns the guidance for fair value of the underlying asset by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. As a result, the fair value of the underlying asset at lease commencement is its cost, reflecting any volume or trade discounts that may apply. However, if there has been a significant lapse of time between when the underlying asset is acquired and when the lease commences, the definition of fair value in Topic 820, Fair Value Measurement should be applied. ASU 2019-01 also requires lessors within the scope of Topic 942, Financial Services—Depository and Lending , to present all “principal payments received under leases” within investing activities. The Company adopted ASU 2016-02, ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01, collectively FASB ASC Topic 842, Leases (“ASC Topic 842”), beginning January 1, 2019. The Company adopted ASU Topic 842 using the modified retrospective approach and elected to utilize the Optional Transition Method, which permits the Company to apply the provisions of ASC Topic 842 to leasing arrangements existing at or entered into after January 1, 2019, and present in its financial statements comparative periods prior to January 1, 2019 under the historical requirements of ASC Topic 840. In addition, the Company elected to adopt the package of optional transition-related practical expedients, which among other things, allows the Company to carry forward certain historical conclusions reached under ASC Topic 840 regarding lease identification, classification, and the accounting treatment of initial direct costs. Furthermore, the Company elected not to record assets and liabilities on its consolidated balance sheets for new or existing lease arrangements with terms of 12 months or less. 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. Historically, entities generally amortized 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 adoption of ASU 2017-08 on January 1, 2019 had no 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 adoption of ASU 2017-11 on January 1, 2019 had no 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 adoption of ASU 2018-01 on January 1, 2019, had no 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 adoption of ASU 2018-02 on January 1, 2019 had no material impact on the Company’s consolidated financial statements. 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 adoption of ASU 2018-09 had no material impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements Pending Adoption In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, (“ASU 2016-13”). The guidance changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted for annual and interim periods beginning after December 15, 2018. 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. In May 2019, the FASB issued ASU 2019-05 to provide an option to irrevocably elect to measure certain individual financial assets at fair value instead of amortized cost. The Company must apply the amendments in these updates 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 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. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, (“ASU 2019-04”). ASU 2019-04 clarifies and improves areas of guidance related to the recently issued standards on credit losses (ASU 2016-13), hedging (ASU 2017-12), and recognition and measurement of financial instruments (ASU 2016-01). The amendments generally have the same effective dates as their related standards. If already adopted, the amendments of ASU 2016-01 and ASU 2016-13 are effective for fiscal years beginning after December 15, 2019 and the amendments of ASU 2017-12 are effective as of the beginning of the Company’s next annual reporting period; early adoption is permitted. The Company previously adopted ASU 2016-01 and does not expect the amendments of ASU 2019-04 to have a material impact 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)	6 Months Ended
	Jun. 30, 2019
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): June 30, 2019 December 31, 2018 Notes 4 & 8 Notes 4 & 8 Mortgage loan receivables held for investment, net, at amortized cost $ 425,439 $ 710,502 Accrued interest receivable 2,342 3,921 Other assets(1) — 81,390 Total assets $ 427,781 $ 795,813 Senior and unsecured debt obligations $ 263,215 $ 607,440 Accrued expenses 766 1,471 Other liabilities 2 2 Total liabilities 263,983 608,913 Net equity in VIEs (eliminated in consolidation) 163,798 186,900 Total equity 163,798 186,900 Total liabilities and equity $ 427,781 $ 795,813 (1) Primarily consists of loan repayments in transit as of June 30, 2019

MORTGAGE LOAN RECEIVABLES (Tabl

MORTGAGE LOAN RECEIVABLES (Tables)	6 Months Ended
	Jun. 30, 2019
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 $ 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 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 . Outstanding Face Amount Carrying Value Weighted Average Yield (1) Remaining Maturity (years) Mortgage loans held by consolidated subsidiaries(2) $ 3,136,334 $ 3,119,857 8.01 % 1.19 Provision for loan losses N/A (18,500 ) Mortgage loan receivables held for investment, net, at amortized cost 3,136,334 3,101,357 Mortgage loan receivables held for sale 112,099 111,977 5.05 % 9.41 Total $ 3,248,433 $ 3,213,334 7.96 % 1.48 (1) June 30, 2019 London Interbank Offered Rate (“LIBOR”) rates are used to calculate weighted average yield for floating rate loans. (2) Includes amounts relating to consolidated variable interest entities. See Note 3 .
Summary of mortgage loan receivables by loan type	The following table summarizes mortgage loan receivables by loan type ($ in thousands): June 30, 2019 December 31, 2018 Outstanding Face Amount Carrying Value Outstanding Face Amount Carrying Value Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 2,992,553 $ 2,976,625 $ 3,192,160 $ 3,170,788 Mezzanine loans 143,781 143,232 148,221 147,602 Mortgage loan receivables held for investment, net, at amortized cost 3,136,334 3,119,857 3,340,381 3,318,390 Mortgage loan receivables held for sale First mortgage loans 112,099 111,977 181,905 182,439 Total mortgage loan receivables held for sale 112,099 111,977 181,905 182,439 Provision for loan losses N/A (18,500 ) N/A (17,900 ) Total $ 3,248,433 $ 3,213,334 $ 3,522,286 $ 3,482,929 For the six months ended June 30, 2019 and 2018 , 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 Mortgage loans transferred but not considered sold Provision for loan losses Mortgage loan receivables held for sale Balance, December 31, 2018 $ 3,318,390 $ — $ (17,900 ) $ 182,439 Origination of mortgage loan receivables 484,496 — — 333,342 Repayment of mortgage loan receivables (693,323 ) — — (497 ) Proceeds from sales of mortgage loan receivables(1) — (15,504 ) — (415,145 ) Realized gain on sale of mortgage loan receivables — — — 27,342 Transfer between held for investment and held for sale(1) — 15,504 — (15,504 ) Accretion/amortization of discount, premium and other fees 10,294 — — — Provision for loan losses — — (600 ) — Balance, June 30, 2019 $ 3,119,857 $ — $ (18,500 ) $ 111,977 (1) During the three months ended March 31, 2019, the Company reclassified from mortgage loan receivables held for sale to mortgage loan receivables held for investment, net, at amortized cost, one loan with an outstanding face amount of $15.4 million , a book value of $15.5 million (fair value at the date of reclassification) and a remaining maturity of 9.8 years, which was sold to the WFCM 2019-C49 securitization trust. Subsequently, the controlling loan interest was sold to the UBS 2019-C16 securitization trust, and as a result, the loan previously sold during the three months ended March 31, 2019 will be accounted for as a sale during the six months ended June 30, 2019. 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 914,489 — 764,948 Repayment of mortgage loan receivables (497,124 ) — (286 ) Proceeds from sales of mortgage loan receivables — — (842,727 ) Realized gain on sale of mortgage loan receivables(1) — — 11,032 Transfer between held for investment and held for sale(2) 55,403 — (55,403 ) Accretion/amortization of discount, premium and other fees 8,942 — — Provision for loan losses — (3,300 ) — Balance, June 30, 2018 $ 3,764,172 $ (7,300 ) $ 107,744 (1) Includes $0.5 million of realized losses on loans related to lower of cost or market adjustments for the six months ended June 30, 2018 . (2) During the six months ended June 30, 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 $55.4 million (fair value at date of reclassification) and a remaining maturity of 2.5 years . The loans had been recorded at lower of cost or market prior to their reclassification. The discount to fair value is the result of an increase in market interest rates since the loans’ origination and not a deterioration in credit of the borrowers or collateral coverage and the Company expects to collect all amounts due under the loans.
Schedule of provision for loan losses	Provision for Loan Losses and Non-Accrual Status ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Provision for loan losses at beginning of period $ 18,200 $ 7,000 $ 17,900 $ 4,000 Provision for loan losses 300 300 600 3,300 Provision for loan losses at end of period $ 18,500 $ 7,300 $ 18,500 $ 7,300 June 30, 2019 December 31, 2018 Principal balance of loans on non-accrual status $ 36,946 $ 36,850

REAL ESTATE SECURITIES (Tables)

REAL ESTATE SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 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) $ 1,642,160 $ 1,643,149 $ 11,108 $ (554 ) $ 1,653,703 (3) 145 AAA 3.47 % 3.31 % 2.26 CMBS interest-only(2)(4) 2,166,640 42,689 1,370 (7 ) 44,052 (5) 18 AAA 0.50 % 3.63 % 2.67 GNMA interest-only(4)(6) 118,858 2,483 124 (316 ) 2,291 12 AA+ 0.52 % 9.13 % 2.72 Agency securities(2) 652 664 1 (2 ) 663 2 AA+ 2.70 % 1.78 % 2.11 GNMA permanent securities(2) 32,055 32,291 793 — 33,084 6 AA+ 3.93 % 3.74 % 4.72 Corporate bonds(2) 41,205 40,581 837 — 41,418 2 BB- 3.80 % 4.82 % 1.64 Total debt securities $ 4,001,570 $ 1,761,857 $ 14,233 $ (879 ) $ 1,775,211 185 1.78 % 3.34 % 2.29 Equity securities(7) N/A 13,720 63 (579 ) 13,204 3 N/A N/A N/A N/A Total real estate securities $ 4,001,570 $ 1,775,577 $ 14,296 $ (1,458 ) $ 1,788,415 188 (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 $11.6 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 and 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 and 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 account 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, 2018 Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Amortized Cost Basis Gains Losses Carrying Value # of Securities Rating (1) Coupon % Yield % Remaining Duration (years) CMBS(2) $ 1,258,819 $ 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 and 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 $0.9 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (6) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income in accordance with ASC 815. (7) The Company has elected to account for equity securities at fair value with changes in fair value recorded in current period earnings.
Schedule of fair value of the Company's securities by remaining maturity based upon expected cash flows	The following is a breakdown of the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS(1) $ 368,984 $ 1,143,775 $ 140,944 $ — $ 1,653,703 CMBS interest-only(1) 1,014 43,038 — — 44,052 GNMA interest-only(2) 297 1,745 249 — 2,291 Agency securities(1) — 663 — — 663 GNMA permanent securities(1) 414 32,670 — — 33,084 Corporate bonds(1) — 41,418 — — 41,418 Total debt securities $ 370,709 $ 1,263,309 $ 141,193 $ — $ 1,775,211 (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, 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.

REAL ESTATE AND RELATED LEASE_2

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Schedule of real estate properties by category	The following tables present additional detail related to our real estate portfolio, net, including foreclosed properties ($ in thousands): June 30, 2019 December 31, 2018 Land $ 197,086 $ 195,644 Building 817,595 814,314 In-place leases and other intangibles 158,868 162,002 Less: Accumulated depreciation and amortization (189,172 ) (173,938 ) Real estate and related lease intangibles, net $ 984,377 $ 998,022 Below market lease intangibles, net (other liabilities) $ (39,163 ) $ (40,367 )
Schedule of depreciation and amortization expense recorded	The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Depreciation expense (1) $ 7,697 $ 8,208 $ 15,382 $ 15,995 Amortization expense 2,213 2,429 4,730 5,447 Total real estate depreciation and amortization expense $ 9,910 $ 10,637 $ 20,112 $ 21,442 (1) Depreciation expense on the consolidated statements of income also includes $25 thousand and $19 thousand of depreciation on corporate fixed assets for the three months ended June 30, 2019 and 2018 , respectively, and $50 thousand and $37 thousand of depreciation on corporate fixed assets for the six months ended June 30, 2019 and 2018 , respectively.
Schedule of expected amortization expense related to the acquired in-place lease intangibles, for property owned	The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of June 30, 2019 ($ in thousands): Period Ending December 31, Adjustment to Operating Lease Income Amortization Expense 2019 (last 6 months) $ 517 $ 3,327 2020 1,036 6,347 2021 1,037 6,259 2022 1,041 6,195 2023 1,041 6,195 Thereafter 29,756 66,043 Total $ 34,428 $ 94,366
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 June 30, 2019 ($ in thousands): Period Ending December 31, Amount 2019 (last 6 months) $ 42,016 2020 77,970 2021 68,304 2022 64,406 2023 62,219 Thereafter 510,864 Total $ 825,779
Schedule of real estate properties acquired	The purchase prices were allocated to the asset acquisitions during the six months ended June 30, 2018 , as follows ($ in thousands): Purchase Price Allocation Land $ 40,019 Building 73,794 Intangibles 2,065 Below Market Lease Intangibles (330 ) Total purchase price $ 115,548 During the six months ended June 30, 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% Total real estate acquisitions $ 115,548 (1) Properties were consolidated as of acquisition date. (2) Joint venture partner contributed $2.9 million to the partnership. (3) Joint venture partner contributed $4.6 million to the partnership. During the six months ended June 30, 2019 , the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) Purchases of real estate February 2019 Net Lease Houghton Lake, MI $ 1,242 100.0% February 2019 Net Lease Trenton, MO 1,164 100.0% April 2019 Net Lease Centralia, IL 1,242 100.0% June 2019 Net Lease Fayette, MO 1,423 100.0% Total purchases of real estate 5,071 Real estate acquired via foreclosure February 2019 Diversified Omaha, NE 18,200 100.0% Total real estate acquired via foreclosure 18,200 Total real estate acquisitions $ 23,271 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the asset acquisitions during the six months ended June 30, 2019 , as follows ($ in thousands): Purchase Price Allocation Land $ 3,789 Building 18,885 Intangibles 854 Below Market Lease Intangibles (257 ) Total purchase price $ 23,271
Schedule of properties sold	The Company sold the following properties during the six months ended June 30, 2019 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining N/A Condominium Las Vegas, NV $ — $ — $ — — — 1 Various Condominium Miami, FL 3,917 3,550 367 — 13 9 April 2019 Diversified Wayne, NJ 1,729 4,799 (3,070 ) (1) 1 — — May 2019 Diversified Grand Rapids, MI 10,019 8,254 1,765 (2) 1 — — Totals $ 15,665 $ 16,603 $ (938 ) The Company sold the following properties during the six months ended June 30, 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 $ 4,509 $ 1,939 $ 2,570 — 6 7 Various Condominium Miami, FL 3,296 2,662 634 — 12 36 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 — — Totals $ 100,578 $ 68,581 $ 31,997 (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 six months ended June 30, 2018 , 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 six months ended June 30, 2018 , on the consolidated statements of income.

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	6 Months Ended
	Jun. 30, 2019
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 and advances to unconsolidated joint ventures, which we account for using the equity method, as of June 30, 2019 and December 31, 2018 ($ in thousands): Entity June 30, 2019 December 31, 2018 Grace Lake JV, LLC $ 3,282 $ 5,316 24 Second Avenue Holdings LLC 54,469 35,038 Investment in unconsolidated joint ventures $ 57,751 $ 40,354
Summary of the Company's allocated earnings based on its ownership interests from investment in unconsolidated joint ventures	The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated joint ventures for the three and six months ended June 30, 2019 and 2018 ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, Entity 2019 2018 2019 2018 Grace Lake JV, LLC $ 618 $ 266 $ 1,032 $ 533 24 Second Avenue Holdings LLC 946 (253 ) 1,490 (468 ) Earnings (loss) from investment in unconsolidated joint ventures $ 1,564 $ 13 $ 2,522 $ 65
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 June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 December 31, 2018 Total assets $ 168,530 $ 167,837 Total liabilities 125,209 116,667 Partners’/members’ capital $ 43,321 $ 51,170 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 six months ended June 30, 2019 and 2018 ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Total revenues $ 6,330 $ 4,972 $ 11,030 $ 9,321 Total expenses 3,571 2,801 7,434 6,373 Net income (loss) $ 2,759 $ 2,171 $ 3,596 $ 2,948

DEBT OBLIGATIONS, NET (Tables)

DEBT OBLIGATIONS, NET (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of repurchase agreement	The details of the Company’s debt obligations at June 30, 2019 and December 31, 2018 are as follows ($ in thousands): June 30, 2019 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at June 30, 2019(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 600,000 $ 200,501 $ 399,499 4.14% - 4.64% 2/24/2022 (2) (3) $ 282,722 $ 282,798 Committed Loan Repurchase Facility 350,000 63,996 286,004 4.62% - 4.97% 5/24/2020 (4) (5) 98,515 100,652 Committed Loan Repurchase Facility 300,000 177,710 122,290 4.39% - 4.90% 4/10/2020 (6) (7) 302,349 302,349 Committed Loan Repurchase Facility 300,000 102,499 197,501 4.44% - 4.94% 5/6/2021 (8) (3) 155,332 155,332 Committed Loan Repurchase Facility 100,000 87,174 12,826 4.21% - 4.65% 7/20/2021 (9) (3) 133,949 134,211 Committed Loan Repurchase Facility 100,000 53,380 46,620 4.39% 3/26/2020 (10) (11) 71,800 71,800 Total Committed Loan Repurchase Facilities 1,750,000 685,260 1,064,740 1,044,667 1,047,142 Committed Securities Repurchase Facility 400,000 — 400,000 NA 3/4/2021 N/A (12) — — Uncommitted Securities Repurchase Facility N/A (12) 582,111 N/A (13) 2.99% - 4.06% 7/2019 - 9/2019 N/A (12) 637,238 637,238 (14) Total Repurchase Facilities 2,150,000 1,267,371 1,464,740 1,681,905 1,684,380 Revolving Credit Facility 266,430 — 266,430 NA 2/11/2020 (15) N/A (16) N/A (16) N/A (16) Mortgage Loan Financing 734,652 734,652 — 4.25% - 7.00% 2020 - 2029(17) N/A (18) 912,888 1,097,090 (19) CLO Debt 263,216 263,216 (20) — 3.40% - 5.99% 2021-2034 N/A (21) 425,439 425,810 Borrowings from the FHLB 1,945,795 1,191,449 754,346 1.47% - 3.00% 2019 - 2024 N/A (22) 1,493,752 1,500,648 (23) Senior Unsecured Notes 1,166,201 1,156,400 (24) — 5.250% - 5.875% 2021 - 2025 N/A N/A (25) N/A (25) N/A (25) Total Debt Obligations, Net $ 6,526,294 $ 4,613,088 $ 2,485,516 $ 4,513,984 $ 4,707,928 (1) June 2019 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) One additional 12 -month period 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 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) Three additional 12 -month periods at Company’s option. (16) 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. (17) Anticipated repayment dates. (18) Certain of our real estate investments serve as collateral for our mortgage loan financing. (19) Using undepreciated carrying value of commercial real estate to approximate fair value. (20) Presented net of unamortized debt issuance costs of $1.0 million at June 30, 2019 . (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 $10.0 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. (24) Presented net of unamortized debt issuance costs of $9.8 million at June 30, 2019 . (25) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. 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(18) N/A (19) 939,362 1,108,968 (20) CLO Debt 601,543 601,543 (21 ) — 3.34% - 6.06% 2021-2034 N/A (22) 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 (23) 1,652,952 1,655,150 (24) Senior Unsecured Notes 1,166,201 1,154,991 (25) — 5.250% - 5.875% 2021 - 2025 N/A N/A (26) N/A (26) N/A (26) Total Debt Obligations $ 6,864,051 $ 4,452,574 $ 2,566,421 $ 4,237,382 $ 4,410,214 (1) December 31, 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 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 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) Anticipated repayment dates. (19) Certain of our real estate investments serve as collateral for our mortgage loan financing. (20) Using undepreciated carrying value of commercial real estate to approximate fair value. (21) Presented net of unamortized debt issuance costs of $2.6 million at December 31, 2018 . (22) First mortgage commercial real estate loans and pari passu interests therein. It does not include the real estate collateralizing such loans. (23) 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. (24) 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. (25) Presented net of unamortized debt issuance costs of $11.2 million at December 31, 2018 . (26) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Schedule of contractual payments under all borrowings by maturity	The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by Maturity(1) 2019 (last 6 months) $ 842,102 2020 1,040,826 2021 843,924 2022 655,796 2023 559,305 Thereafter 676,940 Subtotal 4,618,893 Debt issuance costs included in senior unsecured notes (9,801 ) Debt issuance costs included in CLO debt (971 ) Debt issuance costs included in mortgage loan financing (543 ) Premiums included in mortgage loan financing(2) 5,510 Total $ 4,613,088 (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 June 30, 2019 . (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)	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 and December 31, 2018 are as follows ($ in thousands): June 30, 2019 Weighted Average Outstanding Face Amount Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield % Remaining Maturity/Duration (years) Assets: CMBS(1) $ 1,642,160 $ 1,643,149 $ 1,653,703 Internal model, third-party inputs 3.31 % 2.26 CMBS interest-only(1) 2,166,640 (2) 42,689 44,052 Internal model, third-party inputs 3.63 % 2.67 GNMA interest-only(3) 118,858 (2) 2,483 2,291 Internal model, third-party inputs 9.13 % 2.72 Agency securities(1) 652 664 663 Internal model, third-party inputs 1.78 % 2.11 GNMA permanent securities(1) 32,055 32,291 33,084 Internal model, third-party inputs 3.74 % 4.72 Corporate bonds(1) 41,205 40,581 41,418 Internal model, third-party inputs 4.82 % 1.64 Equity securities(3) N/A 13,720 13,204 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 3,136,334 3,119,857 3,133,579 Discounted Cash Flow(4) 8.01 % 1.19 Provision for loan losses N/A (18,500 ) (18,500 ) (5) N/A N/A Mortgage loan receivables held for sale 112,099 111,977 116,531 Internal model, third-party inputs(6) 5.05 % 9.41 FHLB stock(7) 61,619 61,619 61,619 (7) 5.50 % N/A Nonhedge derivatives(1)(8) 344,171 N/A 536 Counterparty quotations N/A 0.25 Liabilities: Repurchase agreements - short-term 957,902 957,902 957,902 Discounted Cash Flow(9) 3.07 % 0.29 Repurchase agreements - long-term 309,469 309,469 309,469 Discounted Cash Flow(10) 3.36 % 1.52 Mortgage loan financing 729,685 734,652 750,161 Discounted Cash Flow(10) 5.09 % 1.82 CLO debt 263,216 263,216 263,216 Discounted Cash Flow(9) 5.10 % 4.89 Borrowings from the FHLB 1,191,449 1,191,449 1,199,510 Discounted Cash Flow 2.58 % 2.34 Senior unsecured notes 1,166,201 1,156,400 1,185,576 Broker quotations, pricing services 5.39 % 3.78 (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. December 31, 2018 Weighted Average Outstanding Face Amount Amortized Cost Basis 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 Nonhedge derivatives(1)(8) — N/A — Counterparty quotations N/A 0.00 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. (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 June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 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) $ 1,629,992 $ — $ — $ 1,642,058 $ 1,642,058 CMBS interest-only(1) 2,155,495 (2) — — 43,179 43,179 GNMA interest-only(3) 118,858 (2) — — 2,291 2,291 Agency securities(1) 652 — — 663 663 GNMA permanent securities(1) 32,055 — — 33,084 33,084 Corporate bonds(1) 41,205 — — 41,418 41,418 Equity securities N/A 13,204 — — 13,204 Nonhedge derivatives(4) 344,171 — 536 — 536 $ 13,204 $ 536 $ 1,762,693 $ 1,776,433 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 $ 3,136,334 $ — $ — $ 3,133,579 $ 3,133,579 Provision for loan losses N/A — — (18,500 ) (18,500 ) Mortgage loan receivable held for sale 112,099 — — 116,531 116,531 CMBS(5) 12,168 — — 11,645 11,645 CMBS interest-only(5) 11,145 (2) — — 873 873 FHLB stock 61,619 — — 61,619 61,619 $ — $ — $ 3,305,747 $ 3,305,747 Liabilities: Repurchase agreements - short-term 957,902 $ — $ — $ 957,902 $ 957,902 Repurchase agreements - long-term 309,469 — — 309,469 309,469 Mortgage loan financing 729,685 — — 750,161 750,161 CLO debt 263,216 — — 263,216 263,216 Borrowings from the FHLB 1,191,449 — — 1,199,510 1,199,510 Senior unsecured notes 1,166,201 — — 1,185,576 1,185,576 $ — $ — $ 4,665,834 $ 4,665,834 (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, 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 receivables 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.
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 six months ended June 30, 2019 and 2018 ($ in thousands): Six Months Ended June 30, Level 3 2019 2018 Balance at January 1, $ 1,385,957 $ 1,106,517 Transfer from level 2 — — Purchases 847,318 243,921 Sales (379,961 ) (161,518 ) Paydowns/maturities (110,400 ) (56,707 ) Amortization of premium/discount (6,267 ) (12,724 ) Unrealized gain/(loss) 18,804 (10,789 ) Realized gain/(loss) on sale(1) 7,242 (2,342 ) Balance at June 30, $ 1,762,693 $ 1,106,358 (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): June 30, 2019 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 1,653,703 Discounted cash flow Yield (4) — % 3.23 % 20.87 % Duration (years)(5) 0.00 1.71 7.37 CMBS interest-only(1) 44,052 (2) Discounted cash flow Yield (4) 1.95 % 4.16 % 9.88 % Duration (years)(5) 0.20 2.63 3.85 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only(3) 2,291 (2) Discounted cash flow Yield (4) (6 )% 14.03 % 59.34 % Duration (years)(5) 0.62 2.81 10.02 Prepayment speed (CPJ)(5) 5.00 6.74 15.00 Agency securities(1) 663 Discounted cash flow Yield (4) — % 1.53 % 2.01 % Duration (years)(5) 0.00 2.58 3.39 GNMA permanent securities(1) 33,084 Discounted cash flow Yield (4) 2.08 % 3.52 % 6.67 % Duration (years)(5) 2.62 3.60 6.67 Corporate bonds(1) 41,418 Discounted cash flow Yield (4) 3.48 % 3.51 % 3.52 % Duration (years)(5) 1.27 1.37 2.07 Total $ 1,775,211 (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, 2018 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 1,252,640 Discounted cash flow Yield (3) — % 3.54 % 21.67 % Duration (years)(4) 0.00 2.50 7.78 CMBS interest-only(1) 55,691 (2) Discounted cash flow Yield (3) 0.87 % 4.71 % 8.11 % Duration (years)(4) 0.14 2.96 6.86 Prepayment speed (CPY)(4) 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 % Duration (years)(5) 0.00 5.62 5.88 Corporate bonds(1) 53,871 Discounted cash flow Yield (4) 5.3 % 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.
Fair value write-downs to assets carried at fair value on a nonrecurring basis	The following table summarizes the fair value write-downs to assets carried at fair value on a nonrecurring basis ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Impairment of real estate Real estate, net(1)(2) $ — $ — $ 1,350 $ — (1) The write down to fair value was recorded based on contracted sales price and classified as Level 2 of the fair valuation hierarchy. On May 1, 2019 , the Company completed the sale of the property recognizing $3.9 million of operating lease income, $3.5 million realized loss on sale of real estate, net and $0.4 million of depreciation and amortization expense, resulting in a $20 thousand loss on sale of real estate, net. (2) Impairment is discussed in further detail in Note 6, Real Estate and Related Lease Intangibles, Net .

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 and December 31, 2018 ($ in thousands): June 30, 2019 Fair Value Remaining Maturity (years) Contract Type Notional Asset(1) Liability(1) Caps 1 Month LIBOR $ 69,571 $ — $ — 0.86 Futures 5-year Swap 95,800 187 — 0.25 10-year Swap 175,900 343 — 0.25 5-year U.S. Treasury Note 2,900 6 — 0.25 Total futures 274,600 536 — Total derivatives $ 344,171 $ 536 $ — (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. December 31, 2018 Fair Value Remaining Maturity (years) Contract Type Notional Asset(1) Liability(1) Caps 1MO 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.
Schedule of net realized gains/(losses) and unrealized appreciation/(depreciation) on derivatives	The following table indicates the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of operations for the three and six months ended June 30, 2019 and 2018 ($ in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ (1,046 ) $ (14,361 ) $ (15,407 ) $ 1,511 $ (27,894 ) $ (26,383 ) Credit Derivatives 66 (116 ) (50 ) — (108 ) (108 ) Total $ (980 ) $ (14,477 ) $ (15,457 ) $ 1,511 $ (28,002 ) $ (26,491 ) Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Unrealized Gain/(Loss) Realized Gain/(Loss) Net Result from Derivative Transactions Contract Type Futures $ 568 $ 6,513 $ 7,081 $ 888 $ 20,885 $ 21,773 Swaps — — — 1,403 (848 ) 555 Credit Derivatives — — — 49 (337 ) (288 ) Total $ 568 $ 6,513 $ 7,081 $ 2,340 $ 19,700 $ 22,040

OFFSETTING ASSETS AND LIABILI_2

OFFSETTING ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2019
Offsetting [Abstract]
Schedule of offsetting of financial assets	As of June 30, 2019 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 $ 536 $ — $ 536 $ — $ — $ 536 Total $ 536 $ — $ 536 $ — $ — $ 536 (1) Included in restricted cash on consolidated balance sheets.
Schedule of offsetting of financial liabilities	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) Derivatives $ 975 $ — $ 975 $ — $ 975 $ — Repurchase agreements 663,685 — 663,685 663,685 — — Total $ 664,660 $ — $ 664,660 $ 663,685 $ 975 $ — (1) Included in restricted cash on consolidated balance sheets. As of June 30, 2019 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) Repurchase agreements $ 1,267,371 $ — $ 1,267,371 $ 1,267,371 $ — $ — Total $ 1,267,371 $ — $ 1,267,371 $ 1,267,371 $ — $ — (1) Included in restricted cash on consolidated balance sheets.

EQUITY STRUCTURE AND ACCOUNTS (

EQUITY STRUCTURE AND ACCOUNTS (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Common stock repurchase activity	The following table is a summary of the Company’s repurchase activity of its Class A common stock during the six months ended June 30, 2019 and 2018 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2018 $ 41,769 Additional authorizations — Repurchases paid 40,065 (637 ) Repurchases unsettled — Authorizations remaining as of June 30, 2019 $ 41,132 (1) Amount excludes commissions paid associated with share repurchases. Shares Amount(1) Authorizations remaining as of December 31, 2017 $ 41,769 Additional authorizations — Repurchases paid — — Repurchases unsettled — Authorizations remaining as of June 30, 2018 $ 41,769 (1) Amount excludes commissions paid associated with share repurchases.
Schedule of dividends declared and paid	The following table presents dividends declared (on a per share basis) of Class A common stock for the six months ended June 30, 2019 and 2018 : Declaration Date Dividend per Share February 27, 2019 $ 0.340 May 30, 2019 0.340 Total $ 0.680 February 27, 2018 $ 0.315 May 30, 2018 0.325 Total $ 0.640
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 six months ended June 30, 2019 and 2018 ($ in thousands): Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2018 $ (4,649 ) $ (588 ) $ (5,237 ) Other comprehensive income (loss) 16,738 2,044 18,782 Exchange of noncontrolling interest for common stock 65 (65 ) — Rebalancing of ownership percentage between Company and Operating Partnership 17 (17 ) — June 30, 2019 $ 12,171 $ 1,374 $ 13,545 Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2017 $ (212 ) $ 116 $ (96 ) Other comprehensive income (loss) (9,506 ) (1,598 ) (11,104 ) Exchange of noncontrolling interest for common stock (143 ) 143 — Rebalancing of ownership percentage between Company and Operating Partnership 6 (6 ) — June 30, 2018 $ (9,855 ) $ (1,345 ) $ (11,200 )

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of the Company's net income and weighted average shares outstanding	The Company’s net income (loss) and weighted average shares outstanding for the three and six months ended June 30, 2019 and 2018 consist of the following: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands except share amounts) 2019 2018 2019 2018 Basic Net income (loss) available for Class A common shareholders $ 32,244 $ 38,406 $ 54,419 $ 89,281 Diluted Net income (loss) available for Class A common shareholders $ 32,244 $ 38,406 $ 54,419 $ 89,281 Weighted average shares outstanding Basic 105,511,385 96,810,266 104,888,925 96,003,151 Diluted 105,892,420 97,165,899 105,742,589 96,276,824
Schedule of calculation of basic and diluted net income per share amounts	Three Months Ended June 30, Six Months Ended June 30, (In thousands except share amounts) 2019 2018 2019 2018 Basic Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 32,244 $ 38,406 $ 54,419 $ 89,281 Denominator: Weighted average number of shares of Class A common stock outstanding 105,511,385 96,810,266 104,888,925 96,003,151 Basic net income (loss) per share of Class A common stock $ 0.31 $ 0.40 $ 0.52 $ 0.93 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 32,244 $ 38,406 $ 54,419 $ 89,281 Add (deduct) - dilutive effect of: Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss) — — — — Additional corporate tax (expense) benefit — — — — Diluted net income (loss) attributable to Class A common shareholders 32,244 38,406 54,419 89,281 Denominator: Basic weighted average number of shares of Class A common stock outstanding 105,511,385 96,810,266 104,888,925 96,003,151 Add - dilutive effect of: Shares issuable relating to converted Class B common shareholders — — — — Incremental shares of unvested Class A restricted stock 381,035 355,633 853,664 273,673 Diluted weighted average number of shares of Class A common stock outstanding 105,892,420 97,165,899 105,742,589 96,276,824 Diluted net income (loss) per share of Class A common stock $ 0.30 $ 0.40 $ 0.51 $ 0.93 (1) For three and six months ended June 30, 2019 and 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)	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [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): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Stock Based Compensation Expense: Annual Incentive Awards Granted in 2015 with Respect to 2014 Performance $ — $ — $ — $ 172 Annual Incentive Awards Granted in 2016 with Respect to 2015 Performance — 325 131 647 Annual Incentive Awards Granted in 2017 with Respect to 2016 Performance(1) 282 509 676 1,131 Other 2017 Restricted Stock Awards(1) 25 76 76 181 Annual Incentive Awards Granted in 2017 with Respect to 2017 Performance(1) 580 1,087 1,365 2,202 2018 Restricted Stock Awards — 93 32 136 Other 2018 Restricted Stock Awards(1) 10 3 21 3 Annual Incentive Awards Granted in 2019 with Respect to 2018 Performance(1) 2,481 — 12,295 — 2019 Restricted Stock Awards 87 — 149 — Other Employee/Director Awards 4 12 16 33 Total Stock Based Compensation Expense $ 3,469 $ 2,105 $ 14,761 $ 4,505 Phantom Equity Investment Plan $ (98 ) $ — $ 704 $ — Ladder Capital Corp Deferred Compensation Plan $ — $ 236 $ — $ 919 Bonus Expense $ 7,717 $ 7,782 $ 14,501 $ 17,562 (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): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Number Weighted Number Weighted Number Weighted Average Fair Value Number Weighted Average Fair Value Grants - Class A Common Stock (restricted) 4,568 $ 75 3,566 $ 50 1,546,251 $ 27,146 28,936 $ 425 Grants - Class A Common Stock (restricted) dividends — — — — 11,113 185 — — Stock Options — — — — 12,073 — — — Amortization to compensation expense Ladder compensation expense (3,469 ) (2,105 ) (14,761 ) (4,505 ) Total amortization to compensation expense $ (3,469 ) $ (2,105 ) $ (14,761 ) $ (4,505 )
Schedule of nonvested shares activity	The table below presents the number of unvested shares and outstanding stock options at June 30, 2019 and changes during 2019 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, 2018 1,118,194 982,135 Granted 1,556,682 12,073 Exercised — Vested (1,116,901 ) Forfeited (8,702 ) — Expired — Nonvested/Outstanding at June 30, 2019 1,549,273 994,208 Exercisable at June 30, 2019 994,208 The table below presents the number of unvested shares and outstanding stock options at June 30, 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 28,936 — Exercised — Vested (138,216 ) Forfeited (26,061 ) — Expired — Nonvested/Outstanding at June 30, 2018 1,117,024 982,135 Exercisable at June 30, 2018 929,701

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Schedule of Company's performance evaluation by segment	The Company evaluates performance based on the following financial measures for each segment ($ in thousands): Loans Securities Real Estate(1) Corporate/Other(2) Company Total Three months ended June 30, 2019 Interest income $ 69,794 $ 15,210 $ 7 $ 311 $ 85,322 Interest expense (14,224 ) (4,130 ) (9,091 ) (24,924 ) (52,369 ) Net interest income (expense) 55,570 11,080 (9,084 ) (24,613 ) 32,953 Provision for loan losses (300 ) — — — (300 ) Net interest income (expense) after provision for loan losses 55,270 11,080 (9,084 ) (24,613 ) 32,653 Operating lease income — — 27,780 — 27,780 Sale of loans, net 20,264 — — — 20,264 Realized gain (loss) on securities — 4,464 — — 4,464 Unrealized gain (loss) on equity securities — (990 ) — — (990 ) Unrealized gain (loss) on Agency interest-only securities — 11 — — 11 Realized gain on sale of real estate, net — — (1,124 ) — (1,124 ) Fee and other income 5,947 333 — 916 7,196 Net result from derivative transactions (8,518 ) (6,939 ) — — (15,457 ) Earnings (loss) from investment in unconsolidated joint ventures — — 1,564 — 1,564 Total other income (loss) 17,693 (3,121 ) 28,220 916 43,708 Salaries and employee benefits — — — (14,907 ) (14,907 ) Operating expenses — — — (6,012 ) (3) (6,012 ) Real estate operating expenses — — (6,032 ) — (6,032 ) Fee expense (1,058 ) (87 ) (38 ) — (1,183 ) Depreciation and amortization — — (9,910 ) (25 ) (9,935 ) Total costs and expenses (1,058 ) (87 ) (15,980 ) (20,944 ) (38,069 ) Income Tax (expense) benefit — — — (2,219 ) (2,219 ) Segment profit (loss) $ 71,905 $ 7,872 $ 3,156 $ (46,860 ) $ 36,073 Total assets as of June 30, 2019 $ 3,213,334 $ 1,788,415 $ 1,042,128 $ 362,898 $ 6,406,775 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Three months ended June 30, 2018 Interest income $ 76,485 $ 8,662 $ 5 $ 78 $ 85,230 Interest expense (15,488 ) (1,085 ) (8,732 ) (23,112 ) (48,417 ) Net interest income (expense) 60,997 7,577 (8,727 ) (23,034 ) 36,813 Provision for loan losses (300 ) — — — (300 ) Net interest income (expense) after provision for loan losses 60,697 7,577 (8,727 ) (23,034 ) 36,513 Operating lease income — — 26,171 — 26,171 Sale of loans, net 6,144 — — — 6,144 Realized gain (loss) on securities — (1,243 ) — — (1,243 ) Unrealized gain (loss) on Agency interest-only securities — 110 — — 110 Realized gain on sale of real estate, net — — 1,628 — 1,628 Fee and other income 3,866 72 1,634 905 6,477 Net result from derivative transactions 3,886 3,195 — — 7,081 Earnings (loss) from investment in unconsolidated joint ventures — — 13 — 13 Total other income (loss) 13,896 2,134 29,446 905 46,381 Salaries and employee benefits — — — (13,866 ) (13,866 ) Operating expenses (86 ) — — (5,511 ) (3) (5,597 ) Real estate operating expenses — — (7,836 ) — (7,836 ) Fee expense (615 ) (96 ) (88 ) — (799 ) Depreciation and amortization — — (10,637 ) (19 ) (10,656 ) Total costs and expenses (701 ) (96 ) (18,561 ) (19,396 ) (38,754 ) Income Tax (expense) benefit — — — (573 ) (573 ) Segment profit (loss) $ 73,892 $ 9,615 $ 2,158 $ (42,098 ) $ 43,567 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 Six months ended June 30, 2019 Interest income $ 142,947 $ 28,329 $ 15 $ 498 $ 171,789 Interest expense (28,981 ) (6,618 ) (17,973 ) (50,046 ) (103,618 ) Net interest income (expense) 113,966 21,711 (17,958 ) (49,548 ) 68,171 Provision for loan losses (600 ) — — — (600 ) Net interest income (expense) after provision for loan losses 113,366 21,711 (17,958 ) (49,548 ) 67,571 Operating lease income — — 56,701 — 56,701 Sale of loans, net 27,342 — — — 27,342 Realized gain (loss) on securities — 7,329 — — 7,329 Unrealized gain (loss) on equity securities — 1,088 — — 1,088 Unrealized gain (loss) on Agency interest-only securities — 22 — — 22 Realized gain on sale of real estate, net — — (1,119 ) — (1,119 ) Impairment of real estate — — (1,350 ) — (1,350 ) Fee and other income 9,257 737 7 1,881 11,882 Net result from derivative transactions (13,716 ) (12,775 ) — — (26,491 ) Earnings (loss) from investment in unconsolidated joint ventures — — 2,522 — 2,522 Gain (loss) on extinguishment of debt — — (1,070 ) — (1,070 ) Total other income (loss) 22,883 (3,599 ) 55,691 1,881 76,856 Salaries and employee benefits — — — (38,481 ) (38,481 ) Operating expenses — — — (11,413 ) (3) (11,413 ) Fee expense (2,252 ) (187 ) (456 ) — (2,895 ) Depreciation and amortization — — (20,112 ) (50 ) (20,162 ) Total costs and expenses (2,252 ) (187 ) (32,074 ) (49,944 ) (84,457 ) Income Tax (expense) benefit — — — 634 634 Segment profit (loss) $ 133,997 $ 17,925 $ 5,659 $ (96,977 ) $ 60,604 Total assets as of June 30, 2019 $ 3,213,334 $ 1,788,415 $ 1,042,128 $ 362,898 $ 6,406,775 Loans Securities Real Estate(1) Corporate/Other(2) Company Total Six months ended June 30, 2018 Interest income $ 146,494 $ 16,676 $ 10 $ 257 $ 163,437 Interest expense (29,054 ) (1,941 ) (16,586 ) (45,549 ) (93,130 ) Net interest income (expense) 117,440 14,735 (16,576 ) (45,292 ) 70,307 Provision for loan losses (3,300 ) — — — (3,300 ) Net interest income (expense) after provision for loan losses 114,140 14,735 (16,576 ) (45,292 ) 67,007 Operating lease income — — 54,310 — 54,310 Sale of loans, net 11,032 — — — 11,032 Realized gain (loss) on securities — (2,342 ) — — (2,342 ) Unrealized gain (loss) on Agency interest-only securities — 313 — — 313 Realized gain on sale of real estate, net — — 32,637 — 32,637 Fee and other income 6,929 72 3,416 2,311 12,728 Net result from derivative transactions 10,774 11,266 — — 22,040 Earnings (loss) from investment in unconsolidated joint ventures — — 65 — 65 Gain (loss) on extinguishment of debt (69 ) — — — (69 ) Total other income (loss) 28,666 9,309 90,428 2,311 130,714 Salaries and employee benefits — — — (30,962 ) (30,962 ) Operating expenses — — — (11,144 ) (3) (11,144 ) Real estate operating expenses — — (16,654 ) (16,654 ) Fee expense (1,232 ) (206 ) (203 ) — (1,641 ) Depreciation and amortization — — (21,441 ) (38 ) (21,479 ) Total costs and expenses (1,232 ) (206 ) (38,298 ) (42,144 ) (81,880 ) Income Tax (expense) benefit — — — (4,476 ) (4,476 ) Segment profit (loss) $ 141,574 $ 23,838 $ 35,554 $ (89,601 ) $ 111,365 Total assets as of December 31, 2018 $ 3,482,929 $ 1,410,126 $ 1,038,376 $ 341,441 $ 6,272,872 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $57.8 million and $40.4 million as of June 30, 2019 and December 31, 2018 , respectively. (2) Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This segment 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 $61.6 million and $57.9 million as of June 30, 2019 and December 31, 2018 , respectively, the Company’s deferred tax asset (liability) of $(4.1) million and $2.3 million as of June 30, 2019 and December 31, 2018 , respectively and the Company’s senior unsecured notes of $1.2 billion as of June 30, 2019 and December 31, 2018 . (3) Includes $3.6 million and $6.1 million of professional fees for the three and six months ended June 30, 2019 , respectively. Includes $2.8 million and $5.7 million of professional fees for the three and six months ended June 30, 2018

ORGANIZATION AND OPERATIONS (De

ORGANIZATION AND OPERATIONS (Details)	Jun. 30, 2019
LCFH
ORGANIZATION AND OPERATIONS
Ownership interest in LCFH	89.80%

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Jun. 30, 2019	Jan. 01, 2019
Out-of-Period Adjustment Related to Prior Years
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Increase in tenant real estate tax recoveries on net lease property	$ 1.1
Accounting Standards Update 2016-02
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Operating lease liability		$ 3	$ 3.5
Operating lease, right-of-use asset		$ 2.9	$ 3.3

CONSOLIDATED VARIABLE INTERES_3

CONSOLIDATED VARIABLE INTEREST ENTITIES (Details) - CLO - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Total assets	$ 427,781	$ 795,813
Total liabilities	263,983	608,913
Net equity in VIEs (eliminated in consolidation)	163,798	186,900
Total equity	163,798	186,900
Total liabilities and equity	427,781	795,813
Mortgage loan receivables held for investment, net, at amortized cost
Variable Interest Entity [Line Items]
Total assets	425,439	710,502
Accrued interest receivable
Variable Interest Entity [Line Items]
Total assets	2,342	3,921
Other assets
Variable Interest Entity [Line Items]
Total assets	0	81,390
Senior and unsecured debt obligations
Variable Interest Entity [Line Items]
Total liabilities	263,215	607,440
Accrued expenses
Variable Interest Entity [Line Items]
Total liabilities	766	1,471
Other liabilities
Variable Interest Entity [Line Items]
Total liabilities	$ 2	$ 2

MORTGAGE LOAN RECEIVABLES - Sch

MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount		$ 3,248,433	$ 3,522,286
Provision for loan losses	[1]	(18,500)	(17,900)
Carrying Value		$ 3,213,334	$ 3,482,929
Weighted Average Yield		7.96%	7.76%
Remaining Maturity		1 year 5 months 23 days	1 year 9 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]
Outstanding Face Amount		$ 3,136,334	$ 3,340,381
Carrying Value gross, consumer and commercial real estate		$ 3,119,857	$ 3,318,390
Weighted Average Yield		8.01%	7.84%
Remaining Maturity		1 year 2 months 8 days	1 year 3 months 25 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		$ 3,136,334	$ 3,340,381
Provision for loan losses		(18,500)	(17,900)	$ (7,300)	$ (4,000)
Carrying Value		3,101,357	3,300,490
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		112,099	181,905
Carrying Value		$ 111,977	$ 182,439
Weighted Average Yield		5.05%	5.46%
Remaining Maturity		9 years 4 months 28 days	9 years 9 months
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3 .

MORTGAGE LOAN RECEIVABLES - Add

MORTGAGE LOAN RECEIVABLES - Additional Information (Details)	Mar. 31, 2018USD ($)	Jun. 30, 2019USD ($)loan	Dec. 31, 2018USD ($)loan	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)loan	Jun. 30, 2018USD ($)	Dec. 31, 2017	Feb. 28, 2019USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unamortized discounts included in mortgage loan receivables held for investment, at amortized cost		$ 300,000	$ 500,000			$ 300,000
Provision for loan losses		300,000			$ 300,000	600,000	$ 3,300,000
Loans nonaccrual status, amount		36,946,000	$ 36,850,000			36,946,000
Real estate acquired through foreclosure		18,200,000				18,200,000
Real Estate Acquired in Satisfaction of Debt
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unamortized discounts included in mortgage loan receivables held for investment, at amortized cost		100,000				100,000
Loans in default, no losses expected		17,800,000				17,800,000
Accrued interest						200,000
Real Estate Acquired in Satisfaction of Debt | Omaha, Nebraska
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Real estate acquired through foreclosure		$ 18,200,000				$ 18,200,000			$ 18,200,000
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]
Number of mortgage loans impaired | loan		3	3			3
Direct capitalization rate	5.00%					4.90%		4.65%
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 receivable with variable rates of interest		$ 2,500,000,000	$ 2,500,000,000			$ 2,500,000,000
Loans receivable with variable rates of interest		79.30%	75.40%			79.30%
Loans receivable with variable rates of interest, subject to interest rate floors		100.00%	100.00%			100.00%
Mortgage loan receivables held for investment, net, at amortized cost | Two Of Company Loans
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		$ 26,900,000				$ 26,900,000
Loan reserve amount	$ 2,700,000
Mortgage loan receivables held for investment, net, at amortized cost | One Of Company Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans in default, carrying value			$ 45,000,000
Mortgage loan receivables held for investment, net, at amortized cost | One Of Company Loans | Series A
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans in default, carrying value			35,000,000
Mortgage loan receivables held for investment, net, at amortized cost | One Of Company Loans | Series B
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 held for investment, net, at amortized cost | One Of Company Loans | Minimum
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%
Mortgage loan receivables held for investment, net, at amortized cost | One Of Company Loans | Maximum
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%
Mortgage loan receivables held for investment, net, at amortized cost | Asset Specific Reserve, Company Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan reserve amount				$ 10,000,000
Mortgage loan receivables held for sale
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans receivable with fixed rates of interest		$ 112,100,000	$ 182,400,000			$ 112,100,000
Percentage of loans receivable with fixed rates of interest		100.00%	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			$ 0

MORTGAGE LOAN RECEIVABLES - Mor

MORTGAGE LOAN RECEIVABLES - Mortgage Loan Receivables by Loan Type (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 3,248,433		$ 3,522,286
Mortgage loan receivables held-for-sale	3,213,334		3,482,929
Provision for loan losses	(18,500)	$ (18,200)	(17,900)	$ (7,300)	$ (7,000)	$ (4,000)
First mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	2,992,553		3,192,160
Carrying Value	2,976,625		3,170,788
Mezzanine loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	143,781		148,221
Carrying Value	143,232		147,602
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	3,136,334		3,340,381
Carrying Value	3,119,857		3,318,390
Mortgage loan receivables held-for-sale	3,101,357		3,300,490
First mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	112,099		181,905
Mortgage loan receivables held-for-sale	111,977		182,439
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	112,099		181,905
Mortgage loan receivables held-for-sale	$ 111,977		$ 182,439

MORTGAGE LOAN RECEIVABLES - Act

MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Provision for loan losses	[1]		$ (17,900)		$ (17,900)
Sale of loans, net		$ (20,264)		$ (6,144)	(27,342)	$ (11,032)
Provision for loan losses	[1]	(18,500)			(18,500)
Loans held for sale transferred loan held for investment, book value			15,400	57,600		57,600
Combined book value			$ 15,500	55,400		$ 55,400
Remaining maturity			9 years 9 months 18 days			2 years 6 months
Mortgage loans held by consolidated subsidiaries
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans held by consolidated subsidiaries, beginning balance			$ 3,318,390		3,318,390	$ 3,282,462
Origination of mortgage loan receivables					484,496	914,489
Proceeds from sales of mortgage loan receivables					(693,323)	(497,124)
Transfer between held for investment and held for sale						(55,403)
Accretion/amortization of discount, premium and other fees					10,294	(8,942)
Mortgage loans held by consolidated subsidiaries, ending balance		3,119,857		3,764,172	3,119,857	3,764,172
Mortgage loans transferred but not considered sold
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans held by consolidated subsidiaries, beginning balance			0		0
Proceeds from sales of mortgage loan receivables					(15,504)
Transfer between held for investment and held for sale					15,504
Mortgage loans held by consolidated subsidiaries, ending balance		0			0
Mortgage loan receivables held for investment, net, at amortized cost
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Provision for loan losses			(17,900)		(17,900)	(4,000)
Provision for loan losses					(600)	(3,300)
Provision for loan losses		(18,500)		(7,300)	(18,500)	(7,300)
Mortgage loan receivables held for sale
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans held by consolidated subsidiaries, beginning balance			$ 182,439		182,439	230,180
Origination of mortgage loan receivables					333,342	764,948
Proceeds from sales of mortgage loan receivables					(497)	(286)
Proceeds from sales of mortgage loan receivables					(415,145)	(842,727)
Sale of loans, net					27,342	(11,032)
Transfer between held for investment and held for sale					(15,504)	55,403
Mortgage loans held by consolidated subsidiaries, ending balance		$ 111,977		107,744	$ 111,977	107,744
Realized losses				$ 500		$ 500
[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	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Allowance for Loan and Lease Losses [Roll Forward]
Provision for loan losses at beginning of period	$ 18,200	$ 7,000	$ 17,900	$ 4,000
Provision for loan losses	300	300	600	3,300
Provision for loan losses at end of period	18,500	$ 7,300	18,500	$ 7,300
Principal balance of loans on non-accrual status	$ 36,946		$ 36,946		$ 36,850

REAL ESTATE SECURITIES - Summar

REAL ESTATE SECURITIES - Summary of Securities (Details) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2019USD ($)security	Dec. 31, 2018USD ($)security
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount		$ 4,001,570	$ 3,857,293
Amortized Cost Basis/Purchase Price		1,761,857	1,404,025
Gross Unrealized Gains		14,233	3,418
Gross Unrealized Losses		(879)	(8,867)
Carrying Value		$ 1,775,211	$ 1,398,576
Number of Securities | security		185	179
Weighted Average Coupon		1.78%	1.54%
Weighted Average Yield		3.34%	3.19%
Remaining Duration		2 years 3 months 14 days	2 years 4 months 24 days
Number of equity securities | security		3	3
Amortized Cost Basis/Purchase Price		$ 1,775,577	$ 1,417,179
Gross Unrealized Gains		14,296	3,418
Gross Unrealized Losses		(1,458)	(10,471)
Carrying Value	[1]	$ 1,788,415	$ 1,410,126
Total number of Securities | security		188	182
CMBS
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount		$ 1,642,160	$ 1,258,819
Amortized Cost Basis/Purchase Price		1,643,149	1,257,801
Gross Unrealized Gains		11,108	2,477
Gross Unrealized Losses		(554)	(7,638)
Carrying Value		$ 1,653,703	$ 1,252,640
Number of Securities | security		145	138
Weighted Average Coupon		3.47%	3.32%
Weighted Average Yield		3.31%	3.14%
Remaining Duration		2 years 3 months 3 days	2 years 3 months 29 days
Risk retention requirement, amount		$ 11,600	$ 11,300
CMBS interest-only
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount		2,166,640	2,373,936
Amortized Cost Basis/Purchase Price		42,689	55,534
Gross Unrealized Gains		1,370	428
Gross Unrealized Losses		(7)	(271)
Carrying Value		$ 44,052	$ 55,691
Number of Securities | security		18	19
Weighted Average Coupon		0.50%	0.57%
Weighted Average Yield		3.63%	2.80%
Remaining Duration		2 years 8 months 1 day	2 years 8 months 8 days
Risk retention requirement, amount		$ 900	$ 900
GNMA interest-only
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount		118,858	135,932
Amortized Cost Basis/Purchase Price		2,483	2,862
Gross Unrealized Gains		124	93
Gross Unrealized Losses		(316)	(307)
Carrying Value		$ 2,291	$ 2,648
Number of Securities | security		12	12
Weighted Average Coupon		0.52%	0.51%
Weighted Average Yield		9.13%	6.30%
Remaining Duration		2 years 8 months 19 days	4 years 1 month 9 days
Agency securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount		$ 652	$ 668
Amortized Cost Basis/Purchase Price		664	682
Gross Unrealized Gains		1	0
Gross Unrealized Losses		(2)	(20)
Carrying Value		$ 663	$ 662
Number of Securities | security		2	2
Weighted Average Coupon		2.70%	2.73%
Weighted Average Yield		1.78%	1.83%
Remaining Duration		2 years 1 month 9 days	2 years 4 months 9 days
GNMA permanent securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount		$ 32,055	$ 32,633
Amortized Cost Basis/Purchase Price		32,291	32,889
Gross Unrealized Gains		793	420
Gross Unrealized Losses		0	(245)
Carrying Value		$ 33,084	$ 33,064
Number of Securities | security		6	6
Weighted Average Coupon		3.93%	3.94%
Weighted Average Yield		3.74%	3.76%
Remaining Duration		4 years 8 months 19 days	5 years 10 days
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount		$ 41,205	$ 55,305
Amortized Cost Basis/Purchase Price		40,581	54,257
Gross Unrealized Gains		837	0
Gross Unrealized Losses		0	(386)
Carrying Value		$ 41,418	$ 53,871
Number of Securities | security		2	2
Weighted Average Coupon		3.80%	4.08%
Weighted Average Yield		4.82%	5.04%
Remaining Duration		1 year 7 months 20 days	2 years 6 months 3 days
Common Stock
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis/Purchase Price		$ 13,720	$ 13,154
Gross Unrealized Gains		63	0
Gross Unrealized Losses		(579)	(1,604)
Carrying Value		$ 13,204	$ 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	Jun. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Within 1 year	$ 370,709	$ 343,834
1-5 years	1,263,309	884,997
5-10 years	141,193	169,743
After 10 years	0	2
Total	1,775,211	1,398,576
CMBS
Debt Securities, Available-for-sale [Line Items]
Within 1 year	368,984	342,121
1-5 years	1,143,775	772,594
5-10 years	140,944	137,925
After 10 years	0	0
Total	1,653,703	1,252,640
CMBS interest-only
Debt Securities, Available-for-sale [Line Items]
Within 1 year	1,014	1,145
1-5 years	43,038	54,546
5-10 years	0	0
After 10 years	0	0
Total	44,052	55,691
GNMA interest-only
Debt Securities, Available-for-sale [Line Items]
Within 1 year	297	17
1-5 years	1,745	2,276
5-10 years	249	353
After 10 years	0	2
Total	2,291	2,648
Agency securities
Debt Securities, Available-for-sale [Line Items]
Within 1 year	0	0
1-5 years	663	662
5-10 years	0	0
After 10 years	0	0
Total	663	662
GNMA permanent securities
Debt Securities, Available-for-sale [Line Items]
Within 1 year	414	551
1-5 years	32,670	1,048
5-10 years	0	31,465
After 10 years	0	0
Total	33,084	33,064
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year	0	0
1-5 years	41,418	53,871
5-10 years	0	0
After 10 years	0	0
Total	$ 41,418	$ 53,871

REAL ESTATE SECURITIES - Addit

REAL ESTATE SECURITIES - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Unrealized gain (loss) on equity securities	$ 0	$ 72,000	$ 86,900	$ 72,000
Other than temporary impairment losses included in consolidated statements of income	$ 0	$ 600,000	$ 0	$ 1,600,000

REAL ESTATE AND RELATED LEASE_3

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands		Jun. 30, 2019	Dec. 31, 2018
Real estate and related lease intangibles, net
Less: Accumulated depreciation and amortization		$ (189,172)	$ (173,938)
Real estate and related lease intangibles, net	[1]	984,377	998,022
Below market lease intangibles, net (other liabilities)		(39,163)	(40,367)
In-place leases and other intangibles
Real estate and related lease intangibles, net
Real estate		158,868	162,002
Land
Real estate and related lease intangibles, net
Real estate		197,086	195,644
Building
Real estate and related lease intangibles, net
Real estate		$ 817,595	$ 814,314
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3 .

REAL ESTATE AND RELATED LEASE_4

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Additional Information (Details) - USD ($) $ in Thousands		May 01, 2019	Feb. 06, 2019	Jan. 10, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Feb. 28, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Impairment of real estate					$ 0	$ 1,400	$ 0	$ 1,350	$ 0
Foreclosed properties held in real estate					24,100			24,100			$ 6,300
Gross intangible assets					158,900			158,900			162,000
Accumulated amortization					59,800			59,800			57,700
Net intangible assets					99,000			99,000			104,300
Unamortized favorable/unfavorable lease intangibles					4,700			4,700			5,500
Increase in operating lease income, amortization of below market lease intangibles acquired					500		700	1,000	1,300
Proceeds from lease prepayments				$ 10,000
Real estate and related lease intangibles, net	[1]				984,377			984,377			998,022
Accumulated depreciation and amortization					189,172			189,172			173,938
Mortgage loan and financing related to property sales			$ 6,600
Gain (loss) on extinguishment/defeasance of debt			$ (1,100)		0		0	(1,070)	(69)
Operating lease income		$ 3,900			27,780			56,701
Loss on sale of real estate		3,500
Depreciation and amortization		400			9,935		10,656	20,162	$ 21,479
Loss on sale of real estate		$ 20
Unbilled rent receivables					1,400			1,400			800
Unencumbered real estates					71,500			71,500			58,600
Real estate operating income					800			1,000
Real estate acquired through foreclosure					18,200			18,200
Unamortized discounts included in mortgage loan receivables held for investment, at amortized cost					300			$ 300			$ 500
Weighted average amortization period for intangible assets acquired								37 months	18 years 4 months 24 days
Revenues from acquisitions					62		1,400	$ 79	$ 1,400
Net earnings (loss)					(1,200)		800	(1,500)	800
Above Market Leases
Business Acquisition [Line Items]
Decrease in operating lease income, amortization of above market lease intangibles acquired					200		$ 200	600	$ 400
Real Estate Acquired in Satisfaction of Debt
Business Acquisition [Line Items]
Accrued interest								200
Loans in default, no losses expected					17,800			17,800
Unamortized discounts included in mortgage loan receivables held for investment, at amortized cost					100			100
Real Estate Acquired in Satisfaction of Debt | Omaha, Nebraska
Business Acquisition [Line Items]
Real estate acquired through foreclosure					$ 18,200			$ 18,200		$ 18,200
Assets Leased to Others
Business Acquisition [Line Items]
Property book value						5,600
Other Depreciation and Amortization						$ 2,700
[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	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Real Estate [Abstract]
Depreciation expense	$ 7,697	$ 8,208	$ 15,382	$ 15,995
Amortization expense	2,213	2,429	4,730	5,447
Total real estate depreciation and amortization expense	9,910	10,637	20,112	21,442
Depreciation on corporate fixed assets	$ 25	$ 19	$ 50	$ 37

REAL ESTATE AND RELATED LEASE_6

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Total	$ 99,000	$ 104,300
In-place leases intangibles
Finite-Lived Intangible Assets [Line Items]
2019	517
2020	1,036
2021	1,037
2022	1,041
2023	1,041
Thereafter	29,756
Total	34,428
Amortization Expense
Finite-Lived Intangible Assets [Line Items]
2019	3,327
2020	6,347
2021	6,259
2022	6,195
2023	6,195
Thereafter	66,043
Total	$ 94,366

REAL ESTATE AND RELATED LEASE_7

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details) $ in Thousands	Jun. 30, 2019USD ($)
Real Estate [Abstract]
2019	$ 42,016
2020	77,970
2021	68,304
2022	64,406
2023	62,219
Thereafter	510,864
Total payments due	$ 825,779

REAL ESTATE AND RELATED LEASE_8

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Properties Acquired (Details) - USD ($) $ in Thousands	1 Months Ended						5 Months Ended	6 Months Ended
	Jun. 30, 2019	Apr. 30, 2019	Feb. 28, 2019	May 31, 2018	Apr. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018
Business Acquisition [Line Items]
Purchase Price							$ 5,071	$ 23,271	$ 115,548
Real estate acquired through foreclosure	$ 18,200						$ 18,200	$ 18,200
Lithia Springs, GA | Diversified
Business Acquisition [Line Items]
Purchase Price						$ 24,466
Ownership Interest									70.60%
Lithia Springs, GA | Diversified | Corporate Joint Venture
Business Acquisition [Line Items]
Purchase Price									$ 2,900
Kirbyville, MO | Net Lease
Business Acquisition [Line Items]
Purchase Price					$ 1,156
Ownership Interest									100.00%
Gladwin, MI | Net Lease
Business Acquisition [Line Items]
Purchase Price					1,171
Ownership Interest									100.00%
Foley, MN | Net Lease
Business Acquisition [Line Items]
Purchase Price					1,176
Ownership Interest									100.00%
Moscow Mills, MO | Net Lease
Business Acquisition [Line Items]
Purchase Price					1,237
Ownership Interest									100.00%
Wonder Lake, IL | Net Lease
Business Acquisition [Line Items]
Purchase Price					$ 1,255
Ownership Interest									100.00%
Isla Vista, CA | Diversified
Business Acquisition [Line Items]
Purchase Price				$ 85,087
Ownership Interest									75.00%
Isla Vista, CA | Diversified | Corporate Joint Venture
Business Acquisition [Line Items]
Purchase Price									$ 4,600
Houghton Lake, Michigan
Business Acquisition [Line Items]
Purchase Price			$ 1,242
Ownership Interest	100.00%						100.00%	100.00%
Trenton, Missouri
Business Acquisition [Line Items]
Purchase Price			1,164
Ownership Interest	100.00%						100.00%	100.00%
Centralia, Illinois
Business Acquisition [Line Items]
Purchase Price		$ 1,242
Ownership Interest	100.00%						100.00%	100.00%
Fayette, Missouri
Business Acquisition [Line Items]
Purchase Price	$ 1,423
Ownership Interest	100.00%						100.00%	100.00%
Omaha, Nebraska
Business Acquisition [Line Items]
Ownership Interest	100.00%						100.00%	100.00%
Omaha, Nebraska | Real Estate Acquired in Satisfaction of Debt
Business Acquisition [Line Items]
Real estate acquired through foreclosure	$ 18,200		$ 18,200				$ 18,200	$ 18,200

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	5 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018
Real Estate [Abstract]
Land	$ 3,789	$ 3,789	$ 40,019
Building	18,885	18,885	73,794
Intangibles	854	854	2,065
Below Market Lease Intangibles	(257)	(257)	(330)
Purchase Price	$ 5,071	$ 23,271	$ 115,548

REAL ESTATE AND RELATED LEAS_10

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019USD ($)property	Jun. 30, 2018USD ($)property	Jun. 30, 2019USD ($)property	Jun. 30, 2018USD ($)property	Dec. 31, 2018USD ($)
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				$ 8,521	$ 90,806
Net Book Value	[1]	$ 984,377		984,377		$ 998,022
Realized Gain/(Loss)		(1,124)	$ 1,628	(1,119)	32,637
2019 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				15,665
Net Book Value		16,603		16,603
Realized Gain/(Loss)				(938)
2019 Disposal Properties | Condominium | Las Vegas, NV
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				0
Net Book Value		$ 0		0
Realized Gain/(Loss)				$ 0
Properties | property		0		0
Units Sold | property				0
Units Remaining | property				1
2019 Disposal Properties | Condominium | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				$ 3,917
Net Book Value		$ 3,550		3,550
Realized Gain/(Loss)				$ 367
Properties | property		0		0
Units Sold | property				13
Units Remaining | property				9
2019 Disposal Properties | Diversified | Wayne, NJ
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				$ 1,729
Net Book Value		$ 4,799		4,799
Realized Gain/(Loss)				$ (3,070)
Properties | property		1		1
Units Sold | property				0
Units Remaining | property				0
2019 Disposal Properties | Diversified | Grand Rapids, MI
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				$ 10,019
Net Book Value		$ 8,254		8,254
Realized Gain/(Loss)				$ 1,765
Properties | property		1		1
Units Sold | property				0
Units Remaining | property				0
2018 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds					100,578
Net Book Value			68,581		68,581
Realized Gain/(Loss)					31,997
2018 Disposal Properties | Condominium | Las Vegas, NV
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds					4,509
Net Book Value			$ 1,939		1,939
Realized Gain/(Loss)					$ 2,570
Properties | property			0		0
Units Sold | property					6
Units Remaining | property					7
2018 Disposal Properties | Condominium | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds					$ 3,296
Net Book Value			$ 2,662		2,662
Realized Gain/(Loss)					$ 634
Properties | property			0		0
Units Sold | property					12
Units Remaining | property					36
2018 Disposal Properties | Diversified | El Monte, CA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds					$ 71,807
Net Book Value			$ 52,610		52,610
Realized Gain/(Loss)					$ 19,197
Properties | property			1		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					20,966
Net Book Value			$ 11,370		11,370
Realized Gain/(Loss)					$ 9,596
Properties | property			1		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
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3 .

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Additional Information (Details)		1 Months Ended	3 Months Ended		6 Months Ended
		Apr. 30, 2012	Jun. 30, 2019USD ($)property	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)property	Jun. 30, 2018USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Mar. 22, 2013
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures	[1]		$ 57,751,000		$ 57,751,000			$ 40,354,000
Distributions from operations of investment in unconsolidated joint ventures					3,067,000	$ 0
Income (expenses) from investment			(3,571,000)	$ (2,801,000)	(7,434,000)	(6,373,000)
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures			$ 3,282,000		$ 3,282,000			5,316,000
Percentage of equity kicker received with right to convert upon capital event		25.00%
Preferred return used to determine distribution of excess cash flow					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%
Distributions from operations of investment in unconsolidated joint ventures					$ 0	1,300,000
Grace Lake JV, LLC | LP Units
Schedule of Equity Method Investments [Line Items]
Ownership interest									19.00%
Grace Lake JV, LLC | Limited liability company
Schedule of Equity Method Investments [Line Items]
Ownership interest			19.00%		19.00%
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures			$ 54,469,000		$ 54,469,000			35,038,000
Income (expenses) from investment			$ 900,000	(300,000)	1,500,000	(500,000)
Interest costs capitalized				$ 400,000	$ 100,000	$ 700,000
24 Second Avenue Holdings LLC | Apartment Building
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property			30		30
Number of real estate properties, under contract | property			1		1
Real estate properties, under contract			$ 4,300,000		$ 4,300,000
24 Second Avenue Holdings LLC | Apartment Building | Maximum
Schedule of Equity Method Investments [Line Items]
Real estate properties, under contract, deposit			15.00%		15.00%
24 Second Avenue Holdings LLC | Apartment Building | Real Estate Property Sold
Schedule of Equity Method Investments [Line Items]
Number of real estate properties, under contract | property			15		15
Real estate properties, under contract			$ 40,100,000		$ 40,100,000
24 Second Avenue Holdings LLC | Other
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property			1		1
24 Second Avenue Holdings LLC | Mezzanine Loan
Schedule of Equity Method Investments [Line Items]
Committed amount on credit agreement							$ 6,500,000
24 Second Avenue Holdings LLC | Co-venturer
Schedule of Equity Method Investments [Line Items]
Loans payable outstanding from unconsolidated joint venture								$ 46,700,000
24 Second Avenue Holdings LLC | Co-venturer | Construction Loan
Schedule of Equity Method Investments [Line Items]
Common equity interest							35,000,000
Preferred equity position							35,000,000
Loan refinance							50,400,000
Committed amount on credit agreement							$ 48,100,000
Remaining capital commitment to operating partner			$ 0		$ 0
[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		Jun. 30, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures	[1]	$ 57,751	$ 40,354
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures		3,282	5,316
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures		$ 54,469	$ 35,038
[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	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	$ 1,564	$ 13	$ 2,522	$ 65
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	618	266	1,032	533
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	$ 946	$ (253)	$ 1,490	$ (468)

INVESTMENT IN UNCONSOLIDATED _6

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Results from Operations of the Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Financial Position
Total assets	$ 168,530		$ 168,530		$ 167,837
Total liabilities	125,209		125,209		116,667
Partners’/members’ capital	43,321		43,321		$ 51,170
Results from Operations
Total revenues	6,330	$ 4,972	11,030	$ 9,321
Total expenses	3,571	2,801	7,434	6,373
Net income (loss)	$ 2,759	$ 2,171	$ 3,596	$ 2,948

DEBT OBLIGATIONS, NET - Schedul

DEBT OBLIGATIONS, NET - Schedule of Company's Debt Obligations (Details)	Jan. 04, 2018	Jun. 30, 2019USD ($)Extension	Dec. 31, 2018USD ($)Extension	Dec. 27, 2018USD ($)	Dec. 21, 2017USD ($)	Oct. 17, 2017USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Debt Obligations Outstanding		$ 1,267,371,000	$ 663,685,000
Debt obligations		4,613,088,000
Carrying Amount of Collateral		0	0
Committed Loan Repurchase Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		1,750,000,000	1,750,000,000	$ 100,000,000
Debt Obligations Outstanding		685,260,000	497,531,000
Committed but Unfunded		1,064,740,000	1,252,469,000
Carrying Amount of Collateral		1,044,667,000	744,310,000
Fair Value of Collateral		1,047,142,000	745,103,000
Length of additional extension maturity periods	1 year
Committed Loan Repurchase Facility | 2/24/2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		600,000,000
Debt Obligations Outstanding		200,501,000
Committed but Unfunded		399,499,000
Carrying Amount of Collateral		282,722,000
Fair Value of Collateral		$ 282,798,000
Number of extension maturity periods | Extension		2
Length of extension options		12 months
Committed Loan Repurchase Facility | 5/24/2020
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 350,000,000
Debt Obligations Outstanding		63,996,000
Committed but Unfunded		286,004,000
Carrying Amount of Collateral		98,515,000
Fair Value of Collateral		$ 100,652,000
Number of extension maturity periods | Extension		1
Length of extension options		12 months
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 | 4/10/2020
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 300,000,000
Debt Obligations Outstanding		177,710,000
Committed but Unfunded		122,290,000
Carrying Amount of Collateral		302,349,000
Fair Value of Collateral		$ 302,349,000
Number of extension maturity periods | Extension		1
Length of extension options		364 days
Committed Loan Repurchase Facility | 5/6/2021
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 300,000,000	300,000,000
Debt Obligations Outstanding		102,499,000	79,886,000
Committed but Unfunded		197,501,000	220,114,000
Carrying Amount of Collateral		155,332,000	117,382,000
Fair Value of Collateral		$ 155,332,000	$ 117,366,000
Number of extension maturity periods | Extension		1	1
Length of extension options		12 months	12 months
Number of additional extension maturity periods | Extension		2	2
Length of additional extension maturity periods		6 months	6 months
Committed Loan Repurchase Facility | 7/20/2021
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 100,000,000	$ 100,000,000
Debt Obligations Outstanding		87,174,000	52,738,000
Committed but Unfunded		12,826,000	47,262,000
Carrying Amount of Collateral		133,949,000	72,154,000
Fair Value of Collateral		$ 134,211,000	$ 72,154,000
Number of extension maturity periods | Extension		1	1
Length of extension options		12 months	12 months
Committed Loan Repurchase Facility | 3/26/2020
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 100,000,000
Debt Obligations Outstanding		53,380,000
Committed but Unfunded		$ 46,620,000
Interest rate		4.39%
Carrying Amount of Collateral		$ 71,800,000
Fair Value of Collateral		$ 71,800,000
Committed Loan Repurchase Facility | 12/26/2019
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 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
Number of additional extension maturity periods | Extension			1
Additional length of period of extension options			364 days
Committed Loan Repurchase Facility | 10/1/2020
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing			$ 600,000,000
Debt Obligations Outstanding			180,597,000
Committed but Unfunded			419,403,000
Carrying Amount of Collateral			262,642,000
Fair Value of Collateral			$ 261,602,000
Number of extension maturity periods | Extension			2
Length of extension options			12 months
Committed Loan Repurchase Facility | 2/11/2020
Assets Sold under Agreements to Repurchase [Line Items]
Length of extension options		12 months
Committed Securities Repurchase Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 400,000,000
Committed Securities Repurchase Facility | 3/4/2021
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		400,000,000
Debt Obligations Outstanding		0
Committed but Unfunded		400,000,000
Carrying Amount of Collateral		0
Fair Value of Collateral		0
Committed Securities Repurchase Facility | 9/30/2019
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing			$ 400,000,000
Debt Obligations Outstanding			0
Committed but Unfunded			400,000,000
Carrying Amount of Collateral			0
Fair Value of Collateral			0
Uncommitted Securities Repurchase Facility | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Debt Obligations Outstanding		582,111,000	166,154,000
Carrying Amount of Collateral		637,238,000	187,803,000
Fair Value of Collateral		637,238,000	187,803,000
Purchase, not reflected in consolidated financial statement		3,000,000	3,000,000
Securities phased in secondary market			6,000,000
Total Repurchase Facilities
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		2,150,000,000	2,150,000,000
Debt Obligations Outstanding		1,267,371,000	663,685,000
Committed but Unfunded		1,464,740,000	1,652,469,000
Carrying Amount of Collateral		1,681,905,000	932,113,000
Fair Value of Collateral		1,684,380,000	$ 932,906,000
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 | 2/11/2020
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		266,430,000
Debt Obligations Outstanding		0
Committed but Unfunded		$ 266,430,000
Number of extension maturity periods | Extension		3
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
Number of extension maturity periods | Extension			4
Length of extension options			12 months
Mortgage Loan Financing | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 734,652,000	$ 743,902,000
Debt Obligations Outstanding		734,652,000	743,902,000
Committed but Unfunded		0	0
Carrying Amount of Collateral		912,888,000	939,362,000
Fair Value of Collateral		1,097,090,000	1,108,968,000
CLO Debt | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		263,216,000	601,543,000
Debt Obligations Outstanding		263,216,000	601,543,000
Committed but Unfunded		0	0
Carrying Amount of Collateral		425,439,000	710,502,000		$ 431,500,000	$ 456,900,000
Fair Value of Collateral		425,810,000	710,737,000
Unamortized debt issuance costs		1,000,000	2,600,000
Participation Financing - Mortgage Loan Receivable
Assets Sold under Agreements to Repurchase [Line Items]
Debt Obligations Outstanding		0	2,500,000
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
Interest rate			17.00%
Carrying Amount of Collateral			$ 2,453,000
Fair Value of Collateral			2,453,000
Borrowings from the FHLB | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		1,945,795,000	1,933,522,000
Debt Obligations Outstanding		1,191,449,000	1,286,000,000
Committed but Unfunded		754,346,000	647,522,000
Carrying Amount of Collateral		1,493,752,000	1,652,952,000
Fair Value of Collateral		1,500,648,000	1,655,150,000
Purchase, not reflected in consolidated financial statement		10,000,000	9,700,000
Senior Unsecured Notes
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs		9,801,000
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		1,156,400,000	1,154,991,000
Committed but Unfunded		0	0
Unamortized debt issuance costs		9,800,000	11,200,000
Total Debt Obligations
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued		6,526,294,000	6,864,051,000
Debt obligations		4,613,088,000	4,452,574,000
Committed but Unfunded		2,485,516,000	2,566,421,000
Carrying Amount of Collateral		4,513,984,000	4,237,382,000
Fair Value of Collateral		$ 4,707,928,000	$ 4,410,214,000
Minimum | Committed Loan Repurchase Facility | 2/24/2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		4.14%
Minimum | Committed Loan Repurchase Facility | 5/24/2020
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		4.62%
Minimum | Committed Loan Repurchase Facility | 5/24/2019
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			4.68%
Minimum | Committed Loan Repurchase Facility | 4/10/2020
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		4.39%
Minimum | Committed Loan Repurchase Facility | 5/6/2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		4.44%	4.44%
Minimum | Committed Loan Repurchase Facility | 7/20/2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		4.21%	4.58%
Minimum | Committed Loan Repurchase Facility | 4/7/2019
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			4.46%
Minimum | Committed Loan Repurchase Facility | 10/1/2020
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			4.21%
Minimum | Uncommitted Securities Repurchase Facility | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		2.99%	2.99%
Minimum | Mortgage Loan Financing | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		4.25%	4.25%
Minimum | CLO Debt | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		3.40%	3.34%
Minimum | Borrowings from the FHLB | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		1.47%	1.18%
Minimum | Senior Unsecured Notes | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		5.25%	5.25%
Maximum | Committed Loan Repurchase Facility | 2/24/2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		4.64%
Maximum | Committed Loan Repurchase Facility | 5/24/2020
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		4.97%
Maximum | Committed Loan Repurchase Facility | 5/24/2019
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			4.98%
Maximum | Committed Loan Repurchase Facility | 4/10/2020
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		4.90%
Maximum | Committed Loan Repurchase Facility | 5/6/2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		4.94%	4.94%
Maximum | Committed Loan Repurchase Facility | 7/20/2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		4.65%	4.96%
Maximum | Committed Loan Repurchase Facility | 4/7/2019
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			4.96%
Maximum | Committed Loan Repurchase Facility | 10/1/2020
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate			4.96%
Maximum | Uncommitted Securities Repurchase Facility | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		4.06%	4.55%
Maximum | Mortgage Loan Financing | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		7.00%	7.00%
Maximum | CLO Debt | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		5.99%	6.06%
Maximum | Borrowings from the FHLB | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		3.00%	3.01%
Maximum | Senior Unsecured Notes | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		5.875%	5.875%

DEBT OBLIGATIONS, NET - Additio

DEBT OBLIGATIONS, NET - Additional Information (Details)	Feb. 26, 2019Extension	Feb. 06, 2019USD ($)	Jul. 20, 2018	Apr. 03, 2018USD ($)	Jan. 04, 2018	Dec. 06, 2017USD ($)	Sep. 25, 2017USD ($)	Mar. 16, 2017USD ($)	Aug. 01, 2014USD ($)	Jun. 30, 2019USD ($)counterparty	Jun. 30, 2018USD ($)	Mar. 31, 2017USD ($)	Jun. 30, 2019USD ($)counterpartyagreement	Jun. 30, 2018USD ($)	Sep. 30, 2018agreement	Dec. 31, 2018USD ($)	Dec. 31, 2016USD ($)	Jan. 01, 2021USD ($)	Apr. 01, 2020USD ($)	Dec. 27, 2018USD ($)	May 07, 2018USD ($)	Dec. 21, 2017USD ($)	Oct. 17, 2017USD ($)	Feb. 24, 2016USD ($)	Feb. 19, 2016
Committed Loan and Securities Repurchase Facilities
Gross amounts of recognized liabilities										$ 1,267,371,000			$ 1,267,371,000			$ 663,685,000
Mortgage loan receivables held for investment, net, at amortized cost:
Amortization of premiums													774,000	$ 499,000
Mortgage loan and financing related to property sales		$ 6,600,000
Gain (loss) on extinguishment/defeasance of debt		$ (1,100,000)								0	$ 0		(1,070,000)	(69,000)
Collateralized Debt Obligations [Abstract]
Gross amounts offset in the balance sheet										$ 0			0			0
Proceeds from borrowings under debt obligations													$ 6,377,515,000	2,919,776,000
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]
Percent of FHLB advances to total debt obligations outstanding										25.80%			25.80%
Retained earnings, appropriated										$ 829,300,000			$ 829,300,000
Tuebor
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]
Amount restricted from transfer										1,900,000,000			1,900,000,000
Credit Agreement and Revolving Credit Facility
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]
Unamortized debt issuance costs										$ 8,300,000			$ 8,300,000			6,300,000
LCFH
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]
Ownership interest in LCFH										89.80%			89.80%
LCFC | LCFH
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]
Ownership interest in LCFH										100.00%			100.00%
Mortgage loan financing
Committed Loan and Securities Repurchase Facilities
Number of agreements | agreement													6		8
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loan financing										$ 734,700,000	743,900,000		$ 734,700,000	743,900,000
Net unamortized premiums										5,500,000			5,500,000			5,800,000
Amortization of premiums										400,000	200,000		800,000	500,000
Pledged assets, real estate and lease intangibles, net										912,900,000			$ 912,900,000			$ 939,400,000
Borrowings from the Federal Home Loan Bank | Tuebor
Committed Loan and Securities Repurchase Facilities
Debt borrowings term													5 years 3 months 18 days			5 years 9 months
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]
Maximum advance limit						$ 2,000,000,000
Advance rates of total assets						40.00%
Advance rates of total equity						150.00%
FHLB borrowings outstanding										1,200,000,000			$ 1,200,000,000			$ 1,300,000,000
Additional committed term financing available from FHLB										$ 754,300,000			$ 754,300,000			$ 647,500,000
Weighted average term													2 years 3 months 18 days			2 years 6 months
Weighted average interest rate										2.58%			2.58%			2.55%
Maximum percent of FHLB advances to total assets																									40.00%
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										$ 825,900,000			$ 825,900,000			$ 1,000,000,000
Borrowings from the Federal Home Loan Bank | Tuebor | First mortgage commercial real estate loans
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]
Collateral for debt instrument										669,700,000			669,700,000			$ 637,200,000
Borrowings from the Federal Home Loan Bank | Scenario, Forecast | Tuebor
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]
Maximum advance limit																		$ 750,000,000	$ 1,500,000,000
Senior Unsecured Notes | Senior Notes Due 2021
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]
Unamortized debt issuance costs																	$ 400,000
Mortgage loan receivables held for investment, net, at amortized cost:
Stated interest rate on debt instrument									5.875%
Gain (loss) on extinguishment/defeasance of debt																	5,100,000
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]
Loan refinance									$ 300,000,000	$ 266,200,000			$ 266,200,000
Debt instrument, minimum number of days to give notice for redemption without penalty									30 days
Debt instrument, maximum number of days to give notice for redemption without penalty									60 days
Debt instrument, authorized repurchase amount																								$ 100,000,000
Debt instrument, repurchase price amount																	28,200,000
Debt instrument, repurchased face amount																	$ 33,800,000
Senior Unsecured Notes | Senior Notes Due 2022
Mortgage loan receivables held for investment, net, at amortized cost:
Stated interest rate on debt instrument								5.25%
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]
Loan refinance								$ 500,000,000
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 | Senior Notes Due 2025
Mortgage loan receivables held for investment, net, at amortized cost:
Stated interest rate on debt instrument							5.25%
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]
Loan refinance							$ 400,000,000
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
Maximum | Mortgage loan financing
Mortgage loan receivables held for investment, net, at amortized cost:
Stated interest rate on debt instrument										7.00%			7.00%
Maximum | Borrowings from the Federal Home Loan Bank | Tuebor
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]
Advance rates													100.00%			95.20%
Mortgage loan receivables held for investment, net, at amortized cost:
Stated interest rate on debt instrument										3.00%			3.00%			3.01%
Minimum | Mortgage loan financing
Mortgage loan receivables held for investment, net, at amortized cost:
Stated interest rate on debt instrument										4.25%			4.25%
Minimum | Borrowings from the Federal Home Loan Bank | Tuebor
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]
Advance rates													55.20%			56.40%
Mortgage loan receivables held for investment, net, at amortized cost:
Stated interest rate on debt instrument										1.47%			1.47%			1.18%
Revolving credit facility
Committed Loan and Securities Repurchase Facilities
Committed amount on credit agreement																					$ 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										$ 266,400,000			$ 266,400,000
Basis spread on variable rate			25.00%
Number of extension maturity periods | Extension	2
Length of extension options	12 months
Mortgage loan receivables held for investment, net, at amortized cost:
Stated interest rate on debt instrument										3.25%			3.25%
Revolving credit facility | Maximum
Committed Loan and Securities Repurchase Facilities
Committed amount on credit agreement				$ 450,000,000
Revolving credit facility | Minimum
Committed Loan and Securities Repurchase Facilities
Committed amount on credit agreement				$ 350,000,000
Letters of credit
Committed Loan and Securities Repurchase Facilities
Committed amount on credit agreement										$ 25,000,000			$ 25,000,000
Committed Loan Repurchase Facility
Committed Loan and Securities Repurchase Facilities
Number of agreements | agreement													6
Committed amount on credit agreement										1,800,000,000			$ 1,800,000,000
Committed financing										1,750,000,000			1,750,000,000			$ 1,750,000,000				$ 100,000,000
Length of additional extension maturity periods					1 year
Gross amounts of recognized liabilities										685,260,000			685,260,000			497,531,000
Collateralized Debt Obligations [Abstract]
Gross amounts offset in the balance sheet										1,044,667,000			1,044,667,000			744,310,000
Term master repurchase agreement
Committed Loan and Securities Repurchase Facilities
Committed financing										400,000,000			400,000,000
Total Repurchase Facilities
Committed Loan and Securities Repurchase Facilities
Committed financing										$ 2,150,000,000			$ 2,150,000,000			2,150,000,000
Repurchase agreements, number of counterparties | counterparty										9			9
Gross amounts of recognized liabilities										$ 1,267,371,000			$ 1,267,371,000			663,685,000
Collateralized Debt Obligations [Abstract]
Gross amounts offset in the balance sheet										$ 1,681,905,000			$ 1,681,905,000			932,113,000
Total Repurchase Facilities | Deutshe Bank, J.P. Morgan and Wells Fargo
Committed Loan and Securities Repurchase Facilities
Repurchase agreements, number of counterparties | counterparty										2			2
Excess collateral over amounts borrowed under repurchase agreements										$ 82,400,000			$ 82,400,000
Ratio indebtedness over total equity													5.00%
Haircut on repurchase agreements										24.80%			24.80%
Uncommitted securities Repurchase Facilities | Various Date
Committed Loan and Securities Repurchase Facilities
Gross amounts of recognized liabilities										$ 582,111,000			$ 582,111,000			166,154,000
Collateralized Debt Obligations [Abstract]
Gross amounts offset in the balance sheet										$ 637,238,000			$ 637,238,000			$ 187,803,000
Uncommitted securities Repurchase Facilities | Maximum
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]
Advance rates													95.00%
Uncommitted securities Repurchase Facilities | Maximum | Various Date
Collateralized Debt Obligations [Abstract]
Interest rate										4.06%			4.06%			4.55%
Uncommitted securities Repurchase Facilities | Minimum
Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract]
Advance rates													75.00%
Uncommitted securities Repurchase Facilities | Minimum | Various Date
Collateralized Debt Obligations [Abstract]
Interest rate										2.99%			2.99%			2.99%
Mortgage loan financing | Various Date
Committed Loan and Securities Repurchase Facilities
Committed financing										$ 734,652,000			$ 734,652,000			$ 743,902,000
Gross amounts of recognized liabilities										734,652,000			734,652,000			743,902,000
Collateralized Debt Obligations [Abstract]
Gross amounts offset in the balance sheet										$ 912,888,000			$ 912,888,000			$ 939,362,000
Mortgage loan financing | Maximum | Various Date
Collateralized Debt Obligations [Abstract]
Interest rate										7.00%			7.00%			7.00%
Mortgage loan financing | Minimum | Various Date
Collateralized Debt Obligations [Abstract]
Interest rate										4.25%			4.25%			4.25%
CLO Debt | Various Date
Committed Loan and Securities Repurchase Facilities
Committed financing										$ 263,216,000			$ 263,216,000			$ 601,543,000
Gross amounts of recognized liabilities										263,216,000			263,216,000			601,543,000
Collateralized Debt Obligations [Abstract]
Unamortized debt issuance costs										1,000,000			1,000,000			2,600,000
Gross amounts offset in the balance sheet										$ 425,439,000			$ 425,439,000			$ 710,502,000						$ 431,500,000	$ 456,900,000
CLO Debt | Affiliated Entity | Various Date
Collateralized Debt Obligations [Abstract]
Ownership percentage																						25.00%	18.50%
CLO Debt | Maximum | Various Date
Collateralized Debt Obligations [Abstract]
Interest rate										5.99%			5.99%			6.06%
CLO Debt | Minimum | Various Date
Collateralized Debt Obligations [Abstract]
Interest rate										3.40%			3.40%			3.34%
CLO Debt | Weighted Average | Various Date
Collateralized Debt Obligations [Abstract]
Interest rate										5.10%			5.10%
Participation Financing - Mortgage Loan Receivable
Committed Loan and Securities Repurchase Facilities
Gross amounts of recognized liabilities										$ 0			$ 0			$ 2,500,000
Collateralized Debt Obligations [Abstract]
Proceeds from borrowings under debt obligations												$ 4,000,000
Participation Financing - Mortgage Loan Receivable | Related Reserve IV LLC | Affiliated Entity | B Participation Interest
Collateralized Debt Obligations [Abstract]
Interest expense, debt										100,000	$ 100,000		200,000	$ 200,000
Senior Unsecured Notes
Collateralized Debt Obligations [Abstract]
Unamortized debt issuance costs										9,801,000			9,801,000
Senior Unsecured Notes | Various Date
Collateralized Debt Obligations [Abstract]
Unamortized debt issuance costs										9,800,000			9,800,000			11,200,000
Borrowings from Federal Home Loan Bank (FHLB) [Abstract]
Loan refinance										$ 1,166,201,000			$ 1,166,201,000			$ 1,166,201,000
Senior Unsecured Notes | Maximum | Various Date
Collateralized Debt Obligations [Abstract]
Interest rate										5.875%			5.875%			5.875%
Senior Unsecured Notes | Minimum | Various Date
Collateralized Debt Obligations [Abstract]
Interest rate										5.25%			5.25%			5.25%

DEBT OBLIGATIONS, NET - Sched_2

DEBT OBLIGATIONS, NET - Schedule of Maturities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2019 (last 6 months)	$ 842,102
2020	1,040,826
2021	843,924
2022	655,796
2023	559,305
Thereafter	676,940
Subtotal	4,618,893
Premiums included in mortgage loan financing	5,510
Debt obligations	4,613,088
Senior Unsecured Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(9,801)
CLO debt
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(971)
Mortgage Loan Financing
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	$ (543)
Length of extension options	1 year

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2019USD ($)	Jun. 30, 2018	Dec. 31, 2018USD ($)
Assets:
Fair Value		$ 3,305,747		$ 3,564,681
Provision for loan losses	[1]	(18,500)		(17,900)
Liabilities:
Fair Value		4,665,834		4,401,295
Level 3
Assets:
Fair Value		3,305,747		3,564,681
Provision for loan losses		(18,500)		(17,900)
Liabilities:
Fair Value		$ 4,665,834		$ 4,401,295
Mortgage loan receivables held for investment, net, at amortized cost
Liabilities:
Period of short interest rate reset risk		30 days		30 days
CLO debt
Liabilities:
Period of short interest rate reset risk		30 days	30 days
Recurring
Assets:
Fair Value		$ 1,776,433		$ 1,397,918
Recurring | Level 3
Assets:
Fair Value		1,762,693		1,386,368
Recurring | CMBS | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount		1,642,160		1,258,819
Amortized Cost Basis/Purchase Price		1,643,149		1,257,801
Fair Value		$ 1,653,703		$ 1,252,640
Liabilities:
Financial instruments, measurement input		0.0331		0.0314
Weighted average remaining maturity/duration		2 years 3 months 3 days		2 years 3 months 29 days
Recurring | CMBS interest-only | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount		$ 2,166,640		$ 2,373,936
Amortized Cost Basis/Purchase Price		42,689		55,534
Fair Value		$ 44,052		$ 55,691
Liabilities:
Financial instruments, measurement input		0.0363		0.0280
Weighted average remaining maturity/duration		2 years 8 months 1 day		2 years 8 months 8 days
Recurring | GNMA interest-only | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount		$ 118,858		$ 135,932
Amortized Cost Basis/Purchase Price		2,483		2,862
Fair Value		$ 2,291		$ 2,648
Liabilities:
Financial instruments, measurement input		0.0913		0.0630
Weighted average remaining maturity/duration		2 years 8 months 19 days		4 years 1 month 9 days
Recurring | Agency securities | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount		$ 652		$ 668
Amortized Cost Basis/Purchase Price		664		682
Fair Value		$ 663		$ 662
Liabilities:
Financial instruments, measurement input		0.0178		0.0183
Weighted average remaining maturity/duration		2 years 1 month 9 days		2 years 4 months 9 days
Recurring | GNMA permanent securities | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount		$ 32,055		$ 32,633
Amortized Cost Basis/Purchase Price		32,291		32,889
Fair Value		$ 33,084		$ 33,064
Liabilities:
Financial instruments, measurement input		0.0374		0.0376
Weighted average remaining maturity/duration		4 years 8 months 19 days		5 years 10 days
Recurring | Corporate bonds | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount		$ 41,205		$ 55,305
Amortized Cost Basis/Purchase Price		40,581		54,257
Fair Value		$ 41,418		$ 53,871
Liabilities:
Financial instruments, measurement input		0.0482		0.0504
Weighted average remaining maturity/duration		1 year 7 months 20 days		2 years 6 months 3 days
Recurring | Equity securities | Internal Model Third Party Inputs Valuation Technique
Assets:
Amortized Cost Basis/Purchase Price		$ 13,720		$ 13,154
Fair Value		13,204		11,550
Recurring | Mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow
Assets:
Outstanding Face Amount		3,136,334		3,340,381
Amortized Cost Basis/Purchase Price		3,119,857		3,318,390
Fair Value		$ 3,133,579		$ 3,324,588
Liabilities:
Financial instruments, measurement input		0.0801		0.0784
Weighted average remaining maturity/duration		1 year 2 months 8 days		1 year 3 months 25 days
Recurring | Provisions For Loan Losses
Assets:
Provision for loan losses		$ (18,500)		$ (17,900)
Recurring | Mortgage loan receivables held for sale | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount		112,099		181,905
Amortized Cost Basis/Purchase Price		111,977		182,439
Fair Value		$ 116,531		$ 187,870
Liabilities:
Financial instruments, measurement input		0.0505		0.0546
Weighted average remaining maturity/duration		9 years 4 months 28 days		9 years 9 months
Recurring | FHLB stock | FHLB stock
Assets:
Outstanding Face Amount		$ 61,619		$ 57,915
Amortized Cost Basis/Purchase Price		61,619		57,915
Fair Value		$ 61,619		$ 57,915
Liabilities:
Financial instruments, measurement input		0.0550		0.0450
Recurring | Nonhedge derivatives | Counterparty Quotations Valuation Technique
Assets:
Nonhedge derivative assets		$ 344,171		$ 0
Fair Value		$ 536		$ 0
Liabilities:
Weighted average remaining maturity/duration		3 months		0 years
Recurring | Repurchase agreements - short-term | Discounted Cash Flow
Liabilities:
Outstanding Face Amount		$ 957,902		$ 436,957
Amortized Cost Basis/Purchase Price		957,902		436,957
Fair Value		$ 957,902		$ 436,957
Financial instruments, measurement input		0.0307		0.0342
Weighted average remaining maturity/duration		3 months 14 days		2 months 23 days
Recurring | Repurchase agreements - long-term | Discounted Cash Flow
Liabilities:
Outstanding Face Amount		$ 309,469		$ 226,728
Amortized Cost Basis/Purchase Price		309,469		226,728
Fair Value		$ 309,469		$ 226,728
Financial instruments, measurement input		0.0336		0.0347
Weighted average remaining maturity/duration		1 year 6 months 7 days		1 year 8 months 23 days
Recurring | Mortgage loan financing | Discounted Cash Flow
Liabilities:
Outstanding Face Amount		$ 729,685		$ 738,825
Amortized Cost Basis/Purchase Price		734,652		743,902
Fair Value		$ 750,161		$ 735,662
Financial instruments, measurement input		0.0509		0.0509
Weighted average remaining maturity/duration		1 year 9 months 25 days		2 years 7 months 9 days
Recurring | CLO debt | Discounted Cash Flow
Liabilities:
Outstanding Face Amount		$ 263,216		$ 601,543
Amortized Cost Basis/Purchase Price		263,216		601,543
Fair Value		$ 263,216		$ 601,543
Financial instruments, measurement input		0.0510		0.0441
Weighted average remaining maturity/duration		4 years 10 months 20 days		9 years 4 months 24 days
Recurring | Participation Financing - Mortgage Loan Receivable | Discounted Cash Flow
Liabilities:
Outstanding Face Amount				$ 2,453
Amortized Cost Basis/Purchase Price				2,453
Fair Value				$ 2,453
Financial instruments, measurement input				0.1700
Weighted average remaining maturity/duration				5 months 4 days
Recurring | Borrowings from the FHLB | Discounted Cash Flow
Liabilities:
Outstanding Face Amount		$ 1,191,449		$ 1,286,000
Amortized Cost Basis/Purchase Price		1,191,449		1,286,000
Fair Value		$ 1,199,510		$ 1,286,664
Financial instruments, measurement input		0.0258		0.0255
Weighted average remaining maturity/duration		2 years 4 months 2 days		2 years 5 months 15 days
Recurring | Senior unsecured notes | Broker Quotations Pricing Services Valuation Technique
Liabilities:
Outstanding Face Amount		$ 1,166,201		$ 1,166,201
Amortized Cost Basis/Purchase Price		1,156,400		1,154,991
Fair Value		$ 1,185,576		$ 1,111,288
Financial instruments, measurement input		0.0539		0.0539
Weighted average remaining maturity/duration		3 years 9 months 10 days		4 years 3 months 10 days
Recurring | Nonhedge derivatives | Counterparty Quotations Valuation Technique
Liabilities:
Nonhedge derivative liabilities				$ 578,971
Fair Value				$ 975
Weighted average remaining maturity/duration				3 months
[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		Jun. 30, 2019	Dec. 31, 2018
Assets:
Fair value of assets		$ 3,305,747	$ 3,564,681
Provision for loan losses	[1]	(18,500)	(17,900)
Liabilities:
Fair value of liabilities		4,665,834	4,401,295
Repurchase agreements - short-term
Liabilities:
Outstanding Face Amount		957,902	436,957
Fair value of liabilities		957,902	436,957
Repurchase agreements - long-term
Liabilities:
Outstanding Face Amount		309,469	226,728
Fair value of liabilities		309,469	226,728
Mortgage loan financing
Liabilities:
Outstanding Face Amount		729,685	738,825
Fair value of liabilities		750,161	735,662
CLO debt
Liabilities:
Outstanding Face Amount		263,216	601,543
Fair value of liabilities			601,543
Participation Financing - Mortgage Loan Receivable
Liabilities:
Outstanding Face Amount			2,453
Fair value of liabilities			2,453
Borrowings from the FHLB
Liabilities:
Outstanding Face Amount		1,191,449	1,286,000
Fair value of liabilities		1,199,510	1,286,664
Senior unsecured notes
Liabilities:
Outstanding Face Amount		1,166,201	1,166,201
Fair value of liabilities		1,185,576	1,111,288
CMBS
Assets:
Outstanding Face Amount		12,168	12,210
Fair value of assets		11,645	11,306
CMBS interest-only
Assets:
Outstanding Face Amount		11,145	11,189
Fair value of assets		873	902
Mortgage loan receivables held for investment, net, at amortized cost
Assets:
Outstanding Face Amount		3,136,334	3,340,381
Fair value of assets		3,133,579	3,324,588
Mortgage loan receivables held for sale
Assets:
Outstanding Face Amount		112,099	181,905
Fair value of assets		116,531	187,870
FHLB stock
Assets:
Outstanding Face Amount		61,619	57,915
Fair value of assets		61,619	57,915
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	0
Level 1 | Participation Financing - Mortgage Loan Receivable
Liabilities:
Fair value of liabilities			0
Level 1 | Borrowings from the FHLB
Liabilities:
Fair value of liabilities		0	0
Level 1 | Senior unsecured notes
Liabilities:
Fair value of liabilities		0	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	0
Level 2 | Participation Financing - Mortgage Loan Receivable
Liabilities:
Fair value of liabilities			0
Level 2 | Borrowings from the FHLB
Liabilities:
Fair value of liabilities		0	0
Level 2 | Senior unsecured notes
Liabilities:
Fair value of liabilities		0	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		3,305,747	3,564,681
Provision for loan losses		(18,500)	(17,900)
Liabilities:
Fair value of liabilities		4,665,834	4,401,295
Level 3 | Repurchase agreements - short-term
Liabilities:
Fair value of liabilities		957,902	436,957
Level 3 | Repurchase agreements - long-term
Liabilities:
Fair value of liabilities		309,469	226,728
Level 3 | Mortgage loan financing
Liabilities:
Fair value of liabilities		750,161	735,662
Level 3 | CLO debt
Liabilities:
Fair value of liabilities		263,216	601,543
Level 3 | Participation Financing - Mortgage Loan Receivable
Liabilities:
Fair value of liabilities			2,453
Level 3 | Borrowings from the FHLB
Liabilities:
Fair value of liabilities		1,199,510	1,286,664
Level 3 | Senior unsecured notes
Liabilities:
Fair value of liabilities		1,185,576	1,111,288
Level 3 | CMBS
Assets:
Fair value of assets		11,645	11,306
Level 3 | CMBS interest-only
Assets:
Fair value of assets		873	902
Level 3 | Mortgage loan receivables held for investment, net, at amortized cost
Assets:
Fair value of assets		3,133,579	3,324,588
Level 3 | Mortgage loan receivables held for sale
Assets:
Fair value of assets		116,531	187,870
Level 3 | FHLB stock
Assets:
Fair value of assets		61,619	57,915
Recurring
Assets:
Fair value of assets		1,776,433	1,397,918
Recurring | Nonhedge derivatives
Liabilities:
Nonhedge derivative liabilities			605,871
Fair value of liabilities			975
Recurring | CMBS
Assets:
Outstanding Face Amount		1,629,992	1,246,609
Fair value of assets		1,642,058	1,241,334
Recurring | CMBS interest-only
Assets:
Outstanding Face Amount		2,155,495	2,362,747
Fair value of assets		43,179	54,789
Recurring | GNMA interest-only
Assets:
Outstanding Face Amount		118,858	135,932
Fair value of assets		2,291	2,648
Recurring | Agency securities
Assets:
Outstanding Face Amount		652	668
Fair value of assets		663	662
Recurring | GNMA permanent securities
Assets:
Outstanding Face Amount		32,055	32,633
Fair value of assets		33,084	33,064
Recurring | Corporate bonds
Assets:
Outstanding Face Amount		41,205	55,305
Fair value of assets		41,418	53,871
Recurring | Equity securities
Assets:
Fair value of assets		13,204	11,550
Recurring | Nonhedge derivatives
Assets:
Fair value of assets		536
Nonhedge derivative assets		344,171
Recurring | Level 1
Assets:
Fair value of assets		13,204	11,550
Recurring | Level 1 | Nonhedge derivatives
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	0
Recurring | Level 1 | Equity securities
Assets:
Fair value of assets		13,204	11,550
Recurring | Level 1 | Nonhedge derivatives
Assets:
Fair value of assets		0
Recurring | Level 2
Assets:
Fair value of assets		536	0
Recurring | Level 2 | Nonhedge derivatives
Liabilities:
Fair value of liabilities			975
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	0
Recurring | Level 2 | Nonhedge derivatives
Assets:
Fair value of assets		536
Recurring | Level 3
Assets:
Fair value of assets		1,762,693	1,386,368
Recurring | Level 3 | Nonhedge derivatives
Liabilities:
Fair value of liabilities			0
Recurring | Level 3 | CMBS
Assets:
Fair value of assets		1,642,058	1,241,334
Recurring | Level 3 | CMBS interest-only
Assets:
Fair value of assets		43,179	54,789
Recurring | Level 3 | GNMA interest-only
Assets:
Fair value of assets		2,291	2,648
Recurring | Level 3 | Agency securities
Assets:
Fair value of assets		663	662
Recurring | Level 3 | GNMA permanent securities
Assets:
Fair value of assets		33,084	33,064
Recurring | Level 3 | Corporate bonds
Assets:
Fair value of assets		41,418	$ 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	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,385,957	$ 1,106,517
Transfer from level 2	0	0
Purchases	847,318	243,921
Sales	(379,961)	(161,518)
Paydowns/maturities	(110,400)	(56,707)
Amortization of premium/discount	(6,267)	(12,724)
Unrealized gain/(loss)	18,804	(10,789)
Realized gain/(loss) on sale	7,242	(2,342)
Ending balance	$ 1,762,693	$ 1,106,358

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Quantitative Information (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 1,775,211	$ 1,398,576
CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	1,653,703	1,252,640
CMBS interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	44,052	55,691
GNMA interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	2,291	2,648
Agency securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	663	662
GNMA permanent securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	33,084	33,064
Corporate bonds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 41,418	$ 53,871
Level 3 | CMBS | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	0 months	0 years
Level 3 | CMBS | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	1 year 8 months 15 days	2 years 6 months
Level 3 | CMBS | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	7 years 4 months 13 days	7 years 9 months 10 days
Level 3 | CMBS interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	2 months 12 days	1 month 20 days
Level 3 | CMBS interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	2 years 7 months 17 days	2 years 11 months 15 days
Level 3 | CMBS interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	3 years 10 months 6 days	6 years 10 months 9 days
Level 3 | GNMA interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	7 months 13 days	0 days
Level 3 | GNMA interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	2 years 9 months 21 days	3 years 1 month 17 days
Level 3 | GNMA interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	10 years 7 days	4 years 9 months 7 days
Level 3 | Agency securities | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	0 months	0 years
Level 3 | Agency securities | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	2 years 6 months 29 days	2 years 9 months 29 days
Level 3 | Agency securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	3 years 4 months 20 days	3 years 9 months 25 days
Level 3 | GNMA permanent securities | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	2 years 7 months 13 days	0 years
Level 3 | GNMA permanent securities | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	3 years 7 months 6 days	5 years 7 months 13 days
Level 3 | GNMA permanent securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	6 years 8 months 1 day	5 years 10 months 17 days
Level 3 | Corporate bonds | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	1 year 3 months 7 days	1 year 11 months 8 days
Level 3 | Corporate bonds | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	1 year 4 months 13 days	2 years 2 months 8 days
Level 3 | Corporate bonds | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	2 years 25 days	2 years 8 months 12 days
Level 3 | Yield | CMBS | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0
Level 3 | Yield | CMBS | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0323	0.0354
Level 3 | Yield | CMBS | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.2087	0.2167
Level 3 | Yield | CMBS interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0195	0.0087
Level 3 | Yield | CMBS interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0416	0.0471
Level 3 | Yield | CMBS interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0988	0.0811
Level 3 | Yield | GNMA interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	(0.06)	0.0121
Level 3 | Yield | GNMA interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1403	0.0554
Level 3 | Yield | GNMA interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.5934	0.1021
Level 3 | Yield | Agency securities | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0
Level 3 | Yield | Agency securities | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0153	0.021
Level 3 | Yield | Agency securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0201	0.0284
Level 3 | Yield | GNMA permanent securities | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0208	0
Level 3 | Yield | GNMA permanent securities | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0352	0.0351
Level 3 | Yield | GNMA permanent securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0667	0.04
Level 3 | Yield | Corporate bonds | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0348	0.053
Level 3 | Yield | Corporate bonds | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0351	0.0535
Level 3 | Yield | Corporate bonds | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0352	0.0546
Level 3 | Prepayment speed | CMBS interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	100	100
Level 3 | Prepayment speed | CMBS interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	100	100
Level 3 | Prepayment speed | CMBS interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	100	100
Level 3 | Prepayment speed | GNMA interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	5	5
Level 3 | Prepayment speed | GNMA interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	6.74	6.58
Level 3 | Prepayment speed | GNMA interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	15	15
Level 3 | Internal Model Third Party Inputs Valuation Technique
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 1,775,211	$ 1,398,576
Level 3 | Internal Model Third Party Inputs Valuation Technique | CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	1,653,703
Level 3 | Internal Model Third Party Inputs Valuation Technique | CMBS interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	44,052
Level 3 | Internal Model Third Party Inputs Valuation Technique | GNMA interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	2,291
Level 3 | Internal Model Third Party Inputs Valuation Technique | Agency securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	663
Level 3 | Internal Model Third Party Inputs Valuation Technique | GNMA permanent securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	33,084
Level 3 | Internal Model Third Party Inputs Valuation Technique | Corporate bonds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 41,418

FAIR VALUE OF FINANCIAL INSTR_7

FAIR VALUE OF FINANCIAL INSTRUMENTS - Nonrecurring Fair Values (Details) - USD ($) $ in Thousands	May 01, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
FAIR VALUE OF FINANCIAL INSTRUMENTS
Impairment of real estate		$ 0	$ 1,400	$ 0	$ 1,350	$ 0
Operating lease income	$ 3,900	27,780			56,701
Loss on sale of real estate	3,500
Depreciation and amortization	400	$ 9,935		$ 10,656	$ 20,162	$ 21,479
Loss on sale of real estate	$ 20

DERIVATIVE INSTRUMENTS - Schedu

DERIVATIVE INSTRUMENTS - Schedule of Derivatives Outstanding (Details) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional		$ 344,171,000	$ 578,971,000
Fair value, asset	[1]	536,000	0
Fair value, liability	[1]	0	975,000
1 Month LIBOR
Derivative [Line Items]
Notional		69,571,000	69,571,000
Fair value, asset		0	0
Fair value, liability		$ 0	$ 0
Remaining maturity		10 months 9 days	1 year 4 months 6 days
5-year Swap
Derivative [Line Items]
Notional		$ 95,800,000	$ 274,900,000
Fair value, asset		187,000	0
Fair value, liability		$ 0	$ 526,000
Remaining maturity		3 months	3 months
10-year Swap
Derivative [Line Items]
Notional		$ 175,900,000	$ 227,700,000
Fair value, asset		343,000	0
Fair value, liability		$ 0	$ 436,000
Remaining maturity		3 months	3 months
5-year U.S. Treasury Note
Derivative [Line Items]
Notional		$ 2,900,000	$ 6,800,000
Fair value, asset		6,000	0
Fair value, liability		$ 0	$ 13,000
Remaining maturity		3 months	3 months
Futures
Derivative [Line Items]
Notional		$ 274,600,000	$ 509,400,000
Fair value, asset		536,000	0
Fair value, liability		$ 0	$ 975,000
[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	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative [Line Items]
Unrealized Gain/(Loss)	$ (980)	$ 568	$ 1,511	$ 2,340
Realized Gain/(Loss)	(14,477)	6,513	(28,002)	19,700
Net Result from Derivative Transactions	(15,457)	7,081	(26,491)	22,040
Futures
Derivative [Line Items]
Unrealized Gain/(Loss)	(1,046)	568	1,511	888
Realized Gain/(Loss)	(14,361)	6,513	(27,894)	20,885
Net Result from Derivative Transactions	(15,407)	7,081	(26,383)	21,773
Swaps
Derivative [Line Items]
Unrealized Gain/(Loss)		0		1,403
Realized Gain/(Loss)		0		(848)
Net Result from Derivative Transactions		0		555
Credit Derivatives
Derivative [Line Items]
Unrealized Gain/(Loss)	66	0	0	49
Realized Gain/(Loss)	(116)	0	(108)	(337)
Net Result from Derivative Transactions	$ (50)	$ 0	$ (108)	$ (288)

DERIVATIVE INSTRUMENTS - Additi

DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash margins held as collateral for derivatives by counterparties	$ 3,100,000	$ 5,000,000
Cash collateral held by counterparty	$ 0	$ 0

OFFSETTING ASSETS AND LIABILI_3

OFFSETTING ASSETS AND LIABILITIES - Offsetting Assets (Details) - USD ($) $ in Thousands		Jun. 30, 2019	Dec. 31, 2018
Offsetting of derivative assets
Gross amounts of recognized assets		$ 536
Gross amounts offset in the balance sheet		0
Net amounts of assets presented in the balance sheet	[1]	536	$ 0
Gross amounts not offset in the balance sheet
Financial instruments		0
Cash collateral received/(posted)		0
Net amount		$ 536
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3 .

OFFSETTING ASSETS AND LIABILI_4

OFFSETTING ASSETS AND LIABILITIES - Offsetting Liabilities (Details) - USD ($) $ in Thousands		Jun. 30, 2019	Dec. 31, 2018
Derivatives
Gross amounts of recognized liabilities			$ 975
Gross amounts offset in the balance sheet			0
Net amounts of liabilities presented in the balance sheet	[1]	$ 0	975
Gross amounts not offset in the balance sheet
Financial instruments collateral			0
Cash collateral posted/(received)			975
Net amount			0
Repurchase agreements
Gross amounts of recognized liabilities		1,267,371	663,685
Gross amounts offset in the balance sheet		0	0
Net amounts of liabilities presented in the balance sheet		1,267,371	663,685
Gross amounts not offset in the balance sheet
Financial instruments collateral		1,267,371	663,685
Cash collateral posted/(received)		0	0
Net amount		0	0
Total
Gross amounts of recognized liabilities		1,267,371	664,660
Gross amounts offset in the balance sheet		0	0
Net amounts of liabilities presented in the balance sheet		1,267,371	664,660
Gross amounts not offset in the balance sheet
Financial instruments collateral		1,267,371	663,685
Cash collateral posted/(received)		0	975
Net amount		$ 0	$ 0
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3 .

EQUITY STRUCTURE AND ACCOUNTS -

EQUITY STRUCTURE AND ACCOUNTS - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019USD ($)VoteClass_of_Stock$ / sharesshares	Jun. 30, 2018USD ($)shares	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Oct. 30, 2014USD ($)
Class of Stock [Line Items]
Number of classes of common stock | Class_of_Stock	2
2014 Share Repurchase Authorization Program
Class of Stock [Line Items]
Remaining amount available for repurchase | $	$ 41,100,000
Percentage of aggregate common stock outstanding under Repurchase Program	2.30%
Closing price (in dollars per share) | $ / shares	$ 16.61
Series REIT LP Units
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock, units exchanged (in shares)	1,139,411	4,349,832
Series TRS LP Units
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock, units exchanged (in shares)	1,139,411	4,349,832
Class A Common Stock
Class of Stock [Line Items]
Number of votes per share | Vote	1
Exchange of noncontrolling interest for common stock, units exchanged (in shares)	1,139,411
Exchange of noncontrolling interest for common stock (in shares)		4,349,832
Class A Common Stock | 2014 Share Repurchase Authorization Program
Class of Stock [Line Items]
Additional authorizations | $	$ 0	$ 0			$ 50,000,000
Purchase of treasury stock (in shares)	40,065	40,065
Remaining amount available for repurchase | $	$ 41,132,000	$ 41,769,000	$ 41,769,000	$ 41,769,000
Class B Common Stock
Class of Stock [Line Items]
Number of votes per share | Vote	1
Exchange of noncontrolling interest for common stock, units exchanged (in shares)	(1,139,411)
Exchange of noncontrolling interest for common stock (in shares)		(4,349,832)

EQUITY STRUCTURE AND ACCOUNTS_2

EQUITY STRUCTURE AND ACCOUNTS - Schedule of repurchase of treasury stock activity (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Oct. 30, 2014
Treasury Stock [Roll Forward]
Repurchases paid	$ (637,000)	$ (637,000)
2014 Share Repurchase Authorization Program
Treasury Stock [Roll Forward]
Remaining amount available for repurchase	41,100,000	$ 41,100,000
2014 Share Repurchase Authorization Program | Class A Common Stock
Class of Stock [Line Items]
Purchase of treasury stock (in shares)		40,065	40,065
Treasury Stock [Roll Forward]
Remaining amount available for repurchase		$ 41,769,000	$ 41,769,000
Additional authorizations	0	0	0	$ 50,000,000
Repurchases paid		(637,000)	0
Repurchases unsettled		0	0
Remaining amount available for repurchase	$ 41,132,000	$ 41,132,000	$ 41,769,000

EQUITY STRUCTURE AND ACCOUNTS_3

EQUITY STRUCTURE AND ACCOUNTS - Dividends Declared (Details) - $ / shares	May 30, 2019	Feb. 27, 2019	May 30, 2018	Feb. 27, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Class A Common Stock
Class of Stock [Line Items]
Dividends per share of Class A common stock (in dollars per share)	$ 0.340	$ 0.340	$ 0.325	$ 0.315	$ 0.340	$ 0.325	$ 0.680	$ 0.640

EQUITY STRUCTURE AND ACCOUNTS_4

EQUITY STRUCTURE AND ACCOUNTS - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019		Jun. 30, 2018	Jun. 30, 2019		Jun. 30, 2018
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	$ 1,644,243		$ 1,503,292	$ 1,643,635	[1]	$ 1,488,146
Other comprehensive income (loss)	5,589		(2,247)	18,782		(11,104)
Exchange of noncontrolling interest for common stock				0		0
Rebalancing of ownership percentage between Company and Operating Partnership				0		0
Ending Balance	1,648,074	[1]	1,512,462	1,648,074	[1]	1,512,462
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	7,080		(7,880)	(4,649)		(212)
Other comprehensive income (loss)	5,007		(1,978)	16,738		(9,506)
Exchange of noncontrolling interest for common stock				65		(143)
Rebalancing of ownership percentage between Company and Operating Partnership				17		6
Ending Balance	12,171		(9,855)	12,171		(9,855)
Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests
AOCI Attributable to Parent [Roll Forward]
Beginning Balance				(588)		116
Other comprehensive income (loss)				2,044		(1,598)
Exchange of noncontrolling interest for common stock				(65)		143
Rebalancing of ownership percentage between Company and Operating Partnership				(17)		(6)
Ending Balance	1,374		(1,345)	1,374		(1,345)
Total Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent [Roll Forward]
Beginning Balance				(5,237)		(96)
Ending Balance	$ 13,545		$ (11,200)	$ 13,545		$ (11,200)
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3 .

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)propertyJoint_Venture
Consolidated Joint Venture
Noncontrolling Interest [Line Items]
Number of consolidated joint ventures | Joint_Venture	8
Number of real estate properties	40
Consolidated Joint Venture | Diversified
Noncontrolling Interest [Line Items]
Number of real estate properties	20
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
Consolidated Joint Venture | Minimum
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership	1.20%
Consolidated Joint Venture | Maximum
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership	29.40%
Operating Partnership
Noncontrolling Interest [Line Items]
Decrease in noncontrolling interest in Operating Partnership | $	$ 0.3

EARNINGS PER SHARE - Net Income

EARNINGS PER SHARE - Net Income and Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Weighted average shares outstanding:
Basic (in shares)	105,511,385	96,810,266	104,888,925	96,003,151
Diluted (in shares)	105,892,420	97,165,899	105,742,589	96,276,824
Class A Common Stock
Earnings Per Share
Basic Net income (loss) available for Class A common shareholders	$ 32,244	$ 38,406	$ 54,419	$ 89,281
Diluted Net income (loss) available for Class A common shareholders	$ 32,244	$ 38,406	$ 54,419	$ 89,281
Weighted average shares outstanding:
Basic (in shares)	105,511,385	96,810,266	104,888,925	96,003,151
Diluted (in shares)	105,892,420	97,165,899	105,742,589	96,276,824

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	105,511,385	96,810,266	104,888,925	96,003,151
Basic net income (loss) per share of Class A common stock (in dollars per share)	$ 0.31	$ 0.40	$ 0.52	$ 0.93
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	105,511,385	96,810,266	104,888,925	96,003,151
Diluted weighted average number of shares of Class A common stock outstanding (in shares)	105,892,420	97,165,899	105,742,589	96,276,824
Diluted net income (loss) per share of Class A common stock (in dollars per share)	$ 0.30	$ 0.40	$ 0.51	$ 0.93
Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders	$ 32,244	$ 38,406	$ 54,419	$ 89,281
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	105,511,385	96,810,266	104,888,925	96,003,151
Basic net income (loss) per share of Class A common stock (in dollars per share)	$ 0.31	$ 0.40	$ 0.52	$ 0.93
Numerator:
Net income (loss) attributable to Class A common shareholders	$ 32,244	$ 38,406	$ 54,419	$ 89,281
Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss)	0	0	0	0
Additional corporate tax (expense) benefit	0	0	0	0
Diluted Net income (loss) available for Class A common shareholders	$ 32,244	$ 38,406	$ 54,419	$ 89,281
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	105,511,385	96,810,266	104,888,925	96,003,151
Shares issuable relating to converted Class B common shareholders (in shares)	0	0	0	0
Incremental shares of unvested Class A restricted stock (in shares)	381,035	355,633	853,664	273,673
Diluted weighted average number of shares of Class A common stock outstanding (in shares)	105,892,420	97,165,899	105,742,589	96,276,824
Diluted net income (loss) per share of Class A common stock (in dollars per share)	$ 0.30	$ 0.40	$ 0.51	$ 0.93

STOCK BASED AND OTHER COMPENS_3

STOCK BASED AND OTHER COMPENSATION PLANS - Stock Based Compensation Plans Summary (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	$ 3,469	$ 2,105	$ 14,761	$ 4,505
Ladder Capital Corp Deferred Compensation Plan	0	236	0	919
Bonus Expense	7,717	7,782	14,501	17,562
Other Employee/Director Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	4	12	16	33
Phantom Equity Investment Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	(98)	0	704	0
Annual Incentive Awards Granted in 2015 with Respect to 2014 Performance | 2014 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	0	0	0	172
Annual Incentive Awards Granted in 2016 with Respect to 2015 Performance | 2014 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	0	325	131	647
Annual Incentive Awards Granted in 2017 With Respect to 2016 Performance | 2014 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	282	509	676	1,131
Other 2017 Restricted Stock Awards | 2014 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	25	76	76	181
Annual Incentive Awards Granted in 2017 With Respect to 2017 Performance | 2014 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	580	1,087	1,365	2,202
2018 Restricted Stock Awards | 2014 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	0	93	32	136
Other 2018 Restricted Stock Awards | 2014 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	10	3	21	3
Annual Incentive Awards Granted in 2019 with Respect to 2018 Performance | 2014 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	2,481	0	12,295	0
Other 2019 Restricted Stock Awards | 2014 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	$ 87	$ 0	$ 149	$ 0

STOCK BASED AND OTHER COMPENS_4

STOCK BASED AND OTHER COMPENSATION PLANS - Additional Information (Details) $ / shares in Millions

Jun. 04, 2019USD ($)shares

Feb. 18, 2019

Feb. 18, 2019

Feb. 18, 2019$ / shares

Feb. 18, 2019USD ($)

Feb. 18, 2019shares

Feb. 18, 2019installment

Feb. 15, 2019USD ($)

Jan. 24, 2019USD ($)shares

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, 2017USD ($)anniversaryinstallmentshares

Jan. 24, 2017USD ($)shares

Mar. 17, 2015

Jun. 30, 2019USD ($)shares

Jun. 30, 2018USD ($)shares

Jun. 30, 2019USD ($)shares

Jun. 30, 2018USD ($)shares

Dec. 31, 2018USD ($)shares

Jan. 05, 2018USD ($)

Dec. 29, 2017USD ($)

Dec. 19, 2017USD ($)

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

Aggregate value of awards granted | $

$ 11,700,000

Period of recognition for unrecognized compensation costs

36 months

34 months

Unrecognized compensation cost | $

$ 17,900,000

$ 10,300,000

$ 17,900,000

$ 10,300,000

Remaining vesting period

27 months 21 days

23 months 3 days

Accrued bonuses | $

$ 61,400,000

$ 49,300,000

Equity based compensation | $

$ 26,600,000

$ 15,500,000

Bonuses paid | $

$ 16,800,000

$ 17,100,000

Bonus expense | $

3,469,000

2,105,000

$ 14,761,000

$ 4,505,000

Restricted Stock

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

Number of restricted shares granted (in shares)

1,556,682

28,936

Bonus expense | $

$ 3,469,000

2,105,000

$ 14,761,000

$ 4,505,000

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

3 years

2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock | Performance-based vesting

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

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

3

3

3

3

Number of anniversaries in which awards are vested | anniversary

3

2014 Omnibus Incentive Plan | Michael Mazzei | Restricted Stock

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

Period of recognition for unrecognized compensation costs

3 years

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

Units outstanding (in shares)

255,089

255,089

380,662

Units unvested (in shares)

135,860

135,860

130,389

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

$ 4,200,000

$ 4,200,000

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 | $

$ 5,900,000

Two Thousand and Eighteen Bonus Expense

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

Bonus expense | $

$ 7,700,000

$ 7,800,000

$ 14,500,000

$ 17,600,000

Class A Common Stock | Restricted Stock

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

Number of restricted shares granted (in shares)

4,720

3,566

25,370

4,568

3,566

1,546,251

28,936

Number of installments in which awards are vested | installment

3

3

3

Number of anniversaries in which awards are vested | anniversary

3

Period of recognition for unrecognized compensation costs

3 years

Grant date fair value | $

$ 100,000

$ 100,000

$ 400,000

Class A Common Stock | Management Grantees | Restricted Stock

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

Number of restricted shares granted (in shares)

4,568

682

Grant date fair value | $

$ 11,328

Class A Common Stock | Board of Directors | Restricted Stock

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

Number of restricted shares granted (in shares)

25,626

Number of installments in which awards are vested

3

Vesting period

1 year

1 year

Grant date fair value | $

$ 100,000

$ 400,000

Class A Common Stock | Non-Management Grantee | Restricted Stock

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

Number of restricted shares granted (in shares)

849,087

Vesting percentage

50.00%

Number of installments in which awards are vested

3

Aggregate value of restricted stock awards (in dollars per share) | $ / shares

$ 14.9

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)

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 | Period 2

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

Expected to vest (in shares)

1,775

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

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

Expected to vest (in shares)

1,775

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

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

Expected to vest (in shares)

1,775

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

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

Expected to vest (in shares)

1,775

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

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

Expected to vest (in shares)

1,775

Class A Common Stock | 2014 Omnibus Incentive Plan | Restricted Stock | Period 7

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

Expected to vest (in shares)

1,775

Class A Common Stock | 2014 Omnibus Incentive Plan | 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)

666,288

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%

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 | installment

3

3

Number of anniversaries in which awards are vested | anniversary

3

Class A Common Stock | 2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock With Dividend Equivalent Rights

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

Aggregate value of awards granted | $

$ 48,475

Number of restricted shares granted (in shares)

3,500

Cash dividends received | $

$ 1,000,000

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

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

Aggregate value of awards granted | $

$ 200,000

Number of restricted shares granted (in shares)

16,245

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)

28,881

Number of installments in which awards are vested | 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)

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)

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)

1,775

Class A Common Stock | 2014 Omnibus Incentive Plan | Non-Management Grantee | Restricted Stock | Period 8

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

Expected to vest (in shares)

1,780

Class A Common Stock | 2014 Deferred Compensation Plan

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

Mandatory contribution period

3 years

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	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense				$ (3,469)	$ (2,105)	$ (14,761)	$ (4,505)
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares)						1,556,682	28,936
Recognized equity based compensation expense				$ (3,469)	$ (2,105)	$ (14,761)	$ (4,505)
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options				0	0	12,073	0
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	4,568	3,566	1,546,251	28,936
Weighted Average Fair Value				$ 75	$ 50	$ 27,146	$ 425
Class A Common Stock | Dividend Declared
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted (in shares)				0	0	11,113	0
Weighted Average Fair Value				$ 0	$ 0	$ 185	$ 0

STOCK BASED AND OTHER COMPENS_6

STOCK BASED AND OTHER COMPENSATION PLANS - Nonvested Shares Outstanding (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Restricted Stock
Number of Shares Nonvested Other than Options [Roll Forward]
Nonvested/Outstanding (in shares)			1,118,194	1,252,365
Granted (in shares)			1,556,682	28,936
Vested (in shares)			(1,116,901)	(138,216)
Forfeited (in shares)			(8,702)	(26,061)
Nonvested/Outstanding (in shares)	1,549,273	1,117,024	1,549,273	1,117,024
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
Granted (in shares)	0	0	12,073	0
Exercised (in shares)			0	0
Forfeited (in shares)			0	0
Expired (in shares)			0	0
Nonvested/Outstanding (in shares)	994,208	982,135	994,208	982,135
Exercisable (in shares)	994,208	929,701	994,208	929,701

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Income Tax Contingency [Line Items]
Income tax expense (benefit)		$ (1,300)	$ (500)	$ (7,400)	$ 3,000	$ 3,300
Deferred income tax expense (benefit)		3,500	$ 1,000	6,700	$ 1,500
Deferred tax asset related to capital losses		6,300		$ 6,300
Fees and other income						2,500
Applicable cash savings				85.00%
Applicable cash savings available to entity				15.00%
Amount payable pursuant to tax receivable agreement	[1]	1,559		$ 1,559		1,570
Other assets
Income Tax Contingency [Line Items]
Deferred tax liabilities		4,100		4,100
Deferred tax asset						2,300
Accrued Liabilities
Income Tax Contingency [Line Items]
Unrecognized tax benefits		900		900		800
Amount Payable Pursuant to Tax Receivable Agreement
Income Tax Contingency [Line Items]
Amount payable pursuant to tax receivable agreement		$ 1,600		$ 1,600		$ 1,600
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3 .

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	Mar. 03, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Mar. 05, 2019	Dec. 12, 2018	Mar. 13, 2017	Oct. 18, 2016
Affiliated Entity
RELATED PARTY TRANSACTIONS
Investment in mutual fund		$ 800,000		$ 800,000					$ 10,000,000
Fee earned on assets under management				0.75%
Fund's cap expense				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 | Related Reserve IV LLC | B Participation Interest | Participation Financing - Mortgage Loan Receivable
RELATED PARTY TRANSACTIONS
Interest expense, debt		100,000	$ 100,000	$ 200,000	$ 200,000
Affiliated Entity | Brickell Heights Commercial LLC | First mortgage loan
RELATED PARTY TRANSACTIONS
Loans receivable from related party						$ 14,300,000	$ 6,400,000
Related | Class A Common Stock
RELATED PARTY TRANSACTIONS
Related party purchases of shares from shareholders	$ 80,000,000
Consolidated Joint Venture | Brickell Heights Commercial LLC | First mortgage loan | Woodbury, New York
RELATED PARTY TRANSACTIONS
Interest income, related party		14,500		100,000
Consolidated Joint Venture | Brickell Heights Commercial LLC | First mortgage loan | Bloomfield Heights, Michigan
RELATED PARTY TRANSACTIONS
Interest income, related party		$ 200,000		$ 300,000
Consolidated Joint Venture | Related Special Assets LLC | Brickell Heights Commercial LLC
RELATED PARTY TRANSACTIONS
Ownership Interest						0.70%	12.00%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2019	Dec. 31, 2018
Unfunded Loan Commitments
Tenant reimbursements	$ 1.7	$ 1.9	$ 3.3	$ 5.5
Provision for loan losses
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment	228.6		228.6			$ 379.8
Accounting Standards Update 2016-02
Unfunded Loan Commitments
Operating lease liability	3		3		$ 3.5
Operating lease, right-of-use asset	$ 2.9		$ 2.9		$ 3.3

SEGMENT REPORTING - Additional

SEGMENT REPORTING - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019segment
Segment Reporting [Abstract]
Number of reportable segments	3

SEGMENT REPORTING - Schedule of

SEGMENT REPORTING - Schedule of Segments (Details) - USD ($) $ in Thousands		May 01, 2019	Feb. 06, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Income Statement [Abstract]
Interest income				$ 85,322		$ 85,230	$ 171,789	$ 163,437
Interest expense				(52,369)		(48,417)	(103,618)	(93,130)
Net interest income				32,953		36,813	68,171	70,307
Provision for loan losses				(300)		(300)	(600)	(3,300)
Net interest income after provision for loan losses				32,653		36,513	67,571	67,007
Operating lease income		$ 3,900		27,780			56,701
Operating lease income						26,171		54,310
Sale of loans, net				20,264		6,144	27,342	11,032
Realized gain (loss) on securities				4,464		(1,243)	7,329	(2,342)
Unrealized gain (loss) on equity securities				(990)		0	1,088	0
Unrealized gain (loss) on Agency interest-only securities				11		110	22	313
Realized gain (loss) on sale of real estate, net				(1,124)		1,628	(1,119)	32,637
Impairment of real estate				0	$ (1,400)	0	(1,350)	0
Fee and other income				7,196		6,477	11,882	12,728
Net result from derivative transactions				(15,457)		7,081	(26,491)	22,040
Earnings (loss) from investment in unconsolidated joint ventures				1,564		13	2,522	65
Gain (loss) on extinguishment of debt			$ (1,100)	0		0	(1,070)	(69)
Total other income (loss)				43,708		46,381	76,856	130,714
Salaries and employee benefits				(14,907)		(13,866)	(38,481)	(30,962)
Operating expenses				(6,012)		(5,597)	(11,413)	(11,144)
Real estate operating expenses				(6,032)		(7,836)	(11,506)	(16,654)
Fee expense				(1,183)		(799)	(2,895)	(1,641)
Depreciation and amortization		$ (400)		(9,935)		(10,656)	(20,162)	(21,479)
Total costs and expenses				(38,069)		(38,754)	(84,457)	(81,880)
Income Tax (expense) benefit				(2,219)		(573)	634	(4,476)
Net income (loss)				36,073		43,567	60,604	111,365
Total assets	[1]			6,406,775			6,406,775		$ 6,272,872
Investment in unconsolidated joint ventures	[1]			57,751			57,751		40,354
Investment in FHLB stock	[1]			61,619			61,619		57,915
Professional fees				3,600		2,800	6,100	5,700
Operating Segment
Income Statement [Abstract]
Investment in unconsolidated joint ventures				57,800			57,800		40,400
Operating Segment | Loans
Income Statement [Abstract]
Interest income				69,794		76,485	142,947	146,494
Interest expense				(14,224)		(15,488)	(28,981)	(29,054)
Net interest income				55,570		60,997	113,966	117,440
Provision for loan losses				(300)		(300)	(600)	(3,300)
Net interest income after provision for loan losses				55,270		60,697	113,366	114,140
Operating lease income				0			0
Operating lease income						0		0
Sale of loans, net				20,264		6,144	27,342	11,032
Realized gain (loss) on securities				0		0	0	0
Unrealized gain (loss) on equity securities				0			0
Unrealized gain (loss) on Agency interest-only securities				0		0	0	0
Realized gain (loss) on sale of real estate, net				0		0	0	0
Impairment of real estate							0
Fee and other income				5,947		3,866	9,257	6,929
Net result from derivative transactions				(8,518)		3,886	(13,716)	10,774
Earnings (loss) from investment in unconsolidated joint ventures				0		0	0	0
Gain (loss) on extinguishment of debt							0	(69)
Total other income (loss)				17,693		13,896	22,883	28,666
Salaries and employee benefits				0		0	0	0
Operating expenses				0		(86)	0	0
Real estate operating expenses				0		0		0
Fee expense				(1,058)		(615)	(2,252)	(1,232)
Depreciation and amortization				0		0	0	0
Total costs and expenses				(1,058)		(701)	(2,252)	(1,232)
Income Tax (expense) benefit				0		0	0	0
Net income (loss)				71,905		73,892	133,997	141,574
Total assets				3,213,334			3,213,334		3,482,929
Operating Segment | Securities
Income Statement [Abstract]
Interest income				15,210		8,662	28,329	16,676
Interest expense				(4,130)		(1,085)	(6,618)	(1,941)
Net interest income				11,080		7,577	21,711	14,735
Provision for loan losses				0		0	0	0
Net interest income after provision for loan losses				11,080		7,577	21,711	14,735
Operating lease income				0			0
Operating lease income						0		0
Sale of loans, net				0		0	0	0
Realized gain (loss) on securities				4,464		(1,243)	7,329	(2,342)
Unrealized gain (loss) on equity securities				(990)			1,088
Unrealized gain (loss) on Agency interest-only securities				11		110	22	313
Realized gain (loss) on sale of real estate, net				0		0	0	0
Impairment of real estate							0
Fee and other income				333		72	737	72
Net result from derivative transactions				(6,939)		3,195	(12,775)	11,266
Earnings (loss) from investment in unconsolidated joint ventures				0		0	0	0
Gain (loss) on extinguishment of debt							0	0
Total other income (loss)				(3,121)		2,134	(3,599)	9,309
Salaries and employee benefits				0		0	0	0
Operating expenses				0		0	0	0
Real estate operating expenses				0		0		0
Fee expense				(87)		(96)	(187)	(206)
Depreciation and amortization				0		0	0	0
Total costs and expenses				(87)		(96)	(187)	(206)
Income Tax (expense) benefit				0		0	0	0
Net income (loss)				7,872		9,615	17,925	23,838
Total assets				1,788,415			1,788,415		1,410,126
Operating Segment | Real Estate
Income Statement [Abstract]
Interest income				7		5	15	10
Interest expense				(9,091)		(8,732)	(17,973)	(16,586)
Net interest income				(9,084)		(8,727)	(17,958)	(16,576)
Provision for loan losses				0		0	0	0
Net interest income after provision for loan losses				(9,084)		(8,727)	(17,958)	(16,576)
Operating lease income				27,780			56,701
Operating lease income						26,171		54,310
Sale of loans, net				0		0	0	0
Realized gain (loss) on securities				0		0	0	0
Unrealized gain (loss) on equity securities				0			0
Unrealized gain (loss) on Agency interest-only securities				0		0	0	0
Realized gain (loss) on sale of real estate, net				(1,124)		1,628	(1,119)	32,637
Impairment of real estate							(1,350)
Fee and other income				0		1,634	7	3,416
Net result from derivative transactions				0		0	0	0
Earnings (loss) from investment in unconsolidated joint ventures				1,564		13	2,522	65
Gain (loss) on extinguishment of debt							(1,070)	0
Total other income (loss)				28,220		29,446	55,691	90,428
Salaries and employee benefits				0		0	0	0
Operating expenses				0		0	0	0
Real estate operating expenses				(6,032)		(7,836)		(16,654)
Fee expense				(38)		(88)	(456)	(203)
Depreciation and amortization				(9,910)		(10,637)	(20,112)	(21,441)
Total costs and expenses				(15,980)		(18,561)	(32,074)	(38,298)
Income Tax (expense) benefit				0		0	0	0
Net income (loss)				3,156		2,158	5,659	35,554
Total assets				1,042,128			1,042,128		1,038,376
Corporate/Other
Income Statement [Abstract]
Interest income				311		78	498	257
Interest expense				(24,924)		(23,112)	(50,046)	(45,549)
Net interest income				(24,613)		(23,034)	(49,548)	(45,292)
Provision for loan losses				0		0	0	0
Net interest income after provision for loan losses				(24,613)		(23,034)	(49,548)	(45,292)
Operating lease income				0			0
Operating lease income						0		0
Sale of loans, net				0		0	0	0
Realized gain (loss) on securities				0		0	0	0
Unrealized gain (loss) on equity securities				0			0
Unrealized gain (loss) on Agency interest-only securities				0		0	0	0
Realized gain (loss) on sale of real estate, net				0		0	0	0
Impairment of real estate							0
Fee and other income				916		905	1,881	2,311
Net result from derivative transactions				0		0	0	0
Earnings (loss) from investment in unconsolidated joint ventures				0		0	0	0
Gain (loss) on extinguishment of debt							0	0
Total other income (loss)				916		905	1,881	2,311
Salaries and employee benefits				(14,907)		(13,866)	(38,481)	(30,962)
Operating expenses				(6,012)		(5,511)	(11,413)	(11,144)
Real estate operating expenses				0		0
Fee expense				0		0	0	0
Depreciation and amortization				(25)		(19)	(50)	(38)
Total costs and expenses				(20,944)		(19,396)	(49,944)	(42,144)
Income Tax (expense) benefit				(2,219)		(573)	634	(4,476)
Net income (loss)				(46,860)		$ (42,098)	(96,977)	$ (89,601)
Total assets				362,898			362,898		341,441
Investment in FHLB stock				61,600			61,600		57,900
Deferred tax liability				(4,100)			(4,100)
Deferred tax asset									2,300
Corporate/Other | Senior Unsecured Notes
Income Statement [Abstract]
Senior notes				$ 1,200,000			$ 1,200,000		$ 1,200,000
[1]	Includes amounts relating to consolidated variable interest entities. See Note 3 .

Uncategorized Items - ladr06302

Label	Element	Value
Restricted Cash and Investments	us-gaap_RestrictedCashAndInvestments	$ 42,821,000
Restricted Cash and Investments	us-gaap_RestrictedCashAndInvestments	88,904,000
Restricted Cash and Investments	us-gaap_RestrictedCashAndInvestments	$ 30,572,000