Ladder Capital (LADR) 10-K 26 Feb 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2020	Feb. 23, 2021	Jun. 30, 2020
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
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
Title of 12(b) Security	Class A common stock, $0.001 par value
Trading Symbol	LADR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 855,736,869
Entity Central Index Key	0001577670
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Common Stock
Entity Common Stock, Shares Outstanding		126,825,760
Class B Common Stock
Entity Common Stock, Shares Outstanding		0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents		$ 1,254,432	$ 58,171
Restricted cash	[1]	29,852	297,575
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable	[1]	2,354,059	3,257,036
Allowance for credit losses		(41,507)	(20,500)
Mortgage loan receivables held for sale	[1]	30,518	122,325
Real estate securities	[1]	1,058,298	1,721,305
Real estate and related lease intangibles, net	[1]	985,304	1,048,081
Investments in and advances to unconsolidated joint ventures	[1]	46,253	48,433
FHLB stock	[1]	31,000	61,619
Derivative instruments	[1]	299	693
Accrued interest receivable	[1]	16,088	21,066
Other assets	[1]	116,633	53,348
Total assets	[1]	5,881,229	6,669,152
Liabilities
Debt obligations, net	[1]	4,209,864	4,859,873
Dividends payable	[1]	27,537	38,696
Accrued expenses	[1]	43,876	72,397
Other liabilities	[1]	51,527	59,209
Total liabilities	[1]	4,332,804	5,030,175
Commitments and contingencies (Note 18)	[1]	0	0
Equity
Additional paid-in capital	[1]	1,780,074	1,532,384
Treasury stock, 474,050 and 3,184,269 shares, at cost	[1]	(62,859)	(42,699)
Retained earnings (dividends in excess of earnings)	[1]	(163,717)	(35,746)
Accumulated other comprehensive income (loss)	[1]	(10,463)	4,218
Total shareholders’ equity	[1]	1,543,162	1,458,277
Noncontrolling interest in operating partnership	[1]	0	172,054
Noncontrolling interest in consolidated joint ventures	[1]	5,263	8,646
Total equity	[1]	1,548,425	1,638,977
Total liabilities and equity	[1]	5,881,229	6,669,152
Class A Common Stock
Equity
Common stock	[1]	127	108
Class B Common Stock
Equity
Common stock	[1]	$ 0	$ 12
[1]	Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Treasury stock (in shares)	474,050	3,184,269
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	600,000,000	600,000,000
Common stock, issued (in shares)	126,852,765	126,378,715
Common stock, outstanding (in shares)	110,693,832	107,509,563
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	0	12,158,933
Common stock, outstanding (in shares)	0	12,158,933

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	Dec. 15, 2020	Aug. 31, 2020	May 28, 2020	Feb. 27, 2020	Nov. 26, 2019	Aug. 22, 2019	May 30, 2019	May 01, 2019	Feb. 27, 2019	Feb. 06, 2019	Jan. 24, 2019	Nov. 01, 2018	Oct. 30, 2018	Sep. 05, 2018	May 30, 2018	Feb. 27, 2018	Jun. 30, 2020	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net interest income
Interest income																		$ 50,543,000	$ 54,621,000	$ 62,096,000	$ 72,589,000	$ 76,196,000	$ 82,251,000	$ 85,322,000	$ 86,466,000	$ 239,849,000	$ 330,235,000	$ 344,816,000
Interest expense																										227,474,000	204,353,000	194,291,000
Net interest income (expense)																										12,375,000	125,882,000	150,525,000
Provision for (release of) loan loss reserves																										18,275,000	2,600,000	13,900,000
Net interest income (expense) after provision for (release of) loan losses																		4,359,000	735,000	(5,600,000)	(5,393,000)	24,857,000	30,854,000	32,653,000	34,918,000	(5,900,000)	123,282,000	136,625,000
Other income (loss)
Operating lease income								$ 3,900,000																		100,248,000	106,366,000	106,177,000
Sale of loans, net																										(1,571,000)	54,758,000	16,511,000
Realized gain (loss) on securities																										(12,410,000)	14,911,000	(5,808,000)
Unrealized gain (loss) on equity securities																										(132,000)	1,737,000	(1,605,000)
Unrealized gain (loss) on Agency interest-only securities																										263,000	84,000	555,000
Realized gain (loss) on sale of real estate, net																	$ 0									32,102,000	1,392,000	95,881,000
Impairment of real estate																									(1,400,000)	0	(1,350,000)	0
Fee and other income																										12,654,000	24,403,000	26,285,000
Net result from derivative transactions																										(15,270,000)	(30,011,000)	15,926,000
Earnings (loss) from investment in unconsolidated joint ventures																										1,821,000	3,432,000	790,000
Gain (loss) on extinguishment/defeasance of debt										$ (1,100,000)																22,250,000	(1,070,000)	(4,392,000)
Total other income (loss)																										139,955,000	174,652,000	250,320,000
Costs and expenses
Salaries and employee benefits																										58,101,000	67,768,000	60,117,000
Operating expenses																										20,294,000	22,595,000	21,696,000
Real estate operating expenses																										28,584,000	23,323,000	29,799,000
Fee expense																										7,244,000	6,090,000	5,055,000
Depreciation and amortization								$ 400,000																		39,079,000	38,511,000	41,959,000
Total costs and expenses																		47,889,000	32,149,000	31,052,000	42,211,000	36,839,000	36,989,000	38,069,000	46,390,000	153,302,000	158,287,000	158,626,000
Income (loss) before taxes																		(16,295,000)	21,396,000	(5,743,000)	(18,602,000)	47,619,000	32,060,000	38,291,000	21,677,000	(19,247,000)	139,647,000	228,319,000
Income tax expense (benefit)																		(4,712,000)	14,000	(550,000)	(4,541,000)	2,169,000	1,112,000	2,219,000	(2,854,000)	(9,789,000)	2,646,000	6,643,000
Net income (loss)																		(11,583,000)	21,382,000	(5,193,000)	(14,061,000)	45,450,000	30,948,000	36,072,000	24,531,000	(9,458,000)	137,001,000	221,676,000
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures																		(127,000)	(4,149,000)	250,000	(1,519,000)	4,000	(64,000)	307,000	447,000	(5,544,000)	694,000	(15,864,000)
Net (income) loss attributable to noncontrolling interest in operating partnership																		$ (4,000)	$ (45,000)	$ 754,000	$ (148,000)	$ (4,804,000)	$ (3,308,000)	$ (4,136,000)	$ (2,802,000)	$ 557,000	$ (15,050,000)	$ (25,797,000)
Earnings per share:
Basic (in dollars per share)																		$ (0.10)	$ 0.15	$ (0.04)	$ (0.15)	$ 0.38	$ 0.26	$ 0.31	$ 0.21	$ (0.13)	$ 1.16	$ 1.85
Diluted (in dollars per share)																		$ (0.10)	$ 0.14	$ (0.04)	$ (0.15)	$ 0.37	$ 0.26	$ 0.30	$ 0.21	$ (0.13)	$ 1.15	$ 1.84
Weighted average shares outstanding:
Basic (in shares)																										112,409,615	105,455,849	97,226,027
Diluted (in shares)																										112,409,615	106,399,783	97,652,065
Class A Common Stock
Costs and expenses
Net income (loss) attributable to Class A common shareholders																		$ (11,714,000)	$ 17,188,000	$ (4,189,000)	$ (15,728,000)	$ 40,650,000	$ 27,577,000	$ 32,242,000	$ 22,175,000	$ (14,445,000)	$ 122,645,000	$ 180,015,000
Earnings per share:
Basic (in dollars per share)																										$ (0.13)	$ 1.16	$ 1.85
Diluted (in dollars per share)																										$ (0.13)	$ 1.15	$ 1.84
Weighted average shares outstanding:
Basic (in shares)																										112,409,615	105,455,849	97,226,027
Diluted (in shares)																										112,409,615	106,399,783	97,652,065
Dividends per share of Class A common stock (in dollars per share)	$ 0.200	$ 0.200	$ 0.200	$ 0.340	$ 0.340	$ 0.340	$ 0.340		$ 0.340		$ 0.570	$ 0.570	$ 0.570	$ 0.325	$ 0.325	$ 0.315		$ 0.200	$ 0.200	$ 0.200	$ 0.340	$ 0.340	$ 0.340	$ 0.340	$ 0.340	$ 0.940	$ 1.360	$ 1.535

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net income (loss)	$ (9,458)	$ 137,001	$ 221,676
Unrealized gain (loss) on securities, net of tax:
Unrealized gain (loss) on real estate securities, available for sale	(28,618)	24,678	(8,205)
Reclassification adjustment for (gain) loss included in net income (loss)	13,460	(14,748)	3,064
Total other comprehensive income (loss)	(15,158)	9,930	(5,141)
Comprehensive income (loss)	(24,616)	146,931	216,535
Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint ventures	(5,544)	694	(15,864)
Comprehensive income (loss) of combined Class A common shareholders and Operating Partnership unitholders	(30,160)	147,625	200,671
Comprehensive (income) loss attributable to noncontrolling interest in operating partnership	5,765	(16,195)	(24,868)
Class A Common Stock
Unrealized gain (loss) on securities, net of tax:
Comprehensive income (loss) attributable to Class A common shareholders	$ (24,395)	$ 131,430	$ 175,803

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total		Cumulative Effect, Period of Adoption, Adjustment	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)	Retained Earnings (Dividends in Excess of Earnings)Cumulative Effect, Period of Adoption, Adjustment	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	7,604													7,604
Distributions	(46,083)												(20,353)	(25,730)
Amortization of equity based compensation	8,831							8,831
Issuance of common stock (in shares)						5,800,000
Issuance of common stock	99,006					$ 6		99,000
Grants of restricted stock (in shares)						34,000
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)						(58,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(859)								(859)
Forfeitures (in shares)						(26,000)
Dividends declared	(129,561)									(129,561)
Exchange of noncontrolling interest for common stock (in shares)						4,550,000	(4,550,000)
Exchange of noncontrolling interest for common stock	515					$ 5	$ (5)	63,109				(167)	(62,427)
Net income (loss)	221,676									180,015			25,797	15,864
Other comprehensive income (loss)	(5,141)											(4,211)	(930)
Rebalancing of ownership percentage between Company and Operating Partnership								(5,420)				(59)	5,479
Offering costs	(499)							(499)
Ending Balance (in shares) at Dec. 31, 2018						103,941,000	13,118,000
Ending Balance at Dec. 31, 2018	1,643,635					$ 105	$ 13	1,471,157	(32,815)	11,342		(4,649)	188,427	10,055
Increase Decrease in Stockholders' Equity
Contributions	498													498
Distributions	(18,475)												(17,262)	(1,213)
Amortization of equity based compensation	21,777							21,777
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)						92,000
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)						(526,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(9,247)								(9,247)
Forfeitures (in shares)						(9,000)
Dividends declared	(145,910)									(145,910)
Exchange of noncontrolling interest for common stock (in shares)				1,139,411	(1,139,411)	1,139,000	(1,139,000)
Exchange of noncontrolling interest for common stock	405					$ 1	$ (1)	16,449				65	(16,109)
Net income (loss)	137,001									122,645			15,050	(694)
Other comprehensive income (loss)	9,930											8,785	1,145
Rebalancing of ownership percentage between Company and Operating Partnership								(820)				17	803
Stock dividends (in shares)						1,434,000	181,000
Stock dividends						$ 1		23,822		(23,823)
Ending Balance (in shares) at Dec. 31, 2019						107,509,000	12,160,000
Ending Balance at Dec. 31, 2019	1,638,977	[1]	$ (5,797)			$ 108	$ 12	1,532,384	(42,699)	(35,746)	$ (5,797)	4,218	172,054	8,646
Increase Decrease in Stockholders' Equity
Contributions	860													860
Distributions	(16,485)												(6,698)	(9,787)
Amortization of equity based compensation	42,728							42,728
Issuance of common stock (in shares)						4,000,000
Issuance of common stock	32,000					$ 4		31,996
Issuance of Purchase Right	8,425							8,425
Purchase of treasury stock (in shares)						(384,000)
Purchase of treasury stock	(3,035)								(3,035)
Re-issuance of treasury stock (in shares)						4,423,000
Re-issuance of treasury stock						$ 4		(4)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)						(1,301,000)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(17,126)					$ (1)			(17,125)
Forfeitures (in shares)						(28,000)
Dividends declared	(107,729)									(107,729)
Exchange of noncontrolling interest for common stock (in shares)						12,159,000	(12,160,000)
Exchange of noncontrolling interest for common stock	223					$ 12	$ (12)	165,788				(6,952)	(158,613)
Net income (loss)	(9,458)									(14,445)			(557)	5,544
Other comprehensive income (loss)	(15,158)											(9,950)	(5,208)
Rebalancing of ownership percentage between Company and Operating Partnership								(1,243)				2,221	(978)
Ending Balance (in shares) at Dec. 31, 2020						126,378,000	0
Ending Balance at Dec. 31, 2020	$ 1,548,425	[1]				$ 127	$ 0	$ 1,780,074	$ (62,859)	$ (163,717)		$ (10,463)	$ 0	$ 5,263
Increase Decrease in Stockholders' Equity
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
[1]	Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ (9,458,000)	$ 137,001,000	$ 221,676,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gain) loss on extinguishment/defeasance of debt	(22,250,000)	1,070,000	4,392,000
Depreciation and amortization	39,079,000	38,511,000	41,959,000
Unrealized (gain) loss on derivative instruments	269,000	(1,542,000)	(705,000)
Unrealized (gain) loss on equity securities	132,000	(1,737,000)	1,605,000
Unrealized (gain) loss on Agency interest-only securities	(263,000)	(84,000)	(555,000)
Provision for (release of) loan loss reserves	18,275,000	2,600,000	13,900,000
Impairment of real estate	0	1,350,000	0
Amortization of equity based compensation	42,728,000	21,777,000	8,831,000
Amortization of deferred financing costs included in interest expense	18,730,000	10,987,000	10,906,000
Amortization of premium on mortgage loan financing	(1,160,000)	(1,584,000)	(1,023,000)
Amortization of above- and below-market lease intangibles	(2,234,000)	(1,359,000)	(1,739,000)
Amortization of premium/(accretion) of discount and other fees on loans	(15,530,000)	(17,845,000)	(19,820,000)
Amortization of premium/(accretion) of discount and other fees on securities	526,000	217,000	3,124,000
Realized (gain) loss on sale of mortgage loan receivables held for sale	(8,026,000)	(54,758,000)	(16,511,000)
Realized (gain) loss on sale of mortgage loan receivables held for investment	9,596,000	0	0
Realized (gain) loss on disposition of loan	(98,000)	(2,250,000)	0
Realized (gain) loss on securities	13,136,000	(14,911,000)	5,808,000
Realized (gain) loss on sale of real estate, net	(32,102,000)	(1,392,000)	(95,881,000)
Realized gain on sale of derivative instruments	(108,000)	84,000	(242,000)
Origination of mortgage loan receivables held for sale	(212,845,000)	(946,178,000)	(1,297,221,000)
Purchases of mortgage loan receivables held for sale	0	(9,934,000)	0
Repayment of mortgage loan receivables held for sale	404,000	667,000	14,242,000
Proceeds from sales of mortgage loan receivables held for sale	312,273,000	1,024,357,000	1,292,442,000
(Income) loss from investments in unconsolidated joint ventures in excess of distributions received	(1,821,000)	(3,432,000)	(790,000)
Distributions from operations of investment in unconsolidated joint ventures	0	3,317,000	1,250,000
Deferred tax asset (liability)	94,000	4,814,000	(7,525,000)
Changes in operating assets and liabilities:
Accrued interest receivable	4,895,000	5,556,000	(1,339,000)
Other assets	(8,778,000)	1,502,000	3,369,000
Accrued expenses and other liabilities	(33,363,000)	(13,192,000)	20,436,000
Net cash provided by (used in) operating activities	111,943,000	183,207,000	200,433,000
Cash flows from investing activities:
Origination of mortgage loan receivables held for investment	(353,662,000)	(1,452,049,000)	(1,478,771,000)
Repayment of mortgage loan receivables held for investment	891,705,000	1,639,101,000	1,411,862,000
Proceeds from sale of mortgage loan receivables held for investment, at amortized cost	270,491,000	0	0
Purchases of real estate securities	(440,612,000)	(1,645,640,000)	(770,039,000)
Repayment of real estate securities	146,158,000	491,880,000	109,446,000
Basis recovery of Agency interest-only securities	7,611,000	12,086,000	18,349,000
Proceeds from sales of real estate securities	932,158,000	855,618,000	324,798,000
Purchases of real estate	(7,440,000)	(20,235,000)	(122,707,000)
Capital improvements of real estate	(6,103,000)	(7,592,000)	(7,782,000)
Proceeds from sale of real estate	67,104,000	12,123,000	157,008,000
Capital contributions and advances to investment in unconsolidated joint ventures	0	(56,337,000)	(3,865,000)
Capital distribution from investment in unconsolidated joint ventures	4,002,000	48,514,000	0
Capitalization of interest on investment in unconsolidated joint ventures	0	(142,000)	(1,507,000)
Purchase of FHLB stock	0	(3,704,000)	0
Proceeds from sale of FHLB stock	30,619,000	0	20,000,000
Purchase of derivative instruments	(196,000)	(310,000)	(545,000)
Sale of derivative instruments	430,000	100,000	888,000
Net cash provided by (used in) investing activities	1,542,265,000	(126,587,000)	(342,865,000)
Cash flows from financing activities:
Deferred financing costs paid	(18,021,000)	(6,910,000)	(3,509,000)
Proceeds from borrowings under debt obligations	10,021,156,000	14,402,852,000	5,806,914,000
Repayment of borrowings under debt obligations	(10,614,556,000)	(14,022,875,000)	(5,681,604,000)
Cash dividends paid to Class A common shareholders	(118,888,000)	(144,530,000)	(122,772,000)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(17,126,000)	(9,247,000)	(858,000)
Purchase of treasury stock	(3,035,000)	(637,000)	0
Issuance of common stock	32,000,000	0	99,006,000
Common stock offering costs	0	0	(499,000)
Issuance of purchase right	8,425,000	0	0
Net cash provided by (used in) financing activities	(725,670,000)	200,676,000	58,199,000
Net increase (decrease) in cash, cash equivalents and restricted cash	928,538,000	257,296,000	(84,233,000)
Cash, cash equivalents and restricted cash at beginning of period	355,746,000	98,450,000	182,683,000
Cash, cash equivalents and restricted cash at end of period	1,284,284,000	355,746,000	98,450,000
Supplemental information:
Cash paid for interest, net of amounts capitalized	202,939,000	195,061,000	183,215,000
Cash paid (received) for income taxes	2,197,000	885,000	9,839,000
Non-cash investing and financing activities:
Repayment in transit of mortgage loans receivable held for investment (other assets)	69,649,000	0	106,205,000
Settlement of mortgage loan receivable held for investment by real estate, net	(28,903,000)	(44,183,000)	0
Transfer from mortgage loans receivable held for sale to mortgage loans receivable held for investment, net, at amortized cost	0	45,832,000	55,403,000
Proceeds from sale of real estate	0	0	1,421,000
Real estate acquired in settlement of mortgage loan receivable held for investment, net	29,310,000	84,356,000	0
Net settlement of sale of real estate, subject to debt - real estate	(31,768,000)	(11,943,000)	0
Net settlement of sale of real estate, subject to debt - debt obligations	31,768,000	11,943,000	0
Reduction in proceeds from sales of real estate	0	0	62,417,000
Assumption of debt obligations by real estate buyer/defeasance of debt and related costs	0	0	(62,417,000)
Exchange of noncontrolling interest for common stock	158,625,000	16,110,000	62,433,000
Mortgage loan financing acquired in settlement of mortgage loan receivable held for investment, net	0	(33,904,000)	0
Change in deferred tax asset related to exchanges of noncontrolling interest for common stock	223,000	394,000	428,000
Increase in amount payable pursuant to tax receivable agreement	0	(11,000)	(86,000)
Rebalancing of ownership percentage between Company and Operating Partnership	(978,000)	803,000	5,480,000
Dividends declared, not paid	27,537,000	38,696,000	37,316,000
Stock dividends	0	23,823,000	0
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	355,746,000	355,746,000	182,683,000
Consolidated Joint Venture
Cash flows from financing activities:
Capital distributed to noncontrolling interests	(9,787,000)	(1,213,000)	(25,730,000)
Capital contributed by noncontrolling interests in consolidated joint ventures	860,000	498,000	7,604,000
Operating Partnership
Cash flows from financing activities:
Capital distributed to noncontrolling interests	(6,698,000)	(17,262,000)	(20,353,000)
Equity Securities
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Unrealized (gain) loss on equity securities	132,000	(1,737,000)	1,605,000
Mutual Fund
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Unrealized (gain) loss on equity securities	$ (158,000)	$ (405,000)	$ (156,000)

ORGANIZATION AND OPERATIONS

ORGANIZATION AND OPERATIONS	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS	1. ORGANIZATION AND OPERATIONS We are an internally-managed real estate investment trust (“REIT”) that is a leader in commercial real estate finance. We originate and invest in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. Our investment activities include: (i) our primary business of originating senior first mortgage fixed and floating rate loans collateralized by commercial real estate with flexible loan structures; (ii) investing in investment grade securities secured by first mortgage loans on commercial real estate; and (iii) owning and operating commercial real estate, including net leased commercial properties. Ladder Capital Corp, as the general partner of Ladder Capital Finance Holdings LLLP (“LCFH,” “Predecessor” or the “Operating Partnership”), operates the Ladder Capital business through LCFH and its subsidiaries. As of December 31, 2020, Ladder Capital Corp has a 100.0% 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 its subsidiaries. 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 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 its 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. The IPO transactions described herein are referred to as the “IPO Transactions.” COVID-19 Impact on the Organization On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (“COVID-19”) a global pandemic and recommended containment and mitigation measures worldwide. As of the date of this filing, the majority of our employees continue to work remotely. We continue to actively manage the liquidity and operations of the Company in light of the market conditions and the overall financial impact of the COVID-19 pandemic across most industries in the United States. In view of the uncertainty related to the severity and duration of the pandemic, its ultimate impact on our revenues, profitability and financial position remains difficult to assess at this time. Refer to the Notes to the Consolidated Financial Statements for further disclosure on the current and potential impact of the COVID-19 global pandemic on our business.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company conducted a more extensive going concern analysis as a result of market conditions throughout the year ended December 31, 2020. As the COVID-19 crisis evolved, management implemented a plan to increase liquidity resources and pay down debt. The Company maintained an unrestricted cash position of $1.3 billion as of December 31, 2020 to mitigate uncertainty in liquidity needs in light of market conditions. The Company was in compliance with all financial covenants as of December 31, 2020 (refer to Note 7, Debt Obligations, Net). As of March 31, 2020, partly as a result of maintaining higher levels of cash, the Company was not in compliance with its 3.5x covenant ratio with certain of its lenders; however, the Company cured such non-compliance through pay downs of debt with various counterparties during the cure period. Management continues to evaluate the Company’s liquidity under the current market conditions and expects that its current cash resources, operating cash flows and ability to obtain financing is sufficient to sustain operations for a period greater than one year from the issuance date of this Annual Report. As part of the Company’s actions implemented in direct response to the COVID-19 pandemic, for the three months ended June 30, 2020, the Company incurred an additional $2.1 million of professional fees, included in operating expenses, and $0.2 million of severance costs, included in salaries and employee benefits. Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the Company’s accounts and those of its subsidiaries which are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 — Consolidation (“ASC 810”), provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. See Note 10, Consolidated Variable Interest Entities for further information on the Company’s consolidated variable interest entities. 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; • valuation of real estate; • 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 December 31, 2020 and 2019. At December 31, 2020 and 2019, and at various times during the years, the balances exceeded the insured limits Restricted Cash Restricted cash includes 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. Mortgage Loan Receivables Held for Investment Loans for which the Company has the intention and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for credit losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the effective interest method, adjusted for actual prepayments. Upon the decision to sell such loans, the Company will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value on the consolidated balance sheets. Provision for Loan Losses The Company uses a current expected credit loss model (“CECL”) for estimating the provision for loan losses on its loan portfolio. The CECL model requires the consideration of possible credit losses over the life of an instrument and includes a portfolio-based component and an asset-specific component. In compliance with the CECL reporting requirements, the Company supplemented its existing credit monitoring and management processes with additional processes to support the calculation of the CECL reserves. As part of that effort, the Company has engaged a third-party service provider to provide market data and a credit loss model. The credit loss model is a forward-looking, econometric, commercial real estate (“CRE”) loss forecasting tool. It is comprised of a probability of default (“PD”) model and a loss given default (“LGD”) model that, layered together with user’s loan-level data, selected forward-looking macroeconomic variables, and pool-level mean loss rates, produces life of loan expected losses (“EL”) at the loan and portfolio level. Where management has determined that the credit loss model does not fully capture certain external factors, including portfolio trends or loan-specific factors, a qualitative adjustment to the reserve, is recorded. The CECL model was implemented in 2020. Given prior period loss models were based on the incurred loss model, management notes that prior periods are not measured on a comparable basis. The asset-specific reserve component relates to reserves for losses on individually impaired loans. The Company evaluates each loan for impairment at least quarterly. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s effective rate or the fair value of the collateral, less the estimated costs to sell, if recovery of the Company’s investment is expected solely from the collateral. The Company may use the direct capitalization rate valuation methodology or the sales comparison approach to estimate the fair value of the collateral for such loans and in certain cases will obtain external appraisals and take into account potential sale bids. Determining fair value of the collateral may take into account a number of assumptions including, but not limited to, cash flow projections, market capitalization rates, discount rates and data regarding recent comparable sales of similar properties. Such assumptions are generally based on current market conditions and are subject to economic and market uncertainties. The Company’s loans are typically collateralized by real estate directly or indirectly. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan at maturity, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic submarket in which the collateral property is located. Such impairment analyses are completed and reviewed by asset management and underwriting 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 and ultimately presented to management for approval. A loan is also considered impaired if its terms are modified in a troubled debt restructuring (“TDR”). A TDR occurs when a concession is granted and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loans. 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 interests 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 and are assessed for specific 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. The Company designates non-accrual loans generally when (i) the principal or coupon interest components of loan payments become 90-days past due or (ii) in the opinion of the Company, it is doubtful the Company will be able to collect all amounts due according to the contractual terms of the loan. Interest income on non-accrual loans in which the Company reasonably expects a full recovery of the loan’s outstanding principal balance is recognized when received in cash. Otherwise, income recognition will be suspended and any cash received will be applied as a reduction to the amortized cost. A non-accrual loan is returned to accrual status at such time as the loan becomes contractually current and future principal and coupon interest are reasonably assured to be received in accordance with the contractual loan terms. A loan will be written off when management has determined it is no longer realizable and deemed non-recoverable. Mortgage Loan Receivables Held for Sale Mortgage loan receivables held for sale are first mortgage loans that are secured by cash-flowing commercial real estate and are available for sale to securitizations. Mortgage loan receivables held for sale are recorded at lower of cost or market value on an individual basis. Real Estate Securities The Company classifies its real estate securities investments on the date of acquisition of the investment. Real estate securities that the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are designated as available-for-sale and are carried at estimated fair value with the net unrealized gains or losses on all securities, except for Government National Mortgage Association (“GNMA”) interest-only and Federal Home Loan Mortgage Corp (“FHLMC”) interest-only securities (collectively, “Agency interest-only securities”) and equity securities, recorded as a component of other comprehensive income (loss) in shareholders’ equity. As more fully described in Note 4, certain securities which were purchased from the LCCM LC-26 securitization trust are designated as risk retention securities under the Dodd-Frank Act which are subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in earnings in the consolidated statements of income in accordance with ASC 815. The Company’s recognition of interest income from its Agency interest-only and all other securities, including effective interest from amortization of premiums, follows the Company’s Revenue Recognition policy, as disclosed within this Note for recognizing interest income on its securities. The interest income recognized from the Company’s Agency interest-only securities is recorded in interest income on the consolidated statements of income. The Company uses the specific identification method when determining the cost of securities sold and the amount of gain (loss) on securities recognized in earnings. The Company accounts for the changes in the fair value of the unfunded portion of its GNMA Construction securities, which are included in real estate securities, available-for-sale, on the consolidated balance sheet, as available for sale securities. Unrealized losses on securities that, in the judgment of management, are other than temporary are charged against earnings as a loss in the consolidated statements of income. Equity securities are classified as available-for-sale. The Company has elected the fair market value option for accounting for these equity securities and changes in fair value are recorded in current period earnings. When the estimated fair value of an available-for-sale security is less than amortized cost, the Company will consider whether there is an other-than-temporary impairment in the value of the security. An impairment will be considered other-than-temporary based on consideration of several factors, including (i) if the Company intends to sell the security, (ii) if it is more likely than not that the Company will be required to sell the security before recovering its cost, or (iii) the Company does not expect to recover the security’s cost basis (i.e., a credit loss). A credit loss will have occurred if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis. If the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is other-than-temporary and will be recognized currently in earnings equal to the entire difference between fair value and amortized cost. If a credit loss exists, but the Company does not intend to, nor is it more likely than not that it will be required to sell before recovery, the impairment is other-than-temporary and will be separated into (i) the estimated amount relating to the credit loss, and (ii) the amount relating to all other factors. Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss recognized in other comprehensive income. Estimating cash flows and determining whether there is other-than-temporary impairment require management to exercise judgment and make significant assumptions, including, but not limited to, assumptions regarding estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses, and the timing of income recognized on these securities, could differ from reported amounts. 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. The Company utilizes an internal model as its primary pricing source to develop its prices for its commercial mortgage-backed securities (“CMBS”) and other commercial real estate securities guaranteed by a U.S. governmental agency or by a government sponsored entity (together, “U.S. Agency Securities”). Different judgments and assumptions could result in materially different estimates of fair value. To confirm its own valuations, the Company requests prices for each of its CMBS and U.S. Agency Securities investments from three different sources, including third parties that provide pricing services and brokers, although since broker quotes for the same or similar securities in which Ladder has invested are non-binding, the Company does not consider them to be a primary source for valuation. The Company may also develop a price for a security based on its direct observations of market activity and other observations. Typically, at least two prices per security are obtained. Prior to using a third-party pricing service for valuation, the Company develops an understanding of the valuation methodologies used by such pricing services through discussions with their representatives and review of their valuation methodologies used for different types of securities. The Company understands that the pricing services develop estimates of fair value for CMBS and U.S. Agency Securities using various techniques, including discussion with their internal trading desks, proprietary models and matrix pricing approaches. The Company does not have access to, and is therefore not able to review in detail, the inputs used by the pricing services in developing their estimates of fair value. However, on at least a monthly basis as part of our closing process, the Company evaluates the fair value information provided by the pricing services by comparing this information for reasonableness against its direct observations of market activity for similar securities and anecdotal information obtained from market participants that, in its assessment, is relevant to the determination of fair value. This process may result in the Company “challenging” the estimate of fair value for a security if it is unable to reconcile the estimate provided by the pricing service with its assessment of fair value for the security. Accordingly, in following this approach, the Company’s objective is to ensure that the information used by pricing services in their determination of fair value of securities is reasonable and appropriate. Since inception, the Company has not encountered significant variation in the values obtained from the various pricing sources. In the extremely limited occasions where the prices received were challenged, the challenge resulted in the prices provided by the pricing services being updated to reflect current market updates or cash flow assumptions. Real Estate The Company generally acquires real estate assets or land and development assets through cash purchases and may also acquire such assets through foreclosure or deed-in-lieu of foreclosure in full or partial satisfaction of defaulted loans. Based on the Company’s strategic plan to realize the maximum value from the real estate acquired, properties are classified as Real estate, net or Real estate held for sale in the consolidated balance sheets. When the Company intends to hold, operate or develop the property for a period of at least 12 months, assets are classified as Real estate, net, and when the Company intends to market these properties for sale in the near term, assets are classified as Real estate held for sale in the consolidated balance sheets. The Company records acquired real estate at cost and makes assessments as to the useful lives of depreciable assets. The Company records real estate acquired through foreclosure at fair value. The Company considers the period of future benefit of the asset to determine its appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful life of 20 to 55 years for buildings, four The Company classifies most of its investments in real estate as held and used. The Company measures and records a property that is classified as held and used at its carrying amount, adjusted for any depreciation expense and impairments, as applicable and are included in Real estate, net in the consolidated balance sheets. Certain of the Company’s real estate is leased to others on a net lease basis where the tenant is generally responsible for payment of real estate taxes, property, building and general liability insurance and property and building maintenance. These leases are for fixed terms of varying length and provide for annual rentals. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The cumulative excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable within other assets in the consolidated balance sheets. Allocation of Purchase Price for Acquired Real Estate Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases, (ii) in-place leases and (iii) tenant relationships. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed exceed the purchase consideration of a transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods. These methods may include discounted cash flow models, for which assumptions including cash flow projections, discount and capitalization rates, or market comparable transactions, which require management judgment in determining the appropriateness of recent comparable sales of similar properties, or the ground lease approach for land valuation, which requires management judgement in determining comparable ground leases to forecast the economic ground rent and apply capitalization rate to the forecast economic ground rent to estimate land value. The Company may also utilize estimates of replacement costs net of depreciation. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The value of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships but in no event do the amortization periods for intangible assets exceed the depreciable lives of the buildings. If a tenant terminates its lease, the unamortized portion of the in-place lease value and tenant relationship intangibles are charged to expense. The fair value of other investments and debt assumed are valued using techniques consistent with those disclosed in Note 15 Fair Value of Financial Instruments, depending on the nature of the investments or debt. The fair value of other assumed assets and liabilities are based on best information available at the time of the acquisition. Impairment of Property Held for Use On a periodic basis, management assesses whether there are any indicators that the value of the Company’s properties classified as held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, current and historical operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without debt service charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future. Real Estate Held for Sale In accordance with accounting guidance found in ASC Topic 360 - Property, Plant, and Equipment (“ASC 360”), when assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, an impairment charge will be recorded in the consolidated statements of income. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used. A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell. Sales of Real Estate Gains on sales of real estate after January 1, 2018 are recognized pursuant to the provisions included in ASC 606-20, Revenue from Contracts with Customers (“ASC 606-20”) or ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Generally, the Company’s sales of residential condominiums would be governed by ASC 606-20 and the sales of rental properties under ASC 610-20. Gain on sales of real estate prior to January 1, 2018 are recognized pursuant to the provisions included in ASC 360-20, Real Estate Sales (“ASC 360-20”). The specific timing of a sale was measured against various criteria in ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual

MORTGAGE LOAN RECEIVABLES

MORTGAGE LOAN RECEIVABLES	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOAN RECEIVABLES	3. MORTGAGE LOAN RECEIVABLES December 31, 2020 ($ in thousands) Outstanding Carrying Weighted Remaining Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 2,243,639 $ 2,232,749 6.50 % 1.00 Mezzanine loans 121,565 121,310 10.83 % 2.42 Total mortgage loans 2,365,204 2,354,059 6.65 % 1.07 Allowance for credit losses N/A (41,507) Total mortgage loan receivables held for investment, net, at amortized cost 2,365,204 2,312,552 Mortgage loan receivables held for sale: First mortgage loans 30,478 30,518 4.05 % 9.18 Total $ 2,395,682 $ 2,343,070 6.74 % 1.23 (1) Includes the impact from interest rate floors. December 31, 2020 LIBOR rates are used to calculate weighted average yield for floating rate loans. As of December 31, 2020, $1.9 billion, or 82.0%, of the outstanding face amount of our mortgage loan receivables held for investment, net, at amortized cost, were at variable interest rates, linked to LIBOR. Of this $1.9 billion, 100% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of December 31, 2020, $30.5 million, or 100%, of the outstanding face amount of our mortgage loan receivables held for sale were at fixed interest rates. December 31, 2019 ($ in thousands) Outstanding Carrying Weighted Remaining Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 3,147,275 $ 3,127,173 6.77 % 1.35 Mezzanine loans 130,322 129,863 10.97 % 3.26 Total mortgage loans 3,277,597 3,257,036 6.94 % 1.43 Allowance for credit losses N/A (20,500) Total mortgage loan receivables held for investment, net, at amortized cost 3,277,597 3,236,536 Mortgage loan receivables held for sale: First mortgage loans 122,748 122,325 4.20 % 9.99 Total $ 3,400,345 $ 3,358,861 6.88 % 1.75 (1) Includes the impact from interest rate floors. December 31, 2019 LIBOR rates are used to calculate weighted average yield for floating rate loans. As of December 31, 2019, $2.5 billion, or 77.2%, of the outstanding principal of our mortgage loan receivables held for investment, net, at amortized cost, were at variable interest rates, linked to LIBOR or a replacement index generally determined in our discretion. Of this $2.5 billion, 100% of these variable rate mortgage loan receivables were subject to interest rate floors. As of December 31, 2019, $122.7 million, or 100%, of the carrying value of our mortgage loan receivables held for sale were at fixed interest rates. For the years ended December 31, 2020 and 2019, the activity in our loan portfolio was as follows ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2019 $ 3,257,036 $ (20,500) $ 122,325 Origination of mortgage loan receivables 353,661 — 212,845 Repayment of mortgage loan receivables (960,832) — (404) Proceeds from sales of mortgage loan receivables (270,491) — (312,273) Non-cash disposition of loans via foreclosure(1) (31,249) — — Sale of loans, net (9,596) — 8,025 Accretion/amortization of discount, premium and other fees 15,530 — — Release of asset-specific loan loss provision via foreclosure(1) — 2,500 — Provision for current expected credit loss (implementation impact)(2) — (4,964) — Provision for current expected credit loss, net (impact to earnings)(2) — (18,543) — Balance, December 31, 2020 $ 2,354,059 $ (41,507) $ 30,518 (1) Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate. (2) During the year ended December 31, 2020, the initial impact of the implementation of the CECL accounting standard as of January 1, 2020 is recorded against retained earnings. Subsequent remeasurement, including the period to date change for the year ended December 31, 2020, is accounted for as provision for current expected credit loss in the consolidated statements of income. Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Mortgage loans transferred but not considered sold Allowance for credit losses Mortgage loan Balance, December 31, 2018 $ 3,318,390 $ — $ (17,900) $ 182,439 Origination of mortgage loan receivables 1,452,049 — — 946,178 Purchases of mortgage loan receivables — — — 9,934 Repayment of mortgage loan receivables (1,531,551) — — (795) Proceeds from sales of mortgage loan receivables(1) — (15,504) — (1,008,853) Non-cash disposition of loan via foreclosure(2) (45,529) — — — Sale of loans, net — — — 54,758 Transfer between held for investment and held for sale(1) 45,832 15,504 — (61,336) Accretion/amortization of discount, premium and other fees 17,845 — — — Provision for/(release of) loan loss reserves — — (2,600) — Balance, December 31, 2019 $ 3,257,036 $ — $ (20,500) $ 122,325 (1) We sell certain loans into securitizations; however, for a transfer of financial assets to be considered a sale, the transfer must meet the sale criteria of ASC 860 under which the Company must surrender control over the transferred assets which must qualify as recognized financial assets at the time of transfer. The assets must be isolated from the Company, even in bankruptcy or other receivership, the purchaser must have the right to pledge or sell the assets transferred and the Company may not have an option or obligation to reacquire the assets. If the sale criteria are not met, the transfer is considered to be a secured borrowing, the assets remain on the Company’s consolidated balance sheets and the sale proceeds are recognized as a liability. During the three months ended March 31, 2019, the Company reclassified from mortgage loan receivables held for sale to mortgage loans transferred but not considered sold, 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. Subsequent to March 31, 2019, 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 was accounted for as a sale during the year ended December 31, 2019. (2) Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on real estate acquired via foreclosure. Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2017 $ 3,282,462 $ (4,000) $ 230,180 Origination of mortgage loan receivables 1,478,771 — 1,297,221 Repayment of mortgage loan receivables (1,518,066) — (14,242) Proceeds from sales of mortgage loan receivables — — (1,291,828) Sale of loans, net — — 16,511 Transfer between held for investment and held for sale 55,403 — (55,403) Accretion/amortization of discount, premium and other fees 19,820 — — Provision for (release of) loan loss reserves — (13,900) — Balance, December 31, 2018 $ 3,318,390 $ (17,900) $ 182,439 During the years ended December 31, 2020, 2019 and 2018, the transfers of financial assets via sales of loans were treated as sales under ASC Topic 860 — Transfers and Servicing . During the year ended December 31, 2019, the transfers of financial assets via sales of loans were treated as sales under ASC Topic 860 — Transfers and Servicing , except for the one loan discussed above. As of December 31, 2020 and 2019, there was $0.5 million and $0.4 million, respectively, of unamortized discounts included in our mortgage loan receivables held for investment, net, at amortized cost, on our consolidated balance sheets. Allowance for Credit Losses and Non-Accrual Status ($ in thousands) Year Ended December 31, 2020 2019 2018 Allowance for credit losses at beginning of period $ 20,500 $ 17,900 $ 4,000 Provision for current expected credit loss (implementation impact) 4,964 (5) — — Provision for current expected credit loss, net (impact to earnings) (3) 18,543 (4) 2,600 13,900 Foreclosure of loans subject to asset-specific reserve (2,500) — — Allowance for credit losses at end of period $ 41,507 $ 20,500 $ 17,900 December 31, 2020 December 31, 2019 Carrying value of loans on non-accrual status, net of asset-specific reserve $ 175,022 (1) $ 86,025 (2) (1) Represents two of the Company’s loans, which were originated simultaneously as part of a single transaction and had a combined carrying value of $24.2 million, two loans with a combined carrying value of $27.1 million, one loan with a carrying value of $36.4 million, one loan with a carrying value of $13.0 million, one loan with a carrying value of $30.6 million, and one loan with a carrying value of $43.8 million which was foreclosed on in 2021 and is under contract for sale, as further discussed below. (2) Represents two of the Company’s loans, which were originated simultaneously as part of a single transaction and had a combined carrying value of $24.2 million, one loan with a carrying value of $0.4 million and one loan with a carrying value of $61.5 million, as further discussed below. (3) The total provision includes asset specific reserves of $9.2 million, $2.0 million and $12.7 million as well as a general reserve component of $9.4 million, $0.6 million, and $1.2 million for the years ended 2020, 2019, and 2018 respectively. (4) Additional provisions for current expected credit losses that impact earnings for the year ended 2020 include releases of $0.3 million on unfunded commitments and $2.0 thousand on held-to-maturity securities. (5) Additional provisions for current expected credit losses related to implementation of $0.8 million and $22.0 thousand related to unfunded commitments and held-to-maturity securities, respectively, were recorded on January 1, 2020 at implementation of CECL. Current Expected Credit Loss (“CECL”) On January 1, 2020, the Company recorded a CECL Reserve of $11.6 million, which equated to 0.36% of $3.2 billion carrying value of its held for investment loan portfolio. This reserve excluded three loans that previously had an aggregate of $14.7 million of asset-specific reserves and a carrying value of $39.8 million as of January 1, 2020. Upon adoption, the aggregated CECL Reserve reduced total shareholder’s equity by $5.8 million. As of December 31, 2020, the Company has a $42.1 million allowance for current expected credit losses. This includes three loans that have an aggregate of $21.4 million of asset-specific reserves against a carrying value of $116.4 million as of December 31, 2020. The total change in reserve for provision for the year ended December 31, 2020 was $18.3 million, which includes $9.1 million in the general reserve on both the loans held for investment and the related unfunded commitments and $9.2 million in asset-specific provision related to three loans. These increases and decreases during the year are primarily due to the update of the macro economic assumptions used instead of the more stable “Baseline” scenario from the Federal Reserve that was utilized in the January 1, 2020 CECL reserve analysis. For additional information, refer to “Allowance for Credit Losses and Non-Accrual Status” in Note 3, Mortgage Loan Receivables to the consolidated financial statements. The Company has concluded that none of its loans, other than the four loans discussed below, are individually impaired as of December 31, 2020. Loan Portfolio by Geographic Region, Property Type and Vintage ($ in thousands) Amortized Cost Geographic Region Northeast $ 707,485 Southwest 437,153 South 313,759 Midwest 462,602 West 316,620 Subtotal loans 2,237,619 Individually impaired loans(1) 116,440 Total loans $ 2,354,059 (1) Included in individually impaired loans are two loans, which were originated in 2016 simultaneously as part of a single transaction with a combined amortized cost of $26.9 million, collateralized by a mixed use property located in the Northeast region; one loan, which was originated in 2016 and subsequently restructured into two loans in 2018, with a combined amortized cost of $44.6 million, collateralized by a mixed use property located in the Northeast region; and one loan, originated in 2018, with an amortized cost of $45.0 million, collateralized by a hotel located in the South region. The above individually impaired loans’ amortized cost bases exclude asset-specific provisions totaling $21.4 million. Management’s method for monitoring credit is the performance of a loan. A loan is impaired or not impaired based on the expectation that all amounts contractually due under a loan will be collected when due. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing Ladder’s loan portfolio by collateral type. The following table summarizes the amortized cost of the loan portfolio by property type ($ in thousands). Amortized Cost Basis by Origination Year Property Type 2020 2019 2018 2017 2016 and Earlier Total Office $ — $ 196,610 $ 249,330 $ 83,673 $ 50,935 $ 580,548 Multifamily 65,537 260,254 44,665 24,406 — 394,862 Hospitality — 43,000 139,394 67,307 78,694 328,395 Other 31,217 131,434 77,484 — — 240,135 Mixed Use 106,537 101,704 — 13,268 — 221,509 Retail — 110,492 — — 65,734 176,226 Industrial 46,130 114,630 — — 6,461 167,221 Manufactured Housing 4,553 57,305 11,718 — 3,961 77,537 Self-Storage — 35,986 15,200 — — 51,186 Subtotal loans 253,974 1,051,415 537,791 188,654 205,785 2,237,619 Individually Impaired loans (1) — — 44,952 — 71,488 116,440 Total loans (2) $ 253,974 $ 1,051,415 $ 582,743 $ 188,654 $ 277,273 $ 2,354,059 (1) Included in individually impaired loans are two loans, which were originated in 2016 simultaneously as part of a single transaction with a combined amortized cost of $26.9 million, collateralized by a mixed use property located in the Northeast region, one loan, which was originated in 2016 and subsequently restructured into two loans in 2018, with a combined amortized cost of $44.6 million, collateralized by a mixed use property located in the Northeast region, and one loan, originated in 2018, with a amortized cost of $45.0 million, collateralized by a hotel located in the South region. The above individually impaired loans’ amortized cost basis excludes asset-specific provisions totaling $21.4 million. (2) Not included above is $14.5 million of accrued interest receivable on all loans at December 31, 2020. Individually Impaired Loans As of December 31, 2020, two loans with a carrying value of $24.2 million were impaired and on non-accrual status. The loans are collateralized by a mixed use property in the Northeast region, which were originated simultaneously as part of a single transaction and are directly and indirectly secured by the same property. 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. The Company previously recorded an asset-specific provision for loss in 2018 on one of these loans, with a carrying value of $5.9 million, of $2.7 million to reduce the carrying value of the two loans collectively to the fair value of the property less the cost to foreclose and sell the property utilizing direct capitalization rates of 4.70% to 5.00%. As of December 31, 2020, the Company believed no additional loss provision was necessary based on the application of direct capitalization rates of 4.60% to 4.90%. In 2018, a loan secured by a mixed-use property in the Northeast region, with a carrying value of $45.0 million, was determined to be impaired and a reserve of $10.0 million was recorded to reduce the carrying value of the loan to the estimated fair value of the collateral, less the estimated costs to sell. In 2018, the loan experienced a maturity default and its terms were modified in a TDR, which 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. The reserve of $10.0 million was applied to the B-Note and the B-Note was placed on non-accrual status. For the three months ended March 31, 2020, management determined that the A-Note was impaired, reflecting a decline in collateral value due to: (i) new information available during the three months ended March 31, 2020 regarding two recent comparable sales and (ii) a change in market conditions driven by COVID-19 as capital flow to the tertiary markets shifted. As a result, on March 31, 2020, the Company recorded an asset-specific provision for loss on the A-Note of $7.5 million to reduce the carrying value of this loan to the fair value of the property less the cost to foreclose and sell the property utilizing direct capitalization rates of 7.50% to 8.60%. The Company placed the A-Note on non-accrual status as of March 31, 2020. As of December 31, 2020, the combined carrying value, after impairment of the A-Note and the B-Note was $27.1 million. For the three months ended December 31, 2020, management identified one loan secured by a hotel in the Southeast region with a carrying value of $45.0 million as impaired, reflecting a decline in the collateral value attributable to new information available related to a purchase offer on the property. A reserve of $1.2 million was recorded for this impaired loan in the three months ended December 31, 2020 to reduce the carrying value of the loan to the estimated fair value of the collateral, less the estimated costs to sell. Subsequent to year end, in February 2021, the Company foreclosed on the asset and closed on the sale of the asset. As of December 31, 2020, there were no unfunded commitments associated with modified loans considered TDRs. These non-recurring fair values are considered Level 3 measurements in the fair value hierarchy. Other Loans on Non-Accrual Status As of December 31, 2020, three other loans were on non-accrual status, with a combined carrying value of $79.9 million. The Company put such loans on non-accrual status in the fourth quarter 2020 and performed a review of the collateral for the loans. The review consisted of conversations with market participants familiar with the property locations as well as reviewing market data and comparable properties. The Company will continue to monitor for impairment. There are no other loans on non-accrual status other than those discussed in Individually Impaired Loans and Other Loans on Non-Accrual Status above as of December 31, 2020.

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	12 Months Ended
	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
REAL ESTATE SECURITIES	4. REAL ESTATE SECURITIES The Company invests in primarily AAA-rated real estate securities, typically front pay securities, with relatively short duration and significant subordination. 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 reported at fair value with changes in fair value recorded in current period earnings. The following is a summary of the Company’s securities at December 31, 2020 and 2019 ($ in thousands): December 31, 2020 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Cost Basis Gains Losses Carrying # of Rating (1) Coupon % Yield % Remaining CMBS(2) $ 1,015,520 $ 1,015,282 $ 1,382 $ (13,363) $ 1,003,301 (3) 90 AAA 1.56 % 1.56 % 2.01 CMBS interest-only(2)(4) 1,498,181 21,567 672 (26) 22,213 (5) 15 AAA 0.44 % 3.53 % 2.19 GNMA interest-only(4)(6) 75,350 868 232 (100) 1,000 11 AA+ 0.43 % 5.06 % 3.59 Agency securities(2) 586 593 12 — 605 2 AA+ 2.55 % 1.64 % 1.26 GNMA permanent securities(2) 30,254 30,340 859 — 31,199 5 AA+ 3.87 % 3.49 % 1.98 Total debt securities $ 2,619,891 $ 1,068,650 $ 3,157 $ (13,489) $ 1,058,318 123 0.91 % 1.66 % 2.01 Provision for current expected credit losses N/A — — (20) (20) Total real estate securities $ 2,619,891 $ 1,068,650 $ 3,157 $ (13,509) $ 1,058,298 123 (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 $11.1 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, (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 $0.7 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust 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. December 31, 2019 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Gains Losses Carrying # of Rating (1) Coupon % Yield % Remaining CMBS(2) $ 1,640,597 $ 1,640,905 $ 4,337 $ (920) $ 1,644,322 (3) 125 AAA 3.06 % 3.08 % 2.41 CMBS interest-only(2)(4) 1,559,160 28,553 630 (37) 29,146 (5) 15 AAA 0.60 % 3.04 % 2.53 GNMA interest-only(4)(6) 109,783 1,982 123 (254) 1,851 11 AA+ 0.49 % 4.59 % 2.77 Agency securities(2) 629 640 1 (4) 637 2 AA+ 2.65 % 1.73 % 1.83 GNMA permanent securities(2) 31,461 31,681 688 — 32,369 6 AA+ 3.91 % 3.17 % 1.93 Total debt securities $ 3,341,630 $ 1,703,761 $ 5,779 $ (1,215) $ 1,708,325 159 1.84 % 3.06 % 2.39 Equity securities(7) N/A 12,848 292 (160) 12,980 2 N/A N/A N/A N/A Total real estate securities $ 3,341,630 $ 1,716,609 $ 6,071 $ (1,375) $ 1,721,305 161 (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 $0.8 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (6) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income in accordance with ASC 815. (7) The Company has elected to account for equity securities at fair value with changes in fair value recorded in current period earnings. The following is a breakdown of the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2020 and 2019 ($ in thousands): December 31, 2020 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS $ 230,977 $ 748,953 $ 23,371 $ — $ 1,003,301 CMBS interest-only 1,572 20,641 — — 22,213 GNMA interest-only 65 647 288 — 1,000 Agency securities — 605 — — 605 GNMA permanent securities 67 31,132 — — 31,199 Provision for current expected credit losses — — — — (20) Total debt securities $ 232,681 $ 801,978 $ 23,659 $ — $ 1,058,298 December 31, 2019 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS $ 177,193 $ 1,389,392 $ 77,737 $ — $ 1,644,322 CMBS interest-only 1,439 27,707 — — 29,146 GNMA interest-only 91 1,504 256 — 1,851 Agency securities — 637 — — 637 GNMA permanent securities 416 31,953 — — 32,369 Total debt securities $ 179,139 $ 1,451,193 $ 77,993 $ — $ 1,708,325 During the years ended December 31, 2020 and 2019, the Company realized a gain (loss) on the sale of equity securities of $1.1 million and $0.2 million, respectively, which is included in realized gain (loss) on securities on the Company’s consolidated statements of income. There was a $0.1 million realized a gain (loss) on the sale of equity securities for the year ended December 31, 2018. During the years ended December 31, 2020, 2019, and 2018, the Company realized losses on securities recorded as other than temporary impairments of $0.5 million, $0.1 million and $2.8 million, respectively, which are included in realized gain (loss) on securities on the Company’s consolidated statements of income.

REAL ESTATE AND RELATED LEASE I

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET	5. REAL ESTATE AND RELATED LEASE INTANGIBLES, NET The market conditions due to the COVID-19 pandemic and the resulting economic disruption have broadly impacted the commercial real estate sector. As expected, the net leased commercial real estate properties, which comprise the majority of our portfolio, have remained minimally impacted as the majority of the net leased properties in our real estate portfolio are necessity-based businesses and have remained open and stable during the COVID-19 pandemic. We continue to actively monitor the diversified commercial real estate properties for both the immediate and long term impact of the pandemic on the buildings, the tenants, the business plans and the ability to execute those business plans. The following tables present additional detail related to our real estate portfolio, net, including foreclosed properties ($ in thousands): December 31, 2020 December 31, 2019 Land $ 220,511 $ 209,955 Building 838,542 883,005 In-place leases and other intangibles 157,176 161,203 Undepreciated Real estate and related lease intangibles 1,216,229 1,254,163 Less: Accumulated depreciation and amortization (230,925) (206,082) Real estate and related lease intangibles, net $ 985,304 $ 1,048,081 Below market lease intangibles, net (other liabilities) $ (36,952) $ (39,067) At December 31, 2020 and 2019, the Company held foreclosed properties included in real estate and related lease intangibles, net with a carrying value of $106.8 million and $89.5 million, respectively. The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Year Ended December 31, 2020 2019 2018 Depreciation expense(1) $ 32,383 $ 30,421 $ 31,537 Amortization expense 6,696 7,991 10,347 Total real estate depreciation and amortization expense $ 39,079 $ 38,412 $ 41,884 (1) Depreciation expense on the consolidated statements of income also includes $99 thousand, $99 thousand and $75 thousand of depreciation on corporate fixed assets for the years ended December 31, 2020, 2019 and 2018, respectively. The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to our intangible assets ($ in thousands): December 31, 2020 December 31, 2019 Gross intangible assets(1) $ 157,176 $ 161,203 Accumulated amortization 66,014 62,773 Net intangible assets $ 91,162 $ 98,430 (1) Includes $4.2 million and $4.5 million of unamortized above market lease intangibles which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of December 31, 2020 and 2019, respectively. The following table presents increases/reductions in operating lease income recorded by the Company ($ in thousands): Year Ended December 31, 2020 2019 2018 Reduction in operating lease income for amortization of above market lease intangibles acquired $ (367) $ (819) $ (648) Increase in operating lease income for amortization of below market lease intangibles acquired 2,600 2,177 2,387 The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of December 31, 2020 ($ in thousands): Period Ending December 31, Adjustment to Operating Lease Income Amortization Expense 2021 $ 1,071 $ 5,509 2022 1,071 5,509 2023 1,071 5,509 2024 1,071 5,509 2025 1,071 5,509 Thereafter 27,426 59,449 Total $ 32,781 $ 86,994 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 15, Fair Value of Financial Instruments for further detail. There were $0.5 million and $0.9 million of rent receivables included in other assets on the consolidated balance sheets as of December 31, 2020 and 2019, respectively. There was unencumbered real estate of $75.9 million and $59.2 million as of December 31, 2020 and 2019, respectively. During the years ended December 31, 2020 and 2019, the Company recorded $5.6 million and $2.6 million, respectively, of real estate operating income, which is included in operating lease income in the consolidated statements of income. There was no real estate operating income recorded during the year ended December 31, 2018. The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at December 31, 2020 ($ in thousands): Period Ending December 31, Amount 2021 $ 79,393 2022 70,983 2023 64,425 2024 63,438 2025 62,138 Thereafter 471,409 Total $ 811,786 Acquisitions During the year ended December 31, 2020, 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) Aggregate purchases of net leased real estate $ 7,440 100.0% Real estate acquired via foreclosure March 2020 Diversified Los Angeles, CA 21,535 100.0% June 2020 Diversified Winston Salem, NC 3,900 100.0% December 2020 Diversified South Bend, IN 3,875 100.0% Total real estate acquired via foreclosure 29,310 Total real estate acquisitions $ 36,750 (1) Properties were consolidated as of acquisition date. The Company allocates purchase consideration based on relative fair values, and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. During the year ended December 31, 2020, all acquisitions were determined to be asset acquisitions. The purchase prices were allocated to the asset acquisitions during the year ended December 31, 2020, as follows ($ in thousands): Purchase Price Allocation Land $ 25,250 Building 10,473 Intangibles 1,379 Below Market Lease Intangibles (352) Total purchase price $ 36,750 The weighted average amortization period for intangible assets acquired during the year ended December 31, 2020 was 39.8 years. The Company recorded $0.4 million in revenues from its 2020 acquisitions for the year ended December 31, 2020, which is included in its consolidated statements of income. The Company recorded $(0.9) million in earnings (losses) from its 2020 acquisitions for the year ended December 31, 2020, which is included in its consolidated statements of income. During the year ended December 31, 2019, the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) Aggregate purchases of net leased real estate $ 20,441 100.0% Real estate acquired via foreclosure February 2019 Diversified Omaha, NE 18,200 100.0% December 2019 Diversified San Diego, CA 42,250 100.0% December 2019 Diversified Fort Worth and Arlington, TX 23,700 100.0% Total real estate acquired via foreclosure 84,150 Total real estate acquisitions $ 104,591 (1) Properties were consolidated as of acquisition date. The Company allocates purchase consideration based on relative fair values, and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. During the year ended December 31, 2019, all acquisitions were determined to be asset acquisitions. The purchase prices were allocated to the asset acquisitions during the year ended December 31, 2019, as follows ($ in thousands): Purchase Price Allocation Land $ 17,373 Building 84,725 Intangibles 3,802 Below Market Lease Intangibles (1,309) Total purchase price $ 104,591 The weighted average amortization period for intangible assets acquired during the year ended December 31, 2019 was 34.2 years. The Company recorded $0.6 million in revenues from its 2019 acquisitions for the year ended December 31, 2019, respectively, which is included in its consolidated statements of income. The Company recorded $(2.3) million in earnings (losses) from its 2019 acquisitions for the year ended December 31, 2019, respectively, which is included in its consolidated statements of income. Acquisitions via Foreclosure In December 2020, the Company acquired a hotel in South Bend, IN, via foreclosure. The property previously served as collateral for a mortgage loan receivable held for investment with a basis of $4.1 million, net of an asset-specific loan loss provision of $0.5 million. The Company recorded a gain of $0.1 million resulting from the foreclosure of the loan. In December 2020, the foreclosed property was sold without any gain or loss. In June 2020, the Company acquired a hotel in Winston Salem, NC via foreclosure. This property previously served as collateral for a mortgage loan receivable held for investment with a net basis of $3.8 million. The Company obtained a third-party appraisal of the property. The $3.9 million fair value was determined using the ground lease approach and the income approach to value. The appraiser utilized a terminal capitalization rate of 9.50% and a discount rate of 13.50%. There was no gain or loss resulting from the foreclosure of the loan. In September 2020, the foreclosed property was sold for a gain of $0.8 million. In March 2020, the Company acquired a development property in Los Angeles, CA, via foreclosure. This property previously served as collateral for a mortgage loan receivable held for investment with a basis of $21.6 million, net of an asset-specific loan loss provision of $2.0 million. The Company obtained a third-party appraisal of the property. Substantially all of the fair value was attributed to land. The $21.5 million fair value was determined using the sales comparison approach to value. Using this approach, the appraiser developed an opinion of the fee simple value of the underlying land by comparing the property to similar, recently sold properties in the surrounding or competing area. The Company recorded a $0.1 million loss resulting from the foreclosure of the loan. In December 2019, the Company acquired a hotel in San Diego, CA, via foreclosure. This property previously served as collateral for two mortgage loan receivables held for investment with a net basis of $40.0 million. The receivables consisted of a $33.9 million first mortgage loan receivable to a third-party and a $5.7 million mortgage loan receivable held for investment by the Company as of the date of foreclosure. The $33.9 million first mortgage loan obligation was assumed by the Company on the date of acquisition. The Company obtained a third-party appraisal of the property with a fair value of $42.3 million. The value was determined using the income approach. The appraiser utilized a terminal capitalization rate of 8.50% and a discount rate of 10.50%. There was a $2.3 million gain resulting from the foreclosure of the loan. In December 2019, the Company acquired a portfolio of two student housing properties in Fort Worth and Arlington, TX, via foreclosure. These properties previously served as collateral for a mortgage loan receivable held for investment with a net basis of $22.6 million. The acquisitions were recorded at fair value. The Company obtained a third-party appraisal of both properties. The $12.8 million fair value of the Fort Worth, TX property was determined using the income approach. The appraiser utilized a projected stabilized cash flow and a cap rate of 5.75%. The $10.9 million fair value of the Arlington, TX property was determined using the income approach. The appraiser utilized a projected stabilized cash flow and a cap rate of 6.00%. The Company also assumed $0.9 million of other liabilities, net in connection with the foreclosure. There was no gain or loss resulting from the foreclosure of the loan. In February 2019, the Company acquired a hotel in Omaha, NE, via foreclosure. This property previously served as collateral for a mortgage loan receivable held for investment with a net basis of $17.9 million. The Company obtained a third-party appraisal of the property. The $18.2 million fair value was determined using the income approach to value. The appraiser utilized a terminal capitalization rate of 8.75% and a discount rate of 10.25%. There was no gain or loss resulting from the foreclosure of the loan. These non-recurring fair values are considered Level 3 measurements in the fair value hierarchy. Sales The Company sold the following properties during the year ended December 31, 2020 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss)(1) Properties Units Sold Units Remaining Various Condominium Miami, FL $ 1,832 $ 1,821 $ 11 — 6 — March 2020 Diversified Richmond, VA 22,527 14,829 7,698 7 — — March 2020 Diversified Richmond, VA 6,932 4,109 2,823 1 — — August 2020 Net Lease Bellport, NY 19,434 15,012 4,422 1 — — September 2020 Diversified Lithia Springs, GA 39,491 23,187 16,304 1 — — September 2020 Diversified Winston Salem, NC 4,647 3,803 844 1 — — December 2020 Diversified South Bend, IN 3,875 3,875 — 1 — — Totals $ 98,738 $ 66,636 $ 32,102 (1) Realized gain (loss) on the sale of real estate, net on the consolidated statements of income also includes $32.1 million of realized gain (loss) on the disposal of fixed assets for the year ended December 31, 2020. The Company sold the following properties during the year ended December 31, 2019 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining November 2019 Condominium Las Vegas, NV $ 809 $ 415 $ 394 — 1 — Various Condominium Miami, FL 4,715 4,282 433 — 16 6 April 2019 Diversified Wayne, NJ 1,729 4,799 (3,070) 1 — — May 2019 Diversified Grand Rapids, MI 10,019 8,254 1,765 1 — — August 2019 Diversified Grand Rapids, MI 6,970 4,920 2,050 1 — — Totals $ 24,242 $ 22,670 $ 1,572 (1) Realized gain (loss) on the sale of real estate, net on the consolidated statements of income also includes $1.4 million of realized loss on the disposal of fixed assets for the year ended December 31, 2019. The Company sold the following properties during the year ended December 31, 2018 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Realized Gain Allocated to Third Party Investor Properties Units Sold Units Remaining Various Condominium Las Vegas, NV $ 8,763 $ 4,458 $ 4,305 $ — — 12 1 Various Condominium Miami, FL 7,851 6,716 1,135 — — 26 22 March 2018 Diversified El Monte, CA 71,807 52,610 19,197 6,999 1 — — March 2018 Diversified Richmond, VA 20,966 11,370 9,596 389 1 — — September 2018 Diversified St. Paul, MN 109,275 47,627 61,648 7,928 4 — — Totals $ 218,662 $ 122,781 $ 95,881 $ 15,316

INVESTMENT IN AND ADVANCES TO U

INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES	12 Months Ended
	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES	6. INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES 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 December 31, 2020 and 2019 ($ in thousands): Entity December 31, 2020 December 31, 2019 Grace Lake JV, LLC $ 4,023 $ 3,047 24 Second Avenue Holdings LLC 42,230 45,386 Investment in unconsolidated joint ventures $ 46,253 $ 48,433 The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated joint ventures for the years ended December 31, 2020 and 2019 ($ in thousands): Year Ended December 31, Entity 2020 2019 2018 Grace Lake JV, LLC $ 976 $ 1,047 1,658 24 Second Avenue Holdings LLC 845 2,385 (868) Earnings (loss) from investment in unconsolidated joint ventures $ 1,821 $ 3,432 $ 790 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 LLC. The Company accounts for its interest in Grace Lake LLC using the equity method of accounting, as it has a 19% investment, compared to the 81% investment of its operating partner and does not control the entity. The Company’s investment in Grace Lake LLC is an unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture was deemed to be a VIE primarily based on the fact there are disproportionate voting and economic rights within the joint venture. The Company determined that it was not the primary beneficiary of this VIE based on the fact that the Company has a passive investment and no control of this entity and therefore does not have controlling financial interests in this VIE. The Company’s maximum exposure to loss is limited to its investment in the VIE. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. During the year ended December 31, 2020, the Company received no distributions from its investment in Grace Lake LLC. During the years ended December 31, 2019 and 2018, the Company had received $3.3 million and $1.3 million, respectively, of distributions from its investment in Grace Lake LLC. The Company holds its investment in Grace Lake LLC in a TRS. 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 years ended December 31, 2020, 2019 and 2018, the Company recorded $0.8 million, $2.4 million and $(0.9) 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 2019 and 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 years ended December 31, 2019 and 2018, the Company capitalized $0.1 million and $1.5 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, subsequent to the three months ended March 31, 2019, the Company no longer capitalizes interest related to this investment, and income generated from the new loans is accounted for as earnings from investment in unconsolidated joint ventures. The 24 Second Avenue investment consists of 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 December 31, 2020, 24 Second Avenue sold 20 residential condominium units for $53.0 million in total gross sale proceeds, and one residential condominium unit was under contract for sale for $2.3 million in gross sales proceeds with a 10% deposit down on the sales contract. As of December 31, 2020, the Company had no additional remaining capital commitment to 24 Second Avenue. The Company’s non-controlling investment in 24 Second Avenue is an unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture was deemed to be a VIE primarily based on (i) the fact that the total equity investment at risk (inclusive of the additional financing the Company provided through the first mortgage and mezzanine loans) is sufficient to permit the entities to finance activities without additional subordinated financial support provided by any parties, including equity holders; and (ii) the voting and economic rights are not disproportionate within the joint venture. The Company determined that it was not the primary beneficiary of this VIE because it does not have a controlling financial interest. The Company holds its investment in 24 Second Avenue in a TRS. Combined Summary Financial Information for Unconsolidated Joint Ventures The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2020 and 2019 ($ in thousands): December 31, 2020 December 31, 2019 Total assets $ 114,916 $ 118,727 Total liabilities 75,775 78,762 Partners’/members’ capital $ 39,141 $ 39,965 The following is a summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the years ended December 31, 2020, 2019 and 2018 ($ in thousands): Year Ended December 31, 2020 2019 2018 Total revenues $ 17,461 $ 7,630 $ 19,122 Total expenses 14,206 14,930 13,381 Net income (loss) $ 3,255 $ (7,300) $ 5,741

DEBT OBLIGATIONS, NET

DEBT OBLIGATIONS, NET	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
DEBT OBLIGATIONS, NET	The details of the Company’s debt obligations at December 31, 2020 and December 31, 2019 are as follows ($ in thousands): December 31, 2020 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at December 31, 2020(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility(2) $ 500,000 $ 112,004 $ 387,996 1.91% — 2.16% 12/19/2022 (3) (4) $ 180,416 $ 180,416 Committed Loan Repurchase Facility 250,000 — 250,000 —% — —% 2/26/2021 (5) (6) — — Committed Loan Repurchase Facility 300,000 90,197 209,803 1.91% — 2.91% 12/16/2021 (7) (8) 154,850 154,850 Committed Loan Repurchase Facility 300,000 11,312 288,688 2.19% — 2.19% 11/6/2022 (9) (4) 28,285 28,285 Committed Loan Repurchase Facility 100,000 26,183 73,817 2.28% — 2.28% 12/31/2022 (10) (4) 45,235 45,235 Committed Loan Repurchase Facility 100,000 15,672 84,328 2.66% — 3.5% 10/24/2021 (11) (12) 30,600 30,600 Total Committed Loan Repurchase Facilities 1,550,000 255,368 1,294,632 439,386 439,386 Committed Securities Repurchase Facility(2) 787,996 149,633 638,363 0.86% — 1.11% 12/23/2021 N/A (13) 226,008 226,008 Uncommitted Securities Repurchase Facility N/A (14) 415,836 N/A (14) 0.73% — 2.84% 1/2021-3/2021 N/A (13) 502,476 502,476 (15) Total Repurchase Facilities 1,950,000 820,837 1,544,999 1,167,870 1,167,870 Revolving Credit Facility 266,430 266,430 — 3.15% — 3.15% 2/11/2022 (16) N/A (17) N/A (17) N/A (17) Mortgage Loan Financing 766,064 766,064 — 3.75% — 6.16% 2021 - 2030(18) N/A (19) 909,406 1,133,703 (20) Secured Financing Facility 206,350 192,646 (21) — 10.75% — 10.75% 5/6/2023 N/A (22) 327,769 328,097 CLO Debt 279,156 276,516 (23) — 5.5% — 5.5% 5/16/2024 N/A (4) 362,600 362,600 Borrowings from the FHLB 1,500,000 288,000 1,212,000 0.41% — 2.74% 2021 - 2024 N/A (24) 388,400 392,212 (25) Senior Unsecured Notes 1,612,299 1,599,371 (26) — 4.25% — 5.88% 2021 - 2027 N/A N/A (27) N/A (27) N/A (27) Total Debt Obligations, Net $ 6,580,299 $ 4,209,864 $ 2,756,999 $ 3,156,045 $ 3,384,482 (1) December 2020 LIBOR rates are used to calculate interest rates for floating rate debt. (2) The combined committed amounts for the loan repurchase facility and the securities repurchase facility total $900.0 million, with maximum capacity on the loan repurchase facility of $500.0 million, and maximum capacity on the securities repurchase facility of $900.0 million less outstanding commitments on the loan repurchase facility. (3) Two additional 12-month periods at Company’s option. No new advances are permitted after the initial maturity date. (4) First mortgage commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans. (5) Three additional 12-month periods at Company’s option. (6) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (7) Two additional 364-day periods at Company’s option. (8) 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. (9) One additional 12-month extension period and two additional 6-month extension periods at Company’s option. (10) Two additional 12-month extension periods at Company’s option. No new advances are permitted after the initial maturity date. (11) 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. (12) First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein. (13) Commercial real estate securities. It does not include the real estate collateralizing such securities. (14) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (15) Includes $2.1 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (16) Three 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 $7.2 million and an unamortized discount of $6.6 million related to the Purchase Right (described in detail under Secured Financing Facility below) at December 31, 2020. (22) First mortgage commercial real estate loans. Substitution of collateral and conversion of loan collateral to mortgage collateral are permitted with Lender’s approval. (23) Presented net of unamortized debt issuance costs of $2.6 million at December 31, 2020. (24) 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. (25) Includes $9.4 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (26) Presented net of unamortized debt issuance costs of $12.9 million at December 31, 2020. (27) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. December 31, 2019 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at December 31, 2019(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 600,000 $ 183,828 $ 416,172 3.24% — 3.74% 12/19/2022 (2) (3) $ 287,974 $ 288,210 Committed Loan Repurchase Facility 350,000 70,697 279,303 3.71% — 3.81% 5/24/2020 (4) (5) 101,590 103,868 Committed Loan Repurchase Facility 300,000 248,182 51,818 3.49% — 3.74% 12/19/2020 (6) (7) 382,778 382,778 Committed Loan Repurchase Facility 300,000 98,678 201,322 3.50% — 3.75% 11/6/2022 (8) (3) 175,000 175,270 Committed Loan Repurchase Facility 100,000 9,952 90,048 3.96% — 3.99% 1/3/2023 (9) (3) 75,628 75,813 Committed Loan Repurchase Facility 100,000 90,927 9,073 3.74% — 3.80% 12/24/2020 (10) (11) 126,311 126,311 Total Committed Loan Repurchase Facilities 1,750,000 702,264 1,047,736 1,149,281 1,152,250 Committed Securities Repurchase Facility 400,000 42,751 357,249 2.50% — 2.56% 12/23/2021 N/A (12) 52,691 52,691 Uncommitted Securities Repurchase Facility N/A (13) 1,070,919 N/A (13) 2.17% — 3.54% 1/2020 - 3/2020 N/A (12) 1,188,440 1,188,440 (14) Total Repurchase Facilities 2,150,000 1,815,934 1,404,985 2,390,412 2,393,381 Revolving Credit Facility 266,430 — 266,430 NA 2/11/2020 (15) N/A (16) N/A (16) N/A (16) Mortgage Loan Financing 812,606 812,606 — 3.75% — 6.75% 2020 - 2029(17) N/A (18) 988,857 1,192,106 (19) Borrowings from the FHLB 1,945,795 1,073,500 872,295 1.47% — 2.95% 2020 - 2024 N/A (20) 1,107,188 1,113,811 (21) Senior Unsecured Notes 1,166,201 1,157,833 (22) — 5.25% — 5.88% 2021 - 2025 N/A N/A (23) N/A (23) N/A (23) Total Debt Obligations $ 6,341,032 $ 4,859,873 $ 2,543,710 $ 4,486,457 $ 4,699,298 (1) December 31, 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) Three additional 364-day periods. (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) Two additional 12-month extension periods 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 $2.2 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (15) Four 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) 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. (21) Includes $9.9 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. Additionally includes $261.0 million of cash collateral. (22) Presented net of unamortized debt issuance costs of $8.4 million at December 31, 2019. (23) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. Committed Loan and Securities Repurchase Facilities The Company has entered into multiple committed master repurchase agreements in order to finance its lending activities. The Company has entered into six committed master repurchase agreements, as outlined in the December 31, 2020 table above, totaling $1.6 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 $788.0 million. The Company’s repurchase facilities include covenants covering net worth requirements, minimum liquidity levels, maximum leverage ratios, and minimum fixed charge coverage ratios. The Company believes it was in compliance with all covenants as of December 31, 2020 and December 31, 2019. 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. As of December 31, 2020, the Company had repurchase agreements with eight counterparties, with total debt obligations outstanding of $820.8 million. As of December 31, 2020, two counterparties, JP Morgan and Wells Fargo, held collateral that exceeded the amounts borrowed under the related repurchase agreements by more than $77.4 million, or 5% of our total equity. As of December 31, 2020, the weighted average haircut, or the percent of collateral value in excess of the loan amount, under our repurchase agreements was 29.7%. There have been no significant fluctuations in haircuts across asset classes on our repurchase facilities. On February 14, 2020, the Company amended one of its committed loan repurchase facilities with a major U.S. bank to reduce the maximum capacity of the facility from $600.0 million to $500.0 million. On February 26, 2020, the Company amended one of its committed loan repurchase facilities with a major U.S. bank, extending the term of the facility. The current maturity date is now February 26, 2021, and the Company has three one-year extension options for a final maturity date of February 26, 2024. The Company also reduced the maximum size of the facility from $350.0 million to $250.0 million. On March 23, 2020, the Company amended one of its committed loan and securities repurchase facilities with a major U.S. bank to allow for an increase in the capacity on the securities repurchase facility, to the extent the Company has excess capacity on the loan repurchase facility. Prior to the amendment, the committed amounts on the facility were $500.0 million and $400.0 million on the loan and securities repurchase facilities, respectively. After the amendment, the committed amounts continue to total $900.0 million, with maximum capacity on the loan repurchase facility of $500.0 million, and maximum capacity on the securities repurchase facility of $900.0 million less outstanding commitments on the loan repurchase facility. Effective June 16, 2020, the Company amended the pricing side letter related to one of its committed loan repurchase facility with a major U.S. bank to extend the current maturity date to March 24, 2021. The Company also temporarily increased the leverage covenant to 4.0x through and including December 31, 2020. On December 9, 2020, the Company further amended the pricing side letter to extend the current maturity date to October 24, 2021. 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 November 25, 2019, the Company amended the Revolving Credit Facility to add two additional one-year extension options, extending the final maturity date, including all extension options, to February 2025. The amendment also provided for a reduction of the interest rate to one-month LIBOR plus 3.00% upon the upgrade of the Company’s credit ratings, which occurred in January 2020. As of December 31, 2020, interest on the Revolving Credit Facility is one-month LIBOR plus 3.00% per annum payable monthly in arrears. As of December 31, 2020, the Company had $266.4 million borrowings outstanding. The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries. The Revolving Credit Facility is secured by a pledge of the shares of (or other ownership or equity interests in) certain subsidiaries to the extent the pledge is not restricted under existing regulations, law or contractual obligations. LCFH is subject to customary affirmative covenants and negative covenants, including limitations on the incurrence of additional debt, liens, restricted payments, sales of assets and affiliate transactions. In addition, under the Revolving Credit Facility, LCFH is required to comply with financial covenants relating to minimum net worth, maximum leverage, minimum liquidity, and minimum fixed charge coverage, consistent with our other credit facilities. The Company’s ability to borrow under the Revolving Credit Facility is dependent on, among other things, LCFH’s compliance with the financial covenants. The Revolving Credit Facility contains customary events of default, including non-payment of principal or interest, fees or other amounts, failure to perform or observe covenants, cross-default to other indebtedness, the rendering of judgments against the Company or certain of our subsidiaries to pay certain amounts of money and certain events of bankruptcy or insolvency. Debt Issuance Costs As discussed in Note 2, Significant Accounting Policies in this Annual Report, the Company considers its committed loan master repurchase facilities and Revolving Credit Facility to be revolving debt arrangements. As such, the Company continues to defer and present costs associated with these facilities as an asset, subsequently amortizing those costs ratably over the term of each revolving debt arrangement. As of December 31, 2020 and 2019, the amount of unamortized costs relating to such facilities are $5.8 million and $8.0 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 3.75% to 6.16%, with anticipated maturity dates between 2021- 2030 as of December 31, 2020. These loans have carrying amounts of $766.1 million and $812.6 million, net of unamortized premiums of $4.6 million and $5.5 million as of December 31, 2020 and 2019, respectively, representing proceeds received upon financing greater than the contractual amounts due under these agreements. The premiums are being amortized over the remaining life of the respective debt instruments using the effective interest method. The Company recorded $1.2 million, $1.6 million and $1.0 million of premium amortization, which decreased interest expense, for the years ended December 31, 2020, 2019 and 2018, respectively. The loans are collateralized by real estate and related lease intangibles, net, of $909.4 million and $988.9 million as of December 31, 2020 and 2019, respectively. During the years ended December 31, 2020, 2019 and 2018, the Company executed 10, 22 and 12 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. Secured Financing Facility On April 30, 2020, the Company entered into a strategic financing arrangement with an American multinational corporation (the “Lender”), under which the Lender provided the Company with approximately $206.4 million in senior secured financing (the “Secured Financing Facility”) to fund transitional and land loans. The Secured Financing Facility is secured on a first lien basis on a portfolio of certain of the Company’s loans and will mature on May 6, 2023, and borrowings thereunder bear interest at LIBOR (or a minimum of 0.75% if greater) plus 10.0%, with a minimum interest premium of approximately $39.2 million minus the aggregate sum of all interest payments made under the Secured Financing Facility prior to the date of payment of the minimum interest premium, which is payable upon the earlier of maturity or repayment in full of the loan. The Senior Financing Facility is non-recourse, subject to limited exceptions, and does not contain mark-to-market provisions. Additionally, the Senior Financing Facility provides the Company optionality to modify or restructure loans or forbear in exercising remedies, which maximizes the Company’s financial flexibility. As part of the strategic financing, the Lender also had the ability to make an equity investment in the Company of up to 4.0 million Class A common shares at $8.00 per share, subject to certain adjustments (the “Purchase Right”). The Purchase Right was exercised in full at $8.00 per share on December 29, 2020. In addition, the Lender has agreed not to sell, transfer, assign, pledge, hypothecate, mortgage, dispose of or in any way encumber the shares acquired as a result of exercising the Purchase Right for a period of time following the exercise date. In connection with the issuance of the Purchase Right, the Company and the Lender entered into a registration rights agreement, pursuant to which the Company has agreed to provide customary demand and piggyback registration rights to the Lender. The Purchase Right was classified as equity and the $200.9 million of net proceeds from the original issuance were allocated $192.5 million to the originally issued debt obligation and $8.4 million to the Purchase Right using the relative fair value method. The commitment to issue shares will not be subsequently remeasured. The $8.4 million allocated to the Purchase Right is being treated as a discount to the debt and amortized over the life of the Purchase Right to interest expense. Collateralized Loan Obligation (“CLO”) Debt On April 27, 2020, a consolidated subsidiary of the Company completed a private CLO transaction with a major U.S. bank which generated $310.2 million of gross proceeds to Ladder, financing $481.3 million of loans (“Contributed Loans”) at a 64.5% advance rate on a matched term, non-mark-to-market and non-recourse basis. A consolidated subsidiary of the Company retained a 35.5% subordinate and controlling interest in the CLO. The Company retained control over major decisions made with respect to the administration of the Contributed Loans, including broad discretion in managing these loans in light of the COVID-19 pandemic, and has the ability to appoint the special servicer under the CLO. The CLO is a VIE and the Company was the primary beneficiary and, therefore, consolidated the VIE - See Note 10, Consolidated Variable Interest Entities. Proceeds from the transaction were used to pay off other secured debt including bank and FHLB financing that was subject to mark-to-market provisions. As of December 31, 2020, the Company had $276.5 million of matched term, non-mark-to-market and non-recourse CLO debt included in debt obligations on its consolidated balance sheets. Unamortized debt issuance costs of $2.6 million were included in CLO debt as of December 31, 2020. The Company completed CLO issuances in the two transactions described below. In October 2019, the Company redeemed all outstanding debt obligations related to the two CLO transactions. 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. 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 retained control over major decisions made with respect to the administration of the Contributed Loans and had the ability to appoint the special servicer under the CLO. The CLO was a VIE and the Company was the primary beneficiary. 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. A consolidated subsidiary of the Company retained an approximately 25.0% interest in the CLO by retaining the most subordinate classes of notes issued by the CLO. The Company retained control over major decisions made with respect to the administration of the Contributed Loans and had the ability to appoint the special servicer under the CLO. The CLO was a VIE and the Company was the primary beneficiary. On July 11, 2012, 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 was $1.5 billion. Beginning January 1, 2021 through February 19, 2021, the Set Dollar Limit will be $750.0 million. Tuebor has met its obligations and paid down its advances in accordance with the scheduled reduction in the Set Dollar Limit, which remains subject to revision by the FHLB or as a result of any future changes in applicable regulations. As of December 31, 2020, Tuebor had $288.0 million of borrowings outstanding (with an additional $1.2 billion of committed term financing available from the FHLB), with terms of overnight to 3.75 years (with a weighted average of 2.76 years), interest rates of 0.41% to 2.74% (with a weighted average of 1.12%), and advance rates of 45.0% to 95.7% on eligible collateral. As of December 31, 2020, collateral for the borrowings was comprised of $280.1 million of CMBS and U.S. Agency Securities and $108.3 million of first mortgage commercial real estate loans. As of December 31, 2019, Tuebor had $1.1 billion of borrowings outstanding (with an additional $872.3 million of committed term financing available from the FHLB), with terms of overnight to 4.75 years (with a weighted average of 2.1 years), interest rates of 1.47% to 2.95% (with a weighted average of 2.33%), and advance rates of 60.8% to 100% of the collateral, including cash collateral. As of December 31, 2019, collateral for the borrowings was comprised of $432.0 million of CMBS and U.S. Agency Securities and $675.2 million of first mortgage commercial real estate loans and $261.0 million of cash. FHLB advances amounted to 6.8% of the Company’s outstanding debt obligations as of December 31, 2020. After February 19, 2021, pursuant to a final rule adopted by the Federal Housing Finance Agency (the "FHFA") regarding the eligibility of captive insurance companies, Tuebor's outstanding advances may remain outstanding until their scheduled maturity dates, but Tuebor may not borrow additional funds. There is no assurance that the FHFA or the FHLB will not take actions that could adversely impact Tuebor’s existing advances. 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 $2.1 billion of the member’s capital was restricted from transfer via dividend to Tuebor’s parent without prior approval of state insurance regulators at December 31, 2020. To facilitate intercompany cash funding of operations and investments, Tuebor and its parent maintain regulator-approved intercompany borrowing/lending agreements. Senior Unsecured Notes As of December 31, 2020, the Company had $1.6 billion of unsecured corporate bonds outstanding. These unsecured financings were comprised of $146.7 million in aggregate principal amount of 5.875% senior notes due 2021 (the “2021 Notes”), $465.9 million in aggregate principal amount of 5.25% senior notes due 2022 (the “2022 Notes”), $348.0 million in aggregate principal amount of 5.25% senior notes due 2025 (the “2025 Notes”) and $651.8 million in aggregate principal amount of 4.25% senior notes due 2027 (the “2027 Notes,” collectively with the 2021 Notes, the 2022 Notes and the 2025 Notes, the “Notes”). As a result of the Company’s financing and liquidity measures implemented to date as a direct response to the COVID-19 pandemic, Ladder repurchased an aggregate principal of the Notes of $139.1 million, recognizing a gain on extinguishment of debt of $19.0 million, offset by accelerated deferred financing cost amortization of $1.5 million during the three months ended June 30, 2020. LCFH issued the Notes with Ladder Capital Finance Corporation (“LCFC”), as co-issuers on a joint and several basis. LCFC is a 100% owned finance subsidiary of Series TRS of LCFH with no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Notes. The Company and certain subsidiaries of LCFH currently guarantee the obligations under the Notes and the indenture. The Company is the general partner of LCFH and, through LCFH and its subsidiaries, operates the Ladder Capital business. As of December 31, 2020, the Company has a 100.0% 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. 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 federal, state and local income taxes, there are no material differences between the Company’s consolidated financial statements and LCFH’s consolidated financial statements. The Company believes it was in compliance with all covenants of the Notes as of December 31, 2020 and 2019. Unamortized debt issuance costs of $12.9 million and $8.4 million are included in senior unsecured notes as of December 31, 2020 and 2019, 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 on or 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, 2020, the Company retired $119.5 million of principal of the 2021 Notes for a repurchase price of $119.3 million, recognizing a $0.1 million net gain on extinguishment of debt after recognizing $(0.2) million of unamortized debt issuance costs associated with the retired debt. As of December 31, 2020, the remaining $146.7 million in aggregate principal amount of the 2021 Notes was due on August 1, 2021; however, subsequent to year end, the Company redeemed in full its 5.875% Senior Notes due 2021. Refer to Note 21 Subsequent Events for further details. 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. During the year ended December 31, 2020, the Company retired $34.2 million of principal of the 2022 Notes for a repurchase price of $33.2 million, recognizing a $0.7 million ne

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	8. DERIVATIVE INSTRUMENTS The Company uses derivative instruments primarily to economically manage the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The following is a breakdown of the derivatives outstanding as of December 31, 2020 and 2019 ($ in thousands): December 31, 2020 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1 Month LIBOR $ 69,571 $ — $ — 0.35 Futures 5-year Swap 23,800 108 — 0.25 10-year Swap 41,800 191 — 0.25 Total futures 65,600 299 — Total derivatives $ 135,171 $ 299 $ — (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. December 31, 2019 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1Month LIBOR $ 69,571 $ — $ — 0.36 Futures 5-year Swap 46,000 158 — 0.25 10-year Swap 149,800 516 — 0.25 5-year U.S. Treasury Note 1,100 4 — 0.25 Total futures 196,900 678 — Credit Derivatives S&P 500 Put Options 143,300 15 — 0.05 Total credit derivatives 143,300 15 — Total derivatives $ 409,771 $ 693 $ — (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 years ended December 31, 2020, 2019 and 2018 ($ in thousands): Year Ended December 31, 2020 Contract Type Unrealized Realized Net Result Futures $ (379) $ (15,113) $ (15,492) Credit Derivatives 111 111 222 Total $ (268) $ (15,002) $ (15,270) Year Ended December 31, 2019 Contract Type Unrealized Realized Net Result Futures $ 1,653 $ (31,469) $ (29,816) Credit Derivatives (111) (84) (195) Total $ 1,542 $ (31,553) $ (30,011) Year Ended December 31, 2018 Contract Type Unrealized Realized Net Result Futures $ (747) $ 16,176 $ 15,429 Swaps 1,403 (848) 555 Credit Derivatives 49 (107) (58) Total $ 705 $ 15,221 $ 15,926 The Company’s counterparties held $0.8 million, $3.5 million and $5.0 million of cash margin as collateral for derivatives as of December 31, 2020, 2019, and 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.

OFFSETTING ASSETS AND LIABILITI

OFFSETTING ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2020
Offsetting [Abstract]
OFFSETTING ASSETS AND LIABILITIES	9. OFFSETTING ASSETS AND LIABILITIES The following tables present both gross information and net information about derivatives and other instruments eligible for offset in the statement of financial position as of December 31, 2020 and 2019. The Company’s accounting policy is to record derivative asset and liability positions on a gross basis; therefore, the following tables present the gross derivative asset and liability positions recorded on the balance sheets, while also disclosing the eligible amounts of financial instruments and cash collateral to the extent those amounts could offset the gross amount of derivative asset and liability positions. The actual amounts of collateral posted by or received from counterparties may be in excess of the amounts disclosed in the following tables as the following only disclose amounts eligible to be offset to the extent of the recorded gross derivative positions. As of December 31, 2020 Offsetting of Financial Assets and Derivative Assets ($ in thousands) Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Derivatives $ 299 $ — $ 299 $ — $ — $ 299 Total $ 299 $ — $ 299 $ — $ — $ 299 (1) Included in restricted cash on consolidated balance sheets. As of December 31, 2020 Offsetting of Financial Liabilities and Derivative Liabilities ($ in thousands) Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Repurchase agreements $ 820,837 $ — $ 820,837 $ 820,837 $ — $ — Total $ 820,837 $ — $ 820,837 $ 820,837 $ — $ — (1) Included in restricted cash on consolidated balance sheets. As of December 31, 2019 Offsetting of Financial Assets and Derivative Assets ($ in thousands) Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Derivatives $ 693 $ — $ 693 $ — $ — $ 693 Total $ 693 $ — $ 693 $ — $ — $ 693 (1) Included in restricted cash on consolidated balance sheets. As of December 31, 2019 Offsetting of Financial Liabilities and Derivative Liabilities ($ in thousands) Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Repurchase agreements $ 1,815,934 $ — $ 1,815,934 $ 1,815,934 $ — $ — Total $ 1,815,934 $ — $ 1,815,934 $ 1,815,934 $ — $ — (1) Included in restricted cash on consolidated balance sheets. Master netting agreements that the Company has entered into with its derivative and repurchase agreement counterparties allow for netting of the same transaction, in the same currency, on the same date. Assets, liabilities, and collateral subject to master netting agreements as of December 31, 2020 and 2019 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.

CONSOLIDATED VARIABLE INTEREST

CONSOLIDATED VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONSOLIDATED VARIABLE INTEREST ENTITIES	10. 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 Company consolidates one collateralized loan obligation (“CLO”) VIE with the following balance sheet ($ in thousands): December 31, 2020 Notes 3 & 7 Restricted cash $ 3,925 Mortgage loan receivables held for investment, net, at amortized cost 362,600 Accrued interest receivable 1,382 Other assets 69,649 Total assets $ 437,556 Debt obligations, net $ 276,516 Accrued expenses 682 Total liabilities 277,198 Net equity in VIEs (eliminated in consolidation) 160,358 Total equity 160,358 Total liabilities and equity $ 437,556

EQUITY STRUCTURE AND ACCOUNTS

EQUITY STRUCTURE AND ACCOUNTS	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
EQUITY STRUCTURE AND ACCOUNTS	11. 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 on which stockholders generally are entitled to vote. 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. 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 our Class A common stock are fully paid and non-assessable. Class B Common Stock Voting Rights Holders of shares of Class B common stock are entitled to one vote for each share on all matters on which stockholders generally are entitled to vote. Holders of shares of our Class B common stock vote together with holders of our Class A common stock on all such matters. Our stockholders do not have cumulative voting rights in the election of directors. 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 We are a holding company and have no material assets other than our direct and indirect ownership of Series REIT limited partnership units (“Series REIT LP Units”) and Series TRS limited partnership units (“Series TRS LP Units,” and, collectively with Series REIT LP Units, “Series Units”) of LCFH. Series TRS LP Units are exchangeable for the same number of limited liability company interests of LC TRS I LLC (“LC TRS I Shares”), which is a limited liability company that is a TRS as well as a general partner of Series TRS. 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 I LLC Share, subject to equitable adjustments for stock splits, stock dividends and reclassifications. As of September 30, 2020, all shares of Class B common stock, Series REIT LP Units and Series TRS LP Units have been exchanged for shares of Class A common stock and no Class B common stock is outstanding as of December 31, 2020. During the year ended December 31, 2020, 12,158,933 Series REIT LP Units and 12,158,933 Series TRS LP Units were collectively exchanged for 12,158,933 shares of Class A common stock and 12,158,933 shares of Class B common stock were canceled. We received no other consideration in connection with these exchanges. As of December 31, 2020, the Company held a 100.0% interest in LCFH. During the year ended December 31, 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. As of December 31, 2019, the Company held a 89.8% interest in LCFH. 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. As of December 31, 2020, the Company has a remaining amount available for repurchase of $38.1 million, which represents 3.1% in the aggregate of its outstanding Class A common stock, based on the closing price of $9.78 per share on such date. The following table is a summary of the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2020, 2019 and 2018 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2019 $ 41,132 Additional authorizations — Repurchases paid 384,251 (3,030) Repurchases unsettled — Authorizations remaining as of December 31, 2020 $ 38,102 (1) Amount excludes commissions paid associated with share repurchases. 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 December 31, 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 December 31, 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 order to continue to qualify as a REIT. Consistent with IRS guidance, the Company may, subject to a cash/stock election by its shareholders, pay a portion of its dividends in stock, to provide for meaningful capital retention; however, the REIT distribution requirements limit its ability to retain earnings and thereby replenish or increase capital for operations. The timing and amount of future distributions is based on a number of factors, including, among other things, the Company’s future operations and earnings, capital requirements and surplus, general financial condition and contractual restrictions. All dividend declarations are subject to the approval of the Company’s board of directors. Generally, the Company expects its distributions to be taxable as ordinary dividends to its shareholders, whether paid in cash or a combination of cash and common stock, and not as a tax-free return of capital or a capital gain (although for taxable years beginning after December 31, 2017 and before January 1, 2026, generally stockholders that are individuals, trusts or estates may deduct 20% of the aggregate amount of ordinary dividends distributed by us, subject to certain limitations). The Company believes that its significant capital resources and access to financing will provide the financial flexibility at levels sufficient to meet current and anticipated capital requirements, including funding new investment opportunities, paying distributions to its shareholders and servicing our debt obligations. The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2020, 2019 and 2018: Declaration Date Dividend per Share February 27, 2020 $ 0.340 May 28, 2020 0.200 August 31, 2020 0.200 December 15, 2020 0.200 Total $ 0.940 February 27, 2019 $ 0.340 May 30, 2019 0.340 August 22, 2019 0.340 November 26, 2019 0.340 Total $ 1.360 February 27, 2018 $ 0.315 May 30, 2018 0.325 September 5, 2018 0.325 November 1, 2018(1) 0.570 Total $ 1.535 (1) On October 30, 2018, the Company’s board of directors approved the fourth quarter 2018 dividend of $0.570 per share of the Company’s Class A common stock in order to meet its annual REIT taxable income distribution requirement. The dividend was paid as a combination of cash and Class A common stock, subject to shareholder elections. The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2020, 2019 and 2018: Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain Return of Capital March 10, 2020 April 1, 2020 $ 0.340 $ 0.230 $ — $ 0.039 $ 0.016 $ 0.071 June 10, 2020 July 1, 2020 0.200 0.135 — 0.023 0.009 0.042 September 10, 2020 October 1, 2020 0.200 0.135 — 0.023 0.009 0.042 December 31, 2020 January 15, 2021 (1) 0.200 — — — — — Total $ 0.940 $ 0.500 $ — $ 0.085 $ 0.034 $ 0.155 (1) The $0.200 fourth quarter dividend paid on January 15, 2021 is considered a 2021 dividend for U.S. federal income tax purposes. Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain March 11, 2019 April 1, 2019 $ 0.340 $ 0.324 $ 0.054 $ 0.016 $ 0.005 June 10, 2019 July 1, 2019 0.340 0.324 0.054 0.016 0.005 September 10, 2019 October 1, 2019 0.340 0.324 0.054 0.016 0.005 December 10, 2019 January 3, 2020 (1) 0.340 0.324 0.054 0.016 0.005 Total $ 1.360 $ 1.296 $ 0.216 $ 0.064 $ 0.020 (1) The $0.340 fourth quarter dividend paid on January 3, 2020 is considered a 2019 dividend for U.S. federal income tax purposes. Record Date Payment Date Dividend per Share Ordinary Dividends Qualified Dividends Capital Gain Unrecaptured 1250 Gain December 11, 2017 January 3, 2018 (1) $ 0.050 $ 0.038 $ — $ 0.012 $ 0.001 March 12, 2018 April 2, 2018 0.315 0.239 — 0.076 0.009 June 11, 2018 July 2, 2018 0.325 0.246 — 0.079 0.009 September 17, 2018 October 1, 2018 0.325 0.246 — 0.079 0.009 December 10, 2018 January 24, 2019 (2) 0.570 0.432 — 0.138 0.015 Total $ 1.585 $ 1.201 $ — $ 0.384 $ 0.043 (1) $0.265 of the $0.315 fourth quarter dividend paid on January 3, 2018 is considered a 2017 dividend for U.S. federal income tax purposes. $0.050 is considered a 2018 dividend for U.S. federal income tax purposes and was reflected in 2019 tax reporting. (2) The $0.570 fourth quarter dividend paid on January 24, 2019 is considered a 2018 dividend for U.S. federal income tax purposes. Stock Dividend In order for the Company to maintain its qualification as a REIT under the Code, it must annually distribute at least 90% of its taxable income. The Company elected, subject to the cash/stock election by its shareholders described below, to pay its fourth quarter 2018 dividend in a mix of cash and stock and have such dividend be treated as a taxable distribution to its shareholders for U.S. federal income tax purposes. Pursuant to IRS guidance, shareholders had the option to elect to receive the fourth quarter 2018 dividend in all cash (a “Cash Election”), or all shares of Ladder’s Class A common stock (a “Share Election”). Shareholders who did not return an election form, or who otherwise failed to properly complete an election form, were deemed to have made a Share Election. The total amount of cash paid to all shareholders was limited to a maximum of 20% of the total value of each of the fourth quarter 2018 dividend (the “Cash Amount”). The aggregate amount of the dividends owed to shareholders who made Cash Elections exceeded the Cash Amount, and accordingly, the Cash Amount was prorated among such shareholders, with the remaining portion of the fourth quarter 2018 dividend, as applicable, paid to such shareholders in shares of Ladder’s Class A common stock plus cash in lieu of any fractional shares. Shareholders making Stock Elections received the full amount of the dividend in shares of Ladder’s Class A common stock plus cash in lieu of any fractional shares. On January 24, 2019, the Company paid an aggregate of $34.9 million in cash to its Class A shareholders, accrued for dividends payable on unvested restricted stock and unvested options with dividend equivalent rights of $0.5 million and issued 1,434,297 shares of its Class A common stock, equivalent to $23.9 million, in connection with the fourth quarter 2018 dividend totaling $0.570 per share. The total number of shares of Class A common stock distributed pursuant to the fourth quarter 2018 dividend was determined based on shareholder elections and the volume weighted average price of $16.67 per share of Class A common stock on the New York Stock Exchange for the three trading days after January 10, 2019, the date that election forms were due. The Company also issued 180,925 shares of its Class B common stock and each of Series REIT and Series TRS of LCFH issued 1,615,222 of their respective Series LP units corresponding to the aggregate number of Class A and Class B shares issued by the Company. The Company believes that the total value of its 2018 dividend was sufficient to fully distribute its 2018 taxable income. Changes in Accumulated Other Comprehensive Income The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2020, 2019 and 2018 ($ in thousands): Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2019 $ 4,218 $ 475 $ 4,693 Other comprehensive income (loss) (9,950) (5,208) (15,158) Exchange of noncontrolling interest for common stock (6,952) 6,952 — Rebalancing of ownership percentage between Company and Operating Partnership 2,221 (2,221) — December 31, 2020 $ (10,463) $ (2) $ (10,465) 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) 8,785 1,145 9,930 Exchange of noncontrolling interest for common stock 65 (65) — Rebalancing of ownership percentage between Company and Operating Partnership 17 (17) — December 31, 2019 $ 4,218 $ 475 $ 4,693 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) (4,211) (930) (5,141) Exchange of noncontrolling interest for common stock (167) 167 — Rebalancing of ownership percentage between Company and Operating Partnership (59) 59 — December 31, 2018 $ (4,649) $ (588) $ (5,237)

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2020
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	12. NONCONTROLLING INTERESTS 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 Pursuant to LCFH’s Third Amended and Restated LLLP Agreement, dated as of December 31, 2014 and as amended, and subject to the applicable minimum retained ownership requirements and certain other restrictions, including notice requirements, limited partners of LCFH prior to Ladder Capital Corp’s IPO who held an economic interest in LCFH and voting shares of Ladder Capital Corp Class B common stock (the “Continuing LCFH Limited Partners”) (or certain transferees thereof) were, subject to certain conditions, able to 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 did not affect the exchanging owners’ voting power since the votes represented by the canceled shares of Ladder Capital Corp Class B common stock were replaced with the votes represented by the shares of Class A common stock for which such Series Units, including TRS Shares as applicable, were exchanged. As of September 30, 2020, all shares of Class B common stock had been exchanged for shares of Class A common stock and the Company held a 100% interest in LCFH. The roll-forward of the Operating Partnership’s LP Units followed the Class B common stock of the Company as disclosed in the consolidated statements of changes in equity. As of December 31, 2020, all shares of Class B common stock have been exchanged for shares of Class A common stock, and the Company held a 100% interest in LCFH. 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 year ended December 31, 2020, the Company has increased noncontrolling interests in the Operating Partnership and accumulated other comprehensive income and increased additional paid-in capital in the Company’s shareholders’ equity by $1.0 million as of December 31, 2020. 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 used 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 was 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 took 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 required 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 was required to make a corresponding distribution of cash to each of their partners (other than the Company) on a pro-rata basis. As of December 31, 2020, all shares of Class B common stock have been exchanged for shares of Class A common stock, and the Company held a 100% interest in LCFH. Due to the expiration of the partnership during the year, the above will no longer be applicable prospectively. Income and losses and comprehensive income were 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 December 31, 2020, the Company consolidates four ventures in which there are other noncontrolling investors, which own between 10.0% - 25.0% of such ventures. These ventures hold investments in a 40-building student housing portfolio in Isla Vista, CA with a book value of $81.7 million, 11 office buildings in Richmond, VA with a book value of $72.2 million, a single-tenant office building in Oakland County, MI with a book value of $9.2 million and an apartment complex in Miami, FL with a book value of $37.1 million. The Company makes distributions and allocates income from these ventures to the noncontrolling interests in accordance with the terms of the respective governing agreements.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
EARNINGS PER SHARE	13. EARNINGS PER SHARE The Company’s net income (loss) and weighted average shares outstanding for the years ended December 31, 2020, 2019 and 2018 consist of the following: Year Ended December 31, ($ in thousands except share amounts) 2020 2019 2018 Basic Net income (loss) available for Class A common shareholders $ (14,445) $ 122,645 $ 180,015 Diluted Net income (loss) available for Class A common shareholders $ (14,445) $ 122,645 $ 180,015 Weighted average shares outstanding Basic 112,409,615 105,455,849 97,226,027 Diluted 112,409,615 106,399,783 97,652,065 The calculation of basic and diluted net income (loss) per share amounts for the years ended December 31, 2020, 2019 and 2018 consist of the following: Year Ended December 31, (In thousands except share and per share amounts) 2020(1) 2019(1) 2018(1) Basic Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ (14,445) $ 122,645 $ 180,015 Denominator: Weighted average number of shares of Class A common stock outstanding 112,409,615 105,455,849 97,226,027 Basic net income (loss) per share of Class A common stock $ (0.13) $ 1.16 $ 1.85 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ (14,445) $ 122,645 $ 180,015 Add (deduct) - dilutive effect of: Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss)(2) — — — Additional corporate tax (expense) benefit(2) — — — Diluted net income (loss) attributable to Class A common shareholders (14,445) 122,645 $ 180,015 Denominator: Basic weighted average number of shares of Class A common stock outstanding 112,409,615 105,455,849 97,226,027 Add - dilutive effect of: Shares issuable relating to converted Class B common shareholders(3) — — — Incremental shares of unvested Class A restricted stock(3) — 943,934 426,038 Incremental shares of unvested stock options — — — Diluted weighted average number of shares of Class A common stock outstanding 112,409,615 106,399,783 97,652,065 Diluted net income (loss) per share of Class A common stock $ (0.13) $ 1.15 $ 1.84 (1) For the years ended December 31, 2020, 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. (2) The Company is 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 for periods prior to September 30, 2020. There are no Class B common stock outstanding as of December 31, 2020. (3) The Company is using the treasury stock method.

STOCK BASED AND OTHER COMPENSAT

STOCK BASED AND OTHER COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
STOCK BASED AND OTHER COMPENSATION PLANS	14. STOCK BASED AND OTHER COMPENSATION PLANS The following table summarizes the impact on the consolidated statement of operations of the various stock based and other compensation plans ($ in thousands): Year Ended December 31, 2020 2019 2018 Stock Based Compensation Expense $ 42,728 $ 21,777 $ 8,831 Phantom Equity Investment Plan (1,238) 1,341 — Stock Options Exercised 270 — — Ladder Capital Corp Deferred Compensation Plan — — 1,163 Bonus Expense 1,082 28,235 34,465 Total $ 42,842 $ 51,353 $ 44,459 Summary of Stock and Shares/Options Nonvested/Outstanding A summary of the grants is presented below: Year Ended December 31, 2020 2019 2018 Number Weighted Number Weighted Number Weighted Grants - Class A Common Stock 4,423,215 $ 12.84 1,569,694 $ 17.54 33,656 $ 14.86 Grants - Class A Common Stock dividends — — 11,113 16.61 — — Stock Options — — 12,073 — — — The table below presents the number of unvested shares and outstanding stock options at December 31, 2020 and changes during 2020 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, 2019 1,436,683 994,208 Granted 4,423,215 — Exercised — (83,845) Vested (3,031,109) — Forfeited (27,965) — Expired — (229,261) Nonvested/Outstanding at December 31, 2020 2,800,824 681,102 Exercisable at December 31, 2020 (1) 681,102 (1) The weighted-average exercise price of outstanding options, warrants and rights is $14.84 at December 31, 2020. At December 31, 2020 there was $13.3 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 21.7 months, with a weighted-average remaining vesting period of 26 months. 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. 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 vested 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 was recognized on a straight-line basis over the one year vesting period. On April 23, 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 vested in three equal installments on each of the first two anniversaries of the date of grant and the employee’s termination date. Compensation expense was 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, certain employees received stock-based incentive equity on February 18, 2019. Fair value for all restricted and unrestricted stock grants was calculated using the most recent closing stock price prior to the grant date (due to markets being closed on grant date). Compensation expense for unrestricted stock grants was expensed immediately. The Company 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. Restricted stock subject to performance criteria is eligible to vest in three equal installments upon the compensation committee’s confirmation that the Company achieves a return on equity, based on distributable earnings divided by the Company’s average book value of equity, equal to or greater than 8% for such year (the “Performance Target”) for the years ended December 31, 2019, 2020 and 2021, respectively. If the Company misses the Performance Target during either the first or second calendar year but meets the Performance Target for a subsequent year during the three On February 18, 2019, in connection with 2018 compensation, annual stock awards were granted to management employees (each, a “Management Grantee”) with an aggregate value of $11.7 million which represented 666,288 shares of Class A common stock. The award to Mr. Harris, and 50% of the awards to Mr. Fox, Mr. Harney, and Mr. Perelman, were unrestricted. For Ms. McCormack, 50% of her award became fully vested on her executive retirement eligibility date, December 8, 2019. The other 50% of incentive equity awarded to Mr. Fox, Mr. Harney, Ms. McCormack, and Mr. Perelman is restricted stock subject to attainment of the Performance Target for the applicable years and also subject to the Performance Waiver and Catch-Up Provision, each described above. On February 18, 2019, in connection with 2018 compensation, annual 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 mostly restricted Class A common stock. Fifty percent of most stock awards granted is subject to time-based vesting criteria, and the remaining 50% of each stock award is subject to attainment of the Performance Target for the applicable years and is also subject to the Performance Waiver and Catch-Up Provision, each described above. 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. Other 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 vested 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 was recognized on a straight-line basis over the one year vesting period. 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 vested with the time-vesting 2016 options they are associated with, subject to the Retirement Eligibility Date of the respective member of management. Compensation expense was 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 summary of grants table above. 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. 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 July 1, 2019, a new employee of the Company received a restricted stock award with a grant date fair value of $0.4 million, representing 24,125 shares of restricted Class A common stock. Fifty percent of this restricted stock award granted is subject to time-based vesting criteria, and the remaining 50% of this restricted stock award is subject to attainment of the Performance Target for the applicable years and is also subject to the Performance Waiver and Catch-Up Provision, each described above. The time-vesting restricted stock granted will vest in three installments on July 1 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 on July 1 of each of 2020, 2021 and 2022 upon the Compensation Committee’s confirmation that the Company achieves the Performance Target for the years ended December 31, 2019, 2020 and 2021, respectively subject to the Performance Waiver. The Company has elected to recognize the compensation expense related to the time-based vesting criteria of these restricted stock award on a straight-line basis over the requisite service period. Annual Incentive Awards Granted in 2020 with Respect to 2019 Performance For 2019 performance, certain employees received stock-based incentive equity. Fair value for all restricted and unrestricted stock grants was calculated using the closing stock price on the grant date. Compensation expense for unrestricted stock grants was expensed immediately. 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. Restricted stock subject to performance criteria is eligible to vest in three equal installments upon the compensation committee’s confirmation that the Company achieves the Performance Target for the years ended December 31, 2020, 2021 and 2022, respectively. Restricted stock subject to performance criteria is also subject to the Performance Waiver and the Catch-Up Provision, each described above. Accruals of compensation cost for an award with a performance condition shall be based on the probable outcome of that performance condition. Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. On February 18, 2020, in connection with 2019 compensation, annual stock awards were granted to Management Grantees, other than Ms. Porcella, with an aggregate fair value of $12.0 million million which represents 639,690 shares of Class A common stock. The grant to Ms. Porcella is subject to the same time-based and performance-based vesting described below for Non-Management Grantees and her shares are included in that total. The grant to Mr. Harris, and 50% of the grants to Mr. Fox, Ms. McCormack and Mr. Perelman, were unrestricted. The other 50% of incentive equity granted to Mr. Fox, Ms. McCormack and Mr. Perelman is restricted stock subject to attainment of the Performance Target for the applicable years and is also subject to the Performance Waiver and Catch-Up Provision, each described above. On February 18, 2020, in connection with 2019 compensation, annual stock awards were granted to Ms. Porcella and Non-Management Grantees with an aggregate value of $15.0 million which represents 802,611 shares of mostly restricted Class A common stock. Fifty percent of most stock awards is subject to time-based vesting criteria, and the remaining 50% of these stock awards is subject to attainment of the Performance Target for the applicable years and is also subject to the Performance Waiver and Catch-Up Provision, each described above. The time-vesting restricted stock will vest in three installments on February 18 of each of 2021, 2022 and 2023 subject to continued employment on the applicable vesting dates. Other 2020 Restricted Stock Awards On February 18, 2020, certain members of the board of directors each received annual restricted stock awards with a grant date fair value of $0.4 million, representing 24,036 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 March 26, 2020, 5,803 shares of restricted Class A common stock were forfeited when a member resigned from the board of directors. Annual Incentive Awards Granted in 2020 with Respect to 2020 Performance For 2020 performance, certain employees received stock-based incentive equity in December 2020. Fair value for all restricted and unrestricted stock grants was calculated using the closing stock price on the grant date. Compensation expense for unrestricted stock grants was expensed immediately. 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. Restricted stock subject to performance criteria is eligible to vest in three equal installments upon the compensation committee’s confirmation that the Company achieves the Performance Target for the years ended December 31, 2021, 2022 and 2023, respectively. Restricted stock subject to performance criteria is also subject to the Performance Waiver and the Catch-Up Provision, each described above. 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 December 17, 2020, in connection with 2020 compensation, annual stock awards were granted to Management Grantees, other than Ms. Porcella, with an aggregate fair value of $14.5 million, which represents 1,463,039 shares of Class A common stock. The grant to Ms. Porcella is subject to the same time-based and performance-based vesting described below for Non-Management Grantees and her shares are included in the total. The grant to Mr. Harris and approximately 2/3 of the grants to Mr. Fox, Ms. McCormack and Mr. Perelman were unrestricted. The other 1/3 of incentive equity granted to Mr. Fox, Ms. McCormack and Mr. Perelman is restricted stock subject to attainment of the Performance Target for the applicable years and is also subject to the Performance Waiver and Catch-Up Provision, each described above. On December 17, 2020, in connection with 2020 compensation, annual stock awards were granted to Ms. Porcella and Non-Management employees with an aggregate fair value of $14.8 million, which represents 1,493,839 shares of Class A common stock. Approximately 1/3 of the awards to Ms. Porcella and Non-Management Grantees employees were unrestricted, with another 1/3 of the awards subject to time-based vesting criteria, and the remaining 1/3 subject to attainment of the Performance Target for the applicable years. The 1/3 of awards subject to attainment of the Performance Target is also subject to the Performance Waiver and Catch-Up Provision, each described above. The time-vesting restricted stock will vest in three installments on February 18 of each of 2022, 2023 and 2024 subject to continued employment on the applicable vesting dates. Change in Control Upon a change in control (as defined in the respective award agreements), restricted stock awards to Mr. Fox, Ms. McCormack and Mr. Perelman will become fully vested if (1) such 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, such Management Grantee’s employment is terminated without cause or due to death or disability or the Management Grantee resigns for Good Reason, as defined in each Management Grantee’s employment agreement. 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 awards granted. In the event Ms. Porcella or 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 (or be forfeited) in accordance with the performance conditions. 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 Deferred Compensation Plan, participants elected, or in some cases non-management participants were required, to defer all or a portion of their annual cash performance-based bonuses into the 2014 Deferred Compensation Plan. Generally, if a participant’s total compensation was in excess of a certain threshold, a portion of a participant’s performance-based annual bonus was required to be deferred into the 2014 Deferred Compensation Plan. Otherwise, a portion of the participant’s annual bonus could have been deferred into the 2014 Deferred Compensation Plan at the election of the participant, so long as such elections were timely made in accordance with the terms and procedures of the 2014 Deferred Compensation Plan. In the event that a participant elected to (or was required to) defer a portion of his or her compensation pursuant to the 2014 Deferred Compensation Plan, such amount was not paid to the participant and was instead credited to such participant’s notional account under the 2014 Deferred Compensation Plan. Such amounts were then invested on a phantom basis in Class A common stock of the Company, or the phantom units, and a participant’s account is credited with any dividends or other distributions received by holders of Class A common stock of the Company, which are subject to the same vesting and payment conditions as the applicable contributions. Elective contributions were immediately vested upon contribution. Mandatory contributions are subject to one-third vesting over three years on a straight-line basis following the applicable year in which the related compensation was earned and mandatory contributions for compensation earned in 2016 and 2017 remain in the 2014 Deferred Compensation Plan, subject to vesting in 2019 and 2020, respectively. If a participant’s employment with the Company is terminated by the Company other than for cause and such termination is within six months following a change in control (each, as defined in the 2014 Deferred Compensation Plan), then the participant will fully vest in his or her unvested account balances. Furthermore, the unvested account balances will fully vest in the event of the participant’s death, disability, retirement (as defined in the 2014 Deferred Compensation Plan) or in the event of certain hostile takeovers of the board of directors of the Company. In the event that a participant’s employment is terminated by the Company other than for cause, the participant will vest in the portion of the participant’s account that would have vested had the participant remained employed through the end of the year in which such termination occurs, subject to, in such case or in the case of retirement, the participant’s timely execution of a general release of claims in favor of the Company. Unvested amounts are otherwise generally forfeited upon the participant’s resignation or termination of employment, and vested mandatory contributions are generally forfeited upon the participant’s termination for cause. Amounts deferred into the 2014 Deferred Compensation Plan are paid upon the earliest to occur of (1) a change in control, (2) within sixty days following the end of the participant’s employment with the Company, or (3) the date of payment of the annual bonus payments following December 31 of the third calendar year following the applicable year to which the underlying deferred annual compensation relates. Payment is made in cash equal to the fair market value of the number of phantom units credited to a participant’s account, provided that, if the participant’s termination was by the Company for cause or was a voluntary resignation other than on account of such participant’s retirement, the amount paid is based on the lowest fair market value of a share of Class A common stock during the forty-five day period following such termination of employment. The amount of the final cash payment may be more or less than the amount initially deferred into the 2014 Deferred Compensation Plan, depending upon the change in the value of the Class A common stock of the Company during such period. As of December 31, 2020, there are 165,735 phantom units outstanding in the 2014 Deferred Compensation Plan, of which zero are unvested, resulting in a liability of $1.6 million, which is included in accrued expenses on the consolidated balance sheets. As of December 31, 2019, there were 265,275 phantom units outstanding in the 2014 Deferred Compensation Plan, of which 52,861 were unvested, resulting in a liability of $4.9 million, which is included in accrued expenses on the consolidated balance sheets. Bonus Payments

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	15. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is based upon internal models, using market quotations, broker quotations, counterparty quotations or pricing services quotations, which provide valuation estimates based upon reasonable market order indications and are subject to significant variability based on market conditions, such as interest rates, credit spreads and market liquidity. The fair value of the mortgage loan receivables held for sale is based upon a securitization model utilizing market data from recent securitization spreads and pricing. Fair Value Summary Table The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2020 and 2019 are as follows ($ in thousands): December 31, 2020 Weighted Average Outstanding Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 1,015,520 $ 1,015,282 $ 1,003,301 Internal model, third-party inputs 1.56 % 2.01 CMBS interest-only(1) 1,498,181 (2) 21,567 22,213 Internal model, third-party inputs 3.53 % 2.19 GNMA interest-only(3) 75,350 (2) 868 1,001 Internal model, third-party inputs 5.06 % 3.59 Agency securities(1) 586 593 605 Internal model, third-party inputs 1.64 % 1.26 GNMA permanent securities(1) 30,254 30,340 31,199 Internal model, third-party inputs 3.49 % 1.98 Provision for current expected credit reserves N/A (20) (20) (5) N/A N/A Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loan receivables held for investment, net, at amortized cost 2,365,204 2,354,059 2,328,441 Discounted Cash Flow(4) 6.67 % 1.07 Provision for current expected credit reserves N/A (41,507) (41,507) (5) N/A N/A Mortgage loan receivables held for sale 30,478 30,518 32,082 Internal model, third-party inputs(6) 4.05 % 9.18 FHLB stock(7) 31,000 31,000 31,000 (7) 3.00 % N/A Nonhedge derivatives(1)(8) 65,600 N/A 299 Counterparty quotations N/A 0.25 Liabilities: Repurchase agreements - short-term 708,833 708,833 708,833 Discounted Cash Flow(9) 1.16 % 0.34 Repurchase agreements - long-term 112,004 112,004 112,004 Discounted Cash Flow(10) 9.47 % 2.21 Revolving credit facility 266,430 266,430 266,430 Discounted Cash Flow(9) 3.15 % 0.07 Mortgage loan financing 761,793 766,064 786,405 Discounted Cash Flow(10) 4.84 % 4.04 Secured financing facility 192,646 192,646 192,646 Discounted Cash Flow(9) 10.75 % 2.35 CLO debt 276,516 276,516 276,516 Discounted Cash Flow(10) 5.50 % 3.38 Borrowings from the FHLB 288,000 288,000 289,091 Discounted Cash Flow 1.12 % 2.76 Senior unsecured notes 1,612,299 1,599,371 1,607,930 Internal model, third-party inputs 4.90 % 3.89 (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 - short term borrowings under the secured financing facility and borrowings under the revolving credit facility is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions. 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, mortgage loan financing, and CLO debt 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, 2019 Weighted Average Outstanding Amortized Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 1,640,597 $ 1,640,905 $ 1,644,322 Internal model, third-party inputs 3.08 % 2.41 CMBS interest-only(1) 1,559,160 (2) 28,553 29,146 Internal model, third-party inputs 3.04 % 2.53 GNMA interest-only(3) 109,783 (2) 1,982 1,851 Internal model, third-party inputs 4.59 % 2.77 Agency securities(1) 629 640 637 Internal model, third-party inputs 1.73 % 1.83 GNMA permanent securities(1) 31,461 31,681 32,369 Internal model, third-party inputs 3.17 % 1.93 Equity securities(3) N/A 12,848 12,980 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 3,277,596 3,257,036 3,273,219 Discounted Cash Flow(4) 6.94 % 1.43 Provision for loan losses N/A (20,500) (20,500) (5) N/A N/A Mortgage loan receivables held for sale 122,748 122,325 124,989 Internal model, third-party inputs(6) 4.20 % 9.99 FHLB stock(7) 61,619 61,619 61,619 (7) 4.75 % N/A Nonhedge derivatives(1)(8) 340,200 N/A 693 Counterparty quotations N/A 0.25 Liabilities: Repurchase agreements - short-term 1,781,253 1,781,253 1,781,253 Discounted Cash Flow(9) 2.50 % 0.19 Repurchase agreements - long-term 34,681 34,681 34,681 Discounted Cash Flow(10) 2.81 % 1.41 Mortgage loan financing 807,854 812,606 838,766 Discounted Cash Flow(10) 4.91 % 5.65 Borrowings from the FHLB 1,073,500 1,073,500 1,080,354 Discounted Cash Flow 2.33 % 2.08 Senior unsecured notes 1,166,201 1,157,833 1,208,860 Internal model, third-party inputs 5.39 % 3.28 Nonhedge derivatives(1)(8) 69,571 N/A — Counterparty quotations N/A 0.36 (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 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. The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2020 and 2019 ($ in thousands): December 31, 2020 Financial Instruments Reported at Fair Value on Consolidated Statements of Financial Condition Outstanding Face Fair Value Level 1 Level 2 Level 3 Total Assets: CMBS(1) $ 1,003,998 $ — $ — $ 992,227 $ 992,227 CMBS interest-only(1) 1,487,616 (2) — — 21,538 21,538 GNMA interest-only(3) 75,350 (2) — — 1,001 1,001 Agency securities(1) 586 — — 605 605 GNMA permanent securities(1) 30,254 — — 31,199 31,199 Nonhedge derivatives(4) 65,600 — 299 — 299 $ — $ 299 $ 1,046,570 $ 1,046,869 Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial Condition Outstanding Face Fair Value Level 1 Level 2 Level 3 Total Assets: Mortgage loan receivable held for investment, net, at amortized cost: Mortgage loans held by consolidated subsidiaries $ 2,365,204 $ — $ — $ 2,328,441 $ 2,328,441 Provision for current expected credit losses N/A — — (41,507) (41,507) Mortgage loan receivable held for sale 30,478 — — 32,082 32,082 CMBS(5) 11,523 — — 11,074 11,074 CMBS interest-only(5) 10,566 (2) — — 675 675 Provision for current expected credit losses N/A (20) (20) FHLB stock 31,000 — — 31,000 31,000 $ — $ — $ 2,361,745 $ 2,361,745 Liabilities: Repurchase agreements - short-term 708,833 $ — $ — $ 708,833 $ 708,833 Repurchase agreements - long-term 112,004 — — 112,004 112,004 Revolving credit facility 266,430 — — 266,430 266,430 Mortgage loan financing 761,793 — — 786,405 786,405 Secured financing facility 192,646 — — 192,646 192,646 CLO debt 276,516 — — 276,516 276,516 Borrowings from the FHLB 288,000 — — 289,091 289,091 Senior unsecured notes 1,612,299 — — 1,607,930 1,607,930 $ — $ — $ 4,239,855 $ 4,239,855 (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, 2019 Financial Instruments Reported at Fair Value on Consolidated Statements of Financial Condition Outstanding Face Fair Value Level 1 Level 2 Level 3 Total Assets: CMBS(1) $ 1,628,476 $ — $ — $ 1,632,714 $ 1,632,714 CMBS interest-only(1) 1,548,061 (2) — — 28,342 28,342 GNMA interest-only(3) 109,783 (2) — — 1,851 1,851 Agency securities(1) 629 — — 637 637 GNMA permanent securities(1) 31,461 — — 32,369 32,369 Equity securities N/A 12,980 — — 12,980 Nonhedge derivatives(4) 340,200 — 693 — 693 $ 12,980 $ 693 $ 1,695,913 $ 1,709,586 Liabilities: Nonhedge derivatives(4) $ 69,571 $ — $ — $ — $ — Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial Condition Outstanding Face 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 $ 3,277,597 $ — $ — $ 3,273,219 $ 3,273,219 Provision for loan losses N/A — — (20,500) (20,500) Mortgage loan receivables held for sale 122,748 — — 124,989 124,989 CMBS(5) 12,121 — — 11,608 11,608 CMBS interest-only(5) 11,099 (2) — — 804 804 FHLB stock 61,619 — — 61,619 61,619 $ — $ — $ 3,451,739 $ 3,451,739 Liabilities: Repurchase agreements - short-term 1,781,253 $ — $ — $ 1,781,253 $ 1,781,253 Repurchase agreements - long-term 34,681 — — 34,681 34,681 Mortgage loan financing 807,854 — — 838,766 838,766 Borrowings from the FHLB 1,073,500 — — 1,080,354 1,080,354 Senior unsecured notes 1,166,201 — — 1,208,860 1,208,860 $ — $ — $ 4,943,914 $ 4,943,914 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. (2) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (4) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts. (5) Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, which are classified as held-to-maturity and reported at amortized cost. The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the years ended December 31, 2020 and December 31, 2019 ($ in thousands): Year Ended December 31, Level 3 2020 2019 Balance at January 1, $ 1,695,913 $ 1,398,576 Transfer from level 2 — — Purchases 439,735 1,627,063 Sales (917,372) (850,513) Paydowns/maturities (135,343) (491,790) Amortization of premium/discount (8,073) (12,185) Unrealized gain/(loss) (14,896) 10,014 Realized gain/(loss) on sale(1) (13,396) 14,748 Balance at December 31, $ 1,046,568 $ 1,695,913 (1) Includes realized losses on securities recorded as other than temporary impairments. The following is quantitative information about significant unobservable inputs in our Level 3 measurements for those assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2020 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 992,226 Discounted cash flow Yield (4) — % 2.09 % 23.85 % Duration (years)(5) 0 2.68 5.82 CMBS interest-only(1) 21,537 (2) Discounted cash flow Yield (4) 1 % 2.51 % 9.94 % Duration (years)(5) 0.12 2.23 3.15 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only(3) 1,001 (2) Discounted cash flow Yield (4) — % 7.93 % 35.82 % Duration (years)(5) 0 2.80 6.79 Prepayment speed (CPJ)(5) 5.00 17.78 35.00 Agency securities(1) 605 Discounted cash flow Yield (4) — % 11.31 % 72 % Duration (years)(5) 0 1.23 1.44 GNMA permanent securities(1) 31,199 Discounted cash flow Yield (4) — % 2.99 % 3.47 % Duration (years)(5) 1.57 9.74 14.57 Total $ 1,046,568 (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, 2019 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 1,632,714 Discounted cash flow Yield (3) — % 3.11 % 19.92 % Duration (years)(4) 0.00 1.63 6.87 CMBS interest-only(1) 28,342 (2) Discounted cash flow Yield (3) 1.57 % 3.93 % 7.62 % Duration (years)(4) 0.26 2.47 3.51 Prepayment speed (CPY)(4) 100.00 97.24 100.00 GNMA interest-only(3) 1,851 (2) Discounted cash flow Yield (4) (4.82) % 15.13 % 44.5 % Duration (years)(5) 0.85 2.90 13.69 Prepayment speed (CPJ)(5) 5.00 12.36 35.00 Agency securities(1) 637 Discounted cash flow Yield (4) — % 1.7 % 2.16 % Duration (years)(5) 0.00 2.30 2.92 GNMA permanent securities(1) 32,369 Discounted cash flow Yield (4) 56.56 % 166.79 % 410 % Duration (years)(5) 2.60 3.61 6.49 Total $ 1,695,913 (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 be impaired. 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. Refer to Note 3, Mortgage Loan Receivables and Note 5, Real Estate and Related Lease Intangibles, Net for disclosure of level 3 inputs.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2020
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. Year Ended December 31, 2020 2019 2018 Current expense (benefit) U.S. federal $ (8,087) $ (1,772) $ 7,099 State and local (1,796) (396) 7,068 Total current expense (benefit) (9,883) (2,168) 14,167 Deferred expense (benefit) U.S. federal 119 3,824 (5,115) State and local (25) 990 (2,409) Total deferred expense (benefit) 94 4,814 (7,524) Provision for income tax expense (benefit) $ (9,789) $ 2,646 $ 6,643 A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2020, 2019 and 2018 is as follows: Year Ended December 31, 2020 2019 2018 US statutory tax rate 21.00 % 21.00 % 21.00 % REIT income not subject to corporate income tax 65.98 % (21.89) % (18.86) % Increase due to state and local taxes 9.85 % (0.25) % 2.44 % (1) Change in valuation allowance 6.91 % 3.26 % (1.64) % Offshore non-taxable income (41.96) % (0.24) % — % UTP released (2.54) % (0.46) % — % Section 163 (j) interest expense limitation (7.12) % — % — % REIT Income Taxes (2.59) % — % — % Return to Provision (1.25) % — % — % Net operating loss carryback benefit 4.54 % — % — % Other (1.96) % 0.45 % (0.03) % Effective income tax rate 50.86 % 1.87 % 2.91 % (1) The increase in state taxes shown above is primarily related to additional tax expense of $3.3 million for the year ended December 31, 2018, pertaining to New York State tax audits, further discussed below. The differences between the Company’s statutory rate and effective tax rate are largely determined by the amount of income subject to tax by the Company’s TRS subsidiaries. The Company expects that its future effective tax rate will be determined in a similar manner. As of December 31, 2020 and 2019, the Company’s net deferred tax assets (liabilities) were $(2.0) million and $(2.1) million, respectively, and are included in other assets (liabilities) in the Company’s consolidated balance sheets. The Company believes it is more likely than not that the net deferred tax assets will be realized in the future. Realization of the net deferred tax assets (liabilities) is dependent upon our generation of sufficient taxable income in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences. The amount of net deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change. The Company has recorded deferred tax assets related to net operating losses in the taxable REIT subsidiaries that are expected to be fully utilized in future periods. The net operating loss subject to unlimited carryforward is $22.8 million as of December 31, 2020. The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands): December 31, 2020 December 31, 2019 Deferred Tax Assets Basis difference in operating partnerships $ 6,222 $ 246 Net unrealized losses 986 1,440 Capital losses carryforward 5,664 6,717 Valuation allowance (5,664) (6,717) Interest expense limitation 1,370 846 Valuation Allowance (1,370) — Total Deferred Tax Assets $ 7,208 $ 2,532 December 31, 2020 December 31, 2019 Deferred Tax Liability Basis difference in operating partnerships $ 9,218 $ 4,671 Total Deferred Tax Liability $ 9,218 $ 4,671 As of December 31, 2020, the Company had $5.7 million of deferred tax assets relating to capital losses which it may only use to offset capital gains. As of December 31, 2019, the Company had $6.7 million of deferred tax assets relating to capital losses which it may only use to offset capital gains. These tax attributes will begin to expire if unused in 2021. As the realization of these assets are not more likely than not before their expiration, the Company has provided a full valuation allowance against these deferred tax assets. The Company’s tax returns are subject to audit by taxing authorities. Generally, as of December 31, 2020, the tax years 2017-2020 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, management recorded income tax expense in the amount of $3.3 million and a corresponding payable to the State of New York in 2018. Pursuant to the indemnification, management expected to recover $2.5 million of the $3.3 million from indemnity counterparties 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 collected all amounts owed by the 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. Several of the Company’s subsidiary entities are under New York State audit for tax years 2015-2018. The Company does not expect these audits to result in any material changes to the Company’s financial position. The Company does not expect tax expense to have an impact on either short or long-term liquidity or capital needs. As of December 31, 2020 and 2019, the Company’s unrecognized tax benefit is a liability for $0.7 million and $0.2 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 December 31, 2020, the Company has not recognized a significant amount of any interest or penalties related to uncertain tax positions. In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record a significant liability for unrecognized tax benefits within the next twelve months. Tax Receivable Agreement Upon consummation of the IPO, the Company entered into a Tax Receivable Agreement with the Continuing LCFH Limited Partners (the “TRA Members”). Under the Tax Receivable Agreement the Company generally was required to pay to the TRA Members that exchanged 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 realized (or was 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 was 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. To determine the current amount of the payments due, the Company estimated the amount of the Tax Receivable Agreement payments to be made within twelve months of the balance sheet date. As of December 31, 2020 and 2019, pursuant to the Tax Receivable Agreement, the Company had a liability of $0.9 million and $1.6 million, respectively, included in other liabilities in the consolidated balance sheets for TRA Members.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2020
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, a mutual fund (the “Fund”). In addition, on October 18, 2016, the Company made a $10.0 million investment in the Fund, which was included in other assets in the consolidated balance sheets. On June 22, 2020, the Fund was liquidated and LCAM deregistered with the SEC. The Company recognized a realized loss of $0.7 million upon liquidation of the Fund which is included in fee and other income on the consolidated statements of income for the year ended December 31, 2020.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2020
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. As of December 31, 2020, the Company had a $1.3 million lease liability and a $1.3 million right-of-use asset on its consolidated balance sheets found within other liabilities and other assets, respectively. 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 $5.5 million, $6.4 million and $9.7 million for the years ended December 31, 2020, 2019 and 2018, respectively, and are included in operating lease income on the Company’s consolidated statements of income. Investments in Unconsolidated Joint Ventures We have made investments in various unconsolidated joint ventures. See Note 6, 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

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2020
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, student housing portfolios, hotels, 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): Year ended December 31, 2020 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 205,640 $ 32,904 $ 13 $ 1,293 239,849 Interest expense (48,084) (21,554) (39,396) (118,440) (227,474) Net interest income (expense) 157,556 11,349 (39,383) (117,148) 12,375 Provision for (release of) loan loss reserves (18,277) 2 — — (18,275) Net interest income (expense) after provision for (release of) loan reserves 139,279 11,351 (39,383) (117,148) (5,900) Operating lease income — — 100,248 — 100,248 Sale of loans, net (1,571) — — — (1,571) Realized gain (loss) on securities — (12,410) — — (12,410) Unrealized gain (loss) on equity securities — (132) — — (132) Unrealized gain (loss) on Agency interest-only securities — 263 — — 263 Realized gain on sale of real estate, net — — 32,102 — 32,102 Fee and other income 9,142 403 25 3,084 12,654 Net result from derivative transactions (11,264) (4,006) — — (15,270) Earnings (loss) from investment in unconsolidated joint ventures — — 1,821 — 1,821 Gain (loss) on extinguishment of debt — — — 22,250 22,250 Total other income (loss) (3,693) (15,882) 134,196 25,334 139,955 Salaries and employee benefits — — — (58,101) (58,101) Operating expenses(3) 3 — — (20,297) (20,294) Real estate operating expenses — — (28,584) (28,584) Fee expense (6,124) (236) (884) — (7,244) Depreciation and amortization — — (38,980) (99) (39,079) Total costs and expenses (6,121) (236) (68,448) (78,497) (153,302) Income tax (expense) benefit — — — 9,789 9,789 Segment profit (loss) $ 129,465 $ (4,767) $ 26,365 $ (160,522) $ (9,458) Total assets as of December 31, 2020 $ 2,343,070 $ 1,058,298 $ 1,031,557 $ 1,448,303 $ 5,881,229 Year ended December 31, 2019 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 270,239 $ 58,880 $ 32 $ 1,084 $ 330,235 Interest expense (50,293) (19,248) (37,226) (97,586) (204,353) Net interest income (expense) 219,946 39,632 (37,194) (96,502) 125,882 Provision for (release of) loan loss reserves (2,600) — — — (2,600) Net interest income (expense) after provision for (release of) loan reserves 217,346 39,632 (37,194) (96,502) 123,282 Operating lease income — — 106,366 — 106,366 Sale of loans, net 54,758 — — — 54,758 Realized gain (loss) on securities — 14,911 — — 14,911 Unrealized gain (loss) on equity securities — 1,737 — — 1,737 Unrealized gain (loss) on Agency interest-only securities — 84 — — 84 Realized gain on sale of real estate, net — — 1,392 — 1,392 Impairment of real estate — — (1,350) — (1,350) Fee and other income 19,188 1,592 8 3,615 24,403 Net result from derivative transactions (16,160) (13,851) — — (30,011) Earnings (loss) from investment in unconsolidated joint ventures — — 3,432 — 3,432 Gain (loss) on extinguishment of debt — — (1,070) — (1,070) Total other income (loss) 57,786 4,473 108,778 3,615 174,652 Salaries and employee benefits — — — (67,768) (67,768) Operating expenses(3) — — — (22,595) (22,595) Real estate operating expenses — — (23,323) — (23,323) Fee expense (4,602) (350) (1,138) — (6,090) Depreciation and amortization — — (38,412) (99) (38,511) Total costs and expenses (4,602) (350) (62,873) (90,462) (158,287) Income tax (expense) benefit — — — (2,646) (2,646) Segment profit (loss) $ 270,530 $ 43,755 $ 8,711 $ (185,995) $ 137,001 Total assets as of December 31, 2019 $ 3,358,861 $ 1,721,305 $ 1,096,514 $ 492,472 $ 6,669,152 Year ended December 31, 2018 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 310,149 $ 34,217 $ 24 $ 426 $ 344,816 Interest expense (62,474) (4,617) (34,739) (92,461) (194,291) Net interest income (expense) 247,675 29,600 (34,715) (92,035) 150,525 Provision for (release of) loan loss reserves (13,900) — — — (13,900) Net interest income (expense) after provision for (release of) loan reserves 233,775 29,600 (34,715) (92,035) 136,625 Operating lease income — — 106,177 — 106,177 Sale of loans, net 16,511 — — — 16,511 Realized gain (loss) on securities — (5,808) — — (5,808) Unrealized gain (loss) on equity securities — (1,605) — — (1,605) Unrealized gain (loss) on Agency interest-only securities — 555 — — 555 Realized gain on sale of real estate, net — — 95,881 — 95,881 Fee and other income 16,490 — 3,416 6,379 26,285 Net result from derivative transactions 10,467 5,459 — — 15,926 Earnings (loss) from investment in unconsolidated joint ventures — — 790 — 790 Gain (loss) on extinguishment of debt (69) — (4,323) — (4,392) Total other income (loss) 43,399 (1,399) 201,941 6,379 250,320 Salaries and employee benefits — — — (60,117) (60,117) Operating expenses(3) — — — (21,696) (21,696) Real estate operating expenses — — (29,799) (29,799) Fee expense (4,040) (398) (617) — (5,055) Depreciation and amortization — — (41,884) (75) (41,959) Total costs and expenses (4,040) (398) (72,300) (81,888) (158,626) Income tax (expense) benefit — — — (6,643) (6,643) Segment profit (loss) $ 273,134 $ 27,803 $ 94,926 $ (174,187) $ 221,676 Total assets as of December 31, 2018 $ 3,482,929 $ 1,410,126 $ 1,038,376 $ 341,441 $ 6,272,872 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $46.3 million and $48.4 million as of December 31, 2020 and 2019, 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 $31.0 million and $61.6 million as of December 31, 2020 and 2019, respectively, and the Company’s senior unsecured notes of $1.6 billion and $1.2 billion as of December 31, 2020 and 2019, respectively.

QUARTERLY FINANCIAL INFORMATION

QUARTERLY FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	20. QUARTERLY FINANCIAL DATA (UNAUDITED) The following table summarizes the consolidated quarterly financial information for the Company ($ in thousands except per share and dividend amounts): Q4 2020 Q3 2020 Q2 2020 Q1 2020 Interest income $ 50,543 $ 54,621 $ 62,096 $ 72,589 Net interest income after provision for (release of) loan reserves 4,359 735 (5,600) (5,393) Other income (loss) 27,235 52,810 30,909 29,002 Costs and expenses 47,889 32,149 31,052 42,211 Income (loss) before taxes (16,295) 21,396 (5,743) (18,602) Income tax expense (benefit) (4,712) 14 (550) (4,541) Net income (loss) (11,583) 21,382 (5,193) (14,061) Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (127) (4,149) 250 (1,519) Net (income) loss attributable to noncontrolling interest in operating partnership (4) (45) 754 (148) Net income (loss) attributable to Class A common shareholders $ (11,714) $ 17,188 $ (4,189) $ (15,728) Earnings (loss) per share: Basic $ (0.10) $ 0.15 $ (0.04) $ (0.15) Diluted $ (0.10) $ 0.14 $ (0.04) $ (0.15) Dividends per share of Class A common stock $ 0.200 $ 0.200 $ 0.200 $ 0.340 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Interest income $ 76,196 $ 82,251 $ 85,322 $ 86,466 Net interest income after provision for (release of) loan reserves 24,857 30,854 32,653 34,918 Other income (loss) 59,601 38,195 43,708 33,148 Costs and expenses 36,839 36,989 38,069 46,390 Income (loss) before taxes 47,619 32,060 38,291 21,677 Income tax expense (benefit) 2,169 1,112 2,219 (2,854) Net income (loss) 45,450 30,948 36,072 24,531 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures 4 (64) 307 447 Net (income) loss attributable to noncontrolling interest in operating partnership (4,804) (3,308) (4,136) (2,802) Net income (loss) attributable to Class A common shareholders $ 40,650 $ 27,577 $ 32,242 $ 22,175 Earnings (loss) per share: Basic $ 0.38 $ 0.26 $ 0.31 $ 0.21 Diluted $ 0.37 $ 0.26 $ 0.30 $ 0.21 Dividends per share of Class A common stock $ 0.340 $ 0.340 $ 0.340 $ 0.340

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	21. SUBSEQUENT EVENTS On January 27, 2021, the Company redeemed in full the its 5.875% Senior Notes due 2021 (the “2021 Notes”) for $150.9 million. The 2021 Notes were redeemed at par, plus accrued and unpaid interest to the redemption date, pursuant to the optional redemption provisions of the indenture governing the 2021 Notes. The redemption of a portion of the 2021 Notes that were redeemed was subject to the condition that the Company’s subsidiary issuers of the 2021 Notes complete a notes offering of not less than $400 million. The issuers waived the condition prior to redeeming the 2021 Notes in full. On February 9, 2021, the Company announced the appointment of Paul J. Miceli as Chief Financial Officer, effective March 1, 2021. Mr. Miceli, Ladder’s Director of Finance, will succeed Marc Fox, who has announced his intention to leave the Company. Mr. Fox will remain at the Company through May 7, 2021, to ensure an orderly transition.

Schedule III-Real Estate and Ac

Schedule III-Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III-Real Estate and Accumulated Depreciation	Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Real Estate: Retail Property in Newburgh, IN — 126 954 178 — 126 954 178 1,258 (6) 10/13/20 2020 45 years Retail Property in Little Falls, MN 870 199 783 249 — 199 783 249 1,231 (23) 03/10/20 2020 55 years Retail Property in Newburgh, IN 929 213 873 220 — 213 873 220 1,306 (25) 03/16/20 2020 45 years Retail Property in Isanti, MN 1,016 249 894 297 — 249 894 297 1,440 (24) 03/16/20 2020 55 years Retail Property in Waterloo, IA 875 130 896 214 — 130 896 214 1,240 (29) 01/30/20 2019 45 years Retail Property in Sioux City, IA 933 220 876 222 — 220 876 222 1,318 (29) 01/30/20 2019 45 years Retail Property in Wardsville, MO 984 257 919 202 — 257 919 202 1,378 (36) 11/22/19 2019 40 years Retail Property in Kincheloe, MI 892 58 939 229 — 58 939 229 1,226 (36) 11/22/19 2019 45 years Retail Property in Clinton, IN 1,041 269 954 204 — 269 954 204 1,427 (35) 11/22/19 2019 44 years Retail Property in Saginaw, MI 956 96 1,014 210 — 96 1,014 210 1,320 (44) 10/04/19 2019 45 years Retail Property in Rolla, MO 944 110 1,011 188 — 110 1,011 188 1,309 (44) 10/04/19 2019 40 years Retail Property in Sullivan, IL 1,178 340 981 257 — 340 981 257 1,578 (41) 09/13/19 2019 50 years Retail Property in Becker, MN 942 136 922 188 — 136 922 188 1,246 (38) 09/13/19 2019 55 years Retail Property in Adrian, MO 861 136 884 191 — 136 884 191 1,211 (39) 09/13/19 2019 45 years Retail Property in Chillicothe, IL 1,027 227 1,047 245 — 227 1,047 245 1,519 (46) 09/05/19 2019 50 years Retail Property in Poseyville, IN 871 160 947 194 — 160 947 194 1,301 (43) 08/13/19 2019 44 years Retail Property in Dexter, MO 880 141 890 177 — 141 890 177 1,208 (45) 07/09/19 2019 40 years Retail Property in Hubbard Lake, MI 921 40 1,017 203 — 40 1,017 203 1,260 (52) 07/09/19 2019 40 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Fayette, MO 1,092 107 1,168 219 — 107 1,168 219 1,494 (61) 06/26/19 2019 40 years Retail Property in Centralia, IL 949 200 913 193 — 200 913 193 1,306 (58) 04/25/19 2019 40 years Retail Property in Trenton, MO 892 396 628 202 — 396 628 202 1,226 (61) 02/26/19 2019 30 years Retail Property in Houghton Lake, MI 965 124 939 241 — 124 939 241 1,304 (64) 02/26/19 2018 40 years Retail Property in Pelican Rapids, MN 917 78 1,016 169 — 78 1,016 169 1,263 (90) 12/26/18 2018 30 years Retail Property in Carthage, MO 845 225 766 176 — 225 766 176 1,167 (58) 12/26/18 2018 40 years Retail Property in Bolivar, MO 894 186 876 182 — 186 876 182 1,244 (65) 12/26/18 2018 40 years Retail Property in Pinconning, MI 949 167 905 221 — 167 905 221 1,293 (61) 12/06/18 2018 45 years Retail Property in New Hampton, IA 1,014 177 1,111 187 — 177 1,111 187 1,475 (92) 11/30/18 2018 35 years Retail Property in Ogden, IA 857 107 931 153 — 107 931 153 1,191 (84) 10/03/18 2018 35 years Retail Property in Wonder Lake, IL 941 221 888 214 — 221 888 214 1,323 (95) 04/12/18 2017 39 years Retail Property in Moscow Mills, MO 990 161 945 203 — 161 945 203 1,309 (92) 04/12/18 2018 45 years Retail Property in Foley, MN 883 238 823 172 — 238 823 172 1,233 (96) 04/12/18 2018 35 years Retail Property in Kirbyville, MO 870 98 965 155 — 98 965 155 1,218 (92) 04/02/18 2018 40 years Retail Property in Gladwin, MI 883 88 951 203 — 88 951 203 1,242 (87) 04/02/18 2017 45 years Retail Property in Rockford, MN 887 187 850 207 — 187 850 207 1,244 (133) 12/08/17 2017 30 years Retail Property in Winterset, IA 936 272 830 200 — 272 830 200 1,302 (104) 12/08/17 2017 35 years Retail Property in Kawkawlin, MI 918 242 871 179 — 242 871 179 1,292 (123) 10/05/17 2017 30 years Retail Property in Aroma Park, IL 949 223 869 164 — 223 869 164 1,256 (104) 10/05/17 2017 35 years Retail Property in East Peoria, IL 1,018 233 998 161 — 233 998 161 1,392 (117) 10/05/17 2017 40 years Retail Property in Milford, IA 986 254 883 217 — 254 883 217 1,354 (111) 09/08/17 2017 40 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Jefferson City, MO 946 164 966 205 — 164 966 205 1,335 (123) 06/02/17 2016 40 years Retail Property in Denver, IA 900 198 840 191 — 198 840 191 1,229 (120) 05/31/17 2017 35 years Retail Property in Port O'Connor, TX 951 167 937 200 — 167 937 200 1,304 (134) 05/25/17 2017 35 years Retail Property in Wabasha, MN 967 237 912 214 — 237 912 214 1,363 (143) 05/25/17 2016 35 years Office in Jacksonville, FL 83,112 13,290 106,601 21,362 4,141 13,290 110,741 21,362 145,393 (16,798) 05/23/17 1989 36 years Retail Property in Shelbyville, IL 865 189 849 199 — 189 849 199 1,237 (116) 05/23/17 2016 40 years Retail Property in Jesup, IA 886 119 890 191 — 119 890 191 1,200 (127) 05/05/17 2017 35 years Retail Property in Hanna City, IL 867 174 925 132 — 174 925 132 1,231 (127) 04/11/17 2016 39 years Retail Property in Ridgedale, MO 994 250 928 187 — 250 928 187 1,365 (129) 03/09/17 2016 40 years Retail Property in Peoria, IL 906 209 933 133 — 209 933 133 1,275 (138) 02/06/17 2016 35 years Retail Property in Carmi, IL 1,102 286 916 239 — 286 916 239 1,441 (132) 02/03/17 2016 40 years Retail Property in Springfield, IL 1,003 391 784 227 — 393 789 224 1,406 (123) 11/16/16 2016 40 years Retail Property in Fayetteville, NC 4,892 1,379 3,121 2,472 — 1,379 3,121 2,471 6,971 (983) 11/15/16 2008 37 years Retail Property in Dryden Township, MI 913 178 893 201 — 178 899 202 1,279 (133) 10/26/16 2016 40 years Retail Property in Lamar, MO 903 164 903 171 — 164 903 171 1,238 (140) 07/22/16 2016 40 years Retail Property in Union, MO 946 267 867 207 — 267 867 207 1,341 (150) 07/01/16 2016 40 years Retail Property in Pawnee, IL 946 249 775 206 — 249 775 206 1,230 (137) 07/01/16 2016 40 years Retail Property in Linn, MO 861 89 920 183 — 89 920 183 1,192 (146) 06/30/16 2016 40 years Retail Property in Cape Girardeau, MO 1,027 453 702 217 — 453 702 217 1,372 (128) 06/30/16 2016 40 years Retail Property in Decatur-Pershing, IL 1,052 395 924 155 — 395 924 155 1,474 (146) 06/30/16 2016 40 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Rantoul, IL 925 100 1,023 178 — 100 1,023 178 1,301 (152) 06/21/16 2016 40 years Retail Property in Flora Vista, NM 1,002 272 864 198 — 272 864 198 1,334 (180) 06/06/16 2016 35 years Retail Property in Mountain Grove, MO 982 163 1,026 212 — 163 1,026 212 1,401 (168) 06/03/16 2016 40 years Retail Property in Decatur-Sunnyside, IL 951 182 954 139 — 182 954 139 1,275 (150) 06/03/16 2016 40 years Retail Property in Champaign, IL 1,017 365 915 149 — 365 915 149 1,429 (140) 06/03/16 2016 40 years Retail Property in San Antonio, TX 892 252 703 196 — 251 702 196 1,149 (143) 05/06/16 2015 35 years Retail Property in Borger, TX 788 68 800 181 — 68 800 181 1,049 (143) 05/06/16 2016 40 years Retail Property in Dimmitt, TX 1,057 86 1,077 236 — 85 1,074 236 1,395 (185) 04/26/16 2016 40 years Retail Property in St. Charles, MN 966 200 843 226 — 200 843 226 1,269 (183) 04/26/16 2016 30 years Retail Property in Philo, IL 929 160 889 189 — 160 889 189 1,238 (141) 04/26/16 2016 40 years Retail Property in Radford, VA 1,131 411 896 256 — 411 896 256 1,563 (209) 12/23/15 2015 40 years Retail Property in Rural Retreat, VA 1,028 328 811 260 — 328 811 260 1,399 (182) 12/23/15 2015 40 years Retail Property in Albion, PA 1,114 100 1,033 392 — 100 1,033 392 1,525 (307) 12/23/15 2015 50 years Retail Property in Mount Vernon, AL 935 187 876 174 — 187 876 174 1,237 (176) 12/23/15 2015 44 years Retail Property in Malone, NY 1,081 183 1,154 137 — 183 1,154 137 1,474 (203) 12/16/15 2015 39 years Retail Property in Mercedes, TX 833 257 874 132 — 257 874 132 1,263 (146) 12/16/15 2015 45 years Retail Property in Gordonville, MO 771 247 787 173 — 247 787 173 1,207 (148) 11/10/15 2015 40 years Retail Property in Rice, MN 817 200 859 184 — 200 859 184 1,243 (216) 10/28/15 2015 30 years Retail Property in Bixby, OK 7,955 2,609 7,776 1,765 — 2,609 7,776 1,765 12,150 (1,503) 10/27/15 2012 37 years Retail Property in Farmington, IL 896 96 1,161 150 — 96 1,161 150 1,407 (192) 10/23/15 2015 40 years Retail Property in Grove, OK 3,626 402 4,364 817 — 402 4,364 817 5,583 (886) 10/20/15 2012 37 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Jenks, OK 8,802 2,617 8,694 2,107 — 2,617 8,694 2,107 13,418 (1,783) 10/19/15 2009 38 years Retail Property in Bloomington, IL 817 173 984 138 — 173 984 138 1,295 (173) 10/14/15 2015 40 years Retail Property in Montrose, MN 779 149 876 169 — 149 876 169 1,194 (218) 10/14/15 2015 30 years Retail Property in Lincoln County , MO 739 149 800 188 — 149 800 188 1,137 (152) 10/14/15 2015 40 years Retail Property in Wilmington, IL 902 161 1,078 160 — 161 1,078 160 1,399 (188) 10/07/15 2015 40 years Retail Property in Danville, IL 739 158 870 132 — 158 870 132 1,160 (144) 10/07/15 2015 40 years Retail Property in Moultrie, GA 931 170 962 173 — 170 962 173 1,305 (234) 09/22/15 2014 44 years Retail Property in Rose Hill, NC 1,001 245 972 203 — 245 972 203 1,420 (226) 09/22/15 2014 44 years Retail Property in Rockingham, NC 822 73 922 163 — 73 922 163 1,158 (202) 09/22/15 2014 44 years Retail Property in Biscoe, NC 861 147 905 164 — 147 905 164 1,216 (206) 09/22/15 2014 44 years Retail Property in De Soto, IA 705 139 796 176 — 139 796 176 1,111 (164) 09/08/15 2015 35 years Retail Property in Kerrville, TX 768 186 849 200 — 186 849 200 1,235 (204) 08/28/15 2015 35 years Retail Property in Floresville, TX 814 268 828 216 — 268 828 216 1,312 (207) 08/28/15 2015 35 years Retail Property in Minot, ND 4,697 1,856 4,472 618 — 1,856 4,472 618 6,946 (812) 08/19/15 2012 38 years Retail Property in Lebanon, MI 820 359 724 178 — 359 724 178 1,261 (145) 08/14/15 2015 40 years Retail Property in Effingham County, IL 820 273 774 205 — 273 774 205 1,252 (168) 08/10/15 2015 40 years Retail Property in Ponce, Puerto Rico 6,520 1,365 6,662 1,318 — 1,365 6,662 1,318 9,345 (1,234) 08/03/15 2012 37 years Retail Property in Tremont, IL 787 164 860 168 — 164 860 168 1,192 (180) 06/25/15 2015 35 years Retail Property in Pleasanton, TX 863 311 850 216 — 311 850 216 1,377 (209) 06/24/15 2015 35 years Retail Property in Peoria, IL 852 180 934 179 — 180 934 179 1,293 (196) 06/24/15 2015 35 years Retail Property in Bridgeport, IL 819 192 874 175 — 192 874 175 1,241 (183) 06/24/15 2015 35 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Warren, MN 697 108 825 157 — 108 825 157 1,090 (209) 06/24/15 2015 30 years Retail Property in Canyon Lake, TX 905 291 932 220 — 291 932 220 1,443 (218) 06/18/15 2015 35 years Retail Property in Wheeler, TX 714 53 887 188 — 53 887 188 1,128 (207) 06/18/15 2015 35 years Retail Property in Aurora, MN 627 126 709 157 — 126 709 157 992 (148) 06/18/15 2015 40 years Retail Property in Red Oak, IA 779 190 839 179 — 190 839 179 1,208 (216) 05/07/15 2014 35 years Retail Property in Zapata, TX 747 62 998 145 — 62 998 145 1,205 (269) 05/07/15 2015 35 years Retail Property in St. Francis, MN 733 105 911 163 — 105 911 163 1,179 (263) 03/26/15 2014 35 years Retail Property in Yorktown, TX 785 97 1,005 199 — 97 1,005 199 1,301 (285) 03/25/15 2015 35 years Retail Property in Battle Lake, MN 720 136 875 157 — 136 875 157 1,168 (274) 03/25/15 2014 30 years Retail Property in Paynesville, MN 805 246 816 192 — 246 816 192 1,254 (228) 03/05/15 2015 40 years Retail Property in Wheaton, MO 645 73 800 97 — 73 800 97 970 (193) 03/05/15 2015 40 years Retail Property in Rotterdam, NY 8,949 2,530 7,924 2,165 — 2,530 7,924 2,165 12,619 (3,700) 03/03/15 1996 20 years Retail Property in Hilliard, OH 4,538 654 4,870 860 — 654 4,870 860 6,384 (1,056) 03/02/15 2007 41 years Retail Property in Niles, OH 3,687 437 4,084 680 — 437 4,084 680 5,201 (880) 03/02/15 2007 41 years Retail Property in Youngstown, OH 3,818 380 4,363 658 — 380 4,363 658 5,401 (961) 02/20/15 2005 40 years Retail Property in Kings Mountain, NC 18,503 1,368 19,533 3,266 4,850 1,368 24,383 3,266 29,017 (6,695) 01/29/15 1995 35 years Retail Property in Iberia, MO 888 130 1,033 165 — 130 1,033 165 1,328 (256) 01/23/15 2015 39 years Retail Property in Pine Island, MN 764 112 845 185 — 112 845 185 1,142 (247) 01/23/15 2014 40 years Retail Property in Isle, MN 718 120 787 171 — 120 787 171 1,078 (239) 01/23/15 2014 40 years Retail Property in Jacksonville, NC 5,636 1,863 5,749 1,020 — 1,863 5,749 1,020 8,632 (1,354) 01/22/15 2014 44 years Retail Property in Evansville, IN 6,377 1,788 6,348 864 — 1,788 6,348 864 9,000 (1,589) 11/26/14 2014 35 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Woodland Park, CO 2,787 668 2,681 620 — 668 2,681 620 3,969 (849) 11/14/14 2014 35 years Retail Property in Ankeny, IA 11,648 3,180 10,513 2,843 — 3,180 10,513 2,843 16,536 (2,919) 11/04/14 2013 39 years Retail Property in Springfield, MO 8,289 3,658 6,296 1,870 — 3,658 6,296 1,870 11,824 (1,907) 11/04/14 2011 37 years Retail Property in Cedar Rapids, IA 7,761 1,569 7,553 1,878 — 1,569 7,553 1,878 11,000 (2,461) 11/04/14 2012 30 years Retail Property in Fairfield, IA 7,549 1,132 7,779 1,800 — 1,132 7,779 1,800 10,711 (2,127) 11/04/14 2011 37 years Retail Property in Owatonna, MN 7,063 1,398 7,125 1,564 — 1,398 7,125 1,564 10,087 (2,037) 11/04/14 2010 36 years Retail Property in Muscatine, IA 5,065 1,060 6,636 1,307 — 1,060 6,636 1,307 9,003 (2,023) 11/04/14 2013 29 years Retail Property in Sheldon, IA 3,046 633 3,053 708 — 633 3,053 708 4,394 (870) 11/04/14 2011 37 years Retail Property in Memphis, TN 3,898 1,986 2,800 803 — 1,986 2,800 803 5,589 (1,692) 10/24/14 1962 15 years Retail Property in Bennett, CO 2,478 470 2,503 563 — 470 2,503 563 3,536 (816) 10/02/14 2014 34 years Retail Property in Conyers, GA 22,807 876 27,396 4,258 — 876 27,396 4,258 32,530 (6,350) 08/28/14 2014 45 years Retail Property in O'Fallon, IL 5,679 2,488 5,388 1,064 — 2,488 5,388 1,064 8,940 (3,251) 08/08/14 1984 15 years Retail Property in El Centro, CA 2,980 569 3,133 575 — 569 3,133 575 4,277 (784) 08/08/14 2014 50 years Retail Property in Durant, OK 3,243 594 3,900 498 — 594 3,900 498 4,992 (1,037) 01/28/13 2007 40 years Retail Property in Gallatin, TN 3,315 1,725 2,616 721 — 1,725 2,616 721 5,062 (928) 12/28/12 2007 40 years Retail Property in Mt. Airy, NC 2,944 729 3,353 621 — 729 3,353 621 4,703 (1,059) 12/27/12 2007 39 years Retail Property in Aiken, SC 3,877 1,588 3,480 858 — 1,588 3,480 858 5,926 (1,130) 12/21/12 2008 41 years Retail Property in Johnson City, TN 3,446 917 3,607 739 — 917 3,607 739 5,263 (1,139) 12/21/12 2007 40 years Retail Property in Palmview, TX 4,505 938 4,837 1,044 — 938 4,837 1,044 6,819 (1,304) 12/19/12 2012 44 years Retail Property in Ooltewah, TN 3,772 903 3,957 843 — 903 3,957 843 5,703 (1,219) 12/18/12 2008 41 years Retail Property in Abingdon, VA 3,029 682 3,733 666 — 682 3,733 666 5,081 (1,161) 12/18/12 2006 41 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Wichita, KS 4,720 1,187 4,850 1,163 — 1,187 4,850 1,163 7,200 (1,962) 12/14/12 2012 34 years Retail Property in North Dartmouth, MA 18,652 7,033 19,745 3,187 — 7,033 19,745 3,187 29,965 (10,120) 09/21/12 1989 20 years Retail Property in Vineland, NJ 13,724 1,482 17,742 3,282 — 1,482 17,742 3,282 22,506 (7,072) 09/21/12 2003 30 years Retail Property in Saratoga Springs, NY 12,331 748 13,936 5,538 — 748 13,936 5,538 20,222 (6,634) 09/21/12 1994 27 years Retail Property in Waldorf, MD 11,465 4,933 11,684 2,882 — 4,933 11,684 2,882 19,499 (5,649) 09/21/12 1999 25 years Retail Property in Mooresville, NC 10,758 2,615 12,462 2,566 — 2,615 12,462 2,566 17,643 (5,958) 09/21/12 2000 24 years Retail Property in Sennett, NY 4,653 1,147 4,480 1,848 — 1,147 4,480 1,848 7,475 (2,631) 09/21/12 1996 23 years Retail Property in DeLeon Springs, FL 807 239 782 221 — 239 782 221 1,242 (413) 08/13/12 2011 35 years Retail Property in Orange City, FL 798 229 853 235 — 229 853 235 1,317 (430) 05/23/12 2011 35 years Retail Property in Satsuma, FL 720 79 821 192 — 79 821 192 1,092 (414) 04/19/12 2011 35 years Retail Property in Greenwood, AR 3,365 1,038 3,415 694 — 1,038 3,415 694 5,147 (1,128) 04/12/12 2009 43 years Retail Property in Snellville, GA 5,291 1,293 5,724 983 — 1,293 5,724 983 8,000 (2,278) 04/04/12 2011 34 years Retail Property in Columbia, SC 5,146 2,148 4,629 1,023 — 2,148 4,629 1,023 7,800 (1,924) 04/04/12 2001 34 years Retail Property in Millbrook, AL 4,537 970 5,972 — — 970 5,972 — 6,942 (1,648) 03/28/12 2008 32 years Retail Property in Pittsfield, MA 11,030 1,801 11,556 1,344 — 1,801 11,556 1,344 14,701 (3,882) 02/17/12 2011 34 years Retail Property in Spartanburg, SC 3,369 828 2,567 772 — 828 2,567 772 4,167 (1,143) 01/14/11 2007 42 years Retail Property in Tupelo, MS 4,536 1,120 3,070 939 — 1,120 3,070 939 5,129 (1,313) 08/13/10 2007 47 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Date Acquired Year Built Life on which Depreciation in Latest Statement of Income is Computed Description Encumbrances Land Building Intangibles Land Building Intangibles Total Retail Property in Lilburn, GA — 1,090 3,673 1,028 — 1,090 3,673 1,028 5,791 (1,516) 08/12/10 2007 47 years Retail Property in Douglasville, GA 4,740 1,717 2,705 987 — 1,717 2,705 987 5,409 (1,196) 08/12/10 2008 48 years Retail Property in Elkton, MD 4,405 963 3,049 860 — 963 3,049 860 4,872 (1,265) 07/27/10 2008 49 years Retail Property in Lexington, SC 4,129 1,644 2,219 869 — 1,644 2,219 869 4,732 (1,077) 06/28/10 2009 48 years Total Net Lease 515,740 115,078 550,290 117,112 8,991 115,078 559,287 117,109 791,474 (151,840) Hotel in San Diego, CA 33,248 7,469 34,781 — — 7,469 34,986 — 42,455 (2,718) 12/17/19 1970 23 years Apartments in Fort Worth and Arlington, TX — 3,910 19,536 460 — 3,910 19,814 460 24,184 (1,335) 12/03/19 2011 41 years Hotel in Omaha, NE — 2,963 15,237 — — 2,963 15,483 — 18,446 (1,450) 02/27/19 1969 35 years Apartments in Isla Vista, CA 69,669 36,274 47,694 1,118 948 36,274 48,812 1,118 86,204 (4,456) 05/01/18 2009 42 years Vacant Lot in Los Angeles, CA — 21,439 96 — — 21,439 96 — 21,535 (38) 03/26/20 2 years Office in Crum Lynne, PA 6,024 1,403 7,518 1,666 — 1,403 7,518 1,666 10,587 (991) 09/29/17 1999 35 years Apartment Building in Miami, FL 33,870 12,643 24,533 968 3,375 12,643 27,722 968 41,333 (4,198) 08/31/17 1987 35 years Office in Peoria, IL — 940 439 1,508 880 1,174 1,319 1,508 4,001 (733) 10/21/16 1926 15 years Office in Wayne, NJ 21,703 2,744 20,212 8,323 — 2,744 20,212 8,323 31,279 (5,650) 08/04/16 2009 45 years Shopping Center in Carmel, NY — 2,041 3,632 1,033 606 2,041 4,238 1,033 7,312 (1,550) 10/14/15 1985 20 years Office in Richmond, VA 67,778 14,632 87,629 17,658 10,447 12,227 82,483 15,064 109,774 (37,543) 06/07/13 1984 41 years Office in Oakland County, MI 18,032 1,147 7,707 9,932 8,871 1,146 16,572 9,929 27,647 (18,423) 02/01/13 1989 35 years Total Diversified 250,324 107,605 269,014 42,666 25,127 105,433 279,255 40,069 424,757 (79,085) Total Real Estate $ 766,064 $ 222,683 $ 819,304 $ 159,778 $ 34,118 $ 220,511 $ 838,542 $ 157,178 $ 1,216,231 (2) $ (230,925) (1) Gross carrying value amounts are charged off as cost of sales upon delivery of condo units. (2) The aggregate cost for U.S. federal income tax purposes is $0.9 billion at December 31, 2020. Reconciliation of Real Estate: The following table reconciles real estate from December 31, 2019 to December 31, 2020 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2019 $ 1,254,163 $ 1,213,965 $ 40,198 Improvements and additions 42,477 42,432 45 Acquisitions through foreclosures 729 729 — Dispositions (81,138) (79,042) (2,096) Balance at December 31, 2020 $ 1,216,231 $ 1,178,084 $ 38,147 The following table reconciles real estate from December 31, 2018 to December 31, 2019 $ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2018 $ 1,171,960 $ 1,126,443 $ 45,517 Improvements and additions 29,135 29,103 32 Acquisitions through foreclosures 84,356 84,356 — Dispositions (29,938) (24,587) (5,351) Impairments (1,350) (1,350) — Balance at December 31, 2019 $ 1,254,163 $ 1,213,965 $ 40,198 The following table reconciles real estate from December 31, 2017 to December 31, 2018 $ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2017 $ 1,193,104 $ 1,135,358 $ 57,746 Improvements and additions 131,294 130,969 325 Dispositions (152,438) (139,884) (12,554) Balance at December 31, 2018 $ 1,171,960 $ 1,126,443 $ 45,517 Reconciliation of Accumulated Depreciation and Amortization: The following table reconciles accumulated depreciation and amortization from December 31, 2019 to December 31, 2020 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2019 $ 206,082 $ 205,823 $ 259 Additions 39,346 39,330 16 Dispositions (14,503) (14,228) (275) Balance at December 31, 2020 $ 230,925 $ 230,925 $ — The following table reconciles accumulated depreciation and amortization from December 31, 2018 to December 31, 2019 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2018 $ 173,938 $ 173,107 $ 831 Additions 39,231 39,149 82 Dispositions (7,087) (6,433) (654) Balance at December 31, 2019 $ 206,082 $ 205,823 $ 259 The following table reconciles accumulated depreciation and amortization from December 31, 2017 to December 31, 2018 ($ in thousands): Total Real Estate Commercial Real Estate Residential Real Estate Balance at December 31, 2017 $ 161,063 $ 159,138 $ 1,925 Additions 42,532 42,246 286 Dispositions (29,657) (28,277) (1,380) Balance at December 31, 2018 $ 173,938 $ 173,107 $ 831

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Type of Loan Underlying Property Type Interest Rates (1) Effective Maturity Dates Periodic Payment Terms (2) Prior Liens Face amount of Mortgages Carrying Amount of Mortgages Principal Amount of Mortgages Subject to Delinquent Principal or Interest (3) First Mortgages individually >3% First Mortgage Office, Mixed 8.25% - 5.50% 2021-2022 IO $ — $ 166,339 $ 165,965 $ — First Mortgages individually <3% First Mortgage Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Retail, Self Storage and Condominium, Other 3.50% - 11.00% 2021 - 2030 — 2,107,778 2,097,302 190,934 Total First Mortgages $ — $ 2,274,117 $ 2,263,267 $ 190,934 Subordinated Mortgages individually <3% Subordinate Mortgage Hotel, Multi-family, Office and Retail 6.04% - 12.00% 2021 - 2027 853,175 121,565 121,310 5,850 Total Subordinated Mortgages $ 853,175 $ 121,565 $ 121,310 $ 5,850 Total Mortgages $ 853,175 $ 2,395,682 $ 2,384,577 $ 196,784 Allowance for Credit Losses N/A N/A $ (41,507) (4) N/A Total Mortgages after Allowance for Credit Losses $ 853,175 $ 2,395,682 $ 2,343,070 (5) $ 196,784 (1) Interest rates as of December 31, 2020. (2) IO = Interest only. P&I = Principal and interest. (3) Represents principal amount of loans on non-accrual status. The carrying value of loans on non-accrual status was $175.0 million as of December 31, 2020. Refer to Allowance for Credit Losses and Non-Accrual Status in Note 3, Mortgage Loan Receivables, to the consolidated financial statements for further disclosure. (4) Refer to Note 3, Mortgage Loan Receivables for further detail. (5) The aggregate cost for U.S. federal income tax purposes is $2.3 billion. Reconciliation of mortgage loans on real estate: The following tables reconcile mortgage loans on real estate from December 31, 2017 to December 31, 2020 ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Total Mortgage loan Balance December 31, 2019 $ 3,257,036 $ (20,500) $ 122,325 $ 3,358,861 Origination of mortgage loan receivables 353,661 — 212,845 566,506 Repayment of mortgage loan receivables (960,832) — (404) (961,236) Proceeds from sales of mortgage loan receivables (270,491) — (312,273) (582,764) Non-cash disposition of loan via foreclosure (31,249) — — (31,249) Realized gain on sale of mortgage loan receivables (9,596) — 8,025 (1,571) Accretion/amortization of discount, premium and other fees 15,530 — — 15,530 Release of asset-specific loan loss provision via foreclosure(1) — 2,500 — 2,500 Provision for current expected credit loss (implementation impact)(2) — (4,964) — (4,964) Provision for current expected credit loss (impact to earnings)(2) — (18,543) — (18,543) Balance December 31, 2020 $ 2,354,059 $ (41,507) $ 30,518 $ 2,343,070 (1) Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate. (2) During the year ended December 31, 2020, the initial impact of the implementation of the CECL accounting standard as of January 1, 2020 is recorded against retained earnings. Subsequent remeasurement, including the period to date change for the year ended December 31, 2020, is accounted for as provision for current expected credit loss in the consolidated statements of income. Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Mortgage loans transferred but not considered sold Allowance for credit losses Mortgage loan receivables held Total Mortgage loan Balance December 31, 2018 $ 3,318,390 $ — $ (17,900) $ 182,439 $ 3,482,929 Origination of mortgage loan receivables 1,452,049 — — 946,178 2,398,227 Purchases of mortgage loan receivables — — — 9,934 9,934 Repayment of mortgage loan receivables (1,531,551) — — (795) (1,532,346) Proceeds from sales of mortgage loan receivables — (15,504) — (1,008,853) (1,024,357) Non-cash disposition of loan via foreclosure (45,529) — — — (45,529) Realized gain on sale of mortgage loan receivables — — — 54,758 54,758 Transfer between held for investment and held for sale 45,832 15,504 — (61,336) — Accretion/amortization of discount, premium and other fees 17,845 — — — 17,845 Provision for (release of) loan loss reserves — — (2,600) — (2,600) Balance December 31, 2019 $ 3,257,036 $ — $ (20,500) $ 122,325 $ 3,358,861 Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Total Mortgage loan Balance December 31, 2017 $ 3,282,462 $ (4,000) $ 230,180 $ 3,508,642 Origination of mortgage loan receivables 1,478,771 — 1,297,221 2,775,992 Purchases of mortgage loan receivables — — — — Repayment of mortgage loan receivables (1,518,066) — (14,242) (1,532,308) Proceeds from sales of mortgage loan receivables — — (1,291,828) (1,291,828) Realized gain on sale of mortgage loan receivables — — 16,511 16,511 Transfer between held for investment and held for sale 55,403 — (55,403) — Accretion/amortization of discount, premium and other fees 19,820 — — 19,820 Provision for (release of) loan loss reserves — (13,900) — (13,900) Balance December 31, 2018 $ 3,318,390 $ (17,900) $ 182,439 $ 3,482,929

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting and Principles of Consolidation	Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the Company’s accounts and those of its subsidiaries which are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 — Consolidation (“ASC 810”), provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. See Note 10, Consolidated Variable Interest Entities for further information on the Company’s consolidated variable interest entities.
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; • valuation of real estate; • 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 December 31, 2020 and 2019. At December 31, 2020 and 2019, and at various times during the years, the balances exceeded the insured limits
Restricted Cash	Restricted Cash Restricted cash includes 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.
Mortgage Loan Receivables Held for Investment	Mortgage Loan Receivables Held for Investment Loans for which the Company has the intention and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for credit losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the effective interest method, adjusted for actual prepayments. Upon the decision to sell such loans, the Company will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value on the consolidated balance sheets.
Provision for Loan Losses	Provision for Loan Losses The Company uses a current expected credit loss model (“CECL”) for estimating the provision for loan losses on its loan portfolio. The CECL model requires the consideration of possible credit losses over the life of an instrument and includes a portfolio-based component and an asset-specific component. In compliance with the CECL reporting requirements, the Company supplemented its existing credit monitoring and management processes with additional processes to support the calculation of the CECL reserves. As part of that effort, the Company has engaged a third-party service provider to provide market data and a credit loss model. The credit loss model is a forward-looking, econometric, commercial real estate (“CRE”) loss forecasting tool. It is comprised of a probability of default (“PD”) model and a loss given default (“LGD”) model that, layered together with user’s loan-level data, selected forward-looking macroeconomic variables, and pool-level mean loss rates, produces life of loan expected losses (“EL”) at the loan and portfolio level. Where management has determined that the credit loss model does not fully capture certain external factors, including portfolio trends or loan-specific factors, a qualitative adjustment to the reserve, is recorded. The CECL model was implemented in 2020. Given prior period loss models were based on the incurred loss model, management notes that prior periods are not measured on a comparable basis. The asset-specific reserve component relates to reserves for losses on individually impaired loans. The Company evaluates each loan for impairment at least quarterly. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s effective rate or the fair value of the collateral, less the estimated costs to sell, if recovery of the Company’s investment is expected solely from the collateral. The Company may use the direct capitalization rate valuation methodology or the sales comparison approach to estimate the fair value of the collateral for such loans and in certain cases will obtain external appraisals and take into account potential sale bids. Determining fair value of the collateral may take into account a number of assumptions including, but not limited to, cash flow projections, market capitalization rates, discount rates and data regarding recent comparable sales of similar properties. Such assumptions are generally based on current market conditions and are subject to economic and market uncertainties. The Company’s loans are typically collateralized by real estate directly or indirectly. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan at maturity, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic submarket in which the collateral property is located. Such impairment analyses are completed and reviewed by asset management and underwriting 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 and ultimately presented to management for approval. A loan is also considered impaired if its terms are modified in a troubled debt restructuring (“TDR”). A TDR occurs when a concession is granted and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loans. 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 interests 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 and are assessed for specific 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. The Company designates non-accrual loans generally when (i) the principal or coupon interest components of loan payments become 90-days past due or (ii) in the opinion of the Company, it is doubtful the Company will be able to collect all amounts due according to the contractual terms of the loan. Interest income on non-accrual loans in which the Company reasonably expects a full recovery of the loan’s outstanding principal balance is recognized when received in cash. Otherwise, income recognition will be suspended and any cash received will be applied as a reduction to the amortized cost. A non-accrual loan is returned to accrual status at such time as the loan becomes contractually current and future principal and coupon interest are reasonably assured to be received in accordance with the contractual loan terms. A loan will be written off when management has determined it is no longer realizable and deemed non-recoverable.
Mortgage Loan Receivables Held for Sale	Mortgage Loan Receivables Held for Sale Mortgage loan receivables held for sale are first mortgage loans that are secured by cash-flowing commercial real estate and are available for sale to securitizations. Mortgage loan receivables held for sale are recorded at lower of cost or market value on an individual basis.
Real Estate Securities	Real Estate Securities The Company classifies its real estate securities investments on the date of acquisition of the investment. Real estate securities that the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are designated as available-for-sale and are carried at estimated fair value with the net unrealized gains or losses on all securities, except for Government National Mortgage Association (“GNMA”) interest-only and Federal Home Loan Mortgage Corp (“FHLMC”) interest-only securities (collectively, “Agency interest-only securities”) and equity securities, recorded as a component of other comprehensive income (loss) in shareholders’ equity. As more fully described in Note 4, certain securities which were purchased from the LCCM LC-26 securitization trust are designated as risk retention securities under the Dodd-Frank Act which are subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in earnings in the consolidated statements of income in accordance with ASC 815. The Company’s recognition of interest income from its Agency interest-only and all other securities, including effective interest from amortization of premiums, follows the Company’s Revenue Recognition policy, as disclosed within this Note for recognizing interest income on its securities. The interest income recognized from the Company’s Agency interest-only securities is recorded in interest income on the consolidated statements of income. The Company uses the specific identification method when determining the cost of securities sold and the amount of gain (loss) on securities recognized in earnings. The Company accounts for the changes in the fair value of the unfunded portion of its GNMA Construction securities, which are included in real estate securities, available-for-sale, on the consolidated balance sheet, as available for sale securities. Unrealized losses on securities that, in the judgment of management, are other than temporary are charged against earnings as a loss in the consolidated statements of income. Equity securities are classified as available-for-sale. The Company has elected the fair market value option for accounting for these equity securities and changes in fair value are recorded in current period earnings. When the estimated fair value of an available-for-sale security is less than amortized cost, the Company will consider whether there is an other-than-temporary impairment in the value of the security. An impairment will be considered other-than-temporary based on consideration of several factors, including (i) if the Company intends to sell the security, (ii) if it is more likely than not that the Company will be required to sell the security before recovering its cost, or (iii) the Company does not expect to recover the security’s cost basis (i.e., a credit loss). A credit loss will have occurred if the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis. If the Company intends to sell an impaired debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the impairment is other-than-temporary and will be recognized currently in earnings equal to the entire difference between fair value and amortized cost. If a credit loss exists, but the Company does not intend to, nor is it more likely than not that it will be required to sell before recovery, the impairment is other-than-temporary and will be separated into (i) the estimated amount relating to the credit loss, and (ii) the amount relating to all other factors. Only the estimated credit loss amount is recognized currently in earnings, with the remainder of the loss recognized in other comprehensive income. Estimating cash flows and determining whether there is other-than-temporary impairment require management to exercise judgment and make significant assumptions, including, but not limited to, assumptions regarding estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses, and the timing of income recognized on these securities, could differ from reported amounts. 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. The Company utilizes an internal model as its primary pricing source to develop its prices for its commercial mortgage-backed securities (“CMBS”) and other commercial real estate securities guaranteed by a U.S. governmental agency or by a government sponsored entity (together, “U.S. Agency Securities”). Different judgments and assumptions could result in materially different estimates of fair value. To confirm its own valuations, the Company requests prices for each of its CMBS and U.S. Agency Securities investments from three different sources, including third parties that provide pricing services and brokers, although since broker quotes for the same or similar securities in which Ladder has invested are non-binding, the Company does not consider them to be a primary source for valuation. The Company may also develop a price for a security based on its direct observations of market activity and other observations. Typically, at least two prices per security are obtained.
Real Estate	Real Estate The Company generally acquires real estate assets or land and development assets through cash purchases and may also acquire such assets through foreclosure or deed-in-lieu of foreclosure in full or partial satisfaction of defaulted loans. Based on the Company’s strategic plan to realize the maximum value from the real estate acquired, properties are classified as Real estate, net or Real estate held for sale in the consolidated balance sheets. When the Company intends to hold, operate or develop the property for a period of at least 12 months, assets are classified as Real estate, net, and when the Company intends to market these properties for sale in the near term, assets are classified as Real estate held for sale in the consolidated balance sheets. The Company records acquired real estate at cost and makes assessments as to the useful lives of depreciable assets. The Company records real estate acquired through foreclosure at fair value. The Company considers the period of future benefit of the asset to determine its appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful life of 20 to 55 years for buildings, four The Company classifies most of its investments in real estate as held and used. The Company measures and records a property that is classified as held and used at its carrying amount, adjusted for any depreciation expense and impairments, as applicable and are included in Real estate, net in the consolidated balance sheets. Certain of the Company’s real estate is leased to others on a net lease basis where the tenant is generally responsible for payment of real estate taxes, property, building and general liability insurance and property and building maintenance. These leases are for fixed terms of varying length and provide for annual rentals. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The cumulative excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable within other assets in the consolidated balance sheets.
Allocation of Purchase Price for Acquired Real Estate	Allocation of Purchase Price for Acquired Real Estate
Impairment of Property Held for Use	Impairment of Property Held for Use On a periodic basis, management assesses whether there are any indicators that the value of the Company’s properties classified as held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, current and historical operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without debt service charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future.
Real Estate Held for Sale	Real Estate Held for Sale In accordance with accounting guidance found in ASC Topic 360 - Property, Plant, and Equipment (“ASC 360”), when assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, an impairment charge will be recorded in the consolidated statements of income.
Sales of Real Estate	Sales of Real Estate Gains on sales of real estate after January 1, 2018 are recognized pursuant to the provisions included in ASC 606-20, Revenue from Contracts with Customers (“ASC 606-20”) or ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Generally, the Company’s sales of residential condominiums would be governed by ASC 606-20 and the sales of rental properties under ASC 610-20. Gain on sales of real estate prior to January 1, 2018 are recognized pursuant to the provisions included in ASC 360-20, Real Estate Sales (“ASC 360-20”). The specific timing of a sale was measured against various criteria in ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, depending on the circumstances, the Company may not record a sale or may record a sale but may defer some or all of the gain recognition. If the criteria for full accrual are not met, the Company may account for the transaction by applying the finance, leasing, profit sharing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria for the full accrual method are met.
Investments in and Advances to Unconsolidated Joint Ventures	Investments in and Advances to Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as investments in unconsolidated joint ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. The Company classifies distributions received from its investments in unconsolidated joint ventures using the nature of the distribution approach. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in commercial real estate joint ventures) are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future.
Capitalization of Interest	Capitalization of Interest Capitalization of costs begins when the activities necessary to get the development project ready for its intended use begins, which include costs incurred before the beginning of construction. Capitalization of costs ceases when the development project is substantially complete and ready for its intended use. Determining when a development project commences, and when it is substantially complete and ready for its intended use involves a degree of judgment. We generally consider a development project to be substantially complete and ready for its intended use upon receipt of a certificate of occupancy. We cease cost capitalization if activities necessary for the development of the property have been suspended. Capitalized costs are allocated to the specific components of a project that are benefited. Interest shall be capitalized for investments accounted for by the equity method while the investee has activities in progress necessary to commence its planned principal operations, provided that the investee’s activities include the use of funds to acquire qualifying assets for its operations. The investor’s investment in the investee, not the individual assets or projects of the investee, is the qualifying asset for purposes of interest capitalization.
Valuation of Financial Instruments	Valuation of Financial Instruments Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, fair values are not necessarily indicative of the amounts the Company could realize upon disposition of the financial instruments. Financial instruments with readily available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of pricing observability and will therefore require a lesser degree of judgment to be utilized in measuring fair value. Conversely, financial instruments rarely traded or not quoted will generally have less, or no, pricing observability and will require a higher degree of judgment in measuring fair value. Pricing observability is generally affected by such items as the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction and overall market conditions. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts.
Valuation Hierarchy	Valuation Hierarchy In accordance with the authoritative guidance on fair value measurements and disclosures under ASC 820, Fair Value Measurement, the methodologies used for valuing such instruments have been categorized into three broad levels as follows: Level 1 - Quoted prices in active markets for identical instruments. Level 2 - Valuations based principally on other observable market parameters, including: • Quoted prices in active markets for similar instruments, • Quoted prices in less active or inactive markets for identical or similar instruments, • Other observable inputs (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates), and • Market corroborated inputs (derived principally from or corroborated by observable market data). Level 3 - Valuations based significantly on unobservable inputs. • Valuations based on third-party indications (broker quotes, counterparty quotes or pricing services) which were, in turn, based significantly on unobservable inputs or were otherwise not supportable as Level 2 valuations, and • Valuations based on internal models with significant unobservable inputs. Pursuant to the authoritative guidance, these levels form a hierarchy. The Company follows this hierarchy for its financial instruments measured at fair value on a recurring basis. The classifications are based on the lowest level of input that is significant to the fair value measurement. It is the Company’s policy to determine when transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the reporting period.
Tuebor/Federal Home Loan Bank Membership	Tuebor/Federal Home Loan Bank Membership Tuebor Captive Insurance Company LLC (“Tuebor”), was licensed in Michigan and approved to operate as a captive insurance company as well as being approved to become a member of the Federal Home Loan Bank (“FHLB”), with membership finalized with the purchase of stock, in the FHLB on July 11, 2012. That approval allowed Tuebor to purchase capital stock in the FHLB, the prerequisite to obtaining financing on eligible collateral. Refer to Note 7, Debt Obligations, Net.
Debt Issuance Costs	Debt Issuance Costs The Company recognizes debt issuance costs related to its senior unsecured notes on its consolidated balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Unamortized debt issuance costs of $12.9 million and $8.4 million are included in senior unsecured notes as of December 31, 2020 and 2019, respectively. The Company defers debt issuance costs associated with lines of credit and presents them as an asset and subsequently amortizes the debt issuance costs ratably over the term of the revolving debt arrangement. The Company considers its committed loan master repurchase facilities, borrowings under credit agreement and revolving credit facility to be revolving debt arrangements.
Derivative Instruments	Derivative Instruments In the normal course of business, the Company is exposed to the effect of interest rate changes and may undertake a strategy to limit these risks through the use of derivatives. To address exposure to interest rates, the Company uses derivatives primarily to economically hedge the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The Company may use a variety of derivative instruments that are considered conventional, or “plain vanilla” derivatives, including interest rate swaps, futures, caps, collars and floors, to manage interest rate risk. To determine the fair value of derivative instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date. Standard market conventions and techniques such as discounted cash flow analysis, option-pricing models, and termination cost may be used to determine fair value. All such methods of measuring fair value for derivative instruments result in an estimate of fair value, and such value may never actually be realized. The Company recognizes all derivatives on the consolidated balance sheets at fair value. The Company does not generally designate derivatives as hedges to qualify for hedge accounting for financial reporting purposes and therefore any net payments under, or fluctuations in the fair value of, these derivatives have been recognized currently in net result from derivative transactions in the accompanying consolidated statements of income. The Company records derivative asset and liability positions on a gross basis with any collateral posted with or received from counterparties recorded separately on the Company’s consolidated balance sheets.
Repurchase Agreements	Repurchase Agreements The Company finances certain of its mortgage loan receivables held for sale, a portion of its mortgage loan receivables held for investment and the majority of its real estate securities using repurchase agreements. Under a repurchase agreement, an asset is sold to a counterparty to be repurchased at a future date at a predetermined price, which represents the original sales price plus interest. The Company accounts for these repurchase agreements as financings under ASC 860-10-40. Under this standard, for these transactions to be treated as financings, they must be separate transactions and not linked. If the Company finances the purchase of its mortgage loan receivables held for sale, mortgage loan receivables held for investment and real estate securities with repurchase agreements with the same counterparty from which the securities are purchased and both transactions are entered into contemporaneously or in contemplation of each other, the transactions are presumed under GAAP to be part of the same arrangement, or a “Linked Transaction,” unless certain criteria are met. As of December 31, 2020 and 2019, none of the Company’s repurchase agreements are accounted for as linked transactions.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Code effective January 1, 2015. The Company is subject to federal income taxation at corporate rates on its REIT taxable income; however, the Company is allowed a deduction for the amount of dividends paid to its stockholders, thereby subjecting the distributed net income of the Company to taxation at the stockholder level only. Any income associated with a TRS is fully taxable because a TRS is subject to federal and state income taxes as a domestic C corporation based upon its net income. The Company is also subject to U.S. federal income tax (and possibly state and local taxes) to the extent it recognizes any “built-in gains” that existed as of January 1, 2015, the effective date of Company’s election to be subject to tax as a REIT under the Code (the “REIT Election”) for the five year period following the REIT Election. The Company intends to continue to operate in a manner consistent with and to elect to be treated as a REIT for tax purposes. Prior to electing REIT status, a portion of the Company’s income was subject to U.S. federal, state and local corporate income taxes and taxed at the prevailing corporate tax rates in addition to being subject to the New York City Unincorporated Business Tax (“NYC UBT”). Prior to February 11, 2014, the Company’s predecessor had not been subject to U.S. federal income taxes as the predecessor entity is a Limited Liability Limited Partnership, but had been subject to the NYC UBT. As part of the Tax Cuts and Jobs Act, the federal income tax rate applicable to TRS activities has been reduced. The Company has adjusted its deferred tax positions at the TRSs to reflect the reduced tax rate as part of its 2017 tax provision. The Company accounts for income taxes in accordance with ASC Topic 740 - Income Taxes (“ASC 740”), which requires the recognition of tax benefits or expenses on the temporary differences between financial reporting and tax bases of assets and liabilities. The Company evaluates the realizability of its deferred tax assets and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry-specific economic outlook. The realizability analysis is inherently subjective, and it requires the Company to forecast its business and general economic environment in future periods. The Company determines whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement which could result in the Company recording a tax liability that would reduce shareholders’ equity. The Company’s policy is to classify interest and penalties associated with underpayment of U.S. federal and state income taxes, if any, as a component of operating expense on its consolidated statements of income. For the years ended December 31, 2020 and 2019, the Company did not have material interest or penalties associated with the underpayment of any income taxes. The last three tax years remain open and subject to examination by tax jurisdictions.
Interest Income	Interest Income Interest income is accrued based on the outstanding principal amount and contractual terms of the Company’s loans and securities. Discounts or premiums associated with the purchase of loans and investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected recovery period of the investment. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections. The Company has historically collected, and expects to continue to collect, all contractual amounts due on its originated loans. As a result, the Company does not adjust the projected cash flows to reflect anticipated credit losses for these loans. If the performance of a credit deteriorated security is more favorable than forecasted, the Company will generally accrete more credit discount into interest income than initially or previously expected. These adjustments are made prospectively beginning in the period subsequent to the determination that a favorable change in performance is projected. Conversely, if the performance of a credit deteriorated security is less favorable than forecasted, an other-than-temporary impairment may be taken, and the amount of discount accreted into income will generally be less than previously expected
Recognition of Operating Lease Income and Tenant Recoveries	Recognition of Operating Lease Income and Tenant Recoveries The Company adopted ASC Topic 842, Leases (“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 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. A lease is 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.
Transfers of Financial Assets	Transfers of Financial Assets For a transfer of financial assets to be considered a sale, the transfer must meet the sale criteria of ASC 860, which, at the time of the transfer, require that the transferred assets qualify as recognized financial assets and the Company surrender control over the assets. Such surrender requires that the assets be isolated from the Company, even in bankruptcy or other receivership, the purchaser have the right to pledge or sell the assets transferred and the Company not have an option or obligation to reacquire the assets. If the sale criteria are not met, the transfer is considered to be a secured borrowing, the assets remain on the Company’s consolidated balance sheets and the sale proceeds are recognized as a liability. In November 2017, the SEC staff indicated that, despite transfer restrictions placed on qualified Third Party Purchasers by the risk retention rules of the Dodd-Frank Act, they would not take exception to a registrant treating transfers of financial instruments in a securitization as sales if the transfers otherwise met all the criteria for sale accounting. The Company believes treatment of such transfers as sales is consistent with the substance of such transactions and, accordingly, reflects such transfers as sales. We recognize gains on sale of loans net of any costs related to that sale.
Fee and Other Income	Fee and Other Income Fee and other income is composed of income from dividend income on our investment in FHLB stock, as well as from origination fees, exit fees and other fees on the loans we originate and in which we invest.
Fee Expense	Fee Expense Fee expense is composed primarily of fees related to financing arrangements, transaction related costs and financing arrangements and other investment related costs.
Stock Based Compensation Plan	Stock Based Compensation Plan The Company accounts for its equity-based compensation awards using the fair value method, which requires an estimate of fair value of the award at the time of grant. The Company recognizes the compensation expense related to the time-based vesting criteria on a straight-line basis over the requisite service period. Accruals of compensation cost for an award with a performance condition shall be based on the probable outcome of that performance condition. Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. The Company made a policy election to account for forfeitures as they occur rather than on an estimated basis.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13 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. The adoption of ASU 2018-13 had no material impact on the Company’s consolidated financial statements. 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 adoption of ASU 2018-17 had no material impact on the Company’s 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. The adoption of ASU 2019-04 had no material impact on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-03, Codification Improvements to Financial Instruments, (“ASU 2020-03”). ASU 2020-03 improves various financial instruments topics, including the CECL Standard. ASU 2020-03 includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The amendments related to Issue 1, Issue 2, Issue 4 and Issue 5 were effective upon issuance of ASU 2020-03. The amendments related to Issue 3, Issue 6 and Issue 7 were effective for the Company beginning on January 1, 2020. The adoption of ASU 2020-03 had no material impact on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective upon issuance of ASU 2020-04 for contract modifications and hedging relationships on a prospective basis. While the Company is currently assessing the impact of ASU 2020-04, the Company does not expect the adoption to have a material impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements Pending Adoption In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 815), (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU 2019-12 also improves the consistent application of, and simplifies, GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The standard is effective for all entities for financial statements issued for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of ASU 2019-12 to have a material impact on its consolidated financial statements. In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables–Nonrefundable Fees and Other Costs, (“ASU 2020-08”) . This ASU clarifies that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is not permitted. All entities should apply ASU 2020-08 on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company is assessing ASU 2020-08 and its impact its accounting and disclosures. Any new accounting standards not disclosed above that have been issued or proposed by FASB and that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption.

MORTGAGE LOAN RECEIVABLES (Tabl

MORTGAGE LOAN RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of mortgage loan receivables	Outstanding Carrying Weighted Remaining Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 2,243,639 $ 2,232,749 6.50 % 1.00 Mezzanine loans 121,565 121,310 10.83 % 2.42 Total mortgage loans 2,365,204 2,354,059 6.65 % 1.07 Allowance for credit losses N/A (41,507) Total mortgage loan receivables held for investment, net, at amortized cost 2,365,204 2,312,552 Mortgage loan receivables held for sale: First mortgage loans 30,478 30,518 4.05 % 9.18 Total $ 2,395,682 $ 2,343,070 6.74 % 1.23 (1) Includes the impact from interest rate floors. December 31, 2020 LIBOR rates are used to calculate weighted average yield for floating rate loans. Outstanding Carrying Weighted Remaining Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 3,147,275 $ 3,127,173 6.77 % 1.35 Mezzanine loans 130,322 129,863 10.97 % 3.26 Total mortgage loans 3,277,597 3,257,036 6.94 % 1.43 Allowance for credit losses N/A (20,500) Total mortgage loan receivables held for investment, net, at amortized cost 3,277,597 3,236,536 Mortgage loan receivables held for sale: First mortgage loans 122,748 122,325 4.20 % 9.99 Total $ 3,400,345 $ 3,358,861 6.88 % 1.75 (1) Includes the impact from interest rate floors. December 31, 2019 LIBOR rates are used to calculate weighted average yield for floating rate loans.
Summary of mortgage loan receivables by loan type	For the years ended December 31, 2020 and 2019, the activity in our loan portfolio was as follows ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2019 $ 3,257,036 $ (20,500) $ 122,325 Origination of mortgage loan receivables 353,661 — 212,845 Repayment of mortgage loan receivables (960,832) — (404) Proceeds from sales of mortgage loan receivables (270,491) — (312,273) Non-cash disposition of loans via foreclosure(1) (31,249) — — Sale of loans, net (9,596) — 8,025 Accretion/amortization of discount, premium and other fees 15,530 — — Release of asset-specific loan loss provision via foreclosure(1) — 2,500 — Provision for current expected credit loss (implementation impact)(2) — (4,964) — Provision for current expected credit loss, net (impact to earnings)(2) — (18,543) — Balance, December 31, 2020 $ 2,354,059 $ (41,507) $ 30,518 (1) Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate. (2) During the year ended December 31, 2020, the initial impact of the implementation of the CECL accounting standard as of January 1, 2020 is recorded against retained earnings. Subsequent remeasurement, including the period to date change for the year ended December 31, 2020, is accounted for as provision for current expected credit loss in the consolidated statements of income. Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Mortgage loans transferred but not considered sold Allowance for credit losses Mortgage loan Balance, December 31, 2018 $ 3,318,390 $ — $ (17,900) $ 182,439 Origination of mortgage loan receivables 1,452,049 — — 946,178 Purchases of mortgage loan receivables — — — 9,934 Repayment of mortgage loan receivables (1,531,551) — — (795) Proceeds from sales of mortgage loan receivables(1) — (15,504) — (1,008,853) Non-cash disposition of loan via foreclosure(2) (45,529) — — — Sale of loans, net — — — 54,758 Transfer between held for investment and held for sale(1) 45,832 15,504 — (61,336) Accretion/amortization of discount, premium and other fees 17,845 — — — Provision for/(release of) loan loss reserves — — (2,600) — Balance, December 31, 2019 $ 3,257,036 $ — $ (20,500) $ 122,325 (1) We sell certain loans into securitizations; however, for a transfer of financial assets to be considered a sale, the transfer must meet the sale criteria of ASC 860 under which the Company must surrender control over the transferred assets which must qualify as recognized financial assets at the time of transfer. The assets must be isolated from the Company, even in bankruptcy or other receivership, the purchaser must have the right to pledge or sell the assets transferred and the Company may not have an option or obligation to reacquire the assets. If the sale criteria are not met, the transfer is considered to be a secured borrowing, the assets remain on the Company’s consolidated balance sheets and the sale proceeds are recognized as a liability. During the three months ended March 31, 2019, the Company reclassified from mortgage loan receivables held for sale to mortgage loans transferred but not considered sold, 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. Subsequent to March 31, 2019, 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 was accounted for as a sale during the year ended December 31, 2019. (2) Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on real estate acquired via foreclosure. Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2017 $ 3,282,462 $ (4,000) $ 230,180 Origination of mortgage loan receivables 1,478,771 — 1,297,221 Repayment of mortgage loan receivables (1,518,066) — (14,242) Proceeds from sales of mortgage loan receivables — — (1,291,828) Sale of loans, net — — 16,511 Transfer between held for investment and held for sale 55,403 — (55,403) Accretion/amortization of discount, premium and other fees 19,820 — — Provision for (release of) loan loss reserves — (13,900) — Balance, December 31, 2018 $ 3,318,390 $ (17,900) $ 182,439
Schedule of provision for loan losses	Allowance for Credit Losses and Non-Accrual Status ($ in thousands) Year Ended December 31, 2020 2019 2018 Allowance for credit losses at beginning of period $ 20,500 $ 17,900 $ 4,000 Provision for current expected credit loss (implementation impact) 4,964 (5) — — Provision for current expected credit loss, net (impact to earnings) (3) 18,543 (4) 2,600 13,900 Foreclosure of loans subject to asset-specific reserve (2,500) — — Allowance for credit losses at end of period $ 41,507 $ 20,500 $ 17,900 December 31, 2020 December 31, 2019 Carrying value of loans on non-accrual status, net of asset-specific reserve $ 175,022 (1) $ 86,025 (2) (1) Represents two of the Company’s loans, which were originated simultaneously as part of a single transaction and had a combined carrying value of $24.2 million, two loans with a combined carrying value of $27.1 million, one loan with a carrying value of $36.4 million, one loan with a carrying value of $13.0 million, one loan with a carrying value of $30.6 million, and one loan with a carrying value of $43.8 million which was foreclosed on in 2021 and is under contract for sale, as further discussed below. (2) Represents two of the Company’s loans, which were originated simultaneously as part of a single transaction and had a combined carrying value of $24.2 million, one loan with a carrying value of $0.4 million and one loan with a carrying value of $61.5 million, as further discussed below. (3) The total provision includes asset specific reserves of $9.2 million, $2.0 million and $12.7 million as well as a general reserve component of $9.4 million, $0.6 million, and $1.2 million for the years ended 2020, 2019, and 2018 respectively. (4) Additional provisions for current expected credit losses that impact earnings for the year ended 2020 include releases of $0.3 million on unfunded commitments and $2.0 thousand on held-to-maturity securities.
Schedule of individually impaired loans	The Company has concluded that none of its loans, other than the four loans discussed below, are individually impaired as of December 31, 2020. Loan Portfolio by Geographic Region, Property Type and Vintage ($ in thousands) Amortized Cost Geographic Region Northeast $ 707,485 Southwest 437,153 South 313,759 Midwest 462,602 West 316,620 Subtotal loans 2,237,619 Individually impaired loans(1) 116,440 Total loans $ 2,354,059 (1) Included in individually impaired loans are two loans, which were originated in 2016 simultaneously as part of a single transaction with a combined amortized cost of $26.9 million, collateralized by a mixed use property located in the Northeast region; one loan, which was originated in 2016 and subsequently restructured into two loans in 2018, with a combined amortized cost of $44.6 million, collateralized by a mixed use property located in the Northeast region; and one loan, originated in 2018, with an amortized cost of $45.0 million, collateralized by a hotel located in the South region. The above individually impaired loans’ amortized cost bases exclude asset-specific provisions totaling $21.4 million. Management’s method for monitoring credit is the performance of a loan. A loan is impaired or not impaired based on the expectation that all amounts contractually due under a loan will be collected when due. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing Ladder’s loan portfolio by collateral type. The following table summarizes the amortized cost of the loan portfolio by property type ($ in thousands). Amortized Cost Basis by Origination Year Property Type 2020 2019 2018 2017 2016 and Earlier Total Office $ — $ 196,610 $ 249,330 $ 83,673 $ 50,935 $ 580,548 Multifamily 65,537 260,254 44,665 24,406 — 394,862 Hospitality — 43,000 139,394 67,307 78,694 328,395 Other 31,217 131,434 77,484 — — 240,135 Mixed Use 106,537 101,704 — 13,268 — 221,509 Retail — 110,492 — — 65,734 176,226 Industrial 46,130 114,630 — — 6,461 167,221 Manufactured Housing 4,553 57,305 11,718 — 3,961 77,537 Self-Storage — 35,986 15,200 — — 51,186 Subtotal loans 253,974 1,051,415 537,791 188,654 205,785 2,237,619 Individually Impaired loans (1) — — 44,952 — 71,488 116,440 Total loans (2) $ 253,974 $ 1,051,415 $ 582,743 $ 188,654 $ 277,273 $ 2,354,059 (1) Included in individually impaired loans are two loans, which were originated in 2016 simultaneously as part of a single transaction with a combined amortized cost of $26.9 million, collateralized by a mixed use property located in the Northeast region, one loan, which was originated in 2016 and subsequently restructured into two loans in 2018, with a combined amortized cost of $44.6 million, collateralized by a mixed use property located in the Northeast region, and one loan, originated in 2018, with a amortized cost of $45.0 million, collateralized by a hotel located in the South region. The above individually impaired loans’ amortized cost basis excludes asset-specific provisions totaling $21.4 million. (2) Not included above is $14.5 million of accrued interest receivable on all loans at December 31, 2020.

REAL ESTATE SECURITIES (Tables)

REAL ESTATE SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Summary of securities which are classified as available-for-sale	The following is a summary of the Company’s securities at December 31, 2020 and 2019 ($ in thousands): December 31, 2020 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Cost Basis Gains Losses Carrying # of Rating (1) Coupon % Yield % Remaining CMBS(2) $ 1,015,520 $ 1,015,282 $ 1,382 $ (13,363) $ 1,003,301 (3) 90 AAA 1.56 % 1.56 % 2.01 CMBS interest-only(2)(4) 1,498,181 21,567 672 (26) 22,213 (5) 15 AAA 0.44 % 3.53 % 2.19 GNMA interest-only(4)(6) 75,350 868 232 (100) 1,000 11 AA+ 0.43 % 5.06 % 3.59 Agency securities(2) 586 593 12 — 605 2 AA+ 2.55 % 1.64 % 1.26 GNMA permanent securities(2) 30,254 30,340 859 — 31,199 5 AA+ 3.87 % 3.49 % 1.98 Total debt securities $ 2,619,891 $ 1,068,650 $ 3,157 $ (13,489) $ 1,058,318 123 0.91 % 1.66 % 2.01 Provision for current expected credit losses N/A — — (20) (20) Total real estate securities $ 2,619,891 $ 1,068,650 $ 3,157 $ (13,509) $ 1,058,298 123 (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 $11.1 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, (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 $0.7 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust 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. December 31, 2019 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Gains Losses Carrying # of Rating (1) Coupon % Yield % Remaining CMBS(2) $ 1,640,597 $ 1,640,905 $ 4,337 $ (920) $ 1,644,322 (3) 125 AAA 3.06 % 3.08 % 2.41 CMBS interest-only(2)(4) 1,559,160 28,553 630 (37) 29,146 (5) 15 AAA 0.60 % 3.04 % 2.53 GNMA interest-only(4)(6) 109,783 1,982 123 (254) 1,851 11 AA+ 0.49 % 4.59 % 2.77 Agency securities(2) 629 640 1 (4) 637 2 AA+ 2.65 % 1.73 % 1.83 GNMA permanent securities(2) 31,461 31,681 688 — 32,369 6 AA+ 3.91 % 3.17 % 1.93 Total debt securities $ 3,341,630 $ 1,703,761 $ 5,779 $ (1,215) $ 1,708,325 159 1.84 % 3.06 % 2.39 Equity securities(7) N/A 12,848 292 (160) 12,980 2 N/A N/A N/A N/A Total real estate securities $ 3,341,630 $ 1,716,609 $ 6,071 $ (1,375) $ 1,721,305 161 (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 $0.8 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (6) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income in accordance with ASC 815. (7) The Company has elected to account for equity securities at fair value with changes in fair value recorded in current period earnings.
Schedule of fair value of the Company's securities by remaining maturity based upon expected cash flows	The following is a breakdown of the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2020 and 2019 ($ in thousands): December 31, 2020 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS $ 230,977 $ 748,953 $ 23,371 $ — $ 1,003,301 CMBS interest-only 1,572 20,641 — — 22,213 GNMA interest-only 65 647 288 — 1,000 Agency securities — 605 — — 605 GNMA permanent securities 67 31,132 — — 31,199 Provision for current expected credit losses — — — — (20) Total debt securities $ 232,681 $ 801,978 $ 23,659 $ — $ 1,058,298 December 31, 2019 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS $ 177,193 $ 1,389,392 $ 77,737 $ — $ 1,644,322 CMBS interest-only 1,439 27,707 — — 29,146 GNMA interest-only 91 1,504 256 — 1,851 Agency securities — 637 — — 637 GNMA permanent securities 416 31,953 — — 32,369 Total debt securities $ 179,139 $ 1,451,193 $ 77,993 $ — $ 1,708,325

REAL ESTATE AND RELATED LEASE_2

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)	12 Months Ended
	Dec. 31, 2020
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): December 31, 2020 December 31, 2019 Land $ 220,511 $ 209,955 Building 838,542 883,005 In-place leases and other intangibles 157,176 161,203 Undepreciated Real estate and related lease intangibles 1,216,229 1,254,163 Less: Accumulated depreciation and amortization (230,925) (206,082) Real estate and related lease intangibles, net $ 985,304 $ 1,048,081 Below market lease intangibles, net (other liabilities) $ (36,952) $ (39,067)
Schedule of depreciation and amortization expense recorded	The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Year Ended December 31, 2020 2019 2018 Depreciation expense(1) $ 32,383 $ 30,421 $ 31,537 Amortization expense 6,696 7,991 10,347 Total real estate depreciation and amortization expense $ 39,079 $ 38,412 $ 41,884
Schedule of lease intangible assets	The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to our intangible assets ($ in thousands): December 31, 2020 December 31, 2019 Gross intangible assets(1) $ 157,176 $ 161,203 Accumulated amortization 66,014 62,773 Net intangible assets $ 91,162 $ 98,430 (1) Includes $4.2 million and $4.5 million of unamortized above market lease intangibles which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of December 31, 2020 and 2019, respectively. The following table presents increases/reductions in operating lease income recorded by the Company ($ in thousands): Year Ended December 31, 2020 2019 2018 Reduction in operating lease income for amortization of above market lease intangibles acquired $ (367) $ (819) $ (648) Increase in operating lease income for amortization of below market lease intangibles acquired 2,600 2,177 2,387
Schedule of expected amortization expense related to the acquired in-place lease intangibles, for property owned	The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of December 31, 2020 ($ in thousands): Period Ending December 31, Adjustment to Operating Lease Income Amortization Expense 2021 $ 1,071 $ 5,509 2022 1,071 5,509 2023 1,071 5,509 2024 1,071 5,509 2025 1,071 5,509 Thereafter 27,426 59,449 Total $ 32,781 $ 86,994
Schedule of contractual future minimum rent under leases	The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at December 31, 2020 ($ in thousands): Period Ending December 31, Amount 2021 $ 79,393 2022 70,983 2023 64,425 2024 63,438 2025 62,138 Thereafter 471,409 Total $ 811,786
Schedule of real estate properties acquired	During the year ended December 31, 2020, 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) Aggregate purchases of net leased real estate $ 7,440 100.0% Real estate acquired via foreclosure March 2020 Diversified Los Angeles, CA 21,535 100.0% June 2020 Diversified Winston Salem, NC 3,900 100.0% December 2020 Diversified South Bend, IN 3,875 100.0% Total real estate acquired via foreclosure 29,310 Total real estate acquisitions $ 36,750 (1) Properties were consolidated as of acquisition date. The Company allocates purchase consideration based on relative fair values, and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. During the year ended December 31, 2020, all acquisitions were determined to be asset acquisitions. The purchase prices were allocated to the asset acquisitions during the year ended December 31, 2020, as follows ($ in thousands): Purchase Price Allocation Land $ 25,250 Building 10,473 Intangibles 1,379 Below Market Lease Intangibles (352) Total purchase price $ 36,750 The weighted average amortization period for intangible assets acquired during the year ended December 31, 2020 was 39.8 years. The Company recorded $0.4 million in revenues from its 2020 acquisitions for the year ended December 31, 2020, which is included in its consolidated statements of income. The Company recorded $(0.9) million in earnings (losses) from its 2020 acquisitions for the year ended December 31, 2020, which is included in its consolidated statements of income. During the year ended December 31, 2019, the Company acquired the following properties ($ in thousands): Acquisition Date Type Primary Location(s) Purchase Price/Fair Value on the Date of Foreclosure Ownership Interest (1) Aggregate purchases of net leased real estate $ 20,441 100.0% Real estate acquired via foreclosure February 2019 Diversified Omaha, NE 18,200 100.0% December 2019 Diversified San Diego, CA 42,250 100.0% December 2019 Diversified Fort Worth and Arlington, TX 23,700 100.0% Total real estate acquired via foreclosure 84,150 Total real estate acquisitions $ 104,591 (1) Properties were consolidated as of acquisition date. The purchase prices were allocated to the asset acquisitions during the year ended December 31, 2019, as follows ($ in thousands): Purchase Price Allocation Land $ 17,373 Building 84,725 Intangibles 3,802 Below Market Lease Intangibles (1,309) Total purchase price $ 104,591
Schedule of properties sold	The Company sold the following properties during the year ended December 31, 2020 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss)(1) Properties Units Sold Units Remaining Various Condominium Miami, FL $ 1,832 $ 1,821 $ 11 — 6 — March 2020 Diversified Richmond, VA 22,527 14,829 7,698 7 — — March 2020 Diversified Richmond, VA 6,932 4,109 2,823 1 — — August 2020 Net Lease Bellport, NY 19,434 15,012 4,422 1 — — September 2020 Diversified Lithia Springs, GA 39,491 23,187 16,304 1 — — September 2020 Diversified Winston Salem, NC 4,647 3,803 844 1 — — December 2020 Diversified South Bend, IN 3,875 3,875 — 1 — — Totals $ 98,738 $ 66,636 $ 32,102 (1) Realized gain (loss) on the sale of real estate, net on the consolidated statements of income also includes $32.1 million of realized gain (loss) on the disposal of fixed assets for the year ended December 31, 2020. The Company sold the following properties during the year ended December 31, 2019 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining November 2019 Condominium Las Vegas, NV $ 809 $ 415 $ 394 — 1 — Various Condominium Miami, FL 4,715 4,282 433 — 16 6 April 2019 Diversified Wayne, NJ 1,729 4,799 (3,070) 1 — — May 2019 Diversified Grand Rapids, MI 10,019 8,254 1,765 1 — — August 2019 Diversified Grand Rapids, MI 6,970 4,920 2,050 1 — — Totals $ 24,242 $ 22,670 $ 1,572 (1) Realized gain (loss) on the sale of real estate, net on the consolidated statements of income also includes $1.4 million of realized loss on the disposal of fixed assets for the year ended December 31, 2019. The Company sold the following properties during the year ended December 31, 2018 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Realized Gain Allocated to Third Party Investor Properties Units Sold Units Remaining Various Condominium Las Vegas, NV $ 8,763 $ 4,458 $ 4,305 $ — — 12 1 Various Condominium Miami, FL 7,851 6,716 1,135 — — 26 22 March 2018 Diversified El Monte, CA 71,807 52,610 19,197 6,999 1 — — March 2018 Diversified Richmond, VA 20,966 11,370 9,596 389 1 — — September 2018 Diversified St. Paul, MN 109,275 47,627 61,648 7,928 4 — — Totals $ 218,662 $ 122,781 $ 95,881 $ 15,316

INVESTMENT IN AND ADVANCES TO_2

INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2020
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 December 31, 2020 and 2019 ($ in thousands): Entity December 31, 2020 December 31, 2019 Grace Lake JV, LLC $ 4,023 $ 3,047 24 Second Avenue Holdings LLC 42,230 45,386 Investment in unconsolidated joint ventures $ 46,253 $ 48,433
Summary of the Company's allocated earnings based on its ownership interests from investment in unconsolidated joint ventures	The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated joint ventures for the years ended December 31, 2020 and 2019 ($ in thousands): Year Ended December 31, Entity 2020 2019 2018 Grace Lake JV, LLC $ 976 $ 1,047 1,658 24 Second Avenue Holdings LLC 845 2,385 (868) Earnings (loss) from investment in unconsolidated joint ventures $ 1,821 $ 3,432 $ 790
Summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests	The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2020 and 2019 ($ in thousands): December 31, 2020 December 31, 2019 Total assets $ 114,916 $ 118,727 Total liabilities 75,775 78,762 Partners’/members’ capital $ 39,141 $ 39,965 The following is a summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the years ended December 31, 2020, 2019 and 2018 ($ in thousands): Year Ended December 31, 2020 2019 2018 Total revenues $ 17,461 $ 7,630 $ 19,122 Total expenses 14,206 14,930 13,381 Net income (loss) $ 3,255 $ (7,300) $ 5,741

DEBT OBLIGATIONS, NET (Tables)

DEBT OBLIGATIONS, NET (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of debt obligations	The details of the Company’s debt obligations at December 31, 2020 and December 31, 2019 are as follows ($ in thousands): December 31, 2020 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at December 31, 2020(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility(2) $ 500,000 $ 112,004 $ 387,996 1.91% — 2.16% 12/19/2022 (3) (4) $ 180,416 $ 180,416 Committed Loan Repurchase Facility 250,000 — 250,000 —% — —% 2/26/2021 (5) (6) — — Committed Loan Repurchase Facility 300,000 90,197 209,803 1.91% — 2.91% 12/16/2021 (7) (8) 154,850 154,850 Committed Loan Repurchase Facility 300,000 11,312 288,688 2.19% — 2.19% 11/6/2022 (9) (4) 28,285 28,285 Committed Loan Repurchase Facility 100,000 26,183 73,817 2.28% — 2.28% 12/31/2022 (10) (4) 45,235 45,235 Committed Loan Repurchase Facility 100,000 15,672 84,328 2.66% — 3.5% 10/24/2021 (11) (12) 30,600 30,600 Total Committed Loan Repurchase Facilities 1,550,000 255,368 1,294,632 439,386 439,386 Committed Securities Repurchase Facility(2) 787,996 149,633 638,363 0.86% — 1.11% 12/23/2021 N/A (13) 226,008 226,008 Uncommitted Securities Repurchase Facility N/A (14) 415,836 N/A (14) 0.73% — 2.84% 1/2021-3/2021 N/A (13) 502,476 502,476 (15) Total Repurchase Facilities 1,950,000 820,837 1,544,999 1,167,870 1,167,870 Revolving Credit Facility 266,430 266,430 — 3.15% — 3.15% 2/11/2022 (16) N/A (17) N/A (17) N/A (17) Mortgage Loan Financing 766,064 766,064 — 3.75% — 6.16% 2021 - 2030(18) N/A (19) 909,406 1,133,703 (20) Secured Financing Facility 206,350 192,646 (21) — 10.75% — 10.75% 5/6/2023 N/A (22) 327,769 328,097 CLO Debt 279,156 276,516 (23) — 5.5% — 5.5% 5/16/2024 N/A (4) 362,600 362,600 Borrowings from the FHLB 1,500,000 288,000 1,212,000 0.41% — 2.74% 2021 - 2024 N/A (24) 388,400 392,212 (25) Senior Unsecured Notes 1,612,299 1,599,371 (26) — 4.25% — 5.88% 2021 - 2027 N/A N/A (27) N/A (27) N/A (27) Total Debt Obligations, Net $ 6,580,299 $ 4,209,864 $ 2,756,999 $ 3,156,045 $ 3,384,482 (1) December 2020 LIBOR rates are used to calculate interest rates for floating rate debt. (2) The combined committed amounts for the loan repurchase facility and the securities repurchase facility total $900.0 million, with maximum capacity on the loan repurchase facility of $500.0 million, and maximum capacity on the securities repurchase facility of $900.0 million less outstanding commitments on the loan repurchase facility. (3) Two additional 12-month periods at Company’s option. No new advances are permitted after the initial maturity date. (4) First mortgage commercial real estate loans and senior and pari passu interests therein. It does not include the real estate collateralizing such loans. (5) Three additional 12-month periods at Company’s option. (6) First mortgage commercial real estate loans. It does not include the real estate collateralizing such loans. (7) Two additional 364-day periods at Company’s option. (8) 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. (9) One additional 12-month extension period and two additional 6-month extension periods at Company’s option. (10) Two additional 12-month extension periods at Company’s option. No new advances are permitted after the initial maturity date. (11) 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. (12) First mortgage, junior and mezzanine commercial real estate loans, and certain senior and/or pari passu interests therein. (13) Commercial real estate securities. It does not include the real estate collateralizing such securities. (14) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (15) Includes $2.1 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (16) Three 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 $7.2 million and an unamortized discount of $6.6 million related to the Purchase Right (described in detail under Secured Financing Facility below) at December 31, 2020. (22) First mortgage commercial real estate loans. Substitution of collateral and conversion of loan collateral to mortgage collateral are permitted with Lender’s approval. (23) Presented net of unamortized debt issuance costs of $2.6 million at December 31, 2020. (24) 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. (25) Includes $9.4 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (26) Presented net of unamortized debt issuance costs of $12.9 million at December 31, 2020. (27) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. December 31, 2019 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at December 31, 2019(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility $ 600,000 $ 183,828 $ 416,172 3.24% — 3.74% 12/19/2022 (2) (3) $ 287,974 $ 288,210 Committed Loan Repurchase Facility 350,000 70,697 279,303 3.71% — 3.81% 5/24/2020 (4) (5) 101,590 103,868 Committed Loan Repurchase Facility 300,000 248,182 51,818 3.49% — 3.74% 12/19/2020 (6) (7) 382,778 382,778 Committed Loan Repurchase Facility 300,000 98,678 201,322 3.50% — 3.75% 11/6/2022 (8) (3) 175,000 175,270 Committed Loan Repurchase Facility 100,000 9,952 90,048 3.96% — 3.99% 1/3/2023 (9) (3) 75,628 75,813 Committed Loan Repurchase Facility 100,000 90,927 9,073 3.74% — 3.80% 12/24/2020 (10) (11) 126,311 126,311 Total Committed Loan Repurchase Facilities 1,750,000 702,264 1,047,736 1,149,281 1,152,250 Committed Securities Repurchase Facility 400,000 42,751 357,249 2.50% — 2.56% 12/23/2021 N/A (12) 52,691 52,691 Uncommitted Securities Repurchase Facility N/A (13) 1,070,919 N/A (13) 2.17% — 3.54% 1/2020 - 3/2020 N/A (12) 1,188,440 1,188,440 (14) Total Repurchase Facilities 2,150,000 1,815,934 1,404,985 2,390,412 2,393,381 Revolving Credit Facility 266,430 — 266,430 NA 2/11/2020 (15) N/A (16) N/A (16) N/A (16) Mortgage Loan Financing 812,606 812,606 — 3.75% — 6.75% 2020 - 2029(17) N/A (18) 988,857 1,192,106 (19) Borrowings from the FHLB 1,945,795 1,073,500 872,295 1.47% — 2.95% 2020 - 2024 N/A (20) 1,107,188 1,113,811 (21) Senior Unsecured Notes 1,166,201 1,157,833 (22) — 5.25% — 5.88% 2021 - 2025 N/A N/A (23) N/A (23) N/A (23) Total Debt Obligations $ 6,341,032 $ 4,859,873 $ 2,543,710 $ 4,486,457 $ 4,699,298 (1) December 31, 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) Three additional 364-day periods. (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) Two additional 12-month extension periods 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 $2.2 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. (15) Four 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) 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. (21) Includes $9.9 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis. Additionally includes $261.0 million of cash collateral. (22) Presented net of unamortized debt issuance costs of $8.4 million at December 31, 2019. (23) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.
Schedule of contractual payments under all borrowings by maturity	The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by 2021 $ 1,219,750 2022 734,290 2023 351,800 2024 575,471 2025 468,876 Thereafter 884,678 Subtotal 4,234,865 Debt issuance costs included in senior unsecured notes (12,928) Debt issuance costs included in secured financing facility (7,154) Discount on secured financing facility related to Purchase Right (6,550) Debt issuance costs included in CLO debt (2,640) Debt issuance costs included in mortgage loan financing (280) Premiums included in mortgage loan financing(2) 4,551 Total $ 4,209,864 (1) Contractual payments under current maturities, some of which are subject to extensions. The maturities listed above for 2021 relate to debt obligations that are subject to existing Company controlled extension options for one or more additional one year periods or could be refinanced by other existing facilities as of December 31, 2020.

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of breakdown of the derivatives outstanding	The following is a breakdown of the derivatives outstanding as of December 31, 2020 and 2019 ($ in thousands): December 31, 2020 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1 Month LIBOR $ 69,571 $ — $ — 0.35 Futures 5-year Swap 23,800 108 — 0.25 10-year Swap 41,800 191 — 0.25 Total futures 65,600 299 — Total derivatives $ 135,171 $ 299 $ — (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. December 31, 2019 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1Month LIBOR $ 69,571 $ — $ — 0.36 Futures 5-year Swap 46,000 158 — 0.25 10-year Swap 149,800 516 — 0.25 5-year U.S. Treasury Note 1,100 4 — 0.25 Total futures 196,900 678 — Credit Derivatives S&P 500 Put Options 143,300 15 — 0.05 Total credit derivatives 143,300 15 — Total derivatives $ 409,771 $ 693 $ — (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 years ended December 31, 2020, 2019 and 2018 ($ in thousands): Year Ended December 31, 2020 Contract Type Unrealized Realized Net Result Futures $ (379) $ (15,113) $ (15,492) Credit Derivatives 111 111 222 Total $ (268) $ (15,002) $ (15,270) Year Ended December 31, 2019 Contract Type Unrealized Realized Net Result Futures $ 1,653 $ (31,469) $ (29,816) Credit Derivatives (111) (84) (195) Total $ 1,542 $ (31,553) $ (30,011) Year Ended December 31, 2018 Contract Type Unrealized Realized Net Result Futures $ (747) $ 16,176 $ 15,429 Swaps 1,403 (848) 555 Credit Derivatives 49 (107) (58) Total $ 705 $ 15,221 $ 15,926

OFFSETTING ASSETS AND LIABILI_2

OFFSETTING ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2020
Offsetting [Abstract]
Schedule of offsetting of financial assets	As of December 31, 2020 Offsetting of Financial Assets and Derivative Assets ($ in thousands) Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Derivatives $ 299 $ — $ 299 $ — $ — $ 299 Total $ 299 $ — $ 299 $ — $ — $ 299 (1) Included in restricted cash on consolidated balance sheets. As of December 31, 2019 Offsetting of Financial Assets and Derivative Assets ($ in thousands) Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Derivatives $ 693 $ — $ 693 $ — $ — $ 693 Total $ 693 $ — $ 693 $ — $ — $ 693 (1) Included in restricted cash on consolidated balance sheets.
Schedule of offsetting of financial liabilities	As of December 31, 2020 Offsetting of Financial Liabilities and Derivative Liabilities ($ in thousands) Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Repurchase agreements $ 820,837 $ — $ 820,837 $ 820,837 $ — $ — Total $ 820,837 $ — $ 820,837 $ 820,837 $ — $ — (1) Included in restricted cash on consolidated balance sheets. As of December 31, 2019 Offsetting of Financial Liabilities and Derivative Liabilities ($ in thousands) Description Gross amounts of Gross amounts Net amounts of Gross amounts not offset in the Net amount Financial Cash collateral Repurchase agreements $ 1,815,934 $ — $ 1,815,934 $ 1,815,934 $ — $ — Total $ 1,815,934 $ — $ 1,815,934 $ 1,815,934 $ — $ — (1) Included in restricted cash on consolidated balance sheets.

CONSOLIDATED VARIABLE INTERES_2

CONSOLIDATED VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The Company consolidates one collateralized loan obligation (“CLO”) VIE with the following balance sheet ($ in thousands): December 31, 2020 Notes 3 & 7 Restricted cash $ 3,925 Mortgage loan receivables held for investment, net, at amortized cost 362,600 Accrued interest receivable 1,382 Other assets 69,649 Total assets $ 437,556 Debt obligations, net $ 276,516 Accrued expenses 682 Total liabilities 277,198 Net equity in VIEs (eliminated in consolidation) 160,358 Total equity 160,358 Total liabilities and equity $ 437,556

EQUITY STRUCTURE AND ACCOUNTS (

EQUITY STRUCTURE AND ACCOUNTS (Tables)	12 Months Ended
	Dec. 31, 2020
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 years ended December 31, 2020, 2019 and 2018 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2019 $ 41,132 Additional authorizations — Repurchases paid 384,251 (3,030) Repurchases unsettled — Authorizations remaining as of December 31, 2020 $ 38,102 (1) Amount excludes commissions paid associated with share repurchases. 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 December 31, 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 December 31, 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 years ended December 31, 2020, 2019 and 2018: Declaration Date Dividend per Share February 27, 2020 $ 0.340 May 28, 2020 0.200 August 31, 2020 0.200 December 15, 2020 0.200 Total $ 0.940 February 27, 2019 $ 0.340 May 30, 2019 0.340 August 22, 2019 0.340 November 26, 2019 0.340 Total $ 1.360 February 27, 2018 $ 0.315 May 30, 2018 0.325 September 5, 2018 0.325 November 1, 2018(1) 0.570 Total $ 1.535
Schedule of accumulated other comprehensive Income	The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2020, 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, 2019 $ 4,218 $ 475 $ 4,693 Other comprehensive income (loss) (9,950) (5,208) (15,158) Exchange of noncontrolling interest for common stock (6,952) 6,952 — Rebalancing of ownership percentage between Company and Operating Partnership 2,221 (2,221) — December 31, 2020 $ (10,463) $ (2) $ (10,465) 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) 8,785 1,145 9,930 Exchange of noncontrolling interest for common stock 65 (65) — Rebalancing of ownership percentage between Company and Operating Partnership 17 (17) — December 31, 2019 $ 4,218 $ 475 $ 4,693 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) (4,211) (930) (5,141) Exchange of noncontrolling interest for common stock (167) 167 — Rebalancing of ownership percentage between Company and Operating Partnership (59) 59 — December 31, 2018 $ (4,649) $ (588) $ (5,237)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Schedule of the Company's net income and weighted average shares outstanding	The Company’s net income (loss) and weighted average shares outstanding for the years ended December 31, 2020, 2019 and 2018 consist of the following: Year Ended December 31, ($ in thousands except share amounts) 2020 2019 2018 Basic Net income (loss) available for Class A common shareholders $ (14,445) $ 122,645 $ 180,015 Diluted Net income (loss) available for Class A common shareholders $ (14,445) $ 122,645 $ 180,015 Weighted average shares outstanding Basic 112,409,615 105,455,849 97,226,027 Diluted 112,409,615 106,399,783 97,652,065
Schedule of calculation of basic and diluted net income per share amounts	The calculation of basic and diluted net income (loss) per share amounts for the years ended December 31, 2020, 2019 and 2018 consist of the following: Year Ended December 31, (In thousands except share and per share amounts) 2020(1) 2019(1) 2018(1) Basic Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ (14,445) $ 122,645 $ 180,015 Denominator: Weighted average number of shares of Class A common stock outstanding 112,409,615 105,455,849 97,226,027 Basic net income (loss) per share of Class A common stock $ (0.13) $ 1.16 $ 1.85 Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ (14,445) $ 122,645 $ 180,015 Add (deduct) - dilutive effect of: Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss)(2) — — — Additional corporate tax (expense) benefit(2) — — — Diluted net income (loss) attributable to Class A common shareholders (14,445) 122,645 $ 180,015 Denominator: Basic weighted average number of shares of Class A common stock outstanding 112,409,615 105,455,849 97,226,027 Add - dilutive effect of: Shares issuable relating to converted Class B common shareholders(3) — — — Incremental shares of unvested Class A restricted stock(3) — 943,934 426,038 Incremental shares of unvested stock options — — — Diluted weighted average number of shares of Class A common stock outstanding 112,409,615 106,399,783 97,652,065 Diluted net income (loss) per share of Class A common stock $ (0.13) $ 1.15 $ 1.84 (1) For the years ended December 31, 2020, 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. (2) The Company is 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 for periods prior to September 30, 2020. There are no Class B common stock outstanding as of December 31, 2020. (3) The Company is using the treasury stock method.

STOCK BASED AND OTHER COMPENS_2

STOCK BASED AND OTHER COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2020
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 and other compensation plans ($ in thousands): Year Ended December 31, 2020 2019 2018 Stock Based Compensation Expense $ 42,728 $ 21,777 $ 8,831 Phantom Equity Investment Plan (1,238) 1,341 — Stock Options Exercised 270 — — Ladder Capital Corp Deferred Compensation Plan — — 1,163 Bonus Expense 1,082 28,235 34,465 Total $ 42,842 $ 51,353 $ 44,459
Summary of the grants	A summary of the grants is presented below: Year Ended December 31, 2020 2019 2018 Number Weighted Number Weighted Number Weighted Grants - Class A Common Stock 4,423,215 $ 12.84 1,569,694 $ 17.54 33,656 $ 14.86 Grants - Class A Common Stock dividends — — 11,113 16.61 — — Stock Options — — 12,073 — — —
Schedule of nonvested shares activity	The table below presents the number of unvested shares and outstanding stock options at December 31, 2020 and changes during 2020 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, 2019 1,436,683 994,208 Granted 4,423,215 — Exercised — (83,845) Vested (3,031,109) — Forfeited (27,965) — Expired — (229,261) Nonvested/Outstanding at December 31, 2020 2,800,824 681,102 Exercisable at December 31, 2020 (1) 681,102 (1) The weighted-average exercise price of outstanding options, warrants and rights is $14.84 at December 31, 2020.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Summary of fair value	The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2020 and 2019 are as follows ($ in thousands): December 31, 2020 Weighted Average Outstanding Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 1,015,520 $ 1,015,282 $ 1,003,301 Internal model, third-party inputs 1.56 % 2.01 CMBS interest-only(1) 1,498,181 (2) 21,567 22,213 Internal model, third-party inputs 3.53 % 2.19 GNMA interest-only(3) 75,350 (2) 868 1,001 Internal model, third-party inputs 5.06 % 3.59 Agency securities(1) 586 593 605 Internal model, third-party inputs 1.64 % 1.26 GNMA permanent securities(1) 30,254 30,340 31,199 Internal model, third-party inputs 3.49 % 1.98 Provision for current expected credit reserves N/A (20) (20) (5) N/A N/A Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loan receivables held for investment, net, at amortized cost 2,365,204 2,354,059 2,328,441 Discounted Cash Flow(4) 6.67 % 1.07 Provision for current expected credit reserves N/A (41,507) (41,507) (5) N/A N/A Mortgage loan receivables held for sale 30,478 30,518 32,082 Internal model, third-party inputs(6) 4.05 % 9.18 FHLB stock(7) 31,000 31,000 31,000 (7) 3.00 % N/A Nonhedge derivatives(1)(8) 65,600 N/A 299 Counterparty quotations N/A 0.25 Liabilities: Repurchase agreements - short-term 708,833 708,833 708,833 Discounted Cash Flow(9) 1.16 % 0.34 Repurchase agreements - long-term 112,004 112,004 112,004 Discounted Cash Flow(10) 9.47 % 2.21 Revolving credit facility 266,430 266,430 266,430 Discounted Cash Flow(9) 3.15 % 0.07 Mortgage loan financing 761,793 766,064 786,405 Discounted Cash Flow(10) 4.84 % 4.04 Secured financing facility 192,646 192,646 192,646 Discounted Cash Flow(9) 10.75 % 2.35 CLO debt 276,516 276,516 276,516 Discounted Cash Flow(10) 5.50 % 3.38 Borrowings from the FHLB 288,000 288,000 289,091 Discounted Cash Flow 1.12 % 2.76 Senior unsecured notes 1,612,299 1,599,371 1,607,930 Internal model, third-party inputs 4.90 % 3.89 (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 - short term borrowings under the secured financing facility and borrowings under the revolving credit facility is estimated to approximate carrying amount primarily due to the short interest rate reset risk (30 days) of the financings and the high credit quality of the assets collateralizing these positions. 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, mortgage loan financing, and CLO debt 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, 2019 Weighted Average Outstanding Amortized Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 1,640,597 $ 1,640,905 $ 1,644,322 Internal model, third-party inputs 3.08 % 2.41 CMBS interest-only(1) 1,559,160 (2) 28,553 29,146 Internal model, third-party inputs 3.04 % 2.53 GNMA interest-only(3) 109,783 (2) 1,982 1,851 Internal model, third-party inputs 4.59 % 2.77 Agency securities(1) 629 640 637 Internal model, third-party inputs 1.73 % 1.83 GNMA permanent securities(1) 31,461 31,681 32,369 Internal model, third-party inputs 3.17 % 1.93 Equity securities(3) N/A 12,848 12,980 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 3,277,596 3,257,036 3,273,219 Discounted Cash Flow(4) 6.94 % 1.43 Provision for loan losses N/A (20,500) (20,500) (5) N/A N/A Mortgage loan receivables held for sale 122,748 122,325 124,989 Internal model, third-party inputs(6) 4.20 % 9.99 FHLB stock(7) 61,619 61,619 61,619 (7) 4.75 % N/A Nonhedge derivatives(1)(8) 340,200 N/A 693 Counterparty quotations N/A 0.25 Liabilities: Repurchase agreements - short-term 1,781,253 1,781,253 1,781,253 Discounted Cash Flow(9) 2.50 % 0.19 Repurchase agreements - long-term 34,681 34,681 34,681 Discounted Cash Flow(10) 2.81 % 1.41 Mortgage loan financing 807,854 812,606 838,766 Discounted Cash Flow(10) 4.91 % 5.65 Borrowings from the FHLB 1,073,500 1,073,500 1,080,354 Discounted Cash Flow 2.33 % 2.08 Senior unsecured notes 1,166,201 1,157,833 1,208,860 Internal model, third-party inputs 5.39 % 3.28 Nonhedge derivatives(1)(8) 69,571 N/A — Counterparty quotations N/A 0.36 (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 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.
Summary of financial assets and liabilities, both reported at fair value on a recurring basis or amortized cost/par	The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at December 31, 2020 and 2019 ($ in thousands): December 31, 2020 Financial Instruments Reported at Fair Value on Consolidated Statements of Financial Condition Outstanding Face Fair Value Level 1 Level 2 Level 3 Total Assets: CMBS(1) $ 1,003,998 $ — $ — $ 992,227 $ 992,227 CMBS interest-only(1) 1,487,616 (2) — — 21,538 21,538 GNMA interest-only(3) 75,350 (2) — — 1,001 1,001 Agency securities(1) 586 — — 605 605 GNMA permanent securities(1) 30,254 — — 31,199 31,199 Nonhedge derivatives(4) 65,600 — 299 — 299 $ — $ 299 $ 1,046,570 $ 1,046,869 Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial Condition Outstanding Face Fair Value Level 1 Level 2 Level 3 Total Assets: Mortgage loan receivable held for investment, net, at amortized cost: Mortgage loans held by consolidated subsidiaries $ 2,365,204 $ — $ — $ 2,328,441 $ 2,328,441 Provision for current expected credit losses N/A — — (41,507) (41,507) Mortgage loan receivable held for sale 30,478 — — 32,082 32,082 CMBS(5) 11,523 — — 11,074 11,074 CMBS interest-only(5) 10,566 (2) — — 675 675 Provision for current expected credit losses N/A (20) (20) FHLB stock 31,000 — — 31,000 31,000 $ — $ — $ 2,361,745 $ 2,361,745 Liabilities: Repurchase agreements - short-term 708,833 $ — $ — $ 708,833 $ 708,833 Repurchase agreements - long-term 112,004 — — 112,004 112,004 Revolving credit facility 266,430 — — 266,430 266,430 Mortgage loan financing 761,793 — — 786,405 786,405 Secured financing facility 192,646 — — 192,646 192,646 CLO debt 276,516 — — 276,516 276,516 Borrowings from the FHLB 288,000 — — 289,091 289,091 Senior unsecured notes 1,612,299 — — 1,607,930 1,607,930 $ — $ — $ 4,239,855 $ 4,239,855 (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, 2019 Financial Instruments Reported at Fair Value on Consolidated Statements of Financial Condition Outstanding Face Fair Value Level 1 Level 2 Level 3 Total Assets: CMBS(1) $ 1,628,476 $ — $ — $ 1,632,714 $ 1,632,714 CMBS interest-only(1) 1,548,061 (2) — — 28,342 28,342 GNMA interest-only(3) 109,783 (2) — — 1,851 1,851 Agency securities(1) 629 — — 637 637 GNMA permanent securities(1) 31,461 — — 32,369 32,369 Equity securities N/A 12,980 — — 12,980 Nonhedge derivatives(4) 340,200 — 693 — 693 $ 12,980 $ 693 $ 1,695,913 $ 1,709,586 Liabilities: Nonhedge derivatives(4) $ 69,571 $ — $ — $ — $ — Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial Condition Outstanding Face 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 $ 3,277,597 $ — $ — $ 3,273,219 $ 3,273,219 Provision for loan losses N/A — — (20,500) (20,500) Mortgage loan receivables held for sale 122,748 — — 124,989 124,989 CMBS(5) 12,121 — — 11,608 11,608 CMBS interest-only(5) 11,099 (2) — — 804 804 FHLB stock 61,619 — — 61,619 61,619 $ — $ — $ 3,451,739 $ 3,451,739 Liabilities: Repurchase agreements - short-term 1,781,253 $ — $ — $ 1,781,253 $ 1,781,253 Repurchase agreements - long-term 34,681 — — 34,681 34,681 Mortgage loan financing 807,854 — — 838,766 838,766 Borrowings from the FHLB 1,073,500 — — 1,080,354 1,080,354 Senior unsecured notes 1,166,201 — — 1,208,860 1,208,860 $ — $ — $ 4,943,914 $ 4,943,914 (1) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity. (2) Represents notional outstanding balance of underlying collateral. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. (4) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.
Schedule of changes in Level 3 of financial instruments	The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the years ended December 31, 2020 and December 31, 2019 ($ in thousands): Year Ended December 31, Level 3 2020 2019 Balance at January 1, $ 1,695,913 $ 1,398,576 Transfer from level 2 — — Purchases 439,735 1,627,063 Sales (917,372) (850,513) Paydowns/maturities (135,343) (491,790) Amortization of premium/discount (8,073) (12,185) Unrealized gain/(loss) (14,896) 10,014 Realized gain/(loss) on sale(1) (13,396) 14,748 Balance at December 31, $ 1,046,568 $ 1,695,913 (1) Includes realized losses on securities recorded as other than temporary impairments.
Schedule of quantitative information	The following is quantitative information about significant unobservable inputs in our Level 3 measurements for those assets and liabilities measured at fair value on a recurring basis ($ in thousands): December 31, 2020 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 992,226 Discounted cash flow Yield (4) — % 2.09 % 23.85 % Duration (years)(5) 0 2.68 5.82 CMBS interest-only(1) 21,537 (2) Discounted cash flow Yield (4) 1 % 2.51 % 9.94 % Duration (years)(5) 0.12 2.23 3.15 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only(3) 1,001 (2) Discounted cash flow Yield (4) — % 7.93 % 35.82 % Duration (years)(5) 0 2.80 6.79 Prepayment speed (CPJ)(5) 5.00 17.78 35.00 Agency securities(1) 605 Discounted cash flow Yield (4) — % 11.31 % 72 % Duration (years)(5) 0 1.23 1.44 GNMA permanent securities(1) 31,199 Discounted cash flow Yield (4) — % 2.99 % 3.47 % Duration (years)(5) 1.57 9.74 14.57 Total $ 1,046,568 (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, 2019 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 1,632,714 Discounted cash flow Yield (3) — % 3.11 % 19.92 % Duration (years)(4) 0.00 1.63 6.87 CMBS interest-only(1) 28,342 (2) Discounted cash flow Yield (3) 1.57 % 3.93 % 7.62 % Duration (years)(4) 0.26 2.47 3.51 Prepayment speed (CPY)(4) 100.00 97.24 100.00 GNMA interest-only(3) 1,851 (2) Discounted cash flow Yield (4) (4.82) % 15.13 % 44.5 % Duration (years)(5) 0.85 2.90 13.69 Prepayment speed (CPJ)(5) 5.00 12.36 35.00 Agency securities(1) 637 Discounted cash flow Yield (4) — % 1.7 % 2.16 % Duration (years)(5) 0.00 2.30 2.92 GNMA permanent securities(1) 32,369 Discounted cash flow Yield (4) 56.56 % 166.79 % 410 % Duration (years)(5) 2.60 3.61 6.49 Total $ 1,695,913 (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.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	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. Year Ended December 31, 2020 2019 2018 Current expense (benefit) U.S. federal $ (8,087) $ (1,772) $ 7,099 State and local (1,796) (396) 7,068 Total current expense (benefit) (9,883) (2,168) 14,167 Deferred expense (benefit) U.S. federal 119 3,824 (5,115) State and local (25) 990 (2,409) Total deferred expense (benefit) 94 4,814 (7,524) Provision for income tax expense (benefit) $ (9,789) $ 2,646 $ 6,643
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2020, 2019 and 2018 is as follows: Year Ended December 31, 2020 2019 2018 US statutory tax rate 21.00 % 21.00 % 21.00 % REIT income not subject to corporate income tax 65.98 % (21.89) % (18.86) % Increase due to state and local taxes 9.85 % (0.25) % 2.44 % (1) Change in valuation allowance 6.91 % 3.26 % (1.64) % Offshore non-taxable income (41.96) % (0.24) % — % UTP released (2.54) % (0.46) % — % Section 163 (j) interest expense limitation (7.12) % — % — % REIT Income Taxes (2.59) % — % — % Return to Provision (1.25) % — % — % Net operating loss carryback benefit 4.54 % — % — % Other (1.96) % 0.45 % (0.03) % Effective income tax rate 50.86 % 1.87 % 2.91 %
Schedule of Deferred Tax Assets and Liabilities	The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands): December 31, 2020 December 31, 2019 Deferred Tax Assets Basis difference in operating partnerships $ 6,222 $ 246 Net unrealized losses 986 1,440 Capital losses carryforward 5,664 6,717 Valuation allowance (5,664) (6,717) Interest expense limitation 1,370 846 Valuation Allowance (1,370) — Total Deferred Tax Assets $ 7,208 $ 2,532 December 31, 2020 December 31, 2019 Deferred Tax Liability Basis difference in operating partnerships $ 9,218 $ 4,671 Total Deferred Tax Liability $ 9,218 $ 4,671

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2020
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): Year ended December 31, 2020 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 205,640 $ 32,904 $ 13 $ 1,293 239,849 Interest expense (48,084) (21,554) (39,396) (118,440) (227,474) Net interest income (expense) 157,556 11,349 (39,383) (117,148) 12,375 Provision for (release of) loan loss reserves (18,277) 2 — — (18,275) Net interest income (expense) after provision for (release of) loan reserves 139,279 11,351 (39,383) (117,148) (5,900) Operating lease income — — 100,248 — 100,248 Sale of loans, net (1,571) — — — (1,571) Realized gain (loss) on securities — (12,410) — — (12,410) Unrealized gain (loss) on equity securities — (132) — — (132) Unrealized gain (loss) on Agency interest-only securities — 263 — — 263 Realized gain on sale of real estate, net — — 32,102 — 32,102 Fee and other income 9,142 403 25 3,084 12,654 Net result from derivative transactions (11,264) (4,006) — — (15,270) Earnings (loss) from investment in unconsolidated joint ventures — — 1,821 — 1,821 Gain (loss) on extinguishment of debt — — — 22,250 22,250 Total other income (loss) (3,693) (15,882) 134,196 25,334 139,955 Salaries and employee benefits — — — (58,101) (58,101) Operating expenses(3) 3 — — (20,297) (20,294) Real estate operating expenses — — (28,584) (28,584) Fee expense (6,124) (236) (884) — (7,244) Depreciation and amortization — — (38,980) (99) (39,079) Total costs and expenses (6,121) (236) (68,448) (78,497) (153,302) Income tax (expense) benefit — — — 9,789 9,789 Segment profit (loss) $ 129,465 $ (4,767) $ 26,365 $ (160,522) $ (9,458) Total assets as of December 31, 2020 $ 2,343,070 $ 1,058,298 $ 1,031,557 $ 1,448,303 $ 5,881,229 Year ended December 31, 2019 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 270,239 $ 58,880 $ 32 $ 1,084 $ 330,235 Interest expense (50,293) (19,248) (37,226) (97,586) (204,353) Net interest income (expense) 219,946 39,632 (37,194) (96,502) 125,882 Provision for (release of) loan loss reserves (2,600) — — — (2,600) Net interest income (expense) after provision for (release of) loan reserves 217,346 39,632 (37,194) (96,502) 123,282 Operating lease income — — 106,366 — 106,366 Sale of loans, net 54,758 — — — 54,758 Realized gain (loss) on securities — 14,911 — — 14,911 Unrealized gain (loss) on equity securities — 1,737 — — 1,737 Unrealized gain (loss) on Agency interest-only securities — 84 — — 84 Realized gain on sale of real estate, net — — 1,392 — 1,392 Impairment of real estate — — (1,350) — (1,350) Fee and other income 19,188 1,592 8 3,615 24,403 Net result from derivative transactions (16,160) (13,851) — — (30,011) Earnings (loss) from investment in unconsolidated joint ventures — — 3,432 — 3,432 Gain (loss) on extinguishment of debt — — (1,070) — (1,070) Total other income (loss) 57,786 4,473 108,778 3,615 174,652 Salaries and employee benefits — — — (67,768) (67,768) Operating expenses(3) — — — (22,595) (22,595) Real estate operating expenses — — (23,323) — (23,323) Fee expense (4,602) (350) (1,138) — (6,090) Depreciation and amortization — — (38,412) (99) (38,511) Total costs and expenses (4,602) (350) (62,873) (90,462) (158,287) Income tax (expense) benefit — — — (2,646) (2,646) Segment profit (loss) $ 270,530 $ 43,755 $ 8,711 $ (185,995) $ 137,001 Total assets as of December 31, 2019 $ 3,358,861 $ 1,721,305 $ 1,096,514 $ 492,472 $ 6,669,152 Year ended December 31, 2018 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 310,149 $ 34,217 $ 24 $ 426 $ 344,816 Interest expense (62,474) (4,617) (34,739) (92,461) (194,291) Net interest income (expense) 247,675 29,600 (34,715) (92,035) 150,525 Provision for (release of) loan loss reserves (13,900) — — — (13,900) Net interest income (expense) after provision for (release of) loan reserves 233,775 29,600 (34,715) (92,035) 136,625 Operating lease income — — 106,177 — 106,177 Sale of loans, net 16,511 — — — 16,511 Realized gain (loss) on securities — (5,808) — — (5,808) Unrealized gain (loss) on equity securities — (1,605) — — (1,605) Unrealized gain (loss) on Agency interest-only securities — 555 — — 555 Realized gain on sale of real estate, net — — 95,881 — 95,881 Fee and other income 16,490 — 3,416 6,379 26,285 Net result from derivative transactions 10,467 5,459 — — 15,926 Earnings (loss) from investment in unconsolidated joint ventures — — 790 — 790 Gain (loss) on extinguishment of debt (69) — (4,323) — (4,392) Total other income (loss) 43,399 (1,399) 201,941 6,379 250,320 Salaries and employee benefits — — — (60,117) (60,117) Operating expenses(3) — — — (21,696) (21,696) Real estate operating expenses — — (29,799) (29,799) Fee expense (4,040) (398) (617) — (5,055) Depreciation and amortization — — (41,884) (75) (41,959) Total costs and expenses (4,040) (398) (72,300) (81,888) (158,626) Income tax (expense) benefit — — — (6,643) (6,643) Segment profit (loss) $ 273,134 $ 27,803 $ 94,926 $ (174,187) $ 221,676 Total assets as of December 31, 2018 $ 3,482,929 $ 1,410,126 $ 1,038,376 $ 341,441 $ 6,272,872 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $46.3 million and $48.4 million as of December 31, 2020 and 2019, 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 $31.0 million and $61.6 million as of December 31, 2020 and 2019, respectively, and the Company’s senior unsecured notes of $1.6 billion and $1.2 billion as of December 31, 2020 and 2019, respectively.

QUARTERLY FINANCIAL INFORMATI_2

QUARTERLY FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	The following table summarizes the consolidated quarterly financial information for the Company ($ in thousands except per share and dividend amounts): Q4 2020 Q3 2020 Q2 2020 Q1 2020 Interest income $ 50,543 $ 54,621 $ 62,096 $ 72,589 Net interest income after provision for (release of) loan reserves 4,359 735 (5,600) (5,393) Other income (loss) 27,235 52,810 30,909 29,002 Costs and expenses 47,889 32,149 31,052 42,211 Income (loss) before taxes (16,295) 21,396 (5,743) (18,602) Income tax expense (benefit) (4,712) 14 (550) (4,541) Net income (loss) (11,583) 21,382 (5,193) (14,061) Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (127) (4,149) 250 (1,519) Net (income) loss attributable to noncontrolling interest in operating partnership (4) (45) 754 (148) Net income (loss) attributable to Class A common shareholders $ (11,714) $ 17,188 $ (4,189) $ (15,728) Earnings (loss) per share: Basic $ (0.10) $ 0.15 $ (0.04) $ (0.15) Diluted $ (0.10) $ 0.14 $ (0.04) $ (0.15) Dividends per share of Class A common stock $ 0.200 $ 0.200 $ 0.200 $ 0.340 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Interest income $ 76,196 $ 82,251 $ 85,322 $ 86,466 Net interest income after provision for (release of) loan reserves 24,857 30,854 32,653 34,918 Other income (loss) 59,601 38,195 43,708 33,148 Costs and expenses 36,839 36,989 38,069 46,390 Income (loss) before taxes 47,619 32,060 38,291 21,677 Income tax expense (benefit) 2,169 1,112 2,219 (2,854) Net income (loss) 45,450 30,948 36,072 24,531 Net (income) loss attributable to noncontrolling interest in consolidated joint ventures 4 (64) 307 447 Net (income) loss attributable to noncontrolling interest in operating partnership (4,804) (3,308) (4,136) (2,802) Net income (loss) attributable to Class A common shareholders $ 40,650 $ 27,577 $ 32,242 $ 22,175 Earnings (loss) per share: Basic $ 0.38 $ 0.26 $ 0.31 $ 0.21 Diluted $ 0.37 $ 0.26 $ 0.30 $ 0.21 Dividends per share of Class A common stock $ 0.340 $ 0.340 $ 0.340 $ 0.340

ORGANIZATION AND OPERATIONS (De

ORGANIZATION AND OPERATIONS (Details)	Dec. 31, 2020	Dec. 31, 2019
ORGANIZATION AND OPERATIONS
Interest held in third parties		89.80%
LCFH
ORGANIZATION AND OPERATIONS
Ownership interest in LCFH	100.00%

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details) $ / shares in Units, $ in Thousands	Jan. 01, 2020USD ($)loans$ / shares	Jun. 30, 2020USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2017USD ($)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cash and cash equivalents				$ 1,254,432	$ 58,171	$ 67,878
Percentage of Commercial Mortgage Backed Securities with Below AA Rating				11.20%
Operating lease liability				$ 1,300
Operating lease, right-of-use asset				$ 1,300
Increase (Decrease) in Tenant Real Estate Tax Recoveries on Net Lease Property			$ 1,100
Accounting Standards Update [Extensible List]				us-gaap:AccountingStandardsUpdate201613Member
General CECL Reserve	$ 11,600			$ 41,507	20,500	17,900		$ 4,000
Percentage of total loan portfolio	0.36%
Carrying value of held for investment loan portfolio	$ 3,200,000
Loans that previously had asset-specific reserves | loans	3
Provision for current expected credit loss (implementation impact)	$ 5,800			18,543	2,600	$ 13,900
Book value of common stock (in usd per share) | $ / shares	$ 0.05
Senior Unsecured Notes
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Unamortized debt issuance costs				12,928
Maturing on Various Date [Member] | Senior Unsecured Notes
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Unamortized debt issuance costs				$ 12,900	$ 8,400
Maximum | Building
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful life				55 years
Maximum | Building and Building Improvements [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful life				15 years
Minimum | Building
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful life				20 years
Minimum | Building and Building Improvements [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Estimated useful life				4 years
Accounting Standards Update 2016-02
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Operating lease liability							$ 3,500
Operating lease, right-of-use asset							$ 3,300
Asset Specific Reserve, Company Loan
Error Corrections and Prior Period Adjustments Restatement [Line Items]
General CECL Reserve	$ 14,700
Carrying value of financing receivable	$ 39,800
COVID-19 Crisis
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Professional fees		$ 2,100
Severance costs		$ 200

MORTGAGE LOAN RECEIVABLES - Sch

MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2020	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 2,395,682	$ 3,400,345
Allowance for credit losses	(41,507)	(20,500)	$ (11,600)	$ (17,900)	$ (4,000)
Carrying Value	$ 2,343,070	$ 3,358,861
Weighted average yield	6.74%	6.88%
Remaining Maturity	1 year 2 months 23 days	1 year 9 months
First mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 2,243,639	$ 3,147,275
Carrying Value gross, consumer and commercial real estate	$ 2,232,749	$ 3,127,173
Weighted average yield	6.50%	6.77%
Remaining Maturity	1 year	1 year 4 months 6 days
Mezzanine loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 121,565	$ 130,322
Carrying Value gross, consumer and commercial real estate	$ 121,310	$ 129,863
Weighted average yield	10.83%	10.97%
Remaining Maturity	2 years 5 months 1 day	3 years 3 months 3 days
Total mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 2,365,204	$ 3,277,597
Carrying Value gross, consumer and commercial real estate	$ 2,354,059	$ 3,257,036
Weighted average yield	6.65%	6.94%
Remaining Maturity	1 year 25 days	1 year 5 months 4 days
Total 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	$ 2,365,204	$ 3,277,597
Allowance for credit losses	(41,507)	(20,500)		$ (17,900)
Carrying Value	2,312,552	3,236,536
Mortgage loan receivables held for sale, First Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	30,478	122,748
Carrying Value	$ 30,518	$ 122,325
Weighted average yield	4.05%	4.20%
Remaining Maturity	9 years 2 months 4 days	9 years 11 months 26 days

MORTGAGE LOAN RECEIVABLES - Add

MORTGAGE LOAN RECEIVABLES - Additional Information (Details)	Jan. 01, 2020USD ($)loans	Mar. 31, 2018USD ($)loans	Dec. 31, 2020USD ($)loans	Jun. 30, 2020	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)security	Dec. 31, 2016USD ($)security	Mar. 31, 2020USD ($)	Oct. 17, 2018USD ($)	Dec. 31, 2017USD ($)
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			$ 500,000		$ 500,000	$ 400,000
General CECL Reserve	$ 11,600,000		41,507,000		41,507,000	20,500,000	$ 17,900,000				$ 4,000,000
Percentage of total loan portfolio	0.36%
Carrying value of held for investment loan portfolio	$ 3,200,000,000
Loans that previously had asset-specific reserves | loans	3
Provision for current expected credit loss (implementation impact)	$ 5,800,000				18,543,000	2,600,000	13,900,000
Individually impaired loans			116,440,000		116,440,000
Provision for (release of) loan loss reserves					18,275,000	2,600,000	13,900,000
Loans nonaccrual status, amount			175,022,000		$ 175,022,000	86,025,000
Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Direct capitalization rate		4.70%			4.60%
Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Direct capitalization rate		5.00%			4.90%
Asset Specific Reserve, Company Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
General CECL Reserve	14,700,000
Carrying value of financing receivable	39,800,000
Accounting Standards Update 2016-13
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
General CECL Reserve			42,100,000		$ 42,100,000
Carrying value of held for investment loan portfolio	$ 3,200,000,000
Loans that previously had asset-specific reserves | loan					4
Additional CECL reserve recorded					$ 9,100,000
Asset-specific provision					9,200,000
Accounting Standards Update 2016-13 | Asset Specific Reserve, Company Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
General CECL Reserve			21,400,000		$ 21,400,000				$ 7,500,000
Number or loans in default					3
Total 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			$ 1,900,000,000		$ 1,900,000,000	$ 2,500,000,000
Loans receivable with variable rates of interest			82.00%		82.00%	77.20%
Loans receivable with variable rates of interest, subject to interest rate floors			100.00%		100.00%	100.00%
General CECL Reserve			$ 41,507,000		$ 41,507,000	$ 20,500,000	$ 17,900,000
Number or loans in default | loan					3
Loans nonaccrual status, amount			$ 45,000,000		$ 45,000,000					$ 45,000,000
Loan secured by a hotel | loans			1
Total mortgage loan receivables held for investment, net, at amortized cost | Two Company Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number or loans in default					2		2	2
Loans nonaccrual status, amount			$ 24,200,000		$ 24,200,000		$ 44,600,000	$ 26,900,000
Total mortgage loan receivables held for investment, net, at amortized cost | One Company Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
General CECL Reserve			1,200,000		$ 1,200,000
Number or loans in default		1			1		1	1
Loans nonaccrual status, amount		$ 5,900,000	36,400,000		$ 36,400,000		$ 45,000,000
Total mortgage loan receivables held for investment, net, at amortized cost | One Company Loan | Series A
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans nonaccrual status, amount										35,000,000
Total mortgage loan receivables held for investment, net, at amortized cost | One Company Loan | Series B
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans nonaccrual status, amount			400,000		400,000					10,000,000
Total 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]
General CECL Reserve										$ 10,000,000
Loan reserve amount		$ 2,700,000
Terminal capitalization rate				7.50%
Discount rate				8.60%
Loans nonaccrual status, amount			61,500,000		$ 61,500,000
Total mortgage loan receivables held for investment, net, at amortized cost | Two Of Company Loans 2
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number or loans in default | loan					2
Total mortgage loan receivables held for investment, net, at amortized cost | Three Of Company Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans in default, carrying value			79,900,000		$ 79,900,000
Total mortgage loan receivables held for investment, net, at amortized cost | Two Of Company Loans 1
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number or loans in default | loan					2
Loans nonaccrual status, amount			27,100,000		$ 27,100,000
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			$ 30,500,000		$ 30,500,000	$ 122,700,000
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

MORTGAGE LOAN RECEIVABLES - Act

MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans receivable, beginning balance	$ 3,358,861	$ 3,482,929	$ 3,358,861	$ 3,482,929	$ 3,508,642
Origination of mortgage loan receivables			566,506	2,398,227	2,775,992
Repayment of mortgage loan receivables			(961,236)	(1,532,346)	(1,532,308)
Proceeds from sales of mortgage loan receivables			(582,764)	(1,024,357)	(1,291,828)
Non-cash disposition of loans via foreclosure			(31,249)	(45,529)
Sale of loans, net			(1,571)	54,758	16,511
Accretion/amortization of discount, premium and other fees			15,530	17,845	19,820
Transfer between held for investment and held for sale				0	0
Mortgage loans receivable, ending balance			2,343,070	3,358,861	3,482,929
Mortgage loans transferred but not considered sold, at amortized cost, outstanding face amount		15,400
Mortgage loans transferred but not considered sold, at amortized cost, book value		$ 15,500
Mortgage loans transferred but not considered sold, at amortized cost, remaining maturity		9 years 9 months 18 days
Allowance for credit losses	(11,600)		(41,507)	(20,500)	(17,900)	$ (4,000)
Provision for current expected credit losses			(18,275)	(2,600)	(13,900)
Provision expense for current expected credit loss	(5,800)		(18,543)	(2,600)	(13,900)
Total mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans receivable, beginning balance	3,257,036	$ 3,318,390	3,257,036	3,318,390	3,282,462
Origination of mortgage loan receivables			353,661	1,452,049	1,478,771
Repayment of mortgage loan receivables			(960,832)	(1,531,551)	(1,518,066)
Proceeds from sales of mortgage loan receivables			(270,491)	0	0
Non-cash disposition of loans via foreclosure			(31,249)	(45,529)
Sale of loans, net			(9,596)	0	0
Accretion/amortization of discount, premium and other fees			15,530	17,845	19,820
Transfer between held for investment and held for sale				45,832	55,403
Mortgage loans receivable, ending balance			2,354,059	3,257,036	3,318,390
Total 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]
Mortgage loans receivable, beginning balance	122,325	182,439	122,325	182,439	230,180
Origination of mortgage loan receivables					1,297,221
Repayment of mortgage loan receivables					(14,242)
Proceeds from sales of mortgage loan receivables					(1,291,828)
Sale of loans, net					16,511
Accretion/amortization of discount, premium and other fees					0
Transfer between held for investment and held for sale					(55,403)
Mortgage loans receivable, ending balance				122,325	182,439
Allowance for credit losses			(41,507)	(20,500)	(17,900)
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 receivable, beginning balance	122,325	$ 182,439	122,325	182,439
Origination of mortgage loan receivables			212,845	946,178
Repayment of mortgage loan receivables			(404)	(795)
Proceeds from sales of mortgage loan receivables			(312,273)	(1,008,853)
Non-cash disposition of loans via foreclosure			0	0
Sale of loans, net			8,025	54,758
Accretion/amortization of discount, premium and other fees			0	0
Transfer between held for investment and held for sale				(61,336)
Mortgage loans receivable, ending balance			30,518	122,325	$ 182,439
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 receivable, 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 receivable, ending balance				$ 0

MORTGAGE LOAN RECEIVABLES - Pro

MORTGAGE LOAN RECEIVABLES - Provision for Loan Losses (Details) $ in Thousands	Jan. 01, 2020USD ($)	Mar. 31, 2018USD ($)loans	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)security	Dec. 31, 2016USD ($)security	Oct. 17, 2018USD ($)
Allowance for Loan and Lease Losses [Roll Forward]
Provision for loan losses at beginning of period	$ 20,500		$ 20,500	$ 17,900	$ 4,000
Provision for current expected credit loss (implementation impact)	5,800		18,543	2,600	13,900
Foreclosure of loans subject to asset-specific reserve			(2,500)	0	0
Provision for loan losses at end of period			41,507	20,500	17,900
Principal balance of loans on non-accrual status			175,022	86,025
Principal balance of loans on non-accrual status			175,022	86,025
Additional asset-specific reserve			9,200	2,000	12,700
General reserve			9,400	600	1,200
Provision for (release of) loan loss reserves			18,275	2,600	13,900
Held-to-maturity Securities
Allowance for Loan and Lease Losses [Roll Forward]
Unfunded commitments of mortgage loan receivables held for investment	(800)		(300)
Provision for (release of) loan loss reserves	$ 22		(2)
Cumulative Effect, Period Of Adoption, Adjusted Balance
Allowance for Loan and Lease Losses [Roll Forward]
Provision for current expected credit loss (implementation impact)			4,964	$ 0	0
Total mortgage loan receivables held for investment, net, at amortized cost
Allowance for Loan and Lease Losses [Roll Forward]
Principal balance of loans on non-accrual status			$ 45,000				$ 45,000
Number or loans in default | loan			3
Principal balance of loans on non-accrual status			$ 45,000				45,000
Total mortgage loan receivables held for investment, net, at amortized cost | Two Company Loans
Allowance for Loan and Lease Losses [Roll Forward]
Principal balance of loans on non-accrual status			$ 24,200		$ 44,600	$ 26,900
Number or loans in default			2		2	2
Principal balance of loans on non-accrual status			$ 24,200		$ 44,600	$ 26,900
Total mortgage loan receivables held for investment, net, at amortized cost | Two Of Company Loans 1
Allowance for Loan and Lease Losses [Roll Forward]
Principal balance of loans on non-accrual status			$ 27,100
Number or loans in default | loan			2
Principal balance of loans on non-accrual status			$ 27,100
Total mortgage loan receivables held for investment, net, at amortized cost | One Company Loan
Allowance for Loan and Lease Losses [Roll Forward]
Principal balance of loans on non-accrual status		$ 5,900	$ 36,400		$ 45,000
Number or loans in default		1	1		1	1
Principal balance of loans on non-accrual status		$ 5,900	$ 36,400		$ 45,000
Total mortgage loan receivables held for investment, net, at amortized cost | One Company Loan | Series B
Allowance for Loan and Lease Losses [Roll Forward]
Principal balance of loans on non-accrual status			400				10,000
Principal balance of loans on non-accrual status			400				$ 10,000
Total mortgage loan receivables held for investment, net, at amortized cost | One Of Company Loans 1
Allowance for Loan and Lease Losses [Roll Forward]
Principal balance of loans on non-accrual status			$ 13,000
Number or loans in default | loan			1
Principal balance of loans on non-accrual status			$ 13,000
Total mortgage loan receivables held for investment, net, at amortized cost | One Of Company Loans 2
Allowance for Loan and Lease Losses [Roll Forward]
Principal balance of loans on non-accrual status			$ 30,600
Number or loans in default | loan			1
Principal balance of loans on non-accrual status			$ 30,600
Total mortgage loan receivables held for investment, net, at amortized cost | One Of Company Loans 3
Allowance for Loan and Lease Losses [Roll Forward]
Principal balance of loans on non-accrual status			$ 43,800
Number or loans in default | loan			1
Principal balance of loans on non-accrual status			$ 43,800
Total mortgage loan receivables held for investment, net, at amortized cost | Asset Specific Reserve, Company Loan
Allowance for Loan and Lease Losses [Roll Forward]
Principal balance of loans on non-accrual status			61,500
Principal balance of loans on non-accrual status			$ 61,500
Total mortgage loan receivables held for investment, net, at amortized cost | Two Of Company Loans 2
Allowance for Loan and Lease Losses [Roll Forward]
Number or loans in default | loan			2

MORTGAGE LOAN RECEIVABLES - Ind

MORTGAGE LOAN RECEIVABLES - Individually Impaired Loans (Details) $ in Thousands	Mar. 31, 2018loans	Dec. 31, 2020USD ($)loan	Dec. 31, 2018security	Dec. 31, 2016security
Financing Receivable, Credit Quality Indicator [Line Items]
Subtotal loans, 2020		$ 253,974
Subtotal loans, 2019		1,051,415
Subtotal loans, 2018		537,791
Subtotal loans, 2017		188,654
Subtotal loans, 2016 and Earlier		205,785
Subtotal loans		2,237,619
Individually impaired loans, 2020		0
Individually impaired loans, 2019		0
Individually impaired loans, 2018		44,952
Individually impaired loans, 2017		0
Individually impaired loans, 2016 and Earlier		71,488
Individually impaired loans		116,440
Total loans, 2020		253,974
Total loans, 2019		1,051,415
Total loans, 2018		582,743
Total loans, 2017		188,654
Total loans, 2016 and Earlier		277,273
Total loans		$ 2,354,059
Total mortgage loan receivables held for investment, net, at amortized cost
Financing Receivable, Credit Quality Indicator [Line Items]
Number or loans in default | loan		3
One Company Loan | Total mortgage loan receivables held for investment, net, at amortized cost
Financing Receivable, Credit Quality Indicator [Line Items]
Number or loans in default	1	1	1	1
Two Company Loans | Total mortgage loan receivables held for investment, net, at amortized cost
Financing Receivable, Credit Quality Indicator [Line Items]
Number or loans in default		2	2	2
All Of Company Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Accrued interest receivable		$ 14,500
Northeast
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		707,485
Southwest
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		437,153
South
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		313,759
Midwest
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		462,602
West
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans		316,620
Office
Financing Receivable, Credit Quality Indicator [Line Items]
2020		0
2019		196,610
2018		249,330
2017		83,673
2016 and Earlier		50,935
Total loans		580,548
Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2020		65,537
2019		260,254
2018		44,665
2017		24,406
2016 and Earlier		0
Total loans		394,862
Hospitality
Financing Receivable, Credit Quality Indicator [Line Items]
2020		0
2019		43,000
2018		139,394
2017		67,307
2016 and Earlier		78,694
Total loans		328,395
Other
Financing Receivable, Credit Quality Indicator [Line Items]
2020		31,217
2019		131,434
2018		77,484
2017		0
2016 and Earlier		0
Total loans		240,135
Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
2020		106,537
2019		101,704
2018		0
2017		13,268
2016 and Earlier		0
Total loans		221,509
Retail
Financing Receivable, Credit Quality Indicator [Line Items]
2020		0
2019		110,492
2018		0
2017		0
2016 and Earlier		65,734
Total loans		176,226
Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2020		46,130
2019		114,630
2018		0
2017		0
2016 and Earlier		6,461
Total loans		167,221
Manufactured Housing
Financing Receivable, Credit Quality Indicator [Line Items]
2020		4,553
2019		57,305
2018		11,718
2017		0
2016 and Earlier		3,961
Total loans		77,537
Self-Storage
Financing Receivable, Credit Quality Indicator [Line Items]
2020		0
2019		35,986
2018		15,200
2017		0
2016 and Earlier		0
Total loans		$ 51,186

REAL ESTATE SECURITIES - Additi

REAL ESTATE SECURITIES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Realized gain (loss) on equity securities	$ 1,100,000	$ 200,000	$ 100,000
Other than temporary impairment losses included in consolidated statements of income	$ 500,000	$ 100,000	$ 2,800,000

REAL ESTATE SECURITIES - Summar

REAL ESTATE SECURITIES - Summary of Securities (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2020USD ($)security	Dec. 31, 2019USD ($)security	Dec. 31, 2018USD ($)
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount		$ 2,619,891	$ 3,341,630
Amortized Cost Basis		1,068,650	1,703,761
Gross Unrealized Gains		3,157	5,779
Gross Unrealized Losses		(13,489)	(1,215)
Carrying Value		$ 1,058,318	$ 1,708,325
Number of Securities | security		123	159
Weighted Average Coupon		0.91%	1.84%
Weighted Average Yield		1.66%	3.06%
Remaining Duration		2 years 3 days	2 years 4 months 20 days
Provision for (release of) loan loss reserves		$ 18,275	$ 2,600	$ 13,900
Number of equity securities | security			2
Amortized Cost Basis		1,068,650	$ 1,716,609
Gross Unrealized Gains		3,157	6,071
Total real estate securities, Gross Unrealized Losses		(13,509)	(1,375)
Carrying Value	[1]	$ 1,058,298	$ 1,721,305
Total number of Securities | security		123	161
CMBS
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount		$ 1,015,520	$ 1,640,597
Amortized Cost Basis		1,015,282	1,640,905
Gross Unrealized Gains		1,382	4,337
Gross Unrealized Losses		(13,363)	(920)
Carrying Value		$ 1,003,301	$ 1,644,322
Number of Securities | security		90	125
Weighted Average Coupon		1.56%	3.06%
Weighted Average Yield		1.56%	3.08%
Remaining Duration		2 years 3 days	2 years 4 months 28 days
Risk retention requirement, amount		$ 11,100	$ 11,600
CMBS interest-only
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount		1,498,181	1,559,160
Amortized Cost Basis		21,567	28,553
Gross Unrealized Gains		672	630
Gross Unrealized Losses		(26)	(37)
Carrying Value		$ 22,213	$ 29,146
Number of Securities | security		15	15
Weighted Average Coupon		0.44%	0.60%
Weighted Average Yield		3.53%	3.04%
Remaining Duration		2 years 2 months 8 days	2 years 6 months 10 days
Risk retention requirement, amount		$ 700	$ 800
GNMA interest-only
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount		75,350	109,783
Amortized Cost Basis		868	1,982
Gross Unrealized Gains		232	123
Gross Unrealized Losses		(100)	(254)
Carrying Value		$ 1,000	$ 1,851
Number of Securities | security		11	11
Weighted Average Coupon		0.43%	0.49%
Weighted Average Yield		5.06%	4.59%
Remaining Duration		3 years 7 months 2 days	2 years 9 months 7 days
Agency securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount		$ 586	$ 629
Amortized Cost Basis		593	640
Gross Unrealized Gains		12	1
Gross Unrealized Losses		0	(4)
Carrying Value		$ 605	$ 637
Number of Securities | security		2	2
Weighted Average Coupon		2.55%	2.65%
Weighted Average Yield		1.64%	1.73%
Remaining Duration		1 year 3 months 3 days	1 year 9 months 29 days
GNMA permanent securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount		$ 30,254	$ 31,461
Amortized Cost Basis		30,340	31,681
Gross Unrealized Gains		859	688
Gross Unrealized Losses		0	0
Carrying Value		$ 31,199	$ 32,369
Number of Securities | security		5	6
Weighted Average Coupon		3.87%	3.91%
Weighted Average Yield		3.49%	3.17%
Remaining Duration		1 year 11 months 23 days	1 year 11 months 4 days
Equity securities
Debt Securities, Available-for-sale [Line Items]
Provision for current expected credit losses		$ (20)
Provision for (release of) loan loss reserves		$ (20)
Amortized Cost Basis			$ 12,848
Gross Unrealized Gains			292
Total debt securities, Gross Unrealized Losses			(160)
Carrying Value			$ 12,980
[1]	Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.

REAL ESTATE SECURITIES - Securi

REAL ESTATE SECURITIES - Securities by Remaining Maturity (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Within 1 year		$ (232,681)	$ (179,139)
1-5 years		(801,978)	(1,451,193)
5-10 years		(23,659)	(77,993)
After 10 years		0	0
Total		(1,058,318)	(1,708,325)
Carrying Value	[1]	1,058,298	1,721,305
CMBS
Debt Securities, Available-for-sale [Line Items]
Within 1 year		(230,977)	(177,193)
1-5 years		(748,953)	(1,389,392)
5-10 years		(23,371)	(77,737)
After 10 years		0	0
Total		(1,003,301)	(1,644,322)
CMBS interest-only
Debt Securities, Available-for-sale [Line Items]
Within 1 year		(1,572)	(1,439)
1-5 years		(20,641)	(27,707)
5-10 years		0	0
After 10 years		0	0
Total		(22,213)	(29,146)
GNMA interest-only
Debt Securities, Available-for-sale [Line Items]
Within 1 year		(65)	(91)
1-5 years		(647)	(1,504)
5-10 years		(288)	(256)
After 10 years		0	0
Total		(1,000)	(1,851)
Agency securities
Debt Securities, Available-for-sale [Line Items]
Within 1 year		0	0
1-5 years		(605)	(637)
5-10 years		0	0
After 10 years		0	0
Total		(605)	(637)
GNMA permanent securities
Debt Securities, Available-for-sale [Line Items]
Within 1 year		(67)	(416)
1-5 years		(31,132)	(31,953)
5-10 years		0	0
After 10 years		0	0
Total		(31,199)	$ (32,369)
Provision for current expected credit losses
Debt Securities, Available-for-sale [Line Items]
Within 1 year		0
1-5 years		0
5-10 years		0
After 10 years		0
Total		$ (20)
[1]	Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.

REAL ESTATE AND RELATED LEASE_3

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Real estate and related lease intangibles, net
Less: Accumulated depreciation and amortization		$ (230,925)	$ (206,082)
Real estate and related lease intangibles, net	[1]	985,304	1,048,081
Below market lease intangibles, net (other liabilities)		(36,952)	(39,067)
In-place leases and other intangibles
Real estate and related lease intangibles, net
Real estate		157,176	161,203
Undepreciated Real Estate and Related Lease Intangibles
Real estate and related lease intangibles, net
Real estate		1,216,229	1,254,163
Land
Real estate and related lease intangibles, net
Real estate		220,511	209,955
Building
Real estate and related lease intangibles, net
Real estate		$ 838,542	$ 883,005
[1]	Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.

REAL ESTATE AND RELATED LEASE_4

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Additional Information (Details) - USD ($)	Dec. 18, 2019	May 01, 2019	Feb. 06, 2019	Jan. 10, 2019	Jun. 30, 2020	Dec. 31, 2019	Feb. 28, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Foreclosed properties held in real estate						$ 89,500,000			$ 106,800,000	$ 89,500,000
Proceeds from lease prepayments				$ 10,000,000
Mortgage loan and financing related to property sales			$ 6,600,000
Gain (loss) on extinguishment/defeasance of debt			$ (1,100,000)						22,250,000	(1,070,000)	$ (4,392,000)
Impairment of real estate								$ 1,400,000	0	1,350,000	0
Operating lease income		$ 3,900,000							100,248,000	106,366,000	106,177,000
Loss on sale of real estate		3,500,000
Depreciation and amortization		400,000							39,079,000	38,511,000	41,959,000
Loss on sale of real estate		$ 20,000
Unbilled rent receivables						900,000			500,000	900,000
Unencumbered real estates						59,200,000			75,900,000	59,200,000
Real estate operating income									$ 5,600,000	$ 2,600,000
Weighted average amortization period for intangible assets acquired									39 years 9 months 18 days	34 years 2 months 12 days
Revenues from acquisitions									$ 400,000	$ 600,000
Net earnings (loss)									(900,000)	(2,300,000)
Provision for (release of) loan loss reserves									18,275,000	2,600,000	13,900,000
Real estate acquired through foreclosure, fair value						84,150,000			29,310,000	84,150,000
Gain resulting from foreclosure of loan									98,000	2,250,000	0
Realized loss on sale of real estate, net					$ 0				32,102,000	1,392,000	$ 95,881,000
2020 Disposal Properties
Business Acquisition [Line Items]
Realized loss on sale of real estate, net									32,102,000
Los Angeles, California | Real Estate Acquired in Satisfaction of Debt
Business Acquisition [Line Items]
Gain resulting from foreclosure of loan									(100,000)
Omaha, NE | Real Estate Acquired in Satisfaction of Debt
Business Acquisition [Line Items]
Gain resulting from foreclosure of loan							$ 0
South Bend, IN | Real Estate Acquired in Satisfaction of Debt
Business Acquisition [Line Items]
Gain resulting from foreclosure of loan									100,000
Winston Salem, North Carolina | Real Estate Acquired in Satisfaction of Debt
Business Acquisition [Line Items]
Gain on sale of foreclosed property									800,000
Fort Worth and Arlington, TX | Real Estate Acquired in Satisfaction of Debt
Business Acquisition [Line Items]
Gain resulting from foreclosure of loan						0
Diversified
Business Acquisition [Line Items]
Real estate acquired through foreclosure, net basis					3,800,000
Diversified | Los Angeles, California
Business Acquisition [Line Items]
Real estate acquired through foreclosure, net basis									21,600,000
Provision for (release of) loan loss reserves									2,000,000
Real estate acquired through foreclosure, fair value									21,535,000
Diversified | Omaha, NE
Business Acquisition [Line Items]
Real estate acquired through foreclosure, net basis							17,900,000
Real estate acquired through foreclosure, fair value							$ 18,200,000
Terminal capitalization rate							8.75%
Discount rate							10.25%
Diversified | South Bend, IN
Business Acquisition [Line Items]
Real estate acquired through foreclosure, net basis									4,100,000
Provision for (release of) loan loss reserves									500,000
Real estate acquired through foreclosure, fair value									3,875,000
Diversified | South Bend, IN | 2020 Disposal Properties
Business Acquisition [Line Items]
Realized loss on sale of real estate, net									0
Diversified | Winston Salem, North Carolina
Business Acquisition [Line Items]
Real estate acquired through foreclosure, fair value					$ 3,900,000				3,900,000
Terminal capitalization rate					9.50%
Discount rate					13.50%
Diversified | Winston Salem, North Carolina | 2020 Disposal Properties
Business Acquisition [Line Items]
Realized loss on sale of real estate, net									844,000
Diversified | San Diego, CA
Business Acquisition [Line Items]
Real estate acquired through foreclosure, net basis						40,000,000				40,000,000
Real estate acquired through foreclosure, fair value						$ 42,300,000				42,300,000
Terminal capitalization rate	5.75%					8.50%
Discount rate						10.50%
Diversified | San Diego, CA | Real Estate Acquired in Satisfaction of Debt
Business Acquisition [Line Items]
Gain resulting from foreclosure of loan						$ 2,300,000
Mortgage loan receivable						33,900,000
Diversified | San Diego, CA | First mortgage loans
Business Acquisition [Line Items]
Mortgage loan receivable						5,700,000
Diversified | Fort Worth and Arlington, TX
Business Acquisition [Line Items]
Real estate acquired through foreclosure, net basis									$ 22,600,000
Terminal capitalization rate	6.00%
Assumed liabilities						$ (900,000)				$ (900,000)
Diversified | Fort Worth, TX
Business Acquisition [Line Items]
Real estate acquired through foreclosure, fair value	$ 12,800,000
Diversified | Arlington, TX
Business Acquisition [Line Items]
Real estate acquired through foreclosure, fair value	$ 10,900,000
Assets Leased to Others
Business Acquisition [Line Items]
Property book value								5,600,000
Accumulated depreciation and amortization								$ 2,700,000

REAL ESTATE AND RELATED LEASE_5

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Depreciation and Amortization Expense on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
Depreciation expense	$ 32,383	$ 30,421	$ 31,537
Amortization expense	6,696	7,991	10,347
Total real estate depreciation and amortization expense	39,079	38,412	41,884
Depreciation on corporate fixed assets	$ 99	$ 99	$ 75

REAL ESTATE AND RELATED LEASE_6

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Unamortized Favorable Lease Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Gross intangible assets	$ 157,176	$ 161,203
Accumulated amortization	66,014	62,773
Net intangible assets	91,162	98,430
Unamortized favorable lease intangibles	4,200	4,500
Increase in operating lease income for amortization of below market lease intangibles acquired	2,600	2,177	$ 2,387
Above Market Leases
Business Acquisition [Line Items]
Reduction in operating lease income for amortization of above market lease intangibles acquired	$ (367)	$ (819)	$ (648)

REAL ESTATE AND RELATED LEASE_7

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Net intangible assets	$ 91,162	$ 98,430
Adjustment to Operating Lease Income
Finite-Lived Intangible Assets [Line Items]
2021	1,071
2022	1,071
2023	1,071
2024	1,071
2025	1,071
Thereafter	27,426
Net intangible assets	32,781
Amortization Expense
Finite-Lived Intangible Assets [Line Items]
2021	5,509
2022	5,509
2023	5,509
2024	5,509
2025	5,509
Thereafter	59,449
Net intangible assets	$ 86,994

REAL ESTATE AND RELATED LEASE_8

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details) $ in Thousands	Dec. 31, 2020USD ($)
Real Estate [Abstract]
2021	$ 79,393
2022	70,983
2023	64,425
2024	63,438
2025	62,138
Thereafter	471,409
Total	$ 811,786

REAL ESTATE AND RELATED LEASE_9

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Properties Acquired (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020	Feb. 28, 2019
Business Acquisition [Line Items]
Purchase Price	$ 36,750	$ 104,591
Real estate acquired through foreclosure	29,310	84,150
Lease Real Estate
Business Acquisition [Line Items]
Purchase Price	$ 7,440	$ 20,441
Ownership Interest	100.00%	100.00%
Los Angeles, California | Diversified
Business Acquisition [Line Items]
Real estate acquired through foreclosure	$ 21,535
Ownership Interest	100.00%
Winston Salem, North Carolina | Diversified
Business Acquisition [Line Items]
Real estate acquired through foreclosure	$ 3,900		$ 3,900
Ownership Interest	100.00%
South Bend, IN | Diversified
Business Acquisition [Line Items]
Real estate acquired through foreclosure	$ 3,875
Ownership Interest	100.00%
Omaha, NE | Diversified
Business Acquisition [Line Items]
Real estate acquired through foreclosure				$ 18,200
Ownership Interest		100.00%
San Diego, California | Diversified
Business Acquisition [Line Items]
Real estate acquired through foreclosure		$ 42,250
Ownership Interest		100.00%
Fort Worth And Arlington, Texas | Diversified
Business Acquisition [Line Items]
Real estate acquired through foreclosure		$ 23,700
Ownership Interest		100.00%

REAL ESTATE AND RELATED LEAS_10

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 25,250	$ 17,373
Building	10,473	84,725
Intangibles	1,379	3,802
Below Market Lease Intangibles	(352)	(1,309)
Purchase Price	$ 36,750	$ 104,591

REAL ESTATE AND RELATED LEAS_11

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details)		1 Months Ended	12 Months Ended
		Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds			$ 67,104,000	$ 12,123,000	$ 157,008,000
Net Book Value	[1]		985,304,000	1,048,081,000
Realized gain (loss) on sale of real estate, net		$ 0	32,102,000	1,392,000	95,881,000
2020 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds			98,738,000
Net Book Value			66,636,000
Realized gain (loss) on sale of real estate, net			32,102,000
2020 Disposal Properties | Condominium | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds			1,832,000
Net Book Value			1,821,000
Realized gain (loss) on sale of real estate, net			$ 11,000
Properties | property			0
Units Sold | property			6
Units Remaining | property			0
2020 Disposal Properties | Diversified | Richmond, VA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds			$ 22,527,000
Net Book Value			14,829,000
Realized gain (loss) on sale of real estate, net			$ 7,698,000
Properties | property			7
Units Sold | property			0
Units Remaining | property			0
2020 Disposal Properties | Diversified | Richmond, VA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds			$ 6,932,000
Net Book Value			4,109,000
Realized gain (loss) on sale of real estate, net			$ 2,823,000
Properties | property			1
Units Sold | property			0
Units Remaining | property			0
2020 Disposal Properties | Diversified | Lithia Springs, GA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds			$ 39,491,000
Net Book Value			23,187,000
Realized gain (loss) on sale of real estate, net			$ 16,304,000
Properties | property			1
Units Sold | property			0
Units Remaining | property			0
2020 Disposal Properties | Diversified | Winston Salem, North Carolina
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds			$ 4,647,000
Net Book Value			3,803,000
Realized gain (loss) on sale of real estate, net			$ 844,000
Properties | property			1
Units Sold | property			0
Units Remaining | property			0
2020 Disposal Properties | Diversified | South Bend, IN
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds			$ 3,875,000
Net Book Value			3,875,000
Realized gain (loss) on sale of real estate, net			$ 0
Properties | property			1
Units Sold | property			0
Units Remaining | property			0
2020 Disposal Properties | Net Lease | Bellport, NY
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds			$ 19,434,000
Net Book Value			15,012,000
Realized gain (loss) on sale of real estate, net			$ 4,422,000
Properties | property			1
Units Sold | property			0
Units Remaining | property			0
2019 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				24,242,000
Net Book Value				22,670,000
Realized gain (loss) on sale of real estate, net				1,572,000
2019 Disposal Properties | Condominium | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				4,715,000
Net Book Value				4,282,000
Realized gain (loss) on sale of real estate, net				$ 433,000
Properties | property				0
Units Sold | property				16
Units Remaining | property				6
2019 Disposal Properties | Condominium | Las Vegas, NV
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				$ 809,000
Net Book Value				415,000
Realized gain (loss) on sale of real estate, net				$ 394,000
Properties | property				0
Units Sold | property				1
Units Remaining | property				0
2019 Disposal Properties | Diversified | Wayne, NJ
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				$ 1,729,000
Net Book Value				4,799,000
Realized gain (loss) on sale of real estate, net				$ (3,070,000)
Properties | property				1
Units Sold | property				0
Units Remaining | property				0
2019 Disposal Properties | Diversified | Grand Rapids, Michigan
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				$ 10,019,000
Net Book Value				8,254,000
Realized gain (loss) on sale of real estate, net				$ 1,765,000
Properties | property				1
Units Sold | property				0
Units Remaining | property				0
2019 Disposal Properties | Diversified | Grand Rapids, Michigan 1
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				$ 6,970,000
Net Book Value				4,920,000
Realized gain (loss) on sale of real estate, net				$ 2,050,000
Properties | property				1
Units Sold | property				0
Units Remaining | property				0
2018 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds					218,662,000
Net Book Value					122,781,000
Realized gain (loss) on sale of real estate, net					95,881,000
Realized Gain Allocated to Third Party Investor					15,316,000
2018 Disposal Properties | Condominium | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds					7,851,000
Net Book Value					6,716,000
Realized gain (loss) on sale of real estate, net					1,135,000
Realized Gain Allocated to Third Party Investor					$ 0
Properties | property					0
Units Sold | property					26
Units Remaining | property					22
2018 Disposal Properties | Condominium | Las Vegas, NV
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds					$ 8,763,000
Net Book Value					4,458,000
Realized gain (loss) on sale of real estate, net					4,305,000
Realized Gain Allocated to Third Party Investor					$ 0
Properties | property					0
Units Sold | property					12
Units Remaining | property					1
2018 Disposal Properties | Diversified | Richmond, VA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds					$ 20,966,000
Net Book Value					11,370,000
Realized gain (loss) on sale of real estate, net					9,596,000
Realized Gain Allocated to Third Party Investor					$ 389,000
Properties | property					1
Units Sold | property					0
Units Remaining | property					0
2018 Disposal Properties | Diversified | El Monte, CA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds					$ 71,807,000
Net Book Value					52,610,000
Realized gain (loss) on sale of real estate, net					19,197,000
Realized Gain Allocated to Third Party Investor					$ 6,999,000
Properties | property					1
Units Sold | property					0
Units Remaining | property					0
2018 Disposal Properties | Diversified | St. Paul, MN
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds					$ 109,275,000
Net Book Value					47,627,000
Realized gain (loss) on sale of real estate, net					61,648,000
Realized Gain Allocated to Third Party Investor					$ 7,928,000
Properties | property					4
Units Sold | property					0
Units Remaining | property					0
[1]	Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.

INVESTMENT IN AND ADVANCES TO_3

INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES - Investments in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures	[1]	$ 46,253	$ 48,433
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures		4,023	3,047
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures		$ 42,230	$ 45,386
[1]	Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.

INVESTMENT IN AND ADVANCES TO_4

INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES - Summary of Allocated Earnings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	$ 1,821	$ 3,432	$ 790
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	976	1,047	1,658
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	$ 845	$ 2,385	$ (868)

INVESTMENT IN AND ADVANCES TO_5

INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES - Additional Information (Details)	1 Months Ended	12 Months Ended
	Apr. 30, 2012	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Mar. 31, 2019USD ($)	Mar. 22, 2013
Schedule of Equity Method Investments [Line Items]
Distributions from operations of investment in unconsolidated joint ventures		$ 0	$ 3,317,000	$ 1,250,000
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
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%
Distributions from operations of investment in unconsolidated joint ventures		$ 0	3,300,000	1,300,000
Grace Lake JV, LLC | Ladder Capital Financial Corporation
Schedule of Equity Method Investments [Line Items]
Percentage of investment of operating partner		81.00%
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%
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Income (expenses) from investment		$ 800,000	2,400,000	(900,000)
Interest costs capitalized			$ 100,000	$ 1,500,000
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		20
Real estate properties, under contract		$ 53,000,000
24 Second Avenue Holdings LLC | Apartment Building | Real Estate Property Sold 1
Schedule of Equity Method Investments [Line Items]
Number of real estate properties, under contract | property		1
Real estate properties, under contract		$ 2,300,000
24 Second Avenue Holdings LLC | Other
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property		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 | 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

INVESTMENT IN AND ADVANCES TO_6

INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES - Results from Operations of the Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands		3 Months Ended										12 Months Ended
		Dec. 31, 2020		Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019		Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Total assets		$ 5,881,229	[1]				$ 6,669,152	[1]				$ 5,881,229	[1]	$ 6,669,152	[1]	$ 6,272,872
Total liabilities	[1]	4,332,804					5,030,175					4,332,804		5,030,175
Partners’/members’ capital		1,548,425	[1]				1,638,977	[1]				1,548,425	[1]	1,638,977	[1]	1,643,635	$ 1,488,146
Total expenses		47,889		$ 32,149	$ 31,052	$ 42,211	36,839		$ 36,989	$ 38,069	$ 46,390	153,302		158,287		158,626
Net income (loss)		(11,583)		$ 21,382	$ (5,193)	$ (14,061)	45,450		$ 30,948	$ 36,072	$ 24,531	(9,458)		137,001		221,676
Equity Method Investment, Nonconsolidated Investee or Group of Investees | 24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Total assets		114,916					118,727					114,916		118,727
Total liabilities		75,775					78,762					75,775		78,762
Partners’/members’ capital		$ 39,141					$ 39,965					39,141		39,965
Total revenues												17,461		7,630		19,122
Total expenses												14,206		14,930		13,381
Net income (loss)												$ 3,255		$ (7,300)		$ 5,741
[1]	Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.

DEBT OBLIGATIONS, NET - Schedul

DEBT OBLIGATIONS, NET - Schedule of Company's Debt Obligations (Details)	12 Months Ended
	Dec. 31, 2020USD ($)Extension	Dec. 31, 2019USD ($)Extension	Feb. 26, 2020USD ($)Extension	Feb. 14, 2020USD ($)	Dec. 21, 2017USD ($)	Oct. 17, 2017USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Debt Obligations Outstanding	$ 820,837,000	$ 1,815,934,000
Debt obligations	4,209,864,000
Carrying Amount of Collateral	0	0
Cash collateral		261,000,000
Committed Loan Repurchase Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	1,550,000,000	1,750,000,000
Debt Obligations Outstanding	255,368,000	702,264,000
Committed but Unfunded	1,294,632,000	1,047,736,000
Carrying Amount of Collateral	439,386,000	1,149,281,000
Fair Value of Collateral	439,386,000	1,152,250,000
Committed Loan Repurchase Facility | Maturing on 19 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	500,000,000	600,000,000		$ 500,000,000
Debt Obligations Outstanding	112,004,000	183,828,000
Committed but Unfunded	387,996,000	416,172,000
Carrying Amount of Collateral	180,416,000	287,974,000
Fair Value of Collateral	$ 180,416,000	$ 288,210,000
Number of extension maturity periods | Extension	2	2
Length of extension options	12 months	12 months
Committed Loan Repurchase Facility | Maturing On February 26 2021
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 250,000,000
Debt Obligations Outstanding	0
Committed but Unfunded	250,000,000
Carrying Amount of Collateral	0
Fair Value of Collateral	$ 0
Number of extension maturity periods | Extension	3
Length of extension options	12 months
Committed Loan Repurchase Facility | Maturing on 16 December 2021
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 300,000,000
Debt Obligations Outstanding	90,197,000
Committed but Unfunded	209,803,000
Carrying Amount of Collateral	154,850,000
Fair Value of Collateral	$ 154,850,000
Number of extension maturity periods | Extension	2
Length of extension options	364 days
Committed Loan Repurchase Facility | Maturing on 6 November 2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 300,000,000	$ 300,000,000
Debt Obligations Outstanding	11,312,000	98,678,000
Committed but Unfunded	288,688,000	201,322,000
Carrying Amount of Collateral	28,285,000	175,000,000
Fair Value of Collateral	$ 28,285,000	$ 175,270,000
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 | Maturing On 31 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 100,000,000
Debt Obligations Outstanding	26,183,000
Committed but Unfunded	73,817,000
Carrying Amount of Collateral	45,235,000
Fair Value of Collateral	$ 45,235,000
Number of extension maturity periods | Extension	2
Length of extension options	12 months
Committed Loan Repurchase Facility | Maturing On 24 October 2021
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 100,000,000
Debt Obligations Outstanding	15,672,000
Committed but Unfunded	84,328,000
Carrying Amount of Collateral	30,600,000
Fair Value of Collateral	$ 30,600,000
Length of extension options	364 days
Committed Loan Repurchase Facility | Maturing on 23 December 2021
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 500,000,000
Committed Loan Repurchase Facility | Maturing On 24 May 2020
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		350,000,000
Debt Obligations Outstanding		70,697,000
Committed but Unfunded		279,303,000
Carrying Amount of Collateral		101,590,000
Fair Value of Collateral		$ 103,868,000
Number of extension maturity periods | Extension		1
Length of extension options		12 months
Committed Loan Repurchase Facility | Maturing on 3 January 2023
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 100,000,000
Debt Obligations Outstanding		9,952,000
Committed but Unfunded		90,048,000
Carrying Amount of Collateral		75,628,000
Fair Value of Collateral		$ 75,813,000
Number of extension maturity periods | Extension		2
Length of extension options		12 months
Committed Loan Repurchase Facility | Maturing on 24 December 2020
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 100,000,000
Debt Obligations Outstanding		90,927,000
Committed but Unfunded		9,073,000
Carrying Amount of Collateral		126,311,000
Fair Value of Collateral		$ 126,311,000
Length of extension options		364 days
Committed Loan Repurchase Facility | Maturing on 19 December 2020
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing		$ 300,000,000
Debt Obligations Outstanding		248,182,000
Committed but Unfunded		51,818,000
Carrying Amount of Collateral		382,778,000
Fair Value of Collateral		$ 382,778,000
Number of extension maturity periods | Extension		3
Length of extension options		364 days
Committed Securities Repurchase Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 788,000,000
Committed Securities Repurchase Facility | Maturing on 23 December 2021
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	787,996,000	$ 400,000,000
Debt Obligations Outstanding	149,633,000	42,751,000
Committed but Unfunded	638,363,000	357,249,000
Carrying Amount of Collateral	226,008,000	52,691,000
Fair Value of Collateral	226,008,000	52,691,000
Uncommitted Securities Repurchase Facility | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Debt Obligations Outstanding	415,836,000	1,070,919,000
Carrying Amount of Collateral	502,476,000	1,188,440,000
Fair Value of Collateral	502,476,000	1,188,440,000
Restricted securities held-to-maturity	2,100,000	2,200,000
Total Repurchase Facilities
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	1,950,000,000	2,150,000,000
Debt Obligations Outstanding	820,837,000	1,815,934,000
Committed but Unfunded	1,544,999,000	1,404,985,000
Carrying Amount of Collateral	1,167,870,000	2,390,412,000
Fair Value of Collateral	1,167,870,000	2,393,381,000
Revolving Credit Facility | Maturing on 11 February 2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	266,430,000
Debt Obligations Outstanding	266,430,000
Committed but Unfunded	$ 0
Number of extension maturity periods | Extension	3
Length of extension options	12 months
Revolving Credit Facility | Maturing 11 February 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		4
Length of extension options		12 months
Mortgage Loan Financing | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 766,064,000	$ 812,606,000
Debt Obligations Outstanding	766,064,000	812,606,000
Committed but Unfunded	0	0
Carrying Amount of Collateral	909,406,000	988,857,000
Fair Value of Collateral	1,133,703,000	1,192,106,000
Secured Financing Facility
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs	7,154,000
Secured Financing Facility | Maturing On 6 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	206,350,000
Debt Obligations Outstanding	192,646,000
Committed but Unfunded	0
Carrying Amount of Collateral	327,769,000
Fair Value of Collateral	328,097,000
Unamortized debt issuance costs	7,200,000
Unamortized debt discount	6,600,000
CLO Debt
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs	2,640,000
CLO Debt | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral					$ 431,500,000	$ 456,900,000
Unamortized debt issuance costs	2,600,000
CLO Debt | Maturing On 16 May 2024
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	279,156,000
Debt Obligations Outstanding	276,516,000
Carrying Amount of Collateral	362,600,000
Fair Value of Collateral	362,600,000
Unamortized debt issuance costs	2,600,000
Borrowings from the FHLB | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	1,500,000,000	1,945,795,000
Debt Obligations Outstanding	288,000,000	1,073,500,000
Committed but Unfunded	1,212,000,000	872,295,000
Carrying Amount of Collateral	388,400,000	1,107,188,000
Fair Value of Collateral	392,212,000	1,113,811,000
Restricted securities held-to-maturity	9,400,000
Senior Unsecured Notes
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs	12,928,000
Senior Unsecured Notes | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued	1,612,299,000	1,166,201,000
Senior Unsecured Notes	1,599,371,000	1,157,833,000
Committed but Unfunded	0	0
Restricted securities held-to-maturity		9,900,000
Unamortized debt issuance costs	12,900,000	8,400,000
Total Debt Obligations
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued	6,580,299,000	6,341,032,000
Debt obligations	4,209,864,000	4,859,873,000
Committed but Unfunded	2,756,999,000	2,543,710,000
Carrying Amount of Collateral	3,156,045,000	4,486,457,000
Fair Value of Collateral	3,384,482,000	$ 4,699,298,000
Purchase Right | Maturing On 6 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs	$ 6,550,000
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	1.91%	3.24%
Minimum | Committed Loan Repurchase Facility | Maturing On February 26 2021
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing			$ 250,000,000
Interest rate	0.00%
Number of extension maturity periods | Extension			3
Minimum | Committed Loan Repurchase Facility | Maturing on 16 December 2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	1.91%
Minimum | Committed Loan Repurchase Facility | Maturing on 6 November 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	2.19%	3.50%
Minimum | Committed Loan Repurchase Facility | Maturing On 31 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	2.28%
Minimum | Committed Loan Repurchase Facility | Maturing On 24 October 2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	2.66%
Minimum | Committed Loan Repurchase Facility | Maturing On 24 May 2020
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		3.71%
Minimum | Committed Loan Repurchase Facility | Maturing on 3 January 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		3.96%
Minimum | Committed Loan Repurchase Facility | Maturing on 24 December 2020
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		3.74%
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2020
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		3.49%
Minimum | Committed Securities Repurchase Facility | Maturing on 23 December 2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0.86%	2.50%
Minimum | Uncommitted Securities Repurchase Facility | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0.73%	2.17%
Minimum | Revolving Credit Facility | Maturing on 11 February 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	3.15%
Minimum | Mortgage Loan Financing | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	3.75%	3.75%
Minimum | Secured Financing Facility | Maturing On 6 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	10.75%
Minimum | CLO Debt | Maturing On 16 May 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	5.50%
Minimum | Borrowings from the FHLB | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	41.00%	1.47%
Minimum | Senior Unsecured Notes | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	4.25%	5.25%
Maximum | Committed Loan Repurchase Facility | Maturing on 19 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	2.16%	3.74%
Maximum | Committed Loan Repurchase Facility | Maturing On February 26 2021
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing			$ 350,000,000
Interest rate	0.00%
Maximum | Committed Loan Repurchase Facility | Maturing on 16 December 2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	2.91%
Maximum | Committed Loan Repurchase Facility | Maturing on 6 November 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	2.19%	3.75%
Maximum | Committed Loan Repurchase Facility | Maturing On 31 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	2.28%
Maximum | Committed Loan Repurchase Facility | Maturing On 24 October 2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	3.50%
Maximum | Committed Loan Repurchase Facility | Maturing on 23 December 2021
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing			$ 500,000,000
Maximum | Committed Loan Repurchase Facility | Maturing On 24 May 2020
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		3.81%
Maximum | Committed Loan Repurchase Facility | Maturing on 3 January 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		3.99%
Maximum | Committed Loan Repurchase Facility | Maturing on 24 December 2020
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		3.80%
Maximum | Committed Loan Repurchase Facility | Maturing on 19 December 2020
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		3.74%
Maximum | Committed Securities Repurchase Facility | Maturing on 23 December 2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	1.11%	2.56%
Maximum | Uncommitted Securities Repurchase Facility | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	2.84%	3.54%
Maximum | Revolving Credit Facility | Maturing on 11 February 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	3.15%
Maximum | Mortgage Loan Financing | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	6.16%	6.75%
Maximum | Secured Financing Facility | Maturing On 6 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	10.75%
Maximum | CLO Debt | Maturing On 16 May 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	5.50%
Maximum | Borrowings from the FHLB | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	2.74%	2.95%
Maximum | Senior Unsecured Notes | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	5.88%	5.88%

DEBT OBLIGATIONS, NET - Committ

DEBT OBLIGATIONS, NET - Committed Loan and Securities Repurchase Facilities (Details)	12 Months Ended
	Dec. 31, 2020USD ($)counterpartyagreementExtension	Mar. 23, 2020USD ($)	Feb. 26, 2020USD ($)Extension	Feb. 14, 2020USD ($)	Dec. 31, 2019USD ($)Extension
Debt Instrument [Line Items]
Equity restricted as payment as a dividend	$ 871,400,000
Debt Obligations Outstanding	$ 820,837,000				$ 1,815,934,000
Committed Loan Repurchase Facility
Debt Instrument [Line Items]
Number of agreements | agreement	6
Committed amount on credit agreement	$ 1,600,000,000
Committed Financing	1,550,000,000				1,750,000,000
Debt Obligations Outstanding	255,368,000				702,264,000
Committed Loan Repurchase Facility | Maturing on 19 December 2022
Debt Instrument [Line Items]
Committed Financing	500,000,000			$ 500,000,000	600,000,000
Debt Obligations Outstanding	$ 112,004,000				$ 183,828,000
Number of extension maturity periods | Extension	2				2
Committed Loan Repurchase Facility | Maturing On February 26 2021
Debt Instrument [Line Items]
Committed Financing	$ 250,000,000
Debt Obligations Outstanding	$ 0
Number of extension maturity periods | Extension	3
Committed Loan Repurchase Facility | Maturing On February 26 2021 | Minimum
Debt Instrument [Line Items]
Committed Financing			$ 250,000,000
Number of extension maturity periods | Extension			3
Committed Loan Repurchase Facility | Maturing On February 26 2021 | Maximum
Debt Instrument [Line Items]
Committed Financing			$ 350,000,000
Committed Loan Repurchase Facility | Maturing on 23 December 2021
Debt Instrument [Line Items]
Committed amount on credit agreement		$ 900,000,000
Committed Financing					$ 500,000,000
Committed Loan Repurchase Facility | Maturing on 23 December 2021 | Maximum
Debt Instrument [Line Items]
Committed Financing			$ 500,000,000
Committed Securities Repurchase Facility
Debt Instrument [Line Items]
Committed Financing	$ 788,000,000
Committed Securities Repurchase Facility | Maturing on 23 December 2021
Debt Instrument [Line Items]
Committed amount on credit agreement		$ 900,000,000
Committed Financing	787,996,000				400,000,000
Debt Obligations Outstanding	149,633,000				42,751,000
Repurchase Agreements
Debt Instrument [Line Items]
Committed Financing	$ 1,950,000,000				2,150,000,000
Number of counterparties | counterparty	8
Debt Obligations Outstanding	$ 820,837,000				$ 1,815,934,000
Repurchase Agreements | Deutshe Bank, J.P. Morgan and Wells Fargo
Debt Instrument [Line Items]
Number of counterparties | counterparty	2
Excess collateral over amounts borrowed under repurchase agreements	$ 77,400,000
Ratio indebtedness over total equity	5.00%
Haircut on repurchase agreements	29.70%

DEBT OBLIGATIONS, NET - Revolvi

DEBT OBLIGATIONS, NET - Revolving Credit Facility (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Nov. 25, 2019
Debt Instrument [Line Items]
Debt Obligations Outstanding	$ 820,837	$ 1,815,934
Maturing February 11 2021 | Revolving Credit Facility
Debt Instrument [Line Items]
Debt Obligations Outstanding	266,400
Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Committed amount on credit agreement	$ 266,400
Stated interest rate on debt instrument	3.00%		3.00%
Letter of Credit [Member]
Debt Instrument [Line Items]
Committed amount on credit agreement	$ 25,000

DEBT OBLIGATIONS, NET - Debt Is

DEBT OBLIGATIONS, NET - Debt Issuance Costs (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Credit Agreement and Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance expense	$ 5.8	$ 8

DEBT OBLIGATIONS, NET - Uncommi

DEBT OBLIGATIONS, NET - Uncommitted Securities Repurchase Facilities (Details) - Uncommitted Securities Repurchase Facilities	12 Months Ended
	Dec. 31, 2020
Minimum
Debt Instrument [Line Items]
Advance rates	75.00%
Maximum
Debt Instrument [Line Items]
Advance rates	95.00%

DEBT OBLIGATIONS, NET - Mortgag

DEBT OBLIGATIONS, NET - Mortgage Loan Financing (Details) $ in Thousands	Feb. 06, 2019USD ($)	Dec. 31, 2020USD ($)agreement	Dec. 31, 2019USD ($)agreement	Dec. 31, 2018USD ($)agreement
Debt Instrument [Line Items]
Amortization of premiums		$ 1,160	$ 1,584	$ 1,023
Mortgage loan and financing related to property sales	$ 6,600
Gain (loss) on extinguishment/defeasance of debt	$ (1,100)	22,250	(1,070)	(4,392)
Mortgage loan financing
Debt Instrument [Line Items]
Secured Debt		766,100	812,600
Net unamortized premiums		4,600	5,500
Amortization of premiums		1,200	1,600	$ 1,000
Pledged assets, real estate and lease intangibles, net		$ 909,400	$ 988,900
Number of agreements | agreement		10	22	12
Minimum | Mortgage loan financing
Debt Instrument [Line Items]
Stated interest rate on debt instrument		3.75%
Maximum | Mortgage loan financing
Debt Instrument [Line Items]
Stated interest rate on debt instrument		6.16%

DEBT OBLIGATIONS, NET - Secured

DEBT OBLIGATIONS, NET - Secured Financing Facility (Details) - USD ($)		Apr. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Issuance of purchase right			$ 8,425,000	$ 0	$ 0
Debt obligations, net	[1]		4,209,864,000	$ 4,859,873,000
Purchase Right | Maturing On 6 May 2023
Debt Instrument [Line Items]
Unamortized debt issuance costs			6,550,000
Secured Financing Facility
Debt Instrument [Line Items]
Debt obligations, net			192,600,000
Unamortized debt issuance costs			7,154,000
Secured Financing Facility | Maturing On 6 May 2023
Debt Instrument [Line Items]
Issuance of purchase rights			6,600,000
Unamortized debt issuance costs			$ 7,200,000
Class A Common Stock
Debt Instrument [Line Items]
Common stock, authorized (in shares)			600,000,000	600,000,000
Common stock, par value (in dollars per share)			$ 0.001	$ 0.001
Non-Recourse Notes | Koch Real Estate Investments, LLC | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Stated interest rate on debt instrument		0.75%
Non-Recourse Notes | Koch Real Estate Investments, LLC | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Stated interest rate on debt instrument		10.00%
Non-Recourse Notes | Secured Debt | Koch Real Estate Investments, LLC
Debt Instrument [Line Items]
Committed amount on credit agreement		$ 206,400,000
Minimum interest premium		39,200,000
Non-Recourse Notes | Secured Debt | Koch Real Estate Investments, LLC | Purchase Right
Debt Instrument [Line Items]
Issuance of purchase right		200,900,000
Debt proceeds allocated to the originally issued debt obligation		192,500,000
Issuance of purchase rights		$ 8,400,000
Non-Recourse Notes | Secured Debt | Koch Real Estate Investments, LLC | Class A Common Stock
Debt Instrument [Line Items]
Common stock, authorized (in shares)		4,000,000
Common stock, par value (in dollars per share)		$ 8
[1]	Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.

DEBT OBLIGATIONS, NET - Collate

DEBT OBLIGATIONS, NET - Collateralized Loan Obligation Debt (Details) - USD ($) $ in Thousands		Apr. 27, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 21, 2017	Oct. 17, 2017
Debt Instrument [Line Items]
Debt obligations, net	[1]		$ 4,209,864	$ 4,859,873
Loans financed		$ 481,300
Advance rate		64.50%
Subordinate and controlling interest		35.50%
Gross amounts offset in the balance sheet			0	$ 0
CLO Debt
Debt Instrument [Line Items]
Unamortized debt issuance costs			2,640
Various Date | CLO Debt
Debt Instrument [Line Items]
Debt obligations, net			276,500
Unamortized debt issuance costs			$ 2,600
Gross amounts offset in the balance sheet					$ 431,500	$ 456,900
Various Date | CLO Debt | Affiliated Entity
Debt Instrument [Line Items]
Ownership percentage					25.00%	18.50%
Non-Recourse Notes | CLO Debt
Debt Instrument [Line Items]
Debt obligations, net		$ 310,200
[1]	Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.

DEBT OBLIGATIONS, NET - Borrowi

DEBT OBLIGATIONS, NET - Borrowings from the Federal Home Loan Bank (“FHLB”) (Details) - USD ($) $ in Thousands	Dec. 06, 2017	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2021	Apr. 01, 2020	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Cash, cash equivalents and restricted cash		$ 1,284,284	$ 355,746			$ 98,450	$ 182,683
Percent of FHLB advances to total debt obligations outstanding		6.80%
Tuebor Captive Insurance Company LLC
Debt Instrument [Line Items]
Amount restricted from transfer		$ 2,100,000
Borrowings from the FHLB | Tuebor Captive Insurance Company LLC
Debt Instrument [Line Items]
Maximum advance limit	$ 2,000,000				$ 1,500,000
Advance rates of total assets	40.00%
Advance rates of total equity	150.00%
FHLB borrowings outstanding		288,000	1,100,000
Additional committed term financing available from FHLB		$ 1,200,000	$ 872,300
Average term		3 years 9 months	4 years 9 months
Weighted average term		2 years 9 months 3 days	2 years 1 month 6 days
Weighted average interest rate		1.12%	2.33%
Borrowings from the FHLB | Tuebor Captive Insurance Company LLC | Commercial Mortgage Backed Securities and US Agency Securities
Debt Instrument [Line Items]
Collateral for debt instrument		$ 280,100	$ 432,000
Borrowings from the FHLB | Tuebor Captive Insurance Company LLC | First mortgage loan
Debt Instrument [Line Items]
Collateral for debt instrument		$ 108,300	675,200
Cash, cash equivalents and restricted cash			$ 261,000
Borrowings from the FHLB | Tuebor Captive Insurance Company LLC | Minimum
Debt Instrument [Line Items]
Stated interest rate on debt instrument		0.41%	1.47%
Advance rates		45.00%	60.80%
Borrowings from the FHLB | Tuebor Captive Insurance Company LLC | Maximum
Debt Instrument [Line Items]
Stated interest rate on debt instrument		2.74%	2.95%
Advance rates		95.70%	100.00%
Borrowings from the FHLB | Tuebor Captive Insurance Company LLC | Forecast
Debt Instrument [Line Items]
Maximum advance limit				$ 750,000

DEBT OBLIGATIONS, NET - Senior

DEBT OBLIGATIONS, NET - Senior Unsecured Notes (Details) - USD ($)	Feb. 06, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 30, 2020	Sep. 25, 2017	Mar. 16, 2017	Feb. 24, 2016	Aug. 01, 2014
Debt Instrument [Line Items]
Gain (loss) on extinguishment/defeasance of debt	$ (1,100,000)	$ 22,250,000	$ (1,070,000)	$ (4,392,000)
Amortization expense		6,696,000	7,991,000	$ 10,347,000
Senior Unsecured Notes
Debt Instrument [Line Items]
Unamortized debt issuance costs		(12,928,000)
Various Date | Senior Unsecured Notes
Debt Instrument [Line Items]
Senior Unsecured Notes		1,599,371,000	1,157,833,000
Loan refinance		1,612,299,000	1,166,201,000
Unamortized debt issuance costs		(12,900,000)	$ (8,400,000)
Senior Unsecured Notes
Debt Instrument [Line Items]
Debt retired		139,100,000
Gain (loss) on extinguishment/defeasance of debt		19,000,000
Amortization expense		1,500,000
Senior Notes Due 2027 | Senior Unsecured Notes
Debt Instrument [Line Items]
Loan refinance		651,800,000			$ 750,000,000
Stated interest rate on debt instrument					4.25%
Debt retired		98,200,000
Repurchase price		83,900,000
Gain (loss) on extinguishment/defeasance of debt		12,900,000
Unamortized debt issuance costs		1,300,000
Senior Notes Due 2025 | Senior Unsecured Notes
Debt Instrument [Line Items]
Loan refinance		348,000,000				$ 400,000,000
Stated interest rate on debt instrument						5.25%
Debt retired		52,000,000
Repurchase price		45,100,000
Gain (loss) on extinguishment/defeasance of debt		6,400,000
Unamortized debt issuance costs		500,000
Senior Notes Due 2022 | Senior Unsecured Notes
Debt Instrument [Line Items]
Loan refinance		465,900,000					$ 500,000,000
Stated interest rate on debt instrument							5.25%
Debt retired		34,200,000
Repurchase price		33,200,000
Gain (loss) on extinguishment/defeasance of debt		700,000
Unamortized debt issuance costs		200,000
Senior Notes Due 2021 | Senior Unsecured Notes
Debt Instrument [Line Items]
Senior Unsecured Notes		1,600,000,000
Loan refinance		146,700,000							$ 300,000,000
Stated interest rate on debt instrument									5.875%
Authorized repurchase amount								$ 100,000,000
Debt retired		119,500,000
Repurchase price		119,300,000
Gain (loss) on extinguishment/defeasance of debt		100,000
Unamortized debt issuance costs		$ 200,000

DEBT OBLIGATIONS, NET - Sched_2

DEBT OBLIGATIONS, NET - Schedule of Maturities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2021	$ 1,219,750
2022	734,290
2023	351,800
2024	575,471
2025	468,876
Thereafter	884,678
Subtotal	4,234,865
Premiums included in mortgage loan financing	4,551
Debt obligations	4,209,864
Senior Unsecured Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(12,928)
Secured Financing Facility
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(7,154)
CLO Debt
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(2,640)
Mortgage Loan Financing
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	$ (280)
Length of extension options	1 year

DEBT OBLIGATIONS, NET - Financi

DEBT OBLIGATIONS, NET - Financing Strategy in Current Market Conditions (Details) - USD ($)		Apr. 27, 2020	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Amount paid down, FHLB Borrowings			$ 38,000,000	$ 646,800,000	$ 446,900,000
Debt obligations, net	[1]		4,209,864,000		4,209,864,000			$ 4,859,873,000
Loans financed		$ 481,300,000
Advance rate		64.50%
Cash, cash equivalents and restricted cash			1,284,284,000		$ 1,284,284,000			$ 355,746,000	$ 98,450,000	$ 182,683,000
Prepayment penalties				$ 6,500,000
Senior Notes Due 2027 | Senior Unsecured Notes
Debt Instrument [Line Items]
Amount paid down			$ 257,700,000
Non-Recourse Notes | CLO Debt
Debt Instrument [Line Items]
Debt obligations, net		$ 310,200,000
Non-Recourse Notes | Secured Debt | Koch Real Estate Investments, LLC
Debt Instrument [Line Items]
Non-mark to market financing facility						$ 206,400,000
Maturing February 11 2021 | Revolving Credit Facility
Debt Instrument [Line Items]
Committed financing							$ 266,400,000
[1]	Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.

DERIVATIVE INSTRUMENTS - Schedu

DERIVATIVE INSTRUMENTS - Schedule of Derivatives Outstanding (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Notional		$ 135,171	$ 409,771
Fair value, asset	[1]	299	693
Fair value, liability		0	0
1 Month LIBOR
Derivative [Line Items]
Notional		69,571	69,571
Fair value, asset		0	0
Fair value, liability		$ 0	$ 0
Remaining maturity		4 months 6 days	4 months 9 days
5-year Swap
Derivative [Line Items]
Notional		$ 23,800	$ 46,000
Fair value, asset		108	158
Fair value, liability		$ 0	$ 0
Remaining maturity		3 months	3 months
10-year Swap
Derivative [Line Items]
Notional		$ 41,800	$ 149,800
Fair value, asset		191	516
Fair value, liability		$ 0	$ 0
Remaining maturity		3 months	3 months
5-year U.S. Treasury Note
Derivative [Line Items]
Notional			$ 1,100
Fair value, asset			4
Fair value, liability			$ 0
Remaining maturity			3 months
Futures
Derivative [Line Items]
Notional		$ 65,600	$ 196,900
Fair value, asset		299	678
Fair value, liability		$ 0	0
S&P 500 Put Options
Derivative [Line Items]
Notional			143,300
Fair value, asset			15
Fair value, liability			$ 0
Remaining maturity			18 days
Credit Derivatives
Derivative [Line Items]
Notional			$ 143,300
Fair value, asset			15
Fair value, liability			$ 0
[1]	Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.

DERIVATIVE INSTRUMENTS - Sche_2

DERIVATIVE INSTRUMENTS - Schedule of Realized Gains (Losses) on Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Unrealized Gain/(Loss)	$ (268)	$ 1,542	$ 705
Realized Gain/(Loss)	(15,002)	(31,553)	15,221
Net Result from Derivative Transactions	(15,270)	(30,011)	15,926
Futures
Derivative [Line Items]
Unrealized Gain/(Loss)	(379)	1,653	(747)
Realized Gain/(Loss)	(15,113)	(31,469)	16,176
Net Result from Derivative Transactions	(15,492)	(29,816)	15,429
Credit Derivatives
Derivative [Line Items]
Unrealized Gain/(Loss)	111	(111)	49
Realized Gain/(Loss)	111	(84)	(107)
Net Result from Derivative Transactions	$ 222	$ (195)	(58)
Swaps
Derivative [Line Items]
Unrealized Gain/(Loss)			1,403
Realized Gain/(Loss)			(848)
Net Result from Derivative Transactions			$ 555

DERIVATIVE INSTRUMENTS - Additi

DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash margins held as collateral for derivatives by counterparties	$ 0.8	$ 3.5	$ 5

OFFSETTING ASSETS AND LIABILI_3

OFFSETTING ASSETS AND LIABILITIES - Offsetting Assets (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Offsetting of derivative assets
Gross amounts of recognized assets		$ 299	$ 693
Gross amounts offset in the balance sheet		0	0
Net amounts of assets presented in the balance sheet	[1]	299	693
Gross amounts not offset in the balance sheet
Financial instruments		0	0
Cash collateral received/(posted)		0	0
Net amount		$ 299	$ 693
[1]	Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.

OFFSETTING ASSETS AND LIABILI_4

OFFSETTING ASSETS AND LIABILITIES - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Repurchase agreements
Gross amounts of recognized liabilities	$ 820,837	$ 1,815,934
Gross amounts offset in the balance sheet	0	0
Net amounts of liabilities presented in the balance sheet	820,837	1,815,934
Gross amounts not offset in the balance sheet
Financial instruments collateral	820,837	1,815,934
Cash collateral posted/(received)(1)	0	0
Net amount	0	0
Total
Gross amounts of recognized liabilities	820,837	1,815,934
Gross amounts offset in the balance sheet	0	0
Net amounts of liabilities presented in the balance sheet	820,837	1,815,934
Gross amounts not offset in the balance sheet
Financial instruments collateral	820,837	1,815,934
Cash collateral posted/(received)(1)	0	0
Net amount	$ 0	$ 0

CONSOLIDATED VARIABLE INTERES_3

CONSOLIDATED VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands		Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018	Dec. 31, 2017
Restricted cash	[1]	$ 29,852		$ 297,575
Accrued interest receivable	[1]	16,088		21,066
Other assets	[1]	116,633		53,348
Total assets		5,881,229	[1]	6,669,152	[1]	$ 6,272,872
Debt obligations, net	[1]	4,209,864		4,859,873
Accrued expenses	[1]	43,876		72,397
Total liabilities	[1]	4,332,804		5,030,175
Total equity		1,548,425	[1]	1,638,977	[1]	$ 1,643,635	$ 1,488,146
Total liabilities and equity	[1]	5,881,229		$ 6,669,152
Variable Interest Entity, Primary Beneficiary
Restricted cash		3,925
Mortgage loan receivables held for investment, net, at amortized cost		362,600
Accrued interest receivable		1,382
Other assets		69,649
Total assets		437,556
Debt obligations, net		276,516
Accrued expenses		682
Total liabilities		277,198
Net equity in VIEs (eliminated in consolidation)		160,358
Total equity		160,358
Total liabilities and equity		$ 437,556
[1]	Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.

EQUITY STRUCTURE AND ACCOUNTS -

EQUITY STRUCTURE AND ACCOUNTS - Additional Information (Details)	Dec. 15, 2020$ / shares	Aug. 31, 2020$ / shares	May 28, 2020$ / shares	Feb. 27, 2020$ / shares	Nov. 26, 2019$ / shares	Aug. 22, 2019$ / shares	May 30, 2019$ / shares	Feb. 27, 2019$ / shares	Jan. 24, 2019USD ($)$ / sharesshares	Nov. 01, 2018$ / shares	Oct. 30, 2018$ / shares	Sep. 05, 2018$ / shares	May 30, 2018$ / shares	Feb. 27, 2018$ / shares	Dec. 31, 2020USD ($)$ / shares	Sep. 30, 2020$ / shares	Jun. 30, 2020$ / shares	Mar. 31, 2020$ / shares	Dec. 31, 2019USD ($)$ / shares	Sep. 30, 2019$ / shares	Jun. 30, 2019$ / shares	Mar. 31, 2019$ / shares	Dec. 31, 2020USD ($)VoteClass_of_Stock$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)	Oct. 30, 2014USD ($)
Class of Stock [Line Items]
Number of classes of common stock | Class_of_Stock																							2
Interest held in third parties																			89.80%					89.80%
Aggregate cash paid accrued for dividends payable | $																							$ 107,729,000	$ 145,910,000	$ 129,561,000
2014 Share Repurchase Authorization Program
Class of Stock [Line Items]
Remaining amount available for repurchase | $															$ 38,100,000								$ 38,100,000
Percentage of aggregate common stock outstanding under Repurchase Program															3.10%								3.10%
Closing price (in dollars per share) | $ / shares															$ 9.78								$ 9.78
Series REIT LP Units
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock, units exchanged (in shares)																							12,158,933	1,139,411
Series TRS LP Units
Class of Stock [Line Items]
Exchange of noncontrolling interest for common stock, units exchanged (in shares)																							12,158,933	1,139,411
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)																							12,158,933
Exchange of noncontrolling interest for common stock (in shares)																								1,139,411
Aggregate cash paid accrued for dividends payable | $									$ 34,900,000
Dividend equivalent rights | $									$ 500,000
Common stock issued (in shares)									1,434,297
Common stock issued, dividend value | $									$ 23,900,000
Dividends per share of Class A common stock (in dollars per share) | $ / shares	$ 0.200	$ 0.200	$ 0.200	$ 0.340	$ 0.340	$ 0.340	$ 0.340	$ 0.340	$ 0.570	$ 0.570	$ 0.570	$ 0.325	$ 0.325	$ 0.315	$ 0.200	$ 0.200	$ 0.200	$ 0.340	$ 0.340	$ 0.340	$ 0.340	$ 0.340	$ 0.940	$ 1.360	$ 1.535
Price per share of Class A common stock (in dollars per share) | $ / shares									$ 16.67
Class A Common Stock | 2014 Share Repurchase Authorization Program
Class of Stock [Line Items]
Additional authorizations | $																											$ 50,000,000
Remaining amount available for repurchase | $															$ 38,102,000				$ 41,132,000				$ 38,102,000	$ 41,132,000	$ 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)																							(12,158,933)
Exchange of noncontrolling interest for common stock (in shares)																								(1,139,411)
Common stock issued (in shares)									180,925
Series REIT LP Units
Class of Stock [Line Items]
Common stock issued (in shares)									1,615,222

EQUITY STRUCTURE AND ACCOUNTS_2

EQUITY STRUCTURE AND ACCOUNTS - Schedule of Repurchase of Treasury Stock Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Treasury Stock [Roll Forward]
Repurchases paid	$ (3,035)	$ (637)
2014 Share Repurchase Authorization Program
Treasury Stock [Roll Forward]
Remaining amount available for repurchase	$ 38,100
2014 Share Repurchase Authorization Program | Class A Common Stock
Class of Stock [Line Items]
Purchase of treasury stock (in shares)	384,251	40,065	0
Treasury Stock [Roll Forward]
Remaining amount available for repurchase	$ 41,132	$ 41,769	$ 41,769
Additional authorizations	0	0	0
Repurchases paid	(3,030)	(637)	0
Repurchases unsettled	0	0	0
Remaining amount available for repurchase	$ 38,102	$ 41,132	$ 41,769

EQUITY STRUCTURE AND ACCOUNTS_3

EQUITY STRUCTURE AND ACCOUNTS - Dividends Declared (Details) - $ / shares	Dec. 15, 2020	Aug. 31, 2020	May 28, 2020	Feb. 27, 2020	Nov. 26, 2019	Aug. 22, 2019	May 30, 2019	Feb. 27, 2019	Jan. 24, 2019	Nov. 01, 2018	Oct. 30, 2018	Sep. 05, 2018	May 30, 2018	Feb. 27, 2018	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class A Common Stock
Class of Stock [Line Items]
Dividends per share of Class A common stock (in dollars per share)	$ 0.200	$ 0.200	$ 0.200	$ 0.340	$ 0.340	$ 0.340	$ 0.340	$ 0.340	$ 0.570	$ 0.570	$ 0.570	$ 0.325	$ 0.325	$ 0.315	$ 0.200	$ 0.200	$ 0.200	$ 0.340	$ 0.340	$ 0.340	$ 0.340	$ 0.340	$ 0.940	$ 1.360	$ 1.535

EQUITY STRUCTURE AND ACCOUNTS_4

EQUITY STRUCTURE AND ACCOUNTS - Schedule of Dividends Declared and Paid (Details) - Class A Common Stock - $ / shares	Jan. 15, 2021	Dec. 15, 2020	Oct. 01, 2020	Aug. 31, 2020	Jul. 01, 2020	May 28, 2020	Apr. 01, 2020	Feb. 27, 2020	Jan. 03, 2020	Nov. 26, 2019	Oct. 01, 2019	Aug. 22, 2019	Jul. 01, 2019	May 30, 2019	Apr. 01, 2019	Feb. 27, 2019	Jan. 24, 2019	Nov. 01, 2018	Oct. 30, 2018	Oct. 01, 2018	Sep. 05, 2018	Jul. 02, 2018	May 30, 2018	Apr. 02, 2018	Feb. 27, 2018	Jan. 03, 2018	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Dividends per share of Class A common stock (in dollars per share)		$ 0.200		$ 0.200		$ 0.200		$ 0.340		$ 0.340		$ 0.340		$ 0.340		$ 0.340	$ 0.570	$ 0.570	$ 0.570		$ 0.325		$ 0.325		$ 0.315		$ 0.200	$ 0.200	$ 0.200	$ 0.340	$ 0.340	$ 0.340	$ 0.340	$ 0.340	$ 0.940	$ 1.360	$ 1.535
Tax Year 2020
Class of Stock [Line Items]
Dividend per share (in dollars per share)			$ 0.200		$ 0.200		$ 0.340																												0.940
Ordinary Dividends (in dollars per share)			0.135		0.135		0.230																												0.500
Qualified Dividends (in dollars per share)			0		0		0																												0
Capital Gain (in dollars per share)			0.023		0.023		0.039																												0.085
Unrecaptured 1250 Gain (in dollars per share)			0.009		0.009		0.016																												0.034
Return of Capital (in dollars per share)			$ 0.042		$ 0.042		$ 0.071																												$ 0.155
Tax Year 2020 | Subsequent Event
Class of Stock [Line Items]
Dividend per share (in dollars per share)	$ 0.200
Ordinary Dividends (in dollars per share)	0
Qualified Dividends (in dollars per share)	0
Capital Gain (in dollars per share)	0
Unrecaptured 1250 Gain (in dollars per share)	0
Return of Capital (in dollars per share)	0
Tax Year 2019
Class of Stock [Line Items]
Dividend per share (in dollars per share)									$ 0.340		$ 0.340		$ 0.340		$ 0.340																					1.360
Ordinary Dividends (in dollars per share)									0.324		0.324		0.324		0.324																					1.296
Qualified Dividends (in dollars per share)									0.054		0.054		0.054		0.054																					0.216
Capital Gain (in dollars per share)									0.016		0.016		0.016		0.016																					0.064
Unrecaptured 1250 Gain (in dollars per share)									$ 0.005		$ 0.005		$ 0.005		$ 0.005																					$ 0.020
Tax Year 2019 | Subsequent Event
Class of Stock [Line Items]
Dividend per share (in dollars per share)	$ 0.200
Tax Year 2018
Class of Stock [Line Items]
Dividend per share (in dollars per share)																	0.570			$ 0.325		$ 0.325		$ 0.315		$ 0.050											1.585	$ 0.265
Ordinary Dividends (in dollars per share)																	0.432			0.246		0.246		0.239		0.038											1.201
Qualified Dividends (in dollars per share)																	0			0		0		0		0											0
Capital Gain (in dollars per share)																	0.138			0.079		0.079		0.076		0.012											0.384
Unrecaptured 1250 Gain (in dollars per share)																	$ 0.015			$ 0.009		$ 0.009		$ 0.009		$ 0.001											$ 0.043
Dividends per share of Class A common stock (in dollars per share)																																						$ 0.315

EQUITY STRUCTURE AND ACCOUNTS_5

EQUITY STRUCTURE AND ACCOUNTS - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	$ 1,638,977	[1]	$ 1,643,635		$ 1,488,146
Other comprehensive income (loss)	(15,158)		9,930		(5,141)
Exchange of noncontrolling interest for common stock	0		0		0
Rebalancing of ownership percentage between Company and Operating Partnership	0		0		0
Ending Balance	1,548,425	[1]	1,638,977	[1]	1,643,635
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	4,218		(4,649)		(212)
Other comprehensive income (loss)	(9,950)		8,785		(4,211)
Exchange of noncontrolling interest for common stock	(6,952)		65		(167)
Rebalancing of ownership percentage between Company and Operating Partnership	2,221		17		(59)
Ending Balance	(10,463)		4,218		(4,649)
Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	475		(588)		116
Other comprehensive income (loss)	(5,208)		1,145		(930)
Exchange of noncontrolling interest for common stock	6,952		(65)		167
Rebalancing of ownership percentage between Company and Operating Partnership	(2,221)		(17)		59
Ending Balance	(2)		475		(588)
Total Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	4,693		(5,237)		(96)
Ending Balance	$ (10,465)		$ 4,693		$ (5,237)
[1]	Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)Joint_Ventureproperty
Consolidated Joint Venture
Noncontrolling Interest [Line Items]
Number of consolidated joint ventures | Joint_Venture	4
Consolidated Joint Venture | Isla Vista, CA | Student Housing
Noncontrolling Interest [Line Items]
Number of real estate properties | property	40
Property book value	$ 81.7
Consolidated Joint Venture | Richmond, VA | Office Building
Noncontrolling Interest [Line Items]
Number of real estate properties | property	11
Property book value	$ 72.2
Consolidated Joint Venture | Oakland County, MI | Office Building
Noncontrolling Interest [Line Items]
Property book value	9.2
Consolidated Joint Venture | Miami, FL | Apartment Building
Noncontrolling Interest [Line Items]
Property book value	$ 37.1
Minimum | Consolidated Joint Venture | Consolidated Joint Ventures
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership	10.00%
Maximum | Consolidated Joint Venture | Consolidated Joint Ventures
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership	25.00%
Operating Partnership
Noncontrolling Interest [Line Items]
Decrease in noncontrolling interest in Operating Partnership	$ 1

EARNINGS PER SHARE - Net Income

EARNINGS PER SHARE - Net Income and Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Weighted average shares outstanding:
Basic (in shares)									112,409,615	105,455,849	97,226,027
Diluted (in shares)									112,409,615	106,399,783	97,652,065
Class A Common Stock
Earnings Per Share
Basic Net income (loss) available for Class A common shareholders	$ (11,714)	$ 17,188	$ (4,189)	$ (15,728)	$ 40,650	$ 27,577	$ 32,242	$ 22,175	$ (14,445)	$ 122,645	$ 180,015
Diluted Net income (loss) available for Class A common shareholders									$ (14,445)	$ 122,645	$ 180,015
Weighted average shares outstanding:
Basic (in shares)									112,409,615	105,455,849	97,226,027
Diluted (in shares)									112,409,615	106,399,783	97,652,065

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)									112,409,615	105,455,849	97,226,027
Basic net income (loss) per share of Class A common stock (in dollars per share)	$ (0.10)	$ 0.15	$ (0.04)	$ (0.15)	$ 0.38	$ 0.26	$ 0.31	$ 0.21	$ (0.13)	$ 1.16	$ 1.85
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)									112,409,615	105,455,849	97,226,027
Diluted weighted average number of shares of Class A common stock outstanding (in shares)									112,409,615	106,399,783	97,652,065
Diluted net income (loss) per share of Class A common stock (in dollars per share)	$ (0.10)	$ 0.14	$ (0.04)	$ (0.15)	$ 0.37	$ 0.26	$ 0.30	$ 0.21	$ (0.13)	$ 1.15	$ 1.84
Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders	$ (11,714)	$ 17,188	$ (4,189)	$ (15,728)	$ 40,650	$ 27,577	$ 32,242	$ 22,175	$ (14,445)	$ 122,645	$ 180,015
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)									112,409,615	105,455,849	97,226,027
Basic net income (loss) per share of Class A common stock (in dollars per share)									$ (0.13)	$ 1.16	$ 1.85
Numerator:
Net income (loss) attributable to Class A common shareholders	$ (11,714)	$ 17,188	$ (4,189)	$ (15,728)	$ 40,650	$ 27,577	$ 32,242	$ 22,175	$ (14,445)	$ 122,645	$ 180,015
Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss)									0	0	0
Additional corporate tax (expense) benefit									0	0	0
Diluted net income (loss) attributable to Class A common shareholders									$ (14,445)	$ 122,645	$ 180,015
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)									112,409,615	105,455,849	97,226,027
Shares issuable relating to converted Class B common shareholders (in shares)									0	0	0
Diluted weighted average number of shares of Class A common stock outstanding (in shares)									112,409,615	106,399,783	97,652,065
Diluted net income (loss) per share of Class A common stock (in dollars per share)									$ (0.13)	$ 1.15	$ 1.84
Class A Common Stock | Restricted Stock
Denominator:
Incremental shares of stock based compensation (in shares)									0	943,934	426,038
Class A Common Stock | Stock Options
Denominator:
Incremental shares of stock based compensation (in shares)									0	0	0

STOCK BASED AND OTHER COMPENS_3

STOCK BASED AND OTHER COMPENSATION PLANS - Stock Based Compensation Plans Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	$ 42,728	$ 21,777	$ 8,831
Stock Options Exercised	270
Bonus Expense	1,082	28,235	34,465
Total	42,842	51,353	44,459
Phantom Equity Investment Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	$ (1,238)	$ 1,341
Ladder Capital Deferred Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense			$ 1,163

STOCK BASED AND OTHER COMPENS_4

STOCK BASED AND OTHER COMPENSATION PLANS - Summary of Grants (Details) - $ / shares	Jul. 19, 2018	Apr. 23, 2018	Feb. 18, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares/Options (in shares)				4,423,215
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options (in shares)				0	12,073
Class A Common Stock | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares/Options (in shares)	4,720	3,566	25,370	4,423,215	1,569,694	33,656
Weighted Average Fair Value Per Share (in dollars per share)				$ 12.84	$ 17.54	$ 14.86
Class A Common Stock | Dividend Declared
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares/Options (in shares)				0	11,113
Weighted Average Fair Value Per Share (in dollars per share)				$ 0	$ 16.61

STOCK BASED AND OTHER COMPENS_5

STOCK BASED AND OTHER COMPENSATION PLANS - Nonvested Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Unrecognized compensation cost	$ 13.3
Period of recognition for unrecognized compensation costs	21 months 21 days
Remaining vesting period	26 months
Restricted Stock
Number of Shares Nonvested Other than Options [Roll Forward]
Nonvested/Outstanding (in shares)	1,436,683
Granted (in shares)	4,423,215
Vested (in shares)	(3,031,109)
Forfeited (in shares)	(27,965)
Nonvested/Outstanding (in shares)	2,800,824	1,436,683
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Nonvested/Outstanding (in shares)	994,208
Granted (in shares)	0	12,073
Exercised (in shares)	(83,845)
Forfeited (in shares)	0
Expired (in shares)	(229,261)
Nonvested/Outstanding (in shares)	681,102	994,208
Exercisable (in shares)	681,102
Stock Options, Warrants And Rights
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Weighted-average exercise price of outstanding options, warrants and rights	$ 14.84

STOCK BASED AND OTHER COMPENS_6

STOCK BASED AND OTHER COMPENSATION PLANS - Omnibus Incentive Plan (Details) $ / shares in Millions

Dec. 17, 2020USD ($)shares

Mar. 26, 2020shares

Feb. 18, 2020USD ($)installmentshares

Jul. 01, 2019USD ($)shares

Jun. 04, 2019USD ($)installmentshares

Feb. 18, 2019USD ($)$ / sharesshares

Jan. 24, 2019USD ($)shares

Jul. 19, 2018USD ($)installmentanniversaryshares

Apr. 23, 2018USD ($)installmentshares

Feb. 18, 2018USD ($)shares

Feb. 18, 2017

Dec. 31, 2020USD ($)securityshares

Dec. 31, 2019shares

Dec. 31, 2018shares

May 27, 2020USD ($)

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

Period of recognition for unrecognized compensation costs

21 months 21 days

Aggregate value of awards granted | $

$ 12,000,000

$ 11,700,000

Unrecognized compensation cost | $

$ 13,300,000

Restricted Stock

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

Granted (in shares)

4,423,215

Forfeited (in shares)

27,965

Restricted Stock | Class A Common Stock

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

Grant date fair value | $

$ 100,000

$ 100,000

$ 400,000

Granted (in shares)

4,720

3,566

25,370

4,423,215

1,569,694

33,656

Number of anniversaries

3

3

Number of installments in which awards are vested | installment

3

3

3

Period of recognition for unrecognized compensation costs

3 years

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

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

Expected to vest (in shares)

1,775

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

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

Expected to vest (in shares)

1,775

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

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

Expected to vest (in shares)

1,775

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

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

Expected to vest (in shares)

1,775

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

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

Expected to vest (in shares)

1,775

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

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

Expected to vest (in shares)

1,775

Management Grantees | 2014 Omnibus Incentive Plan | Class A Common Stock

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

Number of shares of unrestricted stock

50.00%

Management Grantees | Restricted Stock | Class A Common Stock

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

Grant date fair value | $

$ 11,328

Granted (in shares)

4,568

682

Aggregate value of awards granted | $

$ 14,500,000

Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan

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

Reversal of previous compensation expense | $

$ (1,000,000)

Number of employees eligible for performance share waiver | security

46

Incremental compensation cost | $

$ 100,000

Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan | Performance Based Vesting

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

Minimum performance target percentage

8.00%

Performance period

3 years

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

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

Granted (in shares)

1,463,039

639,690

666,288

Vesting percentage

50.00%

Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock | Performance Based Vesting

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

Vesting percentage

50.00%

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

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

Grant date fair value | $

$ 400,000

Granted (in shares)

1,493,839

802,611

24,125

849,087

Number of installments in which awards are vested

3

Aggregate value of awards granted | $

$ 14,800,000

$ 15,000,000

Vesting percentage

50.00%

Aggregate fair value of awards granted | $ / shares

$ 14.9

Board of Directors | Restricted Stock | Class A Common Stock

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

Grant date fair value | $

$ 400,000

$ 100,000

$ 400,000

Granted (in shares)

24,036

25,626

Vesting period

1 year

1 year

1 year

Number of anniversaries

3

Forfeited (in shares)

5,803

STOCK BASED AND OTHER COMPENS_7

STOCK BASED AND OTHER COMPENSATION PLANS - Deferred Compensation Plan (Details) $ in Millions

Dec. 17, 2020USD ($)shares

Feb. 18, 2020USD ($)installmentshares

Jul. 01, 2019shares

Jun. 04, 2019shares

Feb. 18, 2019USD ($)shares

Jan. 24, 2019shares

Jul. 19, 2018installmentshares

Apr. 23, 2018installmentshares

Feb. 18, 2018shares

Mar. 17, 2015

Dec. 31, 2020USD ($)shares

Dec. 31, 2019USD ($)shares

Dec. 31, 2018shares

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

Aggregate value of awards granted | $

$ 12

$ 11.7

Restricted Stock

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

Granted (in shares)

4,423,215

Class A Common Stock | Restricted Stock

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

Granted (in shares)

4,720

3,566

25,370

4,423,215

1,569,694

33,656

Number of installments in which awards are vested | installment

3

3

3

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

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

Aggregate value of awards granted | $

$ 14.8

$ 15

Granted (in shares)

1,493,839

802,611

24,125

849,087

Number of installments in which awards are vested

3

Vesting percentage

50.00%

Class A Common Stock | Management Grantees | Restricted Stock

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

Aggregate value of awards granted | $

$ 14.5

Granted (in shares)

4,568

682

Deferred Compensation Plan 2014

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)

165,735

265,275

Units unvested (in shares)

0

52,861

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

$ 1.6

Deferred Compensation Plan 2014 | Class A Common Stock

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

Mandatory contribution period

3 years

Deferred Compensation Plan 2014, 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 | $

$ 4.9

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

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

Granted (in shares)

1,463,039

639,690

666,288

Vesting percentage

50.00%

STOCK BASED AND OTHER COMPENS_8

STOCK BASED AND OTHER COMPENSATION PLANS Bonus Payments (Details) - USD ($) $ in Thousands	Feb. 06, 2020	Feb. 07, 2019	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 16, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued bonuses	$ 55,200	$ 61,400					$ 36,800
Equity based compensation	$ 27,000	$ 26,600	$ 29,400
Bonus expense				$ 42,728	$ 21,777	$ 8,831
Equity-based Compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued bonuses							$ 35,700
Bonus Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Bonus expense				$ 1,100	$ 28,200	$ 34,500

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jan. 01, 2020USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Assets:
Fair Value	$ 2,361,745	$ 3,451,739
Allowance for credit losses	(41,507)	(20,500)	$ (11,600)	$ (17,900)	$ (4,000)
Liabilities:
Fair Value	$ 4,239,855	$ 4,943,914
Total 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	$ 1,046,869	$ 1,709,586
Recurring | CMBS | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount	1,015,520	1,640,597
Amortized Cost Basis/Purchase Price	1,015,282	1,640,905
Fair Value	$ 1,003,301	$ 1,644,322
Liabilities:
Financial instruments, measurement input	0.0156	0.0308
Weighted average remaining maturity/duration	2 years 3 days	2 years 4 months 28 days
Recurring | CMBS interest-only | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount	$ 1,498,181	$ 1,559,160
Amortized Cost Basis/Purchase Price	21,567	28,553
Fair Value	$ 22,213	$ 29,146
Liabilities:
Financial instruments, measurement input	0.0353	0.0304
Weighted average remaining maturity/duration	2 years 2 months 8 days	2 years 6 months 10 days
Recurring | GNMA interest-only | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount	$ 75,350	$ 109,783
Amortized Cost Basis/Purchase Price	868	1,982
Fair Value	$ 1,001	$ 1,851
Liabilities:
Financial instruments, measurement input	0.0506	0.0459
Weighted average remaining maturity/duration	3 years 7 months 2 days	2 years 9 months 7 days
Recurring | Agency securities | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount	$ 586	$ 629
Amortized Cost Basis/Purchase Price	593	640
Fair Value	$ 605	$ 637
Liabilities:
Financial instruments, measurement input	0.0164	0.0173
Weighted average remaining maturity/duration	1 year 3 months 3 days	1 year 9 months 29 days
Recurring | GNMA permanent securities | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount	$ 30,254	$ 31,461
Amortized Cost Basis/Purchase Price	30,340	31,681
Fair Value	$ 31,199	$ 32,369
Liabilities:
Financial instruments, measurement input	0.0349	0.0317
Weighted average remaining maturity/duration	1 year 11 months 23 days	1 year 11 months 4 days
Recurring | Provisions For Loan Losses
Assets:
Allowance for credit losses	$ (20)	$ (20,500)
Recurring | Provisions For Loan Losses | Internal Model Third Party Inputs Valuation Technique
Assets:
Allowance for credit losses	(20)
Recurring | Equity securities | Internal Model Third Party Inputs Valuation Technique
Assets:
Amortized Cost Basis/Purchase Price		12,848
Fair Value		12,980
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Allowance for credit losses	(41,507)
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow
Assets:
Outstanding Face Amount	2,365,204	3,277,596
Amortized Cost Basis/Purchase Price	2,354,059	3,257,036
Fair Value	2,328,441	$ 3,273,219
Allowance for credit losses	$ (41,507)
Liabilities:
Financial instruments, measurement input	0.0667	0.0694
Weighted average remaining maturity/duration	1 year 25 days	1 year 5 months 4 days
Recurring | Mortgage loan  receivables held for sale | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount	$ 30,478	$ 122,748
Amortized Cost Basis/Purchase Price	30,518	122,325
Fair Value	$ 32,082	$ 124,989
Liabilities:
Financial instruments, measurement input	0.0405	0.0420
Weighted average remaining maturity/duration	9 years 2 months 4 days	9 years 11 months 26 days
Recurring | FHLB stock | FHLB stock
Assets:
Outstanding Face Amount	$ 31,000	$ 61,619
Amortized Cost Basis/Purchase Price	31,000	61,619
Fair Value	$ 31,000	$ 61,619
Liabilities:
Financial instruments, measurement input	0.0300	0.0475
Recurring | Nonhedge derivatives | Counterparty Quotations Valuation Technique
Assets:
Nonhedge derivative assets	$ 65,600	$ 340,200
Fair Value	$ 299	$ 693
Liabilities:
Weighted average remaining maturity/duration	3 months	3 months
Recurring | Repurchase agreements - short-term | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 708,833	$ 1,781,253
Amortized Cost Basis/Purchase Price	708,833	1,781,253
Fair Value	$ 708,833	$ 1,781,253
Financial instruments, measurement input	0.0116	0.0250
Weighted average remaining maturity/duration	4 months 2 days	2 months 8 days
Recurring | Repurchase agreements - long-term | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 112,004	$ 34,681
Amortized Cost Basis/Purchase Price	112,004	34,681
Fair Value	$ 112,004	$ 34,681
Financial instruments, measurement input	0.0947	0.0281
Weighted average remaining maturity/duration	2 years 2 months 15 days	1 year 4 months 28 days
Recurring | Revolving Credit Facility | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 266,430
Amortized Cost Basis/Purchase Price	266,430
Fair Value	$ 266,430
Financial instruments, measurement input	0.0315
Weighted average remaining maturity/duration	25 days
Recurring | Mortgage loan financing | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 761,793	$ 807,854
Amortized Cost Basis/Purchase Price	766,064	812,606
Fair Value	$ 786,405	$ 838,766
Financial instruments, measurement input	0.0484	0.0491
Weighted average remaining maturity/duration	4 years 14 days	5 years 7 months 24 days
Recurring | Secured Financing Facility | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 192,646
Amortized Cost Basis/Purchase Price	192,646
Fair Value	$ 192,646
Financial instruments, measurement input	0.1075
Weighted average remaining maturity/duration	2 years 4 months 6 days
Recurring | CLO debt | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 276,516
Amortized Cost Basis/Purchase Price	276,516
Fair Value	$ 276,516
Financial instruments, measurement input	0.0550
Weighted average remaining maturity/duration	3 years 4 months 17 days
Recurring | Borrowings from the FHLB | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 288,000	$ 1,073,500
Amortized Cost Basis/Purchase Price	288,000	1,073,500
Fair Value	$ 289,091	$ 1,080,354
Financial instruments, measurement input	0.0112	0.0233
Weighted average remaining maturity/duration	2 years 9 months 3 days	2 years 29 days
Recurring | Senior unsecured notes | Broker Quotations Pricing Services Valuation Technique
Liabilities:
Outstanding Face Amount	$ 1,612,299	$ 1,166,201
Amortized Cost Basis/Purchase Price	1,599,371	1,157,833
Fair Value	$ 1,607,930	$ 1,208,860
Financial instruments, measurement input	0.0490	0.0539
Weighted average remaining maturity/duration	3 years 10 months 20 days	3 years 3 months 10 days
Recurring | Nonhedge derivatives | Counterparty Quotations Valuation Technique
Liabilities:
Nonhedge derivative liabilities		$ 69,571
Fair Value		$ 0
Weighted average remaining maturity/duration		4 months 9 days

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets:
Fair value of assets	$ 2,361,745		$ 3,451,739
Provision for current expected credit losses	(41,507)	$ (11,600)	(20,500)	$ (17,900)	$ (4,000)
Liabilities:
Fair value of liabilities	4,239,855		4,943,914
Repurchase agreements - short-term
Liabilities:
Outstanding Face Amount	708,833		1,781,253
Fair value of liabilities	708,833		1,781,253
Repurchase agreements - long-term
Liabilities:
Outstanding Face Amount	112,004		34,681
Fair value of liabilities	112,004		34,681
Revolving Credit Facility
Liabilities:
Outstanding Face Amount	266,430
Fair value of liabilities	266,430
Mortgage loan financing
Liabilities:
Outstanding Face Amount	761,793		807,854
Fair value of liabilities	786,405		838,766
Secured Financing Facility
Liabilities:
Outstanding Face Amount	192,646
Fair value of liabilities	192,646
CLO debt
Liabilities:
Outstanding Face Amount	276,516
Fair value of liabilities	276,516
Borrowings from the FHLB
Liabilities:
Outstanding Face Amount	288,000		1,073,500
Fair value of liabilities	289,091		1,080,354
Senior unsecured notes
Liabilities:
Outstanding Face Amount	1,612,299		1,166,201
Fair value of liabilities	1,607,930		1,208,860
CMBS
Assets:
Outstanding Face Amount	11,523		12,121
Fair value of assets	11,074		11,608
CMBS interest-only
Assets:
Outstanding Face Amount	10,566		11,099
Fair value of assets	675		804
Provision for current expected credit losses	(20)
Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Outstanding Face Amount	2,365,204		3,277,597
Fair value of assets	2,328,441		3,273,219
Mortgage loan  receivables held for sale
Assets:
Outstanding Face Amount	30,478		122,748
Fair value of assets	32,082		124,989
FHLB stock
Assets:
Outstanding Face Amount	31,000		61,619
Fair value of assets	31,000		61,619
Level 1
Assets:
Fair value of assets	0		0
Provision for current expected credit 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 | Revolving Credit Facility
Liabilities:
Fair value of liabilities	0
Level 1 | Mortgage loan financing
Liabilities:
Fair value of liabilities	0		0
Level 1 | Secured Financing Facility
Liabilities:
Fair value of liabilities	0
Level 1 | CLO debt
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 | Total 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 current expected credit 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 | Revolving Credit Facility
Liabilities:
Fair value of liabilities	0
Level 2 | Mortgage loan financing
Liabilities:
Fair value of liabilities	0		0
Level 2 | Secured Financing Facility
Liabilities:
Fair value of liabilities	0
Level 2 | CLO debt
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 | Total 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	2,361,745		3,451,739
Provision for current expected credit losses	(41,507)		(20,500)
Liabilities:
Fair value of liabilities	4,239,855		4,943,914
Level 3 | Repurchase agreements - short-term
Liabilities:
Fair value of liabilities	708,833		1,781,253
Level 3 | Repurchase agreements - long-term
Liabilities:
Fair value of liabilities	112,004		34,681
Level 3 | Revolving Credit Facility
Liabilities:
Fair value of liabilities	266,430
Level 3 | Mortgage loan financing
Liabilities:
Fair value of liabilities	786,405		838,766
Level 3 | Secured Financing Facility
Liabilities:
Fair value of liabilities	192,646
Level 3 | CLO debt
Liabilities:
Fair value of liabilities	276,516
Level 3 | Borrowings from the FHLB
Liabilities:
Fair value of liabilities	289,091		1,080,354
Level 3 | Senior unsecured notes
Liabilities:
Fair value of liabilities	1,607,930		1,208,860
Level 3 | CMBS
Assets:
Fair value of assets	11,074		11,608
Level 3 | CMBS interest-only
Assets:
Fair value of assets	675		804
Provision for current expected credit losses	(20)
Level 3 | Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Fair value of assets	2,328,441		3,273,219
Level 3 | Mortgage loan  receivables held for sale
Assets:
Fair value of assets	32,082		124,989
Level 3 | FHLB stock
Assets:
Fair value of assets	31,000		61,619
Recurring
Assets:
Fair value of assets	1,046,869		1,709,586
Recurring | Nonhedge derivatives
Liabilities:
Nonhedge derivative liabilities			69,571
Fair value of liabilities			0
Recurring | CMBS
Assets:
Outstanding Face Amount	1,003,998		1,628,476
Fair value of assets	992,227		1,632,714
Recurring | CMBS interest-only
Assets:
Outstanding Face Amount	1,487,616		1,548,061
Fair value of assets	21,538		28,342
Recurring | GNMA interest-only
Assets:
Outstanding Face Amount	75,350		109,783
Fair value of assets	1,001		1,851
Recurring | Agency securities
Assets:
Outstanding Face Amount	586		629
Fair value of assets	605		637
Recurring | GNMA permanent securities
Assets:
Outstanding Face Amount	30,254		31,461
Fair value of assets	31,199		32,369
Recurring | Equity securities
Assets:
Fair value of assets			12,980
Recurring | Nonhedge derivatives
Assets:
Fair value of assets	299		693
Nonhedge derivative assets	65,600		340,200
Recurring | Level 1
Assets:
Fair value of assets	0		12,980
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 | Equity securities
Assets:
Fair value of assets			12,980
Recurring | Level 1 | Nonhedge derivatives
Assets:
Fair value of assets	0		0
Recurring | Level 2
Assets:
Fair value of assets	299		693
Recurring | Level 2 | Nonhedge derivatives
Liabilities:
Fair value of liabilities			0
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 | Nonhedge derivatives
Assets:
Fair value of assets	299		693
Recurring | Level 3
Assets:
Fair value of assets	1,046,570		1,695,913
Recurring | Level 3 | Nonhedge derivatives
Liabilities:
Fair value of liabilities			0
Recurring | Level 3 | CMBS
Assets:
Fair value of assets	992,227		1,632,714
Recurring | Level 3 | CMBS interest-only
Assets:
Fair value of assets	21,538		28,342
Recurring | Level 3 | GNMA interest-only
Assets:
Fair value of assets	1,001		1,851
Recurring | Level 3 | Agency securities
Assets:
Fair value of assets	605		637
Recurring | Level 3 | GNMA permanent securities
Assets:
Fair value of assets	31,199		32,369
Recurring | Level 3 | Nonhedge derivatives
Assets:
Fair value of assets	$ 0		$ 0

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Changes in Level 3 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,695,913	$ 1,398,576
Transfer from level 2	0	0
Purchases	439,735	1,627,063
Sales	(917,372)	(850,513)
Paydowns/maturities	(135,343)	(491,790)
Amortization of premium/discount	(8,073)	(12,185)
Unrealized gain/(loss)	(14,896)	10,014
Realized gain/(loss) on sale	(13,396)	14,748
Ending balance	$ 1,046,568	$ 1,695,913

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Quantitative Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 1,058,318	$ 1,708,325
CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	1,003,301	1,644,322
CMBS interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	22,213	29,146
GNMA interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	1,000	1,851
Agency securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	605	637
GNMA permanent securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 31,199	$ 32,369
Level 3 | CMBS | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	0 years	0 years
Level 3 | CMBS | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	2 years 8 months 4 days	1 year 7 months 17 days
Level 3 | CMBS | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	5 years 9 months 25 days	6 years 10 months 13 days
Level 3 | CMBS interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	1 month 13 days	3 months 3 days
Level 3 | CMBS interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	2 years 2 months 23 days	2 years 5 months 19 days
Level 3 | CMBS interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	3 years 1 month 24 days	3 years 6 months 3 days
Level 3 | GNMA interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	0 years	10 months 6 days
Level 3 | GNMA interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	2 years 9 months 18 days	2 years 10 months 24 days
Level 3 | GNMA interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	6 years 9 months 14 days	13 years 8 months 8 days
Level 3 | Agency securities | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	0 years	0 years
Level 3 | Agency securities | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	1 year 2 months 23 days	2 years 3 months 18 days
Level 3 | Agency securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	1 year 5 months 8 days	2 years 11 months 1 day
Level 3 | GNMA permanent securities | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	1 year 6 months 25 days	2 years 7 months 6 days
Level 3 | GNMA permanent securities | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	9 years 8 months 26 days	3 years 7 months 9 days
Level 3 | GNMA permanent securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	14 years 6 months 25 days	6 years 5 months 26 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	0.0209	0.0311
Level 3 | Yield | CMBS | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.2385	0.1992
Level 3 | Yield | CMBS interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.01	0.0157
Level 3 | Yield | CMBS interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0251	0.0393
Level 3 | Yield | CMBS interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0994	0.0762
Level 3 | Yield | GNMA interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	(0.0482)
Level 3 | Yield | GNMA interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0793	0.1513
Level 3 | Yield | GNMA interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.3582	0.445
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	0.1131	0.017
Level 3 | Yield | Agency securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.72	0.0216
Level 3 | Yield | GNMA permanent securities | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0.5656
Level 3 | Yield | GNMA permanent securities | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0299	1.6679
Level 3 | Yield | GNMA permanent securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0347	4.10
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	97.24
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	17.78	12.36
Level 3 | Prepayment speed | GNMA interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	35	35
Level 3 | Internal Model Third Party Inputs Valuation Technique
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 1,046,568	$ 1,695,913
Recurring | Internal Model Third Party Inputs Valuation Technique | CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0156	0.0308
Duration	2 years 3 days	2 years 4 months 28 days
Recurring | Internal Model Third Party Inputs Valuation Technique | CMBS interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0353	0.0304
Duration	2 years 2 months 8 days	2 years 6 months 10 days
Recurring | Internal Model Third Party Inputs Valuation Technique | GNMA interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0506	0.0459
Duration	3 years 7 months 2 days	2 years 9 months 7 days
Recurring | Internal Model Third Party Inputs Valuation Technique | Agency securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0164	0.0173
Duration	1 year 3 months 3 days	1 year 9 months 29 days
Recurring | Internal Model Third Party Inputs Valuation Technique | GNMA permanent securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0349	0.0317
Duration	1 year 11 months 23 days	1 year 11 months 4 days
Recurring | Level 3 | Internal Model Third Party Inputs Valuation Technique | CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 992,226	$ 1,632,714
Recurring | Level 3 | Internal Model Third Party Inputs Valuation Technique | CMBS interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	21,537	28,342
Recurring | Level 3 | Internal Model Third Party Inputs Valuation Technique | GNMA interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	1,001	1,851
Recurring | Level 3 | Internal Model Third Party Inputs Valuation Technique | Agency securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	605	637
Recurring | Level 3 | Internal Model Third Party Inputs Valuation Technique | GNMA permanent securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 31,199	$ 32,369

INCOME TAXES - Components of th

INCOME TAXES - Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current expense (benefit)
U.S. federal									$ (8,087)	$ (1,772)	$ 7,099
State and local									(1,796)	(396)	7,068
Total current expense (benefit)									(9,883)	(2,168)	14,167
Deferred expense (benefit)
U.S. federal									119	3,824	(5,115)
State and local									(25)	990	(2,409)
Total deferred expense (benefit)									94	4,814	(7,524)
Income tax expense (benefit)	$ (4,712)	$ 14	$ (550)	$ (4,541)	$ 2,169	$ 1,112	$ 2,219	$ (2,854)	$ (9,789)	$ 2,646	$ 6,643

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2019	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2019
Income Tax Contingency [Line Items]
Deferred tax liabilities		$ (9,218)		$ (4,671)
Deferred tax asset related to capital losses		5,700		6,700
Income tax expense (benefit)		3,300	$ 3,300
Fees and other income	$ 2,500
Unlimited carryforwards		$ 22,800
Percentage of applicable cash saving in income tax distributable to specified unitholders		85.00%
Other assets
Income Tax Contingency [Line Items]
Deferred tax liabilities		$ (2,000)		(2,100)
Amount Payable Pursuant to Tax Receivable Agreement
Income Tax Contingency [Line Items]
Amount payable pursuant to Tax Receivable Agreement		900		1,600
Accrued Liabilities
Income Tax Contingency [Line Items]
Liability for unrecognized tax benefits for uncertain income tax positions		$ 700		$ 200

INCOME TAXES - Tax Rate Reconci

INCOME TAXES - Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
US statutory tax rate	21.00%	21.00%	21.00%
REIT income not subject to corporate income tax	65.98%	(21.89%)	(18.86%)
Increase due to state and local taxes	9.85%	(0.25%)	2.44%
Change in valuation allowance	6.91%	3.26%	(1.64%)
Offshore non-taxable income	(41.96%)	(0.24%)	0.00%
UTP released	(2.54%)	(0.46%)	0.00%
Section 163 (j) interest expense limitation	(0.0712)	0	0
REIT Income Taxes	(2.59%)	0.00%	0.00%
Return to Provision	(1.25%)	0.00%	0.00%
Net operating loss carryback benefit	4.54%	0.00%	0.00%
Other	(1.96%)	0.45%	(0.03%)
Effective income tax rate	50.86%	1.87%	2.91%
Income tax expense (benefit)	$ 3.3		$ 3.3

INCOME TAXES - Components of De

INCOME TAXES - Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Basis difference in operating partnerships	$ 6,222	$ 246
Net unrealized losses	986	1,440
Capital losses carryforward	5,664	6,717
Valuation allowance	(5,664)	(6,717)
Interest expense limitation	1,370	846
Valuation Allowance	(1,370)	0
Total Deferred Tax Assets	$ 7,208	$ 2,532

INCOME TAXES - Components of _2

INCOME TAXES - Components of Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Basis difference in operating partnerships	$ 9,218	$ 4,671
Total Deferred Tax Liability	$ 9,218	$ 4,671

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	Jun. 22, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 18, 2016
Related Party Transaction [Line Items]
Realized loss on investment		$ 1,100,000	$ 200,000	$ 100,000
Affiliated Entity
Related Party Transaction [Line Items]
Investment in mutual fund					$ 10,000,000
Realized loss on investment	$ (700,000)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2019
Unfunded Loan Commitments
Operating lease liability	$ 1.3
Operating lease, right-of-use asset	1.3
Tenant reimbursements	$ 5.5	$ 6.4	$ 9.7
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilities
Provision for loan losses
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment	$ 148.8	$ 286.5
Unfunded commitments of mortgage loan receivables held for investment, additional funds	63.00%
Accounting Standards Update 2016-02
Unfunded Loan Commitments
Operating lease liability				$ 3.5
Operating lease, right-of-use asset				$ 3.3

SEGMENT REPORTING - Additional

SEGMENT REPORTING - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020segment
Segment Reporting [Abstract]
Number of reportable segments	3

SEGMENT REPORTING - Schedule of

SEGMENT REPORTING - Schedule of Segments (Details) - USD ($)		May 01, 2019	Feb. 06, 2019	Jun. 30, 2020	Dec. 31, 2020		Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019		Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
Income Statement [Abstract]
Interest income					$ 50,543,000		$ 54,621,000	$ 62,096,000	$ 72,589,000	$ 76,196,000		$ 82,251,000	$ 85,322,000	$ 86,466,000	$ 239,849,000		$ 330,235,000		$ 344,816,000
Interest expense															(227,474,000)		(204,353,000)		(194,291,000)
Net interest income (expense)															12,375,000		125,882,000		150,525,000
(Provision) benefit for loan losses															(18,275,000)		(2,600,000)		(13,900,000)
Net interest income (expense) after provision for (release of) loan losses					4,359,000		735,000	(5,600,000)	(5,393,000)	24,857,000		30,854,000	32,653,000	34,918,000	(5,900,000)		123,282,000		136,625,000
Operating lease income		$ 3,900,000													100,248,000		106,366,000		106,177,000
Sale of loans, net															(1,571,000)		54,758,000		16,511,000
Realized gain (loss) on securities															(12,410,000)		14,911,000		(5,808,000)
Unrealized gain (loss) on equity securities															(132,000)		1,737,000		(1,605,000)
Unrealized gain (loss) on Agency interest-only securities															263,000		84,000		555,000
Realized gain (loss) on sale of real estate, net				$ 0											32,102,000		1,392,000		95,881,000
Impairment of real estate														1,400,000	0		1,350,000		0
Fee and other income															12,654,000		24,403,000		26,285,000
Net result from derivative transactions															(15,270,000)		(30,011,000)		15,926,000
Earnings (loss) from investment in unconsolidated joint ventures															1,821,000		3,432,000		790,000
Gain (loss) on extinguishment/defeasance of debt			$ (1,100,000)												22,250,000		(1,070,000)		(4,392,000)
Total other income (loss)															139,955,000		174,652,000		250,320,000
Salaries and employee benefits															(58,101,000)		(67,768,000)		(60,117,000)
Operating expenses															(20,294,000)		(22,595,000)		(21,696,000)
Real estate operating expenses															(28,584,000)		(23,323,000)		(29,799,000)
Fee expense															(7,244,000)		(6,090,000)		(5,055,000)
Depreciation and amortization		$ (400,000)													(39,079,000)		(38,511,000)		(41,959,000)
Total costs and expenses					(47,889,000)		(32,149,000)	(31,052,000)	(42,211,000)	(36,839,000)		(36,989,000)	(38,069,000)	(46,390,000)	(153,302,000)		(158,287,000)		(158,626,000)
Income tax (expense) benefit					4,712,000		(14,000)	550,000	4,541,000	(2,169,000)		(1,112,000)	(2,219,000)	2,854,000	9,789,000		(2,646,000)		(6,643,000)
Net income (loss)					(11,583,000)		$ 21,382,000	$ (5,193,000)	$ (14,061,000)	45,450,000		$ 30,948,000	$ 36,072,000	$ 24,531,000	(9,458,000)		137,001,000		221,676,000
Total assets					5,881,229,000	[1]				6,669,152,000	[1]				5,881,229,000	[1]	6,669,152,000	[1]	6,272,872,000
Investment in unconsolidated joint ventures	[1]				46,253,000					48,433,000					46,253,000		48,433,000
Investment in FHLB stock	[1]				31,000,000					61,619,000					31,000,000		61,619,000
Operating Segment
Income Statement [Abstract]
Investment in unconsolidated joint ventures					46,300,000					48,400,000					46,300,000		48,400,000
Operating Segment | Loans
Income Statement [Abstract]
Interest income															205,640,000		270,239,000		310,149,000
Interest expense															(48,084,000)		(50,293,000)		(62,474,000)
Net interest income (expense)															157,556,000		219,946,000		247,675,000
(Provision) benefit for loan losses															(18,277,000)		(2,600,000)		(13,900,000)
Net interest income (expense) after provision for (release of) loan losses															139,279,000		217,346,000		233,775,000
Operating lease income															0		0		0
Sale of loans, net															(1,571,000)		54,758,000		16,511,000
Realized gain (loss) on securities															0		0		0
Unrealized gain (loss) on equity securities															0		0		0
Unrealized gain (loss) on Agency interest-only securities															0		0		0
Realized gain (loss) on sale of real estate, net															0		0		0
Impairment of real estate																	0
Fee and other income															9,142,000		19,188,000		16,490,000
Net result from derivative transactions															(11,264,000)		(16,160,000)		10,467,000
Earnings (loss) from investment in unconsolidated joint ventures															0		0		0
Gain (loss) on extinguishment/defeasance of debt															0		0		(69,000)
Total other income (loss)															(3,693,000)		57,786,000		43,399,000
Salaries and employee benefits															0		0		0
Operating expenses															3,000		0		0
Real estate operating expenses															0		0		0
Fee expense															(6,124,000)		(4,602,000)		(4,040,000)
Depreciation and amortization															0		0		0
Total costs and expenses															(6,121,000)		(4,602,000)		(4,040,000)
Income tax (expense) benefit															0		0		0
Net income (loss)															129,465,000		270,530,000		273,134,000
Total assets					2,343,070,000					3,358,861,000					2,343,070,000		3,358,861,000		3,482,929,000
Operating Segment | Securities
Income Statement [Abstract]
Interest income															32,904,000		58,880,000		34,217,000
Interest expense															(21,554,000)		(19,248,000)		(4,617,000)
Net interest income (expense)															11,349,000		39,632,000		29,600,000
(Provision) benefit for loan losses															2,000		0		0
Net interest income (expense) after provision for (release of) loan losses															11,351,000		39,632,000		29,600,000
Operating lease income															0		0		0
Sale of loans, net															0		0		0
Realized gain (loss) on securities															(12,410,000)		14,911,000		(5,808,000)
Unrealized gain (loss) on equity securities															(132,000)		1,737,000		(1,605,000)
Unrealized gain (loss) on Agency interest-only securities															263,000		84,000		555,000
Realized gain (loss) on sale of real estate, net															0		0		0
Impairment of real estate																	0
Fee and other income															403,000		1,592,000		0
Net result from derivative transactions															(4,006,000)		(13,851,000)		5,459,000
Earnings (loss) from investment in unconsolidated joint ventures															0		0		0
Gain (loss) on extinguishment/defeasance of debt															0		0		0
Total other income (loss)															(15,882,000)		4,473,000		(1,399,000)
Salaries and employee benefits															0		0		0
Operating expenses															0		0		0
Real estate operating expenses															0		0		0
Fee expense															(236,000)		(350,000)		(398,000)
Depreciation and amortization															0		0		0
Total costs and expenses															(236,000)		(350,000)		(398,000)
Income tax (expense) benefit															0		0		0
Net income (loss)															(4,767,000)		43,755,000		27,803,000
Total assets					1,058,298,000					1,721,305,000					1,058,298,000		1,721,305,000		1,410,126,000
Operating Segment | Real Estate
Income Statement [Abstract]
Interest income															13,000		32,000		24,000
Interest expense															(39,396,000)		(37,226,000)		(34,739,000)
Net interest income (expense)															(39,383,000)		(37,194,000)		(34,715,000)
(Provision) benefit for loan losses															0		0		0
Net interest income (expense) after provision for (release of) loan losses															(39,383,000)		(37,194,000)		(34,715,000)
Operating lease income															100,248,000		106,366,000		106,177,000
Sale of loans, net															0		0		0
Realized gain (loss) on securities															0		0		0
Unrealized gain (loss) on equity securities															0		0		0
Unrealized gain (loss) on Agency interest-only securities															0		0		0
Realized gain (loss) on sale of real estate, net															32,102,000		1,392,000		95,881,000
Impairment of real estate																	1,350,000
Fee and other income															25,000		8,000		3,416,000
Net result from derivative transactions															0		0		0
Earnings (loss) from investment in unconsolidated joint ventures															1,821,000		3,432,000		790,000
Gain (loss) on extinguishment/defeasance of debt															0		(1,070,000)		(4,323,000)
Total other income (loss)															134,196,000		108,778,000		201,941,000
Salaries and employee benefits															0		0		0
Operating expenses															0		0		0
Real estate operating expenses															(28,584,000)		(23,323,000)		(29,799,000)
Fee expense															(884,000)		(1,138,000)		(617,000)
Depreciation and amortization															(38,980,000)		(38,412,000)		(41,884,000)
Total costs and expenses															(68,448,000)		(62,873,000)		(72,300,000)
Income tax (expense) benefit															0		0		0
Net income (loss)															26,365,000		8,711,000		94,926,000
Total assets					1,031,557,000					1,096,514,000					1,031,557,000		1,096,514,000		1,038,376,000
Corporate/Other
Income Statement [Abstract]
Interest income															1,293,000		1,084,000		426,000
Interest expense															(118,440,000)		(97,586,000)		(92,461,000)
Net interest income (expense)															(117,148,000)		(96,502,000)		(92,035,000)
(Provision) benefit for loan losses															0		0		0
Net interest income (expense) after provision for (release of) loan losses															(117,148,000)		(96,502,000)		(92,035,000)
Operating lease income															0		0		0
Sale of loans, net															0		0		0
Realized gain (loss) on securities															0		0		0
Unrealized gain (loss) on equity securities															0		0		0
Unrealized gain (loss) on Agency interest-only securities															0		0		0
Realized gain (loss) on sale of real estate, net															0		0		0
Impairment of real estate																	0
Fee and other income															3,084,000		3,615,000		6,379,000
Net result from derivative transactions															0		0		0
Earnings (loss) from investment in unconsolidated joint ventures															0		0		0
Gain (loss) on extinguishment/defeasance of debt															22,250,000		0		0
Total other income (loss)															25,334,000		3,615,000		6,379,000
Salaries and employee benefits															(58,101,000)		(67,768,000)		(60,117,000)
Operating expenses															(20,297,000)		(22,595,000)		(21,696,000)
Real estate operating expenses																	0
Fee expense															0		0		0
Depreciation and amortization															(99,000)		(99,000)		(75,000)
Total costs and expenses															(78,497,000)		(90,462,000)		(81,888,000)
Income tax (expense) benefit															9,789,000		(2,646,000)		(6,643,000)
Net income (loss)															(160,522,000)		(185,995,000)		(174,187,000)
Total assets					1,448,303,000					492,472,000					1,448,303,000		492,472,000		$ 341,441,000
Investment in FHLB stock					31,000,000					61,600,000					31,000,000		61,600,000
Corporate/Other | Senior Unsecured Notes
Income Statement [Abstract]
Senior notes					$ 1,600,000,000					$ 1,200,000,000					$ 1,600,000,000		$ 1,200,000,000
[1]	Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.

QUARTERLY FINANCIAL INFORMATI_3

QUARTERLY FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 15, 2020	Aug. 31, 2020	May 28, 2020	Feb. 27, 2020	Nov. 26, 2019	Aug. 22, 2019	May 30, 2019	Feb. 27, 2019	Jan. 24, 2019	Nov. 01, 2018	Oct. 30, 2018	Sep. 05, 2018	May 30, 2018	Feb. 27, 2018	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Interest income															$ 50,543	$ 54,621	$ 62,096	$ 72,589	$ 76,196	$ 82,251	$ 85,322	$ 86,466	$ 239,849	$ 330,235	$ 344,816
Net interest income after provision for (release of) loan reserves															4,359	735	(5,600)	(5,393)	24,857	30,854	32,653	34,918	(5,900)	123,282	136,625
Other income (loss)															27,235	52,810	30,909	29,002	59,601	38,195	43,708	33,148
Total expenses															47,889	32,149	31,052	42,211	36,839	36,989	38,069	46,390	153,302	158,287	158,626
Income (loss) before taxes															(16,295)	21,396	(5,743)	(18,602)	47,619	32,060	38,291	21,677	(19,247)	139,647	228,319
Income tax expense (benefit)															(4,712)	14	(550)	(4,541)	2,169	1,112	2,219	(2,854)	(9,789)	2,646	6,643
Net income (loss)															(11,583)	21,382	(5,193)	(14,061)	45,450	30,948	36,072	24,531	(9,458)	137,001	221,676
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures															(127)	(4,149)	250	(1,519)	4	(64)	307	447	(5,544)	694	(15,864)
Net (income) loss attributable to noncontrolling interest in operating partnership															$ (4)	$ (45)	$ 754	$ (148)	$ (4,804)	$ (3,308)	$ (4,136)	$ (2,802)	$ 557	$ (15,050)	$ (25,797)
Earnings Per Share, Basic and Diluted [Abstract]
Basic (in dollars per share)															$ (0.10)	$ 0.15	$ (0.04)	$ (0.15)	$ 0.38	$ 0.26	$ 0.31	$ 0.21	$ (0.13)	$ 1.16	$ 1.85
Diluted (in dollars per share)															$ (0.10)	$ 0.14	$ (0.04)	$ (0.15)	$ 0.37	$ 0.26	$ 0.30	$ 0.21	$ (0.13)	$ 1.15	$ 1.84
Class A Common Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss) attributable to Class A common shareholders															$ (11,714)	$ 17,188	$ (4,189)	$ (15,728)	$ 40,650	$ 27,577	$ 32,242	$ 22,175	$ (14,445)	$ 122,645	$ 180,015
Earnings Per Share, Basic and Diluted [Abstract]
Basic (in dollars per share)																							$ (0.13)	$ 1.16	$ 1.85
Diluted (in dollars per share)																							(0.13)	1.15	1.84
Dividends per share of Class A common stock (in dollars per share)	$ 0.200	$ 0.200	$ 0.200	$ 0.340	$ 0.340	$ 0.340	$ 0.340	$ 0.340	$ 0.570	$ 0.570	$ 0.570	$ 0.325	$ 0.325	$ 0.315	$ 0.200	$ 0.200	$ 0.200	$ 0.340	$ 0.340	$ 0.340	$ 0.340	$ 0.340	$ 0.940	$ 1.360	$ 1.535

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event	Jan. 27, 2021USD ($)
Subsequent Event [Line Items]
Notes offering	$ 400,000,000
Senior Notes Due 2021 | Senior Notes
Subsequent Event [Line Items]
Stated interest rate on debt instrument	5.875%
Redemption of long-term debt	$ 150,900,000

Schedule III-Real Estate and _2

Schedule III-Real Estate and Accumulated Depreciation Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 766,064
Initial Cost to Company
Land	222,683
Building	819,304
Intangibles	159,778
Costs Capitalized Subsequent to Acquisition	34,118
Land	220,511
Building	838,542
Intangibles	157,178
Total	1,216,231	$ 1,254,163	$ 1,171,960	$ 1,193,104
Accumulated Depreciation and Amortization	(230,925)	$ (206,082)	$ (173,938)	$ (161,063)
Aggregate cost for U.S. Federal Income Tax Purposes	900,000
Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	515,740
Initial Cost to Company
Land	115,078
Building	550,290
Intangibles	117,112
Costs Capitalized Subsequent to Acquisition	8,991
Land	115,078
Building	559,287
Intangibles	117,109
Total	791,474
Accumulated Depreciation and Amortization	(151,840)
Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	250,324
Initial Cost to Company
Land	107,605
Building	269,014
Intangibles	42,666
Costs Capitalized Subsequent to Acquisition	25,127
Land	105,433
Building	279,255
Intangibles	40,069
Total	424,757
Accumulated Depreciation and Amortization	(79,085)
Newburgh, IN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company
Land	126
Building	954
Intangibles	178
Costs Capitalized Subsequent to Acquisition	0
Land	126
Building	954
Intangibles	178
Total	1,258
Accumulated Depreciation and Amortization	$ (6)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Little Falls, MN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 870
Initial Cost to Company
Land	199
Building	783
Intangibles	249
Costs Capitalized Subsequent to Acquisition	0
Land	199
Building	783
Intangibles	249
Total	1,231
Accumulated Depreciation and Amortization	$ (23)
Life on which Depreciation in Latest Statement of Income is Computed	55 years
Newburgh, IN 1 | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 929
Initial Cost to Company
Land	213
Building	873
Intangibles	220
Costs Capitalized Subsequent to Acquisition	0
Land	213
Building	873
Intangibles	220
Total	1,306
Accumulated Depreciation and Amortization	$ (25)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Isanti, MN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,016
Initial Cost to Company
Land	249
Building	894
Intangibles	297
Costs Capitalized Subsequent to Acquisition	0
Land	249
Building	894
Intangibles	297
Total	1,440
Accumulated Depreciation and Amortization	$ (24)
Life on which Depreciation in Latest Statement of Income is Computed	55 years
Waterloo, IA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 875
Initial Cost to Company
Land	130
Building	896
Intangibles	214
Costs Capitalized Subsequent to Acquisition	0
Land	130
Building	896
Intangibles	214
Total	1,240
Accumulated Depreciation and Amortization	$ (29)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Sioux City, IA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 933
Initial Cost to Company
Land	220
Building	876
Intangibles	222
Costs Capitalized Subsequent to Acquisition	0
Land	220
Building	876
Intangibles	222
Total	1,318
Accumulated Depreciation and Amortization	$ (29)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Wardsville, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 984
Initial Cost to Company
Land	257
Building	919
Intangibles	202
Costs Capitalized Subsequent to Acquisition	0
Land	257
Building	919
Intangibles	202
Total	1,378
Accumulated Depreciation and Amortization	$ (36)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Kincheloe, MI | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 892
Initial Cost to Company
Land	58
Building	939
Intangibles	229
Costs Capitalized Subsequent to Acquisition	0
Land	58
Building	939
Intangibles	229
Total	1,226
Accumulated Depreciation and Amortization	$ (36)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Clinton, IN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,041
Initial Cost to Company
Land	269
Building	954
Intangibles	204
Costs Capitalized Subsequent to Acquisition	0
Land	269
Building	954
Intangibles	204
Total	1,427
Accumulated Depreciation and Amortization	$ (35)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Saginaw, MI | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 956
Initial Cost to Company
Land	96
Building	1,014
Intangibles	210
Costs Capitalized Subsequent to Acquisition	0
Land	96
Building	1,014
Intangibles	210
Total	1,320
Accumulated Depreciation and Amortization	$ (44)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Rolla, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 944
Initial Cost to Company
Land	110
Building	1,011
Intangibles	188
Costs Capitalized Subsequent to Acquisition	0
Land	110
Building	1,011
Intangibles	188
Total	1,309
Accumulated Depreciation and Amortization	$ (44)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Sullivan, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,178
Initial Cost to Company
Land	340
Building	981
Intangibles	257
Costs Capitalized Subsequent to Acquisition	0
Land	340
Building	981
Intangibles	257
Total	1,578
Accumulated Depreciation and Amortization	$ (41)
Life on which Depreciation in Latest Statement of Income is Computed	50 years
Becker, MN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 942
Initial Cost to Company
Land	136
Building	922
Intangibles	188
Costs Capitalized Subsequent to Acquisition	0
Land	136
Building	922
Intangibles	188
Total	1,246
Accumulated Depreciation and Amortization	$ (38)
Life on which Depreciation in Latest Statement of Income is Computed	55 years
Adrian, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 861
Initial Cost to Company
Land	136
Building	884
Intangibles	191
Costs Capitalized Subsequent to Acquisition	0
Land	136
Building	884
Intangibles	191
Total	1,211
Accumulated Depreciation and Amortization	$ (39)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Chilicothe, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,027
Initial Cost to Company
Land	227
Building	1,047
Intangibles	245
Costs Capitalized Subsequent to Acquisition	0
Land	227
Building	1,047
Intangibles	245
Total	1,519
Accumulated Depreciation and Amortization	$ (46)
Life on which Depreciation in Latest Statement of Income is Computed	50 years
Poseyville, IN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 871
Initial Cost to Company
Land	160
Building	947
Intangibles	194
Costs Capitalized Subsequent to Acquisition	0
Land	160
Building	947
Intangibles	194
Total	1,301
Accumulated Depreciation and Amortization	$ (43)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Dexter, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 880
Initial Cost to Company
Land	141
Building	890
Intangibles	177
Costs Capitalized Subsequent to Acquisition	0
Land	141
Building	890
Intangibles	177
Total	1,208
Accumulated Depreciation and Amortization	$ (45)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Hubbard Lake, MI | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 921
Initial Cost to Company
Land	40
Building	1,017
Intangibles	203
Costs Capitalized Subsequent to Acquisition	0
Land	40
Building	1,017
Intangibles	203
Total	1,260
Accumulated Depreciation and Amortization	$ (52)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Fayette, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,092
Initial Cost to Company
Land	107
Building	1,168
Intangibles	219
Costs Capitalized Subsequent to Acquisition	0
Land	107
Building	1,168
Intangibles	219
Total	1,494
Accumulated Depreciation and Amortization	$ (61)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Centralia, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 949
Initial Cost to Company
Land	200
Building	913
Intangibles	193
Costs Capitalized Subsequent to Acquisition	0
Land	200
Building	913
Intangibles	193
Total	1,306
Accumulated Depreciation and Amortization	$ (58)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Trenton, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 892
Initial Cost to Company
Land	396
Building	628
Intangibles	202
Costs Capitalized Subsequent to Acquisition	0
Land	396
Building	628
Intangibles	202
Total	1,226
Accumulated Depreciation and Amortization	$ (61)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Houghton Lake, MI | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 965
Initial Cost to Company
Land	124
Building	939
Intangibles	241
Costs Capitalized Subsequent to Acquisition	0
Land	124
Building	939
Intangibles	241
Total	1,304
Accumulated Depreciation and Amortization	$ (64)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Pelican Rapids, MN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 917
Initial Cost to Company
Land	78
Building	1,016
Intangibles	169
Costs Capitalized Subsequent to Acquisition	0
Land	78
Building	1,016
Intangibles	169
Total	1,263
Accumulated Depreciation and Amortization	$ (90)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Carthage, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 845
Initial Cost to Company
Land	225
Building	766
Intangibles	176
Costs Capitalized Subsequent to Acquisition	0
Land	225
Building	766
Intangibles	176
Total	1,167
Accumulated Depreciation and Amortization	$ (58)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Bolivar, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 894
Initial Cost to Company
Land	186
Building	876
Intangibles	182
Costs Capitalized Subsequent to Acquisition	0
Land	186
Building	876
Intangibles	182
Total	1,244
Accumulated Depreciation and Amortization	$ (65)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Pinconning, MI | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 949
Initial Cost to Company
Land	167
Building	905
Intangibles	221
Costs Capitalized Subsequent to Acquisition	0
Land	167
Building	905
Intangibles	221
Total	1,293
Accumulated Depreciation and Amortization	$ (61)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
New Hampton, IA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,014
Initial Cost to Company
Land	177
Building	1,111
Intangibles	187
Costs Capitalized Subsequent to Acquisition	0
Land	177
Building	1,111
Intangibles	187
Total	1,475
Accumulated Depreciation and Amortization	$ (92)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Ogden, IA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 857
Initial Cost to Company
Land	107
Building	931
Intangibles	153
Costs Capitalized Subsequent to Acquisition	0
Land	107
Building	931
Intangibles	153
Total	1,191
Accumulated Depreciation and Amortization	$ (84)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Wonder Lake, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 941
Initial Cost to Company
Land	221
Building	888
Intangibles	214
Costs Capitalized Subsequent to Acquisition	0
Land	221
Building	888
Intangibles	214
Total	1,323
Accumulated Depreciation and Amortization	$ (95)
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Moscow Mills, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 990
Initial Cost to Company
Land	161
Building	945
Intangibles	203
Costs Capitalized Subsequent to Acquisition	0
Land	161
Building	945
Intangibles	203
Total	1,309
Accumulated Depreciation and Amortization	$ (92)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Foley, MN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 883
Initial Cost to Company
Land	238
Building	823
Intangibles	172
Costs Capitalized Subsequent to Acquisition	0
Land	238
Building	823
Intangibles	172
Total	1,233
Accumulated Depreciation and Amortization	$ (96)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Kirbyville, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 870
Initial Cost to Company
Land	98
Building	965
Intangibles	155
Costs Capitalized Subsequent to Acquisition	0
Land	98
Building	965
Intangibles	155
Total	1,218
Accumulated Depreciation and Amortization	$ (92)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Gladwin, MI | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 883
Initial Cost to Company
Land	88
Building	951
Intangibles	203
Costs Capitalized Subsequent to Acquisition	0
Land	88
Building	951
Intangibles	203
Total	1,242
Accumulated Depreciation and Amortization	$ (87)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Rockford, MN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 887
Initial Cost to Company
Land	187
Building	850
Intangibles	207
Costs Capitalized Subsequent to Acquisition	0
Land	187
Building	850
Intangibles	207
Total	1,244
Accumulated Depreciation and Amortization	$ (133)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Winterset, IA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 936
Initial Cost to Company
Land	272
Building	830
Intangibles	200
Costs Capitalized Subsequent to Acquisition	0
Land	272
Building	830
Intangibles	200
Total	1,302
Accumulated Depreciation and Amortization	$ (104)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Kawkawlin, MI | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 918
Initial Cost to Company
Land	242
Building	871
Intangibles	179
Costs Capitalized Subsequent to Acquisition	0
Land	242
Building	871
Intangibles	179
Total	1,292
Accumulated Depreciation and Amortization	$ (123)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Aroma Park, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 949
Initial Cost to Company
Land	223
Building	869
Intangibles	164
Costs Capitalized Subsequent to Acquisition	0
Land	223
Building	869
Intangibles	164
Total	1,256
Accumulated Depreciation and Amortization	$ (104)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
East Peoria, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,018
Initial Cost to Company
Land	233
Building	998
Intangibles	161
Costs Capitalized Subsequent to Acquisition	0
Land	233
Building	998
Intangibles	161
Total	1,392
Accumulated Depreciation and Amortization	$ (117)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Milford, IA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 986
Initial Cost to Company
Land	254
Building	883
Intangibles	217
Costs Capitalized Subsequent to Acquisition	0
Land	254
Building	883
Intangibles	217
Total	1,354
Accumulated Depreciation and Amortization	$ (111)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Jefferson City, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 946
Initial Cost to Company
Land	164
Building	966
Intangibles	205
Costs Capitalized Subsequent to Acquisition	0
Land	164
Building	966
Intangibles	205
Total	1,335
Accumulated Depreciation and Amortization	$ (123)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Denver, IA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 900
Initial Cost to Company
Land	198
Building	840
Intangibles	191
Costs Capitalized Subsequent to Acquisition	0
Land	198
Building	840
Intangibles	191
Total	1,229
Accumulated Depreciation and Amortization	$ (120)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Port O'Connor, TX | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 951
Initial Cost to Company
Land	167
Building	937
Intangibles	200
Costs Capitalized Subsequent to Acquisition	0
Land	167
Building	937
Intangibles	200
Total	1,304
Accumulated Depreciation and Amortization	$ (134)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Wabasha, MN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 967
Initial Cost to Company
Land	237
Building	912
Intangibles	214
Costs Capitalized Subsequent to Acquisition	0
Land	237
Building	912
Intangibles	214
Total	1,363
Accumulated Depreciation and Amortization	$ (143)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Jacksonville, FL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 83,112
Initial Cost to Company
Land	13,290
Building	106,601
Intangibles	21,362
Costs Capitalized Subsequent to Acquisition	4,141
Land	13,290
Building	110,741
Intangibles	21,362
Total	145,393
Accumulated Depreciation and Amortization	$ (16,798)
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Shelbyville, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 865
Initial Cost to Company
Land	189
Building	849
Intangibles	199
Costs Capitalized Subsequent to Acquisition	0
Land	189
Building	849
Intangibles	199
Total	1,237
Accumulated Depreciation and Amortization	$ (116)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Jessup, IA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 886
Initial Cost to Company
Land	119
Building	890
Intangibles	191
Costs Capitalized Subsequent to Acquisition	0
Land	119
Building	890
Intangibles	191
Total	1,200
Accumulated Depreciation and Amortization	$ (127)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Hanna City, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 867
Initial Cost to Company
Land	174
Building	925
Intangibles	132
Costs Capitalized Subsequent to Acquisition	0
Land	174
Building	925
Intangibles	132
Total	1,231
Accumulated Depreciation and Amortization	$ (127)
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Ridgedale, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 994
Initial Cost to Company
Land	250
Building	928
Intangibles	187
Costs Capitalized Subsequent to Acquisition	0
Land	250
Building	928
Intangibles	187
Total	1,365
Accumulated Depreciation and Amortization	$ (129)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Peoria, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 906
Initial Cost to Company
Land	209
Building	933
Intangibles	133
Costs Capitalized Subsequent to Acquisition	0
Land	209
Building	933
Intangibles	133
Total	1,275
Accumulated Depreciation and Amortization	$ (138)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Carmi, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,102
Initial Cost to Company
Land	286
Building	916
Intangibles	239
Costs Capitalized Subsequent to Acquisition	0
Land	286
Building	916
Intangibles	239
Total	1,441
Accumulated Depreciation and Amortization	$ (132)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Springfield, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,003
Initial Cost to Company
Land	391
Building	784
Intangibles	227
Costs Capitalized Subsequent to Acquisition	0
Land	393
Building	789
Intangibles	224
Total	1,406
Accumulated Depreciation and Amortization	$ (123)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Fayetteville, NC | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,892
Initial Cost to Company
Land	1,379
Building	3,121
Intangibles	2,472
Costs Capitalized Subsequent to Acquisition	0
Land	1,379
Building	3,121
Intangibles	2,471
Total	6,971
Accumulated Depreciation and Amortization	$ (983)
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Dryden Township, MI | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 913
Initial Cost to Company
Land	178
Building	893
Intangibles	201
Costs Capitalized Subsequent to Acquisition	0
Land	178
Building	899
Intangibles	202
Total	1,279
Accumulated Depreciation and Amortization	$ (133)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Lamar, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 903
Initial Cost to Company
Land	164
Building	903
Intangibles	171
Costs Capitalized Subsequent to Acquisition	0
Land	164
Building	903
Intangibles	171
Total	1,238
Accumulated Depreciation and Amortization	$ (140)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Union, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 946
Initial Cost to Company
Land	267
Building	867
Intangibles	207
Costs Capitalized Subsequent to Acquisition	0
Land	267
Building	867
Intangibles	207
Total	1,341
Accumulated Depreciation and Amortization	$ (150)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Pawnee, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 946
Initial Cost to Company
Land	249
Building	775
Intangibles	206
Costs Capitalized Subsequent to Acquisition	0
Land	249
Building	775
Intangibles	206
Total	1,230
Accumulated Depreciation and Amortization	$ (137)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Linn, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 861
Initial Cost to Company
Land	89
Building	920
Intangibles	183
Costs Capitalized Subsequent to Acquisition	0
Land	89
Building	920
Intangibles	183
Total	1,192
Accumulated Depreciation and Amortization	$ (146)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Cape Girardeau, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,027
Initial Cost to Company
Land	453
Building	702
Intangibles	217
Costs Capitalized Subsequent to Acquisition	0
Land	453
Building	702
Intangibles	217
Total	1,372
Accumulated Depreciation and Amortization	$ (128)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Decatur-Pershing, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,052
Initial Cost to Company
Land	395
Building	924
Intangibles	155
Costs Capitalized Subsequent to Acquisition	0
Land	395
Building	924
Intangibles	155
Total	1,474
Accumulated Depreciation and Amortization	$ (146)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Rantoul, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 925
Initial Cost to Company
Land	100
Building	1,023
Intangibles	178
Costs Capitalized Subsequent to Acquisition	0
Land	100
Building	1,023
Intangibles	178
Total	1,301
Accumulated Depreciation and Amortization	$ (152)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Flora Vista, NM | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,002
Initial Cost to Company
Land	272
Building	864
Intangibles	198
Costs Capitalized Subsequent to Acquisition	0
Land	272
Building	864
Intangibles	198
Total	1,334
Accumulated Depreciation and Amortization	$ (180)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Mountain Grove, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 982
Initial Cost to Company
Land	163
Building	1,026
Intangibles	212
Costs Capitalized Subsequent to Acquisition	0
Land	163
Building	1,026
Intangibles	212
Total	1,401
Accumulated Depreciation and Amortization	$ (168)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Decatur-Sunnyside, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 951
Initial Cost to Company
Land	182
Building	954
Intangibles	139
Costs Capitalized Subsequent to Acquisition	0
Land	182
Building	954
Intangibles	139
Total	1,275
Accumulated Depreciation and Amortization	$ (150)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Champaign, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,017
Initial Cost to Company
Land	365
Building	915
Intangibles	149
Costs Capitalized Subsequent to Acquisition	0
Land	365
Building	915
Intangibles	149
Total	1,429
Accumulated Depreciation and Amortization	$ (140)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
San Antonio, TX | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 892
Initial Cost to Company
Land	252
Building	703
Intangibles	196
Costs Capitalized Subsequent to Acquisition	0
Land	251
Building	702
Intangibles	196
Total	1,149
Accumulated Depreciation and Amortization	$ (143)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Borger, TX | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 788
Initial Cost to Company
Land	68
Building	800
Intangibles	181
Costs Capitalized Subsequent to Acquisition	0
Land	68
Building	800
Intangibles	181
Total	1,049
Accumulated Depreciation and Amortization	$ (143)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Dimmitt, TX | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,057
Initial Cost to Company
Land	86
Building	1,077
Intangibles	236
Costs Capitalized Subsequent to Acquisition	0
Land	85
Building	1,074
Intangibles	236
Total	1,395
Accumulated Depreciation and Amortization	$ (185)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
St. Charles, MN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 966
Initial Cost to Company
Land	200
Building	843
Intangibles	226
Costs Capitalized Subsequent to Acquisition	0
Land	200
Building	843
Intangibles	226
Total	1,269
Accumulated Depreciation and Amortization	$ (183)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Philo, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 929
Initial Cost to Company
Land	160
Building	889
Intangibles	189
Costs Capitalized Subsequent to Acquisition	0
Land	160
Building	889
Intangibles	189
Total	1,238
Accumulated Depreciation and Amortization	$ (141)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Radford, VA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,131
Initial Cost to Company
Land	411
Building	896
Intangibles	256
Costs Capitalized Subsequent to Acquisition	0
Land	411
Building	896
Intangibles	256
Total	1,563
Accumulated Depreciation and Amortization	$ (209)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Rural Retreat, VA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,028
Initial Cost to Company
Land	328
Building	811
Intangibles	260
Costs Capitalized Subsequent to Acquisition	0
Land	328
Building	811
Intangibles	260
Total	1,399
Accumulated Depreciation and Amortization	$ (182)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Albion, PA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,114
Initial Cost to Company
Land	100
Building	1,033
Intangibles	392
Costs Capitalized Subsequent to Acquisition	0
Land	100
Building	1,033
Intangibles	392
Total	1,525
Accumulated Depreciation and Amortization	$ (307)
Life on which Depreciation in Latest Statement of Income is Computed	50 years
Mount Vernon, AL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 935
Initial Cost to Company
Land	187
Building	876
Intangibles	174
Costs Capitalized Subsequent to Acquisition	0
Land	187
Building	876
Intangibles	174
Total	1,237
Accumulated Depreciation and Amortization	$ (176)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Malone, NY | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,081
Initial Cost to Company
Land	183
Building	1,154
Intangibles	137
Costs Capitalized Subsequent to Acquisition	0
Land	183
Building	1,154
Intangibles	137
Total	1,474
Accumulated Depreciation and Amortization	$ (203)
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Mercedes, TX | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 833
Initial Cost to Company
Land	257
Building	874
Intangibles	132
Costs Capitalized Subsequent to Acquisition	0
Land	257
Building	874
Intangibles	132
Total	1,263
Accumulated Depreciation and Amortization	$ (146)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Gordonville, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 771
Initial Cost to Company
Land	247
Building	787
Intangibles	173
Costs Capitalized Subsequent to Acquisition	0
Land	247
Building	787
Intangibles	173
Total	1,207
Accumulated Depreciation and Amortization	$ (148)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Rice, MN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 817
Initial Cost to Company
Land	200
Building	859
Intangibles	184
Costs Capitalized Subsequent to Acquisition	0
Land	200
Building	859
Intangibles	184
Total	1,243
Accumulated Depreciation and Amortization	$ (216)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Bixby, OK | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,955
Initial Cost to Company
Land	2,609
Building	7,776
Intangibles	1,765
Costs Capitalized Subsequent to Acquisition	0
Land	2,609
Building	7,776
Intangibles	1,765
Total	12,150
Accumulated Depreciation and Amortization	$ (1,503)
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Farmington, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 896
Initial Cost to Company
Land	96
Building	1,161
Intangibles	150
Costs Capitalized Subsequent to Acquisition	0
Land	96
Building	1,161
Intangibles	150
Total	1,407
Accumulated Depreciation and Amortization	$ (192)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Grove, OK | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,626
Initial Cost to Company
Land	402
Building	4,364
Intangibles	817
Costs Capitalized Subsequent to Acquisition	0
Land	402
Building	4,364
Intangibles	817
Total	5,583
Accumulated Depreciation and Amortization	$ (886)
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Jenks, OK | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,802
Initial Cost to Company
Land	2,617
Building	8,694
Intangibles	2,107
Costs Capitalized Subsequent to Acquisition	0
Land	2,617
Building	8,694
Intangibles	2,107
Total	13,418
Accumulated Depreciation and Amortization	$ (1,783)
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Bloomington, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 817
Initial Cost to Company
Land	173
Building	984
Intangibles	138
Costs Capitalized Subsequent to Acquisition	0
Land	173
Building	984
Intangibles	138
Total	1,295
Accumulated Depreciation and Amortization	$ (173)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Montrose, MN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 779
Initial Cost to Company
Land	149
Building	876
Intangibles	169
Costs Capitalized Subsequent to Acquisition	0
Land	149
Building	876
Intangibles	169
Total	1,194
Accumulated Depreciation and Amortization	$ (218)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Lincoln County, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 739
Initial Cost to Company
Land	149
Building	800
Intangibles	188
Costs Capitalized Subsequent to Acquisition	0
Land	149
Building	800
Intangibles	188
Total	1,137
Accumulated Depreciation and Amortization	$ (152)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Wilmington, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 902
Initial Cost to Company
Land	161
Building	1,078
Intangibles	160
Costs Capitalized Subsequent to Acquisition	0
Land	161
Building	1,078
Intangibles	160
Total	1,399
Accumulated Depreciation and Amortization	$ (188)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Danville, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 739
Initial Cost to Company
Land	158
Building	870
Intangibles	132
Costs Capitalized Subsequent to Acquisition	0
Land	158
Building	870
Intangibles	132
Total	1,160
Accumulated Depreciation and Amortization	$ (144)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Moultrie, GE | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 931
Initial Cost to Company
Land	170
Building	962
Intangibles	173
Costs Capitalized Subsequent to Acquisition	0
Land	170
Building	962
Intangibles	173
Total	1,305
Accumulated Depreciation and Amortization	$ (234)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Rose Hill, NC | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,001
Initial Cost to Company
Land	245
Building	972
Intangibles	203
Costs Capitalized Subsequent to Acquisition	0
Land	245
Building	972
Intangibles	203
Total	1,420
Accumulated Depreciation and Amortization	$ (226)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Rockingham, NC | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 822
Initial Cost to Company
Land	73
Building	922
Intangibles	163
Costs Capitalized Subsequent to Acquisition	0
Land	73
Building	922
Intangibles	163
Total	1,158
Accumulated Depreciation and Amortization	$ (202)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Biscoe, NC | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 861
Initial Cost to Company
Land	147
Building	905
Intangibles	164
Costs Capitalized Subsequent to Acquisition	0
Land	147
Building	905
Intangibles	164
Total	1,216
Accumulated Depreciation and Amortization	$ (206)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
De Soto, IA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 705
Initial Cost to Company
Land	139
Building	796
Intangibles	176
Costs Capitalized Subsequent to Acquisition	0
Land	139
Building	796
Intangibles	176
Total	1,111
Accumulated Depreciation and Amortization	$ (164)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Kerrville, TX | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 768
Initial Cost to Company
Land	186
Building	849
Intangibles	200
Costs Capitalized Subsequent to Acquisition	0
Land	186
Building	849
Intangibles	200
Total	1,235
Accumulated Depreciation and Amortization	$ (204)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Floresville, TX | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 814
Initial Cost to Company
Land	268
Building	828
Intangibles	216
Costs Capitalized Subsequent to Acquisition	0
Land	268
Building	828
Intangibles	216
Total	1,312
Accumulated Depreciation and Amortization	$ (207)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Minot, ND | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,697
Initial Cost to Company
Land	1,856
Building	4,472
Intangibles	618
Costs Capitalized Subsequent to Acquisition	0
Land	1,856
Building	4,472
Intangibles	618
Total	6,946
Accumulated Depreciation and Amortization	$ (812)
Life on which Depreciation in Latest Statement of Income is Computed	38 years
Lebanon, MI | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 820
Initial Cost to Company
Land	359
Building	724
Intangibles	178
Costs Capitalized Subsequent to Acquisition	0
Land	359
Building	724
Intangibles	178
Total	1,261
Accumulated Depreciation and Amortization	$ (145)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Effingham County, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 820
Initial Cost to Company
Land	273
Building	774
Intangibles	205
Costs Capitalized Subsequent to Acquisition	0
Land	273
Building	774
Intangibles	205
Total	1,252
Accumulated Depreciation and Amortization	$ (168)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Ponce, Puerto Rico | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,520
Initial Cost to Company
Land	1,365
Building	6,662
Intangibles	1,318
Costs Capitalized Subsequent to Acquisition	0
Land	1,365
Building	6,662
Intangibles	1,318
Total	9,345
Accumulated Depreciation and Amortization	$ (1,234)
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Tremont, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 787
Initial Cost to Company
Land	164
Building	860
Intangibles	168
Costs Capitalized Subsequent to Acquisition	0
Land	164
Building	860
Intangibles	168
Total	1,192
Accumulated Depreciation and Amortization	$ (180)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Pleasanton, TX | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 863
Initial Cost to Company
Land	311
Building	850
Intangibles	216
Costs Capitalized Subsequent to Acquisition	0
Land	311
Building	850
Intangibles	216
Total	1,377
Accumulated Depreciation and Amortization	$ (209)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Peoria, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 852
Initial Cost to Company
Land	180
Building	934
Intangibles	179
Costs Capitalized Subsequent to Acquisition	0
Land	180
Building	934
Intangibles	179
Total	1,293
Accumulated Depreciation and Amortization	$ (196)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Bridgeport, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 819
Initial Cost to Company
Land	192
Building	874
Intangibles	175
Costs Capitalized Subsequent to Acquisition	0
Land	192
Building	874
Intangibles	175
Total	1,241
Accumulated Depreciation and Amortization	$ (183)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Warren, MN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 697
Initial Cost to Company
Land	108
Building	825
Intangibles	157
Costs Capitalized Subsequent to Acquisition	0
Land	108
Building	825
Intangibles	157
Total	1,090
Accumulated Depreciation and Amortization	$ (209)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Canyon Lake, TX | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 905
Initial Cost to Company
Land	291
Building	932
Intangibles	220
Costs Capitalized Subsequent to Acquisition	0
Land	291
Building	932
Intangibles	220
Total	1,443
Accumulated Depreciation and Amortization	$ (218)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Wheeler, TX | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 714
Initial Cost to Company
Land	53
Building	887
Intangibles	188
Costs Capitalized Subsequent to Acquisition	0
Land	53
Building	887
Intangibles	188
Total	1,128
Accumulated Depreciation and Amortization	$ (207)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Aurora, MN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 627
Initial Cost to Company
Land	126
Building	709
Intangibles	157
Costs Capitalized Subsequent to Acquisition	0
Land	126
Building	709
Intangibles	157
Total	992
Accumulated Depreciation and Amortization	$ (148)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Red Oak, IA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 779
Initial Cost to Company
Land	190
Building	839
Intangibles	179
Costs Capitalized Subsequent to Acquisition	0
Land	190
Building	839
Intangibles	179
Total	1,208
Accumulated Depreciation and Amortization	$ (216)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Zapata, TX | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 747
Initial Cost to Company
Land	62
Building	998
Intangibles	145
Costs Capitalized Subsequent to Acquisition	0
Land	62
Building	998
Intangibles	145
Total	1,205
Accumulated Depreciation and Amortization	$ (269)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
St. Francis, MN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 733
Initial Cost to Company
Land	105
Building	911
Intangibles	163
Costs Capitalized Subsequent to Acquisition	0
Land	105
Building	911
Intangibles	163
Total	1,179
Accumulated Depreciation and Amortization	$ (263)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Yorktown, TX | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 785
Initial Cost to Company
Land	97
Building	1,005
Intangibles	199
Costs Capitalized Subsequent to Acquisition	0
Land	97
Building	1,005
Intangibles	199
Total	1,301
Accumulated Depreciation and Amortization	$ (285)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Battle Lake, MN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 720
Initial Cost to Company
Land	136
Building	875
Intangibles	157
Costs Capitalized Subsequent to Acquisition	0
Land	136
Building	875
Intangibles	157
Total	1,168
Accumulated Depreciation and Amortization	$ (274)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Paynesville, MN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 805
Initial Cost to Company
Land	246
Building	816
Intangibles	192
Costs Capitalized Subsequent to Acquisition	0
Land	246
Building	816
Intangibles	192
Total	1,254
Accumulated Depreciation and Amortization	$ (228)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Wheaton, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 645
Initial Cost to Company
Land	73
Building	800
Intangibles	97
Costs Capitalized Subsequent to Acquisition	0
Land	73
Building	800
Intangibles	97
Total	970
Accumulated Depreciation and Amortization	$ (193)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Rotterdam, NY | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,949
Initial Cost to Company
Land	2,530
Building	7,924
Intangibles	2,165
Costs Capitalized Subsequent to Acquisition	0
Land	2,530
Building	7,924
Intangibles	2,165
Total	12,619
Accumulated Depreciation and Amortization	$ (3,700)
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Hilliard, OH | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,538
Initial Cost to Company
Land	654
Building	4,870
Intangibles	860
Costs Capitalized Subsequent to Acquisition	0
Land	654
Building	4,870
Intangibles	860
Total	6,384
Accumulated Depreciation and Amortization	$ (1,056)
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Niles, OH | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,687
Initial Cost to Company
Land	437
Building	4,084
Intangibles	680
Costs Capitalized Subsequent to Acquisition	0
Land	437
Building	4,084
Intangibles	680
Total	5,201
Accumulated Depreciation and Amortization	$ (880)
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Youngstown, OH | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,818
Initial Cost to Company
Land	380
Building	4,363
Intangibles	658
Costs Capitalized Subsequent to Acquisition	0
Land	380
Building	4,363
Intangibles	658
Total	5,401
Accumulated Depreciation and Amortization	$ (961)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Kings Mountain, NC | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 18,503
Initial Cost to Company
Land	1,368
Building	19,533
Intangibles	3,266
Costs Capitalized Subsequent to Acquisition	4,850
Land	1,368
Building	24,383
Intangibles	3,266
Total	29,017
Accumulated Depreciation and Amortization	$ (6,695)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Iberia, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 888
Initial Cost to Company
Land	130
Building	1,033
Intangibles	165
Costs Capitalized Subsequent to Acquisition	0
Land	130
Building	1,033
Intangibles	165
Total	1,328
Accumulated Depreciation and Amortization	$ (256)
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Pine Island, MN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 764
Initial Cost to Company
Land	112
Building	845
Intangibles	185
Costs Capitalized Subsequent to Acquisition	0
Land	112
Building	845
Intangibles	185
Total	1,142
Accumulated Depreciation and Amortization	$ (247)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Isle, MN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 718
Initial Cost to Company
Land	120
Building	787
Intangibles	171
Costs Capitalized Subsequent to Acquisition	0
Land	120
Building	787
Intangibles	171
Total	1,078
Accumulated Depreciation and Amortization	$ (239)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Jacksonville, NC | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,636
Initial Cost to Company
Land	1,863
Building	5,749
Intangibles	1,020
Costs Capitalized Subsequent to Acquisition	0
Land	1,863
Building	5,749
Intangibles	1,020
Total	8,632
Accumulated Depreciation and Amortization	$ (1,354)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Evansville, IN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,377
Initial Cost to Company
Land	1,788
Building	6,348
Intangibles	864
Costs Capitalized Subsequent to Acquisition	0
Land	1,788
Building	6,348
Intangibles	864
Total	9,000
Accumulated Depreciation and Amortization	$ (1,589)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Woodland Park, CO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,787
Initial Cost to Company
Land	668
Building	2,681
Intangibles	620
Costs Capitalized Subsequent to Acquisition	0
Land	668
Building	2,681
Intangibles	620
Total	3,969
Accumulated Depreciation and Amortization	$ (849)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Ankeny, IA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,648
Initial Cost to Company
Land	3,180
Building	10,513
Intangibles	2,843
Costs Capitalized Subsequent to Acquisition	0
Land	3,180
Building	10,513
Intangibles	2,843
Total	16,536
Accumulated Depreciation and Amortization	$ (2,919)
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Springfield, MO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,289
Initial Cost to Company
Land	3,658
Building	6,296
Intangibles	1,870
Costs Capitalized Subsequent to Acquisition	0
Land	3,658
Building	6,296
Intangibles	1,870
Total	11,824
Accumulated Depreciation and Amortization	$ (1,907)
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Cedar Rapids, IA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,761
Initial Cost to Company
Land	1,569
Building	7,553
Intangibles	1,878
Costs Capitalized Subsequent to Acquisition	0
Land	1,569
Building	7,553
Intangibles	1,878
Total	11,000
Accumulated Depreciation and Amortization	$ (2,461)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Fairfield, IA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,549
Initial Cost to Company
Land	1,132
Building	7,779
Intangibles	1,800
Costs Capitalized Subsequent to Acquisition	0
Land	1,132
Building	7,779
Intangibles	1,800
Total	10,711
Accumulated Depreciation and Amortization	$ (2,127)
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Owatonna, MN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,063
Initial Cost to Company
Land	1,398
Building	7,125
Intangibles	1,564
Costs Capitalized Subsequent to Acquisition	0
Land	1,398
Building	7,125
Intangibles	1,564
Total	10,087
Accumulated Depreciation and Amortization	$ (2,037)
Life on which Depreciation in Latest Statement of Income is Computed	36 years
Muscatine, IA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,065
Initial Cost to Company
Land	1,060
Building	6,636
Intangibles	1,307
Costs Capitalized Subsequent to Acquisition	0
Land	1,060
Building	6,636
Intangibles	1,307
Total	9,003
Accumulated Depreciation and Amortization	$ (2,023)
Life on which Depreciation in Latest Statement of Income is Computed	29 years
Sheldon, IA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,046
Initial Cost to Company
Land	633
Building	3,053
Intangibles	708
Costs Capitalized Subsequent to Acquisition	0
Land	633
Building	3,053
Intangibles	708
Total	4,394
Accumulated Depreciation and Amortization	$ (870)
Life on which Depreciation in Latest Statement of Income is Computed	37 years
Memphis, TN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,898
Initial Cost to Company
Land	1,986
Building	2,800
Intangibles	803
Costs Capitalized Subsequent to Acquisition	0
Land	1,986
Building	2,800
Intangibles	803
Total	5,589
Accumulated Depreciation and Amortization	$ (1,692)
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Bennett, CO | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,478
Initial Cost to Company
Land	470
Building	2,503
Intangibles	563
Costs Capitalized Subsequent to Acquisition	0
Land	470
Building	2,503
Intangibles	563
Total	3,536
Accumulated Depreciation and Amortization	$ (816)
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Conyers, GA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 22,807
Initial Cost to Company
Land	876
Building	27,396
Intangibles	4,258
Costs Capitalized Subsequent to Acquisition	0
Land	876
Building	27,396
Intangibles	4,258
Total	32,530
Accumulated Depreciation and Amortization	$ (6,350)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
O'Fallon, IL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,679
Initial Cost to Company
Land	2,488
Building	5,388
Intangibles	1,064
Costs Capitalized Subsequent to Acquisition	0
Land	2,488
Building	5,388
Intangibles	1,064
Total	8,940
Accumulated Depreciation and Amortization	$ (3,251)
Life on which Depreciation in Latest Statement of Income is Computed	15 years
El Centro, CA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,980
Initial Cost to Company
Land	569
Building	3,133
Intangibles	575
Costs Capitalized Subsequent to Acquisition	0
Land	569
Building	3,133
Intangibles	575
Total	4,277
Accumulated Depreciation and Amortization	$ (784)
Life on which Depreciation in Latest Statement of Income is Computed	50 years
Durant, OK | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,243
Initial Cost to Company
Land	594
Building	3,900
Intangibles	498
Costs Capitalized Subsequent to Acquisition	0
Land	594
Building	3,900
Intangibles	498
Total	4,992
Accumulated Depreciation and Amortization	$ (1,037)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Gallatin, TN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,315
Initial Cost to Company
Land	1,725
Building	2,616
Intangibles	721
Costs Capitalized Subsequent to Acquisition	0
Land	1,725
Building	2,616
Intangibles	721
Total	5,062
Accumulated Depreciation and Amortization	$ (928)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Mt. Airy, NC | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,944
Initial Cost to Company
Land	729
Building	3,353
Intangibles	621
Costs Capitalized Subsequent to Acquisition	0
Land	729
Building	3,353
Intangibles	621
Total	4,703
Accumulated Depreciation and Amortization	$ (1,059)
Life on which Depreciation in Latest Statement of Income is Computed	39 years
Aiken, SC | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,877
Initial Cost to Company
Land	1,588
Building	3,480
Intangibles	858
Costs Capitalized Subsequent to Acquisition	0
Land	1,588
Building	3,480
Intangibles	858
Total	5,926
Accumulated Depreciation and Amortization	$ (1,130)
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Johnson City, TN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,446
Initial Cost to Company
Land	917
Building	3,607
Intangibles	739
Costs Capitalized Subsequent to Acquisition	0
Land	917
Building	3,607
Intangibles	739
Total	5,263
Accumulated Depreciation and Amortization	$ (1,139)
Life on which Depreciation in Latest Statement of Income is Computed	40 years
Palmview, TX | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,505
Initial Cost to Company
Land	938
Building	4,837
Intangibles	1,044
Costs Capitalized Subsequent to Acquisition	0
Land	938
Building	4,837
Intangibles	1,044
Total	6,819
Accumulated Depreciation and Amortization	$ (1,304)
Life on which Depreciation in Latest Statement of Income is Computed	44 years
Ooltewah, TN | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,772
Initial Cost to Company
Land	903
Building	3,957
Intangibles	843
Costs Capitalized Subsequent to Acquisition	0
Land	903
Building	3,957
Intangibles	843
Total	5,703
Accumulated Depreciation and Amortization	$ (1,219)
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Abingdon, VA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,029
Initial Cost to Company
Land	682
Building	3,733
Intangibles	666
Costs Capitalized Subsequent to Acquisition	0
Land	682
Building	3,733
Intangibles	666
Total	5,081
Accumulated Depreciation and Amortization	$ (1,161)
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Wichita, KS | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,720
Initial Cost to Company
Land	1,187
Building	4,850
Intangibles	1,163
Costs Capitalized Subsequent to Acquisition	0
Land	1,187
Building	4,850
Intangibles	1,163
Total	7,200
Accumulated Depreciation and Amortization	$ (1,962)
Life on which Depreciation in Latest Statement of Income is Computed	34 years
North Dartsmouth, MA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 18,652
Initial Cost to Company
Land	7,033
Building	19,745
Intangibles	3,187
Costs Capitalized Subsequent to Acquisition	0
Land	7,033
Building	19,745
Intangibles	3,187
Total	29,965
Accumulated Depreciation and Amortization	$ (10,120)
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Vineland, NJ | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 13,724
Initial Cost to Company
Land	1,482
Building	17,742
Intangibles	3,282
Costs Capitalized Subsequent to Acquisition	0
Land	1,482
Building	17,742
Intangibles	3,282
Total	22,506
Accumulated Depreciation and Amortization	$ (7,072)
Life on which Depreciation in Latest Statement of Income is Computed	30 years
Saratoga Springs, NY | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 12,331
Initial Cost to Company
Land	748
Building	13,936
Intangibles	5,538
Costs Capitalized Subsequent to Acquisition	0
Land	748
Building	13,936
Intangibles	5,538
Total	20,222
Accumulated Depreciation and Amortization	$ (6,634)
Life on which Depreciation in Latest Statement of Income is Computed	27 years
Waldorf, MD | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,465
Initial Cost to Company
Land	4,933
Building	11,684
Intangibles	2,882
Costs Capitalized Subsequent to Acquisition	0
Land	4,933
Building	11,684
Intangibles	2,882
Total	19,499
Accumulated Depreciation and Amortization	$ (5,649)
Life on which Depreciation in Latest Statement of Income is Computed	25 years
Mooresville, NC | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 10,758
Initial Cost to Company
Land	2,615
Building	12,462
Intangibles	2,566
Costs Capitalized Subsequent to Acquisition	0
Land	2,615
Building	12,462
Intangibles	2,566
Total	17,643
Accumulated Depreciation and Amortization	$ (5,958)
Life on which Depreciation in Latest Statement of Income is Computed	24 years
Sennett, NY | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,653
Initial Cost to Company
Land	1,147
Building	4,480
Intangibles	1,848
Costs Capitalized Subsequent to Acquisition	0
Land	1,147
Building	4,480
Intangibles	1,848
Total	7,475
Accumulated Depreciation and Amortization	$ (2,631)
Life on which Depreciation in Latest Statement of Income is Computed	23 years
DeLeon Springs, FL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 807
Initial Cost to Company
Land	239
Building	782
Intangibles	221
Costs Capitalized Subsequent to Acquisition	0
Land	239
Building	782
Intangibles	221
Total	1,242
Accumulated Depreciation and Amortization	$ (413)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Orange City, FL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 798
Initial Cost to Company
Land	229
Building	853
Intangibles	235
Costs Capitalized Subsequent to Acquisition	0
Land	229
Building	853
Intangibles	235
Total	1,317
Accumulated Depreciation and Amortization	$ (430)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Satsuma, FL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 720
Initial Cost to Company
Land	79
Building	821
Intangibles	192
Costs Capitalized Subsequent to Acquisition	0
Land	79
Building	821
Intangibles	192
Total	1,092
Accumulated Depreciation and Amortization	$ (414)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Greenwood, AR | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,365
Initial Cost to Company
Land	1,038
Building	3,415
Intangibles	694
Costs Capitalized Subsequent to Acquisition	0
Land	1,038
Building	3,415
Intangibles	694
Total	5,147
Accumulated Depreciation and Amortization	$ (1,128)
Life on which Depreciation in Latest Statement of Income is Computed	43 years
Snellville, GA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,291
Initial Cost to Company
Land	1,293
Building	5,724
Intangibles	983
Costs Capitalized Subsequent to Acquisition	0
Land	1,293
Building	5,724
Intangibles	983
Total	8,000
Accumulated Depreciation and Amortization	$ (2,278)
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Columbia, SC | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,146
Initial Cost to Company
Land	2,148
Building	4,629
Intangibles	1,023
Costs Capitalized Subsequent to Acquisition	0
Land	2,148
Building	4,629
Intangibles	1,023
Total	7,800
Accumulated Depreciation and Amortization	$ (1,924)
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Millbrook, AL | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,537
Initial Cost to Company
Land	970
Building	5,972
Intangibles	0
Costs Capitalized Subsequent to Acquisition	0
Land	970
Building	5,972
Intangibles	0
Total	6,942
Accumulated Depreciation and Amortization	$ (1,648)
Life on which Depreciation in Latest Statement of Income is Computed	32 years
Pittsfield, MA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 11,030
Initial Cost to Company
Land	1,801
Building	11,556
Intangibles	1,344
Costs Capitalized Subsequent to Acquisition	0
Land	1,801
Building	11,556
Intangibles	1,344
Total	14,701
Accumulated Depreciation and Amortization	$ (3,882)
Life on which Depreciation in Latest Statement of Income is Computed	34 years
Spartanburg, SC | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,369
Initial Cost to Company
Land	828
Building	2,567
Intangibles	772
Costs Capitalized Subsequent to Acquisition	0
Land	828
Building	2,567
Intangibles	772
Total	4,167
Accumulated Depreciation and Amortization	$ (1,143)
Life on which Depreciation in Latest Statement of Income is Computed	42 years
Tupelo, MS | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,536
Initial Cost to Company
Land	1,120
Building	3,070
Intangibles	939
Costs Capitalized Subsequent to Acquisition	0
Land	1,120
Building	3,070
Intangibles	939
Total	5,129
Accumulated Depreciation and Amortization	$ (1,313)
Life on which Depreciation in Latest Statement of Income is Computed	47 years
Lilburn, GA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,090
Building	3,673
Intangibles	1,028
Costs Capitalized Subsequent to Acquisition	0
Land	1,090
Building	3,673
Intangibles	1,028
Total	5,791
Accumulated Depreciation and Amortization	$ (1,516)
Life on which Depreciation in Latest Statement of Income is Computed	47 years
Douglasville, GA | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,740
Initial Cost to Company
Land	1,717
Building	2,705
Intangibles	987
Costs Capitalized Subsequent to Acquisition	0
Land	1,717
Building	2,705
Intangibles	987
Total	5,409
Accumulated Depreciation and Amortization	$ (1,196)
Life on which Depreciation in Latest Statement of Income is Computed	48 years
Elkton, MD | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,405
Initial Cost to Company
Land	963
Building	3,049
Intangibles	860
Costs Capitalized Subsequent to Acquisition	0
Land	963
Building	3,049
Intangibles	860
Total	4,872
Accumulated Depreciation and Amortization	$ (1,265)
Life on which Depreciation in Latest Statement of Income is Computed	49 years
Lexington, SC | Mixed Use
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,129
Initial Cost to Company
Land	1,644
Building	2,219
Intangibles	869
Costs Capitalized Subsequent to Acquisition	0
Land	1,644
Building	2,219
Intangibles	869
Total	4,732
Accumulated Depreciation and Amortization	$ (1,077)
Life on which Depreciation in Latest Statement of Income is Computed	48 years
San Diego, CA | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 33,248
Initial Cost to Company
Land	7,469
Building	34,781
Intangibles	0
Costs Capitalized Subsequent to Acquisition	0
Land	7,469
Building	34,986
Intangibles	0
Total	42,455
Accumulated Depreciation and Amortization	$ (2,718)
Life on which Depreciation in Latest Statement of Income is Computed	23 years
Fort Worth and Arlington, TX | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	3,910
Building	19,536
Intangibles	460
Costs Capitalized Subsequent to Acquisition	0
Land	3,910
Building	19,814
Intangibles	460
Total	24,184
Accumulated Depreciation and Amortization	$ (1,335)
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Omaha, NE | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,963
Building	15,237
Intangibles	0
Costs Capitalized Subsequent to Acquisition	0
Land	2,963
Building	15,483
Intangibles	0
Total	18,446
Accumulated Depreciation and Amortization	$ (1,450)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Isla Vista, CA | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 69,669
Initial Cost to Company
Land	36,274
Building	47,694
Intangibles	1,118
Costs Capitalized Subsequent to Acquisition	948
Land	36,274
Building	48,812
Intangibles	1,118
Total	86,204
Accumulated Depreciation and Amortization	$ (4,456)
Life on which Depreciation in Latest Statement of Income is Computed	42 years
Crum Lynne, PA | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,024
Initial Cost to Company
Land	1,403
Building	7,518
Intangibles	1,666
Costs Capitalized Subsequent to Acquisition	0
Land	1,403
Building	7,518
Intangibles	1,666
Total	10,587
Accumulated Depreciation and Amortization	$ (991)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Miami, FL | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 33,870
Initial Cost to Company
Land	12,643
Building	24,533
Intangibles	968
Costs Capitalized Subsequent to Acquisition	3,375
Land	12,643
Building	27,722
Intangibles	968
Total	41,333
Accumulated Depreciation and Amortization	$ (4,198)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Peoria, IL | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	940
Building	439
Intangibles	1,508
Costs Capitalized Subsequent to Acquisition	880
Land	1,174
Building	1,319
Intangibles	1,508
Total	4,001
Accumulated Depreciation and Amortization	$ (733)
Life on which Depreciation in Latest Statement of Income is Computed	15 years
Wayne, NJ | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 21,703
Initial Cost to Company
Land	2,744
Building	20,212
Intangibles	8,323
Costs Capitalized Subsequent to Acquisition	0
Land	2,744
Building	20,212
Intangibles	8,323
Total	31,279
Accumulated Depreciation and Amortization	$ (5,650)
Life on which Depreciation in Latest Statement of Income is Computed	45 years
Carmel, NY | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,041
Building	3,632
Intangibles	1,033
Costs Capitalized Subsequent to Acquisition	606
Land	2,041
Building	4,238
Intangibles	1,033
Total	7,312
Accumulated Depreciation and Amortization	$ (1,550)
Life on which Depreciation in Latest Statement of Income is Computed	20 years
Richmond, VA | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 67,778
Initial Cost to Company
Land	14,632
Building	87,629
Intangibles	17,658
Costs Capitalized Subsequent to Acquisition	10,447
Land	12,227
Building	82,483
Intangibles	15,064
Total	109,774
Accumulated Depreciation and Amortization	$ (37,543)
Life on which Depreciation in Latest Statement of Income is Computed	41 years
Oakland County, MI | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 18,032
Initial Cost to Company
Land	1,147
Building	7,707
Intangibles	9,932
Costs Capitalized Subsequent to Acquisition	8,871
Land	1,146
Building	16,572
Intangibles	9,929
Total	27,647
Accumulated Depreciation and Amortization	$ (18,423)
Life on which Depreciation in Latest Statement of Income is Computed	35 years
Miami, FL | Condominium
Initial Cost to Company
Total
Los Angeles, California | Diversified
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company
Land	21,439
Building	96
Intangibles	0
Costs Capitalized Subsequent to Acquisition	0
Land	21,439
Building	96
Intangibles	0
Total	21,535
Accumulated Depreciation and Amortization	$ (38)
Life on which Depreciation in Latest Statement of Income is Computed	2 years

Schedule III-Real Estate and _3

Schedule III-Real Estate and Accumulated Depreciation Real Estate - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Beginning Balance	$ 1,254,163	$ 1,171,960	$ 1,193,104
Improvements and additions	42,477	29,135	131,294
Acquisitions through foreclosures	729	84,356
Dispositions	(81,138)	(29,938)	(152,438)
Impairments		(1,350)
Ending Balance	1,216,231	1,254,163	1,171,960
Commercial Real Estate
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Beginning Balance	1,213,965	1,126,443	1,135,358
Improvements and additions	42,432	29,103	130,969
Acquisitions through foreclosures	729	84,356
Dispositions	(79,042)	(24,587)	(139,884)
Impairments		(1,350)
Ending Balance	1,178,084	1,213,965	1,126,443
Residential Real Estate
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Beginning Balance	40,198	45,517	57,746
Improvements and additions	45	32	325
Acquisitions through foreclosures	0	0
Dispositions	(2,096)	(5,351)	(12,554)
Impairments		0
Ending Balance	$ 38,147	$ 40,198	$ 45,517

Schedule III-Real Estate and _4

Schedule III-Real Estate and Accumulated Depreciation Real Estate - Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Beginning Balance	$ 206,082	$ 173,938	$ 161,063
Additions	39,346	39,231	42,532
Dispositions	(14,503)	(7,087)	(29,657)
Ending Balance	230,925	206,082	173,938
Commercial Real Estate
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Beginning Balance	205,823	173,107	159,138
Additions	39,330	39,149	42,246
Dispositions	(14,228)	(6,433)	(28,277)
Ending Balance	230,925	205,823	173,107
Residential Real Estate
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Beginning Balance	259	831	1,925
Additions	16	82	286
Dispositions	(275)	(654)	(1,380)
Ending Balance	$ 0	$ 259	$ 831

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 17, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	6.74%	6.88%
Prior Liens				$ 853,175
Face amount of Mortgages				2,395,682
Carrying Amount of Mortgages	$ 3,358,861	$ 3,482,929	$ 3,508,642	2,343,070	$ 3,358,861	$ 3,482,929		$ 3,508,642
Principal Amount of Mortgages Subject to Delinquent Principal or Interest				196,784
Total carrying amount of mortgages				2,384,577
Provision for loan losses				(41,507)	(20,500)	(17,900)		(4,000)
Principal balance of loans on non-accrual status				175,022	86,025
Aggregate cost for U.S. federal tax income purposes				2,300,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans receivable, beginning balance	3,358,861	3,482,929	3,508,642
Allowance for loan losses, beginning balance	(20,500)	(17,900)	(4,000)
Origination of mortgage loan receivables	566,506	2,398,227	2,775,992
Purchases of mortgage loan receivables		9,934	0
Repayment of mortgage loan receivables	(961,236)	(1,532,346)	(1,532,308)
Proceeds from sales of mortgage loan receivables	(582,764)	(1,024,357)	(1,291,828)
Non-cash disposition of loan via foreclosure	(31,249)	(45,529)
Sale of loans, net	(1,571)	54,758	16,511
Transfer between held for investment and held for sale		0	0
Accretion/amortization of discount, premium and other fees	15,530	17,845	19,820
Release of asset-specific loan loss provision via foreclosure	(2,500)
Provision expense for current expected credit loss	(4,964)
Provision expense for current expected credit loss (impact to earnings)	(18,543)	(2,600)	(13,900)
Mortgage loans receivable, ending balance	2,343,070	3,358,861	3,482,929
Allowance for loan losses, ending balance	$ (41,507)	$ (20,500)	(17,900)
Mortgage loans held by consolidated subsidiaries
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	6.65%	6.94%
Carrying Amount of Mortgages	$ 3,257,036	$ 3,318,390	3,318,390	2,354,059	3,257,036	3,318,390		3,282,462
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans receivable, beginning balance	3,257,036	3,318,390	3,282,462
Origination of mortgage loan receivables	353,661	1,452,049	1,478,771
Purchases of mortgage loan receivables		0	0
Repayment of mortgage loan receivables	(960,832)	(1,531,551)	(1,518,066)
Proceeds from sales of mortgage loan receivables	(270,491)	0	0
Non-cash disposition of loan via foreclosure	(31,249)	(45,529)
Sale of loans, net	(9,596)	0	0
Transfer between held for investment and held for sale		45,832	55,403
Accretion/amortization of discount, premium and other fees	15,530	17,845	19,820
Mortgage loans receivable, ending balance	2,354,059	3,257,036	3,318,390
Total 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]
Carrying Amount of Mortgages	122,325	182,439	182,439		122,325	182,439		$ 230,180
Principal balance of loans on non-accrual status				45,000			$ 45,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans receivable, beginning balance	122,325	182,439	230,180
Allowance for loan losses, beginning balance	(20,500)	(17,900)
Origination of mortgage loan receivables			1,297,221
Purchases of mortgage loan receivables			0
Repayment of mortgage loan receivables			(14,242)
Proceeds from sales of mortgage loan receivables			(1,291,828)
Sale of loans, net			16,511
Transfer between held for investment and held for sale			(55,403)
Accretion/amortization of discount, premium and other fees			0
Release of asset-specific loan loss provision via foreclosure	(2,500)
Provision expense for current expected credit loss	(4,964)
Provision expense for current expected credit loss (impact to earnings)	(18,543)	(2,600)
Mortgage loans receivable, ending balance		122,325	182,439
Allowance for loan losses, ending balance	$ (41,507)	$ (20,500)	(17,900)
Mortgage loan  receivables held for sale
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	4.05%	4.20%
Carrying Amount of Mortgages	$ 30,518	$ 182,439	182,439	30,518	$ 122,325	$ 182,439
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans receivable, beginning balance	122,325	182,439
Origination of mortgage loan receivables	212,845	946,178
Repayment of mortgage loan receivables	(404)	(795)
Proceeds from sales of mortgage loan receivables	(312,273)	(1,008,853)
Non-cash disposition of loan via foreclosure	0	0
Sale of loans, net	8,025	54,758
Transfer between held for investment and held for sale		(61,336)
Accretion/amortization of discount, premium and other fees	0	0
Mortgage loans receivable, ending balance	30,518	$ 122,325	$ 182,439
First mortgage loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens				0
Face amount of Mortgages				2,274,117
Carrying Amount of Mortgages	2,263,267			2,263,267
Principal Amount of Mortgages Subject to Delinquent Principal or Interest				190,934
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans receivable, ending balance	2,263,267
Second Mortgage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens				853,175
Face amount of Mortgages				121,565
Carrying Amount of Mortgages	121,310			121,310
Principal Amount of Mortgages Subject to Delinquent Principal or Interest				5,850
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans receivable, ending balance	121,310
Office | First Mortgages individually greater than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens				0
Face amount of Mortgages				166,339
Carrying Amount of Mortgages	165,965			165,965
Principal Amount of Mortgages Subject to Delinquent Principal or Interest				0
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans receivable, ending balance	$ 165,965
Office | Minimum | First Mortgages individually greater than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	5.50%
Office | Maximum | First Mortgages individually greater than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	8.25%
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Retail, Self Storage and Condominium | First Mortgages individually less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens				0
Face amount of Mortgages				2,107,778
Carrying Amount of Mortgages	$ 2,097,302			2,097,302
Principal Amount of Mortgages Subject to Delinquent Principal or Interest				190,934
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans receivable, ending balance	$ 2,097,302
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Retail, Self Storage and Condominium | Minimum | First Mortgages individually greater than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	3.50%
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Retail, Self Storage and Condominium | Maximum | First Mortgages individually greater than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	11.00%
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Other Commercial, Retail | Subordinated Mortgages individually less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens				853,175
Face amount of Mortgages				121,565
Carrying Amount of Mortgages	$ 121,310			121,310
Principal Amount of Mortgages Subject to Delinquent Principal or Interest				$ 5,850
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans receivable, ending balance	$ 121,310
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Other Commercial, Retail | Minimum | First Mortgages individually greater than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	6.04%
Hotel, Industrial, Land, Mobile Home Park, Mixed Use, Multi-family, Office, Other Commercial, Retail | Maximum | First Mortgages individually greater than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	12.00%

Uncategorized Items - ladr-2020

Label	Element	Value
Restricted Cash and Investments	us-gaap_RestrictedCashAndInvestments	$ 29,852,000
Restricted Cash and Investments	us-gaap_RestrictedCashAndInvestments	297,575,000
Restricted Cash and Investments	us-gaap_RestrictedCashAndInvestments	$ 30,572,000