Ladder Capital (LADR) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001577670
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Quarterly Report	true
Class A Common Stock
Entity Common Stock, Shares Outstanding		126,342,094
Class B Common Stock
Entity Common Stock, Shares Outstanding		0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	[1]	$ 1,305,686	$ 1,254,432
Restricted cash	[1]	146,373	29,852
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable	[1]	2,007,730	2,354,059
Allowance for credit losses	[1]	(36,241)	(41,507)
Mortgage loan receivables held for sale	[1]	71,482	30,518
Real estate securities	[1]	764,083	1,058,298
Real estate and related lease intangibles, net	[1]	976,971	985,304
Investments in and advances to unconsolidated joint ventures	[1]	44,508	46,253
Derivative instruments	[1]	301	299
Accrued interest receivable	[1]	13,335	16,088
Other assets	[1]	111,583	147,633
Total assets	[1]	5,405,811	5,881,229
Liabilities
Debt obligations, net	[1]	3,767,819	4,209,864
Dividends payable	[1]	26,530	27,537
Accrued expenses	[1]	27,001	43,876
Other liabilities	[1]	53,622	51,527
Total liabilities	[1]	3,874,972	4,332,804
Commitments and contingencies (Note 18)	[1]	0	0
Equity
Additional paid-in capital	[1]	1,785,350	1,780,074
Treasury stock, 510,671 and 474,050 shares, at cost	[1]	(67,495)	(62,859)
Retained earnings (dividends in excess of earnings)	[1]	(188,763)	(163,717)
Accumulated other comprehensive income (loss)	[1]	(3,614)	(10,463)
Total shareholders’ equity	[1]	1,525,605	1,543,162
Noncontrolling interest in consolidated joint ventures	[1]	5,234	5,263
Total equity	[1]	1,530,839	1,548,425
Total liabilities and equity	[1]	5,405,811	5,881,229
Class A Common Stock
Equity
Common stock	[1]	$ 127	$ 127
[1]	Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Treasury stock (in shares)	510,671	474,050
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	126,852,765
Common stock, outstanding (in shares)	126,342,094	126,378,715

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net interest income
Interest income	$ 39,287	$ 72,589
Interest expense	45,973	51,401
Net interest income (expense)	(6,686)	21,188
Provision for (release of) loan loss reserves	(4,251)	26,581
Net interest income (expense) after provision for (release of) loan losses	(2,435)	(5,393)
Other income (loss)
Operating lease income	24,159	26,328
Sale of loans, net	0	1,005
Realized gain (loss) on securities	579	3,011
Unrealized gain (loss) on equity securities	0	(533)
Unrealized gain (loss) on Agency interest-only securities	(20)	76
Realized gain (loss) on sale of real estate, net	0	10,529
Impairment of real estate		0
Fee and other income	3,284	1,519
Net result from derivative transactions	4,771	(15,435)
Earnings (loss) from investment in unconsolidated joint ventures	436	441
Gain (loss) on extinguishment of debt	0	2,061
Total other income (loss)	33,209	29,002
Costs and expenses
Salaries and employee benefits	9,533	17,021
Operating expenses	4,241	5,794
Real estate operating expenses	6,211	7,948
Fee expense	1,599	1,439
Depreciation and amortization	9,536	10,009
Total costs and expenses	31,120	42,211
Income (loss) before taxes	(346)	(18,602)
Income tax expense (benefit)	(778)	(4,541)
Net income (loss)	432	(14,061)
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures	(240)	(1,519)
Net (income) loss attributable to noncontrolling interest in operating partnership	$ 0	$ (148)
Earnings per share:
Basic (in dollars per share)	$ 0	$ (0.15)
Diluted (in dollars per share)	$ 0	$ (0.15)
Weighted average shares outstanding:
Basic (in shares)	123,974,970	106,329,796
Diluted (in shares)	124,324,683	106,329,796
Class A Common Stock
Costs and expenses
Net income (loss) attributable to Class A common shareholders	$ 192	$ (15,728)
Earnings per share:
Basic (in dollars per share)	$ 0	$ (0.15)
Diluted (in dollars per share)	$ 0	$ (0.15)
Weighted average shares outstanding:
Basic (in shares)	123,974,970	106,329,796
Diluted (in shares)	124,324,683	106,329,796
Dividends per share of Class A common stock (in dollars per share)	$ 0.200	$ 0.340

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income (loss)	$ 432	$ (14,061)
Unrealized gain (loss) on securities, net of tax:
Unrealized gain (loss) on real estate securities, available for sale	7,428	(76,252)
Reclassification adjustment for (gain) loss included in net income (loss)	(579)	(1,755)
Total other comprehensive income (loss)	6,849	(78,007)
Comprehensive income (loss)	7,281	(92,068)
Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint ventures	(240)	(1,519)
Comprehensive income (loss) of combined Class A common shareholders and Operating Partnership unitholders	7,041	(93,587)
Comprehensive (income) loss attributable to noncontrolling interest in operating partnership	0	7,717
Class A Common Stock
Unrealized gain (loss) on securities, net of tax:
Comprehensive income (loss) attributable to Class A common shareholders	$ 7,041	$ (85,870)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands	Total		Cumulative Effect, Period of Adoption, Adjustment	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, 2019				107,509	12,160
Beginning Balance at Dec. 31, 2019	$ 1,638,977		$ (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	302											302
Distributions	(7,429)										(4,133)	(3,296)
Amortization of equity based compensation	14,026					14,026
Purchase of treasury stock (in shares)				(146)
Purchase of treasury stock	(1,206)						(1,206)
Re-issuance of treasury stock (in shares)				1,466
Re-issuance of treasury stock				$ (1)		1
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)				(486)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(9,078)						(9,078)
Forfeitures (in shares)				(6)
Dividends declared	(36,900)							(36,900)
Net income (loss)	(14,061)							(15,728)			148	1,519
Other comprehensive income (loss)	(78,007)									(70,142)	(7,865)
Rebalancing of ownership percentage between Company and Operating Partnership						(266)				4	262
Ending Balance (in shares) at Mar. 31, 2020				108,337	12,160
Ending Balance at Mar. 31, 2020	1,500,827			$ 109	$ 12	1,546,143	(52,983)	(94,171)		(65,920)	$ 160,466	7,171
Beginning Balance (in shares) at Dec. 31, 2020				126,378
Beginning Balance at Dec. 31, 2020	1,548,425	[1]		$ 127		1,780,074	(62,859)	(163,717)		(10,463)		5,263
Increase Decrease in Stockholders' Equity
Distributions	(269)											(269)
Amortization of equity based compensation	5,276					5,276
Purchase of treasury stock (in shares)				(20)
Purchase of treasury stock	(214)						(214)
Re-issuance of treasury stock (in shares)				748
Re-issuance of treasury stock	(1)						(1)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units (in shares)				(437)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock and units	(4,421)						(4,421)
Forfeitures (in shares)				(327)
Dividends declared	(25,238)							(25,238)
Net income (loss)	432							192				240
Other comprehensive income (loss)	6,849									6,849
Ending Balance (in shares) at Mar. 31, 2021				126,342
Ending Balance at Mar. 31, 2021	$ 1,530,839	[1]		$ 127		$ 1,785,350	$ (67,495)	$ (188,763)		$ (3,614)		$ 5,234
[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 ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 432	$ (14,061)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gain) loss on extinguishment of debt	0	(2,061)
Depreciation and amortization	9,536	10,009
Unrealized (gain) loss on derivative instruments	(2)	(383)
Unrealized (gain) loss on equity securities	0	533
Unrealized (gain) loss on Agency interest-only securities	20	(76)
Provision for (release of) loan loss reserves	(4,251)	26,581
Impairment of real estate		0
Amortization of equity based compensation	5,276	14,026
Amortization of deferred financing costs included in interest expense	4,892	2,568
Amortization of premium on mortgage loan financing	(273)	(309)
Amortization of above- and below-market lease intangibles	(478)	(660)
Amortization of premium/(accretion) of discount and other fees on loans	(3,408)	(3,924)
Amortization of premium/(accretion) of discount and other fees on securities	35	431
Realized (gain) loss on sale of mortgage loan receivables held for sale	0	(1,005)
Realized (gain) loss on disposition of loan	26	51
Realized (gain) loss on securities	(579)	(3,011)
Realized (gain) loss on sale of real estate, net	0	(10,529)
Realized gain on sale of derivative instruments	0	(125)
Origination of mortgage loan receivables held for sale	(41,000)	(212,805)
Repayment of mortgage loan receivables held for sale	36	64
Proceeds from sales of mortgage loan receivables held for sale	0	189,359
(Income) loss from investments in unconsolidated joint ventures in excess of distributions received	(436)	(441)
Deferred tax asset (liability)	1,219	12,037
Changes in operating assets and liabilities:
Accrued interest receivable	2,580	(2,165)
Other assets	(1,565)	(13,731)
Accrued expenses and other liabilities	(15,650)	(32,456)
Net cash provided by (used in) operating activities	(43,590)	(41,092)
Cash flows from investing activities:
Origination of mortgage loan receivables held for investment	(116,555)	(313,936)
Repayment of mortgage loan receivables held for investment	394,446	118,573
Proceeds from sale of mortgage loan receivables held for investment, at amortized cost	46,557	0
Purchases of real estate securities	(40,016)	(438,423)
Repayment of real estate securities	10,540	43,627
Basis recovery of Agency interest-only securities	2,002	1,880
Proceeds from sales of real estate securities	329,063	106,367
Purchases of real estate	0	(6,239)
Capital improvements of real estate	(1,269)	(940)
Proceeds from sale of real estate	43,750	11,160
Capital distribution from investment in unconsolidated joint ventures	2,181	215
Proceeds from sale of FHLB stock	18,040	0
Purchase of derivative instruments	0	(46)
Sale of derivative instruments	0	297
Net cash provided by (used in) investing activities	688,739	(477,465)
Cash flows from financing activities:
Deferred financing costs paid	(621)	(12,186)
Proceeds from borrowings under debt obligations	1,631,557	5,924,969
Repayment of borrowings under debt obligations	(2,077,161)	(5,073,000)
Cash dividends paid to Class A common shareholders	(26,245)	(37,340)
Reissuance of treasury stock	(1)	1
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(4,421)	(9,078)
Purchase of treasury stock	(214)	(1,206)
Issuance of common stock	1	(1)
Net cash provided by (used in) financing activities	(477,374)	785,032
Net increase (decrease) in cash, cash equivalents and restricted cash	167,775	266,475
Cash, cash equivalents and restricted cash at beginning of period	1,284,284	355,746
Cash, cash equivalents and restricted cash at end of period	1,452,059	622,221
Supplemental information:
Cash paid for interest, net of amounts capitalized	54,362	49,417
Cash paid (received) for income taxes	863	(194)
Non-cash investing and financing activities:
Repayment in transit of mortgage loans receivable held for investment (other assets)	50,832	551
Settlement of mortgage loan receivable held for investment by real estate, net	(43,129)	(21,586)
Real estate acquired in settlement of mortgage loan receivable held for investment, net	43,750	21,535
Net settlement of sale of real estate, subject to debt - real estate	0	(19,098)
Net settlement of sale of real estate, subject to debt - debt obligations	0	19,098
Dividends declared, not paid	26,530	38,256
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	1,452,059	622,221
Consolidated Joint Venture
Cash flows from financing activities:
Capital distributed to noncontrolling interests	(269)	(3,296)
Capital contributed by noncontrolling interests in consolidated joint ventures	0	303
Operating Partnership
Cash flows from financing activities:
Capital distributed to noncontrolling interests	0	(4,134)
Equity Securities
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Unrealized (gain) loss on equity securities	0	533
Mutual Fund
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Unrealized (gain) loss on equity securities	$ 0	$ 991

ORGANIZATION AND OPERATIONS

ORGANIZATION AND OPERATIONS	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS	1. ORGANIZATION AND OPERATIONS Ladder Capital is 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” or the “Operating Partnership”), operates the Ladder Capital business through LCFH and its subsidiaries. As of March 31, 2021, 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 COVID-19 across most industries in the United States. In view of the ongoing uncertainty related to the 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 COVID-19 on our business.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of results of operations, financial position and cash flows. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2020, which are included in the Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The 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. 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. 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. Reclassifications The Company reclassified its FHLB stock into other assets as of January 1, 2021, as such, the amount of $31.0 million from December 31, 2020 was reclassified into other assets on the Consolidated Balance Sheet. As of March 31, 2021, the book value of our investment in FHLB Stock was $13.0 million. Recently Adopted Accounting Pronouncements 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. 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. The adoption of ASU 2019-12 did not have a material impact on the Company’s 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. 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 adoption of ASU 2020-08 did not have a material impact on the consolidated financial statements. Recent Accounting Pronouncements Pending Adoption 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

MORTGAGE LOAN RECEIVABLES	3 Months Ended
	Mar. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOAN RECEIVABLES	3. MORTGAGE LOAN RECEIVABLES March 31, 2021 ($ in thousands) Outstanding Carrying Weighted Remaining Mortgage loan receivables held for investment, net, at amortized cost: First mortgage loans $ 1,896,330 $ 1,886,661 5.80 % 1.29 Mezzanine loans 121,313 121,069 10.36 % 2.41 Total mortgage loans 2,017,643 2,007,730 6.08 % 1.36 Allowance for credit losses N/A (36,241) Total mortgage loan receivables held for investment, net, at amortized cost 2,017,643 1,971,489 Mortgage loan receivables held for sale: First mortgage loans 71,442 71,482 4.22 % 9.81 Total $ 2,089,085 $ 2,042,971 6.01 % 1.65 (1) Includes the impact from interest rate floors. March 31, 2021 LIBOR rates are used to calculate weighted average yield for floating rate loans. As of March 31, 2021, $1.6 billion, or 79.9%, 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 $1.6 billion, 100% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of March 31, 2021, $71.4 million, or 100%, of the outstanding face amount of our mortgage loan receivables held for sale were at fixed interest rates. December 31, 2020 ($ 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 rate mortgage loan receivables were subject to interest rate floors. As of December 31, 2020, $30.5 million, or 100%, of the outstanding face amount of our mortgage loan receivables held for sale were at fixed interest rates. For the three months ended March 31, 2021 and 2020, the activity in our loan portfolio was as follows ($ in thousands): Mortgage loan receivables held for investment, net, at amortized cost: Mortgage loans receivable Allowance for credit losses Mortgage loan Balance, December 31, 2020 $ 2,354,059 $ (41,507) $ 30,518 Origination of mortgage loan receivables 116,555 — 41,000 Repayment of mortgage loan receivables (374,735) — (36) Proceeds from sales of mortgage loan receivables (46,557) — — Non-cash disposition of loans via foreclosure(1) (45,000) — — Accretion/amortization of discount, premium and other fees 3,408 — — Release of asset-specific loan loss provision via foreclosure(1) — 1,150 — Provision for current expected credit loss, net (impact to earnings) — 4,116 — Balance, March 31, 2021 $ 2,007,730 $ (36,241) $ 71,482 (1) Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate. 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 313,936 — 212,805 Repayment of mortgage loan receivables (118,531) — (64) Proceeds from sales of mortgage loan receivables — — (189,358) Non-cash disposition of loan via foreclosure(1) (23,586) — — Sale of loans, net — — 1,005 Accretion/amortization of discount, premium and other fees 3,924 — — Release of asset-specific loan loss provision via foreclosure(1) — 2,000 — Provision expense for current expected credit loss(implementation impact)(2) — (4,964) — Provision expense for current expected credit loss (impact to earnings)(2) — (17,993) — Additional asset-specific reserve — (8,000) — Balance, March 31, 2020 $ 3,432,779 $ (49,457) $ 146,713 (1) Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on real estate acquired via foreclosure. (2) During the three months ended March 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 thereafter, including the period to date change for the three months ended March 31, 2020, is accounted for as provision expense for current expected credit loss in the consolidated statements of income. As of March 31, 2021 and December 31, 2020, there was $0.5 million of unamortized discounts included in our mortgage loan receivables held for investment, net, at amortized cost, on our consolidated balance sheets. Allowance for Credit Losses and Non-Accrual Status ($ in thousands) Three Months Ended March 31, 2021 2020 Allowance for credit losses at beginning of period $ 41,507 $ 20,500 Provision for current expected credit loss (implementation impact) — 4,964 (1) Provision for current expected credit loss, net (impact to earnings)(2) (4,116) 25,993 Foreclosure of loans subject to asset-specific reserve (1,150) (2,000) Allowance for credit losses at end of period $ 36,241 $ 49,457 March 31, 2021 December 31, 2020 Carrying value of loans on non-accrual status, net of asset-specific reserve $ 130,574 (3) $ 175,022 (4) (1) 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. (2) For the three months ended March 31, 2021, the total provision release consisted of $4.1 million in general reserves and no asset-specific reserves. For the three months ended March 31, 2020, the total provision recorded included $18.0 million of general reserves and $8.0 million of asset-specific reserves. (3) 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 $26.8 million, one loan with a carrying value of $36.4 million, one loan with a carrying value of $12.8 million, and one loan with a carrying value of $30.5 million. (4) 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 and sold in 2021. 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 March 31, 2021, the Company has a $36.7 million allowance for current expected credit losses, of which $36.2 million pertains to mortgage loan receivables. This allowance includes three loans that have an aggregate of $20.2 million of asset-specific reserves against a carrying value of $71.1 million as of March 31, 2021. The total change in reserve for provision for the three months ended March 31, 2021 was a release of $4.3 million. The release represents a decline in the general reserve of loans held for investment of $4.2 million and the release on unfunded loan commitments of $0.1 million. The release during the year is primarily due to an improvement in macro economic assumptions. For additional information, refer to “Allowance for Credit Losses and Non-Accrual Status” in Note 3, Mortgage Loan Receivables, to the consolidated financial statements. The Company has concluded that none of its loans, other than the three loans discussed below, are individually impaired as of March 31, 2021. Loan Portfolio by Geographic Region, Property Type and Vintage ($ in thousands) Amortized Cost Geographic Region Northeast $ 647,583 Southwest 434,883 South 242,205 Midwest 328,919 West 283,036 Subtotal loans 1,936,626 Individually impaired loans(1) 71,104 Total loans $ 2,007,730 (1) Refer to “ Individually Impaired Loans” below for further detail. 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 2021 2020 2019 2018 2017 and Earlier Total Office $ — $ — $ 197,434 $ 236,774 $ 134,436 $ 568,644 Multifamily 37,818 15,064 238,162 44,681 21,221 356,946 Hospitality — — 43,592 139,821 111,111 294,524 Other — — 111,704 30,436 — 142,140 Mixed Use 50,371 108,646 16,621 — — 175,638 Retail 19,965 — 85,119 — 40,527 145,611 Industrial — — 117,806 — 6,458 124,264 Manufactured Housing — 4,559 57,369 11,731 3,955 77,614 Self-Storage — — 36,026 15,219 — 51,245 Subtotal loans 108,154 128,269 903,833 478,662 317,708 1,936,626 Individually Impaired loans (1) — — — 71,104 71,104 Total loans (2) $ 108,154 $ 128,269 $ 903,833 $ 478,662 $ 388,812 $ 2,007,730 (1) Refer to “ Individually Impaired Loans” below for further detail. (2) Not included above is $11.8 million of accrued interest receivable on all loans at March 31, 2021. Individually Impaired Loans As of March 31, 2021, two loans with an amortized cost basis of $26.9 million and a combined 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 March 31, 2021, 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 troubled debt restructuring (“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 March 31, 2021, the amortized cost basis was $44.3 million, and after impairment of the A-Note and the B-Note of $17.5 million, the carrying value was $26.8 million. As of March 31, 2021, 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 March 31, 2021, three other loans were on non-accrual status, with a combined carrying value of $79.7 million. The Company put such loans on non-accrual status in the fourth quarter of 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. 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 March 31, 2021.

REAL ESTATE SECURITIES

REAL ESTATE SECURITIES	3 Months Ended
	Mar. 31, 2021
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. Commercial mortgage-backed securities (“CMBS”), CMBS interest-only securities, Agency securities, Government National Mortgage Association (“GNMA”) construction securities, GNMA permanent securities and corporate bonds are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. GNMA and Federal Home Loan Mortgage Corp (“FHLMC”) securities (collectively, “Agency interest-only securities”) are recorded at fair value with changes in fair value recorded in current period earnings. Equity securities are 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 March 31, 2021 and 2020 ($ in thousands): March 31, 2021 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Cost Basis Gains Losses Carrying # of Rating (1) Coupon % Yield % Remaining CMBS(2) $ 722,489 $ 722,238 $ 1,063 $ (5,920) $ 717,381 (3) 77 AAA 1.62 % 1.62 % 1.87 CMBS interest-only(2)(4) 1,480,575 19,693 791 (25) 20,459 (5) 15 AAA 0.56 % 2.24 % 2.08 GNMA interest-only(4)(6) 68,478 690 203 (91) 802 14 AA+ 0.40 % 5.10 % 3.46 Agency securities(2) 577 583 8 — 591 2 AA+ 2.53 % 1.62 % 1.11 GNMA permanent securities(2) 24,239 24,402 468 — 24,870 3 AA+ 4.12 % 3.54 % 1.41 Total debt securities $ 2,296,358 $ 767,606 $ 2,533 $ (6,036) $ 764,103 111 0.93 % 1.71 % 1.86 Provision for current expected credit losses N/A — — (20) (20) Total real estate securities $ 2,296,358 $ 767,606 $ 2,533 $ (6,056) $ 764,083 111 (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 $0.6 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. (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, 2020 Gross Unrealized Weighted Average Asset Type Outstanding Amortized 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 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 $0.7 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (6) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income in accordance with ASC 815. The following is a breakdown of the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS $ 238,289 $ 444,688 $ 34,404 $ — $ 717,381 CMBS interest-only 1,256 19,203 — — 20,459 GNMA interest-only 86 463 253 — 802 Agency securities 509 82 — — 591 GNMA permanent securities — 24,870 — — 24,870 Provision for current expected credit losses — — — — (20) Total debt securities $ 240,140 $ 489,306 $ 34,657 $ — $ 764,083 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 During the three months ended March 31, 2021 and 2020, the Company realized losses on securities recorded as other than temporary impairments of $0.1 million and $0.2 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	3 Months Ended
	Mar. 31, 2021
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): March 31, 2021 December 31, 2020 Land $ 220,511 $ 220,511 Building 839,811 838,542 In-place leases and other intangibles 157,176 157,176 Undepreciated real estate and related lease intangibles 1,217,498 1,216,229 Less: Accumulated depreciation and amortization (240,527) (230,925) Real estate and related lease intangibles, net $ 976,971 $ 985,304 Below market lease intangibles, net (other liabilities) $ (36,383) $ (36,952) At March 31, 2021 and December 31, 2020, the Company held foreclosed properties included in real estate and related lease intangibles, net with a carrying value of $106.0 million and $106.8 million, respectively. The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Three Months Ended March 31, 2021 2020 Depreciation expense(1) $ 7,990 $ 8,273 Amortization expense 1,546 1,711 Total real estate depreciation and amortization expense $ 9,536 $ 9,984 (1) Depreciation expense on the consolidated statements of income also includes $25 thousand of depreciation on corporate fixed assets for the three months ended March 31, 2021 and 2020. The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to our intangible assets ($ in thousands): March 31, 2021 December 31, 2020 Gross intangible assets(1) $ 157,176 $ 157,176 Accumulated amortization 67,651 66,014 Net intangible assets $ 89,525 $ 91,162 (1) Includes $4.1 million and $4.2 million of unamortized above market lease intangibles which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of March 31, 2021 and December 31, 2020, respectively. The following table presents increases/reductions in operating lease income recorded by the Company ($ in thousands): Three Months Ended March 31, 2021 2020 Reduction in operating lease income for amortization of above market lease intangibles acquired $ (92) $ (92) Increase in operating lease income for amortization of below market lease intangibles acquired 570 752 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 March 31, 2021 ($ in thousands): Period Ending December 31, Adjustment to Operating Lease Income Amortization Expense 2021 (last 9 months) $ 804 $ 5,406 2022 1,071 5,406 2023 1,071 5,406 2024 1,071 5,406 2025 1,071 5,406 Thereafter 27,215 58,418 Total $ 32,303 $ 85,448 Rent Receivables, Unencumbered Real Estate, and Operating Lease Income There were $0.4 million and $0.5 million of rent receivables included in other assets on the consolidated balance sheets as of March 31, 2021 and December 31, 2020, respectively. There was unencumbered real estate of $75.3 million and $75.9 million as of March 31, 2021 and December 31, 2020, respectively. During the three months ended March 31, 2021 and 2020, the Company recorded $1.0 million and $2.0 million, respectively, of real estate operating income, which is included in operating lease income in the consolidated statements of income. The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at March 31, 2021 ($ in thousands): Period Ending December 31, Amount 2021 (last 9 months) $ 57,458 2022 66,465 2023 64,746 2024 63,783 2025 62,506 Thereafter 471,453 Total $ 786,411 Acquisitions During the three months ended March 31, 2021, 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) Real estate acquired via foreclosure February 2021 Hotel Miami, FL 43,750 100.0% Total real estate acquired via foreclosure 43,750 Total real estate acquisitions $ 43,750 (1) Properties were consolidated as of acquisition date. Acquisitions via Foreclosure In February 2021, the Company acquired a hotel in Miami, FL via foreclosure recognizing a $26 thousand loss which is included in its consolidated statements of income. The property previously served as collateral for a mortgage loan receivable held for investment with a basis of $45.1 million, net of an asset-specific loan loss provision of $1.2 million recorded in the three months ended December 31, 2020. In February 2021, the foreclosed property was sold without any gain or loss. The Company recorded no revenues from its 2021 acquisitions for the three months ended March 31, 2021. During the three months ended March 31, 2020, the Company acquired the following properties ($ 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 $ 6,239 100.0% Real estate acquired via foreclosure March 2020 Diversified Los Angeles, CA 21,535 100.0% Total real estate acquired via foreclosure 21,535 Total real estate acquisitions $ 27,774 (1) Properties were consolidated as of acquisition date. The Company recorded $44 thousand in revenues from its 2020 acquisitions for the three months ended March 31, 2020, which is included in its consolidated statements of income. The Company recorded $0.1 million in earnings (losses) from its 2020 acquisitions for the three months ended March 31, 2020, which is included in its consolidated statements of income. Sales The Company sold the following properties during the three months ended March 31, 2021 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining February 2021 Hotel Miami, FL $ 43,750 $ 43,750 $ — 1 — — Totals $ 43,750 $ 43,750 $ — The Company sold the following properties during the three months ended March 31, 2020 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining Various Condominium Miami, FL 665 658 7 — 2 4 March 2020 Diversified Richmond, VA 22,527 14,829 7,698 7 — — March 2020 Diversified Richmond, VA 6,932 4,109 2,823 1 — — Totals $ 30,124 $ 19,596 $ 10,528 (1) Realized gain (loss) on the sale of real estate, net on the consolidated statements of income also includes $10.5 million of realized loss on the disposal of fixed assets for the three months ended March 31, 2020.

INVESTMENT IN AND ADVANCES TO U

INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 ($ in thousands): Entity March 31, 2021 December 31, 2020 Grace Lake JV, LLC $ 4,320 $ 4,023 24 Second Avenue Holdings LLC 40,188 42,230 Investment in unconsolidated joint ventures $ 44,508 $ 46,253 The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated joint ventures for the three months ended March 31, 2021 and 2020 ($ in thousands): Three Months Ended March 31, Entity 2021 2020 Grace Lake JV, LLC $ 297 $ 186 24 Second Avenue Holdings LLC 139 255 Earnings (loss) from investment in unconsolidated joint ventures $ 436 $ 441 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 variable interest entity (“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 three months ended March 31, 2021, and March 31, 2020, the Company received no 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 three months ended March 31, 2021 and 2020 the Company recorded $0.1 million and $0.3 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. The Company received $2.2 million of distributions during the three months ended March 31, 2021. 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 March 31, 2021, 24 Second Avenue sold 21 residential condominium units for $55.2 million in total gross sale proceeds, and two residential condominium units were under contract for sale for $6.3 million in gross sales proceeds with a 10% deposit down on the sales contracts. As of March 31, 2021, the Company had no additional remaining capital commitment to 24 Second Avenue. The Company’s non-controlling investment in 24 Second Avenue is an unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture was deemed to be a VIE primarily based on (i) the fact that the total equity investment at risk (inclusive of the additional financing the Company provided through the first mortgage and mezzanine loans) is sufficient to permit the entities to finance activities without additional subordinated financial support provided by any parties, including equity holders; and (ii) the voting and economic rights are not disproportionate within the joint venture. The Company determined that it was not the primary beneficiary of this VIE because it does not have a controlling financial interest. The Company holds its investment in 24 Second Avenue in a TRS. Combined Summary Financial Information for Unconsolidated Joint Ventures The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 December 31, 2020 Total assets $ 117,794 $ 114,916 Total liabilities 70,972 75,775 Partners’/members’ capital $ 46,822 $ 39,141 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 three months ended March 31, 2021 and 2020 ($ in thousands): Three Months Ended March 31, 2021 2020 Total revenues $ 4,514 $ 4,476 Total expenses 3,323 3,974 Net income (loss) $ 1,191 $ 502

DEBT OBLIGATIONS, NET

DEBT OBLIGATIONS, NET	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
DEBT OBLIGATIONS, NET	7. DEBT OBLIGATIONS, NET The details of the Company’s debt obligations at March 31, 2021 and December 31, 2020 are as follows ($ in thousands): March 31, 2021 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at March 31, 2021(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility(2) $ 500,000 $ 110,887 $ 389,113 1.86% — 2.11% 12/19/2022 (3) (4) $ 179,497 $ 179,497 Committed Loan Repurchase Facility 250,000 — 250,000 —% — —% 2/26/2022 (5) (6) — — Committed Loan Repurchase Facility 300,000 90,176 209,824 1.86% — 2.86% 12/16/2021 (7) (8) 155,288 155,288 Committed Loan Repurchase Facility 300,000 11,312 288,688 2.13% — 2.13% 11/6/2022 (9) (4) 28,312 28,312 Committed Loan Repurchase Facility 100,000 26,183 73,817 2.23% — 2.23% 12/31/2022 (3) (4) 44,961 44,961 Committed Loan Repurchase Facility 100,000 — 100,000 —% — —% 10/24/2021 (10) (11) — — Total Committed Loan Repurchase Facilities 1,550,000 238,558 1,311,442 408,058 408,058 Committed Securities Repurchase Facility(2) 789,114 63,125 725,989 0.81% — 1.06% 12/23/2021 N/A (12) 76,846 76,846 Uncommitted Securities Repurchase Facility N/A (14) 275,014 N/A (14) 0.57% — 2.11% 4/2021-5/2021 N/A (12) 321,247 321,247 (14) Total Repurchase Facilities 1,950,000 576,697 1,648,317 806,151 806,151 Revolving Credit Facility 266,430 256,430 10,000 3.11% — 5.25% 2/11/2022 (15) N/A (16) N/A (16) N/A (16) Mortgage Loan Financing 765,096 765,096 — 3.75% — 6.16% 2021 - 2030(17) N/A (18) 901,633 1,134,898 (19) Secured Financing Facility 206,350 194,662 (20) — 10.75% — 10.75% 5/6/2023 N/A (21) 274,806 275,081 CLO Debt 234,968 233,195 (22) — 5.5% — 5.5% 5/16/2024 N/A (4) 358,834 358,834 Borrowings from the FHLB 288,000 288,000 — 0.37% — 2.74% 2021 - 2024 N/A (23) 317,448 317,448 (24) Senior Unsecured Notes 1,465,644 1,453,739 (25) — 4.25% — 5.25% 2021 - 2027 N/A N/A (26) N/A (26) N/A (26) Total Debt Obligations, Net $ 5,176,488 $ 3,767,819 $ 1,658,317 $ 2,658,872 $ 2,892,412 (1) March 2021 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 12-month extension 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) Two 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) 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 first mortgage commercial real estate loans collateralizing such securities. (13) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (14) 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. (15) Three additional 12-month periods at Company’s option. (16) The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries. (17) Anticipated repayment dates. (18) Certain of our real estate investments serve as collateral for our mortgage loan financing. (19) Using undepreciated carrying value of commercial real estate to approximate fair value. (20) Presented net of unamortized debt issuance costs of $5.8 million and an unamortized discount of $5.9 million related to the Purchase Right (described in detail under Secured Financing Facility below) at March 31, 2021. (21) First mortgage commercial real estate loans. Substitution of collateral and conversion of loan collateral to mortgage collateral are permitted with Lender’s approval. Pending substitution of acceptable collateral, $20.3 million of the obligations are unsecured and guaranteed by the Company. (22) Presented net of unamortized debt issuance costs of $1.8 million at March 31, 2021. (23) Investment grade commercial real estate securities and cash It does not include the first mortgage commercial real estate loans collateralizing such securities. (24) Includes $8.8 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. (25) Presented net of unamortized debt issuance costs of $11.9 million at March 31, 2021. (26) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. 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% — 3.50% 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% 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) — 5.50% — 5.50% 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 $ 6,580,299 $ 4,209,864 $ 2,756,999 $ 3,156,045 $ 3,384,482 (1) December 31, 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 first mortgage commercial real estate loans 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 $12.9 million at December 31, 2020. (27) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. Combined Maturity of Debt Obligations The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by 2021 $ 819,268 2022 733,163 2023 351,992 2024 531,283 2025 468,876 Thereafter 884,678 Subtotal 3,789,260 Debt issuance costs included in senior unsecured notes (11,905) Debt issuance costs included in secured financing facility (5,827) Discount on secured financing facility related to Purchase Right (5,861) Debt issuance costs included in CLO debt (1,773) Debt issuance costs included in mortgage loan financing (354) Premiums included in mortgage loan financing(2) 4,279 Total $ 3,767,819 (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 March 31, 2021. (2) Deferred gains on intercompany loans, secured by our own real estate, sold into securitizations. These premiums are amortized as a reduction to interest expense. The Company’s debt facilities are subject to covenants which require the Company to maintain a minimum level of total equity. Largely as a result of this restriction, approximately $871.4 million of the total equity is restricted from payment as a dividend by the Company at March 31, 2021. Revolving Credit Facility During the three months ended March 31, 2021, the Company paid down $10.0 million of the revolving credit facility (the “Revolving Credit Facility”). As of March 31, 2021, the Company had $256.4 million borrowings outstanding. Debt Issuance Costs As discussed in Note 2, Significant Accounting Policies in the Annual Report, the Company considers its committed loan master repurchase facilities and Revolving Credit Facility to be revolving debt arrangements. As such, the Company continues to defer and present costs associated with these facilities as an asset, subsequently amortizing those costs ratably over the term of each revolving debt arrangement. As of March 31, 2021 and 2020, the amount of unamortized costs relating to such facilities are $5.4 million and $8.0 million, respectively, and are included in other assets in the consolidated balance sheets. 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 March 31, 2021. These loans have carrying amounts of $765.1 million and $766.1 million, net of unamortized premiums of $4.3 million and $4.6 million as of March 31, 2021 and December 31, 2020, respectively, representing proceeds received upon financing greater than the contractual amounts due under these agreements. The premiums are being amortized over the remaining life of the respective debt instruments using the effective interest method. The Company recorded $0.3 million and $0.3 million of premium amortization, which decreased interest expense, for the three months ended March 31, 2021 and 2020, respectively. The loans are collateralized by real estate and related lease intangibles, net, of $901.6 million and $909.4 million as of March 31, 2021 and December 31, 2020, respectively. 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 March 31, 2021, the Company had $233.2 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 $1.8 million were included in CLO debt as of March 31, 2021. 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. As of 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 membership in the FHLB has been terminated, although outstanding advances may remain outstanding until their scheduled maturity dates. Funding for future advance paydowns is expected to be obtained from the natural amortization and/or sales of securities collateral, or from other financing sources. There is no assurance that the FHFA or the FHLB will not take actions that could adversely impact Tuebor’s existing advances. As of March 31, 2021, Tuebor had $288.0 million of borrowings outstanding, with terms of overnight to 3.75 years (with a weighted average of 2.8 years), interest rates of 0.37% to 2.74% (with a weighted average of 1.09%), and advance rates of 71.7% to 95.7% on eligible collateral. As of March 31, 2021, collateral for the borrowings was comprised of $215.3 million of CMBS and U.S. Agency Securities and $102.1 million of cash. FHLB advances amounted to 7.6% of the Company’s outstanding debt obligations as of March 31, 2021. As of December 31, 2020, Tuebor had $288.0 million of borrowings outstanding with terms of overnight to 3.75 years (with a weighted average of 2.8 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. 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 March 31, 2021. 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 March 31, 2021, the Company had $1.5 billion of unsecured corporate bonds outstanding. These unsecured financings were comprised of $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 2022 Notes and the 2025 Notes, the “Notes”). On January 27, 2021, the Company redeemed in full 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. 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 March 31, 2021, the Company has a 100% 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 March 31, 2021 and 2020. Unamortized debt issuance costs of $11.9 million and $12.9 million are included in senior unsecured notes as of March 31, 2021 and December 31, 2020, respectively, in accordance with GAAP. 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. As of March 31, 2021, the remaining $465.9 million in aggregate principal amount of the 2022 Notes is due March 15, 2022. 2025 Notes On September 25, 2017, LCFH issued $400.0 million in aggregate principal amount of 5.250% senior notes due October 1, 2025 (the “2025 Notes”). The 2025 Notes require interest payments semi-annually in cash in arrears on April 1 and October 1 of each year, beginning on April 1, 2018. The 2025 Notes will mature on October 1, 2025. The 2025 Notes are unsecured and are subject to an unencumbered assets to unsecured debt covenant. The Company may redeem the 2025 Notes, in whole or in part, at any time, or from time to time, prior to their stated maturity upon not less than 15 nor more than 60 days’ notice, at a redemption price as specified in the indenture governing the 2025 Notes, plus accrued and unpaid interest, if any, to the redemption date. On May 2, 2018, the board of the directors authorized the Company to repurchase any or all of the 2025 Notes from time to time without further approval. As of March 31, 2021, the remaining $348.0 million in aggregate principal amount of the 2025 Notes is due October 1, 2025. 2027 Notes On January 30, 2020, LCFH issued $750.0 million in aggregate principal amount of 4.25% senior notes due February 1, 2027. The 2027 Notes require interest payments semi-annually in cash in arrears on August 1 and February 1 of each year, beginning on August 1, 2020. The 2027 Notes will mature on February 1, 2027. The 2027 Notes are unsecured and are subject to an unencumbered assets to unsecured debt covenant. The Company may redeem the 2027 Notes, in whole, at any time, or from time to time, prior to their stated maturity. At any time on or after February 1, 2023, the Company may redeem the 2027 Notes in whole or in part, upon not less than 15 nor more than 60 days’ notice, at a redemption price defined in the indenture governing the 2027 Notes, plus accrued and unpaid interest, if any, to the redemption date. Net proceeds of the offering were used to repay secured indebtedness. As of March 31, 2021, the remaining $651.8 million in aggregate principal amount of the 2027 Notes is due February 1, 2027. Financing Strategy in Current Market Conditions Securities Repurchase Facilities: The Company invests in AAA-rated CRE CLO securities, typically front pay securities, with relatively short duration and significant subordination. These securities have historically been financed with short-term maturity repurchase agreements with various bank counterparties. The Company has been able to continue to access securities repurchase funding and the pricing of such borrowings has continued to improve during the three months ended March 31, 2021 as liquidity continued to return to the market and pricing for the securities that serve as collateral improved. Furthermore, during the three months ended March 31, 2021, the Company paid down $227.3 million of securities repurchase financing, primarily through sales of securities. Federal Home Loan Bank (“FHLB”) Financing: In 2016, the FHFA adopted a final rule that limited our captive insurance subsidiary’s membership in the FHLB, requiring us to significantly reduce the amounts of FHLB borrowings outstanding by February of 2021. During the three months ended March 31, 2021, the Company maintained $288.0 million in borrowings from the FHLB. The remaining maturities are staggered out through 2024. Funding for future advance paydowns would be obtained from the natural amortization of securities over time or sales of securities collateral. Loan Repurchase Financing: The Company utilizes committed loan repurchase financing from six bank providers as part of a diverse loan financing strategy that includes a secured financing facility and CLO financing. During the three months ended March 31, 2021, the Company paid down $16.8 million of such loan repurchase financing. Secured Financing Facility: On April 30, 2020, the Company entered into a strategic financing arrangement with an American multinational corporation, under which the Lender will provide the Company with approximately $206.4 million in senior secured financing to fund transitional and land loans. CLO Debt: On April 27, 2020, the Company completed a private CLO financing transaction with a major U.S. bank which generated $310.2 million of gross proceeds, financing $481.3 million of loans at a 64.5% advance rate on a matched term, non-mark-to-market and non-recourse basis. Based on the financing actions described above, the Company has significantly decreased its exposure to mark-to-market financing. Financial Covenants

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1 Month LIBOR $ 69,571 $ — $ — 0.11 Futures 5-year Swap 25,300 76 — 0.25 10-year Swap 75,100 225 — 0.25 Total futures 100,400 301 — Total derivatives $ 169,971 $ 301 $ — (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. December 31, 2020 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1Month 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. The following table indicates the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of operations for the three months ended March 31, 2021 and 2020 ($ in thousands): Three Months Ended March 31, 2021 Contract Type Unrealized Realized Net Result Futures $ 2 $ 4,769 $ 4,771 Total $ 2 $ 4,769 $ 4,771 Three Months Ended March 31, 2020 Contract Type Unrealized Realized Net Result Futures $ 272 $ (15,946) $ (15,674) Credit Derivatives 111 128 239 Total $ 383 $ (15,818) $ (15,435) The Company’s counterparties held $1.6 million and $0.8 million of cash margin as collateral for derivatives as of March 31, 2021 and December 31, 2020, 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	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020. 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 March 31, 2021 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 $ 301 $ — $ 301 $ — $ — $ 301 Total $ 301 $ — $ 301 $ — $ — $ 301 (1) Included in restricted cash on consolidated balance sheets. As of March 31, 2021 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 $ 576,698 $ — $ 576,698 $ 576,698 $ — $ — Total $ 576,698 $ — $ 576,698 $ 576,698 $ — $ — (1) Included in restricted cash on consolidated balance sheets. 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. 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 March 31, 2021 and December 31, 2020 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	3 Months Ended
	Mar. 31, 2021
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): March 31, 2021 December 31, 2020 Notes 3 & 7 Notes 3 & 7 Restricted cash $ 3,925 $ 3,925 Mortgage loan receivables held for investment, net, at amortized cost 358,834 362,600 Accrued interest receivable 1,364 1,382 Other assets 4,197 69,649 Total assets $ 368,320 $ 437,556 Debt obligations, net $ 233,195 $ 276,516 Accrued expenses 574 682 Total liabilities 233,769 277,198 Net equity in VIEs (eliminated in consolidation) 134,551 160,358 Total equity 134,551 160,358 Total liabilities and equity $ 368,320 $ 437,556

EQUITY STRUCTURE AND ACCOUNTS

EQUITY STRUCTURE AND ACCOUNTS	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
EQUITY STRUCTURE AND ACCOUNTS	11. EQUITY STRUCTURE AND ACCOUNTS 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 March 31, 2021. As of March 31, 2021, the Company held a 100% 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 March 31, 2021, the Company has a remaining amount available for repurchase of $37.9 million, which represents 2.5% in the aggregate of its outstanding Class A common stock, based on the closing price of $11.80 per share on such date. The following table is a summary of the Company’s repurchase activity of its Class A common stock during the three months ended March 31, 2021 and 2020 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2020 $ 38,102 Additional authorizations — Repurchases paid 20,000 (214) Repurchases unsettled — Authorizations remaining as of March 31, 2021 $ 37,888 (1) Amount excludes commissions paid associated with share repurchases. Shares Amount(1) Authorizations remaining as of December 31, 2019 $ 41,132 Additional authorizations — Repurchases paid 146,153 (1,201) Repurchases unsettled — Authorizations remaining as of March 31, 2020 $ 39,931 (1) Amount excludes commissions paid associated with share repurchases. The following table presents dividends declared (on a per share basis) of Class A common stock for the three months ended March 31, 2021 and 2020: Declaration Date Dividend per Share March 15, 2021 $ 0.200 Total $ 0.200 February 27, 2020 $ 0.340 Total $ 0.340 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 three months ended March 31, 2021 and 2020 ($ in thousands): Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2020 $ (10,463) $ (2) $ (10,465) Other comprehensive income (loss) 6,849 — 6,849 March 31, 2021 $ (3,614) $ (2) $ (3,616) Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2019 $ 4,218 $ 477 $ 4,695 Other comprehensive income (loss) (70,142) (7,865) (78,007) Rebalancing of ownership percentage between Company and Operating Partnership 4 (4) — March 31, 2020 $ (65,920) $ (7,392) $ (73,312)

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	3 Months Ended
	Mar. 31, 2021
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 As more fully described in Note 1, certain of the predecessor equity owners held interests in the Operating Partnership as modified by the IPO Transactions. These interests were subsequently further modified by the REIT Structuring Transactions (also described in Note 1). These interests, along with the Class B common stock held by these investors, were exchangeable for Class A shares of the Company. 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 September 30, 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. There were no changes in ownership interest for the three months ended March 31, 2021. Noncontrolling Interest in Consolidated Joint Ventures As of March 31, 2021, 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 $81.5 million, 11 office buildings in Richmond, VA with a book value of $71.9 million, a single-tenant office building in Oakland County, MI with a book value of $8.9 million and an apartment complex in Miami, FL with a book value of $37.0 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	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	13. EARNINGS PER SHARE The Company’s net income (loss) and weighted average shares outstanding for the three months ended March 31, 2021 and 2020 consist of the following: Three Months Ended March 31, ($ in thousands except share amounts) 2021 2020 Basic Net income (loss) available for Class A common shareholders $ 192 $ (15,728) Diluted Net income (loss) available for Class A common shareholders $ 192 $ (15,728) Weighted average shares outstanding Basic 123,974,970 106,329,796 Diluted 124,324,683 106,329,796 The calculation of basic and diluted net income (loss) per share amounts for the three months ended March 31, 2021 and 2020 consist of the following: Three Months Ended March 31, (In thousands except share and per share amounts) 2021(1) 2020(1) Basic Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 192 $ (15,728) Denominator: Weighted average number of shares of Class A common stock outstanding 123,974,970 106,329,796 Basic net income (loss) per share of Class A common stock $ — $ (0.15) Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 192 $ (15,728) Diluted net income (loss) attributable to Class A common shareholders 192 (15,728) Denominator: Basic weighted average number of shares of Class A common stock outstanding 123,974,970 106,329,796 Diluted weighted average number of shares of Class A common stock outstanding 124,324,683 106,329,796 Diluted net income (loss) per share of Class A common stock $ — $ (0.15) (1) For the three months ended March 31, 2020, 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 March 31, 2021. (3) The Company is using the treasury stock method.

STOCK BASED AND OTHER COMPENSAT

STOCK BASED AND OTHER COMPENSATION PLANS	3 Months Ended
	Mar. 31, 2021
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): Three Months Ended March 31, 2021 2020 Stock Based Compensation Expense $ 5,276 $ 14,026 Phantom Equity Investment Plan 22 (2,138) Stock Options Exercised — 270 Bonus Expense 450 (30) Total $ 5,748 $ 12,128 Summary of Stock and Shares Nonvested/Outstanding A summary of the grants is presented below: Three Months Ended March 31, 2021 2020 Number Weighted Number Weighted Grants - Class A Common Stock 747,713 $ 9.81 1,466,337 $ 18.72 The table below presents the number of unvested shares and outstanding stock options at March 31, 2021 and changes during 2021 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, 2020 2,800,824 681,102 Granted 747,713 — Exercised — — Vested (981,475) — Forfeited (326,966) — Expired — — Nonvested/Outstanding at March 31, 2021 2,240,096 681,102 Exercisable at March 31, 2021 681,102 At March 31, 2021 there was $22.1 million of total unrecognized compensation cost related to certain share-based compensation awards that is expected to be recognized over a period of up to 27.2 months, with a weighted-average remaining vesting period of 34 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. Annual Incentive Awards Granted in 2021 with respect to 2020 Performance On January 1, 2021, in connection with 2020 compensation, annual stock awards were granted to non-management employees (“Non-Management Grantees”) with an aggregate fair value of $7.0 million, which represents 711,653 shares of Class A common stock. Approximately one-third of the awards to Non-Management Grantees were unrestricted, with another one-third of the awards subject to time-based vesting criteria, and the remaining one-third subject to attainment of the Performance Target for the applicable years. The one-third of awards subject to attainment of the Performance Target is also subject to the Performance Waiver and Catch-Up Provision, each described below. 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. 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 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 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, 2021, 2022 and 2023, 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 year performance period and the Company’s return on equity for such subsequent year and any years for which it missed its Performance Target equals or exceeds the compounded return on equity of 8% based on distributable earnings divided by the Company’s average book value of equity, the performance-vesting restricted stock which failed to vest because the Company previously missed its Performance Target will vest subject to continued employment on the applicable vesting date (the “Catch-Up Provision”). 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 May 27, 2020, the compensation committee of the board of directors used its discretion to waive the Performance Target for shares eligible to vest based on the Company’s performance in 2020 and 2021, subject to continued employment on the applicable vesting dates (the “Performance Waiver”). The Performance Waiver was made in recognition of the actions taken by Ladder’s employees in response to COVID-19 that, while in the best interests of the Company and its shareholders, would not produce earnings consistent with the Performance Target in their deferred compensation arrangements. Such actions included maintaining high levels of unrestricted cash liquidity and refinancing debt with more expensive non-mark-to-market funding sources. As of March 31, 2021, there were 44 Ladder employees and one consultant eligible for the 2021 Performance Waiver. Other 2021 Restricted Stock Awards On February 18, 2021, certain members of the board of directors each received annual restricted stock awards with a grant date fair value of $0.4 million, representing 36,060 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. Change in Control In the event a Non-Management Grantee is terminated by the Company without cause within six months of certain changes in control (as defined in the respective award agreements), 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. 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. Ladder Capital Corp Deferred Compensation Plan As of December 31, 2020, there were 165,735 phantom units outstanding in the 2014 Deferred Compensation Plan, of which zero were unvested, resulting in a liability of $1.6 million, which is included in accrued expenses on the consolidated balance sheets. As of March 31, 2021, the deferred compensation plan ended as the liability had been fully paid. Bonus Payments On December 16, 2020, the board of directors of Ladder Capital Corp approved the 2020 bonus payments to employees, including officers, totaling $36.8 million of which $35.7 million consisted of equity based compensation. Of the total approved amount, there was $29.4 million of equity based compensation granted in 2020. During the three months ended March 31, 2021, the Company recorded $0.5 million of compensation expense related to bonuses. For the three months ended March 31, 2020, the Company did not record any bonus expense. For the three months ended March 31, 2021, the Company paid $1.1 million compensation expense related to bonuses accrued for during the year ended December 31, 2020.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 are as follows ($ in thousands): March 31, 2021 Weighted Average Outstanding Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 722,489 $ 722,238 $ 717,381 Internal model, third-party inputs 1.62 % 1.87 CMBS interest-only(1) 1,480,575 (2) 19,693 20,459 Internal model, third-party inputs 2.24 % 2.08 GNMA interest-only(3) 68,478 (2) 690 802 Internal model, third-party inputs 5.10 % 3.46 Agency securities(1) 577 583 591 Internal model, third-party inputs 1.62 % 1.11 GNMA permanent securities(1) 24,239 24,402 24,870 Internal model, third-party inputs 3.54 % 1.41 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 2,017,643 2,007,730 1,901,459 Discounted Cash Flow(4) 6.08 % 1.36 Allowance for current expected credit reserves N/A (36,241) (36,241) (5) N/A N/A Mortgage loan receivables held for sale 71,442 71,482 73,479 Internal model, third-party inputs(6) 4.22 % 9.81 FHLB stock(7) 12,960 12,960 12,960 (7) 3.00 % N/A Nonhedge derivatives(1)(8) 169,971 N/A 301 Counterparty quotations N/A 0.25 Liabilities: Repurchase agreements - short-term 465,811 465,811 465,811 Discounted Cash Flow(9) 1.09 % 0.52 Repurchase agreements - long-term 110,886 110,886 110,886 Discounted Cash Flow(10) 1.79 % 1.97 Revolving credit facility 256,430 256,430 256,430 Discounted Cash Flow(9) 3.11 % 0.32 Mortgage loan financing 761,172 765,096 784,455 Discounted Cash Flow(10) 4.84 % 3.79 Secured financing facility 194,662 194,662 194,662 Discounted Cash Flow(9) 10.75 % 2.35 CLO debt 233,195 233,195 233,195 Discounted Cash Flow(10) 5.50 % 3.38 Borrowings from the FHLB 288,000 288,000 288,896 Discounted Cash Flow 1.09 % 2.76 Senior unsecured notes 1,465,644 1,453,739 1,464,796 Internal model, third-party inputs 4.81 % 4.22 (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, 2020 Weighted Average Outstanding Amortized 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 losses 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 Allowance for current expected credit losses 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. (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 March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 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) $ 710,995 $ — $ — $ 706,326 $ 706,326 CMBS interest-only(1) 1,470,038 (2) — — 19,817 19,817 GNMA interest-only(3) 68,478 (2) — — 802 802 Agency securities(1) 577 — — 591 591 GNMA permanent securities(1) 24,239 — — 24,870 24,870 Nonhedge derivatives(4) 370,771 — 301 — 301 $ — $ 301 $ 752,406 $ 752,707 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 loan receivables held for investment, net, at amortized cost $ 2,017,643 $ — $ — $ 1,901,459 $ 1,901,459 Allowance for current expected credit losses N/A — — (36,241) (36,241) Mortgage loan receivable held for sale 71,442 — — 73,479 73,479 CMBS(5) 11,494 — — 11,055 11,055 CMBS interest-only(5) 10,537 — — 642 642 Allowance for current expected credit losses N/A — — (20) (20) FHLB stock 12,960 — — 12,960 12,960 $ — $ — $ 1,963,334 $ 1,963,334 Liabilities: Repurchase agreements - short-term 465,811 $ — $ — $ 465,811 $ 465,811 Repurchase agreements - long-term 110,886 — — 110,886 110,886 Revolving credit facility 256,430 — — 256,430 256,430 Mortgage loan financing 761,172 — — 784,455 784,455 Secured financing facility 194,662 — — 194,662 194,662 CLO debt 233,195 — — 233,195 233,195 Borrowings from the FHLB 288,000 — — 288,896 288,896 Senior unsecured notes 1,465,644 — — 1,464,796 1,464,796 $ — $ — $ 3,799,131 $ 3,799,131 (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, 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 Equity securities N/A — — — — 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 loan receivables held for investment, net, at amortized cost $ 2,365,204 $ — $ — $ 2,328,441 $ 2,328,441 Allowance for loan losses N/A — — (41,507) (41,507) Mortgage loan receivables 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 Allowance 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. The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the three months ended March 31, 2021 and March 31, 2020 ($ in thousands): Three Months Ended March 31, Level 3 2021 2020 Balance at January 1, $ 1,046,569 $ 1,695,913 Transfer from level 2 — — Purchases 40,016 437,519 Sales (329,062) (93,301) Paydowns/maturities (10,512) (43,603) Amortization of premium/discount (2,013) (2,284) Unrealized gain/(loss) 6,829 (77,931) Realized gain/(loss) on sale(1) 579 1,755 Balance at March 31, $ 752,406 $ 1,918,068 (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): March 31, 2021 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 706,326 Discounted cash flow Yield (4) (0.64) % 1.87 % 10.99 % Duration (years)(5) 0.00 1.71 5.61 CMBS interest-only(1) 19,817 (2) Discounted cash flow Yield (4) — % 2.81 % 4.50 % Duration (years)(5) 0.00 2.00 2.92 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only(3) 802 (2) Discounted cash flow Yield (4) (3.50) % 7.89 % 40.65 % Duration (years)(5) 0.00 2.75 6.60 Prepayment speed (CPJ)(5) 5.00 18.07 35.00 Agency securities(1) 591 Discounted cash flow Yield (4) 0.73 % 0.80 % 1.26 % Duration (years)(5) 0.00 1.03 1.20 GNMA permanent securities(1) 24,870 Discounted cash flow Yield (4) 2.54 % 3.38 % 3.73 % Duration (years)(5) 8.40 8.51 13.41 Total $ 752,406 (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, 2020 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 992,226 Discounted cash flow Yield (3) — % 2.09 % 23.85 % Duration (years)(4) 0.00 2.68 5.82 CMBS interest-only(1) 21,537 (2) Discounted cash flow Yield (3) 0.56 % 2.51 % 9.94 % Duration (years)(4) 0.12 2.23 3.15 Prepayment speed (CPY)(4) 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) 0.00 2.80 6.79 Prepayment speed (CPJ)(5) 5.00 17.78 35.00 Agency securities(1) 605 Discounted cash flow Yield (4) 0.44 % 11.31 % 72.00 % Duration (years)(5) 0.00 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. 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	3 Months Ended
	Mar. 31, 2021
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 (the “Code”), commencing with the taxable year ended December 31, 2015 (the REIT Election”). As such, the Company’s income is generally not subject to U.S. federal, state and local corporate income taxes other than as described below. Certain of the Company’s subsidiaries have elected to be treated as TRSs. TRSs permit the Company to participate in certain activities from which REITs are generally precluded, as long as these activities meet specific criteria, are conducted within the parameters of certain limitations established by the Code, and are conducted in entities which elect to be treated as taxable subsidiaries under the Code. To the extent these criteria are met, the Company will continue to maintain its qualification as a REIT. The Company’s TRSs are not consolidated for U.S. federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in TRSs. Current income tax expense (benefit) was $(2.0) million for the three months ended March 31, 2021. Current income tax expense (benefit) was $(16.6) million for the three months ended March 31, 2020. As of March 31, 2021 and December 31, 2020, the Company’s net deferred tax assets (liabilities) were $(3.2) million and $(2.0) million, respectively, and are included in other assets (other liabilities) in the Company’s consolidated balance sheets. Deferred income tax expense (benefit) included within the provision for income taxes was $1.2 million and $12.0 million for the three months ended March 31, 2021, and March 31, 2020 respectively. The Company’s net deferred tax liability is comprised of deferred tax assets and deferred tax liabilities. The Company believes it is more likely than not that the deferred tax assets (aside from the exception noted below) will be realized in the future. Realization of the deferred tax assets is dependent upon our generation of sufficient taxable income in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences. The amount of deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change. As of March 31, 2021, the Company has a deferred tax asset of $5.7 million relating to capital losses which it may only use to offset capital gains. These tax attributes will begin to expire if unused in 2022. As the realization of these assets are not more likely than not before their expiration, the Company provided a full valuation allowance against this deferred tax asset. Additionally, as of March 31, 2021, the Company had $1.4 million of deferred tax asset related to Code Section 163(j) interest expense limitation. As the Company is uncertain if this asset will be realized in the future, the Company provided a full valuation allowance against this deferred tax asset. The Company has historically calculated its tax provision during quarterly reporting periods by applying an annual effective tax rate (“AETR”) for the full year to the income for the reporting period; however, for the three months ended March 31, 2020 and the three and six months ended June 30, 2020, the Company used a discrete effective tax rate method to calculate taxes, given that, based on the projections of income at the time, the Company was unable to determine a reliable AETR. The Company has returned to using an AETR for the full year to income for the current reporting period. The Company’s tax returns are subject to audit by taxing authorities. Generally, as of March 31, 2021, the tax years 2017-2020 remain open to examination by the major taxing jurisdictions in which the Company is subject to taxes. The Company is currently under New York City audit for tax years 2012-2013. 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. Under U.S. GAAP, a tax benefit related to an income tax position may be recognized when it is more likely than not that the position will be sustained upon examination by the tax authorities based on the technical merits of the position. 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.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	17. RELATED PARTY TRANSACTIONS

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021, the Company had a $1.0 million lease liability and a $1.1 million right-of-use asset on its consolidated balance sheets found within other liabilities other assets 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	3 Months Ended
	Mar. 31, 2021
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): Three months ended March 31, 2021 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 35,892 $ 3,234 $ — $ 161 39,287 Interest expense (14,075) (832) (8,785) (22,281) (45,973) Net interest income (expense) 21,817 2,402 (8,785) (22,120) (6,686) Provision for (release of) loan loss reserves 4,251 — — — 4,251 Net interest income (expense) after provision for (release of) loan reserves 26,068 2,402 (8,785) (22,120) (2,435) Operating lease income — — 24,159 — 24,159 Realized gain (loss) on securities — 579 — — 579 Unrealized gain (loss) on Agency interest-only securities — (20) — — (20) Fee and other income 2,969 — 32 283 3,284 Net result from derivative transactions 3,043 1,728 — — 4,771 Earnings (loss) from investment in unconsolidated joint ventures — — 436 — 436 Gain (loss) on extinguishment of debt — — — — — Total other income (loss) 6,012 2,287 24,627 283 33,209 Salaries and employee benefits — — — (9,533) (9,533) Operating expenses(3) 9 — — (4,250) (4,241) Real estate operating expenses — — (6,211) — (6,211) Fee expense (1,426) (50) (123) — (1,599) Depreciation and amortization — — (9,511) (25) (9,536) Total costs and expenses (1,417) (50) (15,845) (13,808) (31,120) Income tax (expense) benefit — — — 778 778 Segment profit (loss) $ 30,663 $ 4,639 $ (3) $ (34,867) $ 432 Total assets as of March 31, 2021 $ 2,042,971 $ 764,083 $ 1,021,479 $ 1,577,278 $ 5,405,811 Three months ended March 31, 2020 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 58,905 $ 12,863 $ 8 $ 813 $ 72,589 Interest expense (4,870) (6,759) (10,234) (29,538) (51,401) Net interest income (expense) 54,035 6,104 (10,226) (28,725) 21,188 Provision for (release of) loan loss reserves (26,581) — — — (26,581) Net interest income (expense) after provision for (release of) loan reserves 27,454 6,104 (10,226) (28,725) (5,393) Operating lease income — — 26,328 — 26,328 Sale of loans, net 1,005 — — — 1,005 Realized gain (loss) on securities — 3,011 — — 3,011 Unrealized gain (loss) on equity securities — (533) — — (533) Unrealized gain (loss) on Agency interest-only securities — 76 — — 76 Realized gain on sale of real estate, net — — 10,529 — 10,529 Impairment of real estate — — — — — Fee and other income 1,424 401 25 (331) 1,519 Net result from derivative transactions (11,351) (4,084) — — (15,435) Earnings (loss) from investment in unconsolidated joint ventures — — 441 — 441 Gain (loss) on extinguishment of debt — — — 2,061 2,061 Total other income (loss) (8,922) (1,129) 37,323 1,730 29,002 Salaries and employee benefits — — — (17,021) (17,021) Operating expenses(3) — — — (5,794) (5,794) Real estate operating expenses — — (7,948) — (7,948) Fee expense (1,190) (72) (177) — (1,439) Depreciation and amortization — — (9,984) (25) (10,009) Total costs and expenses (1,190) (72) (18,109) (22,840) (42,211) Income tax (expense) benefit — — — 4,541 4,541 Segment profit (loss) $ 17,342 $ 4,903 $ 8,988 $ (45,294) $ (14,061) Total assets as of December 31, 2020 $ 2,343,070 $ 1,058,298 $ 1,031,557 $ 1,448,303 $ 5,881,229 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $44.5 million and $46.3 million as of March 31, 2021 and December 31, 2020, 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 $13.0 million and $31.0 million as of March 31, 2021 and December 31, 2020, respectively, and the Company’s senior unsecured notes of $1.5 billion and $1.6 billion as of March 31, 2021 and December 31, 2020, respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	20. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the issuance date of the financial statements and determined that no additional disclosure is necessary.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting and Principles of Consolidation	Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of results of operations, financial position and cash flows. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2020, which are included in the Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The 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.
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. 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.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements 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. 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. The adoption of ASU 2019-12 did not have a material impact on the Company’s 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. 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 adoption of ASU 2020-08 did not have a material impact on the consolidated financial statements. Recent Accounting Pronouncements Pending Adoption 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)	3 Months Ended
	Mar. 31, 2021
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 $ 1,896,330 $ 1,886,661 5.80 % 1.29 Mezzanine loans 121,313 121,069 10.36 % 2.41 Total mortgage loans 2,017,643 2,007,730 6.08 % 1.36 Allowance for credit losses N/A (36,241) Total mortgage loan receivables held for investment, net, at amortized cost 2,017,643 1,971,489 Mortgage loan receivables held for sale: First mortgage loans 71,442 71,482 4.22 % 9.81 Total $ 2,089,085 $ 2,042,971 6.01 % 1.65 (1) Includes the impact from interest rate floors. March 31, 2021 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 $ 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.
Summary of mortgage loan receivables by loan type	For the three months ended March 31, 2021 and 2020, 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, 2020 $ 2,354,059 $ (41,507) $ 30,518 Origination of mortgage loan receivables 116,555 — 41,000 Repayment of mortgage loan receivables (374,735) — (36) Proceeds from sales of mortgage loan receivables (46,557) — — Non-cash disposition of loans via foreclosure(1) (45,000) — — Accretion/amortization of discount, premium and other fees 3,408 — — Release of asset-specific loan loss provision via foreclosure(1) — 1,150 — Provision for current expected credit loss, net (impact to earnings) — 4,116 — Balance, March 31, 2021 $ 2,007,730 $ (36,241) $ 71,482 (1) Refer to Note 5 Real Estate and Related Lease Intangibles, Net for further detail on foreclosure of real estate. 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 313,936 — 212,805 Repayment of mortgage loan receivables (118,531) — (64) Proceeds from sales of mortgage loan receivables — — (189,358) Non-cash disposition of loan via foreclosure(1) (23,586) — — Sale of loans, net — — 1,005 Accretion/amortization of discount, premium and other fees 3,924 — — Release of asset-specific loan loss provision via foreclosure(1) — 2,000 — Provision expense for current expected credit loss(implementation impact)(2) — (4,964) — Provision expense for current expected credit loss (impact to earnings)(2) — (17,993) — Additional asset-specific reserve — (8,000) — Balance, March 31, 2020 $ 3,432,779 $ (49,457) $ 146,713 (1) Refer to Note 5, Real Estate and Related Lease Intangibles, Net for further detail on real estate acquired via foreclosure. (2) During the three months ended March 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 thereafter, including the period to date change for the three months ended March 31, 2020, is accounted for as provision expense for current expected credit loss in the consolidated statements of income.
Schedule of provision for loan losses	Allowance for Credit Losses and Non-Accrual Status ($ in thousands) Three Months Ended March 31, 2021 2020 Allowance for credit losses at beginning of period $ 41,507 $ 20,500 Provision for current expected credit loss (implementation impact) — 4,964 (1) Provision for current expected credit loss, net (impact to earnings)(2) (4,116) 25,993 Foreclosure of loans subject to asset-specific reserve (1,150) (2,000) Allowance for credit losses at end of period $ 36,241 $ 49,457 March 31, 2021 December 31, 2020 Carrying value of loans on non-accrual status, net of asset-specific reserve $ 130,574 (3) $ 175,022 (4) (1) 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. (2) For the three months ended March 31, 2021, the total provision release consisted of $4.1 million in general reserves and no asset-specific reserves. For the three months ended March 31, 2020, the total provision recorded included $18.0 million of general reserves and $8.0 million of asset-specific reserves. (3) 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 $26.8 million, one loan with a carrying value of $36.4 million, one loan with a carrying value of $12.8 million, and one loan with a carrying value of $30.5 million. (4) 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 $43.8 million which was foreclosed on and sold in 2021.
Schedule of individually impaired loans	The Company has concluded that none of its loans, other than the three loans discussed below, are individually impaired as of March 31, 2021. Loan Portfolio by Geographic Region, Property Type and Vintage ($ in thousands) Amortized Cost Geographic Region Northeast $ 647,583 Southwest 434,883 South 242,205 Midwest 328,919 West 283,036 Subtotal loans 1,936,626 Individually impaired loans(1) 71,104 Total loans $ 2,007,730 (1) Refer to “ Individually Impaired Loans” below for further detail. 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 2021 2020 2019 2018 2017 and Earlier Total Office $ — $ — $ 197,434 $ 236,774 $ 134,436 $ 568,644 Multifamily 37,818 15,064 238,162 44,681 21,221 356,946 Hospitality — — 43,592 139,821 111,111 294,524 Other — — 111,704 30,436 — 142,140 Mixed Use 50,371 108,646 16,621 — — 175,638 Retail 19,965 — 85,119 — 40,527 145,611 Industrial — — 117,806 — 6,458 124,264 Manufactured Housing — 4,559 57,369 11,731 3,955 77,614 Self-Storage — — 36,026 15,219 — 51,245 Subtotal loans 108,154 128,269 903,833 478,662 317,708 1,936,626 Individually Impaired loans (1) — — — 71,104 71,104 Total loans (2) $ 108,154 $ 128,269 $ 903,833 $ 478,662 $ 388,812 $ 2,007,730 (1) Refer to “ Individually Impaired Loans” below for further detail. (2) Not included above is $11.8 million of accrued interest receivable on all loans at March 31, 2021.

REAL ESTATE SECURITIES (Tables)

REAL ESTATE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and 2020 ($ in thousands): March 31, 2021 Gross Unrealized Weighted Average Asset Type Outstanding Amortized Cost Basis Gains Losses Carrying # of Rating (1) Coupon % Yield % Remaining CMBS(2) $ 722,489 $ 722,238 $ 1,063 $ (5,920) $ 717,381 (3) 77 AAA 1.62 % 1.62 % 1.87 CMBS interest-only(2)(4) 1,480,575 19,693 791 (25) 20,459 (5) 15 AAA 0.56 % 2.24 % 2.08 GNMA interest-only(4)(6) 68,478 690 203 (91) 802 14 AA+ 0.40 % 5.10 % 3.46 Agency securities(2) 577 583 8 — 591 2 AA+ 2.53 % 1.62 % 1.11 GNMA permanent securities(2) 24,239 24,402 468 — 24,870 3 AA+ 4.12 % 3.54 % 1.41 Total debt securities $ 2,296,358 $ 767,606 $ 2,533 $ (6,036) $ 764,103 111 0.93 % 1.71 % 1.86 Provision for current expected credit losses N/A — — (20) (20) Total real estate securities $ 2,296,358 $ 767,606 $ 2,533 $ (6,056) $ 764,083 111 (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 $0.6 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. (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, 2020 Gross Unrealized Weighted Average Asset Type Outstanding Amortized 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 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 $0.7 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost. (6) Agency interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s Agency interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company accounts for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on Agency interest-only securities in the consolidated statements of income in accordance with ASC 815.
Schedule of fair value of the Company's securities by remaining maturity based upon expected cash flows	The following is a breakdown of the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 Asset Type Within 1 year 1-5 years 5-10 years After 10 years Total CMBS $ 238,289 $ 444,688 $ 34,404 $ — $ 717,381 CMBS interest-only 1,256 19,203 — — 20,459 GNMA interest-only 86 463 253 — 802 Agency securities 509 82 — — 591 GNMA permanent securities — 24,870 — — 24,870 Provision for current expected credit losses — — — — (20) Total debt securities $ 240,140 $ 489,306 $ 34,657 $ — $ 764,083 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

REAL ESTATE AND RELATED LEASE_2

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)	3 Months Ended
	Mar. 31, 2021
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): March 31, 2021 December 31, 2020 Land $ 220,511 $ 220,511 Building 839,811 838,542 In-place leases and other intangibles 157,176 157,176 Undepreciated real estate and related lease intangibles 1,217,498 1,216,229 Less: Accumulated depreciation and amortization (240,527) (230,925) Real estate and related lease intangibles, net $ 976,971 $ 985,304 Below market lease intangibles, net (other liabilities) $ (36,383) $ (36,952)
Schedule of depreciation and amortization expense recorded	The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands): Three Months Ended March 31, 2021 2020 Depreciation expense(1) $ 7,990 $ 8,273 Amortization expense 1,546 1,711 Total real estate depreciation and amortization expense $ 9,536 $ 9,984
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): March 31, 2021 December 31, 2020 Gross intangible assets(1) $ 157,176 $ 157,176 Accumulated amortization 67,651 66,014 Net intangible assets $ 89,525 $ 91,162 (1) Includes $4.1 million and $4.2 million of unamortized above market lease intangibles which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of March 31, 2021 and December 31, 2020, respectively. The following table presents increases/reductions in operating lease income recorded by the Company ($ in thousands): Three Months Ended March 31, 2021 2020 Reduction in operating lease income for amortization of above market lease intangibles acquired $ (92) $ (92) Increase in operating lease income for amortization of below market lease intangibles acquired 570 752
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 March 31, 2021 ($ in thousands): Period Ending December 31, Adjustment to Operating Lease Income Amortization Expense 2021 (last 9 months) $ 804 $ 5,406 2022 1,071 5,406 2023 1,071 5,406 2024 1,071 5,406 2025 1,071 5,406 Thereafter 27,215 58,418 Total $ 32,303 $ 85,448
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 March 31, 2021 ($ in thousands): Period Ending December 31, Amount 2021 (last 9 months) $ 57,458 2022 66,465 2023 64,746 2024 63,783 2025 62,506 Thereafter 471,453 Total $ 786,411
Schedule of real estate properties acquired	During the three months ended March 31, 2021, 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) Real estate acquired via foreclosure February 2021 Hotel Miami, FL 43,750 100.0% Total real estate acquired via foreclosure 43,750 Total real estate acquisitions $ 43,750 (1) Properties were consolidated as of acquisition date. During the three months ended March 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 $ 6,239 100.0% Real estate acquired via foreclosure March 2020 Diversified Los Angeles, CA 21,535 100.0% Total real estate acquired via foreclosure 21,535 Total real estate acquisitions $ 27,774 (1) Properties were consolidated as of acquisition date.
Schedule of properties sold	The Company sold the following properties during the three months ended March 31, 2021 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining February 2021 Hotel Miami, FL $ 43,750 $ 43,750 $ — 1 — — Totals $ 43,750 $ 43,750 $ — The Company sold the following properties during the three months ended March 31, 2020 ($ in thousands): Sales Date Type Primary Location(s) Net Sales Proceeds Net Book Value Realized Gain/(Loss) Properties Units Sold Units Remaining Various Condominium Miami, FL 665 658 7 — 2 4 March 2020 Diversified Richmond, VA 22,527 14,829 7,698 7 — — March 2020 Diversified Richmond, VA 6,932 4,109 2,823 1 — — Totals $ 30,124 $ 19,596 $ 10,528 (1) Realized gain (loss) on the sale of real estate, net on the consolidated statements of income also includes $10.5 million of realized loss on the disposal of fixed assets for the three months ended March 31, 2020.

INVESTMENT IN AND ADVANCES TO_2

INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 ($ in thousands): Entity March 31, 2021 December 31, 2020 Grace Lake JV, LLC $ 4,320 $ 4,023 24 Second Avenue Holdings LLC 40,188 42,230 Investment in unconsolidated joint ventures $ 44,508 $ 46,253
Summary of the Company's allocated earnings based on its ownership interests from investment in unconsolidated joint ventures	The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated joint ventures for the three months ended March 31, 2021 and 2020 ($ in thousands): Three Months Ended March 31, Entity 2021 2020 Grace Lake JV, LLC $ 297 $ 186 24 Second Avenue Holdings LLC 139 255 Earnings (loss) from investment in unconsolidated joint ventures $ 436 $ 441
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 March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 December 31, 2020 Total assets $ 117,794 $ 114,916 Total liabilities 70,972 75,775 Partners’/members’ capital $ 46,822 $ 39,141 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 three months ended March 31, 2021 and 2020 ($ in thousands): Three Months Ended March 31, 2021 2020 Total revenues $ 4,514 $ 4,476 Total expenses 3,323 3,974 Net income (loss) $ 1,191 $ 502

DEBT OBLIGATIONS, NET (Tables)

DEBT OBLIGATIONS, NET (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of debt obligations	The details of the Company’s debt obligations at March 31, 2021 and December 31, 2020 are as follows ($ in thousands): March 31, 2021 Debt Obligations Committed Financing Debt Obligations Outstanding Committed but Unfunded Interest Rate at March 31, 2021(1) Current Term Maturity Remaining Extension Options Eligible Collateral Carrying Amount of Collateral Fair Value of Collateral Committed Loan Repurchase Facility(2) $ 500,000 $ 110,887 $ 389,113 1.86% — 2.11% 12/19/2022 (3) (4) $ 179,497 $ 179,497 Committed Loan Repurchase Facility 250,000 — 250,000 —% — —% 2/26/2022 (5) (6) — — Committed Loan Repurchase Facility 300,000 90,176 209,824 1.86% — 2.86% 12/16/2021 (7) (8) 155,288 155,288 Committed Loan Repurchase Facility 300,000 11,312 288,688 2.13% — 2.13% 11/6/2022 (9) (4) 28,312 28,312 Committed Loan Repurchase Facility 100,000 26,183 73,817 2.23% — 2.23% 12/31/2022 (3) (4) 44,961 44,961 Committed Loan Repurchase Facility 100,000 — 100,000 —% — —% 10/24/2021 (10) (11) — — Total Committed Loan Repurchase Facilities 1,550,000 238,558 1,311,442 408,058 408,058 Committed Securities Repurchase Facility(2) 789,114 63,125 725,989 0.81% — 1.06% 12/23/2021 N/A (12) 76,846 76,846 Uncommitted Securities Repurchase Facility N/A (14) 275,014 N/A (14) 0.57% — 2.11% 4/2021-5/2021 N/A (12) 321,247 321,247 (14) Total Repurchase Facilities 1,950,000 576,697 1,648,317 806,151 806,151 Revolving Credit Facility 266,430 256,430 10,000 3.11% — 5.25% 2/11/2022 (15) N/A (16) N/A (16) N/A (16) Mortgage Loan Financing 765,096 765,096 — 3.75% — 6.16% 2021 - 2030(17) N/A (18) 901,633 1,134,898 (19) Secured Financing Facility 206,350 194,662 (20) — 10.75% — 10.75% 5/6/2023 N/A (21) 274,806 275,081 CLO Debt 234,968 233,195 (22) — 5.5% — 5.5% 5/16/2024 N/A (4) 358,834 358,834 Borrowings from the FHLB 288,000 288,000 — 0.37% — 2.74% 2021 - 2024 N/A (23) 317,448 317,448 (24) Senior Unsecured Notes 1,465,644 1,453,739 (25) — 4.25% — 5.25% 2021 - 2027 N/A N/A (26) N/A (26) N/A (26) Total Debt Obligations, Net $ 5,176,488 $ 3,767,819 $ 1,658,317 $ 2,658,872 $ 2,892,412 (1) March 2021 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 12-month extension 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) Two 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) 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 first mortgage commercial real estate loans collateralizing such securities. (13) Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances. (14) 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. (15) Three additional 12-month periods at Company’s option. (16) The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries. (17) Anticipated repayment dates. (18) Certain of our real estate investments serve as collateral for our mortgage loan financing. (19) Using undepreciated carrying value of commercial real estate to approximate fair value. (20) Presented net of unamortized debt issuance costs of $5.8 million and an unamortized discount of $5.9 million related to the Purchase Right (described in detail under Secured Financing Facility below) at March 31, 2021. (21) First mortgage commercial real estate loans. Substitution of collateral and conversion of loan collateral to mortgage collateral are permitted with Lender’s approval. Pending substitution of acceptable collateral, $20.3 million of the obligations are unsecured and guaranteed by the Company. (22) Presented net of unamortized debt issuance costs of $1.8 million at March 31, 2021. (23) Investment grade commercial real estate securities and cash It does not include the first mortgage commercial real estate loans collateralizing such securities. (24) Includes $8.8 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. (25) Presented net of unamortized debt issuance costs of $11.9 million at March 31, 2021. (26) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. 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% — 3.50% 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% 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) — 5.50% — 5.50% 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 $ 6,580,299 $ 4,209,864 $ 2,756,999 $ 3,156,045 $ 3,384,482 (1) December 31, 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 first mortgage commercial real estate loans 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 $12.9 million at December 31, 2020. (27) The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries. Combined Maturity of Debt Obligations The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands): Period ending December 31, Borrowings by 2021 $ 819,268 2022 733,163 2023 351,992 2024 531,283 2025 468,876 Thereafter 884,678 Subtotal 3,789,260 Debt issuance costs included in senior unsecured notes (11,905) Debt issuance costs included in secured financing facility (5,827) Discount on secured financing facility related to Purchase Right (5,861) Debt issuance costs included in CLO debt (1,773) Debt issuance costs included in mortgage loan financing (354) Premiums included in mortgage loan financing(2) 4,279 Total $ 3,767,819 (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 March 31, 2021.

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1 Month LIBOR $ 69,571 $ — $ — 0.11 Futures 5-year Swap 25,300 76 — 0.25 10-year Swap 75,100 225 — 0.25 Total futures 100,400 301 — Total derivatives $ 169,971 $ 301 $ — (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. December 31, 2020 Fair Value Remaining Contract Type Notional Asset(1) Liability(1) Caps 1Month 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.
Schedule of net realized gains/(losses) and unrealized appreciation/(depreciation) on derivatives	The following table indicates the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of operations for the three months ended March 31, 2021 and 2020 ($ in thousands): Three Months Ended March 31, 2021 Contract Type Unrealized Realized Net Result Futures $ 2 $ 4,769 $ 4,771 Total $ 2 $ 4,769 $ 4,771 Three Months Ended March 31, 2020 Contract Type Unrealized Realized Net Result Futures $ 272 $ (15,946) $ (15,674) Credit Derivatives 111 128 239 Total $ 383 $ (15,818) $ (15,435)

OFFSETTING ASSETS AND LIABILI_2

OFFSETTING ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2021
Offsetting [Abstract]
Schedule of offsetting of financial assets	As of March 31, 2021 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 $ 301 $ — $ 301 $ — $ — $ 301 Total $ 301 $ — $ 301 $ — $ — $ 301 (1) Included in restricted cash on consolidated balance sheets. 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.
Schedule of offsetting of financial liabilities	As of March 31, 2021 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 $ 576,698 $ — $ 576,698 $ 576,698 $ — $ — Total $ 576,698 $ — $ 576,698 $ 576,698 $ — $ — (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.

CONSOLIDATED VARIABLE INTERES_2

CONSOLIDATED VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2021
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): March 31, 2021 December 31, 2020 Notes 3 & 7 Notes 3 & 7 Restricted cash $ 3,925 $ 3,925 Mortgage loan receivables held for investment, net, at amortized cost 358,834 362,600 Accrued interest receivable 1,364 1,382 Other assets 4,197 69,649 Total assets $ 368,320 $ 437,556 Debt obligations, net $ 233,195 $ 276,516 Accrued expenses 574 682 Total liabilities 233,769 277,198 Net equity in VIEs (eliminated in consolidation) 134,551 160,358 Total equity 134,551 160,358 Total liabilities and equity $ 368,320 $ 437,556

EQUITY STRUCTURE AND ACCOUNTS (

EQUITY STRUCTURE AND ACCOUNTS (Tables)	3 Months Ended
	Mar. 31, 2021
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 three months ended March 31, 2021 and 2020 ($ in thousands): Shares Amount(1) Authorizations remaining as of December 31, 2020 $ 38,102 Additional authorizations — Repurchases paid 20,000 (214) Repurchases unsettled — Authorizations remaining as of March 31, 2021 $ 37,888 (1) Amount excludes commissions paid associated with share repurchases. Shares Amount(1) Authorizations remaining as of December 31, 2019 $ 41,132 Additional authorizations — Repurchases paid 146,153 (1,201) Repurchases unsettled — Authorizations remaining as of March 31, 2020 $ 39,931 (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 three months ended March 31, 2021 and 2020: Declaration Date Dividend per Share March 15, 2021 $ 0.200 Total $ 0.200 February 27, 2020 $ 0.340 Total $ 0.340
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 three months ended March 31, 2021 and 2020 ($ in thousands): Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2020 $ (10,463) $ (2) $ (10,465) Other comprehensive income (loss) 6,849 — 6,849 March 31, 2021 $ (3,614) $ (2) $ (3,616) Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests Total Accumulated Other Comprehensive Income (Loss) December 31, 2019 $ 4,218 $ 477 $ 4,695 Other comprehensive income (loss) (70,142) (7,865) (78,007) Rebalancing of ownership percentage between Company and Operating Partnership 4 (4) — March 31, 2020 $ (65,920) $ (7,392) $ (73,312)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of the Company's net income and weighted average shares outstanding	The Company’s net income (loss) and weighted average shares outstanding for the three months ended March 31, 2021 and 2020 consist of the following: Three Months Ended March 31, ($ in thousands except share amounts) 2021 2020 Basic Net income (loss) available for Class A common shareholders $ 192 $ (15,728) Diluted Net income (loss) available for Class A common shareholders $ 192 $ (15,728) Weighted average shares outstanding Basic 123,974,970 106,329,796 Diluted 124,324,683 106,329,796
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 three months ended March 31, 2021 and 2020 consist of the following: Three Months Ended March 31, (In thousands except share and per share amounts) 2021(1) 2020(1) Basic Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 192 $ (15,728) Denominator: Weighted average number of shares of Class A common stock outstanding 123,974,970 106,329,796 Basic net income (loss) per share of Class A common stock $ — $ (0.15) Diluted Net Income (Loss) Per Share of Class A Common Stock Numerator: Net income (loss) attributable to Class A common shareholders $ 192 $ (15,728) Diluted net income (loss) attributable to Class A common shareholders 192 (15,728) Denominator: Basic weighted average number of shares of Class A common stock outstanding 123,974,970 106,329,796 Diluted weighted average number of shares of Class A common stock outstanding 124,324,683 106,329,796 Diluted net income (loss) per share of Class A common stock $ — $ (0.15) (1) For the three months ended March 31, 2020, 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 March 31, 2021. (3) The Company is using the treasury stock method.

STOCK BASED AND OTHER COMPENS_2

STOCK BASED AND OTHER COMPENSATION PLANS (Tables)	3 Months Ended
	Mar. 31, 2021
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): Three Months Ended March 31, 2021 2020 Stock Based Compensation Expense $ 5,276 $ 14,026 Phantom Equity Investment Plan 22 (2,138) Stock Options Exercised — 270 Bonus Expense 450 (30) Total $ 5,748 $ 12,128
Summary of the grants	A summary of the grants is presented below: Three Months Ended March 31, 2021 2020 Number Weighted Number Weighted Grants - Class A Common Stock 747,713 $ 9.81 1,466,337 $ 18.72
Schedule of nonvested shares activity	The table below presents the number of unvested shares and outstanding stock options at March 31, 2021 and changes during 2021 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, 2020 2,800,824 681,102 Granted 747,713 — Exercised — — Vested (981,475) — Forfeited (326,966) — Expired — — Nonvested/Outstanding at March 31, 2021 2,240,096 681,102 Exercisable at March 31, 2021 681,102

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 are as follows ($ in thousands): March 31, 2021 Weighted Average Outstanding Amortized Cost Basis/Purchase Price Fair Value Fair Value Method Yield Remaining Assets: CMBS(1) $ 722,489 $ 722,238 $ 717,381 Internal model, third-party inputs 1.62 % 1.87 CMBS interest-only(1) 1,480,575 (2) 19,693 20,459 Internal model, third-party inputs 2.24 % 2.08 GNMA interest-only(3) 68,478 (2) 690 802 Internal model, third-party inputs 5.10 % 3.46 Agency securities(1) 577 583 591 Internal model, third-party inputs 1.62 % 1.11 GNMA permanent securities(1) 24,239 24,402 24,870 Internal model, third-party inputs 3.54 % 1.41 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 2,017,643 2,007,730 1,901,459 Discounted Cash Flow(4) 6.08 % 1.36 Allowance for current expected credit reserves N/A (36,241) (36,241) (5) N/A N/A Mortgage loan receivables held for sale 71,442 71,482 73,479 Internal model, third-party inputs(6) 4.22 % 9.81 FHLB stock(7) 12,960 12,960 12,960 (7) 3.00 % N/A Nonhedge derivatives(1)(8) 169,971 N/A 301 Counterparty quotations N/A 0.25 Liabilities: Repurchase agreements - short-term 465,811 465,811 465,811 Discounted Cash Flow(9) 1.09 % 0.52 Repurchase agreements - long-term 110,886 110,886 110,886 Discounted Cash Flow(10) 1.79 % 1.97 Revolving credit facility 256,430 256,430 256,430 Discounted Cash Flow(9) 3.11 % 0.32 Mortgage loan financing 761,172 765,096 784,455 Discounted Cash Flow(10) 4.84 % 3.79 Secured financing facility 194,662 194,662 194,662 Discounted Cash Flow(9) 10.75 % 2.35 CLO debt 233,195 233,195 233,195 Discounted Cash Flow(10) 5.50 % 3.38 Borrowings from the FHLB 288,000 288,000 288,896 Discounted Cash Flow 1.09 % 2.76 Senior unsecured notes 1,465,644 1,453,739 1,464,796 Internal model, third-party inputs 4.81 % 4.22 (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, 2020 Weighted Average Outstanding Amortized 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 losses 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 Allowance for current expected credit losses 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. (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 March 31, 2021 and December 31, 2020 ($ in thousands): March 31, 2021 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) $ 710,995 $ — $ — $ 706,326 $ 706,326 CMBS interest-only(1) 1,470,038 (2) — — 19,817 19,817 GNMA interest-only(3) 68,478 (2) — — 802 802 Agency securities(1) 577 — — 591 591 GNMA permanent securities(1) 24,239 — — 24,870 24,870 Nonhedge derivatives(4) 370,771 — 301 — 301 $ — $ 301 $ 752,406 $ 752,707 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 loan receivables held for investment, net, at amortized cost $ 2,017,643 $ — $ — $ 1,901,459 $ 1,901,459 Allowance for current expected credit losses N/A — — (36,241) (36,241) Mortgage loan receivable held for sale 71,442 — — 73,479 73,479 CMBS(5) 11,494 — — 11,055 11,055 CMBS interest-only(5) 10,537 — — 642 642 Allowance for current expected credit losses N/A — — (20) (20) FHLB stock 12,960 — — 12,960 12,960 $ — $ — $ 1,963,334 $ 1,963,334 Liabilities: Repurchase agreements - short-term 465,811 $ — $ — $ 465,811 $ 465,811 Repurchase agreements - long-term 110,886 — — 110,886 110,886 Revolving credit facility 256,430 — — 256,430 256,430 Mortgage loan financing 761,172 — — 784,455 784,455 Secured financing facility 194,662 — — 194,662 194,662 CLO debt 233,195 — — 233,195 233,195 Borrowings from the FHLB 288,000 — — 288,896 288,896 Senior unsecured notes 1,465,644 — — 1,464,796 1,464,796 $ — $ — $ 3,799,131 $ 3,799,131 (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, 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 Equity securities N/A — — — — 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 loan receivables held for investment, net, at amortized cost $ 2,365,204 $ — $ — $ 2,328,441 $ 2,328,441 Allowance for loan losses N/A — — (41,507) (41,507) Mortgage loan receivables 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 Allowance 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.
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 three months ended March 31, 2021 and March 31, 2020 ($ in thousands): Three Months Ended March 31, Level 3 2021 2020 Balance at January 1, $ 1,046,569 $ 1,695,913 Transfer from level 2 — — Purchases 40,016 437,519 Sales (329,062) (93,301) Paydowns/maturities (10,512) (43,603) Amortization of premium/discount (2,013) (2,284) Unrealized gain/(loss) 6,829 (77,931) Realized gain/(loss) on sale(1) 579 1,755 Balance at March 31, $ 752,406 $ 1,918,068 (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): March 31, 2021 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 706,326 Discounted cash flow Yield (4) (0.64) % 1.87 % 10.99 % Duration (years)(5) 0.00 1.71 5.61 CMBS interest-only(1) 19,817 (2) Discounted cash flow Yield (4) — % 2.81 % 4.50 % Duration (years)(5) 0.00 2.00 2.92 Prepayment speed (CPY)(5) 100.00 100.00 100.00 GNMA interest-only(3) 802 (2) Discounted cash flow Yield (4) (3.50) % 7.89 % 40.65 % Duration (years)(5) 0.00 2.75 6.60 Prepayment speed (CPJ)(5) 5.00 18.07 35.00 Agency securities(1) 591 Discounted cash flow Yield (4) 0.73 % 0.80 % 1.26 % Duration (years)(5) 0.00 1.03 1.20 GNMA permanent securities(1) 24,870 Discounted cash flow Yield (4) 2.54 % 3.38 % 3.73 % Duration (years)(5) 8.40 8.51 13.41 Total $ 752,406 (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, 2020 Financial Instrument Carrying Value Valuation Technique Unobservable Input Minimum Weighted Average Maximum CMBS(1) $ 992,226 Discounted cash flow Yield (3) — % 2.09 % 23.85 % Duration (years)(4) 0.00 2.68 5.82 CMBS interest-only(1) 21,537 (2) Discounted cash flow Yield (3) 0.56 % 2.51 % 9.94 % Duration (years)(4) 0.12 2.23 3.15 Prepayment speed (CPY)(4) 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) 0.00 2.80 6.79 Prepayment speed (CPJ)(5) 5.00 17.78 35.00 Agency securities(1) 605 Discounted cash flow Yield (4) 0.44 % 11.31 % 72.00 % Duration (years)(5) 0.00 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.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2021
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): Three months ended March 31, 2021 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 35,892 $ 3,234 $ — $ 161 39,287 Interest expense (14,075) (832) (8,785) (22,281) (45,973) Net interest income (expense) 21,817 2,402 (8,785) (22,120) (6,686) Provision for (release of) loan loss reserves 4,251 — — — 4,251 Net interest income (expense) after provision for (release of) loan reserves 26,068 2,402 (8,785) (22,120) (2,435) Operating lease income — — 24,159 — 24,159 Realized gain (loss) on securities — 579 — — 579 Unrealized gain (loss) on Agency interest-only securities — (20) — — (20) Fee and other income 2,969 — 32 283 3,284 Net result from derivative transactions 3,043 1,728 — — 4,771 Earnings (loss) from investment in unconsolidated joint ventures — — 436 — 436 Gain (loss) on extinguishment of debt — — — — — Total other income (loss) 6,012 2,287 24,627 283 33,209 Salaries and employee benefits — — — (9,533) (9,533) Operating expenses(3) 9 — — (4,250) (4,241) Real estate operating expenses — — (6,211) — (6,211) Fee expense (1,426) (50) (123) — (1,599) Depreciation and amortization — — (9,511) (25) (9,536) Total costs and expenses (1,417) (50) (15,845) (13,808) (31,120) Income tax (expense) benefit — — — 778 778 Segment profit (loss) $ 30,663 $ 4,639 $ (3) $ (34,867) $ 432 Total assets as of March 31, 2021 $ 2,042,971 $ 764,083 $ 1,021,479 $ 1,577,278 $ 5,405,811 Three months ended March 31, 2020 Loans Securities Real Estate (1) Corporate/Other(2) Company Interest income $ 58,905 $ 12,863 $ 8 $ 813 $ 72,589 Interest expense (4,870) (6,759) (10,234) (29,538) (51,401) Net interest income (expense) 54,035 6,104 (10,226) (28,725) 21,188 Provision for (release of) loan loss reserves (26,581) — — — (26,581) Net interest income (expense) after provision for (release of) loan reserves 27,454 6,104 (10,226) (28,725) (5,393) Operating lease income — — 26,328 — 26,328 Sale of loans, net 1,005 — — — 1,005 Realized gain (loss) on securities — 3,011 — — 3,011 Unrealized gain (loss) on equity securities — (533) — — (533) Unrealized gain (loss) on Agency interest-only securities — 76 — — 76 Realized gain on sale of real estate, net — — 10,529 — 10,529 Impairment of real estate — — — — — Fee and other income 1,424 401 25 (331) 1,519 Net result from derivative transactions (11,351) (4,084) — — (15,435) Earnings (loss) from investment in unconsolidated joint ventures — — 441 — 441 Gain (loss) on extinguishment of debt — — — 2,061 2,061 Total other income (loss) (8,922) (1,129) 37,323 1,730 29,002 Salaries and employee benefits — — — (17,021) (17,021) Operating expenses(3) — — — (5,794) (5,794) Real estate operating expenses — — (7,948) — (7,948) Fee expense (1,190) (72) (177) — (1,439) Depreciation and amortization — — (9,984) (25) (10,009) Total costs and expenses (1,190) (72) (18,109) (22,840) (42,211) Income tax (expense) benefit — — — 4,541 4,541 Segment profit (loss) $ 17,342 $ 4,903 $ 8,988 $ (45,294) $ (14,061) Total assets as of December 31, 2020 $ 2,343,070 $ 1,058,298 $ 1,031,557 $ 1,448,303 $ 5,881,229 (1) Includes the Company’s investment in unconsolidated joint ventures that held real estate of $44.5 million and $46.3 million as of March 31, 2021 and December 31, 2020, 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 $13.0 million and $31.0 million as of March 31, 2021 and December 31, 2020, respectively, and the Company’s senior unsecured notes of $1.5 billion and $1.6 billion as of March 31, 2021 and December 31, 2020, respectively.

ORGANIZATION AND OPERATIONS (De

ORGANIZATION AND OPERATIONS (Details)	Mar. 31, 2021
LCFH
ORGANIZATION AND OPERATIONS
Ownership interest in LCFH	100.00%

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands		Jan. 01, 2020USD ($)loans	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019	Jan. 01, 2021USD ($)	Dec. 31, 2020USD ($)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accounting Standards Update [Extensible List]					Accounting Standards Update 2016-13
General CECL Reserve		$ 11,600	$ 36,241				$ 41,507
Percentage of total loan portfolio		0.36%
Loans that previously had asset-specific reserves | loans		3
Provision for current expected credit loss (implementation impact)		$ 5,800	(4,116)	$ 25,993
FHLB stock			13,000				31,000	[1]
Other assets	[1]		111,583				147,633
Revision of Prior Period, Reclassification, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
FHLB stock						$ (31,000)
Other assets						$ 31,000
Recurring | FHLB stock | FHLB stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Outstanding Face Amount			12,960				$ 31,000
Corporate/Other
Error Corrections and Prior Period Adjustments Restatement [Line Items]
FHLB stock			$ 13,000
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
[1]	Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.

MORTGAGE LOAN RECEIVABLES - Sch

MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 2,089,085	$ 2,395,682
Allowance for credit losses	(36,241)	(41,507)		$ (11,600)
Carrying Value	$ 2,042,971	$ 2,343,070
Weighted average yield	6.01%	6.74%
Remaining Maturity	1 year 7 months 24 days	1 year 2 months 23 days
First mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 1,896,330	$ 2,243,639
Carrying Value gross, consumer and commercial real estate	$ 1,886,661	$ 2,232,749
Weighted average yield	5.80%	6.50%
Remaining Maturity	1 year 3 months 14 days	1 year
Mezzanine loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 121,313	$ 121,565
Carrying Value gross, consumer and commercial real estate	$ 121,069	$ 121,310
Weighted average yield	10.36%	10.83%
Remaining Maturity	2 years 4 months 28 days	2 years 5 months 1 day
Total mortgage loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 2,017,643	$ 2,365,204
Carrying Value gross, consumer and commercial real estate	$ 2,007,730	$ 2,354,059
Weighted average yield	6.08%	6.65%
Remaining Maturity	1 year 4 months 9 days	1 year 25 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	$ 2,017,643	$ 2,365,204
Allowance for credit losses	(36,241)	(41,507)	$ (49,457)		$ (20,500)
Carrying Value	1,971,489	2,312,552
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	71,442	30,478
Carrying Value	$ 71,482	$ 30,518
Weighted average yield	4.22%	4.05%
Remaining Maturity	9 years 9 months 21 days	9 years 2 months 4 days

MORTGAGE LOAN RECEIVABLES - Add

MORTGAGE LOAN RECEIVABLES - Additional Information (Details)	Jan. 01, 2020USD ($)loans	Mar. 31, 2021USD ($)loan	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)loan	Dec. 31, 2018USD ($)loans	Dec. 31, 2019USD ($)	Dec. 31, 2016USD ($)
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
General CECL Reserve	$ 11,600,000	36,241,000		41,507,000
Percentage of total loan portfolio	0.36%
Loans that previously had asset-specific reserves | loans	3
Provision for current expected credit loss (implementation impact)	$ 5,800,000	(4,116,000)	$ 25,993,000
Decrease of reserve on unfunded commitments		100,000
Individually impaired loans		71,104,000
Provision for (release of) loan loss reserves		(4,251,000)	26,581,000
Allowance for current expected credit losses		36,700,000
Loans nonaccrual status, amount		$ 130,574,000		175,022,000
Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Direct capitalization rate		4.60%			4.70%
Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Direct capitalization rate		4.90%			5.00%
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
Provision for (release of) loan loss reserves		$ (4,200,000)
Accounting Standards Update 2016-13
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value of held for investment loan portfolio	$ 3,200,000,000
Loans that previously had asset-specific reserves | loan		3
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		$ 20,200,000	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		$ 1,600,000,000		$ 1,900,000,000
Loans receivable with variable rates of interest		79.90%		82.00%
Loans receivable with variable rates of interest, subject to interest rate floors		100.00%		100.00%
General CECL Reserve		$ 36,241,000	$ 49,457,000	$ 41,507,000		$ 20,500,000
Number or loans in default | loan		3
Loans nonaccrual status, amount		$ 44,300,000			$ 45,000,000
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 | loan		2		2
Loans nonaccrual status, amount		$ 24,200,000		$ 24,200,000			$ 26,900,000
Loans nonaccrual status, amount impaired		$ 17,500,000
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]
Number or loans in default		1		1	1
Loans nonaccrual status, amount		$ 36,400,000		$ 36,400,000	$ 5,900,000
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					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%
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		$ 79,700,000
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		2
Loans nonaccrual status, amount		$ 26,800,000		$ 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		$ 71,400,000		$ 30,500,000
Percentage of loans receivable with fixed rates of interest		100.00%		100.00%
Loan on non-accrual status
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans nonaccrual status, amount		$ 0

MORTGAGE LOAN RECEIVABLES - Act

MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Sale of loans, net		$ 0		$ 1,005
Allowance for credit losses	$ (11,600)	(36,241)	$ (41,507)
Provision for current expected credit losses		4,251		(26,581)
Provision expense for current expected credit loss	(5,800)	4,116		(25,993)
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	2,354,059		3,257,036
Origination of mortgage loan receivables		116,555		313,936
Repayment of mortgage loan receivables		(374,735)		(118,531)
Proceeds from sales of mortgage loan receivables		(46,557)		0
Non-cash disposition of loans via foreclosure		(45,000)		(23,586)
Sale of loans, net				0
Accretion/amortization of discount, premium and other fees		3,408		3,924
Mortgage loans receivable, ending balance		2,007,730	2,354,059	3,432,779
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]
Allowance for credit losses		(36,241)	(41,507)	(49,457)	$ (20,500)
Provision expense for current expected credit loss				(4,964)
Provision expense for current expected credit loss (impact to earnings)		4,116		(17,993)
Release of asset-specific loan loss provision via foreclosure		1,150		2,000
Asset-specific provision for loan loss reserve				(8,000)
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	30,518		122,325
Origination of mortgage loan receivables		41,000		212,805
Repayment of mortgage loan receivables		(36)		(64)
Proceeds from sales of mortgage loan receivables		0		(189,358)
Non-cash disposition of loans via foreclosure		0		0
Sale of loans, net				1,005
Accretion/amortization of discount, premium and other fees		0		0
Mortgage loans receivable, ending balance		$ 71,482	$ 30,518	$ 146,713

MORTGAGE LOAN RECEIVABLES - Pro

MORTGAGE LOAN RECEIVABLES - Provision for Loan Losses (Details) $ in Thousands	Jan. 01, 2020USD ($)	Mar. 31, 2021USD ($)loan	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)loan	Dec. 31, 2018USD ($)loans	Dec. 31, 2016USD ($)
Allowance for Loan and Lease Losses [Roll Forward]
Provision for loan losses at beginning of period	$ 20,500	$ 41,507	$ 20,500	$ 20,500
Provision for current expected credit loss (implementation impact)	5,800	(4,116)	25,993
Foreclosure of loans subject to asset-specific reserve		(1,150)	(2,000)
Provision for loan losses at end of period		36,241	49,457	41,507
Principal balance of loans on non-accrual status		130,574		175,022
Principal balance of loans on non-accrual status		130,574		175,022
Additional asset-specific reserve			8,000
General reserve		(4,100)	18,000
Provision for (release of) loan loss reserves		(4,251)	26,581
Held-to-maturity Securities
Allowance for Loan and Lease Losses [Roll Forward]
Unfunded commitments of mortgage loan receivables held for investment	(800)
Provision for (release of) loan loss reserves	$ 22
Cumulative Effect, Period Of Adoption, Adjusted Balance
Allowance for Loan and Lease Losses [Roll Forward]
Provision for current expected credit loss (implementation impact)		0	$ 4,964
Asset Specific Reserve, Company Loan
Allowance for Loan and Lease Losses [Roll Forward]
Provision for (release of) loan loss reserves		(4,200)
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		$ 44,300			$ 45,000
Number or loans in default | loan		3
Principal balance of loans on non-accrual status		$ 44,300			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		$ 24,200		$ 26,900
Number or loans in default | loan		2		2
Principal balance of loans on non-accrual status		$ 24,200		$ 24,200		$ 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		$ 26,800		$ 27,100
Number or loans in default | loan		2		2
Principal balance of loans on non-accrual status		$ 26,800		$ 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		$ 36,400		$ 36,400	$ 5,900
Number or loans in default		1		1	1
Principal balance of loans on non-accrual status		$ 36,400		$ 36,400	$ 5,900
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					10,000
Principal balance of loans on non-accrual status					$ 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		$ 12,800		$ 43,800
Number or loans in default | loan		1		1
Principal balance of loans on non-accrual status		$ 12,800		$ 43,800
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		$ 30,500		$ 30,600
Number or loans in default | loan		1		1
Principal balance of loans on non-accrual status		$ 30,500		$ 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				$ 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 | 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	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Dec. 31, 2018USD ($)loans	Mar. 31, 2020USD ($)	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Subtotal loans, 2020	$ 108,154
Subtotal loans, 2019	128,269
Subtotal loans, 2018	903,833
Subtotal loans, 2017	478,662
Subtotal loans, 2016 and Earlier	317,708
Subtotal loans	1,936,626
Individually impaired loans, 2020	0
Individually impaired loans, 2019	0
Individually impaired loans, 2018
Individually impaired loans, 2017	0
Individually impaired loans, 2016 and Earlier	71,104
Individually impaired loans	71,104
Total loans, 2020	108,154
Total loans, 2019	128,269
Total loans, 2018	903,833
Total loans, 2017	478,662
Total loans, 2016 and Earlier	388,812
Total loans	2,007,730
Asset-specific reserves	$ 36,241	$ 41,507			$ 11,600
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
Asset-specific reserves	$ 36,241	$ 41,507		$ 49,457		$ 20,500
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
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 | loan	2	2
All Of Company Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Accrued interest receivable	$ 11,800
Asset Specific Reserve, Company Loan
Financing Receivable, Credit Quality Indicator [Line Items]
Asset-specific reserves					$ 14,700
Asset Specific Reserve, Company Loan | Total mortgage loan receivables held for investment, net, at amortized cost
Financing Receivable, Credit Quality Indicator [Line Items]
Loan reserve amount			$ 2,700
Asset-specific reserves			$ 10,000
Northeast
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	647,583
Southwest
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	434,883
South
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	242,205
Midwest
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	328,919
West
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	283,036
Office
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	0
2019	197,434
2018	236,774
2017 and Earlier	134,436
Total loans	568,644
Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2021	37,818
2020	15,064
2019	238,162
2018	44,681
2017 and Earlier	21,221
Total loans	356,946
Hospitality
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	0
2019	43,592
2018	139,821
2017 and Earlier	111,111
Total loans	294,524
Other
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	0
2019	111,704
2018	30,436
2017 and Earlier	0
Total loans	142,140
Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
2021	50,371
2020	108,646
2019	16,621
2018	0
2017 and Earlier	0
Total loans	175,638
Retail
Financing Receivable, Credit Quality Indicator [Line Items]
2021	19,965
2020	0
2019	85,119
2018	0
2017 and Earlier	40,527
Total loans	145,611
Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	0
2019	117,806
2018	0
2017 and Earlier	6,458
Total loans	124,264
Manufactured Housing
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	4,559
2019	57,369
2018	11,731
2017 and Earlier	3,955
Total loans	77,614
Self-Storage
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	0
2019	36,026
2018	15,219
2017 and Earlier	0
Total loans	$ 51,245

REAL ESTATE SECURITIES - Summar

REAL ESTATE SECURITIES - Summary of Securities (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)security	Dec. 31, 2020USD ($)security
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 2,296,358	$ 2,619,891
Amortized Cost Basis	767,606	1,068,650
Gross Unrealized Gains	2,533	3,157
Gross Unrealized Losses	(6,036)	(13,489)
Carrying Value	$ 764,103	$ 1,058,298
Number of Securities | security	111	123
Weighted Average Coupon	0.93%	0.91%
Weighted Average Yield	1.71%	1.66%
Remaining Duration	1 year 10 months 9 days	2 years 3 days
Debt Securities, Available For Sale, Before Allowance For Credit Loss		$ 1,058,318
Provision for current expected credit losses	$ (20)	(20)
Amortized Cost Basis	767,606	1,068,650
Gross Unrealized Gains	2,533	3,157
Total real estate securities, Gross Unrealized Losses	$ (6,056)	$ (13,509)
Total number of Securities | security	111	123
CMBS
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 722,489	$ 1,015,520
Amortized Cost Basis	722,238	1,015,282
Gross Unrealized Gains	1,063	1,382
Gross Unrealized Losses	(5,920)	(13,363)
Carrying Value	$ 717,381	$ 1,003,301
Number of Securities | security	77	90
Weighted Average Coupon	1.62%	1.56%
Weighted Average Yield	1.62%	1.56%
Remaining Duration	1 year 10 months 13 days	2 years 3 days
Risk retention requirement, amount	$ 11,100	$ 11,100
CMBS interest-only
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	1,480,575	1,498,181
Amortized Cost Basis	19,693	21,567
Gross Unrealized Gains	791	672
Gross Unrealized Losses	(25)	(26)
Carrying Value	$ 20,459	$ 22,213
Number of Securities | security	15	15
Weighted Average Coupon	0.56%	0.44%
Weighted Average Yield	2.24%	3.53%
Remaining Duration	2 years 29 days	2 years 2 months 8 days
Risk retention requirement, amount	$ 600	$ 700
GNMA interest-only
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	68,478	75,350
Amortized Cost Basis	690	868
Gross Unrealized Gains	203	232
Gross Unrealized Losses	(91)	(100)
Carrying Value	$ 802	$ 1,000
Number of Securities | security	14	11
Weighted Average Coupon	0.40%	0.43%
Weighted Average Yield	5.10%	5.06%
Remaining Duration	3 years 5 months 15 days	3 years 7 months 2 days
Agency securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 577	$ 586
Amortized Cost Basis	583	593
Gross Unrealized Gains	8	12
Gross Unrealized Losses	0	0
Carrying Value	$ 591	$ 605
Number of Securities | security	2	2
Weighted Average Coupon	2.53%	2.55%
Weighted Average Yield	1.62%	1.64%
Remaining Duration	1 year 1 month 9 days	1 year 3 months 3 days
GNMA permanent securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 24,239	$ 30,254
Amortized Cost Basis	24,402	30,340
Gross Unrealized Gains	468	859
Gross Unrealized Losses	0	0
Carrying Value	$ 24,870	$ 31,199
Number of Securities | security	3	5
Weighted Average Coupon	4.12%	3.87%
Weighted Average Yield	3.54%	3.49%
Remaining Duration	1 year 4 months 28 days	1 year 11 months 23 days

REAL ESTATE SECURITIES - Securi

REAL ESTATE SECURITIES - Securities by Remaining Maturity (Details) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Within 1 year		$ 240,140	$ 232,681
1-5 years		489,306	801,978
5-10 years		34,657	23,659
After 10 years		0	0
Total		764,103	1,058,298
Carrying Value	[1]	764,083	1,058,298
CMBS
Debt Securities, Available-for-sale [Line Items]
Within 1 year		238,289	230,977
1-5 years		444,688	748,953
5-10 years		34,404	23,371
After 10 years		0	0
Total		717,381	1,003,301
CMBS interest-only
Debt Securities, Available-for-sale [Line Items]
Within 1 year		1,256	1,572
1-5 years		19,203	20,641
5-10 years		0	0
After 10 years		0	0
Total		20,459	22,213
GNMA interest-only
Debt Securities, Available-for-sale [Line Items]
Within 1 year		86	65
1-5 years		463	647
5-10 years		253	288
After 10 years		0	0
Total		802	1,000
Agency securities
Debt Securities, Available-for-sale [Line Items]
Within 1 year		509	0
1-5 years		82	605
5-10 years		0	0
After 10 years		0	0
Total		591	605
GNMA permanent securities
Debt Securities, Available-for-sale [Line Items]
Within 1 year		0	67
1-5 years		24,870	31,132
5-10 years		0	0
After 10 years		0	0
Total		24,870	31,199
Provision for current expected credit losses
Debt Securities, Available-for-sale [Line Items]
Within 1 year		0	0
1-5 years		0	0
5-10 years		0	0
After 10 years		0	0
Total		$ 20	$ 20
[1]	Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.

REAL ESTATE SECURITIES - Additi

REAL ESTATE SECURITIES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Other than temporary impairment losses included in consolidated statements of income	$ 0.1	$ 0.2

REAL ESTATE AND RELATED LEASE_3

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Real estate and related lease intangibles, net
Less: Accumulated depreciation and amortization		$ (240,527)	$ (230,925)
Real estate and related lease intangibles, net	[1]	976,971	985,304
Below market lease intangibles, net (other liabilities)		(36,383)	(36,952)
In-place leases and other intangibles
Real estate and related lease intangibles, net
Real estate		157,176	157,176
Undepreciated Real Estate and Related Lease Intangibles
Real estate and related lease intangibles, net
Real estate		1,217,498	1,216,229
Land
Real estate and related lease intangibles, net
Real estate		220,511	220,511
Building
Real estate and related lease intangibles, net
Real estate		$ 839,811	$ 838,542
[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 ($) $ in Thousands	Jan. 01, 2021	Feb. 18, 2017	Feb. 28, 2021	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Business Acquisition [Line Items]
Foreclosed properties held in real estate				$ 106,000	$ 106,800
Unbilled rent receivables				400	500
Unencumbered real estates				75,300	75,900
Real estate operating income				1,000		$ 2,000
Provision for (release of) loan loss reserves				(4,251)		26,581
Realized loss on sale of real estate, net				0		10,529
Realized (gain) loss on disposition of loan			$ (26)	$ (26)		(51)
Revenues from acquisitions						44
Net earnings (loss)						(100)
Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan | Performance Based Vesting
Business Acquisition [Line Items]
Minimum performance target percentage	8.00%	8.00%
Performance period		3 years
2020 Disposal Properties
Business Acquisition [Line Items]
Realized loss on sale of real estate, net						$ 10,528
Miami, FL | Hotel
Business Acquisition [Line Items]
Real estate acquired through foreclosure, net basis			$ 45,100
Provision for (release of) loan loss reserves					$ 1,200

REAL ESTATE AND RELATED LEASE_5

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Depreciation and Amortization Expense on Real Estate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Real Estate [Abstract]
Depreciation expense	$ 7,990	$ 8,273
Amortization expense	1,546	1,711
Total real estate depreciation and amortization expense	9,536	$ 9,984
Depreciation on corporate fixed assets	$ 25

REAL ESTATE AND RELATED LEASE_6

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Unamortized Favorable Lease Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Business Acquisition [Line Items]
Gross intangible assets	$ 157,176		$ 157,176
Accumulated amortization	67,651		66,014
Net intangible assets	89,525		91,162
Unamortized favorable lease intangibles	4,100		$ 4,200
Increase in operating lease income for amortization of below market lease intangibles acquired	570	$ 752
Above Market Leases
Business Acquisition [Line Items]
Reduction in operating lease income for amortization of above market lease intangibles acquired	$ (92)	$ (92)

REAL ESTATE AND RELATED LEASE_7

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Net intangible assets	$ 89,525	$ 91,162
Adjustment to Operating Lease Income
Finite-Lived Intangible Assets [Line Items]
2021 (last 9 months)	804
2022	1,071
2023	1,071
2024	1,071
2025	1,071
Thereafter	27,215
Net intangible assets	32,303
Amortization Expense
Finite-Lived Intangible Assets [Line Items]
2021 (last 9 months)	5,406
2022	5,406
2023	5,406
2024	5,406
2025	5,406
Thereafter	58,418
Net intangible assets	$ 85,448

REAL ESTATE AND RELATED LEASE_8

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details) $ in Thousands	Mar. 31, 2021USD ($)
Real Estate [Abstract]
2021 (last 9 months)	$ 57,458
2022	66,465
2023	64,746
2024	63,783
2025	62,506
Thereafter	471,453
Total	$ 786,411

REAL ESTATE AND RELATED LEASE_9

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Properties Acquired (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Feb. 28, 2021
Business Acquisition [Line Items]
Purchase Price	$ 43,750	$ 27,774
Real estate acquired through foreclosure	$ 43,750	21,535
Assets Leased to Others
Business Acquisition [Line Items]
Purchase Price		$ 6,239
Ownership Interest		100.00%
Miami, FL | Hotel
Business Acquisition [Line Items]
Real estate acquired through foreclosure			$ 43,750
Ownership Interest			100.00%
Los Angeles, California | Diversified
Business Acquisition [Line Items]
Real estate acquired through foreclosure		$ 21,535
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	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Real Estate [Abstract]
Purchase Price	$ 43,750	$ 27,774

REAL ESTATE AND RELATED LEAS_11

REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details) $ in Thousands		1 Months Ended	3 Months Ended
		Feb. 28, 2021USD ($)property	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)property	Dec. 31, 2020USD ($)
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds			$ 43,750	$ 11,160
Net Book Value	[1]		976,971		$ 985,304
Realized gain (loss) on sale of real estate, net			0	10,529
2021 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds			43,750
Net Book Value			43,750
Realized gain (loss) on sale of real estate, net			$ 0
2021 Disposal Properties | Hotel | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds		$ 43,750
Net Book Value		43,750
Realized gain (loss) on sale of real estate, net		$ 0
Properties | property		1
Units Sold | property		0
Units Remaining | property		0
2020 Disposal Properties
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				30,124
Net Book Value				19,596
Realized gain (loss) on sale of real estate, net				10,528
2020 Disposal Properties | Condominium | Miami, FL
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				665
Net Book Value				658
Realized gain (loss) on sale of real estate, net				$ 7
Properties | property				0
Units Sold | property				2
Units Remaining | property				4
2020 Disposal Properties | Diversified | Richmond, VA
Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Proceeds				$ 22,527
Net Book Value				14,829
Realized gain (loss) on sale of real estate, net				$ 7,698
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
Net Book Value				4,109
Realized gain (loss) on sale of real estate, net				$ 2,823
Properties | property				1
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		Mar. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures	[1]	$ 44,508	$ 46,253
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures		4,320	4,023
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint ventures		$ 40,188	$ 42,230
[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	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	$ 436	$ 441
Grace Lake JV, LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	297	186
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Earnings (loss) from investment in unconsolidated joint ventures	$ 139	$ 255

INVESTMENT IN AND ADVANCES TO_5

INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED JOINT VENTURES - Additional Information (Details)	1 Months Ended	3 Months Ended
	Apr. 30, 2012	Mar. 31, 2021USD ($)property	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)property	Mar. 22, 2013
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
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]
Distributions from operations of investment in unconsolidated joint ventures		$ 2,200,000
Income (expenses) from investment		$ 100,000	$ 300,000
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		21
Real estate properties, under contract		$ 55,200,000
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		2
Real estate properties, under contract		$ 6,300,000
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
		Mar. 31, 2021		Mar. 31, 2020	Dec. 31, 2020		Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Total assets	[1]	$ 5,405,811			$ 5,881,229
Total liabilities	[1]	3,874,972			4,332,804
Partners’/members’ capital		1,530,839	[1]	$ 1,500,827	1,548,425	[1]	$ 1,638,977
Total expenses		31,120		42,211
Net income (loss)		432		(14,061)
24 Second Avenue Holdings LLC
Schedule of Equity Method Investments [Line Items]
Total assets		117,794			114,916
Total liabilities		70,972			75,775
Partners’/members’ capital		46,822			$ 39,141
Total revenues		4,514		4,476
Total expenses		3,323		3,974
Net income (loss)		$ 1,191		$ 502
[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)	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)Extension	Dec. 31, 2020USD ($)Extension	Mar. 23, 2020USD ($)	Feb. 26, 2020USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Debt Obligations Outstanding	$ 576,698,000	$ 820,837,000
Debt obligations	3,767,819,000
Carrying Amount of Collateral	0	0
Committed Loan Repurchase Facility
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	1,550,000,000	1,550,000,000
Debt Obligations Outstanding	238,558,000	255,368,000
Committed but Unfunded	1,311,442,000	1,294,632,000
Carrying Amount of Collateral	408,058,000	439,386,000
Fair Value of Collateral	408,058,000	439,386,000
Committed Loan Repurchase Facility | Maturing on 19 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	500,000,000	500,000,000
Debt Obligations Outstanding	110,887,000	112,004,000
Committed but Unfunded	389,113,000	387,996,000
Carrying Amount of Collateral	179,497,000	180,416,000
Fair Value of Collateral	$ 179,497,000	$ 180,416,000
Number of extension maturity periods | Extension	2	2
Length of extension options	12 months
Committed amount on credit agreement	$ 900,000,000
Committed Loan Repurchase Facility | Maturing On February 26 2022
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	2
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	$ 300,000,000
Debt Obligations Outstanding	90,176,000	90,197,000
Committed but Unfunded	209,824,000	209,803,000
Carrying Amount of Collateral	155,288,000	154,850,000
Fair Value of Collateral	$ 155,288,000	$ 154,850,000
Number of extension maturity periods | Extension	2	2
Length of extension options	364 days	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	11,312,000
Committed but Unfunded	288,688,000	288,688,000
Carrying Amount of Collateral	28,312,000	28,285,000
Fair Value of Collateral	$ 28,312,000	28,285,000
Number of extension maturity periods | Extension	1
Length of extension options	12 months
Number of additional extension maturity periods | Extension	2
Length of additional extension maturity periods	6 months
Committed Loan Repurchase Facility | Maturing On 31 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 100,000,000	100,000,000
Debt Obligations Outstanding	26,183,000	26,183,000
Committed but Unfunded	73,817,000	73,817,000
Carrying Amount of Collateral	44,961,000	45,235,000
Fair Value of Collateral	$ 44,961,000	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	100,000,000
Debt Obligations Outstanding	0	15,672,000
Committed but Unfunded	100,000,000	84,328,000
Carrying Amount of Collateral	0	30,600,000
Fair Value of Collateral	$ 0	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 amount on credit agreement		900,000,000
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 Securities Repurchase Facility | Maturing on 19 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed amount on credit agreement			$ 900,000,000
Committed Securities Repurchase Facility | Maturing on 23 December 2021
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 789,114,000	787,996,000
Debt Obligations Outstanding	63,125,000	149,633,000
Committed but Unfunded	725,989,000	638,363,000
Carrying Amount of Collateral	76,846,000	226,008,000
Fair Value of Collateral	76,846,000	226,008,000
Committed amount on credit agreement		900,000,000
Uncommitted Securities Repurchase Facility | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Debt Obligations Outstanding	275,014,000	415,836,000
Carrying Amount of Collateral	321,247,000	502,476,000
Fair Value of Collateral	321,247,000	502,476,000
Restricted securities held-to-maturity	2,100,000	2,100,000
Total Repurchase Facilities
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	1,950,000,000	1,950,000,000
Debt Obligations Outstanding	576,697,000	820,837,000
Committed but Unfunded	1,648,317,000	1,544,999,000
Carrying Amount of Collateral	806,151,000	1,167,870,000
Fair Value of Collateral	806,151,000	1,167,870,000
Revolving Credit Facility | Maturing on 11 February 2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	266,430,000	266,430,000
Debt Obligations Outstanding	256,430,000	266,430,000
Committed but Unfunded	$ 10,000,000	$ 0
Number of extension maturity periods | Extension	3	3
Length of extension options	12 months	12 months
Mortgage Loan Financing | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	$ 765,096,000	$ 766,064,000
Debt Obligations Outstanding	765,096,000	766,064,000
Committed but Unfunded	0	0
Carrying Amount of Collateral	901,633,000	909,406,000
Fair Value of Collateral	1,134,898,000	1,133,703,000
Secured Financing Facility
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs	5,827,000
Secured Financing Facility | Maturing On 6 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	206,350,000	206,350,000
Debt Obligations Outstanding	194,662,000	192,646,000
Committed but Unfunded	0	0
Carrying Amount of Collateral	274,806,000	327,769,000
Fair Value of Collateral	275,081,000	328,097,000
Unamortized debt issuance costs	5,800,000	7,200,000
Unamortized debt discount	5,900,000	6,600,000
Obligations unsecured and guaranteed by the company	20,300,000
CLO Debt
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs	1,773,000
CLO Debt | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs	1,800,000
CLO Debt | Maturing On 16 May 2024
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	234,968,000	279,156,000
Debt Obligations Outstanding	233,195,000	276,516,000
Committed but Unfunded		0
Carrying Amount of Collateral	358,834,000	362,600,000
Fair Value of Collateral	358,834,000	362,600,000
Unamortized debt issuance costs	1,800,000	2,600,000
Borrowings from the FHLB | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing	288,000,000	1,500,000,000
Debt Obligations Outstanding	288,000,000	288,000,000
Committed but Unfunded	0	1,212,000,000
Carrying Amount of Collateral	317,448,000	388,400,000
Fair Value of Collateral	317,448,000	392,212,000
Restricted securities held-to-maturity	8,800,000	9,400,000
Senior Unsecured Notes
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs	11,905,000
Senior Unsecured Notes | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued	1,465,644,000	1,612,299,000
Senior Unsecured Notes	1,453,739,000	1,599,371,000
Committed but Unfunded	0	0
Unamortized debt issuance costs	11,900,000	12,900,000
Total Debt Obligations
Assets Sold under Agreements to Repurchase [Line Items]
Debt issued	5,176,488,000	6,580,299,000
Debt obligations	3,767,819,000	4,209,864,000
Committed but Unfunded	1,658,317,000	2,756,999,000
Carrying Amount of Collateral	2,658,872,000	3,156,045,000
Fair Value of Collateral	2,892,412,000	$ 3,384,482,000
Purchase Right | Maturing On 6 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs	$ 5,861,000
Minimum | Committed Loan Repurchase Facility | Maturing on 19 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	1.86%	1.91%
Minimum | Committed Loan Repurchase Facility | Maturing On February 26 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0.00%
Minimum | Committed Loan Repurchase Facility | Maturing on 16 December 2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	1.86%	1.91%
Minimum | Committed Loan Repurchase Facility | Maturing on 6 November 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	2.13%	2.19%
Minimum | Committed Loan Repurchase Facility | Maturing On 31 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	2.23%	2.28%
Minimum | Committed Loan Repurchase Facility | Maturing On 24 October 2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0.00%	2.66%
Minimum | Committed Loan Repurchase Facility | Maturing On February 26 2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0.00%
Minimum | Committed Securities Repurchase Facility | Maturing on 23 December 2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0.81%	0.86%
Minimum | Uncommitted Securities Repurchase Facility | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0.57%	0.73%
Minimum | Revolving Credit Facility | Maturing on 11 February 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	3.11%	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%	10.75%
Minimum | CLO Debt | Maturing On 16 May 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	5.50%	5.50%
Minimum | Borrowings from the FHLB | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	37.00%	0.41%
Minimum | Senior Unsecured Notes | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	4.25%	4.25%
Maximum | Committed Loan Repurchase Facility | Maturing on 19 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Committed Financing				$ 500,000,000
Interest rate	2.11%	2.16%
Maximum | Committed Loan Repurchase Facility | Maturing On February 26 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0.00%
Maximum | Committed Loan Repurchase Facility | Maturing on 16 December 2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	2.86%	2.91%
Maximum | Committed Loan Repurchase Facility | Maturing on 6 November 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	2.13%	2.19%
Maximum | Committed Loan Repurchase Facility | Maturing On 31 December 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	2.23%	2.28%
Maximum | Committed Loan Repurchase Facility | Maturing On 24 October 2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	0.00%	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 February 26 2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate		0.00%
Maximum | Committed Securities Repurchase Facility | Maturing on 23 December 2021
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	1.06%	1.11%
Maximum | Uncommitted Securities Repurchase Facility | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	2.11%	2.84%
Maximum | Revolving Credit Facility | Maturing on 11 February 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	5.25%
Maximum | Mortgage Loan Financing | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	6.16%	6.16%
Maximum | Secured Financing Facility | Maturing On 6 May 2023
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	10.75%	10.75%
Maximum | CLO Debt | Maturing On 16 May 2024
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	5.50%	5.50%
Maximum | Borrowings from the FHLB | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	2.74%	2.74%
Maximum | Senior Unsecured Notes | Various Date
Assets Sold under Agreements to Repurchase [Line Items]
Interest rate	5.25%	5.88%

DEBT OBLIGATIONS, NET - Sched_2

DEBT OBLIGATIONS, NET - Schedule of Maturities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Long-term Debt, Fiscal Year Maturity [Abstract]
2021	$ 819,268
2022	733,163
2023	351,992
2024	531,283
2025	468,876
Thereafter	884,678
Subtotal	3,789,260
Premiums included in mortgage loan financing	4,279
Debt obligations	3,767,819
Senior Unsecured Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(11,905)
Secured Financing Facility
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(5,827)
Secured Financing Facility | Maturing On 6 May 2023
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(5,800)	$ (7,200)
CLO Debt
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	(1,773)
Mortgage Loan Financing
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	$ (354)
Length of extension options	1 year
Purchase Right | Maturing On 6 May 2023
Long-term Debt, Fiscal Year Maturity [Abstract]
Unamortized debt issuance costs	$ (5,861)

DEBT OBLIGATIONS, NET - Committ

DEBT OBLIGATIONS, NET - Committed Loan and Securities Repurchase Facilities (Details)	Mar. 31, 2021USD ($)Extension	Dec. 31, 2020USD ($)Extension	Mar. 23, 2020USD ($)	Feb. 26, 2020USD ($)
Debt Instrument [Line Items]
Equity restricted as payment as a dividend	$ 871,400,000
Debt Obligations Outstanding	576,698,000	$ 820,837,000
Committed Loan Repurchase Facility
Debt Instrument [Line Items]
Committed Financing	1,550,000,000	1,550,000,000
Debt Obligations Outstanding	238,558,000	255,368,000
Committed Loan Repurchase Facility | Maturing on 19 December 2022
Debt Instrument [Line Items]
Committed amount on credit agreement	900,000,000
Committed Financing	500,000,000	500,000,000
Debt Obligations Outstanding	$ 110,887,000	$ 112,004,000
Number of extension maturity periods | Extension	2	2
Committed Loan Repurchase Facility | Maturing on 19 December 2022 | Maximum
Debt Instrument [Line Items]
Committed Financing				$ 500,000,000
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 23 December 2021
Debt Instrument [Line Items]
Committed amount on credit agreement		900,000,000
Committed Loan Repurchase Facility | Maturing on 23 December 2021 | Maximum
Debt Instrument [Line Items]
Committed Financing				$ 500,000,000
Committed Securities Repurchase Facility | Maturing on 19 December 2022
Debt Instrument [Line Items]
Committed amount on credit agreement			$ 900,000,000
Committed Securities Repurchase Facility | Maturing on 23 December 2021
Debt Instrument [Line Items]
Committed amount on credit agreement		900,000,000
Committed Financing	$ 789,114,000	787,996,000
Debt Obligations Outstanding	63,125,000	149,633,000
Repurchase Agreements
Debt Instrument [Line Items]
Committed Financing	1,950,000,000	1,950,000,000
Debt Obligations Outstanding	$ 576,697,000	$ 820,837,000

DEBT OBLIGATIONS, NET - Revolvi

DEBT OBLIGATIONS, NET - Revolving Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Repayment of borrowings under debt obligations	$ (2,077,161)	$ (5,073,000)
Debt Obligations Outstanding	576,698		$ 820,837
Maturing February 11 2021 | Revolving Credit Facility
Debt Instrument [Line Items]
Repayment of borrowings under debt obligations	(10,000)
Debt Obligations Outstanding	$ 256,400

DEBT OBLIGATIONS, NET - Debt Is

DEBT OBLIGATIONS, NET - Debt Issuance Costs (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Credit Agreement and Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance expense	$ 5.4	$ 8

DEBT OBLIGATIONS, NET - Mortgag

DEBT OBLIGATIONS, NET - Mortgage Loan Financing (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Amortization of premiums	$ 273	$ 309
Mortgage loan financing
Debt Instrument [Line Items]
Secured Debt	765,100	766,100
Net unamortized premiums	4,300	4,600
Amortization of premiums	300	300
Pledged assets, real estate and lease intangibles, net	$ 901,600	$ 909,400
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	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt obligations, net	[1]		$ 3,767,819,000	$ 4,209,864,000
Purchase Right | Maturing On 6 May 2023
Debt Instrument [Line Items]
Unamortized debt issuance costs			5,861,000
Secured Financing Facility
Debt Instrument [Line Items]
Debt obligations, net			194,700,000
Unamortized debt issuance costs			5,827,000
Secured Financing Facility | Maturing On 6 May 2023
Debt Instrument [Line Items]
Issuance of purchase rights			5,900,000
Unamortized debt issuance costs			$ 5,800,000	$ 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	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt obligations, net	[1]		$ 3,767,819	$ 4,209,864
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			1,773
Various Date | CLO Debt
Debt Instrument [Line Items]
Debt obligations, net			233,200
Unamortized debt issuance costs			$ 1,800
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	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Cash, cash equivalents and restricted cash	$ 1,452,059	$ 1,284,284	$ 622,221	$ 355,746
FHLB advances	7.60%
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]
FHLB borrowings outstanding	$ 288,000	$ 288,000
Average term	3 years 9 months	3 years 9 months
Weighted average term	2 years 9 months 18 days	2 years 9 months 18 days
Weighted average interest rate	1.09%	1.12%
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	$ 215,300	$ 280,100
Cash, cash equivalents and restricted cash	$ 102,100
Borrowings from the FHLB | Tuebor Captive Insurance Company LLC | First mortgage loan
Debt Instrument [Line Items]
Collateral for debt instrument		$ 108,300
Borrowings from the FHLB | Tuebor Captive Insurance Company LLC | Minimum
Debt Instrument [Line Items]
Stated interest rate on debt instrument	0.37%	0.41%
Advance rates	71.70%	45.00%
Borrowings from the FHLB | Tuebor Captive Insurance Company LLC | Maximum
Debt Instrument [Line Items]
Stated interest rate on debt instrument	2.74%	2.74%
Advance rates	95.70%	95.70%

DEBT OBLIGATIONS, NET - Senior

DEBT OBLIGATIONS, NET - Senior Unsecured Notes (Details) - USD ($)	Jan. 27, 2021	Mar. 31, 2021	Dec. 31, 2020	Jan. 30, 2020	Sep. 25, 2017	Mar. 16, 2017
Debt Instrument [Line Items]
Notes offering	$ 400,000,000
Senior Unsecured Notes
Debt Instrument [Line Items]
Unamortized debt issuance costs		$ (11,905,000)
Various Date | Senior Unsecured Notes
Debt Instrument [Line Items]
Senior Unsecured Notes		1,453,739,000	$ 1,599,371,000
Loan refinance		1,465,644,000	1,612,299,000
Unamortized debt issuance costs		(11,900,000)	$ (12,900,000)
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%
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%
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%
Senior Notes Due 2021 | Senior Unsecured Notes
Debt Instrument [Line Items]
Senior Unsecured Notes		$ 1,500,000,000
Senior Notes Due 2021 | Senior unsecured notes
Debt Instrument [Line Items]
Stated interest rate on debt instrument	5.875%
Redemption of long-term debt	$ 150,900,000

DEBT OBLIGATIONS, NET - Financi

DEBT OBLIGATIONS, NET - Financing Strategy in Current Market Conditions (Details) - USD ($)		Apr. 27, 2020	Mar. 31, 2021	Dec. 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Amount paid down, FHLB Borrowings			$ 16,800,000
Debt obligations, net	[1]		3,767,819,000	$ 4,209,864,000
Loans financed		$ 481,300,000
Advance rate		64.50%
Cash, cash equivalents and restricted cash			1,452,059,000	$ 1,284,284,000		$ 622,221,000	$ 355,746,000
Senior Notes Due 2027 | Senior Unsecured Notes
Debt Instrument [Line Items]
Amount paid down			$ 227,300,000
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
[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		3 Months Ended	12 Months Ended
		Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Notional		$ 169,971	$ 135,171
Fair value, asset	[1]	301	299
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		1 month 9 days	4 months 6 days
5-year Swap
Derivative [Line Items]
Notional		$ 25,300	$ 23,800
Fair value, asset		76	108
Fair value, liability		$ 0	$ 0
Remaining maturity		3 months	3 months
10-year Swap
Derivative [Line Items]
Notional		$ 75,100	$ 41,800
Fair value, asset		225	191
Fair value, liability		$ 0	$ 0
Remaining maturity		3 months	3 months
Futures
Derivative [Line Items]
Notional		$ 100,400	$ 65,600
Fair value, asset		301	299
Fair value, liability		$ 0	$ 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	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Unrealized Gain/(Loss)	$ 2	$ 383
Realized Gain/(Loss)	4,769	(15,818)
Net Result from Derivative Transactions	4,771	(15,435)
Futures
Derivative [Line Items]
Unrealized Gain/(Loss)	2	272
Realized Gain/(Loss)	4,769	(15,946)
Net Result from Derivative Transactions	$ 4,771	(15,674)
Credit Derivatives
Derivative [Line Items]
Unrealized Gain/(Loss)		111
Realized Gain/(Loss)		128
Net Result from Derivative Transactions		$ 239

DERIVATIVE INSTRUMENTS - Additi

DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash margins held as collateral for derivatives by counterparties	$ 1.6	$ 0.8

OFFSETTING ASSETS AND LIABILI_3

OFFSETTING ASSETS AND LIABILITIES - Offsetting Assets (Details) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Offsetting of derivative assets
Gross amounts of recognized assets		$ 301	$ 299
Gross amounts offset in the balance sheet		0	0
Net amounts of assets presented in the balance sheet	[1]	301	299
Gross amounts not offset in the balance sheet
Financial instruments		0	0
Cash collateral received/(posted)		0	0
Net amount		$ 301	$ 299
[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	Mar. 31, 2021	Dec. 31, 2020
Repurchase agreements
Gross amounts of recognized liabilities	$ 576,698	$ 820,837
Gross amounts offset in the balance sheet	0	0
Net amounts of liabilities presented in the balance sheet	576,698	820,837
Gross amounts not offset in the balance sheet
Financial instruments collateral	576,698	820,837
Cash collateral posted/(received)(1)	0	0
Net amount	0	0
Total
Gross amounts of recognized liabilities	576,698	820,837
Gross amounts offset in the balance sheet	0	0
Net amounts of liabilities presented in the balance sheet	576,698	820,837
Gross amounts not offset in the balance sheet
Financial instruments collateral	576,698	820,837
Cash collateral posted/(received)(1)	0	0
Net amount	$ 0	$ 0

CONSOLIDATED VARIABLE INTERES_3

CONSOLIDATED VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands		Mar. 31, 2021		Dec. 31, 2020		Mar. 31, 2020	Dec. 31, 2019
Restricted cash	[1]	$ 146,373		$ 29,852
Accrued interest receivable	[1]	13,335		16,088
Other assets	[1]	111,583		147,633
Total assets	[1]	5,405,811		5,881,229
Debt obligations, net	[1]	3,767,819		4,209,864
Accrued expenses	[1]	27,001		43,876
Total liabilities	[1]	3,874,972		4,332,804
Total equity		1,530,839	[1]	1,548,425	[1]	$ 1,500,827	$ 1,638,977
Total liabilities and equity	[1]	5,405,811		5,881,229
Variable Interest Entity, Primary Beneficiary
Restricted cash		3,925		3,925
Mortgage loan receivables held for investment, net, at amortized cost		358,834		362,600
Accrued interest receivable		1,364		1,382
Other assets		4,197		69,649
Total assets		368,320		437,556
Debt obligations, net		233,195		276,516
Accrued expenses		574		682
Total liabilities		233,769		277,198
Net equity in VIEs (eliminated in consolidation)		134,551		160,358
Total equity		134,551		160,358
Total liabilities and equity		$ 368,320		$ 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) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Oct. 30, 2014
2014 Share Repurchase Authorization Program
Class of Stock [Line Items]
Remaining amount available for repurchase	$ 37,900,000
Percentage of aggregate common stock outstanding under Repurchase Program	2.50%
Closing price (in dollars per share)	$ 11.80
Class A Common Stock | 2014 Share Repurchase Authorization Program
Class of Stock [Line Items]
Additional authorizations					$ 50,000,000
Remaining amount available for repurchase	$ 37,888,000	$ 38,102,000	$ 39,931,000	$ 41,132,000
LCFH
Class of Stock [Line Items]
Ownership interest in LCFH	100.00%

EQUITY STRUCTURE AND ACCOUNTS_2

EQUITY STRUCTURE AND ACCOUNTS - Schedule of Repurchase of Treasury Stock Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Treasury Stock [Roll Forward]
Repurchases paid	$ (214)	$ (1,206)
2014 Share Repurchase Authorization Program
Treasury Stock [Roll Forward]
Remaining amount available for repurchase	$ 37,900
2014 Share Repurchase Authorization Program | Class A Common Stock
Class of Stock [Line Items]
Purchase of treasury stock (in shares)	20,000	146,153
Treasury Stock [Roll Forward]
Remaining amount available for repurchase	$ 38,102	$ 41,132
Additional authorizations	0	0
Repurchases paid	(214)	(1,201)
Repurchases unsettled	0	0
Remaining amount available for repurchase	$ 37,888	$ 39,931

EQUITY STRUCTURE AND ACCOUNTS_3

EQUITY STRUCTURE AND ACCOUNTS - Dividends Declared (Details) - $ / shares	Mar. 15, 2021	Feb. 27, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Class A Common Stock
Class of Stock [Line Items]
Dividends per share of Class A common stock (in dollars per share)	$ 0.200	$ 0.340	$ 0.200	$ 0.340	$ 0.340

EQUITY STRUCTURE AND ACCOUNTS_4

EQUITY STRUCTURE AND ACCOUNTS - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021		Mar. 31, 2020
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	$ 1,548,425	[1]	$ 1,638,977
Other comprehensive income (loss)	6,849		(78,007)
Rebalancing of ownership percentage between Company and Operating Partnership			0
Ending Balance	1,530,839	[1]	1,500,827
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	(10,463)		4,218
Other comprehensive income (loss)	6,849		(70,142)
Rebalancing of ownership percentage between Company and Operating Partnership			4
Ending Balance	(3,614)		(65,920)
Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	(2)		477
Other comprehensive income (loss)	0		(7,865)
Rebalancing of ownership percentage between Company and Operating Partnership			(4)
Ending Balance	(2)		(7,392)
Total Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent [Roll Forward]
Beginning Balance	(10,465)		4,695
Ending Balance	$ (3,616)		$ (73,312)
[1]	Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) $ in Millions	Mar. 31, 2021USD ($)propertyJoint_Venture
LCFH
Noncontrolling Interest [Line Items]
Ownership interest in LCFH	100.00%
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	$ 81.5
Consolidated Joint Venture | Richmond, VA | Office Building
Noncontrolling Interest [Line Items]
Number of real estate properties | property	11
Property book value	$ 71.9
Consolidated Joint Venture | Oakland County, MI | Office Building
Noncontrolling Interest [Line Items]
Property book value	8.9
Consolidated Joint Venture | Miami, FL | Apartment Building
Noncontrolling Interest [Line Items]
Property book value	$ 37
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%

EARNINGS PER SHARE - Net Income

EARNINGS PER SHARE - Net Income and Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Weighted average shares outstanding:
Basic (in shares)	123,974,970	106,329,796
Diluted (in shares)	124,324,683	106,329,796
Class A Common Stock
Earnings Per Share
Basic Net income (loss) available for Class A common shareholders	$ 192	$ (15,728)
Diluted Net income (loss) available for Class A common shareholders	$ 192	$ (15,728)
Weighted average shares outstanding:
Basic (in shares)	123,974,970	106,329,796
Diluted (in shares)	124,324,683	106,329,796

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
	Mar. 31, 2021	Mar. 31, 2020
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	123,974,970	106,329,796
Basic net income (loss) per share of Class A common stock (in dollars per share)	$ 0	$ (0.15)
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	123,974,970	106,329,796
Diluted weighted average number of shares of Class A common stock outstanding (in shares)	124,324,683	106,329,796
Diluted net income (loss) per share of Class A common stock (in dollars per share)	$ 0	$ (0.15)
Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders	$ 192	$ (15,728)
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	123,974,970	106,329,796
Basic net income (loss) per share of Class A common stock (in dollars per share)	$ 0	$ (0.15)
Numerator:
Net income (loss) attributable to Class A common shareholders	$ 192	$ (15,728)
Diluted net income (loss) attributable to Class A common shareholders	$ 192	$ (15,728)
Denominator:
Weighted average number of shares of Class A common stock outstanding (in shares)	123,974,970	106,329,796
Diluted weighted average number of shares of Class A common stock outstanding (in shares)	124,324,683	106,329,796
Diluted net income (loss) per share of Class A common stock (in dollars per share)	$ 0	$ (0.15)

STOCK BASED AND OTHER COMPENS_3

STOCK BASED AND OTHER COMPENSATION PLANS - Stock Based Compensation Plans Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	$ 5,276	$ 14,026
Stock Options Exercised	0	270
Bonus Expense	450	(30)
Total	5,748	12,128
Phantom Equity Investment Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized equity based compensation expense	$ 22	$ (2,138)

STOCK BASED AND OTHER COMPENS_4

STOCK BASED AND OTHER COMPENSATION PLANS - Summary of Grants (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares/Options (in shares)	747,713
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options (in shares)	0
Class A Common Stock | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares/Options (in shares)	747,713	1,466,337
Weighted Average Fair Value Per Share (in dollars per share)	$ 9.81	$ 18.72

STOCK BASED AND OTHER COMPENS_5

STOCK BASED AND OTHER COMPENSATION PLANS - Nonvested Shares Outstanding (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Unrecognized compensation cost | $	$ 22.1
Period of recognition for unrecognized compensation costs	27 months 6 days
Remaining vesting period	34 months
Restricted Stock
Number of Shares Nonvested Other than Options [Roll Forward]
Nonvested/Outstanding (in shares)	2,800,824
Granted (in shares)	747,713
Vested (in shares)	(981,475)
Forfeited (in shares)	(326,966)
Nonvested/Outstanding (in shares)	2,240,096
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Nonvested/Outstanding (in shares)	681,102
Granted (in shares)	0
Exercised (in shares)	0
Forfeited (in shares)	0
Expired (in shares)	0
Nonvested/Outstanding (in shares)	681,102
Exercisable (in shares)	681,102

STOCK BASED AND OTHER COMPENS_6

STOCK BASED AND OTHER COMPENSATION PLANS - Omnibus Incentive Plan (Details) $ in Millions	Feb. 18, 2021USD ($)shares	Jan. 01, 2021USD ($)shares	Feb. 18, 2017	Mar. 31, 2021securityemployeeshares	Mar. 31, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate value of awards granted | $		$ 7
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				747,713
Forfeited (in shares)				326,966
Restricted Stock | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				747,713	1,466,337
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
Management Grantees | Restricted Stock | 2014 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of employees eligible for performance share waiver | employee				44
Number of consultants eligible for performance share waiver | security				1
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%	8.00%
Non-Management Grantee | Restricted Stock | 2014 Omnibus Incentive Plan | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		711,653
Board of Directors | Restricted Stock | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	36,060
Grant date fair value | $	$ 0.4
Vesting period	1 year

STOCK BASED AND OTHER COMPENS_7

STOCK BASED AND OTHER COMPENSATION PLANS - Ladder Capital Corp Deferred Compensation Plan (Details) - Deferred Compensation Plan 2014 $ in Millions	Dec. 31, 2020USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares)	165,735
Units unvested (in shares)	0
Total employee's contribution, net of forfeitures and payouts related to terminations | $	$ 1.6

STOCK BASED AND OTHER COMPENS_8

STOCK BASED AND OTHER COMPENSATION PLANS Bonus Payments (Details) - USD ($)	1 Months Ended	3 Months Ended
	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 16, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued bonuses				$ 36,800,000
Equity based compensation	$ 29,400,000
Bonus expense		$ 5,276,000	$ 14,026,000
Equity-based Compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued bonuses				$ 35,700,000
Bonus Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to bonuses		1,100,000
Bonus expense		$ 500,000	$ 0

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Jan. 01, 2020USD ($)
Assets:
Fair Value	$ 1,963,334	$ 2,361,745
Allowance for credit losses	(36,241)	(41,507)	$ (11,600)
Liabilities:
Fair Value	3,799,131	4,239,855
Level 1
Assets:
Fair Value	0	0
Allowance for credit losses	0	0
Liabilities:
Fair Value	0	0
Level 2
Assets:
Fair Value	0	0
Allowance for credit losses	0	0
Liabilities:
Fair Value	0	0
Level 3
Assets:
Fair Value	1,963,334	2,361,745
Allowance for credit losses	(36,241)	(41,507)
Liabilities:
Fair Value	3,799,131	$ 4,239,855
CMBS interest-only
Assets:
Allowance for credit losses	(20)
CMBS interest-only | Level 1
Assets:
Fair Value	0
CMBS interest-only | Level 2
Assets:
Fair Value	0
CMBS interest-only | Level 3
Assets:
Allowance for credit losses	$ (20)
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	$ 752,707	$ 1,046,869
Recurring | Level 1
Assets:
Fair Value	0	0
Recurring | Level 2
Assets:
Fair Value	301	299
Recurring | Level 3
Assets:
Fair Value	752,406	1,046,570
Recurring | CMBS | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount	722,489	1,015,520
Amortized Cost Basis/Purchase Price	722,238	1,015,282
Fair Value	$ 717,381	$ 1,003,301
Liabilities:
Financial instruments, measurement input	0.0162	0.0156
Weighted average remaining maturity/duration	1 year 10 months 13 days	2 years 3 days
Recurring | CMBS interest-only | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount	$ 1,480,575	$ 1,498,181
Amortized Cost Basis/Purchase Price	19,693	21,567
Fair Value	$ 20,459	$ 22,213
Liabilities:
Financial instruments, measurement input	0.0224	0.0353
Weighted average remaining maturity/duration	2 years 29 days	2 years 2 months 8 days
Recurring | GNMA interest-only | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount	$ 68,478	$ 75,350
Amortized Cost Basis/Purchase Price	690	868
Fair Value	$ 802	$ 1,001
Liabilities:
Financial instruments, measurement input	0.0510	0.0506
Weighted average remaining maturity/duration	3 years 5 months 15 days	3 years 7 months 2 days
Recurring | Agency securities | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount	$ 577	$ 586
Amortized Cost Basis/Purchase Price	583	593
Fair Value	$ 591	$ 605
Liabilities:
Financial instruments, measurement input	0.0162	0.0164
Weighted average remaining maturity/duration	1 year 1 month 9 days	1 year 3 months 3 days
Recurring | GNMA permanent securities | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount	$ 24,239	$ 30,254
Amortized Cost Basis/Purchase Price	24,402	30,340
Fair Value	$ 24,870	$ 31,199
Liabilities:
Financial instruments, measurement input	0.0354	0.0349
Weighted average remaining maturity/duration	1 year 4 months 28 days	1 year 11 months 23 days
Recurring | Provision for current expected credit losses
Assets:
Allowance for credit losses	$ (20)	$ (41,507)
Recurring | Provision for current expected credit losses | Internal Model Third Party Inputs Valuation Technique
Assets:
Allowance for credit losses	(20)
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Allowance for credit losses	(36,241)
Recurring | Total mortgage loan receivables held for investment, net, at amortized cost | Discounted Cash Flow
Assets:
Outstanding Face Amount	2,017,643	2,365,204
Amortized Cost Basis/Purchase Price	2,007,730	2,354,059
Fair Value	1,901,459	$ 2,328,441
Allowance for credit losses	$ (36,241)
Liabilities:
Financial instruments, measurement input	0.0608	0.0667
Weighted average remaining maturity/duration	1 year 4 months 9 days	1 year 25 days
Recurring | Mortgage loan  receivables held for sale | Internal Model Third Party Inputs Valuation Technique
Assets:
Outstanding Face Amount	$ 71,442	$ 30,478
Amortized Cost Basis/Purchase Price	71,482	30,518
Fair Value	$ 73,479	$ 32,082
Liabilities:
Financial instruments, measurement input	0.0422	0.0405
Weighted average remaining maturity/duration	9 years 9 months 21 days	9 years 2 months 4 days
Recurring | FHLB stock | FHLB stock
Assets:
Outstanding Face Amount	$ 12,960	$ 31,000
Amortized Cost Basis/Purchase Price	12,960	31,000
Fair Value	$ 12,960	$ 31,000
Liabilities:
Financial instruments, measurement input	0.0300	0.0300
Recurring | Nonhedge derivatives | Counterparty Quotations Valuation Technique
Assets:
Nonhedge derivative assets	$ 169,971	$ 65,600
Fair Value	$ 301	$ 299
Liabilities:
Weighted average remaining maturity/duration	3 months	3 months
Recurring | Repurchase agreements - short-term | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 465,811	$ 708,833
Amortized Cost Basis/Purchase Price	465,811	708,833
Fair Value	$ 465,811	$ 708,833
Financial instruments, measurement input	0.0109	0.0116
Weighted average remaining maturity/duration	6 months 7 days	4 months 2 days
Recurring | Repurchase agreements - long-term | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 110,886	$ 112,004
Amortized Cost Basis/Purchase Price	110,886	112,004
Fair Value	$ 110,886	$ 112,004
Financial instruments, measurement input	0.0179	0.0947
Weighted average remaining maturity/duration	1 year 11 months 19 days	2 years 2 months 15 days
Recurring | Revolving Credit Facility | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 256,430	$ 266,430
Amortized Cost Basis/Purchase Price	256,430	266,430
Fair Value	$ 256,430	$ 266,430
Financial instruments, measurement input	0.0311	0.0315
Weighted average remaining maturity/duration	3 months 25 days	25 days
Recurring | Mortgage loan financing | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 761,172	$ 761,793
Amortized Cost Basis/Purchase Price	765,096	766,064
Fair Value	$ 784,455	$ 786,405
Financial instruments, measurement input	0.0484	0.0484
Weighted average remaining maturity/duration	3 years 9 months 14 days	4 years 14 days
Recurring | Secured Financing Facility | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 194,662	$ 192,646
Amortized Cost Basis/Purchase Price	194,662	192,646
Fair Value	$ 194,662	$ 192,646
Financial instruments, measurement input	0.1075	0.1075
Weighted average remaining maturity/duration	2 years 4 months 6 days	2 years 4 months 6 days
Recurring | CLO debt | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 233,195	$ 276,516
Amortized Cost Basis/Purchase Price	233,195	276,516
Fair Value	$ 233,195	$ 276,516
Financial instruments, measurement input	0.0550	0.0550
Weighted average remaining maturity/duration	3 years 4 months 17 days	3 years 4 months 17 days
Recurring | Borrowings from the FHLB | Discounted Cash Flow
Liabilities:
Outstanding Face Amount	$ 288,000	$ 288,000
Amortized Cost Basis/Purchase Price	288,000	288,000
Fair Value	$ 288,896	$ 289,091
Financial instruments, measurement input	0.0109	0.0112
Weighted average remaining maturity/duration	2 years 9 months 3 days	2 years 9 months 3 days
Recurring | Senior unsecured notes | Broker Quotations Pricing Services Valuation Technique
Liabilities:
Outstanding Face Amount	$ 1,465,644	$ 1,612,299
Amortized Cost Basis/Purchase Price	1,453,739	1,599,371
Fair Value	$ 1,464,796	$ 1,607,930
Financial instruments, measurement input	0.0481	0.0490
Weighted average remaining maturity/duration	4 years 2 months 19 days	3 years 10 months 20 days

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Assets:
Fair value of assets	$ (1,963,334)	$ (2,361,745)
Allowance for current expected credit losses	(36,241)	(41,507)	$ (11,600)
Liabilities:
Fair value of liabilities	3,799,131	4,239,855
Repurchase agreements - short-term
Liabilities:
Outstanding Face Amount	465,811	708,833
Fair value of liabilities	465,811	708,833
Repurchase agreements - long-term
Liabilities:
Outstanding Face Amount	110,886	112,004
Fair value of liabilities	110,886	112,004
Revolving Credit Facility
Liabilities:
Outstanding Face Amount	256,430	266,430
Fair value of liabilities	256,430	266,430
Mortgage loan financing
Liabilities:
Outstanding Face Amount	761,172	761,793
Fair value of liabilities	784,455	786,405
Secured Financing Facility
Liabilities:
Outstanding Face Amount	194,662	192,646
Fair value of liabilities	194,662	192,646
CLO debt
Liabilities:
Outstanding Face Amount	233,195	276,516
Fair value of liabilities	233,195	276,516
Borrowings from the FHLB
Liabilities:
Outstanding Face Amount	288,000	288,000
Fair value of liabilities	288,896	289,091
Senior unsecured notes
Liabilities:
Outstanding Face Amount	1,465,644	1,612,299
Fair value of liabilities	1,464,796	1,607,930
CMBS
Assets:
Outstanding Face Amount	11,494	11,523
Fair value of assets	(11,055)	(11,074)
CMBS interest-only
Assets:
Outstanding Face Amount	10,537	10,566
Fair value of assets	(642)	(675)
Accounts Receivable, Allowance for Credit Loss		20
Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Outstanding Face Amount	2,017,643	2,365,204
Fair value of assets	(1,901,459)	(2,328,441)
Mortgage loan  receivables held for sale
Assets:
Outstanding Face Amount	71,442	30,478
Fair value of assets	(73,479)	(32,082)
FHLB stock
Assets:
Outstanding Face Amount	12,960	31,000
Fair value of assets	(12,960)	(31,000)
Level 1
Assets:
Fair value of assets	0	0
Allowance 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	0
Level 1 | Mortgage loan financing
Liabilities:
Fair value of liabilities	0	0
Level 1 | Secured Financing Facility
Liabilities:
Fair value of liabilities	0	0
Level 1 | CLO debt
Liabilities:
Fair value of liabilities	0	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
Accounts Receivable, Allowance for Credit Loss		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
Allowance 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	0
Level 2 | Mortgage loan financing
Liabilities:
Fair value of liabilities	0	0
Level 2 | Secured Financing Facility
Liabilities:
Fair value of liabilities	0	0
Level 2 | CLO debt
Liabilities:
Fair value of liabilities	0	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
Accounts Receivable, Allowance for Credit Loss		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	(1,963,334)	(2,361,745)
Allowance for current expected credit losses	(36,241)	(41,507)
Liabilities:
Fair value of liabilities	3,799,131	4,239,855
Level 3 | Repurchase agreements - short-term
Liabilities:
Fair value of liabilities	465,811	708,833
Level 3 | Repurchase agreements - long-term
Liabilities:
Fair value of liabilities	110,886	112,004
Level 3 | Revolving Credit Facility
Liabilities:
Fair value of liabilities	256,430	266,430
Level 3 | Mortgage loan financing
Liabilities:
Fair value of liabilities	784,455	786,405
Level 3 | Secured Financing Facility
Liabilities:
Fair value of liabilities	194,662	192,646
Level 3 | CLO debt
Liabilities:
Fair value of liabilities	233,195	276,516
Level 3 | Borrowings from the FHLB
Liabilities:
Fair value of liabilities	288,896	289,091
Level 3 | Senior unsecured notes
Liabilities:
Fair value of liabilities	1,464,796	1,607,930
Level 3 | CMBS
Assets:
Fair value of assets	(11,055)	(11,074)
Level 3 | CMBS interest-only
Assets:
Fair value of assets	(642)	(675)
Accounts Receivable, Allowance for Credit Loss		20
Level 3 | Total mortgage loan receivables held for investment, net, at amortized cost
Assets:
Fair value of assets	(1,901,459)	(2,328,441)
Level 3 | Mortgage loan  receivables held for sale
Assets:
Fair value of assets	(73,479)	(32,082)
Level 3 | FHLB stock
Assets:
Fair value of assets	(12,960)	(31,000)
Recurring
Assets:
Fair value of assets	(752,707)	(1,046,869)
Recurring | CMBS
Assets:
Outstanding Face Amount	710,995	1,003,998
Fair value of assets	(706,326)	(992,227)
Recurring | CMBS interest-only
Assets:
Outstanding Face Amount	1,470,038	1,487,616
Fair value of assets	(19,817)	(21,538)
Recurring | GNMA interest-only
Assets:
Outstanding Face Amount	68,478	75,350
Fair value of assets	(802)	(1,001)
Recurring | Agency securities
Assets:
Outstanding Face Amount	577	586
Fair value of assets	(591)	(605)
Recurring | GNMA permanent securities
Assets:
Outstanding Face Amount	24,239	30,254
Fair value of assets	(24,870)	(31,199)
Recurring | Equity securities
Assets:
Fair value of assets		0
Recurring | Nonhedge derivatives
Assets:
Fair value of assets	(301)	(299)
Nonhedge derivative assets	370,771	65,600
Recurring | Level 1
Assets:
Fair value of assets	0	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		0
Recurring | Level 1 | Nonhedge derivatives
Assets:
Fair value of assets	0	0
Recurring | Level 2
Assets:
Fair value of assets	(301)	(299)
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 | Equity securities
Assets:
Fair value of assets		0
Recurring | Level 2 | Nonhedge derivatives
Assets:
Fair value of assets	(301)	(299)
Recurring | Level 3
Assets:
Fair value of assets	(752,406)	(1,046,570)
Recurring | Level 3 | CMBS
Assets:
Fair value of assets	(706,326)	(992,227)
Recurring | Level 3 | CMBS interest-only
Assets:
Fair value of assets	(19,817)	(21,538)
Recurring | Level 3 | GNMA interest-only
Assets:
Fair value of assets	(802)	(1,001)
Recurring | Level 3 | Agency securities
Assets:
Fair value of assets	(591)	(605)
Recurring | Level 3 | GNMA permanent securities
Assets:
Fair value of assets	(24,870)	(31,199)
Recurring | Level 3 | Equity securities
Assets:
Fair value of assets		0
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	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,046,569	$ 1,695,913
Transfer from level 2	0	0
Purchases	40,016	437,519
Sales	(329,062)	(93,301)
Paydowns/maturities	(10,512)	(43,603)
Amortization of premium/discount	(2,013)	(2,284)
Unrealized gain/(loss)	6,829	(77,931)
Realized gain/(loss) on sale	579	1,755
Ending balance	$ 752,406	$ 1,918,068

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Quantitative Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 764,103	$ 1,058,298
CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	717,381	1,003,301
CMBS interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	20,459	22,213
GNMA interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	802	1,000
Agency securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	591	605
GNMA permanent securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 24,870	$ 31,199
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	1 year 8 months 15 days	2 years 8 months 4 days
Level 3 | CMBS | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	5 years 7 months 9 days	5 years 9 months 25 days
Level 3 | CMBS interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	0 years	1 month 13 days
Level 3 | CMBS interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	2 years	2 years 2 months 23 days
Level 3 | CMBS interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	2 years 11 months 1 day	3 years 1 month 24 days
Level 3 | GNMA interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	0 years	0 years
Level 3 | GNMA interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	2 years 9 months	2 years 9 months 18 days
Level 3 | GNMA interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	6 years 7 months 6 days	6 years 9 months 14 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 10 days	1 year 2 months 23 days
Level 3 | Agency securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	1 year 2 months 12 days	1 year 5 months 8 days
Level 3 | GNMA permanent securities | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	8 years 4 months 24 days	1 year 6 months 25 days
Level 3 | GNMA permanent securities | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	8 years 6 months 3 days	9 years 8 months 26 days
Level 3 | GNMA permanent securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Duration	13 years 4 months 28 days	14 years 6 months 25 days
Level 3 | Yield | CMBS | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	(0.0064)	0
Level 3 | Yield | CMBS | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0187	0.0209
Level 3 | Yield | CMBS | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1099	0.2385
Level 3 | Yield | CMBS interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0.0056
Level 3 | Yield | CMBS interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0281	0.0251
Level 3 | Yield | CMBS interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0450	0.0994
Level 3 | Yield | GNMA interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	(0.0350)	0
Level 3 | Yield | GNMA interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0789	0.0793
Level 3 | Yield | GNMA interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.4065	0.3582
Level 3 | Yield | Agency securities | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0073	0.0044
Level 3 | Yield | Agency securities | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0080	0.1131
Level 3 | Yield | Agency securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0126	0.7200
Level 3 | Yield | GNMA permanent securities | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0254	0
Level 3 | Yield | GNMA permanent securities | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0338	0.0299
Level 3 | Yield | GNMA permanent securities | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0373	0.0347
Level 3 | Prepayment speed | CMBS interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	100	100
Level 3 | Prepayment speed | CMBS interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	100	100
Level 3 | Prepayment speed | CMBS interest-only | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	100	100
Level 3 | Prepayment speed | GNMA interest-only | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	5	5
Level 3 | Prepayment speed | GNMA interest-only | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	18.07	17.78
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	$ 752,406	$ 1,046,568
Recurring | Internal Model Third Party Inputs Valuation Technique | CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0162	0.0156
Duration	1 year 10 months 13 days	2 years 3 days
Recurring | Internal Model Third Party Inputs Valuation Technique | CMBS interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0224	0.0353
Duration	2 years 29 days	2 years 2 months 8 days
Recurring | Internal Model Third Party Inputs Valuation Technique | GNMA interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0510	0.0506
Duration	3 years 5 months 15 days	3 years 7 months 2 days
Recurring | Internal Model Third Party Inputs Valuation Technique | Agency securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0162	0.0164
Duration	1 year 1 month 9 days	1 year 3 months 3 days
Recurring | Internal Model Third Party Inputs Valuation Technique | GNMA permanent securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0354	0.0349
Duration	1 year 4 months 28 days	1 year 11 months 23 days
Recurring | Level 3 | Internal Model Third Party Inputs Valuation Technique | CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 706,326	$ 992,226
Recurring | Level 3 | Internal Model Third Party Inputs Valuation Technique | CMBS interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	19,817	21,537
Recurring | Level 3 | Internal Model Third Party Inputs Valuation Technique | GNMA interest-only
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	802	1,001
Recurring | Level 3 | Internal Model Third Party Inputs Valuation Technique | Agency securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	591	605
Recurring | Level 3 | Internal Model Third Party Inputs Valuation Technique | GNMA permanent securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 24,870	$ 31,199

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Contingency [Line Items]
Deferred tax asset related to capital losses	$ 5.7
Income tax expense (benefit)	(2)	$ (16.6)
Deferred income tax expense (benefit)	1.2	$ 12
Deferred tax assets related to interest expense limitation	1.4
Other assets
Income Tax Contingency [Line Items]
Deferred tax liabilities	$ (3.2)		$ (2)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Jan. 01, 2019
Unfunded Loan Commitments
Operating lease liability	$ 1
Operating lease, right-of-use asset	$ 1.1
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets
Tenant reimbursements	$ 1.1	$ 1.2
Provision for loan losses
Unfunded Loan Commitments
Unfunded commitments of mortgage loan receivables held for investment	$ 140.1		$ 148.8
Unfunded commitments of mortgage loan receivables held for investment, additional funds	66.00%
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)	3 Months Ended
	Mar. 31, 2021segment
Segment Reporting [Abstract]
Number of reportable segments	3

SEGMENT REPORTING - Schedule of

SEGMENT REPORTING - Schedule of Segments (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Statement [Abstract]
Interest income		$ 39,287	$ 72,589
Interest expense		(45,973)	(51,401)
Net interest income (expense)		(6,686)	21,188
(Provision) benefit for loan losses		4,251	(26,581)
Net interest income (expense) after provision for (release of) loan losses		(2,435)	(5,393)
Operating lease income		24,159	26,328
Sale of loans, net		0	1,005
Realized gain (loss) on securities		579	3,011
Unrealized gain (loss) on equity securities		0	(533)
Unrealized gain (loss) on Agency interest-only securities		(20)	76
Realized gain (loss) on sale of real estate, net		0	10,529
Impairment of real estate			0
Fee and other income		3,284	1,519
Net result from derivative transactions		4,771	(15,435)
Earnings (loss) from investment in unconsolidated joint ventures		436	441
Gain (loss) on extinguishment/defeasance of debt		0	2,061
Total other income (loss)		33,209	29,002
Salaries and employee benefits		(9,533)	(17,021)
Operating expenses		(4,241)	(5,794)
Real estate operating expenses		(6,211)	(7,948)
Fee expense		(1,599)	(1,439)
Depreciation and amortization		(9,536)	(10,009)
Total costs and expenses		(31,120)	(42,211)
Income tax (expense) benefit		778	4,541
Net income (loss)		432	(14,061)
Total assets	[1]	5,405,811		$ 5,881,229
Investment in unconsolidated joint ventures	[1]	44,508		46,253
Investment in FHLB stock		13,000		31,000	[1]
Operating Segment
Income Statement [Abstract]
Investment in unconsolidated joint ventures		44,500		46,300
Operating Segment | Loans
Income Statement [Abstract]
Interest income		35,892	58,905
Interest expense		(14,075)	(4,870)
Net interest income (expense)		21,817	54,035
(Provision) benefit for loan losses		4,251	(26,581)
Net interest income (expense) after provision for (release of) loan losses		26,068	27,454
Operating lease income		0	0
Sale of loans, net			1,005
Realized gain (loss) on securities		0	0
Unrealized gain (loss) on equity securities			0
Unrealized gain (loss) on Agency interest-only securities		0	0
Realized gain (loss) on sale of real estate, net			0
Impairment of real estate			0
Fee and other income		2,969	1,424
Net result from derivative transactions		3,043	(11,351)
Earnings (loss) from investment in unconsolidated joint ventures		0	0
Gain (loss) on extinguishment/defeasance of debt		0	0
Total other income (loss)		6,012	(8,922)
Salaries and employee benefits		0	0
Operating expenses		9	0
Real estate operating expenses		0	0
Fee expense		(1,426)	(1,190)
Depreciation and amortization		0	0
Total costs and expenses		(1,417)	(1,190)
Income tax (expense) benefit		0	0
Net income (loss)		30,663	17,342
Total assets		2,042,971		2,343,070
Operating Segment | Securities
Income Statement [Abstract]
Interest income		3,234	12,863
Interest expense		(832)	(6,759)
Net interest income (expense)		2,402	6,104
(Provision) benefit for loan losses		0	0
Net interest income (expense) after provision for (release of) loan losses		2,402	6,104
Operating lease income		0	0
Sale of loans, net			0
Realized gain (loss) on securities		579	3,011
Unrealized gain (loss) on equity securities			(533)
Unrealized gain (loss) on Agency interest-only securities		(20)	76
Realized gain (loss) on sale of real estate, net			0
Impairment of real estate			0
Fee and other income		0	401
Net result from derivative transactions		1,728	(4,084)
Earnings (loss) from investment in unconsolidated joint ventures		0	0
Gain (loss) on extinguishment/defeasance of debt		0	0
Total other income (loss)		2,287	(1,129)
Salaries and employee benefits		0	0
Operating expenses		0	0
Real estate operating expenses		0	0
Fee expense		(50)	(72)
Depreciation and amortization		0	0
Total costs and expenses		(50)	(72)
Income tax (expense) benefit		0	0
Net income (loss)		4,639	4,903
Total assets		764,083		1,058,298
Operating Segment | Real Estate
Income Statement [Abstract]
Interest income		0	8
Interest expense		(8,785)	(10,234)
Net interest income (expense)		(8,785)	(10,226)
(Provision) benefit for loan losses		0	0
Net interest income (expense) after provision for (release of) loan losses		(8,785)	(10,226)
Operating lease income		24,159	26,328
Sale of loans, net			0
Realized gain (loss) on securities		0	0
Unrealized gain (loss) on equity securities			0
Unrealized gain (loss) on Agency interest-only securities		0	0
Realized gain (loss) on sale of real estate, net			10,529
Impairment of real estate			0
Fee and other income		32	25
Net result from derivative transactions		0	0
Earnings (loss) from investment in unconsolidated joint ventures		436	441
Gain (loss) on extinguishment/defeasance of debt		0	0
Total other income (loss)		24,627	37,323
Salaries and employee benefits		0	0
Operating expenses		0	0
Real estate operating expenses		(6,211)	(7,948)
Fee expense		(123)	(177)
Depreciation and amortization		(9,511)	(9,984)
Total costs and expenses		(15,845)	(18,109)
Income tax (expense) benefit		0	0
Net income (loss)		(3)	8,988
Total assets		1,021,479		1,031,557
Corporate/Other
Income Statement [Abstract]
Interest income		161	813
Interest expense		(22,281)	(29,538)
Net interest income (expense)		(22,120)	(28,725)
(Provision) benefit for loan losses		0	0
Net interest income (expense) after provision for (release of) loan losses		(22,120)	(28,725)
Operating lease income		0	0
Sale of loans, net			0
Realized gain (loss) on securities		0	0
Unrealized gain (loss) on equity securities			0
Unrealized gain (loss) on Agency interest-only securities		0	0
Realized gain (loss) on sale of real estate, net			0
Impairment of real estate			0
Fee and other income		283	(331)
Net result from derivative transactions		0	0
Earnings (loss) from investment in unconsolidated joint ventures		0	0
Gain (loss) on extinguishment/defeasance of debt		0	2,061
Total other income (loss)		283	1,730
Salaries and employee benefits		(9,533)	(17,021)
Operating expenses		(4,250)	(5,794)
Real estate operating expenses		0	0
Fee expense		0	0
Depreciation and amortization		(25)	(25)
Total costs and expenses		(13,808)	(22,840)
Income tax (expense) benefit		778	4,541
Net income (loss)		(34,867)	$ (45,294)
Total assets		1,577,278		1,448,303
Investment in FHLB stock		13,000
Corporate/Other | Senior Unsecured Notes
Income Statement [Abstract]
Senior notes		$ 1,500,000		$ 1,600,000
[1]	Includes amounts relating to consolidated variable interest entities. See Note 1 and Note 10.

Uncategorized Items - ladr-2021

Label	Element	Value
Restricted Cash and Investments	us-gaap_RestrictedCashAndInvestments	$ 146,373,000
Restricted Cash and Investments	us-gaap_RestrictedCashAndInvestments	29,852,000
Restricted Cash and Investments	us-gaap_RestrictedCashAndInvestments	$ 263,869,000