Document and Entity Information - shares |
9 Months Ended | |
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Sep. 30, 2018 |
Oct. 31, 2018 |
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| Entity Registrant Name | Ladder Capital Corp | |
| Entity Central Index Key | 0001577670 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Large Accelerated Filer | |
| Document Type | 10-Q | |
| Document Period End Date | Sep. 30, 2018 | |
| Document Fiscal Year Focus | 2018 | |
| Document Fiscal Period Focus | Q3 | |
| Amendment Flag | false | |
| Entity Emerging Growth Company | false | |
| Entity Smaller Reporting Company | false | |
| Class A Common Stock | ||
| Entity Common Stock, Shares Outstanding (in shares) | 98,141,899 | |
| Class B Common Stock | ||
| Entity Common Stock, Shares Outstanding (in shares) | 13,117,419 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Sep. 30, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Treasury stock, shares (in shares) | 2,699,822 | 2,617,587 |
| Class A Common Stock | ||
| Common stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
| Common stock, authorized shares (in shares) | 600,000,000 | 600,000,000 |
| Common stock, issued shares (in shares) | 100,842,335 | 96,258,847 |
| Common stock, outstanding shares (in shares) | 98,142,513 | 93,641,260 |
| Class B Common Stock | ||
| Common stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
| Common stock, authorized shares (in shares) | 100,000,000 | 100,000,000 |
| Common stock, issued shares (in shares) | 13,117,419 | 17,667,251 |
| Common stock, outstanding shares (in shares) | 13,117,419 | 17,667,251 |
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
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| Statement of Cash Flows [Abstract] | |||
| Cash and cash equivalents | $ 49,625 | $ 76,674 | $ 48,894 |
| Restricted cash | 35,288 | 106,009 | 48,483 |
| Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows | $ 84,913 | $ 182,683 | $ 97,377 |
ORGANIZATION AND OPERATIONS |
9 Months Ended |
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Sep. 30, 2018 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| ORGANIZATION AND OPERATIONS | 1. ORGANIZATION AND OPERATIONS Ladder Capital Corp is an internally-managed real estate investment trust (“REIT”) that is a leader in commercial real estate finance. Ladder Capital Corp, as the general partner of Ladder Capital Finance Holdings LLLP (“LCFH,” “Predecessor” or the “Operating Partnership”), operates the Ladder Capital business through LCFH and its subsidiaries. As of September 30, 2018, Ladder Capital Corp has a 88.2% economic interest in LCFH and controls the management of LCFH as a result of its ability to appoint its board members. Accordingly, Ladder Capital Corp consolidates the financial results of LCFH and records noncontrolling interest for the economic interest in LCFH held by the Continuing LCFH Limited Partners (as defined below). In addition, Ladder Capital Corp, through certain subsidiaries which are treated as taxable REIT subsidiaries (each a “TRS”), is indirectly subject to U.S. federal, state and local income taxes. Other than the noncontrolling interest in the Operating Partnership and such indirect U.S. federal, state and local income taxes, there are no material differences between Ladder Capital Corp’s consolidated financial statements and LCFH’s consolidated financial statements. Ladder Capital Corp was formed as a Delaware corporation on May 21, 2013. The Company conducted an initial public offering (“IPO”) which closed on February 11, 2014. The Company used the net proceeds from the IPO to purchase newly issued limited partnership units (“LP Units”) from LCFH. In connection with the IPO, Ladder Capital Corp also became a holding corporation and the general partner of, and obtained a controlling interest in, LCFH. Ladder Capital Corp’s only business is to act as the general partner of LCFH, and, as such, Ladder Capital Corp indirectly operates and controls all of the business and affairs of LCFH and its subsidiaries through its ability to appoint the LCFH board. The proceeds received by LCFH in connection with the sale of the LP Units have been and will be used for loan origination and related real estate business lines and for general corporate purposes. The IPO transactions described herein are referred to as the “IPO Transactions.” In anticipation of the Company’s election to be subject to tax as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) beginning with its 2015 taxable year (the “REIT Election”), the Company effected an internal realignment as of December 31, 2014. As part of this realignment, LCFH and certain of its wholly-owned subsidiaries were serialized in order to segregate our REIT-qualified assets and income from the Company’s non-REIT-qualified assets and income. Pursuant to such serialization, all assets and liabilities of LCFH and each such subsidiary were identified as TRS assets and liabilities (e.g., conduit securitization and condominium sales businesses) and REIT assets and liabilities (e.g., balance sheet loans, real estate and most securities), and were allocated on the Company’s internal books and records into two pools within LCFH or such subsidiary, Series TRS and Series REIT (collectively, the “Series”), respectively. Series REIT and Series TRS have separate boards, officers, books and records, bank accounts, and tax identification numbers. Each outstanding LP Unit was exchanged for one Series REIT limited partnership unit (“Series REIT LP Unit”), which is entitled to receive profits and losses derived from REIT assets and liabilities, and one Series TRS limited partnership unit (“Series TRS LP Unit”), which is entitled to receive profits and losses derived from TRS assets and liabilities (Series REIT LP Units and Series TRS LP Units are collectively referred to as “Series Units”). Ladder Capital Corp remains the general partner of Series REIT of LCFH. LC TRS I LLC (“LC TRS I”), a Delaware limited liability company wholly-owned by Series REIT of LCFH, serves as the general partner of Series TRS of LCFH and Series TRS LP Units are exchangeable for an equal number of shares (“TRS Shares”) of LC TRS I (a “TRS Exchange”). Ladder Capital Corp consolidates the financial results of LCFH and its subsidiaries. The ownership interest of certain existing owners of LCFH, who owned LP Units and an equivalent number of shares of Ladder Capital Corp Class B common stock as of the completion of the IPO (the “Continuing LCFH Limited Partners”) and continue to hold equivalent Series Units and Ladder Capital Corp Class B common stock, is reflected as a noncontrolling interest in Ladder Capital Corp’s consolidated financial statements. Pursuant to LCFH’s Third Amended and Restated LLLP Agreement, dated as of December 31, 2014 and as amended from time to time, and subject to the applicable minimum retained ownership requirements and certain other restrictions, including notice requirements, from time to time, Continuing LCFH Limited Partners (or certain transferees thereof) may from time to time, subject to certain conditions, receive one share of the Company’s Class A common stock in exchange for (i) one share of the Company’s Class B common stock, (ii) one Series REIT LP Unit and (iii) either one Series TRS LP Unit or one TRS Share, subject to equitable adjustments for stock splits, stock dividends and reclassifications. However, such exchange for shares of Ladder Capital Corp Class A common stock will not affect the exchanging owners’ voting power since the votes represented by the canceled shares of Ladder Capital Corp Class B common stock will be replaced with the votes represented by the shares of Class A common stock for which such Series Units, including TRS Shares as applicable, will be exchanged. As a result of the Company’s ownership interest in LCFH and LCFH’s election under Section 754 of the Code, the Company expects to benefit from depreciation and other tax deductions reflecting LCFH’s tax basis for its assets. Those deductions will be allocated to the Company and will be taken into account in reporting the Company’s taxable income. As of March 4, 2015, the Company made the necessary TRS and check-the-box elections began to elect to be taxed as a REIT starting with its tax return for the year ended December 31, 2015, filed in September 2016. |
SIGNIFICANT ACCOUNTING POLICIES |
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| 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, 2017, which are included in the Company’s Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The interim consolidated financial statements have been prepared, without audit, and do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations and cash flows in accordance with GAAP. The consolidated financial statements include the Company’s accounts and those of its subsidiaries which are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 — Consolidation (“ASC 810”), provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. See Note 3 for further information on the Company’s consolidated variable interest entities. Noncontrolling interests in consolidated subsidiaries are defined as “the portion of the equity (net assets) in the subsidiaries not attributable, directly or indirectly, to a parent.” Noncontrolling interests are presented as a separate component of capital in the consolidated balance sheets. In addition, the presentation of net income attributes earnings to shareholders/unitholders (controlling interest) and noncontrolling interests. Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the balance sheets and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of resulting changes are reflected in the consolidated financial statements in the period the changes are deemed to be necessary. Significant estimates made in the accompanying consolidated financial statements include, but are not limited to the following:
Cash and Cash Equivalents The Company considers all investments with original maturities of three months or less, at the time of acquisition, to be cash equivalents. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of September 30, 2018 and December 31, 2017. At September 30, 2018 and December 31, 2017, and at various times during the years, the balances exceeded the insured limits. Restricted Cash Restricted cash is comprised of accounts the Company maintains with brokers to facilitate financial derivative and repurchase agreement transactions in support of its loan and securities investments and risk management activities. Based on the value of the positions in these accounts and the associated margin requirements, the Company may be required to deposit additional cash into these broker accounts. The cash collateral held by broker is considered restricted cash. Restricted cash also includes tenant security deposits, deposits related to real estate sales and acquisitions and required escrow balances on credit facilities. Prior to January 1, 2017, these amounts were previously recorded in other assets on the Company’s consolidated balance sheets. Mortgage Loan Receivables Held for Investment Loans for which the Company has the intention and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for loan losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the interest method, adjusted for actual prepayments. Upon the decision to sell such loans, the Company will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value on the consolidated balance sheets. Provision for Loan Losses The provision for loan losses reflects the Company’s estimate of loan losses inherent in the loan portfolio as of the balance sheet date. The provision for loan losses includes a portfolio-based, general component and an asset-specific component. The Company estimates its portfolio-based loan loss provision based on its historical loss experience and expectation of losses inherent in the investment portfolio but not yet realized. To ensure that the risk exposures are properly measured and the appropriate reserves are taken, the Company assesses a loan loss provision balance that will grow over time with its portfolio and the related risk as the assets are aged and approach maturity and ultimate refinancing where applicable. The asset-specific reserve component relates to reserves for losses on individually impaired loans. The Company evaluates each loan for impairment at least quarterly. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s effective rate or the fair value of the collateral, less the estimated costs to sell, if recovery of the Company’s investment is expected solely from the collateral. The Company’s loans are typically collateralized by real estate directly or indirectly. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan at maturity, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the collateral property is located. Such impairment analyses are completed and reviewed by asset management personnel, who utilize various data sources, including (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers’ business plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and other market data. For collateral dependent impaired loans, impairment is measured using the estimated fair value of collateral less the estimated cost to sell. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and are updated if circumstances indicate that a significant change in value has occurred. The Company generally will use the direct capitalization rate valuation methodology to estimate the fair value of the collateral for such loans. In more limited cases, the Company will obtain external appraisals for loan collateral. A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when a concession is granted and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loans. Significant judgment is required when evaluating loans for impairment, therefore actual results over time could be materially different. The Company designates non-performing loans at such time as (i) loan payments become 90-days past due; (ii) the loan has a maturity default; or (iii) in the opinion of the Company, it is probable the Company will be unable to collect all amounts due according to the contractual terms of the loan. Income recognition will be suspended when a loan is designated non-performing and resumed only when the suspended loan becomes contractually current and performance is demonstrated to have resumed. Any interest received for loans in non-performing status will be applied as a reduction to the unpaid principal balance. A loan will be written off when it is no longer realizable and legally discharged. Out-of-Period Adjustments During the first quarter of 2017, the Company recorded an out-of-period adjustment to reduce depreciation expense by $0.8 million related to prior periods. The Company has concluded that this adjustment is not material to the financial position or results of operations for the three months ended March 31, 2017 or any prior periods; accordingly, the Company recorded the related adjustment in the three month period ended March 31, 2017. During the first quarter of 2018, the Company recorded an out-of-period adjustment to increase tenant real estate tax recoveries on a net lease property by $1.1 million, which was not billed until the three month period ended March 31, 2018, but related to prior periods. The Company has concluded that this adjustment is not material to the financial position or results of operations for the three months ended March 31, 2018 or any prior periods; accordingly, the Company recorded the related adjustment in the three month period ended March 31, 2018. Change in Accounting Principle As more fully described in Note 4, on June 29, 2017, the Company completed its first sponsored securitization transaction whereby it transferred $625.7 million of loans to LCCM 2017-LC26 securitization trust. The Company initially concluded that the transfer restrictions placed on the Third Party Purchaser (“TPP”) of the risk retention securities, imposed by the risk retention rules of the Dodd-Frank Act, precluded sale accounting under ASC 860 and, accordingly, the Company originally accounted for the transaction as a financing in its interim financial statements for the periods ended June 30, 2017 and September 30, 2017. As a result of industry discussions, in November 2017 the staff of the Securities and Exchange Commission (the “SEC staff”) indicated that, despite such restrictions, they would not take exception to a registrant treating such transfers as sales if they otherwise met all the criteria for sale accounting. The Company believes treatment of such transfers as sales is more consistent with the substance of such transaction and, accordingly, changed its accounting principle to treat such transfers as sales in the quarter ended December 31, 2017. In accordance with generally accepted accounting principles, the Company reflected this change in accounting principle retrospectively to prior interim periods within 2017. The retrospective changes for the three and six months ended June 30, 2017 were reflected in the Company’s quarterly report for the quarter ended June 30, 2018. The retrospective changes for the three and nine months ended September 30, 2017 are reflected in this Quarterly Report. Refer to Note 20, Quarterly Financial Data (Unaudited) in the Company’s December 31, 2017 Annual Report for a summary of these changes. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), that outlined a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and superseded most then-current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. ASU 2014-09 was initially scheduled to become effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period; early adoption was not permitted. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) — Deferral of the Effective Date (“ASU 2015-14”), which deferred the effective date of ASU 2014-09 for one year and permitted early adoption as early as the original effective date of ASU 2014-09. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. In 2016, the FASB issued additional guidance to clarify the implementation guidance, ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”); ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2017-10”); ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 Emerging Issues Task Force (“EITF”) Meeting (SEC Update) (“ASU 2016-11”), ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”); and ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers (“ASU 2016-20”). In February 2017, the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) (“ASU 2017-05”). In September 2017, the FASB issued ASU 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission f Prior SEC Staff Announcements and Observer Comments (SEC Update) (“ASU 2017-13”). In November 2017, the FASB issued ASU 2017-14, Income Statement—Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606) (SEC Update) (“ASU 2017-14”). These amendments provide additional clarification and implementation guidance on the previously issued ASU 2014-09. Under the full retrospective method, a company will apply the rules to contracts in all reporting periods presented, subject to certain allowable exceptions. Under the modified retrospective method, a company will apply the rules to all contracts existing as of January 1, 2018, recognizing in beginning retained earnings an adjustment for the cumulative effect of the change and providing additional disclosures comparing results to previous rules. The Company believes the effects on its existing accounting policies will be associated with its non-leasing revenue components, specifically the amount, timing and presentation of tenant expense reimbursements revenue. The Company adopted the standard using the modified retrospective approach on January 1, 2018 and there was no cumulative effect adjustment recognized. The Company’s revenues impacted by this standard are included in tenant recoveries in the consolidated statements of income. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, (“ASU 2016-01”), which was further amended in February and in March 2018 by ASU 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities, (“ASU 2018-03”) and ASU 2018-04, Investments—Debt Securities (Topic 320) and Regulated Operations (Topic 980): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273 (SEC Update), (“ASU 2018-04”) to clarify certain aspects of ASU 2016-01 and to update Securities and Exchange Commission (“SEC”) interpretive guidance in connection with the provisions of ASU 2016-01. These updates provide guidance for the recognition, measurement, presentation, and disclosure of financial instruments. Among other changes, the updates require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, and clarifies that entities should evaluate the need for a valuation allowance on a deferred tax asset related to available for sale securities in combination with the entities' other deferred tax assets. These standards are effective for public companies for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. The Company adopted the guidance effective January 1, 2018, using the modified retrospective method. Upon adoption, the fair value of the Company's loan portfolio is now presented using an exit price method. Also, the Company is no longer required to disclose the methodologies used for estimating fair value of financial assets and liabilities that are not measured at fair value on a recurring or nonrecurring basis. The remaining requirements of this update did not have a material impact on the Company's consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718), (“ASU 2017-09”). The ASU provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. ASU 2017-09 does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions or award classification and would not be required if the changes are considered non-substantive. The amendments of this ASU are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2017-09 did not have a material impact on the Company’s consolidated financial statements. In May 2018, FASB issued ASU No. 2018-06, Codification Improvements to Topic 942, Depository and Lending—Income Taxes, (“ASU 2018-06”). The amendments in ASU 2018-06 supersede the guidance within Subtopic 942-741 that has been rescinded by the Office of the Comptroller of the Currency and is no longer relevant. A cross-reference between Subtopic 740-30, Income Taxes—Other Considerations or Special Areas, and Subtopic 942-740 is being added to the remaining guidance in Subtopic 740-30 to improve the usefulness of the codification. The amendments in ASU 2018-06 are effective upon issuance, as no accounting requirements are affected. The amendments in ASU 2018-06 do not have a material impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements Pending Adoption In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either operating leases or financing leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sale-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes the previous lease standard, Leases (Topic 840). In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 (Leases) (“ASU 2018-10”), which provides narrow amendments to clarify how to apply certain aspects of the new leasing standard. In July 2018, the FASB also issued ASU 2018-11, Leases (Topic 842): Targeted Improvements (“ASU 2018-11”), which provides a new transition method at the adoption date through a cumulative-effect adjustment to the opening balance of retained earnings; prior periods will not require restatement. ASU 2018-11 also provides a new practical expedient for lessors adopting the new lease standard. Lessors have the option to aggregate nonlease components with the related lease component upon adoption of the new standard if the following conditions are met: (1) the timing and pattern of transfer for the nonlease component and the related lease component are the same and (2) the stand-alone lease component would be classified as an operating lease if accounted for separately. Each of the standards are effective for the Company on January 1, 2019, with early adoption permitted. The Company continues to evaluate the effect the adoption of ASU 2016-02, ASU 2018-10 and ASU 2018-11 will have on the Company’s financial position and/or results of operations. The Company currently believes that the adoption of ASU 2016-02 will not have a material impact for operating leases where it is a lessor and will continue to record revenues from rental properties for its operating leases on a straight-line basis. For leases where the Company is the lessee, primarily for the Company’s corporate headquarters, the Company expects to record a lease liability and a right of use asset on its consolidated financial statements upon adoption. The lease liability and right-of-use asset are to be carried at the present value of remaining expected future lease payments. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, (“ASU 2016-13”). The guidance changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted for annual and interim periods beginning after December 15, 2018. On July 25, 2018, the FASB proposed an amendment to ASU 2016-13 to clarify that operating lease receivables recorded by lessors are explicitly excluded from the scope of ASU 2016-13. The Company must apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company is currently assessing the impact of this standard on the consolidated financial statements. In general, the allowance for credit losses is expected to increase when changing from an incurred loss to expected loss methodology. The models and methodologies that are currently used in estimating the allowance for credit losses are being evaluated to identify the changes necessary to meet the requirements of the new standard. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350), (“ASU 2017-04”). The ASU simplifies the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance will be applied prospectively and is effective for annual or any interim goodwill impairment tests in years beginning after December 15, 2019 with early adoption permitted. The Company does not currently expect any impact on its consolidated financial statements as the Company (absent a business combination) has no recorded goodwill. In March 2017, the FASB issued ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20), (“ASU 2017-08”). The ASU shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. Today, entities generally amortize the premium over the contractual life of the security. The new guidance does not change the accounting for purchased callable debt securities held at a discount; the discount continues to be amortized to maturity. ASU No. 2017-08 is effective for interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. The guidance calls for a modified retrospective transition approach under which a cumulative-effect adjustment will be made to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements when adopted. In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception, (“ASU 2017-11”). Part I of this update addresses the complexity of accounting for certain financial instruments with down round features. Down round features are features of certain equity-linked instruments (or embedded features) that result in the strike price being reduced on the basis of the pricing of future equity offerings. Current accounting guidance creates cost and complexity for entities that issue financial instruments (such as warrants and convertible instruments) with down round features that require fair value measurement of the entire instrument or conversion option. Part II of this update addresses the difficulty of navigating Topic 480, Distinguishing Liabilities from Equity, because of the existence of extensive pending content in the FASB Accounting Standards Codification. This pending content is the result of the indefinite deferral of accounting requirements about mandatorily redeemable financial instruments of certain nonpublic entities and certain mandatorily redeemable noncontrolling interests. The amendments in Part II of this update do not have an accounting effect. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently assessing the potential impact of adopting ASU 2017-11 on its financial statements and related disclosures. In January 2018, the FASB issued ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842, (“ASU 2018-01”). This ASU provides an optional transition practical expedient that, if elected, would not require companies to reconsider their accounting for existing or expired land easements before adoption of Topic 842 and that were not previously accounted for as leases under Topic 840. This ASU will be effective January 1, 2019, and early adoption is permitted. The Company is currently assessing the potential impact of adopting ASU 2018-01 on its financial statements and related disclosures. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220), (“ASU 2018-02”). This ASU allows an entity to elect to reclassify the stranded tax effects related to the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive income into retained earnings. This ASU will be effective January 1, 2019, and early adoption is permitted. The Company is does not expect the adoption of ASU 2018-02 to have a material impact on its financial statements and related disclosures. In March 2018, the FASB issued ASU 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (SEC Update), (“ASU 2018-05”), which included amendments to SEC paragraphs pursuant to SEC Staff Accounting Bulletin No. 118 (“SAB 118”). The pronouncement addresses certain circumstances that may arise for registrants in accounting for the income tax effects of the Tax Cuts and Jobs Act, including when certain income tax effects of the Tax Cuts and Jobs Act are incomplete by the time financial statements are issued. The Company has complied with the amendments related to SAB 118, as discussed further in Note 16. In July 2018, the FASB issued ASU 2018-09, Codification Improvements, (“ASU 2018-09”). This standard does not prescribe any new accounting guidance, but instead makes minor improvements and clarifications of several different FASB Accounting Standards Codification areas based on comments and suggestions made by various stakeholders. Certain updates are applicable immediately while others provide for a transition period to adopt as part of the next fiscal year beginning after December 15, 2018. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement, (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, (“ASU 2018-13”). ASU 2018-13 eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The standard is effective for all entities for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of ASU 2018-02 to have a material impact on its financial statements and related disclosures. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities, (“ASU 2018-17”). ASU 2018-17 requires reporting entities to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety for determining whether a decision-making fee is a variable interest. The standard is effective for all entities for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. Entities are required to apply the amendments in ASU 2018-17 retrospectively with a cumulative-effect adjustment to retained earnings at the beginning o the earliest period presented. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. Any new accounting standards not disclosed above that have been issued or proposed by FASB and that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. |
CONSOLIDATED VARIABLE INTEREST ENTITIES |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CONSOLIDATED VARIABLE INTEREST ENTITIES | 3. CONSOLIDATED VARIABLE INTEREST ENTITIES 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. The Operating Partnership is a VIE and as such, substantially all of the consolidated balance sheet is a consolidated VIE. In addition, the Operating Partnership consolidates two collateralized loan obligation (“CLO”) VIEs with the following aggregate balance sheets ($ in thousands):
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MORTGAGE LOAN RECEIVABLES |
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MORTGAGE LOAN RECEIVABLES | 4. MORTGAGE LOAN RECEIVABLES September 30, 2018 ($ in thousands)
On June 29, 2017, the Company transferred its interests in $625.7 million of loans to the LCCM 2017-LC26 securitization trust. The assets transferred to the trust were comprised of 34 loans to third parties having a combined outstanding face amount of $549.0 million and a combined carrying value of $547.7 million as well as 23 former intercompany loans secured by certain of the Company’s real estate assets, having a combined principal balance of $76.7 million (which had not previously been recognized for accounting purposes because they were eliminated in consolidation). In connection with this transaction, pursuant to the 5% risk retention requirement of the Dodd-Frank Act described in Part I, Item 1A “Risk Factors,” in the Annual Report, the Company (i) retained a $12.9 million restricted “vertical interest” consisting of approximately 2% in each class of securities issued by the trust, which must be held by the Company until the principal balance of the pool has been reduced to a level prescribed by the risk retention rules and (ii) sold an approximately 3% restricted “horizontal interest” in the form of 98% of the controlling classes (excluding the 2% included in the vertical interest) to a TPP, which must be held by the TPP for at least five years. In addition, the Company purchased $62.7 million of securities issued by the trust, which are not restricted. The Company initially concluded that the transfer restrictions placed on the TPP of the risk retention securities, imposed by the risk retention rules of the Dodd-Frank Act, precluded sale accounting under generally accepted accounting principles and, accordingly, the Company originally accounted for the transaction as a financing. As a result of industry discussions, in November 2017, the SEC staff indicated that, despite such restrictions, they would not take exception to a registrant treating such transfers as sales if they otherwise met all the criteria for sale accounting. The Company believes treatment of such transfers as sales is more consistent with the substance of such transaction, and accordingly, changed its accounting principles to treat such transfers as sales in the quarter ended December 31, 2017. In accordance with generally accepted accounting principles, the Company reflected this change in accounting principle retrospectively to prior interim periods within 2017. The retrospective changes for the three and nine months ended September 30, 2017 are reflected in this Quarterly Report. The retrospective changes for the three and six months ended June 30, 2017 were reflected in the Company’s quarterly report for the quarter ended June 30, 2018. Refer to Note 20, Quarterly Financial Data (Unaudited) in the Company’s December 31, 2017 Annual Report for a summary of these changes. In connection with the securitization transaction, the former intercompany loans, which are secured by real estate properties still owned by the Company, will continue to be reported as a financing transaction. As a result of the change in accounting principle, the Company recognized a gain of $26.1 million on the transaction when it closed on June 29, 2017. In addition, upon consummation, the Company recognized $12.9 million and $62.7 million in restricted and unrestricted securities, respectively, which are included in real estate securities on the Company’s consolidated balance sheets. The Company also recognized a liability for $78.8 million for 23 intercompany loans with a combined principal balance of $76.7 million. As of September 30, 2018, $808.2 million, or 21.2%, of the carrying value of our mortgage loan receivables held for investment, at amortized cost, were at fixed interest rates and $3.0 billion, or 78.8%, of the carrying value of our mortgage loan receivables held for investment, at amortized cost, were at variable interest rates, linked to LIBOR, some of which include interest rate floors. As of September 30, 2018, $375.2 million, or 100.0%, of the carrying value of our mortgage loan receivables held for sale were at fixed interest rates. December 31, 2017 ($ in thousands)
As of December 31, 2017, $723.7 million, or 22.0%, of the carrying value of our mortgage loan receivables held for investment, at amortized cost, were at fixed interest rates and $2.6 billion, or 78.0%, of the carrying value of our mortgage loan receivables held for investment, at amortized cost, were at variable interest rates, linked to LIBOR, some of which include interest rate floors. As of December 31, 2017, $230.2 million, or 100%, of the carrying value of our mortgage loan receivables held for sale were at fixed interest rates. The following table summarizes mortgage loan receivables by loan type ($ in thousands):
For the nine months ended September 30, 2018 and 2017, the activity in our loan portfolio was as follows ($ in thousands):
During the nine months ended September 30, 2018, the transfers of financial assets via sales of loans were treated as sales under ASC Topic 860 — Transfers and Servicing. At September 30, 2018 and December 31, 2017, there was $0.2 million of unamortized discounts included in our mortgage loan receivables held for investment, at amortized cost, on our consolidated balance sheets. Provision for Loan Losses and Non-Accrual Status ($ in thousands)
The Company evaluates each of its loans for potential losses at least quarterly. Its loans are typically collateralized by real estate directly or indirectly. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property, as well as the financial and operating capability of the borrower. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan at maturity, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the collateral property is located. Such impairment analyses are completed and reviewed by asset management personnel, who utilize various data sources, including (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers’ business plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and other market data. As a result of this analysis, the Company has concluded that none of its loans, other than the three loans discussed below, are individually impaired as of September 30, 2018 and none of its loans are individually impaired as of December 31, 2017. It is probable, however, that Ladder’s loan portfolio as a whole incurred an impairment due to common characteristics and shared inherent risks in the portfolio. The Company determined that an increase in its provision expense for loan losses of $13.6 million was required for the nine months ended September 30, 2018. This provision consisted of a portfolio-based, general loan loss provision of $0.9 million to provide reserves for expected losses over the remaining portfolio of mortgage loan receivables held for investment, an asset-specific reserve of $2.7 million relating to two of the Company’s loans, discussed below and an asset-specific reserve of $10.0 million relating to one of the Company’s loans, discussed below. As of September 30, 2018, two of the Company’s loans, which were originated simultaneously as part of a single transaction and had a carrying value of $26.9 million, were in default. These loans are directly and indirectly secured by the same property and are considered collateral dependent because repayment is expected to be provided solely by the underlying collateral. The Company placed these loans on non-accrual status in July 2017. In assessing these collateral dependent loans for impairment, the most significant consideration is the fair value of the underlying real estate collateral, which includes an in-place long-dated retail lease. The value of such properties is most significantly affected by the contractual lease payments and the appropriate market capitalization rates, which are driven by the property’s market strength, the general interest rate environment and the retail tenant’s creditworthiness. In view of these considerations, the Company uses a direct capitalization rate valuation methodology to calculate the fair value of the underlying real estate collateral. These non-recurring fair values are considered Level 3 measurements in the fair value hierarchy. Through December 31, 2017, the Company believed no loss provision was necessary as the estimated fair value of the property less the cost to foreclose and sell the property exceeded the combined carrying value of the loans. The Company utilized direct capitalization rates of 4.35% to 4.65% at December 31, 2017. The on-going bankruptcy proceedings, rising interest rates and retail tenant’s creditworthiness, resulted in a decline in the estimated value of the collateral. As a result, and as previously disclosed in the Company’s Form 10-Q for the three months ended March 31, 2018, the Company recorded a provision for loss on these loans of $2.7 million to reduce the carrying value of these loans to the fair value of the property less the cost to foreclose and sell the property utilizing direct capitalization rates of 4.70% to 5.00%. During the three months ended September 30, 2018, the Company believed no additional loss provision was necessary based on the application of direct capitalization rates of 4.70% to 5.00% utilized by the Company. During the three months ended September 30, 2018, management identified a loan with a carrying value of $45.0 million as potentially impaired, reflecting a decline in collateral value attributable to: (i) recent and near term tenant vacancies at the property; (ii) new information available during the three months ended September 30, 2018 regarding the addition of supply that will increase the submarket vacancy rate in the local market; and (iii) declining market conditions. As of September 30, 2018 this loan was not yet in default but the borrower was not expected to be able to pay off or refinance the loan at maturity. As part of the Company’s evaluation, it obtained an external appraisal of the loan collateral. Based on this review, a reserve of $10.0 million was recorded for this potentially impaired loan in the three months ended September 30, 2018 to reduce the carrying value of the loan to the estimated fair value of the collateral, less the estimated costs to sell. The Company has placed this loan on non-accrual status as of September 30, 2018. As of September 30, 2018, the borrower continues to make current interest payments. Subsequent to September 30, 2018, this loan experienced a maturity default and its terms were modified in a TDR on October 17, 2018. The terms of the TDR provided for, among other things, the restructuring of the Company’s existing $45.0 million first mortgage loan into a $35.0 million A-Note and a $10.0 million B-Note and a 19.0% equity interest which is not subject to dilution. Under certain conditions, the B-Note may be forgiven or reduced. The restructured loan was extended for up to 12 months, including extensions. As of September 30, 2018 and December 31, 2017 there were no other loans on non-accrual status. |
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REAL ESTATE SECURITIES |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| REAL ESTATE SECURITIES | 5. REAL ESTATE SECURITIES Commercial mortgage backed securities (“CMBS”), CMBS interest-only securities, Agency securities, Government National Mortgage Association (“GNMA”) construction securities, GNMA permanent securities and corporate bonds are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. GNMA and Federal Home Loan Mortgage Corp (“FHLMC”) securities (collectively, “Agency interest-only securities”) are recorded at fair value with changes in fair value recorded in current period earnings. The following is a summary of the Company’s securities at September 30, 2018 and December 31, 2017 ($ in thousands): September 30, 2018
December 31, 2017
The following is a breakdown of the carrying value of the Company’s securities by remaining maturity based upon expected cash flows at September 30, 2018 and December 31, 2017 ($ in thousands): September 30, 2018
December 31, 2017
During the nine months ended September 30, 2018, the Company realized a gain on sale of equity securities of $72.0 thousand which is included in fee and other income on the Company’s consolidated statements of income. There were $0.6 million and $0.2 million of realized losses on securities recorded as other than temporary impairments for the three months ended September 30, 2018 and 2017, respectively. There were $2.2 million and $1.2 million of realized losses on securities recorded as other than temporary impairments for the nine months ended September 30, 2018 and 2017, respectively. The determination of whether a security is other-than-temporarily impaired involves judgments and assumptions based on subjective and objective factors. Consideration is given to (i) the length of time and the extent to which the fair value has been less than amortized cost, (ii) the financial condition and near-term prospects of recovery in fair value of the security, and (iii) the Company’s intent to sell the security and whether it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. The Company has no intention to sell its securities before recovery of its amortized cost basis. For cash flow statement purposes, receipts of interest from interest-only real estate securities are bifurcated between amortization of premium/(accretion) of discount and other fees on securities as part of cash flows from operations and basis recovery of Agency interest-only securities as part of cash flows from investing activities. |
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REAL ESTATE AND RELATED LEASE INTANGIBLES, NET |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| REAL ESTATE AND RELATED LEASE INTANGIBLES, NET | 6. REAL ESTATE AND RELATED LEASE INTANGIBLES, NET The following tables present additional detail related to our real estate portfolio ($ in thousands):
The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands):
The Company’s intangible assets are comprised of in-place leases, favorable leases compared to market leases and other intangibles. At September 30, 2018, gross intangible assets totaled $161.2 million with total accumulated amortization of $53.6 million, resulting in net intangible assets of $107.6 million, including $5.6 million of unamortized favorable lease intangibles which are included in real estate and related lease intangibles, net on the consolidated balance sheets. At December 31, 2017, gross intangible assets totaled $189.5 million with total accumulated amortization of $60.9 million, resulting in net intangible assets of $128.6 million, including $8.9 million of unamortized favorable lease intangibles which are included in real estate and related lease intangibles, net on the consolidated balance sheets. For the three and nine months ended September 30, 2018, the Company recorded a reduction in operating lease income of $(0.2) million and $(0.5) million, respectively, for amortization of above market lease intangibles acquired, compared to $(0.3) million and $(0.8) million, respectively, for the three and nine months ended September 30, 2017. For the three and nine months ended September 30, 2018, the Company recorded an increase in operating lease income of $0.5 million and $1.8 million, respectively, for amortization of below market lease intangibles acquired, compared to $0.6 million and $1.3 million, respectively, for the three and nine months ended September 30, 2017. The following table presents expected amortization expense during the next five years and thereafter related to the acquired in-place lease intangibles and other intangibles for property owned as of September 30, 2018 ($ in thousands):
There were $0.5 million and $0.9 million of rent receivables included in other assets on the consolidated balance sheets as of September 30, 2018 and December 31, 2017, respectively. There was unencumbered real estate of $19.4 million and $128.7 million as of September 30, 2018 and December 31, 2017, respectively. The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at September 30, 2018 ($ in thousands):
Acquisitions During the nine months ended September 30, 2018, the Company acquired the following property ($ in thousands):
On October 1, 2016, the Company early adopted ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). As a result of this adoption, acquisitions of real estate may not meet the revised definition of a business and may be treated as asset acquisitions rather than business combinations. The measurement of assets and liabilities acquired will no longer be recorded at fair value and the Company will now allocate purchase consideration based on relative fair values. Real estate acquisition costs which are no longer expensed as incurred, will be capitalized as a component of the cost of the assets acquired. During the nine months ended September 30, 2018 and 2017, all acquisitions were determined to be asset acquisitions. The purchase prices were allocated to the asset acquisitions during the nine months ended September 30, 2018, as follows ($ in thousands):
The weighted average amortization period for intangible assets acquired during the nine months ended September 30, 2018 was 18.5 years. The Company recorded $2.0 million and $3.4 million in revenues from its 2018 acquisitions for the three and nine months ended September 30, 2018, respectively, which is included in its consolidated statements of income. The Company recorded $0.7 million and $1.5 million in earnings (losses) from its 2018 acquisitions for the three and nine months ended September 30, 2018, respectively, which is included in its consolidated statements of income. During the nine months ended September 30, 2017, the Company acquired the following properties ($ in thousands):
The purchase prices were allocated to the asset acquisitions during the nine months ended September 30, 2017, as follows ($ in thousands):
The weighted average amortization period for intangible assets acquired during the nine months ended September 30, 2017 was 18.6 years. The Company recorded $0.3 million and $5.6 million in revenues from its 2017 acquisitions for the three and nine months ended September 30, 2017, respectively, which is included in its consolidated statements of income. The Company recorded $0.1 million and $3.7 million in earnings (losses) from its 2017 acquisitions for the three and nine months ended September 30, 2017, respectively, which is included in its consolidated statements of income. Sales The Company sold the following properties during the nine months ended September 30, 2018 ($ in thousands):
The Company sold the following properties during the nine months ended September 30, 2017 ($ in thousands):
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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |
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| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | 7. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES As of September 30, 2018 and December 31, 2017, the Company had an aggregate investment of $36.1 million and $35.4 million, respectively, in its equity method joint ventures with unaffiliated third parties. The following is a summary of the Company’s investments in unconsolidated joint ventures, which we account for using the equity method, as of September 30, 2018 and December 31, 2017 ($ in thousands):
The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated joint ventures for the three and nine months ended September 30, 2018 and 2017 ($ in thousands):
Grace Lake JV, LLC In connection with the origination of a loan in April 2012, the Company received a 25% equity interest with the right to convert upon a capital event. On March 22, 2013, the loan was refinanced, and the Company converted its interest into a 19% limited liability company membership interest in Grace Lake JV, LLC (“Grace Lake LLC”), which holds an investment in an office building complex. After taking into account the preferred return of 8.25% and the return of all equity remaining in the property to the Company’s operating partner, the Company is entitled to 25% of the distribution of all excess cash flows and all disposition proceeds upon any sale. The Company is not legally required to provide any future funding to Grace Lake JV. The Company accounts for its interest in Grace Lake JV using the equity method of accounting, as it has a 19% investment, compared to the 81% investment of its operating partner and does not control the entity. The Company’s investment in Grace Lake LLC is an unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture was deemed to be a VIE primarily based on the fact there are disproportionate voting and economic rights within the joint venture. The Company determined that it was not the primary beneficiary of this VIE based on the fact that the Company has a passive investment and no control of this entity and therefore does not have controlling financial interests in this VIE. The Company’s maximum exposure to loss is limited to its investment in the VIE. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. During the nine months ended September 30, 2018, the Company received a $1.3 million distribution from its investment in Grace Lake JV, LLC. 24 Second Avenue Holdings LLC On August 7, 2015, the Company entered into a joint venture, 24 Second Avenue Holdings LLC (“24 Second Avenue”), with an operating partner to invest in a ground-up condominium construction and development project located at 24 Second Avenue, New York, NY. The Company accounts for its interest in 24 Second Avenue using the equity method of accounting as its joint venture partner is the managing member of 24 Second Avenue and has substantive participating rights. The Company contributed $31.1 million for a 73.8% interest, with the operating partner holding the remaining 26.2% interest. The Company is entitled to income allocations and distributions based upon its membership interest of 73.8% until the Company achieves a 1.70x profit multiple, after which, income is allocated and distributed 50% to the Company and 50% to the operating partner. During the three and nine months ended September 30, 2018, the Company recorded $0.2 million and $0.7 million, respectively, in expenses, which is recorded in earnings (loss) from investment in unconsolidated joint ventures in the consolidated statements of income. During the three and nine months ended September 30, 2017, the Company recorded $0.3 million and $0.8 million, respectively, in expenses, which is recorded in earnings (loss) from investment in unconsolidated joint ventures in the consolidated statements of income. The Company capitalizes interest related to the cost of its investment, as 24 Second Avenue has activities in progress necessary to construct and ultimately sell condominium units. During the three and nine months ended September 30, 2018, the Company capitalized $0.4 million and $1.1 million, respectively, of interest expense, using a weighted average interest rate, which is recorded in investment in unconsolidated joint ventures in the consolidated balance sheets. During the three and nine months ended September 30, 2017, the Company capitalized $0.4 million and $0.9 million, respectively, of interest expense, using a weighted average interest rate, which is recorded in investment in unconsolidated joint ventures in the consolidated balance sheets. As of September 30, 2018 and December 31, 2017, 24 Second Avenue had $46.4 million and $36.5 million, respectively, of loans payable to third party lenders. As of December 31, 2016, the previously existing building had been demolished and the site was cleared with all supportive excavation work completed, and we are anticipating completion of the new construction in 2018. 24 Second Avenue consists of 31 residential condominium units and one commercial condominium unit. As of September 30, 2018, 16 residential condominium units were under contract for sale for $39.3 million in sales proceeds. As of September 30, 2018, the Company is holding a 10.0% deposit on each sales contract. The Company expects to start closing on the existing sales contracts during the quarter ended December 31, 2018, pending New York City Building Department approvals. The Company’s operating partner entered into a construction loan in the amount of $50.5 million to fund the completion of the project. As of September 30, 2018, draws of $46.4 million have been taken against the construction loan. The Company has no remaining capital commitment to our operating partner. The Company’s investment in 24 Second Avenue is an unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture was deemed to be a VIE primarily based on the fact there are disproportionate voting and economic rights within the joint venture. The Company determined that it was not the primary beneficiary of this VIE based on the fact that the Company has shared control of this entity along with the entity’s partner and therefore does not have controlling financial interests in this VIE. The Company’s maximum exposure to loss is limited to its investment in the VIE. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. In general, future costs of development not financed through a third party will be funded with capital contributions from the Company and its outside partner in accordance with their respective ownership percentages. The Company holds its investment in 24 Second Avenue in its TRS. Combined Summary Financial Information for Unconsolidated Joint Ventures The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of September 30, 2018 and December 31, 2017 ($ in thousands):
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 and nine months ended September 30, 2018 and 2017 ($ in thousands):
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DEBT OBLIGATIONS, NET |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEBT OBLIGATIONS, NET | 8. DEBT OBLIGATIONS, NET The details of the Company’s debt obligations at September 30, 2018 and December 31, 2017 are as follows ($ in thousands): September 30, 2018
December 31, 2017
Committed Loan and Securities Repurchase Facilities The Company has entered into multiple committed master repurchase agreements in order to finance its lending activities. The Company has entered into five committed master repurchase agreements, as outlined in the September 30, 2018 table above, totaling $1.7 billion of credit capacity. Assets pledged as collateral under these facilities are limited to whole mortgage loans or participation interests in mortgage loans collateralized by first liens on commercial properties and mezzanine debt. The Company also has a term master repurchase agreement with a major U.S. bank to finance CMBS totaling $400.0 million. The Company’s repurchase facilities include covenants covering net worth requirements, minimum liquidity levels, maximum leverage ratios, and minimum fixed charge coverage ratios. The Company believes it was in compliance with all covenants as of September 30, 2018 and December 31, 2017. The Company has the option to extend some of the current facilities subject to a number of conditions, including satisfaction of certain notice requirements, no event of default exists, and no margin deficit exists, all as defined in the repurchase facility agreements. The lenders have sole discretion with respect to the inclusion of collateral in these facilities, to determine the market value of the collateral on a daily basis, to be exercised on a good faith basis, and have the right in certain cases to require additional collateral, a full and/or partial repayment of the facilities (margin call), or a reduction in unused availability under the facilities, sufficient to rebalance the facilities if the estimated market value of the included collateral declines. On February 22, 2017, the Company exercised a one year extension option on one of its committed loan repurchase facilities. In connection with this extension, the Company elected to reduce the maximum capacity of the facility to $300.0 million. In addition, on March 21, 2017, the Company amended this committed loan repurchase facility to, among other things, add one additional 364-day extension period at Company’s option and one additional 364-day extension period permitted with lender’s consent. On March 1, 2017, the Company executed an amendment and extension of one of its credit facilities with a major banking institution, providing for, among other things, the extension of the maximum term of the facility to February 28, 2022 and increasing the maximum funding capacity to $200.0 million. On May 1, 2017, the Company executed an amendment to one of its credit facilities with a major banking institution to, among other things, extend the maximum term by an additional year to May 24, 2021. On September 29, 2017, the Company executed an amendment to its committed securities repurchase facility with a major banking institution, providing for, among other things, the extension of the maximum term of the facility to September 30, 2019. Effective September 30, 2017, the Company executed an amendment of one of its committed loan repurchase facilities with a major banking institution, providing for, among other things, the extension of the maximum term of the facility to October 1, 2022, inclusive of two 12-month extension options, and to extend of the final date to obtain new advances under the facility to October 1, 2020. On January 4, 2018, the Company exercised its option to extend one of its committed loan repurchase facilities with a major banking institution for a term of one year. On April 3, 2018, the Company exercised its option to extend one of its credit facilities with a major banking institution for a term of one year and agreed with such banking institution to decrease the maximum funding capacity under such facility from $450 million to $350 million together with other related modifications, all of which will be memorialized in definitive documentation. On May 7, 2018, the Company executed an amendment of one of its committed loan repurchase facilities with a major banking institution, providing for, among other things, the extension of the maximum term of the facility to May 6, 2023 and increasing the maximum funding capacity to $300.0 million. On July 20, 2018, the Company executed an amendment of one of its committed loan repurchase facilities with a major banking institution, providing for, among other things, the extension of the maximum term of the facility to July 20, 2021 and decreasing the interest rate spreads thereunder by 25 basis points. As of September 30, 2018, we had repurchase agreements with eight counterparties, with total debt obligations outstanding of $973.6 million. As of September 30, 2018, four counterparties, Deutsche Bank, JP Morgan, US Bank and Wells Fargo, held collateral that exceeded the amounts borrowed under the related repurchase agreements by more than $77.7 million, or 5% of our total equity. As of September 30, 2018, the weighted average haircut, or the percent of collateral value in excess of the loan amount, under our repurchase agreements was 34.0%. There have been no significant fluctuations in haircuts across asset classes on our repurchase facilities. Revolving Credit Facility The Company entered into a revolving credit facility (the “Revolving Credit Facility”) on February 11, 2014, and subsequent amendments on February 26, 2016, March 1, 2017, March 23, 2017, September 29, 2017, October 27, 2017, September 14, 2018 and September 28, 2018, which provided for, among other things, (i) additional members in the lenders’ syndicate and an increase in the aggregate maximum borrowings under the agreement to $266.4 million, (ii) additional 1-year extension options to extend the final maturity date to February 2023, and (iii) a reduction in the cost of funds by 0.25%. The Revolving Credit Facility provides for an aggregate maximum borrowing amount of $266.4 million, including a $25.0 million sublimit for the issuance of letters of credit. The Revolving Credit Facility is available on a revolving basis to finance the Company’s working capital needs and for general corporate purposes. The Revolving Credit Facility has a maturity date of February 11, 2019, which may be extended by four 12-month periods subject to the satisfaction of customary conditions, including the absence of default. Interest on the Revolving Credit Facility is one-month LIBOR plus 3.25% per annum payable monthly in arrears. The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries. The Revolving Credit Facility is secured by a pledge of the shares of (or other ownership or equity interests in) certain subsidiaries to the extent the pledge is not restricted under existing regulations, law or contractual obligations. LCFH is subject to customary affirmative covenants and negative covenants, including limitations on the incurrence of additional debt, liens, restricted payments, sales of assets and affiliate transactions. In addition, under the Revolving Credit Facility, LCFH is required to comply with financial covenants relating to minimum net worth, maximum leverage, minimum liquidity, and minimum fixed charge coverage, consistent with our other credit facilities. The Company’s ability to borrow under the Revolving Credit Facility is dependent on, among other things, LCFH’s compliance with the financial covenants. The Revolving Credit Facility contains customary events of default, including non-payment of principal or interest, fees or other amounts, failure to perform or observe covenants, cross-default to other indebtedness, the rendering of judgments against the Company or certain of our subsidiaries to pay certain amounts of money and certain events of bankruptcy or insolvency. Debt Issuance Costs As discussed in Note 2, Significant Accounting Policies in the Annual Report, the Company considers its committed loan master repurchase facilities and Revolving Credit Facility to be revolving debt arrangements. As such, the Company continues to defer and present costs associated with these facilities as an asset, subsequently amortizing those costs ratably over the term of each revolving debt arrangement. As of September 30, 2018 and December 31, 2017, the amount of unamortized costs relating to such facilities are $6.8 million and $7.8 million, respectively, and are included in other assets in the consolidated balance sheets. Uncommitted Securities Repurchase Facilities The Company has also entered into multiple master repurchase agreements with several counterparties collateralized by real estate securities. The borrowings under these agreements have typical advance rates between 75% and 95% of the fair value of collateral. Mortgage Loan Financing These non-recourse debt agreements provide for fixed rate financing at rates, ranging from 4.25% to 6.75%, maturing between 2020 - 2028 as of September 30, 2018. These loans have carrying amounts of $743.2 million and $692.7 million, net of unamortized premiums of $6.1 million and $6.6 million as of September 30, 2018 and December 31, 2017, respectively, representing proceeds received upon financing greater than the contractual amounts due under these agreements. The premiums are being amortized over the remaining life of the respective debt instruments using the effective interest method. The Company recorded $0.3 million and $0.8 million of premium amortization, which decreased interest expense, for the three and nine months ended September 30, 2018, respectively. The Company recorded $0.3 million and $0.7 million of premium amortization, which decreased interest expense, for the three and nine months ended September 30, 2017, respectively. The loans are collateralized by real estate and related lease intangibles, net, of $944.6 million and $911.0 million as of September 30, 2018 and December 31, 2017, respectively. During the nine months ended September 30, 2018 and 2017, the Company executed 11 and 23 term debt agreements, respectively, to finance properties in its real estate portfolio. CLO Debt The Company completed its inaugural CLO issuances in the two transactions described below. As of September 30, 2018 and December 31, 2017, the Company had a total of $672.0 million and $688.5 million, respectively, of floating rate, non-recourse CLO debt included in debt obligations on its consolidated balance sheets. Unamortized debt issuance costs of $3.5 million and $6.0 million are included in CLO Debt as of September 30, 2018 and December 31, 2017, respectively. As of September 30, 2018, the CLO debt has interest rates of 3.04% to 5.76% (with a weighted average of 4.06%). As of September 30, 2018, collateral for the CLO debt comprised $869.5 million of first mortgage commercial mortgage real estate loans. On October 17, 2017, a consolidated subsidiary of the Company consummated a securitization of floating-rate commercial mortgage loans through a static CLO structure. Over $456.9 million of balance sheet loans (“Contributed Loans”) were contributed into the CLO. Certain of the Contributed Loans have future funding components that were not contributed to the CLO and that are retained by a consolidated subsidiary of the Company in the form of a participation interest or separate note. However, for a limited period of time, to the extent loans in the CLO are repaid, the CLO may acquire portions of the future fundings from the Company’s consolidated subsidiary. A consolidated subsidiary of the Company retained an approximately 18.5% interest in the CLO by retaining the most subordinate classes of notes issued by the CLO, retains control over major decisions made with respect to the administration of the Contributed Loans and appoints the special servicer under the CLO. The CLO is a VIE and the Company is the primary beneficiary and, therefore, consolidates the VIE - See Note 3. On December 21, 2017, a subsidiary of the Company consummated a securitization of fixed and floating-rate commercial mortgage loans through a static CLO structure. Over $431.5 million of Contributed Loans were contributed into the CLO. Certain of the Contributed Loans have future funding components that were not contributed to the CLO and that are retained by a consolidated subsidiary of the Company in the form of a participation interest or separate note. However, for a limited period of time, to the extent loans in the CLO are repaid, the CLO may acquire portions of the future fundings from the Company’s consolidated subsidiary. A consolidated subsidiary of the Company retained an approximately 25% interest in the CLO by retaining the most subordinate classes of notes issued by the CLO, retains control over major decisions made with respect to the administration of the Contributed Loans and appoints the special servicer under the CLO. The CLO is a VIE and the Company is the primary beneficiary and, therefore, consolidates the VIE - See Note 3. Participation Financing - Mortgage Loan Receivable During the three months ended March 31, 2017, the Company sold a participating interest in a first mortgage loan receivable to a third party. The sales proceeds of $4.0 million are considered non-recourse secured borrowings and are recognized in debt obligations on the Company’s consolidated balance sheets with $2.5 million and $3.1 million outstanding as of September 30, 2018 and December 31, 2017, respectively. The Company recorded $0.1 million and $0.4 million of interest expense for the three and nine months ended September 30, 2018, respectively. The Company recorded $0.2 million and $0.4 million of interest expense for the three and nine months ended September 30, 2017, respectively. Borrowings from the Federal Home Loan Bank (“FHLB”) On July 11, 2012, Tuebor Captive Insurance Company LLC (“Tuebor”), a consolidated subsidiary of the Company, became a member of the FHLB and subsequently drew its first secured funding advances from the FHLB. On December 6, 2017, Tuebor’s advance limit was updated by the FHLB to the lowest of a Set Dollar Limit ($2.0 billion), 40% of Tuebor’s total assets or 150% of the Company’s total equity. Beginning April 1, 2020 through December 31, 2020, the Set Dollar Limit will be $1.5 billion. Beginning January 1, 2021 through February 19, 2021, the Set Dollar Limit will be $750.0 million. Tuebor is well-positioned to meet its obligations and pay down its advances in accordance with the scheduled reduction in the Set Dollar Limit, which remains subject to revision by the FHLB or as a result of any future changes in applicable regulations. As of September 30, 2018, Tuebor had $1.2 billion of borrowings outstanding (with an additional $721.5 million of committed term financing available from the FHLB), with terms of overnight to six years (with a weighted average of 2.6 years), interest rates of 1.02% to 2.74% (with a weighted average of 2.22%), and advance rates of 58.0% to 95.2% of the collateral. As of September 30, 2018, collateral for the borrowings was comprised of $721.5 million of CMBS and U.S. Agency Securities and $916.0 million of first mortgage commercial real estate loans. As of December 31, 2017, Tuebor had $1.4 billion of borrowings outstanding (with an additional $630.0 million of committed term financing available from the FHLB), with terms of overnight to six years (with a weighted average of 2.5 years), interest rates of 0.87% to 2.74% (with a weighted average of 1.61%), and advance rates of 49.6% to 100% of the collateral. As of December 31, 2017, collateral for the borrowings was comprised of $861.7 million of CMBS and U.S. Agency Securities and $915.9 million of first mortgage commercial real estate loans. Tuebor is subject to state regulations which require that dividends (including dividends to the Company as its parent) may only be made with regulatory approval. However, there can be no assurance that we would obtain such approval if sought. Largely as a result of this restriction, approximately $1.7 billion of the member’s capital was restricted from transfer via dividend to Tuebor’s parent without prior approval of state insurance regulators at September 30, 2018. To facilitate intercompany cash funding of operations and investments, Tuebor and its parent maintain regulator-approved intercompany borrowing/lending agreements. Effective February 19, 2016, the Federal Housing Finance Agency (the “FHFA’’), regulator of the FHLB, adopted a final rule amending its regulation regarding the eligibility of captive insurance companies for FHLB membership. According to the final rule, Ladder’s captive insurance company subsidiary, Tuebor may remain as a member of the FHLB through February 19, 2021 (the “Transition Period”). During the Transition Period, Tuebor is eligible to continue to draw new additional advances, extend the maturities of existing advances, and pay off outstanding advances on the same terms as non-captive insurance company FHLB members with the following two exceptions:
Tuebor has executed new advances since the effective date of the new rule in the ordinary course of business. FHLB advances amounted to 25.5% of the Company’s outstanding debt obligations as of September 30, 2018. The Company does not anticipate that the FHFA’s final regulation will materially impact its operations as it will continue to access FHLB advances during the five-year Transition Period. There is no assurance that the FHFA or the FHLB will not take actions that could adversely impact Tuebor’s membership in the FHLB and continuing access to new or existing advances prior to February 19, 2021. Senior Unsecured Notes LCFH issued the 2025 Notes, the 2022 Notes, the 2021 Notes and the 2017 Notes (each as defined below, and collectively, the “Notes”) with Ladder Capital Finance Corporation (“LCFC”), as co-issuers on a joint and several basis. LCFC is a 100% owned finance subsidiary of Series TRS of LCFH with no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Notes. The Company and certain subsidiaries of LCFH currently guarantee the obligations under the Notes and the indenture. The Company is the general partner of LCFH and, through LCFH and its subsidiaries, operates the Ladder Capital business. As of September 30, 2018, the Company has a 88.2% economic and voting interest in LCFH and controls the management of LCFH as a result of its ability to appoint board members. Accordingly, the Company consolidates the financial results of LCFH and records noncontrolling interest for the economic interest in LCFH held by the Continuing LCFH Limited Partners. In addition, the Company, through certain subsidiaries which are treated as TRSs, is indirectly subject to U.S. federal, state and local income taxes. Other than the noncontrolling interest in the Operating Partnership and federal, state and local income taxes, there are no material differences between the Company’s consolidated financial statements and LCFH’s consolidated financial statements. The Company believes it was in compliance with all covenants of the Notes as of September 30, 2018 and December 31, 2017. Unamortized debt issuance costs of $11.9 million and $14.1 million are included in senior unsecured notes as of September 30, 2018 and December 31, 2017, respectively, in accordance with GAAP. 2017 Notes On September 19, 2012, LCFH issued $325.0 million in aggregate principal amount of 7.375% senior notes due October 1, 2017 (the “2017 Notes”). The 2017 Notes required interest payments semi-annually in cash in arrears on April 1 and October 1 of each year, beginning on September 19, 2012. The 2017 Notes were unsecured and subject to incurrence-based covenants, including limitations on the incurrence of additional debt, restricted payments, liens, sales of assets, affiliate transactions and other covenants typical for financings of this type. At any time on or after April 1, 2017, the 2017 Notes were redeemable at the option of the Company, in whole or in part, upon not less than 30 nor more than 60 days’ notice, without penalty. On November 5, 2014, the board of directors authorized the Company to make up to $325.0 million in repurchases of the 2017 Notes from time to time without further approval. On December 17, 2014, the Company retired $5.4 million of principal of the 2017 Notes for a repurchase price of $5.6 million recognizing a $0.2 million loss on extinguishment of debt. During the year ended December 31, 2016, the Company retired $21.9 million of principal of the 2017 Notes for a repurchase price of $21.4 million, recognizing a $0.3 million net gain on extinguishment of debt after recognizing $(0.2) million of unamortized debt issuance costs associated with the retired debt. On March 1, 2017, the Company delivered a notice of conditional full redemption to holders of the 2017 Notes, pursuant to which the Company redeemed all outstanding 2017 Notes at 100% of the principal amount thereof (plus any accrued and unpaid interest to the redemption date) as of April 1, 2017. The redemption was conditional on the completion by the Company of a senior notes offering with gross proceeds of not less than $500 million. The Company’s offering of the 2022 Notes, described below, satisfied this condition. On April 3, 2017, the Company retired the remaining $297.7 million of principal of the 2017 Notes for a repurchase price of $297.7 million, recognizing a $53.5 thousand net loss on extinguishment of debt after recognizing $(22.8) thousand of unamortized debt issuance costs associated with the retired debt. 2021 Notes On August 1, 2014, LCFH issued $300.0 million in aggregate principal amount of 5.875% senior notes due August 1, 2021 (the “2021 Notes”). The 2021 Notes require interest payments semi-annually in cash in arrears on February 1 and August 1 of each year, beginning on February 1, 2015. The 2021 Notes will mature on August 1, 2021. The 2021 Notes are unsecured and are subject to incurrence-based covenants, including limitations on the incurrence of additional debt, restricted payments, liens, sales of assets, affiliate transactions and other covenants typical for financings of this type. At any time on or after August 1, 2020, the 2021 Notes are redeemable at the option of the Company, in whole or in part, upon not less than 30 nor more than 60 days’ notice, without penalty. On February 24, 2016, the board of directors authorized the Company to make up to $100.0 million in repurchases of the 2021 Notes from time to time without further approval. On May 2, 2018, the board of the directors authorized the Company to repurchase any or all of the 2021 Notes from time to time without further approval. During the year ended December 31, 2016, the Company retired $33.8 million of principal of the 2021 Notes for a repurchase price of $28.2 million, recognizing a $5.1 million net gain on extinguishment of debt after recognizing $(0.4) million of unamortized debt issuance costs associated with the retired debt. As of September 30, 2018, the remaining $266.2 million in aggregate principal amount of the 2021 Notes is due August 1, 2021. 2022 Notes On March 16, 2017, LCFH issued $500.0 million in aggregate principal amount of 5.250% senior notes due March 15, 2022 (the “2022 Notes”). The 2022 Notes require interest payments semi-annually in cash in arrears on March 15 and September 15 of each year, beginning on September 15, 2017. The 2022 Notes will mature on March 15, 2022. The 2022 Notes are unsecured and are subject to an unencumbered assets to unsecured debt covenant. At any time on or after September 15, 2021, the 2022 Notes are redeemable at the option of the Company, in whole or in part, upon not less than 15 nor more than 60 days’ notice, without penalty. On May 2, 2018, the board of the directors authorized the Company to repurchase any or all of the 2022 Notes from time to time without further approval. 2025 Notes On September 25, 2017, LCFH issued $400.0 million in aggregate principal amount of 5.250% senior notes due October 1, 2025 (the “2025 Notes”). The 2025 Notes require interest payments semi-annually in cash in arrears on April 1 and October 1 of each year, beginning on April 1, 2018. The 2025 Notes will mature on October 1, 2025. The 2025 Notes are unsecured and are subject to an unencumbered assets to unsecured debt covenant. The Company may redeem the 2025 Notes, in whole, at any time, or from time to time, prior to their stated maturity. The 2025 Notes are redeemable at the option of the Company, in whole or in part, upon not less than 15 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of the 2025 Notes plus the Applicable Premium (as defined in the indenture governing the 2025 Notes) as of, and accrued and unpaid interest, if any, to the redemption date. On May 2, 2018, the board of the directors authorized the Company to repurchase any or all of the 2025 Notes from time to time without further approval. Combined Maturity of Debt Obligations The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands):
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 $780.0 million of the total equity is restricted from payment as a dividend by the Company at September 30, 2018. |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE OF FINANCIAL INSTRUMENTS | 9. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is based upon internal models, using market quotations, broker quotations, counterparty quotations or pricing services quotations, which provide valuation estimates based upon reasonable market order indications and are subject to significant variability based on market conditions, such as interest rates, credit spreads and market liquidity. The fair value of the mortgage loan receivables held for sale is based upon a securitization model utilizing market data from recent securitization spreads and pricing. Fair Value Summary Table The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at September 30, 2018 and December 31, 2017 are as follows ($ in thousands): September 30, 2018
December 31, 2017
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 September 30, 2018 and December 31, 2017 ($ in thousands): September 30, 2018
December 31, 2017
The following table summarizes changes in Level 3 financial instruments reported at fair value on the consolidated statements of financial condition for the nine months ended September 30, 2018 and 2017 ($ in thousands):
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): September 30, 2018
Sensitivity of the Fair Value to Changes in the Unobservable Inputs
December 31, 2017
Sensitivity of the Fair Value to Changes in the Unobservable Inputs
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DERIVATIVE INSTRUMENTS |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DERIVATIVE INSTRUMENTS | 10. DERIVATIVE INSTRUMENTS The Company uses derivative instruments primarily to economically manage the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The following is a breakdown of the derivatives outstanding as of September 30, 2018 and December 31, 2017 ($ in thousands): September 30, 2018
(1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. December 31, 2017
(1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. (2) The Company is paying fixed interest rates on these swaps. The following table indicates the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of operations for the three and nine months ended September 30, 2018 and 2017 ($ in thousands):
The Company’s counterparties held $6.9 million and $9.6 million of cash margin as collateral for derivatives as of September 30, 2018 and December 31, 2017, respectively, which is included in restricted cash in the consolidated balance sheets. Futures Collateral posted with our futures counterparties is segregated in the Company’s books and records. Interest rate futures are centrally cleared by the Chicago Mercantile Exchange (“CME”) through a Futures Commission Merchant. Interest rate futures that are governed by an ISDA agreement provide for bilateral collateral pledging based on the counterparties’ market value. The counterparties have the right to re-pledge the collateral posted but have the obligation to return the pledged collateral, or substantially the same collateral, if agreed to by us, as the market value of the interest rate futures change. The Company is required to post initial margin and daily variation margin for our interest rate futures that are centrally cleared by CME. CME determines the fair value of our centrally cleared futures, including daily variation margin. Effective January 3, 2017, CME amended their rulebooks to legally characterize daily variation margin payments for centrally cleared interest rate futures as settlement rather than collateral. As a result of this rule change, variation margin pledged on the Company’s centrally cleared interest rate futures is settled against the realized results of these futures. Credit Risk-Related Contingent Features The Company has agreements with certain of its derivative counterparties that contain a provision whereby, if the Company defaults on certain of its indebtedness, the Company could also be declared in default on its derivatives, resulting in an acceleration of payment under the derivatives. As of September 30, 2018 and December 31, 2017, the Company was in compliance with these requirements and not in default on its indebtedness. As of September 30, 2018, there was no cash collateral held by the derivative counterparties for these derivatives. As of December 31, 2017, there was $4.1 million of cash collateral held by the derivative counterparties for these derivatives, included in restricted cash in the consolidated statements of financial condition. No additional cash would be required to be posted if the acceleration of payment under the derivatives was triggered. |
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OFFSETTING ASSETS AND LIABILITIES |
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| Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OFFSETTING ASSETS AND LIABILITIES | 11. OFFSETTING ASSETS AND LIABILITIES The following tables present both gross information and net information about derivatives and other instruments eligible for offset in the statement of financial position as of September 30, 2018 and 2017. The Company’s accounting policy is to record derivative asset and liability positions on a gross basis, therefore, the following tables present the gross derivative asset and liability positions recorded on the balance sheets, while also disclosing the eligible amounts of financial instruments and cash collateral to the extent those amounts could offset the gross amount of derivative asset and liability positions. The actual amounts of collateral posted by or received from counterparties may be in excess of the amounts disclosed in the following tables as the following only disclose amounts eligible to be offset to the extent of the recorded gross derivative positions. As of September 30, 2018 Offsetting of Financial Assets and Derivative Assets ($ in thousands)
(1) Included in restricted cash on consolidated balance sheets. As of September 30, 2018 Offsetting of Financial Liabilities and Derivative Liabilities ($ in thousands)
(1) Included in restricted cash on consolidated balance sheets. As of December 31, 2017 Offsetting of Financial Assets and Derivative Assets ($ in thousands)
(1) Included in restricted cash on consolidated balance sheets. As of December 31, 2017 Offsetting of Financial Liabilities and Derivative Liabilities ($ in thousands)
(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 September 30, 2018 and 2017 are disclosed in the tables above. The Company does not present its derivative and repurchase agreements net on the consolidated financial statements as it has elected gross presentation. |
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EQUITY STRUCTURE AND ACCOUNTS |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EQUITY STRUCTURE AND ACCOUNTS | 12. EQUITY STRUCTURE AND ACCOUNTS The Company has two classes of common stock, Class A and Class B, which are described as follows: Class A Common Stock Voting Rights Holders of shares of Class A common stock are entitled to one vote per share on all matters to be voted upon by the shareholders. The holders of Class A common stock do not have cumulative voting rights in the election of directors. Dividend Rights Subject to the rights of the holders of any preferred stock that may be outstanding and any contractual or statutory restrictions, holders of Class A common stock are entitled to receive equally and ratably, share for share, dividends as may be declared by the board of directors out of funds legally available to pay dividends. Dividends upon Class A common stock may be declared by the board of directors at any regular or special meeting and may be paid in cash, in property, or in shares of capital stock. Before payment of any dividend, there may be set aside out of any funds available for dividends, such sums as the board of directors deems proper as reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any of the Company’s property, or for any proper purpose, and the board of directors may modify or abolish any such reserve. Liquidation Rights Upon liquidation, dissolution, distribution of assets or other winding up, the holders of Class A common stock are entitled to receive ratably the assets available for distribution to the shareholders after payment of liabilities and the liquidation preference of any outstanding shares of preferred stock. Other Matters The shares of Class A common stock have no preemptive or conversion rights and are not subject to further calls or assessment by the Company. There are no redemption or sinking fund provisions applicable to the Class A common stock. All outstanding shares of Class A common stock are fully paid and non-assessable. Allocation of Income and Loss Income and losses are allocated among the shareholders based upon the number of shares outstanding. Class B Common Stock Voting Rights Holders of shares of Class B common stock are entitled to one vote for each share held of record by such holder and all matters submitted to a vote of shareholders. Holders of shares of our Class A common stock and Class B common stock vote together as a single class on all matters presented to our shareholders for their vote or approval, except as otherwise required by applicable law. No Dividend or Liquidation Rights Holders of Class B common stock do not have any right to receive dividends or to receive a distribution upon a liquidation or winding up of Ladder Capital Corp. Exchange for Class A Common Stock Pursuant to the Third Amended and Restated LLLP Agreement of LCFH, the Continuing LCFH Limited Partners may from time to time, subject to certain conditions, receive one share of the Company’s Class A common stock in exchange for (i) one share of the Company’s Class B common stock, (ii) one Series REIT LP Unit and (iii) either one Series TRS LP Unit or one TRS Share, subject to equitable adjustments for stock splits, stock dividends and reclassifications. During the nine months ended September 30, 2018, 4,549,832 Series REIT LP Units and 4,549,832 Series TRS LP Units were collectively exchanged for 4,549,832 shares of Class A common stock and 4,549,832 shares of Class B common stock were canceled. We received no other consideration in connection with these exchanges. During the nine months ended September 30, 2017, 13,737,365 Series REIT LP Units and 13,737,365 Series TRS LP Units were collectively exchanged for 13,737,365 shares of Class A common stock; and 13,737,365 shares of Class B common stock were canceled. We received no other consideration in connection with these exchanges. Stock Repurchases On October 30, 2014, the board of directors authorized the Company to repurchase up to $50.0 million of the Company’s Class A common stock from time to time without further approval. Stock repurchases by the Company are generally made for cash in open market transactions at prevailing market prices but may also be made in privately negotiated transactions or otherwise. The timing and amount of purchases are determined based upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. During the nine months ended September 30, 2018 and 2017, the Company repurchased no shares of Class A common stock. All repurchased shares are recorded in treasury stock at cost. As of September 30, 2018, the Company has a remaining amount available for repurchase of $41.8 million, which represents 2.5% in the aggregate of its outstanding Class A common stock, based on the closing price of $16.94 per share on such date. Dividends In order for the Company to maintain its qualification as a REIT under the Code, it must annually distribute at least 90% of its taxable income. The Company has paid and in the future intends to declare regular quarterly distributions to its shareholders in an amount approximating the REIT’s net taxable income. Consistent with IRS guidance, the Company may, subject to a cash/stock election by its shareholders, pay a portion of its dividends in stock, to provide for meaningful capital retention; however, the REIT distribution requirements limit its ability to retain earnings and thereby replenish or increase capital for operations. The timing and amount of future distributions is based on a number of factors, including, among other things, the Company’s future operations and earnings, capital requirements and surplus, general financial condition and contractual restrictions. All dividend declarations are subject to the approval of the Company’s board of directors. Generally, the Company expects its distributions to be taxable as ordinary dividends to its shareholders, whether paid in cash or a combination of cash and common stock, and not as a tax-free return of capital or a capital gain (although for taxable years beginning after December 31, 2017 and before January 1, 2026, generally stockholders that are individuals, trusts or estates may deduct 20% of the aggregate amount of ordinary dividends distributed by us, subject to certain limitations). The Company believes that its significant capital resources and access to financing will provide the financial flexibility at levels sufficient to meet current and anticipated capital requirements, including funding new investment opportunities, paying distributions to its shareholders and servicing our debt obligations. The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2018 and 2017:
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 nine months ended September 30, 2018 and 2017 ($ in thousands):
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NONCONTROLLING INTERESTS |
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| Noncontrolling Interest [Abstract] | |
| NONCONTROLLING INTERESTS | 13. NONCONTROLLING INTERESTS Pursuant to ASC 810, Consolidation, on the accounting and reporting for noncontrolling interests and changes in ownership interests of a subsidiary, changes in a parent’s ownership interest (and transactions with noncontrolling interest unitholders in the subsidiary), while the parent retains its controlling interest in its subsidiary, should be accounted for as equity transactions. The carrying amount of the noncontrolling interest shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. Accordingly, as a result of LP unit exchanges which caused changes in ownership percentages between the Company’s Class A shareholders and the noncontrolling interests in the Operating Partnership that occurred during the nine months ended September 30, 2018, the Company has increased noncontrolling interests in the Operating Partnership and decreased additional paid-in capital and accumulated other comprehensive income in the Company’s shareholders’ equity by $0.9 million as of September 30, 2018. Upon the adoption of ASU 2015-02, which amended ASC 810, Consolidation, in the quarter ended March 31, 2016, the Operating Partnership is now determined to be a VIE, however, since the Company was previously consolidating the Operating Partnership, the adoption of ASU 2015-02 had no material impact on the Company’s consolidated financial statements. There are two main types of noncontrolling interest reflected in the Company’s consolidated financial statements (i) noncontrolling interest in the operating partnership and (ii) noncontrolling interest in consolidated joint ventures. Noncontrolling Interest in the Operating Partnership As more fully described in Note 1, certain of the predecessor equity owners continue to own interests in the operating partnership as modified by the IPO Transactions. These interests were subsequently further modified by the REIT Structuring Transactions (also described in Note 1). These interests, along with the Class B shares held by these investors, are exchangeable for Class A shares of the Company. The roll-forward of the Operating Partnership’s LP Units follow the Class B common stock of the Company as disclosed in the consolidated statements of changes in equity. Distributions to Noncontrolling Interest in the Operating Partnership Notwithstanding the foregoing, subject to any restrictions in applicable debt financing agreements and available liquidity as determined by the board of directors of each of Series REIT of LCFH and Series TRS of LCFH, each Series must use commercially reasonable efforts to make quarterly distributions to each of its partners (including the Company) at least equal to such partner’s “Quarterly Estimated Tax Amount,” which shall be computed (as more fully described in LCFH’s Third Amended and Restated LLLP Agreement) for each partner as the product of (x) the U.S. federal taxable income (or alternative minimum taxable income, if higher) allocated by such Series to such partner in respect of the Series REIT LP Units and Series TRS LP Units held by such partner and (y) the highest marginal blended U.S. federal, state and local income tax rate (or alternative minimum taxable rate, as applicable) applicable to an individual residing in New York, NY, taking into account, for U.S. federal income tax purposes, the deductibility of state and local taxes; provided that Series TRS of LCFH may take into account, in determining the amount of tax distributions to holders of Series TRS LP Units, the amount of any distributions each such holder received from Series REIT of LCFH in excess of tax distributions. In addition, to the extent the Company requires an additional distribution from the Series of LCFH in excess of its quarterly tax distribution in order to pay its quarterly cash dividend, the Series of LCFH will be required to make a corresponding distribution of cash to each of their partners (other than the Company) on a pro-rata basis. Allocation of Income and Loss Income and losses and comprehensive income are allocated among the partners in a manner to reflect as closely as possible the amount each partner would be distributed under the Third Amended and Restated LLLP Agreement upon liquidation of the Operating Partnership’s assets. Noncontrolling Interest in Unconsolidated Joint Ventures As of September 30, 2018, the Company consolidates nine ventures in which there are other noncontrolling investors, which own between 1.2% - 29.4% of such ventures. These ventures hold investments in a 40 property student housing portfolio, 21 office buildings, two industrial properties, one condominium complex and one apartment complex. The Company makes distributions and allocates income from these ventures to the noncontrolling interests in accordance with the terms of the respective governing agreements. |
EARNINGS PER SHARE |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EARNINGS PER SHARE | 14. EARNINGS PER SHARE The Company’s net income (loss) and weighted average shares outstanding for the three and nine months ended September 30, 2018 and 2017 consist of the following:
The calculation of basic and diluted net income (loss) per share amounts for the three and nine months ended September 30, 2018 and 2017 are described and presented below. Basic Net Income (Loss) per Share Numerator: utilizes net income (loss) available for Class A common shareholders for the three and nine months ended September 30, 2018 and 2017, respectively. Denominator: utilizes the weighted average shares of Class A common stock for the three and nine months ended September 30, 2018 and 2017, respectively. Diluted Net Income (Loss) per Share Numerator: utilizes net income (loss) available for Class A common shareholders for the three and nine months ended September 30, 2018 and 2017, respectively, for the basic net income (loss) per share calculation described above, adding net income (loss) amounts attributable to the noncontrolling interest in the Operating Partnership using the as-if converted method for the Class B common shareholders while adjusting for additional corporate income tax expense (benefit) for the described net income (loss) add-back. Denominator: utilizes the weighted average number of shares of Class A common stock for the three and nine months ended September 30, 2018 and 2017, respectively, for the basic net income (loss) per share calculation described above adding the dilutive effect of shares issuable relating to Operating Partnership exchangeable interests and the incremental shares of unvested Class A restricted stock using the treasury method.
The shares of Class B common stock do not share in the earnings of Ladder Capital Corp and are, therefore, not participating securities. Accordingly, basic and diluted net income (loss) per share of Class B common stock has not been presented, although the assumed conversion of Class B common stock has been included in the presented diluted net income (loss) per share of Class A common stock. |
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STOCK BASED AND OTHER COMPENSATION PLANS |
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| STOCK BASED AND OTHER COMPENSATION PLANS | 15. STOCK BASED AND OTHER COMPENSATION PLANS The following table summarizes the impact on the consolidated statement of operations of the various stock based compensation plans described in this note ($ in thousands):
2014 Omnibus Incentive Plan In connection with the IPO Transactions, the 2014 Ladder Capital Corp Omnibus Incentive Equity Plan (the “2014 Omnibus Incentive Plan”) was adopted by the board of directors on February 11, 2014, and provides certain members of management, employees and directors of the Company or its affiliates with additional incentives including grants of stock options, stock appreciation rights, restricted stock, other stock-based awards and other cash-based awards. Annual Incentive Awards Granted in 2016 With Respect to 2015 Performance Members of management were eligible to receive annual restricted stock awards (the “Annual Restricted Stock Awards”) and annual option awards (the “Annual Option Awards”) based on the performance of the Company. On February 18, 2016, Annual Restricted Stock Awards were granted to Management Grantees with an aggregate value of $9.1 million which represents 793,598 shares of restricted Class A common stock in connection with 2015 compensation. Fifty percent of each restricted stock award granted is subject to time-based vesting criteria, and the remaining 50% of each restricted stock award is subject to attainment of the Performance Target for the applicable years. The time-vesting restricted stock granted to the Management Grantees will generally vest in three installments on each of the first three anniversaries of the date of grant, subject to continued employment on the applicable vesting dates. The performance-vesting restricted stock will vest in three equal installments upon the compensation committee’s confirmation that the Company achieves a return on equity, based on core earnings divided by the Company’s average book value of equity, equal to or greater than 8% for such year (the “Performance Target”) for those years. If the Company misses the Performance Target during either the first or second calendar year but meets the Performance Target for a subsequent year during the three-year performance period and the Company’s return on equity for such subsequent year and any years for which it missed its Performance Target equals or exceeds the compounded return on equity of 8%, based on core earnings divided by the Company’s average book value of equity, the performance-vesting restricted stock which failed to vest because the Company previously missed its Performance Target will vest on the last day of such subsequent year (the “Catch-Up Provision”). If the term “core earnings” is no longer used in the Company’s SEC filings and approved by the compensation committee, then the Performance Target will be calculated using such other pre-tax performance measurement defined in the Company’s SEC filings, as determined by the compensation committee. The Company met the Performance Target for the years ended December 31, 2017 and 2016. The Company has elected to recognize the compensation expense related to the time-based vesting of the Annual Restricted Stock Awards for the entire award on a straight-line basis over the requisite service period. As such, the compensation expense related to the February 18, 2016 Annual Restricted Stock Awards to Management Grantees is recognized as follows:
Accruals of compensation cost for an award with a performance condition shall be based on the probable outcome of that performance condition. Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. On February 18, 2016, Annual Stock Option Awards were granted to Management Grantees with an aggregate grant date fair value of $1.0 million, which represents 289,326 shares of Class A common stock subject to the Annual Stock Option Awards. The stock option awards are subject to the same terms and conditions as those granted in 2015 except that the vesting period commenced in 2016 and the 2016 stock option awards included dividend equivalent rights. The actual grant date fair values of the Annual Option Awards granted to our Management Grantees were computed in accordance with FASB ASC Topic 718 using the Black Scholes model based on the following assumptions: (1) risk-free rate of 1.5%; (2) dividend yield of 9.8%; (3) expected life of six years; and (4) volatility of 48.0%. On February 18, 2016, certain members of the board of directors each received Annual Restricted Stock Awards with a grant date fair value of $0.1 million, representing 12,636 shares of restricted Class A common stock, which will vest in full on the first anniversary of the date of grant, subject to continued service on the board of directors. Compensation expense for restricted stock subject to time-based vesting criteria granted to directors will be expensed in full on an annual basis following such grant. Upon a change in control (as defined in the respective award agreements), all restricted stock and option awards will become fully vested, if (1) the Management Grantee continues to be employed through the closing of the change in control or (2) after the signing of definitive documentation related to the change in control, but prior to its closing, the Management Grantee’s employment is terminated without cause or due to death or disability or the Management Grantee resigns for Good Reason. The compensation committee retains the right, in its sole discretion, to provide for the accelerated vesting (in whole or in part) of the restricted stock and option awards granted. On February 11, 2017 (the “Harris Retirement Eligibility Date”), all outstanding Annual Restricted Stock Awards, including the time-vesting portion and the performance-vesting portion, and all outstanding Annual Option Awards granted to Mr. Harris became fully vested, and any Annual Restricted Stock Awards and Annual Option Awards granted after the Harris Retirement Eligibility Date will be fully vested at grant. The Executive Retirement Eligibility Date for Pamela McCormack is December 8, 2019 (the “McCormack Retirement Eligibility Date”). For Management Grantees other than Harris and McCormack, the Executive Retirement Eligibility Date is February 11, 2019, the time-vesting portion of the Annual Restricted Stock Awards and the Annual Option Awards will become fully vested, and the time-vesting portion of any Annual Restricted Stock Awards and Annual Option Awards granted after the Executive Retirement Eligibility Date will be fully vested at grant. Upon the occurrence of the Executive Retirement Eligibility Date, the performance-vesting portion of such Management Grantee’s Annual Restricted Stock Awards will remain outstanding for the performance period and will vest to the extent we meet the Performance Target, including via the Catch-Up Provision described above, regardless of continued employment with us our subsidiaries following the Executive Retirement Eligibility Date. Annual Incentive Awards Granted in 2017 With Respect to 2016 Performance For 2016 performance, management received stock-based incentive equity. On February 18, 2017, Annual Restricted Stock Awards were granted to Management Grantees with an aggregate value of $10.2 million which represents 736,461 shares of restricted Class A common stock in connection with 2016 compensation. In accordance with the Harris Employment Agreement, Mr. Harris’ annual awards were fully vested at grant. For other Management Grantees, fifty percent of each restricted stock award granted is subject to time-based vesting criteria, and the remaining 50% of each restricted stock award is subject to attainment of the Performance Target for the applicable years. The time-vesting restricted stock will vest in three installments on each of the first three anniversaries of the date of grant, subject to continued employment on the applicable vesting dates and subject to the applicable Retirement Eligibility Date. The performance-vesting restricted stock will vest in three equal installments upon the compensation committee’s confirmation that the Company achieves the Performance Target for the years ended December 31, 2017, 2018 and 2019, respectively. The Catch-Up Provision applies to the performance vesting portion of this award. The Company has elected to recognize the compensation expense related to the time-based vesting of the Annual Restricted Stock Awards for the entire award on a straight-line basis over the requisite service period for the entire award. As such, the compensation expense related to the February 18, 2017 Annual Restricted Stock Awards to Management Grantees shall be recognized as follows:
Accruals of compensation cost for an award with a performance condition is accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. Upon a change in control (as defined in the respective award agreements), all restricted stock and option awards will become fully vested, if (1) the Management Grantee continues to be employed through the closing of the change in control or (2) after the signing of definitive documentation related to the change in control, but prior to its closing, the Management Grantee’s employment is terminated without cause or due to death or disability or the Management Grantee resigns for Good Reason. The compensation committee retains the right, in its sole discretion, to provide for the accelerated vesting (in whole or in part) of the restricted stock and option awards granted. Other 2017 Restricted Stock Awards On January 24, 2017, Management Grantees received a Restricted Stock Award with a grant date fair value of $30,455, representing 2,191 shares of restricted Class A common stock. These shares represent stock dividends paid on the number of shares subject to the 2016 options (had such shares been outstanding) and vest with the time-vesting 2016 options they are associated with, subject to the Retirement Eligibility Date of the respective member of management. Compensation expense shall be recognized on a straight-line basis over the requisite service period. On February 18, 2017, a new employee of the Company received a Restricted Stock Award with a grant date fair value of $0.4 million, representing 28,881 shares of restricted Class A common stock, which will vest in two equal installments on each of the first two anniversaries of the date of grant, subject to continued employment on the applicable vesting dates. Compensation expense shall be recognized on a straight-line basis over the requisite service period. On February 18, 2017, Management Grantees received cash of $1.0 million and a Stock Award with a grant date fair value of $48,475, representing 3,500 shares of Class A common stock, intended to represent dividends in type and amount that the 2015 stock option grant to management would have received had such options had dividend equivalent rights since grant. This grant also provides for future dividend equivalents that vest according to the vesting schedule of the 2015 stock option grant. Compensation expense shall be recognized on a straight-line basis over the requisite service period. On February 18, 2017, certain members of the board of directors each received Annual Restricted Stock Awards with a grant date fair value of $0.2 million, representing 16,245 shares of restricted Class A common stock, which will vest in full on the first anniversary of the date of grant, subject to continued service on the board of directors. Compensation expense related to the time-based vesting criteria of the award shall be recognized on a straight-line basis over the one-year vesting period. On February 18, 2017, Restricted Stock Awards were granted to certain non-management employees (each, a “Non-Management Grantee”) with an aggregate value of $0.6 million which represents 40,000 shares of restricted Class A common stock in connection with 2016 compensation. Fifty percent of each Restricted Stock Award granted is subject to time-based vesting criteria, and the remaining 50% of each Restricted Stock Award is subject to attainment of the Performance Target for the applicable years. The time-vesting restricted stock granted to Non-Management Grantees will vest in three installments on each of the first three anniversaries of June 1, 2017, subject to continued employment on the applicable vesting dates. The performance-vesting restricted stock will vest in three equal installments on June 1 of each of 2018, 2019 and 2020 (subject to the performance target being achieved). The Catch-Up Provision applies to the performance vesting portion of this award. The Company has elected to recognize the compensation expense related to the time-based vesting criteria of these Restricted Stock Awards for the entire award on a straight-line basis over the requisite service period. As such, the compensation expense related to the February 18, 2017 Restricted Stock Awards to Non-Management Grantees for time-based vesting shall be recognized 1/3 for the period February 18, 2017 through June 1, 2018, 1/3 for the period June 2, 2018 through June 1, 2019 and 1/3 for the period June 2, 2019 through June 1, 2020. Accruals of compensation cost for an award with a performance condition shall be based on the probable outcome of that performance condition. Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. On March 3, 2017, a new member of the board of directors received a Restricted Stock Award with a grant date fair value of $0.1 million, representing 5,130 shares of restricted Class A common stock, which will vest in three equal installments on each of the first three anniversaries of the date of grant, subject to continued service on the board of directors. Compensation expense for restricted stock subject to time-based vesting criteria granted to the director will be expensed 1/3 each year, for three years on an annual basis following such grant. On June 19, 2017, Restricted Stock Awards were granted to a Non-Management Grantee with an aggregate value of $0.3 million, which represents 21,307 shares of time-based restricted Class A common stock. One-third of this amount will vest on the first anniversary date of the grant date and 1,775 shares will vest on each of October 1, 2018, December 31, 2018, April 1, 2019, July 1, 2019, September 30, 2019, December 31, 2019 and March 31, 2020. The remaining 1,780 shares of the grant will vest on July 1, 2020, subject to the Non-Management Grantee’s continued employment with the Company. The Company has elected to recognize the compensation expense related to the time-based vesting criteria of this Restricted Stock Award for the entire award on a straight-line basis over the requisite service period. In connection with Mr. Mazzei’s retirement as President, Ladder Capital Finance LLC, a subsidiary of Ladder, and Mr. Mazzei entered into a separation agreement, dated June 22, 2017 (the “Separation Agreement”). Pursuant to the Separation Agreement, Mr. Mazzei was appointed as a Class III director of Ladder and, subject to certain exceptions, Mr. Mazzei’s unvested stock and stock options will continue to vest as they would have had he continued to be employed with Ladder as long as he continues to serve on the Board of Directors. Such unvested stock and stock options will not be subject to the original retirement eligibility date provided for in his employment agreement. On June 22, 2017, in connection with his appointment to the board of directors, Mr. Mazzei received a Restricted Stock Award with a grant date fair value of $0.1 million, representing 5,346 shares of restricted Class A common stock, which will vest in three equal installments on each of the first three anniversaries of the date of grant, subject to continued service on the board of directors. Compensation expense for restricted stock subject to time-based vesting criteria granted to the director will be expensed 1/3 each year, for three years on an annual basis following such grant. Annual Incentive Awards Granted in 2017 With Respect to 2017 Performance For 2017 performance, management received stock-based incentive equity. On December 21, 2017, Annual Restricted Stock Awards were granted to Management Grantees with an aggregate value of $10.5 million which represents 768,205 shares of restricted Class A common stock in connection with 2017 compensation. In accordance with the Harris Employment Agreement, Mr. Harris’ annual awards were fully vested at grant. For other Management Grantees, 50% of each restricted stock award granted is subject to time-based vesting criteria, and the remaining 50% of each restricted stock award is subject to attainment of the Performance Target for the applicable years. The time-vesting restricted stock will vest in three installments on each of February 18, 2019, February 18, 2020 and February 18, 2021, subject to continued employment on the applicable vesting dates and subject to the applicable Retirement Eligibility Date. The performance-vesting restricted stock will vest in three equal installments upon the compensation committee’s confirmation that the Company achieves the Performance Target for the years ended December 31, 2018, 2019 and 2020, respectively. The Catch-Up Provision applies to the performance vesting portion of this award. The Company has elected to recognize the compensation expense related to the time-based vesting of the Annual Restricted Stock Awards for the entire award on a straight-line basis over the requisite service period for the entire award. As such, the compensation expense related to the December 21, 2017 Annual Restricted Stock Awards to Management Grantees shall be recognized as follows:
Compensation cost for an award with a performance condition is accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. Upon a change in control (as defined in the respective award agreements), all restricted stock awards will become fully vested, if (1) the Management Grantee continues to be employed through the closing of the change in control or (2) after the signing of definitive documentation related to the change in control, but prior to its closing, the Management Grantee’s employment is terminated without cause or due to death or disability or the Management Grantee resigns for Good Reason. The compensation committee retains the right, in its sole discretion, to provide for the accelerated vesting (in whole or in part) of the restricted stock and option awards granted. On December 21, 2017, Restricted Stock Awards were granted to certain non-management employees (each, a “Non-Management Grantee”) with an aggregate value of $5.0 million which represents 369,328 shares of restricted Class A common stock in connection with 2017 compensation. Fifty percent of each Restricted Stock Award granted is subject to time-based vesting criteria, and the remaining 50% of each Restricted Stock Award is subject to attainment of the Performance Target for the applicable years. The time-vesting restricted stock granted to Non-Management Grantees will vest in three installments on February 18 of each of 2019, 2020 and 2021 subject to continued employment on the applicable vesting dates. The performance-vesting restricted stock will vest in three equal installments upon the compensation committee’s confirmation that the Company achieves the Performance Target for the years ended December 31, 2018, 2019 and 2020, respectively. The Catch-Up Provision applies to the performance vesting portion of this award. The Company has elected to recognize the compensation expense related to the time-based vesting criteria of these Restricted Stock Awards for the entire award on a straight-line basis over the requisite service period. As such, the compensation expense related to the December 21, 2017 Restricted Stock Awards to Non-Management Grantees shall be recognized 1/3 for the period December 21, 2017 through February 18, 2019, 1/3 for the period February 19, 2019 through February 18, 2020 and 1/3 for the period February 19, 2020 through February 18, 2021. In the event a Non-Management Grantee is terminated by the Company without cause within six months of certain changes in control, all unvested time shares shall vest on the termination date and all unvested performance shares shall remain outstanding and be eligible to vest (and be forfeited) in accordance with the performance conditions; provided that if such change in control is for more than 50% of the shares of the Company, then all restricted stock awards will become fully vested if the Non-Management Grantee continues to be employed through the closing of the change in control. Accruals of compensation cost for an award with a performance condition shall be based on the probable outcome of that performance condition. Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. 2018 Restricted Stock Awards On February 18, 2018, certain members of the board of directors each received Annual Restricted Stock Awards with a grant date fair value of $0.4 million, representing 25,370 shares of restricted Class A common stock, which will vest in full on the first anniversary of the date of grant, subject to continued service on the board of directors. Compensation expense related to the time-based vesting criteria of the award shall be recognized on a straight-line basis over the one-year vesting period. Other 2018 Restricted Stock Awards On April 24, 2018, a new employee of the Company received a Restricted Stock Award with a grant date fair value of $0.1 million, representing 3,566 shares of restricted Class A common stock, which will vest in three equal installments on each of the first three anniversaries of the date of grant, subject to continued employment on the applicable vesting dates. Compensation expense shall be recognized on a straight-line basis over the requisite service period. On July 19, 2018, a new member of the board of directors received a Restricted Stock Award with a grant date fair value of $0.1 million, representing 4,720 shares of restricted Class A common stock, which will vest in three equal installments on each of the first three anniversaries of the date of grant, subject to continued service on the board of directors. Compensation expense for restricted stock subject to time-based vesting criteria granted to the director will be expensed 1/3 each year, for three years on an annual basis following such grant. Summary of Restricted Stock and Stock Option Expense and Shares/Options Nonvested/Outstanding A summary of the grants is presented below ($ in thousands):
The table below presents the number of unvested shares and outstanding stock options at September 30, 2018 and changes during 2018 of the Class A Common stock and Stock Options of Ladder Capital Corp granted under the 2014 Omnibus Incentive Plan:
At September 30, 2018 there was $8.0 million of total unrecognized compensation cost related to certain share-based compensation awards that is expected to be recognized over a period of up to 34 months, with a weighted-average remaining vesting period of 21.2 months. The table below presents the number of unvested shares and outstanding stock options at September 30, 2017 and changes during 2017 of the Class A Common stock and Stock Options of Ladder Capital Corp granted under the 2014 Omnibus Incentive Plan:
As of September 30, 2017 there was $7.4 million of total unrecognized compensation cost related to certain share-based compensation awards that is expected to be recognized over a period of up to 34 months, with a weighted-average remaining vesting period of 21.7 months. Phantom Equity Investment Plan LCFH maintained a Phantom Equity Investment Plan, effective on June 30, 2011 (the “Phantom Equity Plan”) in which certain eligible employees of LCFH, LCF and their subsidiaries participate. On July 3, 2014, the Board of Directors froze the Phantom Equity Plan and adopted the 2014 Deferred Compensation Plan, as defined and further described below. The Phantom Equity Plan is an annual deferred compensation plan pursuant to which participants could elect, or in some cases, non-management participants could be required, depending upon the participant’s specific level of compensation, to defer all or a portion of their annual cash performance-based bonuses as elective or mandatory contributions. Generally, if a participant’s total compensation was in excess of a certain threshold, a portion of such participant’s annual bonus, was required to be deferred into the Phantom Equity Plan. Otherwise, amounts could be deferred into the Phantom Equity Plan at the election of the participant, so long as such election was timely made in accordance with the terms and procedures of the Phantom Equity Plan. In the event that a participant elected to (or was required to) defer a portion of his or her compensation pursuant to the Phantom Equity Plan, such amount was not paid to the participant and was instead credited to such participant’s notional account under the Phantom Equity Plan. Prior to the closing of our IPO, such amounts were invested, on a phantom basis, in the Series B Participating Preferred Units issued by LCFH until such amounts were eventually paid to the participant pursuant to the Phantom Equity Plan. Following our IPO, as described below, such amounts were invested on a phantom basis in shares of the Company’s Class A common stock. Mandatory contributions are subject to one-third vesting over a three year period following the applicable Phantom Equity Plan year in which the related compensation was earned. Elective contributions were immediately vested upon contribution. Unvested amounts are generally forfeited upon the participant’s involuntary termination for cause, a voluntary termination for which the participant’s employer would have grounds to terminate the participant for cause or a voluntary termination within one year of which the participant obtains employment with a financial services organization. The date that the amounts deferred into the Phantom Equity Plan are paid to a participant depends upon whether such deferral is a mandatory deferral or an elective deferral. Elective deferrals are paid upon the earliest to occur of (1) a change in control (as defined in the Phantom Equity Plan), (2) the end of the participant’s employment, or (3) December 31, 2017. The vested amounts of the mandatory contributions are paid upon the first to occur of (A) a change in control and (B) the first to occur of (x) December 31, 2017 or (y) the date of payment of the annual bonus payments following December 31 of the third calendar year following the applicable plan year to which the underlying deferred annual bonus relates. The Company could elect to make, and did make, payments pursuant to the Phantom Equity Plan in the form of cash in an amount equal to the then fair market value of such shares of the Company’s Class A common stock (or, prior to our IPO, the Series B Participating Preferred Units), and on May 14, 2014, the Compensation Committee made a global election to make all payments pursuant to the Phantom Equity Plan in the form of cash. Mandatory contributions that were paid at the time specified in clause 2(B) above were made in cash. Upon the closing of our IPO, each participant in the Phantom Equity Plan had his or her notional interest in LCFH’s Series B Participating Preferred Units converted into a notional interest in the Company’s Class A common stock, which notional conversion was based on the issuance price of our Class A common stock at the time of the IPO. On July 3, 2014, the board of directors froze the Phantom Equity Plan, effective as of such date, so that there will neither be future participants in the Phantom Equity Plan nor additional amounts contributed to any accounts outstanding under the Phantom Equity Plan. Amounts previously outstanding under the Phantom Equity Plan will be paid in accordance with their original payment terms, including limiting payment to the dates and events specified above. In connection with freezing the Phantom Equity Plan, the board of directors also updated the definition of fair market value for purposes of measuring the value of its Class A Common Stock, to provide that, generally, such value would be the closing price of such stock on the principal national securities exchange on which it is then traded. The final payment, which closed the liability under the Phantom Equity Plan, was made on January 5, 2018. As of December 31, 2017, there were 42,270 phantom units that have been withdrawn from the plan, resulting in a liability of $1.0 million, which is included in accrued expenses on the consolidated balance sheets. Ladder Capital Corp Deferred Compensation Plan On July 3, 2014, the Company adopted a nonqualified deferred compensation plan, which was amended and restated on March 17, 2015 (the “2014 Deferred Compensation Plan”), in which certain eligible employees participate. On February 22, 2018, the Board of Directors froze the 2014 Deferred Compensation Plan. Pursuant to the 2014 Deferred Compensation Plan, participants elected, or in some cases non-management participants were required, to defer all or a portion of their annual cash performance-based bonuses into the 2014 Deferred Compensation Plan. Generally, if a participant’s total compensation was in excess of a certain threshold, a portion of a participant’s performance-based annual bonus was required to be deferred into the 2014 Deferred Compensation Plan. Otherwise, a portion of the participant’s annual bonus could have been deferred into the 2014 Deferred Compensation Plan at the election of the participant, so long as such elections were timely made in accordance with the terms and procedures of the 2014 Deferred Compensation Plan. In the event that a participant elected to (or was required to) defer a portion of his or her compensation pursuant to the 2014 Deferred Compensation Plan, such amount was not paid to the participant and was instead credited to such participant’s notional account under the 2014 Deferred Compensation Plan. Such amounts were then invested on a phantom basis in Class A common stock of the Company, or the phantom units, and a participant’s account is credited with any dividends or other distributions received by holders of Class A common stock of the Company, which are subject to the same vesting and payment conditions as the applicable contributions. Elective contributions were immediately vested upon contribution. Mandatory contributions are subject to one-third vesting over a three-year period on a straight-line basis following the applicable year in which the related compensation was earned and mandatory contributions for compensation earned in 2015, 2016 and 2017 remain in the 2014 Deferred Compensation Plan, subject to vesting in 2018, 2019 and 2020, respectively. If a participant’s employment with the Company is terminated by the Company other than for cause and such termination is within six months following a change in control (each, as defined in the 2014 Deferred Compensation Plan), then the participant will fully vest in his or her unvested account balances. Furthermore, the unvested account balances will fully vest in the event of the participant’s death, disability, retirement (as defined in the 2014 Deferred Compensation Plan) or in the event of certain hostile takeovers of the board of directors of the Company. In the event that a participant’s employment is terminated by the Company other than for cause, the participant will vest in the portion of the participant’s account that would have vested had the participant remained employed through the end of the year in which such termination occurs, subject to, in such case or in the case of retirement, the participant’s timely execution of a general release of claims in favor of the Company. Unvested amounts are otherwise generally forfeited upon the participant’s resignation or termination of employment, and vested mandatory contributions are generally forfeited upon the participant’s termination for cause. Amounts deferred into the 2014 Deferred Compensation Plan are paid upon the earliest to occur of (1) a change in control, (2) within sixty days following the end of the participant’s employment with the Company, or (3) the date of payment of the annual bonus payments following December 31 of the third calendar year following the applicable year to which the underlying deferred annual compensation relates. Payment is made in cash equal to the fair market value of the number of phantom units credited to a participant’s account, provided that, if the participant’s termination was by the Company for cause or was a voluntary resignation other than on account of such participant’s retirement, the amount paid is based on the lowest fair market value of a share of Class A common stock during the forty-five day period following such termination of employment. The amount of the final cash payment may be more or less than the amount initially deferred into the 2014 Deferred Compensation Plan, depending upon the change in the value of the Class A common stock of the Company during such period. As of September 30, 2018, there are 369,896 phantom units outstanding, of which 243,352 are unvested, resulting in a liability of $6.3 million, which is included in accrued expenses on the consolidated balance sheets. As of December 31, 2017, there were 321,476 phantom units outstanding, of which 182,983 are unvested, resulting in a liability of $3.8 million, which is included in accrued expenses on the consolidated balance sheets. Bonus Payments On December 19, 2017, the board of directors of Ladder Capital Corp approved 2017 bonus payments to employees, including officers, totaling $49.3 million, which included $15.5 million of equity based compensation, which was granted on December 21, 2017. Cash bonuses of $17.1 million were paid on December 29, 2017. The remaining $16.8 million of cash bonuses were accrued for as of December 31, 2017 and paid to employees in full on January 5, 2018. On February 8, 2017, the board of directors of Ladder Capital Corp approved 2016 bonus payments to employees, including officers, totaling $39.5 million, which included $10.2 million of equity based compensation. The bonuses were accrued for as of December 31, 2016 and paid to employees in full on February 21, 2017. During the three and nine months ended September 30, 2018, the Company recorded compensation expense of $9.2 million and $26.8 million, respectively, related to 2018 bonuses. During the three and nine months ended September 30, 2017, the Company recorded compensation expense of $7.4 million and $19.9 million, respectively, related to 2017 bonuses. |
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INCOME TAXES |
9 Months Ended |
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Sep. 30, 2018 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | 16. INCOME TAXES The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2015. As such, the Company’s income is generally not subject to U.S. Federal, state and local corporate income taxes other than as described below. Certain of the Company’s subsidiaries have elected to be treated as TRSs. TRSs permit the Company to participate in certain activities from which REITs are generally precluded, as long as these activities meet specific criteria, are conducted within the parameters of certain limitations established by the Code, and are conducted in entities which elect to be treated as taxable subsidiaries under the Code. To the extent these criteria are met, the Company will continue to maintain its qualification as a REIT. The Company’s TRSs are not consolidated for U.S. federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by the Company with respect to its interest in TRSs. There were $2.2 million and $2.6 million. corporate taxes payable (receivable) as of September 30, 2018 and December 31, 2017, respectively. There were $0.5 million NYC UBT taxes payable (receivable) at September 30, 2018 and December 31, 2017. Prepaid corporate taxes as of September 30, 2018 and December 31, 2017 were $7.5 million and $12.4 million, respectively. As part of the recently enacted Tax Cuts and Jobs Act, the federal income tax rate applicable to TRS activities has been reduced. The Company has adjusted its deferred tax positions at the TRSs (including those resulting from the TRA) to reflect the reduced tax rate as part of its 2017 tax provision. As of September 30, 2018 and December 31, 2017, the Company’s net deferred tax assets (liabilities) were $(0.8) million and $(5.7) million, respectively, and are included in other assets (liabilities) in the Company’s consolidated balance sheets. The Company believes it is more likely than not that any deferred tax assets will be realized in the future through reversal of temporary differences and/or generation of sufficient taxable income in future years in the appropriate tax jurisdictions. As of December 31, 2017, the Company had a deferred tax asset of $5.8 million, relating to capital losses which it may only use to offset capital gains. As the realization of this deferred tax asset before its expiration was not more likely than not, the Company provided a full valuation allowance against this deferred tax asset. However, as of September 30, 2018, the Company has utilized all of its capital loss carryforwards and fully released its valuation allowance related to the tax attributes accordingly. The Company’s tax returns are subject to audit by taxing authorities. Generally, as of September 30, 2018, the tax years 2013 - 2017 remain open to examination by the major taxing jurisdictions in which the Company is subject to taxes. The IRS and New York State have undertaken routine audits of the Company’s U.S. federal and state income tax returns for tax year 2014 and 2013-2015 respectively. The Company does not expect the audits to result in any material changes to the Company’s financial position. The Company does not expect tax expense to have an impact on either short or long-term liquidity or capital needs. Under U.S. GAAP, a tax benefit related to an income tax position may be recognized when it is more likely than not that the position will be sustained upon examination by the tax authorities based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. As of September 30, 2018 and December 31, 2017, the Company’s unrecognized tax benefit is a liability for $0.8 million and is included in the accrued expenses in the Company’s consolidated balance sheets. This unrecognized tax benefit, if recognized, would have a favorable impact on our effective income tax rate in future periods. As of September 30, 2018, the Company has not recognized a significant amount of any interest or penalties related to uncertain tax positions. In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record a significant liability for unrecognized tax benefits within the next twelve months. Tax Receivable Agreement Upon consummation of the IPO, the Company entered into a Tax Receivable Agreement with the Continuing LCFH Limited Partners (the “TRA Members”). Under the Tax Receivable Agreement the Company generally is required to pay to the TRA Members that exchange their interests in LCFH and Class B shares of the Company for Class A shares of the Company, 85% of the applicable cash savings, if any, in U.S. federal, state and local income tax that the Company realizes (or is deemed to realize in certain circumstances) as a result of (i) the increase in tax basis in its proportionate share of LCFH’s assets that is attributable to the Company as a result of the exchanges and (ii) payments under the Tax Receivable Agreement, including any tax benefits related to imputed interest deemed to be paid by the Company as a result of such agreement. The Company may make future payments under the Tax Receivable Agreement if the tax benefits are realized. We would then benefit from the remaining 15% of cash savings in income tax that we realize. For purposes of the Tax Receivable Agreement, cash savings in income tax will be computed by comparing our actual income tax liability to the amount of such taxes that we would have been required to pay had there been no increase to the tax basis of the assets of LCFH as a result of the exchanges and had we not entered into the Tax Receivable Agreement. Payments to a TRA Member under the Tax Receivable Agreement are triggered by each exchange and are payable annually commencing following the Company’s filing of its income tax return for the year of such exchange. The timing of the payments may be subject to certain contingencies, including the Company having sufficient taxable income to utilize all of the tax benefits defined in the Tax Receivable Agreement. As of September 30, 2018 and December 31, 2017, pursuant to the Tax Receivable Agreement, the Company recorded a liability of $1.6 million and $1.7 million, respectively, included in amount payable pursuant to tax receivable agreement in the consolidated balance sheets for TRA Members. The amount and timing of any payments may vary based on a number of factors, including the absence of any material change in the relevant tax law, the Company continuing to earn sufficient taxable income to realize all tax benefits, and assuming no additional exchanges that are subject to the Tax Receivable Agreement. Depending upon the outcome of these factors, the Company may be obligated to make substantial payments pursuant to the Tax Receivable Agreement. The actual payment amounts may differ from these estimated amounts, as the liability will reflect changes in prevailing tax rates, the actual benefit the Company realizes on its annual income tax returns, and any additional exchanges. To determine the current amount of the payments due, the Company estimates the amount of the Tax Receivable Agreement payments that will be made within twelve months of the balance sheet date. As described in Note 1 above, the Tax Receivable Agreement was amended and restated in connection with the Company’s REIT Election, effective as of December 31, 2014 (the “TRA Amendment”), in order to preserve a portion of the potential tax benefits currently existing under the Tax Receivable Agreement that would otherwise be reduced in connection with our REIT Election. The purpose of the TRA Amendment was to preserve the benefits of the Tax Receivable Agreement to the extent possible in a REIT, although, as a result, the amount of payments made to the TRA Members under the TRA Amendment is expected to be less than the amount that would have been paid under the original Tax Receivable Agreement. The TRA Amendment continues to share such benefits in the same proportions and otherwise has substantially the same terms and provisions as the prior Tax Receivable Agreement. |
RELATED PARTY TRANSACTIONS |
9 Months Ended |
|---|---|
Sep. 30, 2018 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | 17. RELATED PARTY TRANSACTIONS Ladder Select Bond Fund On October 18, 2016, Ladder Capital Asset Management LLC (“LCAM”), a subsidiary of the Company and a registered investment adviser, launched the Ladder Select Bond Fund (the “Fund”), a mutual fund. In addition, on October 18, 2016, the Company made a $10.0 million investment in the Fund, which is included in other assets in the consolidated balance sheets. As of September 30, 2018, members of senior management have $0.9 million invested in the Fund. LCAM earns a 0.75% fee on assets under management, which may be reduced for expenses incurred in excess of the Fund’s expense cap of 0.95%. Stockholders Agreement On March 3, 2017, Ladder, RREF II Ladder LLC, an entity affiliated with The Related Companies, and certain pre-IPO stockholders of Ladder, including affiliates of TowerBrook Capital Partners, L.P. and GI Partners L.P., closed a purchase by Related of $80.0 million of Ladder’s Class A common stock from the pre-IPO stockholders. As part of the closing of the transaction, Ladder and Related entered into a Stockholders Agreement, dated as of March 3, 2017, pursuant to which Jonathan Bilzin resigned from the Board, and all committees thereof, and Ladder appointed Richard O’Toole to replace Mr. Bilzin as a Class II Director on Ladder’s Board, each effective as of March 3, 2017. Pursuant to the Stockholders Agreement, Ladder granted to Related a right of first offer with respect to certain horizontal risk retention investments in which Ladder intends to retain an interest and Related agreed to certain standstill provisions. Commercial Real Estate Loans From time to time, the Company may provide commercial real estate loans to entities affiliated with certain of our directors, officers or large shareholders who are, as part of their ordinary course of business, commercial real estate investors. These loans are made in the ordinary course of the Company’s business on the same terms and conditions as would be offered to any other borrower of similar type and standing on a similar property. On March 13, 2017, Related Reserve IV LLC, an affiliate of Related Fund Management LLC (the “B Participation Holder”), purchased a $4.0 million subordinate participation interest (the “B Participation Interest”) in the up to $136.5 million mortgage loan (the “Loan”) secured by the Conrad hotels and condominiums in Fort Lauderdale, Florida from a subsidiary of the Company. The B Participation Interest earns interest at an annual rate of 17%, with the Company’s participation interest (the “A Participation Interest”) receiving the balance of all interest paid under the Loan. Upon an event of default under the Loan, all receipts will be applied to the payment of interest and principal on the Company’s share of the principal balance before the B Participation Holder receives any sums. The Company retains all control over the administration and servicing of the whole loan, except that upon the occurrence of certain Loan defaults and other events, the B Participation Holder will have the option to trigger a buy-sell option, whereupon the Company shall have the right to either repurchase the B Participation Interest at par or sell the A Participation Interest to the B Participation Holder at par plus exit fees that would have been payable upon a borrower repayment. Because the participation interest was not pari passu and effective control continued to reside with the retained portions of the loans the transfers of any portion of this loan asset is considered a non-recourse secured borrowing in which the full loan asset remains on the Company’s consolidated balance sheets in mortgage loan receivables held for investment, net, at amortized cost and the sale proceeds are reported as debt obligations. The Company recorded $0.1 million and $0.4 million of interest expense for the three and nine months ended September 30, 2018, respectively, which is included in accrued expenses on the consolidated balance sheets. The Company recorded $0.2 million and $0.4 million of interest expense for the three and nine months ended September 30, 2017, respectively, which is included in accrued expenses on the consolidated balance sheets. On July 6, 2017, Ladder provided a $21.0 million first mortgage loan to a borrower affiliated with The Related Companies to facilitate the acquisition of two commercial condominium units in the Brickell Heights mixed use development in Miami, Florida. The borrowing entity, Brickell Heights Commercial LLC, is 80% owned by a joint venture between Related Special Assets LLC, a personal investment vehicle for certain principals of The Related Companies, and another investor, with the remaining 20% interest belonging to an affiliate of The Related Group of Florida. This loan was sold to a securitization trust on October 31, 2017. For the three and nine months ended September 30, 2017, the Company earned $0.2 million in interest income related to this loan. Firm Relationships DLA Piper LLP (US), of which Mr. Jeffrey B. Steiner, a member of the Company’s board of directors, was a Partner until March 2018, and McDermott Will & Emery, of which Mr. Steiner is currently a Partner, each provide legal services to the Company. During the year ended December 31, 2017, the Company paid, or caused to be paid, to DLA Piper approximately $2.7 million in fees for legal services. Expenditures by the Company to DLA Piper and McDermott Will & Emery for the year ended December 31, 2018, for legal services in the aggregate are expected to be roughly equivalent to that amount. Mr. Steiner’s son, Andrew Steiner, is an associate at the Company; during the year ended December 31, 2017, his compensation from the Company exceeded $120,000. Andrew Steiner’s compensation and other benefits the year ended December 31, 2017 were comparable to those of other employees of the Company in similar positions and determined by the Company consistent with its compensation practices applicable to other similarly situated employees. |
COMMITMENTS AND CONTINGENCIES |
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| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COMMITMENTS AND CONTINGENCIES | 18. COMMITMENTS AND CONTINGENCIES Leases In 2011, the Company entered into a lease for its primary office space, which commenced on October 1, 2011 and expires on January 31, 2022 with no extension option. In 2012, the Company entered into a lease for secondary office space. The lease commenced on May 15, 2012 and would have expired on May 14, 2015 with no extension option. This lease was amended, however, on October 2, 2014, extending the expiration date from May 14, 2015 to May 14, 2018. The Company recorded $0.3 million and $0.9 million of rental expense for the three and nine months ended September 30, 2018, respectively, which is included in operating expenses in the consolidated statements of income. The Company recorded $0.3 million and $0.9 million, of rental expense for the three and nine months ended September 30, 2017, respectively, which is included in operating expenses in the consolidated statements of income. The following is a schedule of future minimum rental payments required under the above operating leases ($ in thousands):
Unfunded Loan Commitments As of September 30, 2018, the Company’s off-balance sheet arrangements consisted of $386.0 million of unfunded commitments on mortgage loan receivables held for investment to provide additional first mortgage loan financing, at rates to be determined at the time of funding. As of December 31, 2017, the Company’s off-balance sheet arrangements consisted of $157.0 million of unfunded commitments of mortgage loan receivables held for investment to provide additional first mortgage loan financing, at rates to be determined at the time of funding. Such commitments are subject to our loan borrowers’ satisfaction of certain financial and nonfinancial covenants and may or may not be funded depending on a variety of circumstances including timing, credit metric hurdles, and other nonfinancial events occurring. These commitments are not reflected on the consolidated balance sheets. |
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SEGMENT REPORTING |
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| 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 and U.S. Agency Securities. The real estate segment includes net leased properties, office buildings, a student housing portfolio, industrial buildings, a shopping center and condominium units. Corporate/other includes the Company’s investments in joint ventures, other asset management activities and operating expenses. The Company evaluates performance based on the following financial measures for each segment ($ in thousands):
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SUBSEQUENT EVENTS |
9 Months Ended |
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Sep. 30, 2018 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | 20. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the issuance date of the financial statements and determined that no disclosure is necessary. |
SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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| 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, 2017, which are included in the Company’s Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year. The interim consolidated financial statements have been prepared, without audit, and do not necessarily include all information and footnotes necessary for a fair statement of our consolidated financial position, results of operations and cash flows in accordance with GAAP. The consolidated financial statements include the Company’s accounts and those of its subsidiaries which are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 — Consolidation (“ASC 810”), provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. See Note 3 for further information on the Company’s consolidated variable interest entities. Noncontrolling interests in consolidated subsidiaries are defined as “the portion of the equity (net assets) in the subsidiaries not attributable, directly or indirectly, to a parent.” Noncontrolling interests are presented as a separate component of capital in the consolidated balance sheets. In addition, the presentation of net income attributes earnings to shareholders/unitholders (controlling interest) and noncontrolling interests. |
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| Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the balance sheets and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of resulting changes are reflected in the consolidated financial statements in the period the changes are deemed to be necessary. Significant estimates made in the accompanying consolidated financial statements include, but are not limited to the following:
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| Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all investments with original maturities of three months or less, at the time of acquisition, to be cash equivalents. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of September 30, 2018 and December 31, 2017. |
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| Restricted Cash | Restricted Cash Restricted cash is comprised of accounts the Company maintains with brokers to facilitate financial derivative and repurchase agreement transactions in support of its loan and securities investments and risk management activities. Based on the value of the positions in these accounts and the associated margin requirements, the Company may be required to deposit additional cash into these broker accounts. The cash collateral held by broker is considered restricted cash. Restricted cash also includes tenant security deposits, deposits related to real estate sales and acquisitions and required escrow balances on credit facilities. Prior to January 1, 2017, these amounts were previously recorded in other assets on the Company’s consolidated balance sheets. |
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| Mortgage Loan Receivables Held for Investment | Mortgage Loan Receivables Held for Investment Loans for which the Company has the intention and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for loan losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the interest method, adjusted for actual prepayments. Upon the decision to sell such loans, the Company will transfer the loan from mortgage loan receivables held for investment to mortgage loan receivables held for sale at the lower of carrying value or fair value on the consolidated balance sheets. |
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| Provision for Loan Losses | Provision for Loan Losses The provision for loan losses reflects the Company’s estimate of loan losses inherent in the loan portfolio as of the balance sheet date. The provision for loan losses includes a portfolio-based, general component and an asset-specific component. The Company estimates its portfolio-based loan loss provision based on its historical loss experience and expectation of losses inherent in the investment portfolio but not yet realized. To ensure that the risk exposures are properly measured and the appropriate reserves are taken, the Company assesses a loan loss provision balance that will grow over time with its portfolio and the related risk as the assets are aged and approach maturity and ultimate refinancing where applicable. The asset-specific reserve component relates to reserves for losses on individually impaired loans. The Company evaluates each loan for impairment at least quarterly. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s effective rate or the fair value of the collateral, less the estimated costs to sell, if recovery of the Company’s investment is expected solely from the collateral. The Company’s loans are typically collateralized by real estate directly or indirectly. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan at maturity, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the collateral property is located. Such impairment analyses are completed and reviewed by asset management personnel, who utilize various data sources, including (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers’ business plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and other market data. For collateral dependent impaired loans, impairment is measured using the estimated fair value of collateral less the estimated cost to sell. Valuations are performed or obtained at the time a loan is determined to be impaired and designated non-performing, and are updated if circumstances indicate that a significant change in value has occurred. The Company generally will use the direct capitalization rate valuation methodology to estimate the fair value of the collateral for such loans. In more limited cases, the Company will obtain external appraisals for loan collateral. A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when a concession is granted and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loans. Significant judgment is required when evaluating loans for impairment, therefore actual results over time could be materially different. The Company designates non-performing loans at such time as (i) loan payments become 90-days past due; (ii) the loan has a maturity default; or (iii) in the opinion of the Company, it is probable the Company will be unable to collect all amounts due according to the contractual terms of the loan. Income recognition will be suspended when a loan is designated non-performing and resumed only when the suspended loan becomes contractually current and performance is demonstrated to have resumed. Any interest received for loans in non-performing status will be applied as a reduction to the unpaid principal balance. A loan will be written off when it is no longer realizable and legally discharged. |
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| Change in Accounting Principle | Change in Accounting Principle As more fully described in Note 4, on June 29, 2017, the Company completed its first sponsored securitization transaction whereby it transferred $625.7 million of loans to LCCM 2017-LC26 securitization trust. The Company initially concluded that the transfer restrictions placed on the Third Party Purchaser (“TPP”) of the risk retention securities, imposed by the risk retention rules of the Dodd-Frank Act, precluded sale accounting under ASC 860 and, accordingly, the Company originally accounted for the transaction as a financing in its interim financial statements for the periods ended June 30, 2017 and September 30, 2017. As a result of industry discussions, in November 2017 the staff of the Securities and Exchange Commission (the “SEC staff”) indicated that, despite such restrictions, they would not take exception to a registrant treating such transfers as sales if they otherwise met all the criteria for sale accounting. The Company believes treatment of such transfers as sales is more consistent with the substance of such transaction and, accordingly, changed its accounting principle to treat such transfers as sales in the quarter ended December 31, 2017. In accordance with generally accepted accounting principles, the Company reflected this change in accounting principle retrospectively to prior interim periods within 2017. |
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| Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. |
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| Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), that outlined a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and superseded most then-current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. ASU 2014-09 was initially scheduled to become effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period; early adoption was not permitted. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) — Deferral of the Effective Date (“ASU 2015-14”), which deferred the effective date of ASU 2014-09 for one year and permitted early adoption as early as the original effective date of ASU 2014-09. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. In 2016, the FASB issued additional guidance to clarify the implementation guidance, ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”); ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2017-10”); ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 Emerging Issues Task Force (“EITF”) Meeting (SEC Update) (“ASU 2016-11”), ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”); and ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers (“ASU 2016-20”). In February 2017, the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) (“ASU 2017-05”). In September 2017, the FASB issued ASU 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission f Prior SEC Staff Announcements and Observer Comments (SEC Update) (“ASU 2017-13”). In November 2017, the FASB issued ASU 2017-14, Income Statement—Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606) (SEC Update) (“ASU 2017-14”). These amendments provide additional clarification and implementation guidance on the previously issued ASU 2014-09. Under the full retrospective method, a company will apply the rules to contracts in all reporting periods presented, subject to certain allowable exceptions. Under the modified retrospective method, a company will apply the rules to all contracts existing as of January 1, 2018, recognizing in beginning retained earnings an adjustment for the cumulative effect of the change and providing additional disclosures comparing results to previous rules. The Company believes the effects on its existing accounting policies will be associated with its non-leasing revenue components, specifically the amount, timing and presentation of tenant expense reimbursements revenue. The Company adopted the standard using the modified retrospective approach on January 1, 2018 and there was no cumulative effect adjustment recognized. The Company’s revenues impacted by this standard are included in tenant recoveries in the consolidated statements of income. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, (“ASU 2016-01”), which was further amended in February and in March 2018 by ASU 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities, (“ASU 2018-03”) and ASU 2018-04, Investments—Debt Securities (Topic 320) and Regulated Operations (Topic 980): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273 (SEC Update), (“ASU 2018-04”) to clarify certain aspects of ASU 2016-01 and to update Securities and Exchange Commission (“SEC”) interpretive guidance in connection with the provisions of ASU 2016-01. These updates provide guidance for the recognition, measurement, presentation, and disclosure of financial instruments. Among other changes, the updates require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, and clarifies that entities should evaluate the need for a valuation allowance on a deferred tax asset related to available for sale securities in combination with the entities' other deferred tax assets. These standards are effective for public companies for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. The Company adopted the guidance effective January 1, 2018, using the modified retrospective method. Upon adoption, the fair value of the Company's loan portfolio is now presented using an exit price method. Also, the Company is no longer required to disclose the methodologies used for estimating fair value of financial assets and liabilities that are not measured at fair value on a recurring or nonrecurring basis. The remaining requirements of this update did not have a material impact on the Company's consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718), (“ASU 2017-09”). The ASU provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. ASU 2017-09 does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions or award classification and would not be required if the changes are considered non-substantive. The amendments of this ASU are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. The Company adopted the guidance effective January 1, 2018. The adoption of ASU 2017-09 did not have a material impact on the Company’s consolidated financial statements. In May 2018, FASB issued ASU No. 2018-06, Codification Improvements to Topic 942, Depository and Lending—Income Taxes, (“ASU 2018-06”). The amendments in ASU 2018-06 supersede the guidance within Subtopic 942-741 that has been rescinded by the Office of the Comptroller of the Currency and is no longer relevant. A cross-reference between Subtopic 740-30, Income Taxes—Other Considerations or Special Areas, and Subtopic 942-740 is being added to the remaining guidance in Subtopic 740-30 to improve the usefulness of the codification. The amendments in ASU 2018-06 are effective upon issuance, as no accounting requirements are affected. The amendments in ASU 2018-06 do not have a material impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements Pending Adoption In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either operating leases or financing leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sale-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes the previous lease standard, Leases (Topic 840). In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 (Leases) (“ASU 2018-10”), which provides narrow amendments to clarify how to apply certain aspects of the new leasing standard. In July 2018, the FASB also issued ASU 2018-11, Leases (Topic 842): Targeted Improvements (“ASU 2018-11”), which provides a new transition method at the adoption date through a cumulative-effect adjustment to the opening balance of retained earnings; prior periods will not require restatement. ASU 2018-11 also provides a new practical expedient for lessors adopting the new lease standard. Lessors have the option to aggregate nonlease components with the related lease component upon adoption of the new standard if the following conditions are met: (1) the timing and pattern of transfer for the nonlease component and the related lease component are the same and (2) the stand-alone lease component would be classified as an operating lease if accounted for separately. Each of the standards are effective for the Company on January 1, 2019, with early adoption permitted. The Company continues to evaluate the effect the adoption of ASU 2016-02, ASU 2018-10 and ASU 2018-11 will have on the Company’s financial position and/or results of operations. The Company currently believes that the adoption of ASU 2016-02 will not have a material impact for operating leases where it is a lessor and will continue to record revenues from rental properties for its operating leases on a straight-line basis. For leases where the Company is the lessee, primarily for the Company’s corporate headquarters, the Company expects to record a lease liability and a right of use asset on its consolidated financial statements upon adoption. The lease liability and right-of-use asset are to be carried at the present value of remaining expected future lease payments. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, (“ASU 2016-13”). The guidance changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted for annual and interim periods beginning after December 15, 2018. On July 25, 2018, the FASB proposed an amendment to ASU 2016-13 to clarify that operating lease receivables recorded by lessors are explicitly excluded from the scope of ASU 2016-13. The Company must apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company is currently assessing the impact of this standard on the consolidated financial statements. In general, the allowance for credit losses is expected to increase when changing from an incurred loss to expected loss methodology. The models and methodologies that are currently used in estimating the allowance for credit losses are being evaluated to identify the changes necessary to meet the requirements of the new standard. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350), (“ASU 2017-04”). The ASU simplifies the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance will be applied prospectively and is effective for annual or any interim goodwill impairment tests in years beginning after December 15, 2019 with early adoption permitted. The Company does not currently expect any impact on its consolidated financial statements as the Company (absent a business combination) has no recorded goodwill. In March 2017, the FASB issued ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20), (“ASU 2017-08”). The ASU shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. Today, entities generally amortize the premium over the contractual life of the security. The new guidance does not change the accounting for purchased callable debt securities held at a discount; the discount continues to be amortized to maturity. ASU No. 2017-08 is effective for interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. The guidance calls for a modified retrospective transition approach under which a cumulative-effect adjustment will be made to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements when adopted. In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception, (“ASU 2017-11”). Part I of this update addresses the complexity of accounting for certain financial instruments with down round features. Down round features are features of certain equity-linked instruments (or embedded features) that result in the strike price being reduced on the basis of the pricing of future equity offerings. Current accounting guidance creates cost and complexity for entities that issue financial instruments (such as warrants and convertible instruments) with down round features that require fair value measurement of the entire instrument or conversion option. Part II of this update addresses the difficulty of navigating Topic 480, Distinguishing Liabilities from Equity, because of the existence of extensive pending content in the FASB Accounting Standards Codification. This pending content is the result of the indefinite deferral of accounting requirements about mandatorily redeemable financial instruments of certain nonpublic entities and certain mandatorily redeemable noncontrolling interests. The amendments in Part II of this update do not have an accounting effect. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently assessing the potential impact of adopting ASU 2017-11 on its financial statements and related disclosures. In January 2018, the FASB issued ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842, (“ASU 2018-01”). This ASU provides an optional transition practical expedient that, if elected, would not require companies to reconsider their accounting for existing or expired land easements before adoption of Topic 842 and that were not previously accounted for as leases under Topic 840. This ASU will be effective January 1, 2019, and early adoption is permitted. The Company is currently assessing the potential impact of adopting ASU 2018-01 on its financial statements and related disclosures. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220), (“ASU 2018-02”). This ASU allows an entity to elect to reclassify the stranded tax effects related to the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive income into retained earnings. This ASU will be effective January 1, 2019, and early adoption is permitted. The Company is does not expect the adoption of ASU 2018-02 to have a material impact on its financial statements and related disclosures. In March 2018, the FASB issued ASU 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (SEC Update), (“ASU 2018-05”), which included amendments to SEC paragraphs pursuant to SEC Staff Accounting Bulletin No. 118 (“SAB 118”). The pronouncement addresses certain circumstances that may arise for registrants in accounting for the income tax effects of the Tax Cuts and Jobs Act, including when certain income tax effects of the Tax Cuts and Jobs Act are incomplete by the time financial statements are issued. The Company has complied with the amendments related to SAB 118, as discussed further in Note 16. In July 2018, the FASB issued ASU 2018-09, Codification Improvements, (“ASU 2018-09”). This standard does not prescribe any new accounting guidance, but instead makes minor improvements and clarifications of several different FASB Accounting Standards Codification areas based on comments and suggestions made by various stakeholders. Certain updates are applicable immediately while others provide for a transition period to adopt as part of the next fiscal year beginning after December 15, 2018. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement, (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, (“ASU 2018-13”). ASU 2018-13 eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The standard is effective for all entities for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of ASU 2018-02 to have a material impact on its financial statements and related disclosures. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities, (“ASU 2018-17”). ASU 2018-17 requires reporting entities to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety for determining whether a decision-making fee is a variable interest. The standard is effective for all entities for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. Entities are required to apply the amendments in ASU 2018-17 retrospectively with a cumulative-effect adjustment to retained earnings at the beginning o the earliest period presented. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. Any new accounting standards not disclosed above that have been issued or proposed by FASB and that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. |
CONSOLIDATED VARIABLE INTEREST ENTITIES (Tables) |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Variable Interest Entities | In addition, the Operating Partnership consolidates two collateralized loan obligation (“CLO”) VIEs with the following aggregate balance sheets ($ in thousands):
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MORTGAGE LOAN RECEIVABLES (Tables) |
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of mortgage loan receivables | September 30, 2018 ($ in thousands)
December 31, 2017 ($ in thousands)
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| Summary of mortgage loan receivables by loan type | The following table summarizes mortgage loan receivables by loan type ($ in thousands):
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| Schedule of activity in loan portfolio | For the nine months ended September 30, 2018 and 2017, the activity in our loan portfolio was as follows ($ in thousands):
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| Schedule of provision for loan losses | Provision for Loan Losses and Non-Accrual Status ($ in thousands)
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REAL ESTATE SECURITIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of securities which are classified as available-for-sale | The following is a summary of the Company’s securities at September 30, 2018 and December 31, 2017 ($ in thousands): September 30, 2018
December 31, 2017
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| 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 securities by remaining maturity based upon expected cash flows at September 30, 2018 and December 31, 2017 ($ in thousands): September 30, 2018
December 31, 2017
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REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of real estate properties by category | The following tables present additional detail related to our real estate portfolio ($ in thousands):
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| Schedule of depreciation and amortization expense recorded | The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands):
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| Schedule of expected amortization expense related to the acquired in-place lease intangibles, for property owned | The following table presents expected amortization expense during the next five years and thereafter related to the acquired in-place lease intangibles and other intangibles for property owned as of September 30, 2018 ($ in thousands):
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| 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 September 30, 2018 ($ in thousands):
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| Schedule of real estate properties acquired | During the nine months ended September 30, 2017, the Company acquired the following properties ($ in thousands):
During the nine months ended September 30, 2018, the Company acquired the following property ($ in thousands):
The purchase prices were allocated to the asset acquisitions during the nine months ended September 30, 2018, as follows ($ in thousands):
The purchase prices were allocated to the asset acquisitions during the nine months ended September 30, 2017, as follows ($ in thousands):
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| Schedule of properties sold | The Company sold the following properties during the nine months ended September 30, 2018 ($ in thousands):
The Company sold the following properties during the nine months ended September 30, 2017 ($ in thousands):
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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of the Company's investments in unconsolidated joint ventures, which the entity accounts for using the equity method | The following is a summary of the Company’s investments in unconsolidated joint ventures, which we account for using the equity method, as of September 30, 2018 and December 31, 2017 ($ in thousands):
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| Summary of the Company's allocated earnings based on its ownership interests from investment in unconsolidated joint ventures | The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated joint ventures for the three and nine months ended September 30, 2018 and 2017 ($ in thousands):
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| 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 September 30, 2018 and December 31, 2017 ($ in thousands):
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 and nine months ended September 30, 2018 and 2017 ($ in thousands):
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DEBT OBLIGATIONS, NET (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of repurchase agreement | The details of the Company’s debt obligations at September 30, 2018 and December 31, 2017 are as follows ($ in thousands): September 30, 2018
December 31, 2017
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| Schedule of contractual payments under all borrowings by maturity | The following schedule reflects the Company’s contractual payments under all borrowings by maturity ($ in thousands):
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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of fair value | The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at September 30, 2018 and December 31, 2017 are as follows ($ in thousands): September 30, 2018
December 31, 2017
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| 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 September 30, 2018 and December 31, 2017 ($ in thousands): September 30, 2018
December 31, 2017
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| 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 nine months ended September 30, 2018 and 2017 ($ in thousands):
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| 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): September 30, 2018
Sensitivity of the Fair Value to Changes in the Unobservable Inputs
December 31, 2017
Sensitivity of the Fair Value to Changes in the Unobservable Inputs
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DERIVATIVE INSTRUMENTS (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of breakdown of the derivatives outstanding | The following is a breakdown of the derivatives outstanding as of September 30, 2018 and December 31, 2017 ($ in thousands): September 30, 2018
(1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. December 31, 2017
(1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. (2) The Company is paying fixed interest rates on these swaps. |
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| Schedule of net realized gains/(losses) and unrealized appreciation/(depreciation) on derivatives | The following table indicates the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of operations for the three and nine months ended September 30, 2018 and 2017 ($ in thousands):
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OFFSETTING ASSETS AND LIABILITIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of offsetting of financial assets | As of December 31, 2017 Offsetting of Financial Assets and Derivative Assets ($ in thousands)
(1) Included in restricted cash on consolidated balance sheets. As of September 30, 2018 Offsetting of Financial Assets and Derivative Assets ($ in thousands)
(1) Included in restricted cash on consolidated balance sheets. |
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| Schedule of offsetting of financial liabilities | As of September 30, 2018 Offsetting of Financial Liabilities and Derivative Liabilities ($ in thousands)
(1) Included in restricted cash on consolidated balance sheets. As of December 31, 2017 Offsetting of Financial Liabilities and Derivative Liabilities ($ in thousands)
(1) Included in restricted cash on consolidated balance sheets. |
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EQUITY STRUCTURE AND ACCOUNTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of dividends declared and paid | The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2018 and 2017:
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| 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 nine months ended September 30, 2018 and 2017 ($ in thousands):
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EARNINGS PER SHARE (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of the Company's net income and weighted average shares outstanding | The Company’s net income (loss) and weighted average shares outstanding for the three and nine months ended September 30, 2018 and 2017 consist of the following:
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| Schedule of calculation of basic and diluted net income per share amounts |
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STOCK BASED AND OTHER COMPENSATION PLANS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock based compensation plans summary | The following table summarizes the impact on the consolidated statement of operations of the various stock based compensation plans described in this note ($ in thousands):
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| Summary of the grants | A summary of the grants is presented below ($ in thousands):
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| Schedule of nonvested shares activity | The table below presents the number of unvested shares and outstanding stock options at September 30, 2017 and changes during 2017 of the Class A Common stock and Stock Options of Ladder Capital Corp granted under the 2014 Omnibus Incentive Plan:
The table below presents the number of unvested shares and outstanding stock options at September 30, 2018 and changes during 2018 of the Class A Common stock and Stock Options of Ladder Capital Corp granted under the 2014 Omnibus Incentive Plan:
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COMMITMENTS AND CONTINGENCIES (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of future minimum rental payments | The following is a schedule of future minimum rental payments required under the above operating leases ($ in thousands):
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SEGMENT REPORTING (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Company's performance evaluation by segment | The Company evaluates performance based on the following financial measures for each segment ($ in thousands):
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ORGANIZATION AND OPERATIONS (Details) |
Sep. 30, 2018 |
|---|---|
| LCFH | |
| ORGANIZATION AND OPERATIONS | |
| Ownership interest in LCFH | 88.20% |
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Jun. 29, 2017 |
Sep. 30, 2018 |
Mar. 31, 2018 |
Sep. 30, 2017 |
Mar. 31, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
| Reduction in depreciation and amortization | $ (10,417) | $ (10,606) | $ (31,896) | $ (29,323) | |||
| Increase in tenant real estate tax recoveries on net lease property | $ 1,100 | ||||||
| Mortgage loans on real estate, transferred to securitization | $ 625,700 | ||||||
| Out-of-Period Adjustment Related to Prior Years | |||||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||
| Reduction in depreciation and amortization | $ 800 | ||||||
CONSOLIDATED VARIABLE INTEREST ENTITIES (Details) - CLO - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Variable Interest Entity [Line Items] | ||
| Total assets | $ 873,927 | $ 884,637 |
| Total liabilities | 679,378 | 690,755 |
| Net equity in VIEs (eliminated in consolidation) | 194,549 | 193,882 |
| Total equity | 194,549 | 193,882 |
| Total liabilities and equity | 873,927 | 884,637 |
| Mortgage loan receivables held for investment, net, at amortized cost | ||
| Variable Interest Entity [Line Items] | ||
| Total assets | 869,536 | 880,385 |
| Accrued interest receivable | ||
| Variable Interest Entity [Line Items] | ||
| Total assets | 4,391 | 4,252 |
| Senior and unsecured debt obligations | ||
| Variable Interest Entity [Line Items] | ||
| Total liabilities | 677,898 | 689,961 |
| Accrued expenses | ||
| Variable Interest Entity [Line Items] | ||
| Total liabilities | 1,478 | 794 |
| Other liabilities | ||
| Variable Interest Entity [Line Items] | ||
| Total liabilities | $ 2 | $ 0 |
MORTGAGE LOAN RECEIVABLES - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Dec. 31, 2016 |
|
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
| Outstanding Face Amount | $ 4,207,467 | $ 3,533,236 | ||
| Provision for loan losses | (17,600) | (4,000) | ||
| Carrying Value | $ 4,162,949 | $ 3,508,642 | ||
| Weighted Average Yield (as a percent) | 7.51% | 7.03% | ||
| Remaining Maturity (years) | 2 years 1 month 17 days | 2 years 14 days | ||
| Mortgage loan receivables held for investment, net, at amortized cost | ||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
| Outstanding Face Amount | $ 3,830,115 | $ 3,300,709 | ||
| Carrying Value | 3,805,387 | 3,282,462 | ||
| Provision for loan losses | (17,600) | (4,000) | $ (4,000) | $ (4,000) |
| Carrying Value | $ 3,787,787 | $ 3,278,462 | ||
| Weighted Average Yield (as a percent) | 7.70% | 7.18% | ||
| Remaining Maturity (years) | 1 year 4 months 6 days | 1 year 7 months 9 days | ||
| Mortgage loan receivables held for sale | ||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
| Outstanding Face Amount | $ 377,352 | $ 232,527 | ||
| Carrying Value | $ 375,162 | $ 230,180 | ||
| Weighted Average Yield (as a percent) | 5.26% | 4.88% | ||
| Remaining Maturity (years) | 9 years 10 months 13 days | 8 years 2 months 1 day |
MORTGAGE LOAN RECEIVABLES - Additional Information (Details) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|---|
|
Jun. 29, 2017
USD ($)
loan
|
Sep. 30, 2018
USD ($)
loan
|
Mar. 31, 2018 |
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
loan
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
loan
|
|
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||
| Proceeds from sales of mortgage loan receivables | $ 625,700,000 | ||||||
| Outstanding face amount | $ 4,207,467,000 | $ 4,207,467,000 | $ 3,533,236,000 | ||||
| Risk retention requirement, amount | $ 12,900,000 | ||||||
| Risk retention requirement, percentage | 2.00% | ||||||
| Sold, horizontal interest percentage | 3.00% | ||||||
| Controlling classes, percentage | 98.00% | ||||||
| Period of risk retention requirement to be held (at least) | 5 years | ||||||
| Purchase, not recognized for accounting purposes | $ 62,700,000 | ||||||
| Gain on sale | 26,100,000 | ||||||
| Liability for transfers not considered sales | $ 78,800,000 | ||||||
| Unamortized discounts included in mortgage loan receivables held for investment, at amortized cost | $ 200,000 | $ 200,000 | $ 200,000 | ||||
| Number of mortgage loans impaired | loan | 0 | 0 | 0 | ||||
| Provision for loan losses | $ 10,300,000 | $ 0 | $ 13,600,000 | $ 0 | |||
| Loans nonaccrual status, amount | 71,850,000 | 71,850,000 | $ 26,850,000 | ||||
| First mortgage loans | |||||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||
| Number of loans | loan | 34 | ||||||
| Outstanding face amount | $ 548,936,189 | 3,671,849,000 | 3,671,849,000 | 3,140,788,000 | |||
| Carrying value | $ 547,700,000 | ||||||
| Intercompany loans held-for-investment | |||||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||
| Number of loans | loan | 23 | ||||||
| Outstanding face amount | $ 76,700,000 | ||||||
| Mortgage loan receivables held for investment, net, at amortized cost | |||||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||
| Outstanding face amount | 3,830,115,000 | 3,830,115,000 | 3,300,709,000 | ||||
| Carrying value | 3,805,387,000 | 3,805,387,000 | 3,282,462,000 | ||||
| Loans receivable with fixed rates of interest | $ 808,200,000 | $ 808,200,000 | $ 723,700,000 | ||||
| Percentage of loans receivable with fixed rates of interest | 21.20% | 21.20% | 22.00% | ||||
| Loans receivable with variable rates of interest | $ 3,000,000,000 | $ 3,000,000,000 | $ 2,600,000,000 | ||||
| Loans receivable with variable rates of interest, percentage | 78.80% | 78.80% | 78.00% | ||||
| Mortgage loan receivables held for sale | |||||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||
| Outstanding face amount | $ 377,352,000 | $ 377,352,000 | $ 232,527,000 | ||||
| Loans receivable with fixed rates of interest | $ 375,200,000 | $ 375,200,000 | $ 230,200,000 | ||||
| Percentage of loans receivable with fixed rates of interest | 100.00% | 100.00% | 100.00% | ||||
| Loan on non-accrual status | |||||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||
| Loans nonaccrual status, amount | $ 0 | ||||||
| Minimum | |||||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||
| Direct capitalization rate | 4.70% | 4.70% | 4.35% | ||||
| Maximum | |||||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||
| Direct capitalization rate | 5.00% | 5.00% | 4.65% | ||||
| One Of Company Loans | Mortgage loan receivables held for investment, net, at amortized cost | |||||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||
| Number or loans in default | loan | 1 | ||||||
| Loans in default, carrying value | $ 45,000,000 | $ 45,000,000 | |||||
| Percentage of equity kicker not subject to investment | 19.00% | ||||||
| Series A | One Of Company Loans | Mortgage loan receivables held for investment, net, at amortized cost | |||||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||
| Loans in default, carrying value | 35,000,000 | $ 35,000,000 | |||||
| Series B | One Of Company Loans | Mortgage loan receivables held for investment, net, at amortized cost | |||||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||
| Loans in default, carrying value | $ 10,000,000 | $ 10,000,000 | |||||
MORTGAGE LOAN RECEIVABLES - Mortgage Loan Receivables by Loan Type (Details) - USD ($) |
Sep. 30, 2018 |
Jun. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Jun. 29, 2017 |
Dec. 31, 2016 |
|---|---|---|---|---|---|---|---|
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||
| Outstanding Face Amount | $ 4,207,467,000 | $ 3,533,236,000 | |||||
| Provision for loan losses | (17,600,000) | $ (7,300,000) | (4,000,000) | $ (4,000,000) | $ (4,000,000) | $ (4,000,000) | |
| Carrying Value | 4,162,949,000 | 3,508,642,000 | |||||
| First mortgage loans | |||||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||
| Outstanding Face Amount | 3,671,849,000 | 3,140,788,000 | $ 548,936,189 | ||||
| Carrying value | 3,647,710,000 | 3,123,268,000 | |||||
| Mezzanine loans | |||||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||
| Outstanding Face Amount | 158,266,000 | 159,921,000 | |||||
| Carrying value | 157,677,000 | 159,194,000 | |||||
| Mortgage loan receivables held for investment, net, at amortized cost | |||||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||
| Outstanding Face Amount | 3,830,115,000 | 3,300,709,000 | |||||
| Carrying value | 3,805,387,000 | 3,282,462,000 | |||||
| Carrying Value | 3,787,787,000 | 3,278,462,000 | |||||
| First mortgage loans | |||||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||
| Outstanding Face Amount | 377,352,000 | 232,527,000 | |||||
| Carrying Value | 375,162,000 | 230,180,000 | |||||
| Mortgage loan receivables held for sale | |||||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||
| Outstanding Face Amount | 377,352,000 | 232,527,000 | |||||
| Carrying Value | $ 375,162,000 | $ 230,180,000 |
MORTGAGE LOAN RECEIVABLES - Activity in Loan Portfolio (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
loan
|
Sep. 30, 2017
USD ($)
|
|
| Activity in loan portfolio | ||||
| Balance at the beginning of the period, provision for loan losses | $ (4,000) | |||
| Realized gain on sale of mortgage loan receivables | $ 1,861 | $ (775) | 12,893 | $ 24,129 |
| Balance at the end of the period, provision for loan losses | (17,600) | (17,600) | ||
| Loans held for sale transferred loan held for investment, book value | 57,600 | 120,000 | 57,600 | 120,000 |
| Loans held for sale transferred to loans held for investments, fair value | 55,400 | 119,900 | $ 55,400 | $ 119,900 |
| Loans from held for sale transferred to portfolio loans, remaining maturity | 2 years 6 months 7 days | 3 years | ||
| Mortgage loans held by consolidated subsidiaries | ||||
| Activity in loan portfolio | ||||
| Balance at the beginning of the period | $ 3,282,462 | $ 2,000,095 | ||
| Origination of mortgage loan receivables | 1,240,894 | 869,981 | ||
| Purchases of mortgage loan receivables | 94,079 | |||
| Repayment of mortgage loan receivables | (787,167) | (245,095) | ||
| Proceeds from sales of mortgage loan receivables | 0 | 0 | ||
| Realized gain on sale of mortgage loan receivables | 0 | 0 | ||
| Transfer between held for investment and held for sale | 55,403 | 119,952 | ||
| Accretion/amortization of discount, premium and other fees | 13,795 | 7,928 | ||
| Loan loss provision | 0 | |||
| Balance at the end of the period | 3,805,387 | 2,846,940 | 3,805,387 | 2,846,940 |
| Mortgage loan receivables held for investment, net, at amortized cost | ||||
| Activity in loan portfolio | ||||
| Balance at the beginning of the period, provision for loan losses | (4,000) | (4,000) | ||
| Loan loss provision | (13,600) | |||
| Balance at the end of the period, provision for loan losses | (17,600) | (4,000) | (17,600) | (4,000) |
| Mortgage loan receivables held for sale | ||||
| Activity in loan portfolio | ||||
| Balance at the beginning of the period | 230,180 | 357,882 | ||
| Origination of mortgage loan receivables | 1,115,218 | 887,978 | ||
| Purchases of mortgage loan receivables | 0 | |||
| Repayment of mortgage loan receivables | (1,324) | (1,857) | ||
| Proceeds from sales of mortgage loan receivables | (926,402) | (563,933) | ||
| Realized gain on sale of mortgage loan receivables | 12,893 | 24,129 | ||
| Transfer between held for investment and held for sale | (55,403) | (119,952) | ||
| Accretion/amortization of discount, premium and other fees | 0 | 0 | ||
| Loan loss provision | 0 | |||
| Balance at the end of the period | 375,162 | 584,247 | 375,162 | 584,247 |
| Realized losses on loans recorded as other than temporary impairments | 500 | $ 1,800 | 500 | $ 1,800 |
| Two Of Company Loans | Mortgage loan receivables held for investment, net, at amortized cost | ||||
| Activity in loan portfolio | ||||
| Provision for loss resulting from on-going bankruptcy proceedings | 2,700 | |||
| Reserve based on targeted percentage level in portfolio | 300 | $ 900 | ||
| Number or loans in default | loan | 2 | |||
| Loans in default, carrying value | 26,900 | $ 26,900 | ||
| One Of Company Loans | Mortgage loan receivables held for investment, net, at amortized cost | ||||
| Activity in loan portfolio | ||||
| Provision for loss resulting from on-going bankruptcy proceedings | 10,000 | $ 12,700 | ||
| Number or loans in default | loan | 1 | |||
| Loans in default, carrying value | $ 45,000 | $ 45,000 | ||
MORTGAGE LOAN RECEIVABLES - Provision for Loan Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
| Allowance for Loan and Lease Losses [Roll Forward] | |||||
| Provision for loan losses at beginning of period | $ 7,300 | $ 4,000 | $ 4,000 | $ 4,000 | |
| Provision for loan losses | 10,300 | 0 | 13,600 | 0 | |
| Provision for loan losses at end of period | 17,600 | $ 4,000 | 17,600 | $ 4,000 | |
| Principal balance of loans on non-accrual status | $ 71,850 | $ 71,850 | $ 26,850 | ||
REAL ESTATE SECURITIES - Summary of Securities (Details) $ in Thousands |
9 Months Ended | 12 Months Ended | |
|---|---|---|---|
|
Sep. 30, 2018
USD ($)
security
|
Dec. 31, 2017
USD ($)
security
|
Jun. 29, 2017
USD ($)
|
|
| Debt Securities, Available-for-sale [Line Items] | |||
| Outstanding Face Amount | $ 3,328,965 | $ 4,292,845 | |
| Amortized Cost Basis | 988,355 | 1,107,380 | |
| Gross Unrealized Gains | 1,132 | 4,296 | |
| Gross Unrealized Losses | (11,198) | (5,159) | |
| Carrying Value | $ 978,289 | $ 1,106,517 | |
| Number of Securities | security | 132 | 142 | |
| Weighted Average Coupon % | 1.39% | 1.37% | |
| Weighted Average Yield % | 3.06% | 2.87% | |
| Remaining Duration (years) | 2 years 5 months 23 days | 3 years | |
| Risk retention requirement, amount | $ 12,900 | ||
| CMBS | |||
| Debt Securities, Available-for-sale [Line Items] | |||
| Outstanding Face Amount | $ 883,416 | $ 945,167 | |
| Amortized Cost Basis | 886,907 | 954,397 | |
| Gross Unrealized Gains | 309 | 2,748 | |
| Gross Unrealized Losses | (8,475) | (3,646) | |
| Carrying Value | $ 878,741 | $ 953,499 | |
| Number of Securities | security | 92 | 96 | |
| Weighted Average Coupon % | 3.37% | 3.28% | |
| Weighted Average Yield % | 3.04% | 2.79% | |
| Remaining Duration (years) | 2 years 4 months 9 days | 2 years 10 months 20 days | |
| Risk retention requirement, amount | $ 11,200 | $ 11,700 | |
| CMBS interest-only | |||
| Debt Securities, Available-for-sale [Line Items] | |||
| Outstanding Face Amount | 2,272,679 | 3,140,297 | |
| Amortized Cost Basis | 63,282 | 112,609 | |
| Gross Unrealized Gains | 324 | 796 | |
| Gross Unrealized Losses | (1,968) | (334) | |
| Carrying Value | $ 61,638 | $ 113,071 | |
| Number of Securities | security | 19 | 25 | |
| Weighted Average Coupon % | 0.63% | 0.81% | |
| Weighted Average Yield % | 2.71% | 3.16% | |
| Remaining Duration (years) | 2 years 9 months 14 days | 3 years 29 days | |
| Risk retention requirement, amount | $ 900 | $ 1,100 | |
| GNMA interest-only | |||
| Debt Securities, Available-for-sale [Line Items] | |||
| Outstanding Face Amount | 138,026 | 172,916 | |
| Amortized Cost Basis | 3,068 | 5,245 | |
| Gross Unrealized Gains | 74 | 157 | |
| Gross Unrealized Losses | (387) | (925) | |
| Carrying Value | $ 2,755 | $ 4,477 | |
| Number of Securities | security | 12 | 13 | |
| Weighted Average Coupon % | 0.49% | 0.58% | |
| Weighted Average Yield % | 7.24% | 6.70% | |
| Remaining Duration (years) | 4 years 29 days | 4 years 2 months 4 days | |
| Agency securities | |||
| Debt Securities, Available-for-sale [Line Items] | |||
| Outstanding Face Amount | $ 678 | $ 720 | |
| Amortized Cost Basis | 693 | 743 | |
| Gross Unrealized Gains | 0 | 0 | |
| Gross Unrealized Losses | (29) | (15) | |
| Carrying Value | $ 664 | $ 728 | |
| Number of Securities | security | 2 | 2 | |
| Weighted Average Coupon % | 2.75% | 2.82% | |
| Weighted Average Yield % | 1.87% | 1.80% | |
| Remaining Duration (years) | 2 years 5 months 26 days | 2 years 11 months 8 days | |
| GNMA permanent securities | |||
| Debt Securities, Available-for-sale [Line Items] | |||
| Outstanding Face Amount | $ 32,916 | $ 33,745 | |
| Amortized Cost Basis | 33,182 | 34,386 | |
| Gross Unrealized Gains | 420 | 595 | |
| Gross Unrealized Losses | (339) | (239) | |
| Carrying Value | $ 33,263 | $ 34,742 | |
| Number of Securities | security | 6 | 6 | |
| Weighted Average Coupon % | 3.95% | 3.98% | |
| Weighted Average Yield % | 3.78% | 3.62% | |
| Remaining Duration (years) | 5 years 2 months 8 days | 5 years 7 months 27 days | |
| Corporate bonds | |||
| Debt Securities, Available-for-sale [Line Items] | |||
| Outstanding Face Amount | $ 1,250 | ||
| Amortized Cost Basis | 1,223 | ||
| Gross Unrealized Gains | 5 | ||
| Gross Unrealized Losses | 0 | ||
| Carrying Value | $ 1,228 | ||
| Number of Securities | security | 1 | ||
| Weighted Average Coupon % | 3.63% | ||
| Weighted Average Yield % | 4.61% | ||
| Remaining Duration (years) | 2 years 3 months |
REAL ESTATE SECURITIES - Securities by Remaining Maturity (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Debt Securities, Available-for-sale [Line Items] | ||
| Within 1 year | $ 334,604 | $ 286,595 |
| 1-5 years | 482,208 | 663,243 |
| 5-10 years | 161,474 | 156,668 |
| After 10 years | 3 | 11 |
| Total | 978,289 | 1,106,517 |
| CMBS | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Within 1 year | 333,542 | 285,982 |
| 1-5 years | 415,799 | 544,278 |
| 5-10 years | 129,400 | 123,239 |
| After 10 years | 0 | 0 |
| Total | 878,741 | 953,499 |
| CMBS interest-only | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Within 1 year | 1,043 | 537 |
| 1-5 years | 60,595 | 112,534 |
| 5-10 years | 0 | 0 |
| After 10 years | 0 | 0 |
| Total | 61,638 | 113,071 |
| GNMA interest-only | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Within 1 year | 19 | 76 |
| 1-5 years | 2,373 | 3,906 |
| 5-10 years | 360 | 484 |
| After 10 years | 3 | 11 |
| Total | 2,755 | 4,477 |
| Agency securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Within 1 year | 0 | 0 |
| 1-5 years | 664 | 728 |
| 5-10 years | 0 | 0 |
| After 10 years | 0 | 0 |
| Total | 664 | 728 |
| GNMA permanent securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Within 1 year | 0 | 0 |
| 1-5 years | 1,549 | 1,797 |
| 5-10 years | 31,714 | 32,945 |
| After 10 years | 0 | 0 |
| Total | 33,263 | $ 34,742 |
| Corporate bonds | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Within 1 year | 0 | |
| 1-5 years | 1,228 | |
| 5-10 years | 0 | |
| After 10 years | 0 | |
| Total | $ 1,228 |
REAL ESTATE SECURITIES - Additional Information (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Investments, Debt and Equity Securities [Abstract] | ||||
| Realized gain on sale of equity security | $ 72,000 | |||
| Other than temporary impairment losses included in consolidated statements of income | $ (600,000) | $ (200,000) | $ (2,200,000) | $ (1,200,000) |
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Portfolio (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Real estate and related lease intangibles, net | ||
| Less: Accumulated depreciation and amortization | $ (164,197) | $ (161,063) |
| Real estate and related lease intangibles, net | 1,000,010 | 1,032,041 |
| Below market lease intangibles, net (other liabilities) | (40,458) | (42,607) |
| In-place leases and other intangibles | ||
| Real estate and related lease intangibles, net | ||
| Real estate | 161,186 | 189,490 |
| Land | ||
| Real estate and related lease intangibles, net | ||
| Real estate | 194,307 | 213,992 |
| Building | ||
| Real estate and related lease intangibles, net | ||
| Real estate | $ 808,714 | $ 789,622 |
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Depreciation and Amortization Expense on Real Estate (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Real Estate [Abstract] | ||||
| Depreciation expense | $ 8,063 | $ 7,624 | $ 24,058 | $ 20,470 |
| Amortization expense | 2,336 | 2,959 | 7,782 | 8,783 |
| Total real estate depreciation and amortization expense | 10,399 | 10,583 | 31,840 | 29,253 |
| Depreciation on corporate fixed assets | $ 18 | $ 23 | $ 56 | $ 70 |
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
| Business Acquisition [Line Items] | |||||
| Gross intangible assets | $ 161.2 | $ 161.2 | $ 189.5 | ||
| Accumulated amortization | 53.6 | 53.6 | 60.9 | ||
| Net intangible assets | 107.6 | 107.6 | 128.6 | ||
| Unamortized favorable/unfavorable lease intangibles | 5.6 | 5.6 | 8.9 | ||
| Increase in operating lease income, amortization of below market lease intangibles acquired | 0.5 | $ 0.6 | 1.8 | $ 1.3 | |
| Unbilled rent receivables | 0.5 | 0.5 | 0.9 | ||
| Unencumbered real estates | 19.4 | 19.4 | $ 128.7 | ||
| Revenues from acquisitions | 2.0 | 0.3 | 3.4 | 5.6 | |
| Net earnings (loss) | 0.7 | 0.1 | $ 1.5 | $ 3.7 | |
| Weighted average amortization period for intangible assets acquired | 18 years 6 months | 18 years 7 months 6 days | |||
| Above Market Leases | |||||
| Business Acquisition [Line Items] | |||||
| Decrease in operating lease income, amortization of above market lease intangibles acquired | $ (0.2) | $ (0.3) | $ (0.5) | $ (0.8) | |
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Finite-Lived Intangible Assets [Line Items] | ||
| Total | $ 107,600 | $ 128,600 |
| In-place leases intangibles | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| 2018 (Last 3 months) | 2,170 | |
| 2019 | 7,924 | |
| 2020 | 6,514 | |
| 2021 | 6,448 | |
| 2022 | 6,384 | |
| Thereafter | 72,548 | |
| Total | $ 101,988 |
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Future Minimum Rental Payments Receivable (Details) $ in Thousands |
Sep. 30, 2018
USD ($)
|
|---|---|
| Real Estate [Abstract] | |
| 2018 (Last 3 months) | $ 21,988 |
| 2019 | 78,702 |
| 2020 | 76,744 |
| 2021 | 73,711 |
| 2022 | 142,493 |
| Thereafter | 570,220 |
| Total | $ 963,858 |
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Real Estate Properties Acquired (Details) - USD ($) $ in Thousands |
9 Months Ended | |
|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 113,903 | $ 230,677 |
| Diversified | Lithia Springs, GA | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 24,466 | |
| Ownership Interest (percent) | 70.60% | |
| Diversified | Lithia Springs, GA | Consolidated Joint Venture | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 2,900 | |
| Diversified | Isla Vista, CA | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 83,442 | |
| Ownership Interest (percent) | 75.00% | |
| Diversified | Isla Vista, CA | Consolidated Joint Venture | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 4,200 | |
| Diversified | El Monte, CA | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 54,110 | |
| Ownership Interest (percent) | 70.00% | |
| Diversified | El Monte, CA | Consolidated Joint Venture | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 5,300 | |
| Diversified | Miami, FL | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 38,145 | |
| Ownership Interest (percent) | 80.00% | |
| Diversified | Miami, FL | Consolidated Joint Venture | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 1,600 | |
| Diversified | Crum Lynne, PA | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 9,196 | |
| Ownership Interest (percent) | 100.00% | |
| Net Lease | Kirbyville, MO | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 1,156 | |
| Ownership Interest (percent) | 100.00% | |
| Net Lease | Gladwin, MI | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 1,171 | |
| Ownership Interest (percent) | 100.00% | |
| Net Lease | Foley, MN | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 1,176 | |
| Ownership Interest (percent) | 100.00% | |
| Net Lease | Moscow Mills, MO | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 1,237 | |
| Ownership Interest (percent) | 100.00% | |
| Net Lease | Wonder Lake, IL | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 1,255 | |
| Ownership Interest (percent) | 100.00% | |
| Net Lease | Carmi, IL | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 1,411 | |
| Ownership Interest (percent) | 100.00% | |
| Net Lease | Peoria, IL | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 1,183 | |
| Ownership Interest (percent) | 100.00% | |
| Net Lease | Ridgedale, MO | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 1,298 | |
| Ownership Interest (percent) | 100.00% | |
| Net Lease | Hanna City, IL | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 1,141 | |
| Ownership Interest (percent) | 100.00% | |
| Net Lease | Jessup, IA | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 1,163 | |
| Ownership Interest (percent) | 100.00% | |
| Net Lease | Shelbyville, IL | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 1,132 | |
| Ownership Interest (percent) | 100.00% | |
| Net Lease | Jacksonville, FL | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 115,641 | |
| Ownership Interest (percent) | 100.00% | |
| Net Lease | Wabasha, MN | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 1,280 | |
| Ownership Interest (percent) | 100.00% | |
| Net Lease | Port O'Connor, TX | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 1,255 | |
| Ownership Interest (percent) | 100.00% | |
| Net Lease | Denver, IA | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 1,183 | |
| Ownership Interest (percent) | 100.00% | |
| Net Lease | Jefferson City, MO | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 1,241 | |
| Ownership Interest (percent) | 100.00% | |
| Net Lease | Milford, IA | ||
| Business Acquisition [Line Items] | ||
| Purchase Price | $ 1,298 | |
| Ownership Interest (percent) | 100.00% | |
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Schedule of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
9 Months Ended | |
|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Real Estate [Abstract] | ||
| Land | $ 39,317 | $ 70,750 |
| Building | 72,625 | 153,502 |
| Intangibles | 2,290 | 34,172 |
| Below Market Lease Intangibles | (329) | (27,747) |
| Purchase Price | $ 113,903 | $ 230,677 |
REAL ESTATE AND RELATED LEASE INTANGIBLES, NET - Real Estate Properties Sold (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2018
USD ($)
property
|
Sep. 30, 2017
USD ($)
property
|
Sep. 30, 2018
USD ($)
property
|
Sep. 30, 2017
USD ($)
property
|
Dec. 31, 2017
USD ($)
|
||||
| Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
| Net Sales Proceeds | $ 153,398 | [1] | $ 20,522 | |||||
| Net Book Value | $ 1,000,010 | 1,000,010 | $ 1,032,041 | |||||
| Realized Gain/(Loss) | 63,704 | $ 3,228 | 96,341 | 7,790 | ||||
| 2018 Disposal Properties | ||||||||
| Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
| Net Sales Proceeds | 214,639 | |||||||
| Net Book Value | 118,298 | 118,298 | ||||||
| Realized Gain/(Loss) | 96,341 | |||||||
| 2018 Disposal Properties | Condominium | Las Vegas, NV | ||||||||
| Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
| Net Sales Proceeds | 6,228 | |||||||
| Net Book Value | $ 3,116 | 3,116 | ||||||
| Realized Gain/(Loss) | $ 3,112 | |||||||
| Properties | property | 0 | 0 | ||||||
| Units Sold | property | 8 | |||||||
| Units Remaining | property | 5 | |||||||
| 2018 Disposal Properties | Condominium | Miami, FL | ||||||||
| Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
| Net Sales Proceeds | $ 4,844 | |||||||
| Net Book Value | $ 3,987 | 3,987 | ||||||
| Realized Gain/(Loss) | $ 857 | |||||||
| Properties | property | 0 | 0 | ||||||
| Units Sold | property | 18 | |||||||
| Units Remaining | property | 30 | |||||||
| 2018 Disposal Properties | Diversified | El Monte, CA | ||||||||
| Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
| Net Sales Proceeds | $ 71,807 | |||||||
| Net Book Value | $ 52,610 | 52,610 | ||||||
| Realized Gain/(Loss) | $ 19,197 | |||||||
| Properties | property | 1 | 1 | ||||||
| Units Sold | property | 0 | |||||||
| Units Remaining | property | 0 | |||||||
| 2018 Disposal Properties | Diversified | El Monte, CA | Third Party Investor | ||||||||
| Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
| Realized Gain/(Loss) | 7,000 | |||||||
| 2018 Disposal Properties | Diversified | Richmond, VA | ||||||||
| Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
| Net Sales Proceeds | $ 21,632 | |||||||
| Net Book Value | $ 11,396 | 11,396 | ||||||
| Realized Gain/(Loss) | $ 10,236 | |||||||
| Properties | property | 1 | 1 | ||||||
| Units Sold | property | 0 | |||||||
| Units Remaining | property | 0 | |||||||
| 2018 Disposal Properties | Diversified | Richmond, VA | Third Party Investor | ||||||||
| Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
| Realized Gain/(Loss) | 400 | |||||||
| 2018 Disposal Properties | Diversified | St. Paul, MN | ||||||||
| Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
| Net Sales Proceeds | $ 110,128 | |||||||
| Net Book Value | $ 47,189 | 47,189 | ||||||
| Realized Gain/(Loss) | $ 62,939 | |||||||
| Properties | property | 4 | 4 | ||||||
| Units Sold | property | 0 | |||||||
| Units Remaining | property | 0 | |||||||
| 2018 Disposal Properties | Diversified | St. Paul, MN | Third Party Investor | ||||||||
| Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
| Realized Gain/(Loss) | 7,900 | |||||||
| 2017 Disposal Properties | ||||||||
| Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
| Net Sales Proceeds | 20,672 | |||||||
| Net Book Value | 12,732 | 12,732 | ||||||
| Realized Gain/(Loss) | 7,940 | |||||||
| 2017 Disposal Properties | Condominium | ||||||||
| Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
| Realized Gain/(Loss) | (150) | |||||||
| 2017 Disposal Properties | Condominium | Las Vegas, NV | ||||||||
| Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
| Net Sales Proceeds | 14,568 | |||||||
| Net Book Value | $ 7,943 | 7,943 | ||||||
| Realized Gain/(Loss) | $ 6,625 | |||||||
| Properties | property | 0 | 0 | ||||||
| Units Sold | property | 37 | |||||||
| Units Remaining | property | 22 | |||||||
| 2017 Disposal Properties | Condominium | Miami, FL | ||||||||
| Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
| Net Sales Proceeds | $ 6,104 | |||||||
| Net Book Value | $ 4,789 | 4,789 | ||||||
| Realized Gain/(Loss) | $ 1,315 | |||||||
| Properties | property | 0 | 0 | ||||||
| Units Sold | property | 21 | |||||||
| Units Remaining | property | 67 | |||||||
| ||||||||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Additional Information (Details) |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|
Apr. 30, 2012 |
Sep. 30, 2018
USD ($)
property
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
property
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
Aug. 07, 2015
USD ($)
|
Mar. 22, 2013 |
|
| Schedule of Equity Method Investments [Line Items] | ||||||||
| Investments in unconsolidated joint ventures | $ 36,100,000 | $ 36,100,000 | $ 35,441,000 | |||||
| Proceeds from distribution of investment | 1,250,000 | $ 0 | ||||||
| Expenses from investment | (3,415,000) | $ (3,709,000) | (9,788,000) | (11,193,000) | ||||
| Grace Lake JV, LLC | ||||||||
| Schedule of Equity Method Investments [Line Items] | ||||||||
| Investments in unconsolidated joint ventures | $ 4,796,000 | $ 4,796,000 | 4,908,000 | |||||
| Percentage of equity kicker received with right to convert upon capital event | 25.00% | |||||||
| Preferred return used to determine distribution of excess cash flow (as a percent) | 8.25% | |||||||
| Percentage of distribution of all excess cash flows and all disposition proceeds upon any sale entitled after consideration of preferred return and return of equity remaining in the property to operating partner | 25.00% | |||||||
| Percentage of investment of operating partner | 81.00% | |||||||
| Proceeds from distribution of investment | $ 1,300,000 | |||||||
| Grace Lake JV, LLC | LP Units | ||||||||
| Schedule of Equity Method Investments [Line Items] | ||||||||
| Ownership interest (as a percent) | 19.00% | |||||||
| Grace Lake JV, LLC | Limited liability company | ||||||||
| Schedule of Equity Method Investments [Line Items] | ||||||||
| Ownership interest (as a percent) | 19.00% | 19.00% | ||||||
| 24 Second Avenue Holdings LLC | ||||||||
| Schedule of Equity Method Investments [Line Items] | ||||||||
| Investments in unconsolidated joint ventures | $ 31,304,000 | $ 31,304,000 | 30,533,000 | |||||
| Ownership interest (as a percent) | 73.80% | |||||||
| Amount contributed | $ 31,100,000 | |||||||
| Profit multiplier ratio | 1.70 | |||||||
| Ownership percentage after achievement of profit multiplier ratio | 50.00% | |||||||
| Expenses from investment | (200,000) | (300,000) | (700,000) | (800,000) | ||||
| Interest costs capitalized | 400,000 | $ 400,000 | 1,100,000 | $ 900,000 | ||||
| 24 Second Avenue Holdings LLC | Operating Partner | ||||||||
| Schedule of Equity Method Investments [Line Items] | ||||||||
| Ownership interest (as a percent) | 26.20% | |||||||
| Ownership percentage after achievement of profit multiplier ratio | 50.00% | |||||||
| 24 Second Avenue Holdings LLC | Co-venturer | ||||||||
| Schedule of Equity Method Investments [Line Items] | ||||||||
| Loans payable outstanding from unconsolidated joint venture | 46,400,000 | 46,400,000 | $ 36,500,000 | |||||
| 24 Second Avenue Holdings LLC | Co-venturer | Construction Loan | ||||||||
| Schedule of Equity Method Investments [Line Items] | ||||||||
| Committed amount on credit agreement | 50,465,000 | 50,465,000 | ||||||
| Outstanding amount under credit agreement | 46,400,000 | 46,400,000 | ||||||
| Remaining borrowing capacity under credit agreement | $ 0 | $ 0 | ||||||
| Apartment Building | 24 Second Avenue Holdings LLC | ||||||||
| Schedule of Equity Method Investments [Line Items] | ||||||||
| Number of real estate properties | property | 31 | 31 | ||||||
| Number of real estate properties, under contract | property | 16 | 16 | ||||||
| Real estate properties, under contract | $ 39,300,000 | $ 39,300,000 | ||||||
| Real estate properties, under contract, deposit | 10.00% | 10.00% | ||||||
| Other | 24 Second Avenue Holdings LLC | ||||||||
| Schedule of Equity Method Investments [Line Items] | ||||||||
| Number of real estate properties | property | 1 | 1 | ||||||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Investments in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Schedule of Equity Method Investments [Line Items] | ||
| Investment in unconsolidated joint ventures | $ 36,100 | $ 35,441 |
| Grace Lake JV, LLC | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Investment in unconsolidated joint ventures | 4,796 | 4,908 |
| 24 Second Avenue Holdings LLC | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Investment in unconsolidated joint ventures | $ 31,304 | $ 30,533 |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Summary of Allocated Earnings (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Schedule of Equity Method Investments [Line Items] | ||||
| Earnings (loss) from investment in unconsolidated joint ventures | $ 401 | $ 127 | $ 466 | $ 64 |
| Grace Lake JV, LLC | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Earnings (loss) from investment in unconsolidated joint ventures | 605 | 387 | 1,138 | 895 |
| 24 Second Avenue Holdings LLC | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Earnings (loss) from investment in unconsolidated joint ventures | $ (204) | $ (260) | $ (672) | $ (831) |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - Results from Operations of the Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
| Financial Position | |||||
| Total assets | $ 161,388 | $ 161,388 | $ 154,979 | ||
| Total liabilities | 116,628 | 116,628 | 108,119 | ||
| Partners’/members’ capital | 44,760 | 44,760 | $ 46,860 | ||
| Results from Operations | |||||
| Total revenues | 4,351 | $ 5,199 | 13,671 | $ 13,942 | |
| Total expenses | 3,415 | 3,709 | 9,788 | 11,193 | |
| Net income (loss) | $ 936 | $ 1,490 | $ 3,883 | $ 2,749 | |
DEBT OBLIGATIONS, NET - Schedule of Company's Debt Obligations (Details) |
9 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Jan. 04, 2018 |
Mar. 21, 2017
Extension
|
Feb. 22, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
Extension
|
Dec. 31, 2017
USD ($)
Extension
|
Dec. 21, 2017
USD ($)
|
Oct. 17, 2017
USD ($)
|
|
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Debt Obligations Outstanding | $ 973,617,000 | $ 473,410,000 | |||||
| Debt obligations | 4,757,633,000 | ||||||
| Carrying Amount of Collateral | 0 | 0 | |||||
| Committed Loan Repurchase Facility | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Committed Financing | 1,650,000,000 | 1,650,000,000 | |||||
| Debt Obligations Outstanding | 751,971,000 | 398,653,000 | |||||
| Committed but Unfunded | 898,029,000 | 1,251,347,000 | |||||
| Carrying Amount of Collateral | 1,185,489,000 | 667,102,000 | |||||
| Fair Value of Collateral | 1,217,880,000 | 668,664,000 | |||||
| Length of additional extension maturity periods | 1 year | ||||||
| Committed Loan Repurchase Facility | 10/1/2020 | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Committed Financing | 600,000,000 | 600,000,000 | |||||
| Debt Obligations Outstanding | 263,033,000 | 120,493,000 | |||||
| Committed but Unfunded | 336,967,000 | 479,507,000 | |||||
| Carrying Amount of Collateral | 416,109,000 | 160,031,000 | |||||
| Fair Value of Collateral | $ 415,610,000 | $ 159,568,000 | |||||
| Number of extension maturity periods | Extension | 2 | 2 | |||||
| Length of extension options | 12 months | 12 months | |||||
| Length of additional extension maturity periods | 12 months | ||||||
| Committed Loan Repurchase Facility | 10/1/2020 | Minimum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 3.91% | 3.23% | |||||
| Committed Loan Repurchase Facility | 10/1/2020 | Maximum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 4.66% | 3.98% | |||||
| Committed Loan Repurchase Facility | 5/24/2019 | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Committed Financing | $ 350,000,000 | ||||||
| Debt Obligations Outstanding | 164,676,000 | ||||||
| Committed but Unfunded | 185,324,000 | ||||||
| Carrying Amount of Collateral | 278,078,000 | ||||||
| Fair Value of Collateral | $ 310,631,000 | ||||||
| Number of extension maturity periods | Extension | 2 | ||||||
| Committed Loan Repurchase Facility | 5/24/2019 | Minimum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 4.38% | ||||||
| Committed Loan Repurchase Facility | 5/24/2019 | Maximum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 5.13% | ||||||
| Committed Loan Repurchase Facility | 5/24/2018 | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Committed Financing | $ 450,000,000 | ||||||
| Debt Obligations Outstanding | 183,111,000 | ||||||
| Committed but Unfunded | 266,889,000 | ||||||
| Carrying Amount of Collateral | 333,647,000 | ||||||
| Fair Value of Collateral | $ 335,076,000 | ||||||
| Committed Loan Repurchase Facility | 5/24/2018 | Minimum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 3.63% | ||||||
| Committed Loan Repurchase Facility | 5/24/2018 | Maximum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 4.48% | ||||||
| Committed Loan Repurchase Facility | 4/7/2019 | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Committed Financing | $ 300,000,000 | ||||||
| Debt Obligations Outstanding | 150,800,000 | ||||||
| Committed but Unfunded | 149,200,000 | ||||||
| Carrying Amount of Collateral | 234,264,000 | ||||||
| Fair Value of Collateral | $ 234,664,000 | ||||||
| Number of extension maturity periods | Extension | 1 | ||||||
| Length of extension options | 364 days | ||||||
| Additional length of period of extension options | 364 days | ||||||
| Number of additional extension maturity periods | Extension | 1 | ||||||
| Committed Loan Repurchase Facility | 4/7/2019 | Minimum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 4.16% | ||||||
| Committed Loan Repurchase Facility | 4/7/2019 | Maximum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 4.66% | ||||||
| Committed Loan Repurchase Facility | 4/10/2018 | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Committed Financing | $ 300,000,000.0 | $ 300,000,000 | |||||
| Debt Obligations Outstanding | 63,007,000 | ||||||
| Committed but Unfunded | 236,993,000 | ||||||
| Carrying Amount of Collateral | 125,379,000 | ||||||
| Fair Value of Collateral | $ 125,975,000 | ||||||
| Number of extension maturity periods | Extension | 2 | ||||||
| Length of extension options | 1 year | 364 days | |||||
| Additional length of period of extension options | 364 days | ||||||
| Length of additional extension maturity periods | 364 days | ||||||
| Number of additional extension maturity periods | Extension | 1 | 1 | |||||
| Committed Loan Repurchase Facility | 4/10/2018 | Minimum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 3.73% | ||||||
| Committed Loan Repurchase Facility | 4/10/2018 | Maximum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 4.73% | ||||||
| Committed Loan Repurchase Facility | 5/6/2021 | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Committed Financing | $ 300,000,000 | ||||||
| Debt Obligations Outstanding | 112,570,000 | ||||||
| Committed but Unfunded | 187,430,000 | ||||||
| Carrying Amount of Collateral | 173,920,000 | ||||||
| Fair Value of Collateral | $ 173,857,000 | ||||||
| Number of extension maturity periods | Extension | 1 | ||||||
| Length of extension options | 12 months | ||||||
| Length of additional extension maturity periods | 6 months | ||||||
| Number of additional extension maturity periods | Extension | 2 | ||||||
| Committed Loan Repurchase Facility | 5/6/2021 | Minimum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 4.19% | ||||||
| Committed Loan Repurchase Facility | 5/6/2021 | Maximum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 5.19% | ||||||
| Committed Loan Repurchase Facility | 7/20/2021 | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Committed Financing | $ 100,000,000 | ||||||
| Debt Obligations Outstanding | 60,892,000 | ||||||
| Committed but Unfunded | 39,108,000 | ||||||
| Carrying Amount of Collateral | 83,118,000 | ||||||
| Fair Value of Collateral | $ 83,118,000 | ||||||
| Number of extension maturity periods | Extension | 1 | ||||||
| Length of extension options | 12 months | ||||||
| Committed Loan Repurchase Facility | 7/20/2021 | Minimum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 4.28% | ||||||
| Committed Loan Repurchase Facility | 7/20/2021 | Maximum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 4.66% | ||||||
| Committed Loan Repurchase Facility | 2/29/2020 | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Committed Financing | $ 200,000,000 | ||||||
| Debt Obligations Outstanding | 32,042,000 | ||||||
| Committed but Unfunded | 167,958,000 | ||||||
| Carrying Amount of Collateral | 48,045,000 | ||||||
| Fair Value of Collateral | $ 48,045,000 | ||||||
| Number of extension maturity periods | Extension | 1 | ||||||
| Length of extension options | 12 months | ||||||
| Length of additional extension maturity periods | 6 months | ||||||
| Number of additional extension maturity periods | Extension | 2 | ||||||
| Committed Loan Repurchase Facility | 2/29/2020 | Minimum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 4.25% | ||||||
| Committed Loan Repurchase Facility | 2/29/2020 | Maximum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 4.50% | ||||||
| Committed Loan Repurchase Facility | 6/28/2019 | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Committed Financing | $ 100,000,000 | ||||||
| Debt Obligations Outstanding | 0 | ||||||
| Committed but Unfunded | 100,000,000 | ||||||
| Carrying Amount of Collateral | 0 | ||||||
| Fair Value of Collateral | 0 | ||||||
| Committed Securities Repurchase Facility | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Committed Financing | $ 400,000,000 | ||||||
| Committed Securities Repurchase Facility | 9/30/2019 | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Committed Financing | 400,000,000 | 400,000,000 | |||||
| Debt Obligations Outstanding | 97,921,000 | 0 | |||||
| Committed but Unfunded | 302,079,000 | 400,000,000 | |||||
| Carrying Amount of Collateral | 116,799,000 | 0 | |||||
| Fair Value of Collateral | $ 116,799,000 | 0 | |||||
| Committed Securities Repurchase Facility | 9/30/2019 | Minimum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 2.38% | ||||||
| Committed Securities Repurchase Facility | 9/30/2019 | Maximum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 3.16% | ||||||
| Uncommitted Securities Repurchase Facility | Various Dates | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Debt Obligations Outstanding | $ 123,725,000 | 74,757,000 | |||||
| Carrying Amount of Collateral | 140,823,000 | 86,322,000 | |||||
| Fair Value of Collateral | 140,823,000 | 86,322,000 | |||||
| Purchase, not reflected in consolidated financial statement | 2,400,000 | $ 26,700,000 | |||||
| Securities phased in secondary market | $ 6,000,000 | ||||||
| Uncommitted Securities Repurchase Facility | Various Dates | Minimum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 2.73% | 1.65% | |||||
| Uncommitted Securities Repurchase Facility | Various Dates | Maximum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 4.06% | 3.31% | |||||
| Total Repurchase Facilities | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Committed Financing | $ 2,050,000,000 | $ 2,050,000,000 | |||||
| Debt Obligations Outstanding | 973,617,000 | 473,410,000 | |||||
| Committed but Unfunded | 1,200,108,000 | 1,651,347,000 | |||||
| Carrying Amount of Collateral | 1,443,111,000 | 753,424,000 | |||||
| Fair Value of Collateral | 1,475,502,000 | 754,986,000 | |||||
| Revolving Credit Facility | 2/11/2019 | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Committed Financing | 266,430,000 | ||||||
| Debt Obligations Outstanding | 0 | ||||||
| Committed but Unfunded | $ 266,430,000 | ||||||
| Length of extension options | 12 months | ||||||
| Number of additional extension maturity periods | Extension | 4 | ||||||
| Revolving Credit Facility | 2/11/2018 | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Committed Financing | 241,430,000 | ||||||
| Debt Obligations Outstanding | 0 | ||||||
| Committed but Unfunded | $ 241,430,000 | ||||||
| Number of extension maturity periods | Extension | 3 | ||||||
| Length of extension options | 12 months | ||||||
| Mortgage Loan Financing | Various Dates | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Committed Financing | $ 743,225,000 | $ 692,696,000 | |||||
| Debt Obligations Outstanding | 743,225,000 | 692,696,000 | |||||
| Committed but Unfunded | 0 | 0 | |||||
| Carrying Amount of Collateral | 944,616,000 | 911,034,000 | |||||
| Fair Value of Collateral | $ 1,104,443,000 | $ 1,066,708,000 | |||||
| Mortgage Loan Financing | Various Dates | Minimum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 4.25% | 4.25% | |||||
| Mortgage Loan Financing | Various Dates | Maximum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 6.75% | 6.75% | |||||
| CLO Debt | Various Dates | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Committed Financing | $ 672,001,000 | $ 688,479,000 | |||||
| Debt Obligations Outstanding | 672,001,000 | 688,479,000 | |||||
| Committed but Unfunded | 0 | 0 | |||||
| Carrying Amount of Collateral | 869,536,000 | 880,385,000 | $ 431,500,000 | $ 456,900,000 | |||
| Fair Value of Collateral | 869,531,000 | 881,576,000 | |||||
| Unamortized debt issuance costs | $ 3,500,000 | $ 6,000,000 | |||||
| CLO Debt | Various Dates | Minimum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 3.04% | 2.36% | |||||
| CLO Debt | Various Dates | Maximum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 5.76% | 5.08% | |||||
| Participation Financing - Mortgage Loan Receivable | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Debt Obligations Outstanding | $ 2,500,000 | $ 3,100,000 | |||||
| Participation Financing - Mortgage Loan Receivable | 12/6/2018 | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Committed Financing | 2,516,000 | ||||||
| Debt Obligations Outstanding | 2,516,000 | ||||||
| Committed but Unfunded | $ 0 | ||||||
| Stated interest rate on debt instrument (as a percent) | 17.00% | ||||||
| Carrying Amount of Collateral | $ 2,516,000 | ||||||
| Fair Value of Collateral | 2,516,000 | ||||||
| Participation Financing - Mortgage Loan Receivable | 6/6/2018 | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Committed Financing | 3,107,000 | ||||||
| Debt Obligations Outstanding | 3,107,000 | ||||||
| Committed but Unfunded | $ 0 | ||||||
| Stated interest rate on debt instrument (as a percent) | 17.00% | ||||||
| Carrying Amount of Collateral | $ 3,107,000 | ||||||
| Fair Value of Collateral | 3,107,000 | ||||||
| Borrowings from the FHLB | Various Dates | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Committed Financing | 1,933,522,000 | 2,000,000,000 | |||||
| Debt Obligations Outstanding | 1,212,000,000 | 1,370,000,000 | |||||
| Committed but Unfunded | 721,522,000 | 630,000,000 | |||||
| Carrying Amount of Collateral | 1,637,530,000 | 1,777,597,000 | |||||
| Fair Value of Collateral | 1,639,263,000 | 1,783,210,000 | |||||
| Purchase, not reflected in consolidated financial statement | $ 9,600,000 | $ 10,100,000 | |||||
| Borrowings from the FHLB | Various Dates | Minimum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 1.02% | 0.87% | |||||
| Borrowings from the FHLB | Various Dates | Maximum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Interest rate | 2.74% | 2.74% | |||||
| Senior Unsecured Notes | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Unamortized debt issuance costs | $ 11,927,000 | ||||||
| Senior Unsecured Notes | Various Dates | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Debt issued | 1,166,201,000 | $ 1,166,201,000 | |||||
| Senior Unsecured Notes | 1,154,274,000 | 1,152,134,000 | |||||
| Committed but Unfunded | 0 | 0 | |||||
| Unamortized debt issuance costs | $ 11,900,000 | $ 14,100,000 | |||||
| Senior Unsecured Notes | Various Dates | Minimum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Stated interest rate on debt instrument (as a percent) | 5.25% | 5.25% | |||||
| Senior Unsecured Notes | Various Dates | Maximum | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Stated interest rate on debt instrument (as a percent) | 5.875% | 5.875% | |||||
| Total Debt Obligations | |||||||
| Assets Sold under Agreements to Repurchase [Line Items] | |||||||
| Debt issued | $ 6,833,895,000 | $ 6,841,913,000 | |||||
| Debt obligations | 4,757,633,000 | 4,379,826,000 | |||||
| Committed but Unfunded | 2,188,060,000 | 2,522,777,000 | |||||
| Carrying Amount of Collateral | 4,897,309,000 | 4,325,547,000 | |||||
| Fair Value of Collateral | $ 5,091,255,000 | $ 4,489,587,000 |
DEBT OBLIGATIONS, NET - Additional Information (Details) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 20, 2018 |
Apr. 03, 2018
USD ($)
|
Jan. 04, 2018 |
Dec. 06, 2017
USD ($)
|
Mar. 21, 2017
option
Extension
|
Feb. 22, 2017
USD ($)
|
Feb. 11, 2014
USD ($)
Extension
|
Sep. 30, 2018
USD ($)
counterparty
Extension
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
counterparty
agreement
Extension
|
Sep. 30, 2017
USD ($)
agreement
|
Dec. 31, 2017
USD ($)
Extension
|
Jan. 01, 2021
USD ($)
|
Apr. 01, 2020
USD ($)
|
May 07, 2018
USD ($)
|
Dec. 21, 2017
USD ($)
|
Oct. 17, 2017
USD ($)
|
Mar. 01, 2017
USD ($)
|
Feb. 19, 2016 |
|
| Committed Loan and Securities Repurchase Facilities | |||||||||||||||||||
| Gross amounts of recognized liabilities | $ 973,617,000 | $ 973,617,000 | $ 473,410,000 | ||||||||||||||||
| Mortgage loan receivables held for investment, net, at amortized cost: | |||||||||||||||||||
| Amortization of premiums | 762,000 | $ 735,000 | |||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Gross amounts offset in the balance sheet | $ 0 | 0 | 0 | ||||||||||||||||
| Proceeds from borrowings under debt obligations | $ 4,401,648,000 | $ 7,809,983,000 | |||||||||||||||||
| Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | |||||||||||||||||||
| Percent of FHLB advances to total debt obligations outstanding | 25.50% | 25.50% | |||||||||||||||||
| Retained earnings, appropriated | $ 780,000,000 | $ 780,000,000 | |||||||||||||||||
| Tuebor | |||||||||||||||||||
| Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | |||||||||||||||||||
| Amount restricted from transfer | 1,700,000,000 | 1,700,000,000 | |||||||||||||||||
| Revolving credit facility | |||||||||||||||||||
| Committed Loan and Securities Repurchase Facilities | |||||||||||||||||||
| Debt borrowings term | 1 year | ||||||||||||||||||
| Committed amount on credit agreement | $ 450,000,000 | 350,000,000 | $ 350,000,000 | $ 300,000,000 | |||||||||||||||
| Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | |||||||||||||||||||
| Length of extension options | 1 year | ||||||||||||||||||
| Revolving credit facility | One-Month LIBOR | |||||||||||||||||||
| Committed Loan and Securities Repurchase Facilities | |||||||||||||||||||
| Committed amount on credit agreement | $ 266,430,000 | ||||||||||||||||||
| Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | |||||||||||||||||||
| Number of extension maturity periods | Extension | 4 | ||||||||||||||||||
| Length of extension options | 12 months | ||||||||||||||||||
| Basis spread on variable rate (as a percent) | 25.00% | 0.25% | |||||||||||||||||
| Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | |||||||||||||||||||
| Stated interest rate on debt instrument (as a percent) | 3.25% | ||||||||||||||||||
| Letters of credit | |||||||||||||||||||
| Committed Loan and Securities Repurchase Facilities | |||||||||||||||||||
| Committed amount on credit agreement | $ 25,000,000 | ||||||||||||||||||
| Committed Loan Repurchase Facility | |||||||||||||||||||
| Committed Loan and Securities Repurchase Facilities | |||||||||||||||||||
| Number of agreements | agreement | 5 | ||||||||||||||||||
| Committed amount on credit agreement | 1,650,000,000 | $ 1,650,000,000 | |||||||||||||||||
| Committed financing | 1,650,000,000 | 1,650,000,000 | 1,650,000,000 | ||||||||||||||||
| Length of additional extension maturity periods | 1 year | ||||||||||||||||||
| Gross amounts of recognized liabilities | 751,971,000 | 751,971,000 | 398,653,000 | ||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Gross amounts offset in the balance sheet | 1,185,489,000 | 1,185,489,000 | 667,102,000 | ||||||||||||||||
| Term master repurchase agreement | |||||||||||||||||||
| Committed Loan and Securities Repurchase Facilities | |||||||||||||||||||
| Committed financing | 400,000,000 | 400,000,000 | |||||||||||||||||
| Total Repurchase Facilities | |||||||||||||||||||
| Committed Loan and Securities Repurchase Facilities | |||||||||||||||||||
| Committed financing | $ 2,050,000,000 | $ 2,050,000,000 | 2,050,000,000 | ||||||||||||||||
| Repurchase agreements, number of counterparties | counterparty | 8 | 8 | |||||||||||||||||
| Gross amounts of recognized liabilities | $ 973,617,000 | $ 973,617,000 | 473,410,000 | ||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Gross amounts offset in the balance sheet | $ 1,443,111,000 | $ 1,443,111,000 | 753,424,000 | ||||||||||||||||
| Total Repurchase Facilities | Deutshe Bank, J.P. Morgan and Wells Fargo | |||||||||||||||||||
| Committed Loan and Securities Repurchase Facilities | |||||||||||||||||||
| Repurchase agreements, number of counterparties | counterparty | 4 | 4 | |||||||||||||||||
| Excess collateral over amounts borrowed under repurchase agreements | $ 77,700,000 | $ 77,700,000 | |||||||||||||||||
| Ratio indebtedness over total equity (as a percent) | 5.00% | ||||||||||||||||||
| Haircut on repurchase agreements (as a percent) | 34.00% | 34.00% | |||||||||||||||||
| Uncommitted securities Repurchase Facilities | Minimum | |||||||||||||||||||
| Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | |||||||||||||||||||
| Advance rates (as a percent) | 75.00% | ||||||||||||||||||
| Uncommitted securities Repurchase Facilities | Maximum | |||||||||||||||||||
| Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | |||||||||||||||||||
| Advance rates (as a percent) | 95.00% | ||||||||||||||||||
| Participation Financing - Mortgage Loan Receivable | |||||||||||||||||||
| Committed Loan and Securities Repurchase Facilities | |||||||||||||||||||
| Gross amounts of recognized liabilities | $ 2,500,000 | $ 2,500,000 | 3,100,000 | ||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Proceeds from borrowings under debt obligations | 4,000,000 | ||||||||||||||||||
| 4/10/2018 | Committed Loan Repurchase Facility | |||||||||||||||||||
| Committed Loan and Securities Repurchase Facilities | |||||||||||||||||||
| Committed financing | $ 300,000,000.0 | $ 300,000,000 | |||||||||||||||||
| Number of additional extension maturity periods | Extension | 1 | 1 | |||||||||||||||||
| Length of additional extension maturity periods | 364 days | ||||||||||||||||||
| Gross amounts of recognized liabilities | $ 63,007,000 | ||||||||||||||||||
| Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | |||||||||||||||||||
| Number of extension maturity periods | Extension | 2 | ||||||||||||||||||
| Length of extension options | 1 year | 364 days | |||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Gross amounts offset in the balance sheet | $ 125,379,000 | ||||||||||||||||||
| 4/10/2018 | Committed Loan Repurchase Facility | Bank | |||||||||||||||||||
| Committed Loan and Securities Repurchase Facilities | |||||||||||||||||||
| Number of additional extension maturity periods | Extension | 1 | ||||||||||||||||||
| Length of additional extension maturity periods | 364 days | ||||||||||||||||||
| 4/10/2018 | Committed Loan Repurchase Facility | Minimum | |||||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Interest rate | 3.73% | ||||||||||||||||||
| 4/10/2018 | Committed Loan Repurchase Facility | Maximum | |||||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Interest rate | 4.73% | ||||||||||||||||||
| 2/28/2022 | Revolving credit facility | |||||||||||||||||||
| Committed Loan and Securities Repurchase Facilities | |||||||||||||||||||
| Committed amount on credit agreement | $ 200,000,000.0 | ||||||||||||||||||
| 10/1/2020 | Committed Loan Repurchase Facility | |||||||||||||||||||
| Committed Loan and Securities Repurchase Facilities | |||||||||||||||||||
| Committed financing | 600,000,000 | 600,000,000 | $ 600,000,000 | ||||||||||||||||
| Length of additional extension maturity periods | 12 months | ||||||||||||||||||
| Number of extension options | option | 2 | ||||||||||||||||||
| Gross amounts of recognized liabilities | $ 263,033,000 | $ 263,033,000 | $ 120,493,000 | ||||||||||||||||
| Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | |||||||||||||||||||
| Number of extension maturity periods | Extension | 2 | 2 | 2 | ||||||||||||||||
| Length of extension options | 12 months | 12 months | |||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Gross amounts offset in the balance sheet | $ 416,109,000 | $ 416,109,000 | $ 160,031,000 | ||||||||||||||||
| 10/1/2020 | Committed Loan Repurchase Facility | Minimum | |||||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Interest rate | 3.91% | 3.91% | 3.23% | ||||||||||||||||
| 10/1/2020 | Committed Loan Repurchase Facility | Maximum | |||||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Interest rate | 4.66% | 4.66% | 3.98% | ||||||||||||||||
| Various Dates | Uncommitted securities Repurchase Facilities | |||||||||||||||||||
| Committed Loan and Securities Repurchase Facilities | |||||||||||||||||||
| Gross amounts of recognized liabilities | $ 123,725,000 | $ 123,725,000 | $ 74,757,000 | ||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Gross amounts offset in the balance sheet | $ 140,823,000 | $ 140,823,000 | $ 86,322,000 | ||||||||||||||||
| Various Dates | Uncommitted securities Repurchase Facilities | Minimum | |||||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Interest rate | 2.73% | 2.73% | 1.65% | ||||||||||||||||
| Various Dates | Uncommitted securities Repurchase Facilities | Maximum | |||||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Interest rate | 4.06% | 4.06% | 3.31% | ||||||||||||||||
| Various Dates | Mortgage loan financing | |||||||||||||||||||
| Committed Loan and Securities Repurchase Facilities | |||||||||||||||||||
| Committed financing | $ 743,225,000 | $ 743,225,000 | $ 692,696,000 | ||||||||||||||||
| Gross amounts of recognized liabilities | 743,225,000 | 743,225,000 | 692,696,000 | ||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Gross amounts offset in the balance sheet | $ 944,616,000 | $ 944,616,000 | $ 911,034,000 | ||||||||||||||||
| Various Dates | Mortgage loan financing | Minimum | |||||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Interest rate | 4.25% | 4.25% | 4.25% | ||||||||||||||||
| Various Dates | Mortgage loan financing | Maximum | |||||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Interest rate | 6.75% | 6.75% | 6.75% | ||||||||||||||||
| Various Dates | CLO Debt | |||||||||||||||||||
| Committed Loan and Securities Repurchase Facilities | |||||||||||||||||||
| Committed financing | $ 672,001,000 | $ 672,001,000 | $ 688,479,000 | ||||||||||||||||
| Gross amounts of recognized liabilities | 672,001,000 | 672,001,000 | 688,479,000 | ||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Unamortized debt issuance costs | 3,500,000 | 3,500,000 | 6,000,000 | ||||||||||||||||
| Gross amounts offset in the balance sheet | $ 869,536,000 | $ 869,536,000 | $ 880,385,000 | $ 431,500,000 | $ 456,900,000 | ||||||||||||||
| Various Dates | CLO Debt | Minimum | |||||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Interest rate | 3.04% | 3.04% | 2.36% | ||||||||||||||||
| Various Dates | CLO Debt | Maximum | |||||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Interest rate | 5.76% | 5.76% | 5.08% | ||||||||||||||||
| Various Dates | CLO Debt | Weighted Average | |||||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Interest rate | 4.06% | 4.06% | |||||||||||||||||
| Credit Agreement and Revolving Credit Facility | |||||||||||||||||||
| Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | |||||||||||||||||||
| Unamortized debt issuance costs | $ 6,800,000 | $ 6,800,000 | $ 7,800,000 | ||||||||||||||||
| Mortgage loan financing | |||||||||||||||||||
| Committed Loan and Securities Repurchase Facilities | |||||||||||||||||||
| Number of agreements | agreement | 11 | 23 | |||||||||||||||||
| Mortgage loan receivables held for investment, net, at amortized cost: | |||||||||||||||||||
| Mortgage loan financing | 743,200,000 | $ 743,200,000 | 692,700,000 | ||||||||||||||||
| Net unamortized premiums | 6,100,000 | 6,100,000 | 6,600,000 | ||||||||||||||||
| Amortization of premiums | 300,000 | $ 300,000 | 800,000 | $ 700,000 | |||||||||||||||
| Pledged assets, real estate and lease intangibles, net | $ 944,600,000 | $ 944,600,000 | $ 911,000,000 | ||||||||||||||||
| Mortgage loan financing | Minimum | |||||||||||||||||||
| Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | |||||||||||||||||||
| Stated interest rate on debt instrument (as a percent) | 4.25% | 4.25% | |||||||||||||||||
| Mortgage loan financing | Maximum | |||||||||||||||||||
| Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | |||||||||||||||||||
| Stated interest rate on debt instrument (as a percent) | 6.75% | 6.75% | |||||||||||||||||
| Borrowings from the Federal Home Loan Bank | Tuebor | |||||||||||||||||||
| Committed Loan and Securities Repurchase Facilities | |||||||||||||||||||
| Debt borrowings term | 6 years | 6 years | |||||||||||||||||
| Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | |||||||||||||||||||
| Maximum advance limit | $ 2,000,000,000 | ||||||||||||||||||
| Advance rates of total assets (as a percent) | 40.00% | ||||||||||||||||||
| Advance rates of total equity (as a percent) | 150.00% | ||||||||||||||||||
| FHLB borrowings outstanding | $ 1,200,000,000 | $ 1,200,000,000 | $ 1,400,000,000 | ||||||||||||||||
| Additional committed term financing available from FHLB | $ 721,500,000 | $ 721,500,000 | $ 630,000,000 | ||||||||||||||||
| Weighted average term | 2 years 7 months 6 days | 2 years 5 months 26 days | |||||||||||||||||
| Weighted average interest rate | 2.22% | 2.22% | 1.61% | ||||||||||||||||
| Maximum percent of FHLB advances to total assets | 40.00% | ||||||||||||||||||
| Borrowings from the Federal Home Loan Bank | Tuebor | Minimum | |||||||||||||||||||
| Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | |||||||||||||||||||
| Advance rates (as a percent) | 58.00% | 49.60% | |||||||||||||||||
| Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | |||||||||||||||||||
| Stated interest rate on debt instrument (as a percent) | 1.02% | 1.02% | 0.87% | ||||||||||||||||
| Borrowings from the Federal Home Loan Bank | Tuebor | Maximum | |||||||||||||||||||
| Borrowing Under Credit Facilties and Debt Issuance Costs [Abstract] | |||||||||||||||||||
| Advance rates (as a percent) | 95.20% | 100.00% | |||||||||||||||||
| Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | |||||||||||||||||||
| Stated interest rate on debt instrument (as a percent) | 2.74% | 2.74% | 2.74% | ||||||||||||||||
| Borrowings from the Federal Home Loan Bank | Tuebor | CMBS and U.S. Agency Securities | |||||||||||||||||||
| Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | |||||||||||||||||||
| Collateral for debt instrument | $ 721,500,000 | $ 721,500,000 | $ 861,700,000 | ||||||||||||||||
| Borrowings from the Federal Home Loan Bank | Tuebor | First mortgage commercial real estate loans | |||||||||||||||||||
| Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | |||||||||||||||||||
| Collateral for debt instrument | 916,000,000 | 916,000,000 | $ 915,900,000 | ||||||||||||||||
| Affiliated Entity | Various Dates | CLO Debt | |||||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Ownership percentage | 25.00% | 18.50% | |||||||||||||||||
| Scenario, Forecast | Borrowings from the Federal Home Loan Bank | Tuebor | |||||||||||||||||||
| Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | |||||||||||||||||||
| Maximum advance limit | $ 750,000,000 | $ 1,500,000,000 | |||||||||||||||||
| B Participation Interest | Affiliated Entity | Participation Financing - Mortgage Loan Receivable | Related Reserve IV LLC | |||||||||||||||||||
| Collateralized Debt Obligations [Abstract] | |||||||||||||||||||
| Interest expense, debt | $ 100,000 | $ 200,000 | $ 400,000 | $ 400,000 | |||||||||||||||
| LCFH | |||||||||||||||||||
| Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | |||||||||||||||||||
| Ownership interest in LCFH | 88.20% | 88.20% | |||||||||||||||||
| LCFH | LCFC | |||||||||||||||||||
| Borrowings from Federal Home Loan Bank (FHLB) [Abstract] | |||||||||||||||||||
| Ownership interest in LCFH | 100.00% | 100.00% | |||||||||||||||||
DEBT OBLIGATIONS, NET - Senior Unsecured Notes (Details) - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 25, 2017 |
Apr. 03, 2017 |
Apr. 01, 2017 |
Mar. 16, 2017 |
Dec. 17, 2014 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2016 |
Dec. 31, 2017 |
Feb. 24, 2016 |
Nov. 05, 2014 |
Aug. 01, 2014 |
Sep. 19, 2012 |
|
| Debt Instrument [Line Items] | |||||||||||||||
| Gain (loss) on extinguishment/defeasance of debt | $ (4,323,000) | $ 0 | $ (4,392,000) | $ (54,000) | |||||||||||
| Senior Unsecured Notes | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Unamortized debt issuance costs | (11,927,000) | (11,927,000) | |||||||||||||
| Senior Unsecured Notes | Various Dates | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Unamortized debt issuance costs | (11,900,000) | (11,900,000) | $ (14,100,000) | ||||||||||||
| Debt instrument, aggregate amount | 1,166,201,000 | $ 1,166,201,000 | $ 1,166,201,000 | ||||||||||||
| Senior Unsecured Notes | 2017 Notes | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Unamortized debt issuance costs | $ (22,800) | $ (200,000) | |||||||||||||
| Debt instrument, aggregate amount | $ 325,000,000 | ||||||||||||||
| Stated interest rate on debt instrument (as a percent) | 7.375% | ||||||||||||||
| Debt instrument, minimum number of days to give notice for redemption without penalty | 30 days | ||||||||||||||
| Debt instrument, maximum number of days to give notice for redemption without penalty | 60 days | ||||||||||||||
| Debt instrument, repurchase price amount | 297,700,000 | $ 5,600,000 | 21,400,000 | $ 325,000,000 | |||||||||||
| Debt instrument, repurchased face amount | 297,700,000 | 5,400,000 | 21,900,000 | ||||||||||||
| Gain (loss) on extinguishment/defeasance of debt | $ (53,500) | $ (200,000) | 300,000 | ||||||||||||
| Debt instrument, redemption price percentage | 100.00% | ||||||||||||||
| Gross proceeds from senior notes offering (not less than) | $ 500,000,000 | ||||||||||||||
| Senior Unsecured Notes | 2021 Notes | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Unamortized debt issuance costs | (400,000) | ||||||||||||||
| Debt instrument, aggregate amount | $ 266,201,000 | $ 266,201,000 | $ 300,000,000 | ||||||||||||
| Stated interest rate on debt instrument (as a percent) | 5.875% | ||||||||||||||
| Debt instrument, minimum number of days to give notice for redemption without penalty | 30 days | ||||||||||||||
| Debt instrument, maximum number of days to give notice for redemption without penalty | 60 days | ||||||||||||||
| Debt instrument, repurchase price amount | 28,200,000 | ||||||||||||||
| Debt instrument, repurchased face amount | 33,800,000 | ||||||||||||||
| Gain (loss) on extinguishment/defeasance of debt | $ 5,100,000 | ||||||||||||||
| Debt instrument, authorized repurchase amount | $ 100,000,000.0 | ||||||||||||||
| Senior Unsecured Notes | 2022 Notes | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt instrument, aggregate amount | $ 500,000,000 | ||||||||||||||
| Stated interest rate on debt instrument (as a percent) | 5.25% | ||||||||||||||
| Debt instrument, minimum number of days to give notice for redemption without penalty | 15 days | ||||||||||||||
| Debt instrument, maximum number of days to give notice for redemption without penalty | 60 days | ||||||||||||||
| Senior Unsecured Notes | 2025 Notes | |||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||
| Debt instrument, aggregate amount | $ 400,000,000 | ||||||||||||||
| Stated interest rate on debt instrument (as a percent) | 5.25% | ||||||||||||||
| Debt instrument, minimum number of days to give notice for redemption without penalty | 15 days | ||||||||||||||
| Debt instrument, maximum number of days to give notice for redemption without penalty | 60 days | ||||||||||||||
DEBT OBLIGATIONS, NET - Schedule of Maturities (Details) $ in Thousands |
9 Months Ended |
|---|---|
|
Sep. 30, 2018
USD ($)
| |
| Long-term Debt, Fiscal Year Maturity [Abstract] | |
| 2018 (Last 3 months) | $ 466,087 |
| 2019 | 1,216,659 |
| 2020 | 626,722 |
| 2021 | 559,308 |
| 2022 | 656,904 |
| Thereafter | 1,242,284 |
| Subtotal | 4,767,964 |
| Premiums included in mortgage loan financing | 6,067 |
| Debt obligations | 4,757,633 |
| Senior Unsecured Notes | |
| Long-term Debt, Fiscal Year Maturity [Abstract] | |
| Debt issuance costs | (11,927) |
| CLO debt | |
| Long-term Debt, Fiscal Year Maturity [Abstract] | |
| Debt issuance costs | (3,498) |
| Mortgage Loan Financing | |
| Long-term Debt, Fiscal Year Maturity [Abstract] | |
| Debt issuance costs | $ (973) |
| Length of extension options | 1 year |
FAIR VALUE OF FINANCIAL INSTRUMENTS - Estimated Fair Values of Financial Instruments (Details) $ in Thousands |
9 Months Ended | 12 Months Ended |
|---|---|---|
|
Sep. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
| Assets: | ||
| Fair Value | $ 4,231,374 | $ 3,602,378 |
| Provision for loan losses | (17,600) | (4,000) |
| Liabilities: | ||
| Fair Value | 4,718,801 | 4,414,782 |
| Recurring | ||
| Assets: | ||
| Fair Value | 978,346 | 1,107,405 |
| CMBS | Recurring | Internal Model Third Party Inputs Valuation Technique | ||
| Assets: | ||
| Outstanding Face Amount | 883,416 | 945,167 |
| Amortized Cost Basis | 886,907 | 954,397 |
| Fair Value | $ 878,741 | $ 953,499 |
| Debt securities, available-for-sale, measurement input | 0.0304 | 0.0279 |
| Liabilities: | ||
| Weighted average remaining maturity/duration | 2 years 4 months 9 days | 2 years 10 months 20 days |
| CMBS interest-only | Recurring | Internal Model Third Party Inputs Valuation Technique | ||
| Assets: | ||
| Outstanding Face Amount | $ 2,272,679 | $ 3,140,297 |
| Amortized Cost Basis | 63,282 | 112,609 |
| Fair Value | $ 61,638 | $ 113,071 |
| Debt securities, available-for-sale, measurement input | 0.0271 | 0.0316 |
| Liabilities: | ||
| Weighted average remaining maturity/duration | 2 years 9 months 14 days | 3 years 29 days |
| GNMA interest-only | Recurring | Internal Model Third Party Inputs Valuation Technique | ||
| Assets: | ||
| Outstanding Face Amount | $ 138,026 | $ 172,916 |
| Amortized Cost Basis | 3,068 | 5,245 |
| Fair Value | $ 2,755 | $ 4,477 |
| Debt securities, available-for-sale, measurement input | 0.0724 | 0.0670 |
| Liabilities: | ||
| Weighted average remaining maturity/duration | 4 years 29 days | 4 years 2 months 4 days |
| Agency securities | Recurring | Internal Model Third Party Inputs Valuation Technique | ||
| Assets: | ||
| Outstanding Face Amount | $ 678 | $ 720 |
| Amortized Cost Basis | 693 | 743 |
| Fair Value | $ 664 | $ 728 |
| Debt securities, available-for-sale, measurement input | 0.0187 | 0.0180 |
| Liabilities: | ||
| Weighted average remaining maturity/duration | 2 years 5 months 26 days | 2 years 11 months 8 days |
| GNMA permanent securities | Recurring | Internal Model Third Party Inputs Valuation Technique | ||
| Assets: | ||
| Outstanding Face Amount | $ 32,916 | $ 33,745 |
| Amortized Cost Basis | 33,182 | 34,386 |
| Fair Value | $ 33,263 | $ 34,742 |
| Debt securities, available-for-sale, measurement input | 0.0378 | 0.0362 |
| Liabilities: | ||
| Weighted average remaining maturity/duration | 5 years 2 months 8 days | 5 years 7 months 27 days |
| Corporate bonds | Recurring | Internal Model Third Party Inputs Valuation Technique | ||
| Assets: | ||
| Outstanding Face Amount | $ 1,250 | |
| Amortized Cost Basis | 1,223 | |
| Fair Value | $ 1,228 | |
| Debt securities, available-for-sale, measurement input | 0.0461 | |
| Liabilities: | ||
| Weighted average remaining maturity/duration | 2 years 3 months | |
| Mortgage loan receivables held for investment, net, at amortized cost | ||
| Liabilities: | ||
| Period of short interest rate reset risk | 30 days | 30 days |
| Mortgage loan receivables held for investment, net, at amortized cost | Recurring | ||
| Assets: | ||
| Provision for loan losses | $ (17,600) | $ (4,000) |
| Mortgage loan receivables held for investment, net, at amortized cost | Recurring | Discounted Cash Flow | ||
| Assets: | ||
| Outstanding Face Amount | 3,830,115 | 3,300,709 |
| Amortized Cost Basis | 3,805,387 | 3,282,462 |
| Fair Value | $ 3,806,114 | $ 3,292,035 |
| Debt securities, available-for-sale, measurement input | 0.0770 | 0.0718 |
| Liabilities: | ||
| Weighted average remaining maturity/duration | 1 year 4 months 6 days | 1 year 7 months 9 days |
| Mortgage loan receivables held for sale | Recurring | Internal Model Third Party Inputs Valuation Technique | ||
| Assets: | ||
| Outstanding Face Amount | $ 377,352 | $ 232,527 |
| Amortized Cost Basis | 375,162 | 230,180 |
| Fair Value | $ 384,945 | $ 236,428 |
| Debt securities, available-for-sale, measurement input | 0.0526 | 0.0488 |
| Liabilities: | ||
| Weighted average remaining maturity/duration | 9 years 10 months 13 days | 8 years 2 months 1 day |
| FHLB stock | Recurring | FHLB stock | ||
| Assets: | ||
| Outstanding Face Amount | $ 57,915 | $ 77,915 |
| Amortized Cost Basis | 57,915 | 77,915 |
| Fair Value | $ 57,915 | $ 77,915 |
| Debt securities, available-for-sale, measurement input | 0.0450 | 0.0425 |
| Nonhedge derivatives | Recurring | Counterparty Quotations Valuation Technique | ||
| Assets: | ||
| Nonhedge derivative assets | $ 43,500 | $ 594,140 |
| Fair Value | $ 57 | $ 888 |
| Liabilities: | ||
| Weighted average remaining maturity/duration | 3 months 18 days | 2 months 26 days |
| Repurchase agreements - short-term | Recurring | Discounted Cash Flow | ||
| Assets: | ||
| Debt securities, available-for-sale, measurement input | 0.0406 | 0.0319 |
| Liabilities: | ||
| Outstanding Face Amount | $ 603,303 | $ 371,427 |
| Amortized Cost Basis | 603,303 | 371,427 |
| Fair Value | $ 603,303 | $ 371,427 |
| Weighted average remaining maturity/duration | 8 months 1 day | 4 months 6 days |
| Repurchase agreements - long-term | Recurring | Discounted Cash Flow | ||
| Assets: | ||
| Debt securities, available-for-sale, measurement input | 0.0290 | 0.0262 |
| Liabilities: | ||
| Outstanding Face Amount | $ 370,313 | $ 101,983 |
| Amortized Cost Basis | 370,313 | 101,983 |
| Fair Value | $ 370,313 | $ 101,983 |
| Weighted average remaining maturity/duration | 1 year 10 months 9 days | 2 years 7 months 20 days |
| Mortgage loan financing | Recurring | Discounted Cash Flow | ||
| Assets: | ||
| Debt securities, available-for-sale, measurement input | 0.0505 | 0.0491 |
| Liabilities: | ||
| Outstanding Face Amount | $ 754,027 | $ 692,394 |
| Amortized Cost Basis | 743,225 | 692,696 |
| Fair Value | $ 719,689 | $ 693,055 |
| Weighted average remaining maturity/duration | 3 years 14 days | 6 years 9 months 21 days |
| CLO debt | ||
| Liabilities: | ||
| Period of short interest rate reset risk | 30 days | 30 days |
| CLO debt | Recurring | Discounted Cash Flow | ||
| Assets: | ||
| Debt securities, available-for-sale, measurement input | 0.0406 | 0.0340 |
| Liabilities: | ||
| Outstanding Face Amount | $ 672,001 | $ 688,479 |
| Amortized Cost Basis | 672,001 | 688,479 |
| Fair Value | $ 672,001 | $ 688,479 |
| Weighted average remaining maturity/duration | 10 years 1 month 9 days | 10 years 9 months 7 days |
| Participation Financing - Mortgage Loan Receivable | Recurring | Discounted Cash Flow | ||
| Assets: | ||
| Debt securities, available-for-sale, measurement input | 0.1700 | 0.1700 |
| Liabilities: | ||
| Outstanding Face Amount | $ 2,516 | $ 3,107 |
| Amortized Cost Basis | 2,516 | 3,107 |
| Fair Value | $ 2,516 | $ 3,107 |
| Weighted average remaining maturity/duration | 2 months 4 days | 5 months 4 days |
| Borrowings from the FHLB | Recurring | Discounted Cash Flow | ||
| Assets: | ||
| Debt securities, available-for-sale, measurement input | 0.0222 | 0.0161 |
| Liabilities: | ||
| Outstanding Face Amount | $ 1,212,000 | $ 1,370,000 |
| Amortized Cost Basis | 1,212,000 | 1,370,000 |
| Fair Value | $ 1,208,116 | $ 1,369,544 |
| Weighted average remaining maturity/duration | 2 years 7 months 6 days | 2 years 5 months 26 days |
| Senior unsecured notes | Recurring | Broker Quotations Pricing Services Valuation Technique | ||
| Assets: | ||
| Debt securities, available-for-sale, measurement input | 0.0539 | 0.0539 |
| Liabilities: | ||
| Outstanding Face Amount | $ 1,166,201 | $ 1,166,201 |
| Amortized Cost Basis | 1,154,274 | 1,152,134 |
| Fair Value | $ 1,142,863 | $ 1,187,187 |
| Weighted average remaining maturity/duration | 4 years 6 months 10 days | 5 years 3 months 10 days |
| Nonhedge derivatives | Recurring | Counterparty Quotations Valuation Technique | ||
| Liabilities: | ||
| Nonhedge derivative liabilities | $ 721,071 | $ 54,160 |
| Fair Value | $ 280 | $ 2,606 |
| Weighted average remaining maturity/duration | 3 months | 2 years 5 months 8 days |
FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Assets: | ||
| Fair value of assets | $ 4,231,374 | $ 3,602,378 |
| Provision for loan losses | (17,600) | (4,000) |
| Liabilities: | ||
| Fair value of liabilities | 4,718,801 | 4,414,782 |
| Repurchase agreements - short-term | ||
| Liabilities: | ||
| Outstanding Face Amount | 603,303 | 371,427 |
| Fair value of liabilities | 603,303 | 371,427 |
| Repurchase agreements - long-term | ||
| Liabilities: | ||
| Outstanding Face Amount | 370,313 | 101,983 |
| Fair value of liabilities | 370,313 | 101,983 |
| Mortgage loan financing | ||
| Liabilities: | ||
| Outstanding Face Amount | 754,027 | 692,394 |
| Fair value of liabilities | 719,689 | 693,055 |
| CLO debt | ||
| Liabilities: | ||
| Outstanding Face Amount | 672,001 | |
| Fair value of liabilities | 672,001 | |
| Participation Financing - Mortgage Loan Receivable | ||
| Liabilities: | ||
| Outstanding Face Amount | 2,516 | 688,479 |
| Fair value of liabilities | 2,516 | 688,479 |
| Liability for transfers not considered sales | ||
| Liabilities: | ||
| Outstanding Face Amount | 3,107 | |
| Fair value of liabilities | 3,107 | |
| Borrowings from the FHLB | ||
| Liabilities: | ||
| Outstanding Face Amount | 1,212,000 | 1,370,000 |
| Fair value of liabilities | 1,208,116 | 1,369,544 |
| Senior unsecured notes | ||
| Liabilities: | ||
| Outstanding Face Amount | 1,166,201 | 1,166,201 |
| Fair value of liabilities | 1,142,863 | 1,187,187 |
| Mortgage loan receivables held for investment, net, at amortized cost | ||
| Assets: | ||
| Outstanding Face Amount | 3,830,115 | 3,300,709 |
| Fair value of assets | 3,806,114 | 3,292,035 |
| Mortgage loan receivables held for sale | ||
| Assets: | ||
| Outstanding Face Amount | 377,352 | 232,527 |
| Fair value of assets | 384,945 | 236,428 |
| FHLB stock | ||
| Assets: | ||
| Outstanding Face Amount | 57,915 | 77,915 |
| Fair value of assets | 57,915 | 77,915 |
| Level 1 | ||
| Assets: | ||
| Fair value of assets | 0 | 0 |
| Provision for loan losses | 0 | 0 |
| Liabilities: | ||
| Fair value of liabilities | 0 | 0 |
| Level 1 | Repurchase agreements - short-term | ||
| Liabilities: | ||
| Fair value of liabilities | 0 | 0 |
| Level 1 | Repurchase agreements - long-term | ||
| Liabilities: | ||
| Fair value of liabilities | 0 | 0 |
| Level 1 | Mortgage loan financing | ||
| Liabilities: | ||
| Fair value of liabilities | 0 | 0 |
| Level 1 | CLO debt | ||
| Liabilities: | ||
| Fair value of liabilities | 0 | |
| Level 1 | Participation Financing - Mortgage Loan Receivable | ||
| Liabilities: | ||
| Fair value of liabilities | 0 | 0 |
| Level 1 | Liability for transfers not considered sales | ||
| Liabilities: | ||
| Fair value of liabilities | 0 | |
| Level 1 | Borrowings from the FHLB | ||
| Liabilities: | ||
| Fair value of liabilities | 0 | 0 |
| Level 1 | Senior unsecured notes | ||
| Liabilities: | ||
| Fair value of liabilities | 0 | 0 |
| Level 1 | Mortgage loan receivables held for investment, net, at amortized cost | ||
| Assets: | ||
| Fair value of assets | 0 | 0 |
| Level 1 | Mortgage loan receivables held for sale | ||
| Assets: | ||
| Fair value of assets | 0 | 0 |
| Level 1 | FHLB stock | ||
| Assets: | ||
| Fair value of assets | 0 | 0 |
| Level 2 | ||
| Assets: | ||
| Fair value of assets | 0 | 0 |
| Provision for loan losses | 0 | 0 |
| Liabilities: | ||
| Fair value of liabilities | 0 | 0 |
| Level 2 | Repurchase agreements - short-term | ||
| Liabilities: | ||
| Fair value of liabilities | 0 | 0 |
| Level 2 | Repurchase agreements - long-term | ||
| Liabilities: | ||
| Fair value of liabilities | 0 | 0 |
| Level 2 | Mortgage loan financing | ||
| Liabilities: | ||
| Fair value of liabilities | 0 | 0 |
| Level 2 | CLO debt | ||
| Liabilities: | ||
| Fair value of liabilities | 0 | |
| Level 2 | Participation Financing - Mortgage Loan Receivable | ||
| Liabilities: | ||
| Fair value of liabilities | 0 | 0 |
| Level 2 | Liability for transfers not considered sales | ||
| Liabilities: | ||
| Fair value of liabilities | 0 | |
| Level 2 | Borrowings from the FHLB | ||
| Liabilities: | ||
| Fair value of liabilities | 0 | 0 |
| Level 2 | Senior unsecured notes | ||
| Liabilities: | ||
| Fair value of liabilities | 0 | 0 |
| Level 2 | 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 | 4,231,374 | 3,602,378 |
| Provision for loan losses | (17,600) | (4,000) |
| Liabilities: | ||
| Fair value of liabilities | 4,718,801 | 4,414,782 |
| Level 3 | Repurchase agreements - short-term | ||
| Liabilities: | ||
| Fair value of liabilities | 603,303 | 371,427 |
| Level 3 | Repurchase agreements - long-term | ||
| Liabilities: | ||
| Fair value of liabilities | 370,313 | 101,983 |
| Level 3 | Mortgage loan financing | ||
| Liabilities: | ||
| Fair value of liabilities | 719,689 | 693,055 |
| Level 3 | CLO debt | ||
| Liabilities: | ||
| Fair value of liabilities | 672,001 | |
| Level 3 | Participation Financing - Mortgage Loan Receivable | ||
| Liabilities: | ||
| Fair value of liabilities | 2,516 | 688,479 |
| Level 3 | Liability for transfers not considered sales | ||
| Liabilities: | ||
| Fair value of liabilities | 3,107 | |
| Level 3 | Borrowings from the FHLB | ||
| Liabilities: | ||
| Fair value of liabilities | 1,208,116 | 1,369,544 |
| Level 3 | Senior unsecured notes | ||
| Liabilities: | ||
| Fair value of liabilities | 1,142,863 | 1,187,187 |
| Level 3 | Mortgage loan receivables held for investment, net, at amortized cost | ||
| Assets: | ||
| Fair value of assets | 3,806,114 | 3,292,035 |
| Level 3 | Mortgage loan receivables held for sale | ||
| Assets: | ||
| Fair value of assets | 384,945 | 236,428 |
| Level 3 | FHLB stock | ||
| Assets: | ||
| Fair value of assets | 57,915 | 77,915 |
| Recurring | ||
| Assets: | ||
| Fair value of assets | 978,346 | 1,107,405 |
| Recurring | Nonhedge derivatives | ||
| Liabilities: | ||
| Nonhedge derivative liabilities | 721,071 | 54,160 |
| Fair value of liabilities | 280 | 2,606 |
| Recurring | CMBS | ||
| Assets: | ||
| Outstanding Face Amount | 883,416 | 945,167 |
| Fair value of assets | 878,741 | 953,499 |
| Recurring | CMBS interest-only | ||
| Assets: | ||
| Outstanding Face Amount | 2,272,679 | 3,140,297 |
| Fair value of assets | 61,638 | 113,071 |
| Recurring | GNMA interest-only | ||
| Assets: | ||
| Outstanding Face Amount | 138,026 | 172,916 |
| Fair value of assets | 2,755 | 4,477 |
| Recurring | Agency securities | ||
| Assets: | ||
| Outstanding Face Amount | 678 | 720 |
| Fair value of assets | 664 | 728 |
| Recurring | GNMA permanent securities | ||
| Assets: | ||
| Outstanding Face Amount | 32,916 | 33,745 |
| Fair value of assets | 33,263 | 34,742 |
| Recurring | Corporate bonds | ||
| Assets: | ||
| Outstanding Face Amount | 1,250 | |
| Fair value of assets | 1,228 | |
| Recurring | Nonhedge derivatives | ||
| Assets: | ||
| Nonhedge derivative assets | 43,500 | 594,140 |
| Fair value of assets | 57 | 888 |
| Recurring | Level 1 | ||
| Assets: | ||
| Fair value of assets | 0 | 0 |
| Recurring | Level 1 | Nonhedge derivatives | ||
| Liabilities: | ||
| Fair value of liabilities | 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 | Corporate bonds | ||
| 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 | 57 | 888 |
| Recurring | Level 2 | Nonhedge derivatives | ||
| Liabilities: | ||
| Fair value of liabilities | 280 | 2,606 |
| Recurring | Level 2 | CMBS | ||
| Assets: | ||
| Fair value of assets | 0 | 0 |
| Recurring | Level 2 | CMBS interest-only | ||
| Assets: | ||
| Fair value of assets | 0 | 0 |
| Recurring | Level 2 | GNMA interest-only | ||
| Assets: | ||
| Fair value of assets | 0 | 0 |
| Recurring | Level 2 | Agency securities | ||
| Assets: | ||
| Fair value of assets | 0 | 0 |
| Recurring | Level 2 | GNMA permanent securities | ||
| Assets: | ||
| Fair value of assets | 0 | 0 |
| Recurring | Level 2 | Corporate bonds | ||
| Assets: | ||
| Fair value of assets | 0 | |
| Recurring | Level 2 | Nonhedge derivatives | ||
| Assets: | ||
| Fair value of assets | 57 | 888 |
| Recurring | Level 3 | ||
| Assets: | ||
| Fair value of assets | 978,289 | 1,106,517 |
| Recurring | Level 3 | Nonhedge derivatives | ||
| Liabilities: | ||
| Fair value of liabilities | 0 | 0 |
| Recurring | Level 3 | CMBS | ||
| Assets: | ||
| Fair value of assets | 878,741 | 953,499 |
| Recurring | Level 3 | CMBS interest-only | ||
| Assets: | ||
| Fair value of assets | 61,638 | 113,071 |
| Recurring | Level 3 | GNMA interest-only | ||
| Assets: | ||
| Fair value of assets | 2,755 | 4,477 |
| Recurring | Level 3 | Agency securities | ||
| Assets: | ||
| Fair value of assets | 664 | 728 |
| Recurring | Level 3 | GNMA permanent securities | ||
| Assets: | ||
| Fair value of assets | 33,263 | 34,742 |
| Recurring | Level 3 | Corporate bonds | ||
| Assets: | ||
| Fair value of assets | 1,228 | |
| Recurring | Level 3 | Nonhedge derivatives | ||
| Assets: | ||
| Fair value of assets | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Changes in Level 3 (Details) - USD ($) $ in Thousands |
9 Months Ended | |
|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Beginning balance | $ 1,106,517 | $ 2,100,947 |
| Transfer from level 2 | 0 | 0 |
| Purchases | 303,007 | 184,464 |
| Sales | (306,109) | (993,739) |
| Paydowns/maturities | (93,185) | (93,232) |
| Amortization of premium/discount | (17,842) | (49,376) |
| Unrealized gain/(loss) | (9,203) | 4,051 |
| Realized gain/(loss) on sale | (4,896) | 19,182 |
| Ending balance | $ 978,289 | $ 1,172,297 |
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Quantitative Information (Details) $ in Thousands |
9 Months Ended | 12 Months Ended |
|---|---|---|
|
Sep. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Carrying Value | $ 978,289 | $ 1,106,517 |
| CMBS | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Carrying Value | 878,741 | 953,499 |
| CMBS interest-only | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Carrying Value | 61,638 | 113,071 |
| GNMA interest-only | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Carrying Value | 2,755 | 4,477 |
| Agency securities | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Carrying Value | 664 | 728 |
| GNMA permanent securities | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Carrying Value | 33,263 | 34,742 |
| Corporate bonds | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Carrying Value | 1,228 | |
| Level 3 | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Carrying Value | 978,289 | 1,106,517 |
| Level 3 | CMBS | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Carrying Value | $ 878,741 | $ 953,499 |
| Level 3 | CMBS | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Duration (in years) | 0 months | 1 month 13 days |
| Level 3 | CMBS | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Duration (in years) | 2 years 6 months 29 days | 3 years 2 months 8 days |
| Level 3 | CMBS | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Duration (in years) | 7 years 9 months 14 days | 7 years 10 months 2 days |
| Level 3 | CMBS interest-only | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Carrying Value | $ 61,638 | $ 113,071 |
| Level 3 | CMBS interest-only | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Duration (in years) | 3 months 21 days | 4 months 20 days |
| Level 3 | CMBS interest-only | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Duration (in years) | 3 years 1 month 2 days | 3 years 21 days |
| Level 3 | CMBS interest-only | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Duration (in years) | 7 years 1 month 13 days | 4 years 5 months 15 days |
| Level 3 | GNMA interest-only | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Carrying Value | $ 2,755 | $ 4,477 |
| Level 3 | GNMA interest-only | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Duration (in years) | 0 months | 5 months 8 days |
| Level 3 | GNMA interest-only | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Duration (in years) | 3 years 2 months 12 days | 2 years 5 months 4 days |
| Level 3 | GNMA interest-only | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Duration (in years) | 4 years 6 months 7 days | 5 years 2 months 8 days |
| Level 3 | Agency securities | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Carrying Value | $ 664 | $ 728 |
| Level 3 | Agency securities | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Duration (in years) | 0 months | 0 years |
| Level 3 | Agency securities | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Duration (in years) | 2 years 11 months 4 days | 3 years 2 months 19 days |
| Level 3 | Agency securities | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Duration (in years) | 4 years 14 days | 4 years 8 months 19 days |
| Level 3 | GNMA permanent securities | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Carrying Value | $ 33,263 | $ 34,742 |
| Level 3 | GNMA permanent securities | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Duration (in years) | 0 months | 1 year 4 months 24 days |
| Level 3 | GNMA permanent securities | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Duration (in years) | 5 years 10 months 6 days | 5 years 9 months |
| Level 3 | GNMA permanent securities | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Duration (in years) | 6 years 1 month 2 days | 5 years 11 months 8 days |
| Level 3 | Corporate bonds | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Carrying Value | $ 1,228 | |
| Level 3 | Corporate bonds | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Duration (in years) | 2 years 2 months 8 days | |
| Level 3 | Corporate bonds | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Duration (in years) | 2 years 2 months 8 days | |
| Level 3 | Corporate bonds | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Duration (in years) | 2 years 2 months 8 days | |
| Level 3 | Yield | CMBS | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 0.00 | 0.0061 |
| Level 3 | Yield | CMBS | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 0.0352 | 0.03 |
| Level 3 | Yield | CMBS | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 0.2147 | 0.1832 |
| Level 3 | Yield | CMBS interest-only | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 0.0162 | 0.027 |
| Level 3 | Yield | CMBS interest-only | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 0.0519 | 0.0352 |
| Level 3 | Yield | CMBS interest-only | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 0.0836 | 0.0631 |
| Level 3 | Yield | GNMA interest-only | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 0.00 | 0.0446 |
| Level 3 | Yield | GNMA interest-only | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 0.0552 | 0.1185 |
| Level 3 | Yield | GNMA interest-only | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 0.103 | 0.7188 |
| Level 3 | Yield | Agency securities | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 0.00 | 0.014 |
| Level 3 | Yield | Agency securities | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 0.0235 | 0.0216 |
| Level 3 | Yield | Agency securities | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 0.0324 | 0.0252 |
| Level 3 | Yield | GNMA permanent securities | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 0.0000 | 0.0262 |
| Level 3 | Yield | GNMA permanent securities | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 0.0358 | 0.0344 |
| Level 3 | Yield | GNMA permanent securities | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 0.0428 | 0.0693 |
| Level 3 | Yield | Corporate bonds | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 0.0442 | |
| Level 3 | Yield | Corporate bonds | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 0.0442 | |
| Level 3 | Yield | Corporate bonds | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 0.0442 | |
| Level 3 | Prepayment speed | CMBS interest-only | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 100.00 | 100.00 |
| Level 3 | Prepayment speed | CMBS interest-only | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 100.00 | 100.00 |
| Level 3 | Prepayment speed | CMBS interest-only | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 100.00 | 100.00 |
| Level 3 | Prepayment speed | GNMA interest-only | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 5.00 | 5.00 |
| Level 3 | Prepayment speed | GNMA interest-only | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 12.77 | 12.19 |
| Level 3 | Prepayment speed | GNMA interest-only | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Debt securities, available-for-sale, measurement input | 25.00 | 35.00 |
DERIVATIVE INSTRUMENTS - Schedule of Derivatives Outstanding (Details) - USD ($) |
9 Months Ended | 12 Months Ended |
|---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
| Derivative [Line Items] | ||
| Notional | $ 764,571,000 | $ 648,300,000 |
| Fair value, Asset | 57,000 | 888,000 |
| Fair value, Liability | 280,000 | 2,606,000 |
| Futures | ||
| Derivative [Line Items] | ||
| Notional | 624,600,000 | 563,800,000 |
| Fair value, Asset | 0 | 836,000 |
| Fair value, Liability | 280,000 | 1,064,000 |
| 5-year Swap | ||
| Derivative [Line Items] | ||
| Notional | 231,500,000 | 304,300,000 |
| Fair value, Asset | 0 | 656,000 |
| Fair value, Liability | $ 104,000 | $ 0 |
| Remaining Maturity | 3 months | 3 months |
| 10-year Swap | ||
| Derivative [Line Items] | ||
| Notional | $ 386,300,000 | $ 248,100,000 |
| Fair value, Asset | 0 | 133,000 |
| Fair value, Liability | $ 173,000 | $ 153,000 |
| Remaining Maturity | 3 months | 3 months |
| 5-year U.S. Treasury Note | ||
| Derivative [Line Items] | ||
| Notional | $ 6,800,000 | $ 11,400,000 |
| Fair value, Asset | 0 | 47,000 |
| Fair value, Liability | $ 3,000 | $ 0 |
| Remaining Maturity | 3 months | 3 months |
| 10-year U.S. Treasury Note | ||
| Derivative [Line Items] | ||
| Notional | $ 0 | |
| Fair value, Asset | 0 | |
| Fair value, Liability | $ 911,000 | |
| Remaining Maturity | ||
| 1MO LIB | ||
| Derivative [Line Items] | ||
| Notional | $ 96,471,000 | |
| Fair value, Asset | 0 | |
| Fair value, Liability | $ 0 | |
| Remaining Maturity | 1 year 7 months 6 days | |
| Interest Rate Swap | ||
| Derivative [Line Items] | ||
| Notional | $ 50,000,000 | |
| Fair value, Asset | 0 | |
| Fair value, Liability | $ 1,542,000 | |
| Remaining Maturity | 2 years 8 months 4 days | |
| VIX | ||
| Derivative [Line Items] | ||
| Notional | $ 43,500,000 | |
| Fair value, Asset | 57,000 | |
| Fair value, Liability | $ 0 | |
| Remaining Maturity | 3 months 18 days | |
| CDX | ||
| Derivative [Line Items] | ||
| Notional | $ 34,500,000 | |
| Fair value, Asset | 52,000 | |
| Fair value, Liability | $ 0 | |
| Remaining Maturity | 1 month 13 days | |
| Credit Derivatives | ||
| Derivative [Line Items] | ||
| Notional | $ 43,500,000 | $ 34,500,000 |
| Fair value, Asset | 57,000 | 52,000 |
| Fair value, Liability | $ 0 | $ 0 |
DERIVATIVE INSTRUMENTS - Schedule of Realized Gains (Losses) on Derivatives (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Derivative [Line Items] | ||||
| Unrealized Gain/(Loss) | $ (984) | $ (2,200) | $ 1,356 | $ (3,510) |
| Realized Gain/(Loss) | 8,099 | 1,852 | 27,800 | (14,842) |
| Net Result from Derivative Transactions | 7,115 | (348) | 29,156 | (18,352) |
| Futures | ||||
| Derivative [Line Items] | ||||
| Unrealized Gain/(Loss) | (940) | (2,587) | (52) | (4,249) |
| Realized Gain/(Loss) | 8,099 | 2,192 | 28,985 | (13,571) |
| Net Result from Derivative Transactions | 7,159 | (395) | 28,933 | (17,820) |
| Swaps | ||||
| Derivative [Line Items] | ||||
| Unrealized Gain/(Loss) | 0 | 277 | 1,403 | 561 |
| Realized Gain/(Loss) | 0 | (242) | (848) | (780) |
| Net Result from Derivative Transactions | 0 | 35 | 555 | (219) |
| Credit Derivatives | ||||
| Derivative [Line Items] | ||||
| Unrealized Gain/(Loss) | (44) | 110 | 5 | 178 |
| Realized Gain/(Loss) | 0 | (98) | (337) | (491) |
| Net Result from Derivative Transactions | $ (44) | $ 12 | $ (332) | $ (313) |
DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($) |
Sep. 30, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
| Cash margins held as collateral for derivatives by counterparties | $ 6,900,000 | $ 9,600,000 |
| Cash collateral held by counterparty | $ 0 | $ 4,100,000 |
OFFSETTING ASSETS AND LIABILITIES - Offsetting Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Offsetting of derivative assets | ||
| Gross amounts of recognized assets | $ 57 | $ 888 |
| Gross amounts offset in the balance sheet | 0 | 0 |
| Net amounts of assets presented in the balance sheet | 57 | 888 |
| Gross amounts not offset in the balance sheet | ||
| Financial instruments | 0 | 0 |
| Cash collateral received/(posted) | 0 | 0 |
| Net amount | $ 57 | $ 888 |
OFFSETTING ASSETS AND LIABILITIES - Offsetting Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Derivatives | ||
| Gross amounts of recognized liabilities | $ 280 | $ 2,606 |
| Gross amounts offset in the balance sheet | 0 | 0 |
| Net amounts of liabilities presented in the balance sheet | 280 | 2,606 |
| Gross amounts not offset in the balance sheet | ||
| Financial instruments collateral | 0 | 0 |
| Cash collateral posted/(received) | 280 | 2,606 |
| Net amount | 0 | 0 |
| Repurchase agreements | ||
| Gross amounts of recognized liabilities | 973,617 | 473,410 |
| Gross amounts offset in the balance sheet | 0 | 0 |
| Net amounts of liabilities presented in the balance sheet | 973,617 | 473,410 |
| Gross amounts not offset in the balance sheet | ||
| Financial instruments collateral | 973,617 | 473,410 |
| Cash collateral posted/(received) | 0 | 0 |
| Net amount | 0 | 0 |
| Total | ||
| Gross amounts of recognized liabilities | 973,897 | 476,016 |
| Gross amounts offset in the balance sheet | 0 | 0 |
| Net amounts of liabilities presented in the balance sheet | 973,897 | 476,016 |
| Gross amounts not offset in the balance sheet | ||
| Financial instruments collateral | 973,617 | 473,410 |
| Cash collateral posted/(received) | 280 | 2,606 |
| Net amount | $ 0 | $ 0 |
EQUITY STRUCTURE AND ACCOUNTS - Additional Information (Details) |
9 Months Ended | ||
|---|---|---|---|
|
Sep. 30, 2018
USD ($)
Vote
Class_of_Stock
$ / shares
shares
|
Sep. 30, 2017
shares
|
Oct. 30, 2014
USD ($)
|
|
| Class of Stock [Line Items] | |||
| Number of classes of common stock | Class_of_Stock | 2 | ||
| 2014 Share Repurchase Authorization Program | |||
| Class of Stock [Line Items] | |||
| Remaining amount available for repurchase | $ | $ 41,800,000 | ||
| Percentage of aggregate common stock outstanding under Repurchase Program | 2.50% | ||
| Share price (in dollars per share) | $ / shares | $ 16.94 | ||
| Series REIT LP Units | |||
| Class of Stock [Line Items] | |||
| Exchange of noncontrolling interest for common stock, units exchanged (in shares) | 4,549,832 | 13,737,365 | |
| Series TRS LP Units | |||
| Class of Stock [Line Items] | |||
| Exchange of noncontrolling interest for common stock, units exchanged (in shares) | 4,549,832 | 13,737,365 | |
| Class A Common Stock | |||
| Class of Stock [Line Items] | |||
| Number of votes per share | Vote | 1 | ||
| Exchange of noncontrolling interest for common stock (in shares) | 4,549,832 | 13,737,365 | |
| Class A Common Stock | 2014 Share Repurchase Authorization Program | |||
| Class of Stock [Line Items] | |||
| Authorized amount of stock repurchase (up to) | $ | $ 50,000,000 | ||
| Purchase of treasury stock (in shares) | 0 | ||
| Class B Common Stock | |||
| Class of Stock [Line Items] | |||
| Number of votes per share | Vote | 1 | ||
| Exchange of noncontrolling interest for common stock (in shares) | 4,549,832 | 13,737,365 | |
EQUITY STRUCTURE AND ACCOUNTS - Dividends Declared (Details) - $ / shares |
3 Months Ended | 9 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Class of Stock [Line Items] | ||||||||||
| Dividends per share of Class A common stock (in dollars per share) | $ 0.325 | $ 0.3 | $ 0.965 | $ 0.9 | ||||||
| Class A Common Stock | ||||||||||
| Class of Stock [Line Items] | ||||||||||
| Dividends per share of Class A common stock (in dollars per share) | $ 0.325 | $ 0.325 | $ 0.315 | $ 0.315 | $ 0.3 | $ 0.3 | $ 0.3 | $ 1.535 | $ 1.215 | |
| Scenario, Forecast | Subsequent Event | Class A Common Stock | ||||||||||
| Class of Stock [Line Items] | ||||||||||
| Dividends per share of Class A common stock (in dollars per share) | $ 0.57 | |||||||||
EQUITY STRUCTURE AND ACCOUNTS - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
| AOCI Attributable to Parent [Roll Forward] | |||||
| Beginning Balance | $ 1,488,146 | $ 1,509,554 | $ 1,509,554 | ||
| Other comprehensive income (loss) | $ 1,445 | $ (2,164) | (9,658) | 3,017 | (2,220) |
| Exchange of noncontrolling interest for common stock | 0 | 0 | |||
| Rebalancing of ownership percentage between Company and Operating Partnership | 0 | 0 | |||
| Ending Balance | 1,553,643 | 1,553,643 | 1,488,146 | ||
| Accumulated Other Comprehensive Income (Loss) | |||||
| AOCI Attributable to Parent [Roll Forward] | |||||
| Beginning Balance | (212) | 1,365 | 1,365 | ||
| Other comprehensive income (loss) | (8,230) | 1,336 | (2,915) | ||
| Exchange of noncontrolling interest for common stock | (167) | 1,422 | |||
| Rebalancing of ownership percentage between Company and Operating Partnership | 27 | (230) | |||
| Ending Balance | (8,582) | 3,893 | (8,582) | 3,893 | (212) |
| Accumulated Other Comprehensive Income of Noncontrolling Interests | |||||
| AOCI Attributable to Parent [Roll Forward] | |||||
| Beginning Balance | 116 | 761 | 761 | ||
| Other comprehensive income (loss) | (1,428) | 1,681 | |||
| Exchange of noncontrolling interest for common stock | 167 | (1,422) | |||
| Rebalancing of ownership percentage between Company and Operating Partnership | (27) | 230 | |||
| Ending Balance | (1,172) | 1,250 | (1,172) | 1,250 | 116 |
| Total Accumulated Other Comprehensive Income | |||||
| AOCI Attributable to Parent [Roll Forward] | |||||
| Beginning Balance | (96) | 2,126 | 2,126 | ||
| Ending Balance | $ (9,754) | $ 5,143 | $ (9,754) | $ 5,143 | $ (96) |
NONCONTROLLING INTERESTS (Details) $ in Thousands |
9 Months Ended | 12 Months Ended |
|---|---|---|
|
Sep. 30, 2018
USD ($)
property
Joint_Venture
|
Dec. 31, 2017
USD ($)
|
|
| Noncontrolling Interest [Line Items] | ||
| Decrease in additional paid in capital and other comprehensive income | $ | $ 0 | $ 0 |
| Number of consolidated joint ventures | Joint_Venture | 9 | |
| Minimum | ||
| Noncontrolling Interest [Line Items] | ||
| Noncontrolling interest ownership | 1.20% | |
| Maximum | ||
| Noncontrolling Interest [Line Items] | ||
| Noncontrolling interest ownership | 29.40% | |
| Noncontrolling Interests Operating Partnership | ||
| Noncontrolling Interest [Line Items] | ||
| Decrease in noncontrolling interest in Operating Partnership | $ | $ (900) | |
| Decrease in additional paid in capital and other comprehensive income | $ | (869) | $ (3,524) |
| Accumulated Other Comprehensive Income (Loss) and Additional Paid-in Capital | ||
| Noncontrolling Interest [Line Items] | ||
| Decrease in additional paid in capital and other comprehensive income | $ | $ 900 | |
| Consolidated Joint Venture | ||
| Noncontrolling Interest [Line Items] | ||
| Number of real estate properties | 40 | |
| Consolidated Joint Venture | Office building | ||
| Noncontrolling Interest [Line Items] | ||
| Number of real estate properties | 21 | |
| Consolidated Joint Venture | Industrial Properties | ||
| Noncontrolling Interest [Line Items] | ||
| Number of real estate properties | 2 | |
| Consolidated Joint Venture | Condominium | ||
| Noncontrolling Interest [Line Items] | ||
| Number of real estate properties | 1 | |
| Consolidated Joint Venture | Apartment Building | ||
| Noncontrolling Interest [Line Items] | ||
| Number of real estate properties | 1 |
EARNINGS PER SHARE - Net Income and Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Weighted average shares outstanding: | ||||
| Basic (in shares) | 96,935,986 | 85,135,685 | 96,317,513 | 79,416,957 |
| Diluted (in shares) | 110,650,253 | 85,476,266 | 110,482,991 | 109,857,679 |
| Class A Common Stock | ||||
| Earnings Per Share | ||||
| Basic Net income (loss) available for Class A common shareholders | $ 66,630 | $ 23,587 | $ 155,911 | $ 59,171 |
| Diluted Net income (loss) available for Class A common shareholders | $ 74,038 | $ 23,587 | $ 177,875 | $ 81,258 |
| Weighted average shares outstanding: | ||||
| Basic (in shares) | 96,935,986 | 85,135,685 | 96,317,513 | 79,416,957 |
| Diluted (in shares) | 110,650,253 | 85,476,266 | 110,482,991 | 109,857,679 |
EARNINGS PER SHARE - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Denominator: | ||||
| Weighted average number of shares of Class A common stock outstanding (in shares) | 96,935,986 | 85,135,685 | 96,317,513 | 79,416,957 |
| Basic net income (loss) per share of Class A common stock (in dollars per share) | $ 0.69 | $ 0.28 | $ 1.62 | $ 0.75 |
| Denominator: | ||||
| Weighted average number of shares of Class A common stock outstanding (in shares) | 96,935,986 | 85,135,685 | 96,317,513 | 79,416,957 |
| Diluted weighted average number of shares of Class A common stock outstanding (in shares) | 110,650,253 | 85,476,266 | 110,482,991 | 109,857,679 |
| Diluted net income per share of Class A common stock (in dollars per share) | $ 0.67 | $ 0.28 | $ 1.61 | $ 0.74 |
| Class A Common Stock | ||||
| Numerator: | ||||
| Net income (loss) attributable to Class A common shareholders | $ 66,630 | $ 23,587 | $ 155,911 | $ 59,171 |
| Denominator: | ||||
| Weighted average number of shares of Class A common stock outstanding (in shares) | 96,935,986 | 85,135,685 | 96,317,513 | 79,416,957 |
| Basic net income (loss) per share of Class A common stock (in dollars per share) | $ 0.69 | $ 0.28 | $ 1.62 | $ 0.75 |
| Numerator: | ||||
| Net income (loss) attributable to Class A common shareholders | $ 66,630 | $ 23,587 | $ 155,911 | $ 59,171 |
| Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss) | 8,991 | 0 | 22,786 | 21,205 |
| Additional corporate tax (expense) benefit | (1,583) | 0 | (822) | 882 |
| Diluted Net income (loss) available for Class A common shareholders | $ 74,038 | $ 23,587 | $ 177,875 | $ 81,258 |
| Denominator: | ||||
| Weighted average number of shares of Class A common stock outstanding (in shares) | 96,935,986 | 85,135,685 | 96,317,513 | 79,416,957 |
| Shares issuable relating to converted Class B common shareholders (in shares) | 13,202,202 | 0 | 13,800,597 | 30,211,137 |
| Incremental shares of unvested Class A restricted stock (in shares) | 512,065 | 340,581 | 364,881 | 229,585 |
| Diluted weighted average number of shares of Class A common stock outstanding (in shares) | 110,650,253 | 85,476,266 | 110,482,991 | 109,857,679 |
| Diluted net income per share of Class A common stock (in dollars per share) | $ 0.67 | $ 0.28 | $ 1.61 | $ 0.74 |
STOCK BASED AND OTHER COMPENSATION PLANS - Stock Based Compensation Plans Summary (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Recognized equity based compensation expense | $ 2,162 | $ 1,715 | ||
| Ladder Capital Corp Deferred Compensation Plan | 601 | 227 | $ 1,519 | $ 414 |
| Bonus Expense | 9,210 | 7,371 | 26,772 | 19,899 |
| Omnibus Incentive Plan | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Recognized equity based compensation expense | 2,162 | 1,715 | 6,667 | 10,481 |
| Omnibus Incentive Plan | Annual Incentive Awards Granted in 2015 With Respect to 2014 Performance | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Recognized equity based compensation expense | 0 | 419 | 172 | 1,456 |
| Omnibus Incentive Plan | Annual Incentive Awards Granted in 2016 With Respect to 2015 Performance | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Recognized equity based compensation expense | 323 | 439 | 971 | 1,654 |
| Omnibus Incentive Plan | Annual Incentive Awards Granted in 2017 With Respect to 2016 Performance | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Recognized equity based compensation expense | 524 | 752 | 1,655 | 6,538 |
| Omnibus Incentive Plan | Other 2017 Restricted Stock Awards | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Recognized equity based compensation expense | 76 | 78 | 257 | 225 |
| Omnibus Incentive Plan | Annual Incentive Awards Granted in 2017 With Respect to 2017 Performance | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Recognized equity based compensation expense | 1,122 | 0 | 3,325 | 0 |
| Omnibus Incentive Plan | 2018 Restricted Stock Awards | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Recognized equity based compensation expense | 95 | 0 | 230 | 0 |
| Omnibus Incentive Plan | Other 2018 Restricted Stock Awards | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Recognized equity based compensation expense | 9 | 0 | 12 | 0 |
| Other Employee/Director Awards | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Recognized equity based compensation expense | 13 | 27 | 45 | 608 |
| Phantom Equity Investment Plan | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Recognized equity based compensation expense | $ 0 | $ 185 | $ 0 | $ 527 |
STOCK BASED AND OTHER COMPENSATION PLANS - Additional Information (Details) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jul. 19, 2018
USD ($)
installment
shares
|
Apr. 24, 2018
USD ($)
anniversary
installment
shares
|
Feb. 18, 2018
USD ($)
shares
|
Dec. 21, 2017
USD ($)
installment
shares
|
Jun. 22, 2017
USD ($)
anniversary
installment
shares
|
Jun. 19, 2017
USD ($)
shares
|
Mar. 03, 2017
USD ($)
anniversary
installment
shares
|
Feb. 18, 2017 |
Feb. 18, 2017
shares
|
Feb. 18, 2017
USD ($)
|
Feb. 18, 2017 |
Feb. 18, 2017
Vesting_Installment
|
Feb. 18, 2017
anniversary
|
Feb. 18, 2017
installment
|
Jan. 24, 2017
USD ($)
shares
|
Feb. 18, 2016
USD ($)
Vesting_Installment
anniversary
installment
shares
|
Mar. 17, 2015 |
Sep. 30, 2018
USD ($)
shares
|
Sep. 30, 2017
USD ($)
shares
|
Sep. 30, 2018
USD ($)
shares
|
Sep. 30, 2017
USD ($)
shares
|
Dec. 31, 2017
USD ($)
shares
|
Jan. 05, 2018
USD ($)
|
Dec. 29, 2017
USD ($)
|
Dec. 19, 2017
USD ($)
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Period of recognition for unrecognized compensation costs | 34 months | 34 months | |||||||||||||||||||||||
| Unrecognized compensation cost | $ 8,000,000 | $ 7,400,000 | $ 8,000,000 | $ 7,400,000 | |||||||||||||||||||||
| Weighted average remaining vesting period | 1 year 9 months 6 days | 1 year 9 months 21 days | |||||||||||||||||||||||
| Accrued bonuses | $ 39,500,000 | $ 49,300,000 | |||||||||||||||||||||||
| Bonus payment allocated to equity based compensation | $ 15,500,000 | $ 10,200,000 | |||||||||||||||||||||||
| Compensation bonus | $ 16,800,000 | $ 17,100,000 | |||||||||||||||||||||||
| Bonus expense | 2,162,000 | 1,715,000 | |||||||||||||||||||||||
| Restricted Stock | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Number of restricted shares granted (in shares) | shares | 33,656 | 874,621 | |||||||||||||||||||||||
| Bonus expense | 2,162,000 | 1,715,000 | $ 6,667,000 | $ 10,481,000 | |||||||||||||||||||||
| 2014 Omnibus Incentive Plan | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Bonus expense | $ 2,162,000 | 1,715,000 | $ 6,667,000 | 10,481,000 | |||||||||||||||||||||
| 2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Period of recognition for unrecognized compensation costs | 3 years | 3 years | |||||||||||||||||||||||
| 2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock | Time-based vesting | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Number of installments in which awards are vested | installment | 3 | ||||||||||||||||||||||||
| Number of anniversaries in which awards are vested | anniversary | 3 | ||||||||||||||||||||||||
| 2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock | Performance-based vesting | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Number of installments in which awards are vested | Vesting_Installment | 3 | ||||||||||||||||||||||||
| Minimum performance target percentage | 8.00% | ||||||||||||||||||||||||
| Performance period | 3 years | ||||||||||||||||||||||||
| 2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock | Time Based Vesting on Three Year Anniversary | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Number of installments in which awards are vested | installment | 3 | 3 | |||||||||||||||||||||||
| Number of anniversaries in which awards are vested | anniversary | 3 | ||||||||||||||||||||||||
| 2014 Omnibus Incentive Plan | Management Grantees | Stock Options | Time-based vesting | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Aggregate grant date fair value of stock options granted | $ 1,000,000 | ||||||||||||||||||||||||
| Fair value valuation assumptions: risk-free rate | 1.50% | ||||||||||||||||||||||||
| Fair value valuation assumptions: dividend yield | 9.80% | ||||||||||||||||||||||||
| Fair value valuation assumptions: Expected term | 6 years | ||||||||||||||||||||||||
| Fair value valuation assumptions: volatility rate | 48.00% | ||||||||||||||||||||||||
| 2014 Omnibus Incentive Plan | Board of Directors | Restricted Stock | Time-based vesting | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Aggregate grant date fair value of stock options granted | $ 100,000 | ||||||||||||||||||||||||
| 2014 Omnibus Incentive Plan | Michael Mazzei | Restricted Stock | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Period of recognition for unrecognized compensation costs | 3 years | ||||||||||||||||||||||||
| 2014 Omnibus Incentive Plan | Harris | Restricted Stock | Time-based vesting | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Vesting period | 3 years | ||||||||||||||||||||||||
| 2014 Omnibus Incentive Plan | Non-Management Grantee | Restricted Stock | Time Based Vesting on Three Year Anniversary | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Number of installments in which awards are vested | installment | 3 | ||||||||||||||||||||||||
| 2014 Deferred Compensation Plan | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Days following the end of the participant’s employment | 60 days | ||||||||||||||||||||||||
| Stock price, days following the end of the participant’s employment | 45 days | ||||||||||||||||||||||||
| Units withdrawn (in shares) | shares | 42,270 | ||||||||||||||||||||||||
| Units outstanding (in shares) | shares | 369,896 | 369,896 | 321,476 | ||||||||||||||||||||||
| Units unvested (in shares) | shares | 243,352 | 243,352 | 182,983 | ||||||||||||||||||||||
| Total employee's contribution, net of forfeitures and payouts related to terminations | $ 6,300,000 | $ 6,300,000 | |||||||||||||||||||||||
| Phantom Units1 | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Total employee's contribution, net of forfeitures and payouts related to terminations | $ 1,000,000 | ||||||||||||||||||||||||
| Phantom Units 2 | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Total employee's contribution, net of forfeitures and payouts related to terminations | $ 3,800,000 | ||||||||||||||||||||||||
| 2018 Bonus Expense | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Bonus expense | $ 9,200,000 | $ 7,400,000 | $ 26,800,000 | $ 19,900,000 | |||||||||||||||||||||
| Class A Common Stock | Restricted Stock | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Number of restricted shares granted (in shares) | shares | 4,720 | 3,566 | 25,370 | 4,720 | 0 | 33,656 | 859,061 | ||||||||||||||||||
| Number of installments in which awards are vested | installment | 3 | 3 | |||||||||||||||||||||||
| Vesting period | 1 year | ||||||||||||||||||||||||
| Period of recognition for unrecognized compensation costs | 3 years | ||||||||||||||||||||||||
| Number of anniversaries in which awards are vested | anniversary | 3 | ||||||||||||||||||||||||
| Grant date fair value | $ 100,000 | $ 100,000 | $ 400,000 | ||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | Restricted Stock | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Aggregate value of awards granted | $ 100,000 | ||||||||||||||||||||||||
| Number of restricted shares granted (in shares) | shares | 5,130 | ||||||||||||||||||||||||
| Number of installments in which awards are vested | installment | 3 | ||||||||||||||||||||||||
| Vesting period | 3 years | ||||||||||||||||||||||||
| Number of anniversaries in which awards are vested | anniversary | 3 | ||||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | Restricted Stock | Year 1 | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Expected to vest (in shares) | shares | 1,775 | ||||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | Restricted Stock | Period 2 | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Expected to vest (in shares) | shares | 1,775 | ||||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | Restricted Stock | Period 3 | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Expected to vest (in shares) | shares | 1,775 | ||||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | Restricted Stock | Period 4 | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Expected to vest (in shares) | shares | 1,775 | ||||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | Restricted Stock | Period 5 | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Expected to vest (in shares) | shares | 1,775 | ||||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | Restricted Stock | Period 6 | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Expected to vest (in shares) | shares | 1,775 | ||||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | Executive Officers | Restricted Stock | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Aggregate value of awards granted | $ 9,100,000 | ||||||||||||||||||||||||
| Number of restricted shares granted (in shares) | shares | 793,598 | ||||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Aggregate value of awards granted | $ 10,500,000 | $ 10,200,000 | $ 30,455 | ||||||||||||||||||||||
| Number of restricted shares granted (in shares) | shares | 768,205 | 736,461 | 2,191 | ||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock | Time-based vesting | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Vesting percentage | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock | Performance-based vesting | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Vesting percentage | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||
| Number of installments in which awards are vested | 3 | 3 | 3 | ||||||||||||||||||||||
| Number of anniversaries in which awards are vested | anniversary | 3 | ||||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock | Period 2 | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Vesting period | 3 years | ||||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | Management Grantees | Stock Options | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Number of restricted shares granted (in shares) | shares | 289,326 | ||||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | Management Grantees | Restricted Stock With Dividend Equivalent Rights | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Aggregate value of awards granted | 48,475 | ||||||||||||||||||||||||
| Number of restricted shares granted (in shares) | shares | 3,500 | ||||||||||||||||||||||||
| Cash dividends received | 1,000,000 | ||||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | Board of Directors | Restricted Stock | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Aggregate value of awards granted | 200,000 | ||||||||||||||||||||||||
| Number of restricted shares granted (in shares) | shares | 16,245 | 12,636 | |||||||||||||||||||||||
| Vesting period | 1 year | ||||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | New Employee | Restricted Stock | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Aggregate value of awards granted | 400,000 | ||||||||||||||||||||||||
| Number of restricted shares granted (in shares) | shares | 28,881 | ||||||||||||||||||||||||
| Number of installments in which awards are vested | Vesting_Installment | 2 | ||||||||||||||||||||||||
| Number of anniversaries in which awards are vested | installment | 2 | ||||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | Michael Mazzei | Restricted Stock | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Aggregate value of awards granted | $ 100,000 | ||||||||||||||||||||||||
| Number of restricted shares granted (in shares) | shares | 5,346 | ||||||||||||||||||||||||
| Number of installments in which awards are vested | installment | 3 | ||||||||||||||||||||||||
| Number of anniversaries in which awards are vested | anniversary | 3 | ||||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | Non-Management Grantee | Restricted Stock | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Aggregate value of awards granted | $ 5,000,000 | $ 300,000 | $ 600,000 | ||||||||||||||||||||||
| Number of restricted shares granted (in shares) | shares | 369,328 | 21,307 | 40,000 | ||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | Non-Management Grantee | Restricted Stock | Time-based vesting | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Vesting percentage | 50.00% | ||||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | Non-Management Grantee | Restricted Stock | Performance-based vesting | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Vesting percentage | 50.00% | ||||||||||||||||||||||||
| Number of installments in which awards are vested | installment | 3 | ||||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | Non-Management Grantee | Restricted Stock | Period 1 | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Expected to vest (in shares) | shares | 1,775 | ||||||||||||||||||||||||
| Class A Common Stock | 2014 Omnibus Incentive Plan | Non-Management Grantee | Restricted Stock | Period 7 | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Expected to vest (in shares) | shares | 1,780 | ||||||||||||||||||||||||
| Class A Common Stock | 2014 Deferred Compensation Plan | |||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||
| Days following the end of the participant’s employment | 3 years | ||||||||||||||||||||||||
STOCK BASED AND OTHER COMPENSATION PLANS - Summary of Grants (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Jul. 19, 2018 |
Apr. 24, 2018 |
Feb. 18, 2018 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
| Recognized equity based compensation expense | $ (2,162) | $ (1,715) | |||||
| Restricted Stock | |||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
| Number of restricted shares granted (in shares) | 33,656 | 874,621 | |||||
| Recognized equity based compensation expense | $ (2,162) | $ (1,715) | $ (6,667) | $ (10,481) | |||
| Class A Common Stock | Restricted Stock | |||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
| Number of restricted shares granted (in shares) | 4,720 | 3,566 | 25,370 | 4,720 | 0 | 33,656 | 859,061 |
| Weighted Average Fair Value (in dollars) | $ 75 | $ 0 | $ 500 | $ 11,995 | |||
| Class A Common Stock | Grants - Class A Common Stock (restricted) dividends | |||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
| Number of restricted shares granted (in shares) | 0 | 0 | 0 | 15,560 | |||
| Weighted Average Fair Value (in dollars) | $ 0 | $ 0 | $ 0 | $ 216 | |||
STOCK BASED AND OTHER COMPENSATION PLANS - Nonvested Shares Outstanding (Details) - shares |
9 Months Ended | |
|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
| Restricted Stock | ||
| Number of Shares Nonvested Other than Options [Roll Forward] | ||
| Nonvested/Outstanding (in shares) | 1,252,365 | 1,475,865 |
| Granted (in shares) | 33,656 | 874,621 |
| Vested (in shares) | (138,216) | (1,425,490) |
| Forfeited (in shares) | (26,061) | (10,000) |
| Nonvested/Outstanding (in shares) | 1,121,744 | 914,996 |
| Stock Options | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||
| Nonvested/Outstanding (in shares) | 982,135 | 982,135 |
| Granted (in shares) | 0 | 0 |
| Exercised (in shares) | 0 | 0 |
| Forfeited (in shares) | 0 | 0 |
| Expired (in shares) | 0 | 0 |
| Nonvested/Outstanding (in shares) | 982,135 | 982,135 |
| Exercisable (in shares) | 929,701 | 752,017 |
INCOME TAXES (Details) - USD ($) |
9 Months Ended | |
|---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
| Income Tax Contingency [Line Items] | ||
| Accrued income taxes | $ 2,200,000 | $ 2,600,000 |
| Prepaid taxes | 7,500,000 | 12,400,000 |
| Deferred tax asset relating to capital losses | 5,800,000 | |
| Interest and penalties recognized for uncertain tax positions | $ 0 | |
| Percentage of applicable cash saving in income tax distributable to specified unitholders | 85.00% | |
| Percentage of applicable cash saving in income tax available for the entity | 15.00% | |
| Amount due pursuant to tax receivable agreement | $ 1,570,000 | 1,656,000 |
| Other assets | ||
| Income Tax Contingency [Line Items] | ||
| Deferred tax liabilities | (800,000) | (5,700,000) |
| Accrued Expenses | ||
| Income Tax Contingency [Line Items] | ||
| Liability for unrecognized tax benefits for uncertain income tax positions | 800,000 | 800,000 |
| Amount Payable Pursuant to Tax Receivable Agreement | ||
| Income Tax Contingency [Line Items] | ||
| Amount due pursuant to tax receivable agreement | 1,600,000 | 1,700,000 |
| State and Local Jurisdiction | New York | ||
| Income Tax Contingency [Line Items] | ||
| Unincorporated business tax payable (receivable) | $ 500,000 | $ 500,000 |
RELATED PARTY TRANSACTIONS (Details) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|---|
|
Mar. 03, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
property
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
property
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
Jul. 06, 2017
USD ($)
property
|
Mar. 13, 2017
USD ($)
|
Oct. 18, 2016
USD ($)
|
|
| DLA Piper LLP (US) | |||||||||
| RELATED PARTY TRANSACTIONS | |||||||||
| Fees for legal expenses | $ 2,700,000 | ||||||||
| Affiliated Entity | |||||||||
| RELATED PARTY TRANSACTIONS | |||||||||
| Investment in mutual fund | $ 900,000 | $ 900,000 | $ 10,000,000 | ||||||
| Fee earned on assets under management (as percentage) | 0.75% | ||||||||
| Fund's cap expense (as percentage) | 0.95% | ||||||||
| Affiliated Entity | Related Reserve IV LLC | B Participation Interest | |||||||||
| RELATED PARTY TRANSACTIONS | |||||||||
| Mortgage loan participation purchased by related party | $ 4,000,000 | ||||||||
| Participating mortgage loan amount (up to) | $ 136,500,000 | ||||||||
| Percentage of loans receivable with fixed rates of interest | 17.00% | ||||||||
| Affiliated Entity | Brickell Heights Commercial LLC | First mortgage loan | |||||||||
| RELATED PARTY TRANSACTIONS | |||||||||
| Loans receivable from related party | $ 21,000,000 | ||||||||
| Consolidated Joint Venture | |||||||||
| RELATED PARTY TRANSACTIONS | |||||||||
| Number of real estate properties | property | 40 | 40 | |||||||
| Consolidated Joint Venture | The Related Group of Florida | First mortgage loan | |||||||||
| RELATED PARTY TRANSACTIONS | |||||||||
| Interest income, related party | $ 200,000 | ||||||||
| Andrew Steiner | |||||||||
| RELATED PARTY TRANSACTIONS | |||||||||
| Compensation amount (more than) | $ 120,000 | ||||||||
| Multi-family | Affiliated Entity | Brickell Heights Commercial LLC | |||||||||
| RELATED PARTY TRANSACTIONS | |||||||||
| Number of real estate properties | property | 2 | ||||||||
| Multi-family | Consolidated Joint Venture | |||||||||
| RELATED PARTY TRANSACTIONS | |||||||||
| Number of real estate properties | property | 1 | 1 | |||||||
| Brickell Heights Commercial LLC | Consolidated Joint Venture | Related Special Assets LLC | |||||||||
| RELATED PARTY TRANSACTIONS | |||||||||
| Ownership Interest (percent) | 80.00% | ||||||||
| Brickell Heights Commercial LLC | Consolidated Joint Venture | The Related Group of Florida | |||||||||
| RELATED PARTY TRANSACTIONS | |||||||||
| Ownership Interest (percent) | 20.00% | ||||||||
| Class A Common Stock | Related | |||||||||
| RELATED PARTY TRANSACTIONS | |||||||||
| Related party purchases of shares from shareholders | $ 80,000,000 | ||||||||
| Participation Financing - Mortgage Loan Receivable | Affiliated Entity | Related Reserve IV LLC | B Participation Interest | |||||||||
| RELATED PARTY TRANSACTIONS | |||||||||
| Interest expense, debt | $ 100,000 | $ 200,000 | $ 400,000 | $ 400,000 | |||||
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
|---|---|---|---|---|---|---|---|
|
May 15, 2012
Extension_Option
|
Oct. 01, 2011
Extension_Option
|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
| Unfunded Loan Commitments | |||||||
| Number of extension options | Extension_Option | 0 | 0 | |||||
| Rent expense | $ 0.3 | $ 0.3 | $ 0.9 | $ 0.9 | |||
| Provision for loan losses | |||||||
| Unfunded Loan Commitments | |||||||
| Unfunded commitments of mortgage loan receivables held for investment | $ 386.0 | $ 386.0 | $ 157.0 | ||||
COMMITMENTS AND CONTINGENCIES - Future Minimum Rental Payments (Details) $ in Thousands |
Sep. 30, 2018
USD ($)
|
|---|---|
| Future minimum rental payments | |
| 2018 (last 3 months) | $ 295 |
| 2019 | 1,180 |
| 2020 | 1,180 |
| 2021 | 1,180 |
| 2022 | 99 |
| Thereafter | 0 |
| Total | $ 3,934 |
SEGMENT REPORTING - Additional Information (Details) |
9 Months Ended |
|---|---|
|
Sep. 30, 2018
segment
| |
| Segment Reporting [Abstract] | |
| Number of reportable segments | 3 |
SEGMENT REPORTING - Schedule of Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
| Income Statement [Abstract] | |||||
| Interest income | $ 90,386 | $ 66,833 | $ 253,822 | $ 190,315 | |
| Interest expense | (51,476) | (37,485) | (144,606) | (104,561) | |
| Net interest income | 38,910 | 29,348 | 109,216 | 85,754 | |
| Provision for loan losses | (10,300) | 0 | (13,600) | 0 | |
| Net interest income after provision for loan losses | 28,610 | 29,348 | 95,616 | 85,754 | |
| Operating lease income | 22,739 | 22,924 | 71,556 | 64,741 | |
| Tenant recoveries | 2,258 | 2,382 | 7,750 | 5,121 | |
| Sale of loans, net | 1,861 | (775) | 12,893 | 24,129 | |
| Realized gain (loss) on securities | (2,554) | 6,688 | (4,896) | 19,182 | |
| Unrealized gain (loss) on Agency interest-only securities | 142 | 577 | 456 | 1,034 | |
| Realized gain on sale of real estate, net | 63,704 | 3,228 | 96,341 | 7,790 | |
| Fee and other income | 4,851 | 4,338 | 17,579 | 13,378 | |
| Net result from derivative transactions | 7,115 | (348) | 29,156 | (18,352) | |
| Earnings (loss) from investment in unconsolidated joint ventures | 401 | 127 | 466 | 64 | |
| Gain (loss) on extinguishment/defeasance of debt | (4,323) | 0 | (4,392) | (54) | |
| Total other income | 96,194 | 39,141 | 226,909 | 117,033 | |
| Salaries and employee benefits | (15,792) | (13,255) | (46,754) | (43,786) | |
| Operating expenses | (5,464) | (4,790) | (16,608) | (16,098) | |
| Real estate operating expenses | (7,152) | (9,351) | (23,806) | (24,861) | |
| Fee expense | (1,311) | (1,242) | (2,953) | (3,556) | |
| Depreciation and amortization | (10,417) | (10,606) | (31,896) | (29,323) | |
| Total costs and expenses | (40,136) | (39,244) | (122,017) | (117,624) | |
| Income tax (expense) benefit | (1,204) | 576 | (5,679) | (4,654) | |
| Net income (loss) | 83,464 | 29,821 | 194,829 | 80,509 | $ 125,879 |
| Total assets | 6,425,745 | 6,425,745 | 6,025,615 | ||
| Investment in unconsolidated joint ventures | 36,100 | 36,100 | 35,441 | ||
| Investment in FHLB stock | 57,915 | 57,915 | 77,915 | ||
| Operating Segment | |||||
| Income Statement [Abstract] | |||||
| Investment in unconsolidated joint ventures | 36,100 | 36,100 | 35,400 | ||
| Operating Segment | Loans | |||||
| Income Statement [Abstract] | |||||
| Interest income | 81,779 | 56,763 | 228,273 | 154,939 | |
| Interest expense | (17,232) | (11,317) | (46,286) | (28,693) | |
| Net interest income | 64,547 | 45,446 | 181,987 | 126,246 | |
| Provision for loan losses | (10,300) | 0 | (13,600) | 0 | |
| Net interest income after provision for loan losses | 54,247 | 45,446 | 168,387 | 126,246 | |
| Operating lease income | 0 | 0 | 0 | 0 | |
| Tenant recoveries | 0 | 0 | 0 | 0 | |
| Sale of loans, net | 1,861 | (775) | 12,893 | 24,129 | |
| Realized gain (loss) on securities | 0 | 0 | 0 | 0 | |
| Unrealized gain (loss) on Agency interest-only securities | 0 | 0 | 0 | 0 | |
| Realized gain on sale of real estate, net | 0 | (159) | 0 | 0 | |
| Fee and other income | 3,895 | 1,447 | 10,823 | 4,798 | |
| Net result from derivative transactions | 3,741 | 990 | 14,516 | (11,199) | |
| Earnings (loss) from investment in unconsolidated joint ventures | 0 | 0 | 0 | 0 | |
| Gain (loss) on extinguishment/defeasance of debt | 0 | (69) | 0 | ||
| Total other income | 9,497 | 1,503 | 38,163 | 17,728 | |
| Salaries and employee benefits | 0 | 6,700 | 0 | 0 | |
| Operating expenses | 61 | 99 | 61 | 212 | |
| Real estate operating expenses | 0 | 0 | 0 | 0 | |
| Fee expense | (928) | (992) | (2,160) | (2,798) | |
| Depreciation and amortization | 0 | 0 | 0 | 0 | |
| Total costs and expenses | (867) | 5,807 | (2,099) | (2,586) | |
| Income tax (expense) benefit | 0 | 0 | 0 | 0 | |
| Net income (loss) | 62,877 | 52,756 | 204,451 | 141,388 | |
| Total assets | 4,162,949 | 4,162,949 | 3,508,642 | ||
| Operating Segment | Securities | |||||
| Income Statement [Abstract] | |||||
| Interest income | 8,541 | 9,986 | 25,217 | 35,236 | |
| Interest expense | (1,482) | (1,456) | (3,423) | (5,179) | |
| Net interest income | 7,059 | 8,530 | 21,794 | 30,057 | |
| Provision for loan losses | 0 | 0 | 0 | 0 | |
| Net interest income after provision for loan losses | 7,059 | 8,530 | 21,794 | 30,057 | |
| Operating lease income | 0 | 0 | 0 | 0 | |
| Tenant recoveries | 0 | 0 | 0 | 0 | |
| Sale of loans, net | 0 | 0 | 0 | 0 | |
| Realized gain (loss) on securities | (2,554) | 6,688 | (4,896) | 19,182 | |
| Unrealized gain (loss) on Agency interest-only securities | 142 | 577 | 456 | 1,034 | |
| Realized gain on sale of real estate, net | 0 | 0 | 0 | 0 | |
| Fee and other income | 0 | 0 | 72 | 0 | |
| Net result from derivative transactions | 3,374 | (1,338) | 14,640 | (7,153) | |
| Earnings (loss) from investment in unconsolidated joint ventures | 0 | 0 | 0 | 0 | |
| Gain (loss) on extinguishment/defeasance of debt | 0 | 0 | 0 | ||
| Total other income | 962 | 5,927 | 10,272 | 13,063 | |
| Salaries and employee benefits | 0 | 0 | 0 | 0 | |
| Operating expenses | 0 | 0 | 0 | 0 | |
| Real estate operating expenses | 0 | 0 | 0 | 0 | |
| Fee expense | (91) | (68) | (297) | (230) | |
| Depreciation and amortization | 0 | 0 | 0 | 0 | |
| Total costs and expenses | (91) | (68) | (297) | (230) | |
| Income tax (expense) benefit | 0 | 0 | 0 | 0 | |
| Net income (loss) | 7,930 | 14,389 | 31,769 | 42,890 | |
| Total assets | 978,289 | 978,289 | 1,106,517 | ||
| Operating Segment | Real Estate | |||||
| Income Statement [Abstract] | |||||
| Interest income | 6 | 3 | 16 | 9 | |
| Interest expense | (9,213) | (7,847) | (25,799) | (20,770) | |
| Net interest income | (9,207) | (7,844) | (25,783) | (20,761) | |
| Provision for loan losses | 0 | 0 | 0 | 0 | |
| Net interest income after provision for loan losses | (9,207) | (7,844) | (25,783) | (20,761) | |
| Operating lease income | 22,739 | 22,924 | 71,556 | 64,741 | |
| Tenant recoveries | 2,258 | 2,382 | 7,750 | 5,121 | |
| Sale of loans, net | 0 | 0 | 0 | 0 | |
| Realized gain (loss) on securities | 0 | 0 | 0 | 0 | |
| Unrealized gain (loss) on Agency interest-only securities | 0 | 0 | 0 | 0 | |
| Realized gain on sale of real estate, net | 63,704 | 3,387 | 96,341 | 7,790 | |
| Fee and other income | 0 | 2,057 | 3,416 | 6,040 | |
| Net result from derivative transactions | 0 | 0 | 0 | 0 | |
| Earnings (loss) from investment in unconsolidated joint ventures | 401 | 127 | 466 | 64 | |
| Gain (loss) on extinguishment/defeasance of debt | (4,323) | (4,323) | 0 | ||
| Total other income | 84,779 | 30,877 | 175,206 | 83,756 | |
| Salaries and employee benefits | 0 | 0 | 0 | 0 | |
| Operating expenses | 0 | 0 | 0 | 0 | |
| Real estate operating expenses | (7,152) | (9,351) | (23,806) | (24,861) | |
| Fee expense | (292) | (182) | (496) | (528) | |
| Depreciation and amortization | (10,398) | (10,583) | (31,840) | (29,253) | |
| Total costs and expenses | (17,842) | (20,116) | (56,142) | (54,642) | |
| Income tax (expense) benefit | 0 | 0 | 0 | 0 | |
| Net income (loss) | 57,730 | 2,917 | 93,281 | 8,353 | |
| Total assets | 1,036,110 | 1,036,110 | 1,067,482 | ||
| Corporate/Other | |||||
| Income Statement [Abstract] | |||||
| Interest income | 60 | 81 | 316 | 131 | |
| Interest expense | (23,549) | (16,865) | (69,098) | (49,919) | |
| Net interest income | (23,489) | (16,784) | (68,782) | (49,788) | |
| Provision for loan losses | 0 | 0 | 0 | 0 | |
| Net interest income after provision for loan losses | (23,489) | (16,784) | (68,782) | (49,788) | |
| Operating lease income | 0 | 0 | 0 | 0 | |
| Tenant recoveries | 0 | 0 | 0 | 0 | |
| Sale of loans, net | 0 | 0 | 0 | 0 | |
| Realized gain (loss) on securities | 0 | 0 | 0 | 0 | |
| Unrealized gain (loss) on Agency interest-only securities | 0 | 0 | 0 | 0 | |
| Realized gain on sale of real estate, net | 0 | 0 | 0 | 0 | |
| Fee and other income | 956 | 834 | 3,268 | 2,540 | |
| Net result from derivative transactions | 0 | 0 | 0 | 0 | |
| Earnings (loss) from investment in unconsolidated joint ventures | 0 | 0 | 0 | 0 | |
| Gain (loss) on extinguishment/defeasance of debt | 0 | 0 | (54) | ||
| Total other income | 956 | 834 | 3,268 | 2,486 | |
| Salaries and employee benefits | (15,792) | (19,955) | (46,754) | (43,786) | |
| Operating expenses | (5,525) | (4,889) | (16,669) | (16,310) | |
| Real estate operating expenses | 0 | 0 | |||
| Fee expense | 0 | 0 | 0 | 0 | |
| Depreciation and amortization | (19) | (23) | (56) | (70) | |
| Total costs and expenses | (21,336) | (24,867) | (63,479) | (60,166) | |
| Income tax (expense) benefit | (1,204) | 576 | (5,679) | (4,654) | |
| Net income (loss) | (45,073) | $ (40,241) | (134,672) | $ (112,122) | |
| Total assets | 248,397 | 248,397 | 342,974 | ||
| Investment in FHLB stock | 57,900 | 57,900 | 77,900 | ||
| Deferred tax liabilities | (800) | (800) | (5,700) | ||
| Corporate/Other | Senior Unsecured Notes | |||||
| Income Statement [Abstract] | |||||
| Senior Notes | $ 1,200,000 | $ 1,200,000 | $ 1,200,000 | ||