SUBSEQUENT EVENTS	12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-K or would be required to be recognized in the consolidated financial statements as of and for the year ended December 31, 2019, except as disclosed below. On January 16, 2020, the Company and a consolidated subsidiary of the Company entered into a $150.0 million master repurchase and securities contract agreement (the “Morgan Stanley Facility”) with Morgan Stanley Bank, N.A. (“Morgan Stanley”). Pursuant to the Morgan Stanley Facility, the Company is permitted to sell, and later repurchase, eligible commercial mortgage loans collateralized by retail, office, mixed-use, multifamily, industrial, hospitality, student housing or self-storage properties. Morgan Stanley may approve the mortgage loans that are subject to the Morgan Stanley Facility in its sole discretion. The initial maturity date of the Morgan Stanley Facility is January 16, 2023, and the facility is subject to two 12- month extensions at the Company’s option upon the satisfaction of certain conditions, including the payment of an extension fee. The pricing rate under the Morgan Stanley Facility will accrue at a per annum rate equal to one-month LIBOR plus a spread ranging from 1.75% to 2.25% determined by Morgan Stanley depending upon the mortgage loan sold to Morgan Stanley in the applicable transaction. The Morgan Stanley Facility contains margin call provisions following the occurrence of certain mortgage loan credit events. The Morgan Stanley Facility is partially guaranteed by the Company for up to a maximum liability of 25% of the then currently outstanding repurchase price for all purchased assets. The agreements governing the Morgan Stanley Facility also contain various customary representations and warranties and provisions regarding events of default, and impose certain customary covenants, including that the Company is obligated to maintain certain ratios of debt to net worth, fixed charges, liquidity and other financial covenants. On January 22, 2020, the Company entered into an underwriting agreement (the “Underwriting Agreement”), by and among the Company, ACREM, and Wells Fargo Securities, LLC, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC, as representatives of the several underwriters listed therein (collectively, the “Underwriters”). Pursuant to the terms of the Underwriting Agreement, the Company agreed to sell, and the Underwriters agreed to purchase, subject to the terms and conditions set forth in the Underwriting Agreement, an aggregate of 4,000,000 shares of the Company’s common stock, par value $0.01 per share. In addition, the Company granted to the Underwriters a 30-day option to purchase up to an additional 600,000 shares. The public offering closed on January 27, 2020 and generated estimated net proceeds of approximately $63.3 million, after deducting estimated transaction expenses. On January 30, 2020, the Company sold an additional 600,000 shares pursuant to the Underwriters option to purchase additional shares, generating additional estimated net proceeds of approximately $9.5 million. On January 21, 2020, the Company purchased a $132.6 million senior mortgage loan on a portfolio of office properties located across multiple states from the Ares Warehouse Vehicle. At the purchase date, the outstanding principal balance was approximately $107.1 million. The loan has a per annum interest rate of LIBOR plus 3.65% (plus fees) and an initial term of three years. On January 28, 2020, the Company originated and fully funded a $29.6 million senior mortgage loan on a multifamily property located in Texas. The loan has a per annum interest rate of LIBOR plus 3.25% (plus fees) and an initial term of three years. On January 30, 2020, the Company originated a $56.5 million senior mortgage loan on an industrial property located in New York. At closing, the outstanding principal balance was approximately $42.5 million. The loan has a per annum interest rate of LIBOR plus 5.00% (plus fees) and an initial term of one year. On February 10, 2020, the Company originated a $19.0 million senior mortgage loan on a multifamily property located in Washington. At closing, the outstanding principal balance was approximately $18.6 million. The loan has a per annum interest rate of LIBOR plus 3.00% (plus fees) and an initial term of three years. On February 20, 2020, the Company declared a cash dividend of $0.33 per common share for the first quarter of 2020. The first quarter 2020 dividend is payable on April 15, 2020 to common stockholders of record as of March 31, 2020.

SUBSEQUENT EVENTS

The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-K or would be required to be recognized in the consolidated financial statements as of and for the year ended December 31, 2019, except as disclosed below.

On January 16, 2020, the Company and a consolidated subsidiary of the Company entered into a $150.0 million master repurchase and securities contract agreement (the “Morgan Stanley Facility”) with Morgan Stanley Bank, N.A. (“Morgan Stanley”). Pursuant to the Morgan Stanley Facility, the Company is permitted to sell, and later repurchase, eligible commercial mortgage loans collateralized by retail, office, mixed-use, multifamily, industrial, hospitality, student housing or self-storage properties. Morgan Stanley may approve the mortgage loans that are subject to the Morgan Stanley Facility in its sole discretion. The initial maturity date of the Morgan Stanley Facility is January 16, 2023, and the facility is subject to two 12- month extensions at the Company’s option upon the satisfaction of certain conditions, including the payment of an extension fee. The pricing rate under the Morgan Stanley Facility will accrue at a per annum rate equal to one-month LIBOR plus a spread ranging from 1.75% to 2.25% determined by Morgan Stanley depending upon the mortgage loan sold to Morgan Stanley in the applicable transaction. The Morgan Stanley Facility contains margin call provisions following the occurrence of certain mortgage loan credit events. The Morgan Stanley Facility is partially guaranteed by the Company for up to a maximum liability of 25% of the then currently outstanding repurchase price for all purchased assets. The agreements governing the Morgan Stanley Facility also contain various customary representations and warranties and provisions regarding events of default, and impose certain customary covenants, including that the Company is obligated to maintain certain ratios of debt to net worth, fixed charges, liquidity and other financial covenants.

On January 22, 2020, the Company entered into an underwriting agreement (the “Underwriting Agreement”), by and among the Company, ACREM, and Wells Fargo Securities, LLC, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC, as representatives of the several underwriters listed therein (collectively, the “Underwriters”). Pursuant to the terms of the Underwriting Agreement, the Company agreed to sell, and the Underwriters agreed to purchase, subject to the terms and conditions set forth in the Underwriting Agreement, an aggregate of 4,000,000 shares of the Company’s common stock, par value $0.01 per share. In addition, the Company granted to the Underwriters a 30-day option to purchase up to an additional 600,000 shares. The public offering closed on January 27, 2020 and generated estimated net proceeds of approximately $63.3 million, after deducting estimated transaction expenses. On January 30, 2020, the Company sold an additional 600,000 shares pursuant to the Underwriters option to purchase additional shares, generating additional estimated net proceeds of approximately $9.5 million.

On January 21, 2020, the Company purchased a $132.6 million senior mortgage loan on a portfolio of office properties located across multiple states from the Ares Warehouse Vehicle. At the purchase date, the outstanding principal balance was approximately $107.1 million. The loan has a per annum interest rate of LIBOR plus 3.65% (plus fees) and an initial term of three years.

On January 28, 2020, the Company originated and fully funded a $29.6 million senior mortgage loan on a multifamily property located in Texas. The loan has a per annum interest rate of LIBOR plus 3.25% (plus fees) and an initial term of three years.

On January 30, 2020, the Company originated a $56.5 million senior mortgage loan on an industrial property located in New York. At closing, the outstanding principal balance was approximately $42.5 million. The loan has a per annum interest rate of LIBOR plus 5.00% (plus fees) and an initial term of one year.

On February 10, 2020, the Company originated a $19.0 million senior mortgage loan on a multifamily property located in Washington. At closing, the outstanding principal balance was approximately $18.6 million. The loan has a per annum interest rate of LIBOR plus 3.00% (plus fees) and an initial term of three years.

On February 20, 2020, the Company declared a cash dividend of $0.33 per common share for the first quarter of 2020. The first quarter 2020 dividend is payable on April 15, 2020 to common stockholders of record as of March 31, 2020.