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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)
 6 Months Ended
Jun. 30, 2016
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 June 30, 2016 and December 31, 2015 ($ in thousands):
 
Entity
 
June 30, 2016
 
December 31, 2015
 
 
 
 
 
Ladder Capital Realty Income Partnership I LP
 
$
—

 
$
49

Grace Lake JV, LLC
 
3,226

 
2,891

24 Second Avenue Holdings LLC
 
30,552

 
30,857

Investment in unconsolidated joint ventures
 
$
33,778

 
$
33,797
Summary of the Company's allocated earnings based on its ownership interests from investment in unconsolidated joint ventures
The following is a summary of the Company’s allocated earnings (losses) based on its ownership interests from investment in unconsolidated joint ventures for the three and six months ended June 30, 2016 and 2015 ($ in thousands):
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Entity
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
Ladder Capital Realty Income Partnership I LP
 
$
—

 
$
14

 
$
892

 
$
116

Grace Lake JV, LLC
 
235

 
150

 
460

 
489

24 Second Avenue Holdings LLC
 
(403
)
 
—

 
(726
)
 
—

Earnings (loss) from investment in unconsolidated joint ventures
 
$
(168
)
 
$
164

 
$
626

 
$
605
Summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests
The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of June 30, 2016 and December 31, 2015 ($ in thousands):
 
 
 
June 30, 2016
 
December 31, 2015
 
 
 
 
 
Total assets
 
$
133,374

 
$
131,214

Total liabilities
 
90,923

 
88,973

Partners’/members’ capital
 
$
42,451

 
$
42,241


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 six months ended June 30, 2016 and 2015 ($ in thousands):
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
Total revenues
 
$
3,977

 
$
4,788

 
$
8,214

 
$
10,463

Total expenses
 
3,496

 
3,596

 
7,912

 
7,360

Net income (loss)
 
$
481

 
$
1,192

 
$
302

 
$
3,103