Arbor Realty Trust (ABR) 10-K 13 Feb 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2014	Feb. 13, 2015	Jun. 30, 2014
Document and Entity Information
Entity Registrant Name	ARBOR REALTY TRUST INC
Entity Central Index Key	1253986
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$298
Entity Common Stock, Shares Outstanding		50,477,308
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
Assets:
Cash and cash equivalents	$50,417,745	$60,389,552
Restricted cash (includes $216,405,894 and $54,051,439 from consolidated VIEs, respectively)	218,100,529	54,962,316
Loans and investments, net (includes $968,600,472 and $1,196,434,032 from consolidated VIEs, respectively)	1,459,475,650	1,523,699,653
Available-for-sale securities, at fair value	2,499,709	37,315,652
Investments in equity affiliates	4,869,066	4,680,306
Real estate owned, net (includes $732,144 and $80,787,215 from consolidated VIEs, respectively)	84,925,641	111,718,177
Real estate held-for-sale, net	14,381,733	11,477,676
Due from related party (includes $0 and $91,988 from consolidated VIEs, respectively)	36,515	98,058
Prepaid management fee - related party		19,047,949
Other assets (includes $14,949,956 and $19,861,310 from consolidated VIEs, respectively)	45,716,002	54,083,143
Total assets	1,880,422,590	1,877,472,482
Liabilities and Equity:
Credit facilities and repurchase agreements	180,386,200	159,125,023
Collateralized debt obligations (includes $331,395,126 and $639,622,981 from consolidated VIEs, respectively)	331,395,126	639,622,981
Collateralized loan obligations (includes $458,250,000 and $264,500,000 from consolidated VIEs, respectively)	458,250,000	264,500,000
Senior unsecured notes	97,860,025
Junior subordinated notes to subsidiary trust issuing preferred securities	159,833,260	159,291,427
Notes payable	1,300,000	2,500,000
Mortgage note payable - real estate owned	21,865,136	42,745,650
Mortgage note payable - real estate held-for-sale	9,119,221	11,005,354
Due to related party	2,653,333	2,794,087
Due to borrowers	32,972,606	20,326,030
Deferred revenue		77,123,133
Other liabilities (includes $7,385,474 and $13,944,737 from consolidated VIEs, respectively)	49,332,212	60,842,515
Total liabilities	1,344,967,119	1,439,876,200
Equity:
Preferred stock; 8.25% Series A; 7.75% Series B; 8.50% Series C	89,295,905	67,654,655
Common stock, $0.01 par value: 500,000,000 shares authorized; 53,128,075 shares issued, 50,477,308 shares outstanding at December 31, 2014 and 51,787,075 shares issued, 49,136,308 shares outstanding at December 31, 2013	531,280	517,870
Additional paid-in capital	629,880,774	623,993,245
Treasury stock, at cost - 2,650,767 shares at December 31, 2014 and 2013	-17,100,916	-17,100,916
Accumulated deficit	-152,483,322	-212,231,319
Accumulated other comprehensive loss	-14,668,250	-25,237,253
Total equity	535,455,471	437,596,282
Total liabilities and equity	$1,880,422,590	$1,877,472,482

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Restricted cash	$218,100,529	$54,962,316
Loans and investments, net	1,459,475,650	1,523,699,653
Available-for-sale securities, at fair value	2,499,709	37,315,652
Real estate owned, net	84,925,641	111,718,177
Due from related party	36,515	98,058
Other assets	45,716,002	54,083,143
Collateralized debt obligations	331,395,126	639,622,981
Collateralized loan obligations	458,250,000	264,500,000
Due to borrowers	32,972,606	20,326,030
Other liabilities	49,332,212	60,842,515
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	53,128,075	51,787,075
Common stock, shares outstanding (in shares)	50,477,308	49,136,308
Treasury stock, shares (in shares)	2,650,767	2,650,767
8.25% Series A preferred stock
Preferred stock, dividend rate (as a percent)	8.25%	8.25%
Preferred stock, aggregate liquidation preference	38,787,500	38,787,500
Preferred stock, shares issued (in shares)	1,551,500	1,551,500
Preferred stock, shares outstanding (in shares)	1,551,500	1,551,500
7.75% Series B preferred stock
Preferred stock, dividend rate (as a percent)	7.75%	7.75%
Preferred stock, aggregate liquidation preference	31,500,000	31,500,000
Preferred stock, shares issued (in shares)	1,260,000	1,260,000
Preferred stock, shares outstanding (in shares)	1,260,000	1,260,000
8.50% Series C preferred stock
Preferred stock, dividend rate (as a percent)	8.50%	8.50%
Preferred stock, aggregate liquidation preference	22,500,000	22,500,000
Preferred stock, shares issued (in shares)	900,000	0
Preferred stock, shares outstanding (in shares)	900,000	0
Consolidated VIEs
Restricted cash	216,405,894	54,051,439
Loans and investments, net	968,600,472	1,196,434,032
Real estate owned, net	80,732,144	80,787,215
Due from related party	0	91,988
Other assets	14,949,956	19,861,310
Collateralized debt obligations	331,395,126	639,622,981
Collateralized loan obligations	458,250,000	264,500,000
Other liabilities	$7,385,474	$13,944,737

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CONSOLIDATED STATEMENTS OF INCOME
Interest income	$106,716,344	$99,031,623	$79,998,762
Interest expense	47,903,458	42,065,151	40,866,832
Net interest income	58,812,886	56,966,472	39,131,930
Other revenue:
Property operating income	32,641,249	30,127,260	30,173,754
Other income, net	1,645,465	2,290,714	1,280,289
Total other revenue	34,286,714	32,417,974	31,454,043
Other expenses:
Employee compensation and benefits	13,978,223	12,042,332	10,173,572
Selling and administrative	9,600,139	10,603,247	7,882,914
Property operating expenses	27,857,460	26,728,174	27,963,386
Depreciation and amortization	7,371,737	7,250,601	5,794,013
Impairment loss on real estate owned	250,000	1,000,000
Provision for loan losses (net of recoveries)	-308,511	4,287,652	22,946,396
Management fee - related party	9,900,000	10,900,000	10,000,000
Total other expenses	68,649,048	72,812,006	84,760,281
Income from continuing operations before gain on sale of equity interests, incentive management fee, gain on extinguishment of debt, gain on sale of real estate, net, income (loss) from equity affiliates and benefit from income taxes	24,450,552	16,572,440	-14,174,308
Gain on sale of equity interests	85,793,466
Incentive management fee - equity interest - related party	-19,047,949
Gain on extinguishment of debt		4,930,772	30,459,023
Gain (loss) on sale of real estate, net	1,603,763
Income (loss) from equity affiliates	248,658	-204,475	-697,856
Income before benefit from income taxes	93,048,490	21,298,737	15,586,859
Benefit from income taxes			801,558
Income from continuing operations	93,048,490	21,298,737	16,388,417
Gain on sale of real estate held-for-sale	1,603,763		3,953,455
Income from operations of real estate held-for-sale			1,374,583
Income from discontinued operations			5,328,038
Net income	93,048,490	21,298,737	21,716,455
Preferred stock dividends	7,256,255	4,506,583
Net income attributable to noncontrolling interest		124,199	215,567
Net income attributable to Arbor Realty Trust, Inc. common stockholders	$85,792,235	$16,667,955	$21,500,888
Basic earnings per common share:
Income from continuing operations, net of noncontrolling interest and preferred stock dividends (in dollars per share)	$1.71	$0.39	$0.60
Income from discontinued operations (in dollars per share)			$0.20
Net income attributable to Arbor Realty Trust, Inc. common stockholders (in dollars per share)	$1.71	$0.39	$0.80
Diluted earnings per common share:
Income from continuing operations, net of noncontrolling interest and preferred stock dividends (in dollars per share)	$1.70	$0.39	$0.59
Income from discontinued operations (in dollars per share)			$0.20
Net income attributable to Arbor Realty Trust, Inc. common stockholders (in dollars per share)	$1.70	$0.39	$0.79
Weighted average number of shares of common stock outstanding:
Basic (in shares)	50,143,648	42,399,872	26,956,938
Diluted (in shares)	50,368,344	42,835,144	27,211,287

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$93,048,490	$21,298,737	$21,716,455
Unrealized (loss) gain on securities available-for-sale, net	-335,157	382,130	-723,632
Net unrealized gain on securities transferred to available-for-sale from held-to-maturity		431,476
Reclassification of unrealized gain on securities available-for-sale realized into earnings	-431,476	-100,000
Unrealized loss on derivative financial instruments, net	-1,318,318	-520,195	-7,698,630
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings	12,653,954	14,131,036	16,564,607
Comprehensive income	103,617,493	35,623,184	29,858,800
Less: Preferred stock dividends	7,256,255	4,506,583
Comprehensive income attributable to noncontrolling interest		124,199	215,567
Comprehensive income attributable to Arbor Realty Trust, Inc. common stockholders	$96,361,238	$30,992,402	$29,643,233

CONSOLIDATED_STATEMENT_OF_CHAN

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $)	Preferred Stock	Preferred Stock	Preferred Stock	Preferred Stock	Preferred Stock	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Deficit	Accumulated Deficit	Accumulated Other Comprehensive Loss	Total Arbor Realty Trust, Inc. Stockholders' Equity	Total Arbor Realty Trust, Inc. Stockholders' Equity	Total Arbor Realty Trust, Inc. Stockholders' Equity	Total Arbor Realty Trust, Inc. Stockholders' Equity	Total Arbor Realty Trust, Inc. Stockholders' Equity	Non-controlling Interest	Private REIT preferred stock	8.50% Series A preferred stock	7.75% Series B preferred stock	8.50% Series C preferred stock	Total
	Private REIT preferred stock	8.50% Series A preferred stock	7.75% Series B preferred stock	8.50% Series C preferred stock					Private REIT preferred stock			Private REIT preferred stock	8.50% Series A preferred stock	7.75% Series B preferred stock	8.50% Series C preferred stock
Balance at Dec. 31, 2011						$267,787	$455,994,695	($16,416,152)		($221,015,880)	($47,704,045)					$171,126,405	$1,934,128					$173,060,533
Balance (in shares) at Dec. 31, 2011						26,778,737		-2,480,597
Increase (Decrease) in Stockholders' Equity
Issuance of common stock						70,000	36,575,500									36,645,500						36,645,500
Issuance of common stock (in shares)						7,000,000
Purchase of treasury stock								-684,764								-684,764						-684,764
Purchase of treasury stock (in shares)								-170,170
Stock-based compensation						1,213	641,027									642,240						642,240
Stock-based compensation (in shares)						121,255
Distributions - common stock										-8,031,029						-8,031,029						-8,031,029
Distributions - preferred stock	-12,236								-12,236			-12,236						-12,236
Net income										21,500,888						21,500,888	215,567					21,716,455
Decrease in non-controlling interest																	-217,922					-217,922
Unrealized (loss) gain on securities available-for-sale											-723,632					-723,632						-723,632
Unrealized loss on derivative financial instruments, net											-7,698,630					-7,698,630						-7,698,630
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings											16,564,607					16,564,607						16,564,607
Balance at Dec. 31, 2012						339,000	493,211,222	-17,100,916		-207,558,257	-39,561,700					229,329,349	1,931,773					231,261,122
Balance (in shares) at Dec. 31, 2012						33,899,992		-2,650,767
Increase (Decrease) in Stockholders' Equity
Issuance of common stock						176,250	129,184,501									129,360,751						129,360,751
Issuance of common stock (in shares)						17,625,000
Issuance of preferred stock		37,315,694	30,338,961										37,315,694	30,338,961					37,315,694	30,338,961
Issuance of preferred stock (in shares)		1,551,500	1,260,000
Stock-based compensation						2,627	1,597,515									1,600,142						1,600,142
Stock-based compensation (in shares)						262,750
Forfeiture of unvested restricted stock						-7	7
Forfeiture of unvested restricted stock (in shares)						-667
Distributions - common stock										-21,326,517						-21,326,517						-21,326,517
Distributions - preferred stock	-14,500								-14,500	-4,506,583		-14,500				-4,506,583		-14,500				-4,506,583
Net income										21,174,538						21,174,538	124,199					21,298,737
Decrease in non-controlling interest																	-2,055,972					-2,055,972
Unrealized (loss) gain on securities available-for-sale											382,130					382,130						382,130
Net unrealized gain on securities transferred to available-for-sale from held-to-maturity											431,476					431,476						431,476
Reclassification of unrealized gain on securities available-for-sale realized into earnings											-100,000					-100,000						-100,000
Unrealized loss on derivative financial instruments, net											-520,195					-520,195						-520,195
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings											14,131,036					14,131,036						14,131,036
Balance at Dec. 31, 2013					67,654,655	517,870	623,993,245	-17,100,916		-212,231,319	-25,237,253					437,596,282						437,596,282
Balance (in shares) at Dec. 31, 2013					2,811,500	51,787,075		-2,650,767
Increase (Decrease) in Stockholders' Equity
Issuance of common stock						10,000	6,504,000									6,514,000						6,514,000
Issuance of common stock (in shares)						1,000,000
Cancellation of warrants							-2,602,500									-2,602,500						-2,602,500
Issuance of preferred stock				21,641,250											21,641,250						21,641,250
Issuance of preferred stock (in shares)				900,000
Stock-based compensation						3,410	1,986,029									1,989,439						1,989,439
Stock-based compensation (in shares)						341,000
Distributions - common stock										-26,029,540						-26,029,540						-26,029,540
Distributions - preferred stock	-14,698								-14,698	-7,256,255		-14,698				-7,256,255		-14,698				-7,256,255
Net income										93,048,490						93,048,490						93,048,490
Unrealized (loss) gain on securities available-for-sale											-335,157					-335,157						-335,157
Reclassification of unrealized gain on securities available-for-sale realized into earnings											-431,476					-431,476						-431,476
Unrealized loss on derivative financial instruments, net											-1,318,318					-1,318,318						-1,318,318
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings											12,653,954					12,653,954						12,653,954
Balance at Dec. 31, 2014					89,295,905	531,280	629,880,774	-17,100,916		-152,483,322	-14,668,250					535,455,471						535,455,471
Balance (in shares) at Dec. 31, 2014					3,711,500	53,128,075		-2,650,767
Balance at Jan. 31, 2014
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)						1,000,000
Balance at Dec. 31, 2014					$89,295,905	$531,280		($17,100,916)
Balance (in shares) at Dec. 31, 2014					3,711,500	53,128,075		-2,650,767

CONSOLIDATED_STATEMENT_OF_CHAN1

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2013
8.50% Series A preferred stock
Preferred stock, dividend rate (as a percent)	8.25%
7.75% Series B preferred stock
Preferred stock, dividend rate (as a percent)	7.75%
8.50% Series C preferred stock
Preferred stock, dividend rate (as a percent)	8.50%

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating activities:
Net income	$93,048,490	$21,298,737	$21,716,455
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,371,737	7,250,601	5,904,089
Stock-based compensation	1,989,439	1,600,142	578,190
Gain on sale of securities	-518,640	-1,100,000
Gain on sale of real estate, net	-1,603,763		-3,953,455
Reversal of liabilities related to discontinued operations			-1,175,120
Gain on extinguishment of debt		-4,930,772	-30,459,023
Provision for loan losses (net of recoveries)	-308,511	4,287,652	22,946,396
Impairment loss on real estate owned	250,000	1,000,000
Amortization and accretion of interest, fees and intangible assets, net	-185,461	-3,127,093	1,634,410
Gain on sale of equity interests	-85,793,466
Incentive management fee - equity interest - related party	19,047,949
Change in fair value of non-qualifying swaps and linked transactions	-41,022	1,798,161	1,334,189
(Income) loss from equity affiliates	-248,658	204,475	697,856
Changes in operating assets and liabilities	2,212,738	5,759,559	-942,064
Net cash provided by operating activities	30,795,356	22,522,344	20,166,051
Investing activities:
Loans and investments funded, originated and purchased, net	-908,769,736	-594,127,146	-261,875,190
Payoffs and paydowns of loans and investments	987,700,535	378,738,674	185,675,195
Proceeds from sale of loans		4,424,097	17,945,000
Due to borrowers and reserves		-585,143	-505,093
Deferred fees, net	5,687,545	5,305,848	3,062,425
Purchase of securities, net		-29,024,327	-69,041,570
Principal collection on securities, net	663,684	38,614,122	55,895,146
Investment in real estate, net	-4,714,838	-8,004,139	-4,206,576
Proceeds from sale of real estate, net	21,912,729		26,443,882
Proceeds from sale of available-for-sale securities	33,904,172	2,100,000
Contributions to equity affiliates	-526,499		-257,505
Distributions from equity affiliates	9,094,313	62,500	330,608
Redemption of investment in preferred shares, net		2,418,528
Net cash provided by / (used in) investing activities	144,951,905	-200,076,986	-46,533,678
Financing activities:
Proceeds from repurchase agreements, loan participations, credit facilities and notes payable	402,080,235	235,145,560	162,922,840
Paydowns and payoffs of repurchase agreements, loan participations and credit facilities	-382,019,058	-205,482,156	-108,366,221
Payoff and paydown of mortgage notes payable	-22,766,647		-20,750,000
Proceeds from senior unsecured notes	97,860,025
Proceeds from collateralized loan obligations	281,250,000	177,000,000	87,500,000
Payoffs and paydowns of collateralized debt obligations	-307,482,803	-167,154,040	-158,956,432
Payoffs and paydowns of collateralized loan obligations	-87,500,000
Change in restricted cash	-162,354,455	-12,514,227	23,820,781
Payments on financial instruments underlying linked transactions	-59,613,649	-165,385,926	-91,346,499
Receipts on financial instruments underlying linked transactions	66,027,912	175,181,262	80,645,124
Payments on swaps and margin calls to counterparties	-2,032,106	-75,139,934	-61,541,697
Receipts on swaps and margin calls from counterparties	8,993,010	80,653,523	61,478,418
Purchases of treasury stock			-684,764
Distributions paid to noncontrolling interest		-175,559	-217,922
Proceeds from issuance of common stock	6,800,000	134,176,328	39,200,000
Expenses paid on issuance of common stock	-285,919	-4,788,877	-2,520,616
Proceeds from issuance of preferred stock	22,500,000	70,287,500
Expenses paid on issuance of preferred stock	-858,750	-2,632,845
Distributions paid on common stock	-26,029,540	-21,326,517	-8,031,029
Distributions paid on preferred stock	-7,096,880	-4,036,481
Cancellation of warrants	-2,602,500
Payment of deferred financing costs	-10,573,245	-5,037,806	-2,819,710
Net cash (used in) / provided by financing activities	-185,719,068	208,755,305	320,037
Net (decrease) increase in cash and cash equivalents	-9,971,807	31,200,663	-26,047,590
Cash and cash equivalents at beginning of period	60,389,552	29,188,889	55,236,479
Cash and cash equivalents at end of period	50,417,745	60,389,552	29,188,889
Supplemental cash flow information:
Cash used to pay interest	42,756,229	46,717,669	38,566,933
Cash used for taxes	80,101	462,356	1,159,076
Supplemental schedule of non-cash investing and financing activities:
Accrued and unpaid expenses on common stock offerings		26,700
Investment transferred from real estate owned, net to real estate held-for-sale, net	2,904,057	11,540,649
Mortgage note payable - real estate owned transferred to real estate held-for-sale		11,005,354
Mortgage note payable - real estate held-for-sale, net transferred to real estate owned, net	1,886,133
Accrued and unpaid expenses on CLO offering		500,000
Transfer of held to maturity securities, net of available for sale, net		34,049,310
Satisfaction of notes payable from real estate partnership		33,438,472
Redemption of preferred investment from real estate partnership		33,438,472
Deconsolidation of assets from real estate partnership		18,662,363
Deconsolidation of liabilities from real estate partnership		16,781,950
Deconsolidation of noncontrolling interest from real estate partnership		1,880,413
Loan converted to other assets		6,000,000
Transfer of real estate held-for-sale to first lien holder			41,440,000
Release of mortgage note payable held-for-sale			41,440,000
Satisfaction of participation loans			34,000,000
Retirement of participation liabilities			34,000,000
8.25% Series A preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	266,664	266,664
7.75% Series B preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	203,438	203,438
8.50% Series C preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	159,375
Private REIT preferred stock
Financing activities:
Distributions paid on preferred stock	($14,698)	($14,500)	($12,236)

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
8.25% Series A preferred stock
Preferred stock, dividend rate (as a percent)	8.25%	8.25%
7.75% Series B preferred stock
Preferred stock, dividend rate (as a percent)	7.75%	7.75%
8.50% Series C preferred stock
Preferred stock, dividend rate (as a percent)	8.50%	8.50%

Description_of_Business

Description of Business	12 Months Ended
	Dec. 31, 2014
Description of Business
Description of Business	Note 1—Description of Business
	Arbor Realty Trust, Inc. is a Maryland corporation that was formed in June 2003 to invest in a diversified portfolio of multifamily and commercial real estate related assets, primarily consisting of bridge and mezzanine loans, including junior participating interests in first mortgage loans, preferred and direct equity. We may also directly acquire real property and invest in real estate-related notes and certain mortgage-related securities. We conduct substantially all of our operations through our operating partnership, Arbor Realty Limited Partnership ("ARLP"), and ARLP's wholly-owned subsidiaries.
	We organize and conduct our operations to qualify as a real estate investment trust ("REIT") for federal income tax purposes. A REIT is generally not subject to federal income tax on its REIT-taxable income that it distributes to its stockholders, provided that it distributes at least 90% of its REIT-taxable income and meets certain other requirements. Certain of our assets that produce non-qualifying income are owned by our taxable REIT subsidiaries, the income of which is subject to federal and state income taxes.
	On July 1, 2003, Arbor Commercial Mortgage, LLC (our "Manager") contributed $213.1 million of structured finance assets and $169.2 million of borrowings supported by $43.9 million of equity in exchange for a commensurate equity ownership in ARLP. In addition, certain employees of our Manager were transferred to ARLP. At that time, these assets, liabilities and employees represented a substantial portion of our Manager's structured finance business. We are externally managed and advised by our Manager and pay our Manager a management fee in accordance with a management agreement. Our Manager also sources originations, provides underwriting services, and services all structured finance assets on behalf of ARLP and its wholly owned subsidiaries.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2014
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2—Summary of Significant Accounting Policies
	Basis of Presentation and Principles of Consolidation
	The accompanying consolidated financial statements include our financial statements, our wholly owned subsidiaries, and partnerships or other joint ventures in which we own a voting interest of greater than 50 percent, and variable interest entities ("VIEs") of which we are the primary beneficiary. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE's economic performance and (ii) has the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Current accounting guidance requires us to present a) assets of a consolidated VIE that can be used only to settle obligations of the consolidated VIE, and b) liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of the primary beneficiary. As a result of this guidance, we have separately disclosed parenthetically the assets and liabilities of our three collateralized debt obligation ("CDO") and three collateralized loan obligation ("CLO") subsidiaries on our consolidated balance sheets. Entities in which we have a significant influence are accounted for primarily under the equity method. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All significant inter-company transactions and balances have been eliminated in consolidation.
	The preparation of consolidated financial statements in conformity with accounting principles generally acceptable in the U.S. ("GAAP"), requires management to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Further, in connection with preparation of the consolidated financial statements, we evaluated events subsequent to the balance sheet date of December 31, 2014 through the issuance of the consolidated financial statements.
	Certain prior year amounts have been reclassified to conform to current period presentation. In the second quarter of 2014, we reclassified a property from real estate held-for-sale to real estate owned when it was determined that a sale of the property would not take place, resulting in reclassifications of the property's operating activity and related depreciation for all prior periods presented from discontinued operations to property operating income and property operating expenses.
	Cash and Cash Equivalents
	All highly liquid investments with original maturities of three months or less are considered to be cash equivalents. We place our cash and cash equivalents in high quality financial institutions. The consolidated account balances at each institution periodically exceed Federal Deposit Insurance Corporation (FDIC) insurance coverage and we believe that this risk is not significant.
	Restricted Cash
	Restricted cash primarily represents proceeds from loan repayments on deposit with the trustees for our CDOs and CLOs which will be used for principal repayments, unfunded loan commitments and interest payments received from loans. See Note 7—"Debt Obligations." Restricted cash is also held by our real estate owned assets due to escrow requirements.
	Loans, Investments and Securities
	Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and net of the allowance for loan losses when such loan or investment is deemed to be impaired. We invest in preferred equity interests that, in some cases, allow us to participate in a percentage of the underlying property's cash flows from operations and proceeds from a sale or refinancing. At the inception of each such investment, management must determine whether such investment should be accounted for as a loan, equity interest or as real estate. To date, management has determined that all such investments are properly accounted for and reported as loans.
	From time to time, we may enter into an agreement to sell a loan. These loans are considered held-for-sale and are valued at the lower of the loan's carrying amount or fair value less costs to sell. For the sale of loans, recognition occurs when ownership passes to the buyer.
	At the time of purchase, we designate a security as available-for-sale, held-to-maturity, or trading depending on our ability and intent to hold it to maturity. We do not have any securities designated as held-to-maturity or trading as of December 31, 2014. Securities available-for-sale are reported at fair value with the net unrealized gains or losses reported as a component of accumulated other comprehensive loss. Unrealized losses that are determined to be other-than-temporary are recognized in earnings up to their credit component. The determination of other-than-temporary impairment is a subjective process requiring judgments and assumptions and is not necessarily intended to indicate a permanent decline in value. The process may include, but is not limited to, assessment of recent market events and prospects for near-term recovery, assessment of cash flows, internal review of the underlying assets securing the investments, credit of the issuer and the rating of the security, as well as our ability and intent to hold the investment to maturity. Management closely monitors market conditions on which it bases such decisions.
	We also assess certain of our securities, other than those of high credit quality, to determine whether significant changes in estimated cash flows or unrealized losses on these securities, if any, reflect a decline in value that is other-than-temporary and, accordingly, should be written down to their fair value against earnings. On a quarterly basis, we review these changes in estimated cash flows, which could occur due to actual prepayment and credit loss experience, to determine if an other-than-temporary impairment is deemed to have occurred. We calculate a revised yield based on the current amortized cost of the investment, including any other-than-temporary impairments recognized to date, and the revised yield is then applied prospectively to recognize interest income.
	Securities that are purchased at a discount and that are not of high credit quality at the time of purchase are accounted for as debt securities acquired with deteriorated credit quality. Interest income on these securities is recognized using the effective interest method based on our estimates of expected cash flows to be received, which include assumptions related to fluctuations in prepayment speeds and the timing and amount of credit losses, which are reviewed on an ongoing basis.
	Impaired Loans, Allowance for Loan Losses, Loss on Sale and Restructuring of Loans and Charge-offs
	We consider a loan impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. We evaluate each loan in our portfolio on a quarterly basis. Our loans are individually specific and unique as it relates to product type, geographic location, and collateral type, as well as to the rights and remedies and the position in the capital structure our loans and investments have in relation to the underlying collateral. We evaluate all of this information as well as general market trends related to specific classes of assets, collateral type and geographic locations, when determining the appropriate assumptions such as capitalization and market discount rates, as well as the borrower's operating income and cash flows, in estimating the value of the underlying collateral when determining if a loan is impaired. We utilize internally developed valuation models and techniques primarily consisting of discounted cash flow and direct capitalization models in determining the fair value of the underlying collateral on an individual loan. We may also obtain a third party appraisal, which may value the collateral through an "as-is" or "stabilized value" methodology. Such appraisals may be used as an additional source of valuation information only and no adjustments are made to appraisals.
	If upon completion of the valuation, the fair value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, an allowance is created with a corresponding charge to the provision for loan losses. The allowance for each loan is maintained at a level that we believe to be adequate to absorb probable losses.
	Loan terms may be modified if we determine that based on the individual circumstances of a loan and the underlying collateral, a modification would more likely increase the total recovery of the combined principal and interest from the loan. Any loan modification is predicated upon a goal of maximizing the collection of the loan. Typical triggers for a modification would include situations where the projected cash flow is insufficient to cover required debt service, when asset performance is lagging the initial projections, where there is a requirement for rebalancing, where there is an impending maturity of the loan, and where there is an actual loan default. Loan terms that have been modified have included, but are not limited to interest rate, maturity date and in certain cases, principal amount. Length and amounts of each modification have varied based on individual circumstances and are determined on a case by case basis. If the loan modification constitutes a concession whereas we do not receive ample consideration in return for the modification, and the borrower is experiencing financial difficulties and cannot repay the loan under the current terms, then the modification is considered by us to be a troubled debt restructuring. If we receive a benefit, either monetary or strategic, and the above criteria are not met, the modification is not considered to be a troubled debt restructuring. We record interest on modified loans on an accrual basis to the extent that the modified loan is contractually current.
	Loss on restructured loans is recorded when we have granted a concession to the borrower in the form of principal forgiveness related to the payoff or the substitution or addition of a new debtor for the original borrower or when we incur costs on behalf of the borrower related to the modification, payoff or the substitution or addition of a new debtor for the original borrower. When a loan is restructured, we record our investment at net realizable value, taking into account the cost of all concessions at the date of restructuring. The reduction in the recorded investment is recorded as a separate line on the consolidated statements of income in the period in which the loan is restructured. In addition, a gain or loss may be recorded upon the sale of a loan to a third party in the consolidated statements of income in the period in which the loan was sold.
	Charge-offs to the allowance for loan losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale; when a modification or restructuring takes place in which we grant a concession to a borrower or agree to a discount in full or partial satisfaction of the loan; when we take ownership and control of the underlying collateral in full satisfaction of the loan; when loans are reclassified as other investments; or when significant collection efforts have ceased and it is highly likely that a loss has been realized.
	Real Estate Owned and Held-For-Sale
	Real estate owned, shown net of accumulated depreciation and impairment charges, is comprised of real property acquired by foreclosure or through partial or full settlement of mortgage debt. Real estate acquired is recorded at its estimated fair value at the time of acquisition.
	Costs incurred in connection with the foreclosure of the properties collateralizing the real estate loans are expensed as incurred and costs subsequently incurred to extend the life or improve the assets subsequent to foreclosure are capitalized.
	We allocate the purchase price of our operating properties to land, building, tenant improvements, deferred lease costs for the origination of the in-place leases, intangibles for the value of the above or below market leases at fair value and to any other identified intangible assets or liabilities. We finalize our purchase price allocation on these assets within one year of the acquisition date. We amortize the value allocated to the in-place leases over the remaining lease term. The value allocated to the above or below market leases are amortized over the remaining lease term as an adjustment to rental income.
	Real estate assets are depreciated using the straight-line method over their estimated useful lives. Ordinary repairs and maintenance which are not reimbursed by the tenants are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their estimated useful life.
	Our properties are individually reviewed for impairment each quarter, if events or circumstances change indicating that the carrying amount of the assets may not be recoverable. We recognize impairment if the undiscounted estimated cash flows to be generated by the assets are less than the carrying amount of those assets. Measurement of impairment is based upon the estimated fair value of the asset. In the evaluation of a property for impairment, many factors are considered, including estimated current and expected operating cash flows from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of such real estate owned in the ordinary course of business. Impairment charges may be necessary in the event discount rates, capitalization rates, lease-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property.
	Real estate is classified as held-for-sale when management commits to a plan of sale, the asset is available for immediate sale, there is an active program to locate a buyer, and it is probable the sale will be completed within one year. Real estate assets that are expected to be disposed of are valued, on an individual asset basis, at the lower of their carrying amount or their fair value less costs to sell.
	We recognize sales of real estate properties upon closing. Payments received from purchasers prior to closing are recorded as deposits. Gain on real estate sold is recognized using the full accrual method when the collectability of the sale price is reasonably assured and we are not obligated to perform significant activities after the sale. Gain may be deferred in whole or in part until collectability of the sales price is reasonably assured and the earnings process is complete.
	Revenue Recognition
	Interest income—Interest income is recognized on the accrual basis as it is earned from loans, investments and securities. In certain instances, the borrower pays an additional amount of interest at the time the loan is closed, an origination fee, a prepayment fee and/or deferred interest upon maturity. In some cases, interest income may also include the amortization or accretion of premiums and discounts arising from the purchase or origination of the loan or security. This additional income, net of any direct loan origination costs incurred, is deferred and accreted into interest income on an effective yield or "interest" method adjusted for actual prepayment activity over the life of the related loan or security as a yield adjustment. Income recognition is suspended for loans when, in the opinion of management, a full recovery of all contractual principal is not probable. Income recognition is resumed when the loan becomes contractually current and performance is resumed. We record interest income on certain impaired loans to the extent cash is received, as the borrower continues to make interest payments. We record loan loss reserves related to these loans when it is deemed that full recovery of principal and interest is not probable.
	Several of our loans provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the asset. If management cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt.
	Given the transitional nature of some of our real estate loans, we may require funds to be placed into an interest reserve, based on contractual requirements, to cover debt service costs. We will analyze these interest reserves on a periodic basis and determine if any additional interest reserves are needed. Recognition of income on loans with funded interest reserves are accounted for in the same manner as loans without funded interest reserves. We will not recognize any interest income on loans in which the borrower has failed to make the contractual interest payment due or has not replenished the interest reserve account. Income from non-performing loans is generally recognized on a cash basis only to the extent it is received. Full income recognition will resume when the loan becomes contractually current and performance has recommenced.
	Additionally, interest income is recorded when earned from equity participation interests, referred to as equity kickers. These equity kickers have the potential to generate additional revenues to us as a result of excess cash flow distributions and/or as appreciated properties are sold or refinanced.
	Property operating income—Property operating income represents income associated with the operations of commercial real estate properties classified as real estate owned. We recognize revenue for these activities when the fees are fixed or determinable, or are evidenced by an arrangement, collection is reasonably assured and the services under the arrangement have been provided.
	Other income, net—Other income, net represents loan structuring, modification, defeasance, and miscellaneous asset management fees associated with our loans and investments portfolio as well as net interest income and gains and losses recorded on our linked transactions. We recognize these forms of income when the fees are fixed or determinable, are evidenced by an arrangement, collection is reasonably assured and the services under the arrangement have been provided.
	Investments in Equity Affiliates
	We invest in joint ventures that are formed to acquire, develop and/or sell real estate assets. These joint ventures are not majority owned or controlled by us, or are VIEs for which we are not the primary beneficiary, and are not consolidated in our financial statements. These investments are recorded under either the equity or cost method of accounting as deemed appropriate. We record our share of the net income and losses from the underlying properties of our equity method investments and any other-than-temporary impairment on these investments on a single line item in the consolidated statements of income as income or losses from equity affiliates.
	Stock-Based Compensation
	We have granted certain of our employees, directors, and employees of our Manager, stock awards consisting of shares of our common stock that vest immediately or annually over a multi-year period, subject to the recipient's continued service to us. We record stock-based compensation expense at the grant date fair value of the related stock-based award with subsequent remeasurement for any unvested shares granted to non-employees with such amounts expensed against earnings, at the grant date (for the portion that vests immediately) or ratably over the respective vesting periods. Dividends are paid on restricted stock as dividends are paid on shares of our common stock whether or not they are vested. Stock-based compensation is disclosed in our consolidated statements of income under "employee compensation and benefits" for employees and under "selling and administrative" expense for non-employees.
	Income Taxes
	We organize and conduct our operations to qualify as a REIT and to comply with the provisions of the Internal Revenue Code with respect thereto. A REIT is generally not subject to federal income tax on taxable income that is distributed to its stockholders, provided that it distributes at least 90% of its REIT taxable income and meets certain other requirements. Certain REIT income may be subject to state and local income taxes. Our assets or operations that would not otherwise comply with the REIT requirements are owned or conducted by our taxable REIT subsidiaries, the income of which is subject to federal and state income tax.
	Current accounting guidance clarifies the accounting for uncertainty in income taxes recognized in a company's financial statements. This guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This guidance also provides clarity on derecognition, classification, interest and penalties, accounting in interim periods and disclosure.
	Other Comprehensive Income
	We divide comprehensive income or loss into net income and other comprehensive income (loss), which includes unrealized gains and losses on available-for-sale securities. In addition, to the extent our derivative instruments qualify as hedges, net unrealized gains or losses are reported as a component of accumulated other comprehensive income (loss).
	Earnings Per Share
	We present both basic and diluted earnings per share ("EPS"). Basic EPS excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount.
	Hedging Activities and Derivatives
	We recognize all derivatives as either assets or liabilities at fair value and these amounts are recorded in other assets or other liabilities on the consolidated balance sheets. Additionally, the fair value adjustments will affect either accumulated other comprehensive income (loss) until the hedged item is recognized in earnings, or net income (loss) depending on whether the derivative instrument qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. We use derivatives for hedging purposes rather than speculation. Fair values are approximated based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well recognized financial principles and reasonable estimates about relevant future market conditions.
	The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain of our risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. The ineffective portion of a derivative's change in fair value is recognized immediately in earnings.
	In connection with our interest rate risk management, we periodically hedge a portion of our interest rate risk by entering into derivative financial instrument contracts. Specifically, our derivative financial instruments are used to manage differences in the amount, timing, and duration of our expected cash receipts and our expected cash payments principally related to our investments and borrowings. Our objectives in using interest rate derivatives are to add stability to interest income and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. We have entered into various interest rate swap agreements to hedge our exposure to interest rate risk on (i) variable rate borrowings as it relates to fixed rate loans; (ii) the difference between the CDO investor return being based on the three-month LIBOR index while the supporting assets of the CDO are based on the one-month LIBOR index; and (iii) use of LIBOR rate caps in loan agreements.
	In the normal course of business, we may use a variety of derivative financial instruments to manage, or hedge, interest rate risk. We do not use derivatives for trading or speculative purposes. These derivative financial instruments must be effective in reducing our interest rate risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative instrument matures or is settled. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in net income. In cases where a derivative financial instrument is terminated early, any gain or loss is generally amortized over the remaining life of the hedged item.
	In certain circumstances, we have financed the purchase of Residential Mortgage Backed Securities ("RMBS") investments through a repurchase agreement with the same counterparty, which qualified as a linked transaction. If both transactions were entered into contemporaneously or in contemplation of each other, the transactions were presumed to be linked transactions unless certain criteria were met, and we accounted for the purchase of such securities and the repurchase agreement on a combined basis as a forward contract derivative at fair value which was reported in other assets on the consolidated balance sheets with changes in the fair value of the assets and liabilities underlying linked transactions and associated interest income and expense reported in other income on the consolidated statements of income. The analysis of transactions under these rules required management's judgment and experience. The fair value of linked transactions reflected the value of the underlying RMBS, linked repurchase agreement borrowings and accrued interest receivable/payable on such instruments. Linked transactions are not designated as hedging instruments and, as a result, the change in the fair value and net interest income from linked transactions was reported in other income on the consolidated statements of income.
	We have no master netting or similar arrangements and do not offset derivatives.
	Variable Interest Entities
	We have evaluated our loans and investments, mortgage related securities, investments in equity affiliates, junior subordinated notes, CDOs and CLOs, in order to determine if they qualify as VIEs or as variable interests in VIEs. This evaluation resulted in our determining that our bridge loans, junior participation loans, mezzanine loans, preferred equity investments, investments in equity affiliates, junior subordinated notes, CDOs, CLOs, and investments in debt securities were potential VIEs or variable interests in VIEs. See Note 9—"Variable Interest Entities" for our evaluation.
	Recently Issued Accounting Pronouncements
	In January 2015, the Financial Accounting Standards Board ("FASB") eliminated the concept of extraordinary items and thus the requirement to assess whether an event or transaction require extraordinary classification on the financial statements. The guidance is effective for the first quarter of 2016. We expect to early adopt this new guidance in the first quarter of 2015 and we do not expect it to have a material effect on our consolidated financial statements.
	In June 2014, the FASB issued updated guidance that changes how repurchase agreements determined to be linked transactions are recorded. Under the new guidance, the repurchase agreement is to be accounted for separately from the initial transfer of the financial asset and not as a forward contract derivative. The guidance is effective for transactions outstanding as of the first quarter of 2015. We do not expect this guidance to have a material effect on our consolidated financial statements.
	In May 2014, the FASB issued updated guidance on the recognition of revenue relating to the transfer of goods, services and non-financial assets. This guidance does not pertain to financial instrument contracts and thus does not have a material effect on our consolidated financial statements.
	In April 2014, the FASB issued updated guidance that changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. As a result of this new guidance, future dispositions of real estate owned assets may no longer meet the criteria to be considered as discontinued operations. The guidance is effective prospectively as of the first quarter of 2015, with early adoption permitted for new disposals or new classifications as held-for-sale. We early adopted this new guidance in the first quarter of 2014 and it did not have a material effect on our consolidated financial statements.

Loans_and_Investments

Loans and Investments	12 Months Ended
	Dec. 31, 2014
Loans and Investments
Loans and Investments	Note 3—Loans and Investments
	The following table sets forth the composition of our loan and investment portfolio at December 31, 2014 and 2013:
			December 31,			Percent of			Loan			Wtd. Avg.			Wtd. Avg.			First			Last
			2014			Total			Count			Pay Rate(1)			Remaining			Dollar			Dollar
															Months to			LTV			LTV
															Maturity			Ratio(2)			Ratio(3)
	Bridge loans		$	1,273,439,238			80	%		101			5.19	%		19.8			0	%		74	%
	Mezzanine loans			76,392,650			5	%		17			9.78	%		37.1			47	%		81	%
	Junior participation loans			104,091,952			7	%		4			4.62	%		12.3			86	%		88	%
	Preferred equity investments			133,505,658			8	%		17			6.11	%		45.5			62	%		84	%
				1,587,429,498			100	%		139			5.45	%		22.3			13	%		76	%
	Unearned revenue			(12,466,528	)
	Allowance for loan losses			(115,487,320	)
	Loans and investments, net		$	1,459,475,650
			December 31,			Percent of			Loan			Wtd. Avg.			Wtd. Avg.			First			Last
			2013			Total			Count			Pay Rate(1)			Remaining			Dollar			Dollar
															Months to			LTV			LTV
															Maturity			Ratio(2)			Ratio(3)
	Bridge loans		$	1,171,783,914			71	%		95			5.11	%		18.5			0	%		76	%
	Mezzanine loans			118,550,172			7	%		27			7.02	%		58.2			56	%		83	%
	Junior participation loans			248,337,542			15	%		7			4.21	%		19.6			60	%		81	%
	Preferred equity investments			121,523,673			7	%		15			7.2	%		45.5			58	%		79	%
				1,660,195,301			100	%		144			5.26	%		23.5			17	%		77	%
	Unearned revenue			(14,218,237	)
	Allowance for loan losses			(122,277,411	)
	Loans and investments, net		$	1,523,699,653
	-1	"Weighted Average Pay Rate" is a weighted average, based on the unpaid principal balances of each loan in our portfolio, of the interest rate that is required to be paid monthly as stated in the individual loan agreements. Certain loans and investments that require an additional rate of interest "Accrual Rate" to be paid at the maturity are not included in the weighted average pay rate as shown in the table.
	-2	The "First Dollar LTV Ratio" is calculated by comparing the total of our senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will absorb a total loss of our position.
	-3	The "Last Dollar LTV Ratio" is calculated by comparing the total of the carrying value of our loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially absorb a loss.
	Bridge loans are loans to borrowers who are typically seeking short-term capital to be used in an acquisition of a property and are predominantly secured by first mortgage liens on the property.
	Mezzanine loans and junior participating interests in senior debt are loans that are subordinate to a conventional first mortgage loan and senior to the borrower's equity in a transaction. Mezzanine financing may take the form of loans secured by pledges of ownership interests in entities that directly or indirectly control the real property or subordinated loans secured by second mortgage liens on the property.
	A preferred equity investment is another method of financing in which preferred equity investments in entities that directly or indirectly own real property are formed. In cases where the terms of a first mortgage prohibit additional liens on the ownership entity, investments structured as preferred equity in the entity owning the property serve as viable financing substitutes. With preferred equity investments, we typically become a member in the ownership entity.
	Concentration of Credit Risk
	We operate in one portfolio segment, commercial mortgage loans and investments. Commercial mortgage loans and investments can potentially subject us to concentrations of credit risk. We are subject to concentration risk in that, as of December 31, 2014, the unpaid principal balance related to 31 loans with five different borrowers represented approximately 23% of total assets. At December 31, 2013, the unpaid principal balance related to 28 loans with five different borrowers represented approximately 30% of total assets. In addition, in 2014 and 2013, no single loan or investment represented 10% of our total assets. In 2013, we generated approximately 11% of revenue from the Chetrit Group L.L.C.
	We measure our relative loss position for our mezzanine loans, junior participation loans, and preferred equity investments by determining the point where we will be exposed to losses based on our position in the capital stack as compared to the fair value of the underlying collateral. We determine our loss position on both a first dollar loan-to-value ("LTV") and a last dollar LTV basis. First dollar LTV is calculated by comparing the total of our senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will absorb a total loss of our position. Last dollar LTV is calculated by comparing the total of the carrying value of our loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially absorb a loss.
	We assign a credit risk rating to each loan and investment. Individual ratings range from one to five, with one being the lowest risk and five being the highest. Each credit risk rating has benchmark guidelines that pertain to debt-service coverage ratios, LTV ratios, borrower strength, asset quality, and funded cash reserves. Other factors such as guarantees, market strength, remaining loan term, and borrower equity are also reviewed and factored into determining the credit risk rating assigned to each loan. This metric provides a helpful snapshot of portfolio quality and credit risk. Given our asset management approach, however, the risk rating process does not result in differing levels of diligence contingent upon credit rating. That is because all portfolio assets are subject to the level of scrutiny and ongoing analysis consistent with that of a "high-risk" loan. All assets are subject to, at minimum, a thorough quarterly financial evaluation in which historical operating performance is reviewed, and forward-looking projections are created. Generally speaking, given our typical loan and investment profile, a risk rating of three suggests that we expect the loan to make both principal and interest payments according to the contractual terms of the loan agreement, and is not considered impaired. A risk rating of four indicates we anticipate that the loan will require a modification of some kind. A risk rating of five indicates we expect the loan to underperform over its term, and there could be loss of interest and/or principal. Ratings of 3.5 and 4.5 generally indicate loans that have characteristics of both the immediately higher and lower classifications. Further, while the above are the primary guidelines used in determining a certain risk rating, subjective items such as borrower strength, condition of the market of the underlying collateral, additional collateral or other credit enhancements, or loan terms, may result in a rating that is higher or lower than might be indicated by any risk rating matrix.
	As a result of the loan review process at December 31, 2014 and 2013, we identified loans and investments that we consider higher-risk loans that had a carrying value, before loan loss reserves, of approximately $189.4 million and $187.5 million, respectively, and a weighted average last dollar LTV ratio of 94% and 93%, respectively.
	A summary of the loan portfolio's weighted average internal risk ratings and LTV ratios by asset class as of December 31, 2014 and 2013 is as follows:
			December 31, 2014
	Asset Class		Unpaid			Percentage			Wtd. Avg.			First Dollar			Last Dollar
			Principal			of Portfolio			Internal			LTV Ratio			LTV Ratio
			Balance						Risk Rating
	Multifamily		$	1,157,462,400			72.9	%		2.9			10	%		73	%
	Office			230,491,164			14.5	%		3.3			29	%		79	%
	Land			128,367,601			8.1	%		3.9			6	%		88	%
	Hotel			66,250,000			4.2	%		3.5			32	%		83	%
	Retail			3,158,333			0.2	%		2.5			72	%		80	%
	Commercial			1,700,000			0.1	%		3.5			63	%		67	%
	Total		$	1,587,429,498			100.0	%		3.1			13	%		76	%
			December 31, 2013
	Asset Class		Unpaid			Percentage			Wtd. Avg.			First Dollar			Last Dollar
			Principal			of Portfolio			Internal			LTV Ratio			LTV Ratio
			Balance						Risk Rating
	Multifamily		$	1,068,529,815			64.4	%		3.3			14	%		75	%
	Office			358,832,526			21.6	%		3.2			32	%		82	%
	Land			116,751,563			7.0	%		4.0			3	%		88	%
	Hotel			69,181,252			4.2	%		3.8			26	%		84	%
	Commercial			24,900,145			1.5	%		3.0			3	%		49	%
	Condo			15,250,000			0.9	%		3.7			41	%		65	%
	Retail			6,750,000			0.4	%		2.5			0	%		63	%
	Total		$	1,660,195,301			100.0	%		3.3			17	%		77	%
	Geographic Concentration Risk
	As of December 31, 2014, 28%, 14% and 10% of the outstanding balance of our loans and investments portfolio had underlying properties in New York, Florida and Texas, respectively. As of December 31, 2013, 36%, 10% and 8% of the outstanding balance of our loans and investments portfolio had underlying properties in New York, Texas and Florida, respectively.
	Impaired Loans and Allowance for Loan Losses
We perform an evaluation of the loan portfolio quarterly to assess the performance of our loans and whether a reserve for impairment should be recorded. We consider a loan impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement.
During the year ended December 31, 2014, we determined that the fair value of the underlying collateral securing four impaired loans with an aggregate carrying value of $151.9 million was less than the net carrying value of the loans, resulting in a $9.0 million provision for loan losses. In addition, during 2014, we recorded $9.3 million of net recoveries of previously recorded loan loss reserves resulting in a $(0.3) million net recovery provision. These recoveries were recorded in provision for loan losses on the consolidated statements of income. Of the $9.0 million of loan loss reserves recorded during 2014, $3.8 million was attributable to loans on which we had previously recorded reserves, while $5.2 million of reserves related to other loans in our portfolio.
During the year ended December 31, 2013, we determined that the fair value of the underlying collateral securing five impaired loans with an aggregate carrying value of $31.5 million was less than the net carrying value of the loans, resulting in a $6.5 million provision for loan losses. In addition, during 2013, we recorded $2.2 million of net recoveries of previously recorded loan loss reserves resulting in a net $4.3 million provision for loan losses. Of the $6.5 million of loan loss reserves recorded during 2013, $1.0 million was attributable to loans on which we had previously recorded reserves, while $5.5 million of reserves related to other loans in our portfolio.
During the year ended December 31, 2012 we determined that the fair value of the underlying collateral securing eight impaired loans with an aggregate carrying value of $94.6 million was less than the net carrying value of the loans, resulting in a $23.8 million provision for loan losses. In addition, during 2012, we recorded $0.9 million of net recoveries of previously recorded loan loss reserves resulting in a net provision for loan losses of $22.9 million. Of the $23.8 million of loan loss reserves recorded during 2012, $18.9 million was attributable to loans on which we had previously recorded reserves, while $4.9 million of reserves related to other loans in our portfolio.
At December 31, 2014, we had a total of ten loans with an aggregate carrying value, before loan loss reserves, of $221.6 million for which impairment reserves have been recorded. At December 31, 2013, we had a total of 15 loans with an aggregate carrying value, before loan loss reserves, of $207.5 million for which impairment reserves have been recorded. At December 31, 2012, we had a total of 20 loans with an aggregate carrying value, before loan loss reserves, of $240.2 million for which impairment reserves have been recorded.
A summary of the changes in the allowance for loan losses is as follows:
		Year Ended
		December 31, 2014			December 31, 2013			December 31, 2012
Allowance at beginning of the period		$	122,277,411		$	161,706,313		$	185,381,855
Provision for loan losses			9,026,712			6,500,000			23,828,224
Charge-offs			(6,501,079	)		(24,713,459	)		(46,585,800	)
Charge-off on loan converted to other assets			—			(19,000,000	)		—
Recoveries of reserves			(9,315,724	)		(2,215,443	)		(917,966	)
Allowance at end of the period		$	115,487,320		$	122,277,411		$	161,706,313
Fiscal 2014 charge-off activity was comprised of a $6.5 million charge-off to previously recorded reserves from the write-off of a mezzanine loan and a bridge loan that had an aggregate carrying value of $11.9 million.
Fiscal 2013 charge-off activity was comprised of a $23.2 million charge-off to previously recorded reserves from the write-off of several loans that had an aggregate carrying value of $23.2 million; a $19.0 million charge-off in connection with the transfer of land that was held as collateral for a $25.0 million loan to other assets at a fair value of $6.0 million; and a $1.5 million charge-off in connection with receiving proceeds of $4.4 million from the sale of a $5.9 million bridge loan. The land transferred to other assets is 20.5 acres of usable land and 2.3 acres of submerged land located on the banks of the St. John's River in downtown Jacksonville, Florida and is currently zoned for the development of up to 60 dwellings per acre. This land was held as collateral by a joint venture that we assumed full ownership of and the related loan was consolidated.
Fiscal 2012 charge-off activity was comprised of a $42.8 million charge-off to previously recorded reserves from the write-off of several loans that had an aggregate carrying value of $43.4 million; and a $3.8 million charge-off to previously recorded reserves as a result of us receiving principal payoffs of $1.6 million on two loans with a total carrying value of $5.5 million.
A summary of charge-offs and recoveries is as follows:
		Year Ended
		December 31, 2014			December 31, 2013			December 31, 2012
Charge-offs:
Multifamily		$	(6,501,079	)	$	(4,789,815	)	$	(10,773,141	)
Office			—			(6,252,129	)		(5,812,659	)
Land			—			(19,000,000	)		—
Hotel			—			(3,671,515	)		(30,000,000	)
Condo			—			(10,000,000	)		—
Total		$	(6,501,079	)	$	(43,713,459	)	$	(46,585,800	)
Recoveries:
Multifamily		$	(7,815,724	)	$	(1,510,949	)	$	(121,898	)
Office			(1,500,000	)		(704,494	)		(796,068	)
Total		$	(9,315,724	)	$	(2,215,443	)	$	(917,966	)
Net Recoveries (Charge-offs)		$	2,814,645		$	(41,498,016	)	$	(45,667,834	)
Ratio of net charge-offs during the period to average loans and investments outstanding during the period			0.2	%		(2.6	)%		(3.0	)%
There were no loans for which the collateral securing the loan was less than the carrying value of the loan for which we had not recorded a provision for loan loss as of December 31, 2014, 2013 and 2012.
We have six loans with an unpaid principal balance totaling approximately $117.0 million at December 31, 2014, which mature in September 2017, that are collateralized by a land development project. The loans do not carry a pay rate of interest, but four of the loans with an unpaid principal balance totaling approximately $101.9 million entitle us to a weighted average accrual rate of interest of approximately 9.60%. We suspended the recording of the accrual rate of interest on these loans, as these loans were impaired and management deemed the collection of this interest to be doubtful. We have recorded cumulative allowances for loan losses of $46.5 million related to these loans as of December 31, 2014. The loans are subject to certain risks associated with a development project including, but not limited to, availability of construction financing, increases in projected construction costs, demand for the development's outputs upon completion of the project, and litigation risk. Additionally, these loans were not classified as non-performing as the borrower is in compliance with all of the terms and conditions of the loans.
A summary of our impaired loans by asset class is as follows:
		Year Ended December 31, 2014
Asset Class		Unpaid			Carrying			Allowance			Average			Interest
		Principal			Value(1)			for Loan			Recorded			Income
		Balance						Losses			Investment(2)			Recognized
Multifamily		$	39,239,894		$	39,232,710		$	36,469,894		$	52,487,834		$	763,208
Office			36,086,582			30,498,273			23,972,444			36,086,582			1,788,152
Land			121,810,400			117,621,457			51,344,982			118,948,175			—
Hotel			34,750,000			34,249,959			3,700,000			17,375,000			664,678
Total		$	231,886,876		$	221,602,399		$	115,487,320		$	224,897,591		$	3,216,038
		Year Ended December 31, 2013
Asset Class		Unpaid			Carrying			Allowance			Average			Interest
		Principal			Value(1)			for Loan			Recorded			Income
		Balance						Losses			Investment(2)			Recognized
Multifamily		$	65,735,773		$	65,186,623		$	50,786,697		$	62,602,118		$	2,566,914
Office			36,086,582			29,474,065			23,972,444			37,224,695			1,585,520
Land			116,085,950			112,810,558			47,518,270			127,561,228			—
Total		$	217,908,305		$	207,471,246		$	122,277,411		$	227,388,042		$	4,152,434
-1	Represents the unpaid principal balance of impaired loans less unearned revenue and other holdbacks and adjustments by asset class.
-2	Represents an average of the beginning and ending unpaid principal balance of each asset class.
As of December 31, 2014, three loans with an aggregate net carrying value of approximately $7.0 million, net of related loan loss reserves on two of the loans of $34.0 million, were classified as non-performing. Income from non-performing loans is generally recognized on a cash basis only to the extent it is received. Full income recognition will resume when the loan becomes contractually current and performance has recommenced. As of December 31, 2013, five loans with an aggregate net carrying value of approximately $10.7 million, net of related loan loss reserves of $39.6 million, were classified as non-performing, of which one loan with a carrying value of $0.6 million did not have a loan loss reserve.
A summary of our non-performing loans by asset class as of December 31, 2014 and 2013 is as follows:
		December 31, 2014									December 31, 2013
Asset Class		Carrying			Less Than			Greater Than			Carrying			Less Than			Greater Than
		Value			90 Days			90 Days			Value			90 Days			90 Days
					Past Due			Past Due						Past Due			Past Due
Multifamily		$	32,765,799		$	765,799		$	32,000,000		$	42,054,539		$	32,000,000		$	10,054,539
Office			8,277,757			—			8,277,757			8,277,844			—			8,277,844
Total		$	41,043,556		$	765,799		$	40,277,757		$	50,332,383		$	32,000,000		$	18,332,383
At December 31, 2014, we did not have any loans contractually past due 90 days or more that are still accruing interest.
During the year ended December 31, 2014, we refinanced and/or modified one loan with an aggregate unpaid principal balance of $35.0 million which was considered by us to be a troubled debt restructuring. During the year ended December 31, 2013, we refinanced and/or modified four loans with an aggregate unpaid principal balance of $52.5 million, which were not considered by us to be troubled debt restructurings; however, two loans with a combined unpaid principal balance of $14.6 million that were extended during 2013 were considered to be trouble debt restructurings. We had no unfunded commitments on the modified and extended loans which were considered troubled debt restructurings as of December 31, 2014 and 2013.
A summary of loan modifications and extensions by asset class that we considered to be troubled debt restructurings during the year ended December 31, 2014 and 2013 were as follows:
		Year Ended December 31, 2014
Asset Class		Number			Original			Original			Modified			Modified
		of Loans			Unpaid			Weighted			Unpaid			Weighted
					Principal			Average			Principal			Average
					Balance			Rate of			Balance			Rate of
								Interest						Interest
Hotel			1		$	35,000,000			1.95	%	$	34,750,000			2.95	%
		Year Ended December 31, 2013
Asset Class		Number			Original			Original			Modified			Modified
		of Loans			Unpaid			Weighted			Unpaid			Weighted
					Principal			Average			Principal			Average
					Balance			Rate of			Balance			Rate of
								Interest						Interest
Multifamily			1		$	6,192,666			5.96	%	$	6,192,666			5.96	%
Office			1			8,400,000			8.24	%		8,400,000			8.24	%
Total			2		$	14,592,666			7.27	%	$	14,592,666			7.27	%
There were no loans in which we considered the modifications to be troubled debt restructurings that were subsequently considered non-performing as of December 31, 2014 and 2013 and no additional loans were considered to be impaired due to our troubled debt restructuring analysis for the years ended December 31, 2014 and 2013. These loans were modified to increase the total recovery of the combined principal and interest from the loan.
As of December 31, 2014, we had total interest reserves of $14.1 million on 55 loans with an aggregate unpaid principal balance of $734.0 million.

Securities

Securities	12 Months Ended
	Dec. 31, 2014
Securities
Securities	Note 4—Securities
	The following is a summary of our securities classified as available-for-sale at December 31, 2014:
			Face		Amortized		Cumulative			Carrying
			Value		Cost		Unrealized			Value /
							(Loss) / Gain			Estimated
										Fair Value
	Commercial mortgage-backed security (CMBS)		$	2,100,000	$	2,100,000	$	(100,000	)	$	2,000,000
	Common equity securities			—		58,789		440,920			499,709
	Total available-for-sale securities		$	2,100,000	$	2,158,789	$	340,920		$	2,499,709
	The following is a summary of our securities classified as available-for-sale at December 31, 2013:
			Face		Amortized		Cumulative			Cumulative			Carrying
			Value		Cost		Unrealized			Unrealized			Value /
							Gain			Loss			Estimated
													Fair Value
	Residential mortgage-backed security (RMBS)		$	39,013,690	$	34,049,310	$	437,774		$	(6,298	)	$	34,480,786
	Commercial mortgage-backed security (CMBS)			2,100,000		2,100,000		—			—			2,100,000
	Common equity securities			—		58,789		676,077			—			734,866
	Total available-for-sale securities		$	41,113,690	$	36,208,099	$	1,113,851		$	(6,298	)	$	37,315,652
	The following is a summary of the underlying credit rating of our available-for-sale debt securities at December 31, 2014 and 2013:
			December 31, 2014							December 31, 2013
	Rating(1)		#		Amortized		Percent			#			Amortized		Percent
					Cost		of Total						Cost		of Total
	AA+			—	$	—		—			1		$	93,715		—
	CCC			—		—		—			1			18,417,402		51	%
	CCC–			1		2,100,000		100	%		2			2,100,000		6	%
	NR			—		—		—			7			15,538,193		43	%
				1	$	2,100,000		100	%		11		$	36,149,310		100	%
	-1	Based on the rating published by Standard & Poor's for each security. NR stands for "not rated."
	In the first quarter of 2014, we sold all of our RMBS investments, which had an aggregate carrying value of $33.4 million, for approximately $33.9 million and recorded a net gain of $0.5 million to other income, net on our consolidated statement of income, which includes the reclassification of a net unrealized gain of $0.4 million from accumulated other comprehensive loss on our consolidated balance sheet. Included in these sales were two RMBS investments with deteriorated credit quality that had an aggregate carrying value of $25.8 million and that were sold for $25.9 million. The RMBS investments were financed with two repurchase agreements totaling $25.3 million which were repaid with the proceeds. See Note 7—"Debt Obligations" for further details.
	During the fourth quarter of 2013, our RMBS investments were reclassified as available-for-sale from held-to-maturity as a result of a change in intent to hold the securities to maturity due to management's decision to redeploy capital into the core lending business. Accordingly, we reclassified RMBS investments with a carrying amount of $34.0 million, to available-for-sale at their estimated fair value of $34.4 million, with a net unrealized gain of $0.4 million recorded in accumulated other comprehensive loss on our consolidated balance sheet.
	We own a CMBS investment, purchased at a premium in 2010 for $2.1 million, which is collateralized by a portfolio of hotel properties. The CMBS investment bears interest at a spread of 89 basis points over LIBOR, has a stated maturity of six years, but has an estimated life of approximately one year based on the extended maturity of the underlying asset and a fair value of $2.0 million and $2.1 million at December 31, 2014 and 2013, respectively.
	We own 2,939,465 shares of common stock of CV Holdings, Inc., formerly Realty Finance Corporation, a commercial real estate specialty finance company, which had a fair value of approximately $0.5 million and $0.7 million at December 31, 2014 and 2013, respectively.
	Available-for-sale securities are carried at their estimated fair value with unrealized gains and losses reported in accumulated other comprehensive loss. We evaluate these securities periodically to determine whether a decline in their value is other-than-temporary, though such a determination is not intended to indicate a permanent decline in value. Our evaluation is based on our assessment of cash flows, which is supplemented by third-party research reports, internal review of the underlying assets securing the investments, levels of subordination and the ratings of the securities and the underlying collateral. No other-than-temporary impairment was recorded on our available-for-sale securities for the years ended December 31, 2014, 2013 and 2012.
	The weighted average yield on our CMBS and RMBS investments based on their face values was 1.80% and 4. 29%, including the amortization of premium and the accretion of discount, for the years ended December 31, 2014 and 2013, respectively.

Investments_in_Equity_Affiliat

Investments in Equity Affiliates	12 Months Ended
	Dec. 31, 2014
Investments in Equity Affiliates
Investments in Equity Affiliates	Note 5—Investments in Equity Affiliates
	The following is a summary of our investments in equity affiliates at December 31, 2014 and 2013:
			Investments in Equity						Unpaid Principal
			Affiliates at						Balance of Loans
									to Equity
									Affiliates at
	Equity Affiliates		December 31,			December 31,			December 31,
			2014			2013			2014
	Lightstone Value Plus REIT L.P		$	1,894,727		$	1,894,727		$	—
	West Shore Café			1,872,661			1,690,280			1,687,500
	Issuers of Junior Subordinated Notes			578,000			578,000			—
	JT Prime			425,000			425,000			—
	East River Portfolio			98,578			—			4,994,166
	Lexford Portfolio			100			100			112,740,000
	930 Flushing & 80 Evergreen			—			92,199			—
	450 West 33rd Street			—			—			—
	Ritz-Carlton Club			—			—			—
	Total		$	4,869,066		$	4,680,306		$	119,421,666
	We account for the 450 West 33rd Street investment under the cost method of accounting and the remaining investments under the equity method.
	Lightstone Value Plus REIT L.P. / JT Prime—We owned approximately $56.0 million of preferred and common operating partnership units of Lightstone through a consolidated entity in which we have a two thirds interest. In addition, the consolidated entity had debt of approximately $50.2 million, which was secured by these operating partnership units. In September 2013, our portion of the preferred operating partnership units were redeemed by Lightstone for cash, at par, and the note related to our portion was repaid in full. As a result, we received cash of $2.0 million, reflecting our equity in the preferred operating partnership units redeemed. In the fourth quarter of 2013, the entity's operating agreement was amended to provide joint control to the members of the entity, and therefore, the entity was deconsolidated. The investment balance of approximately $1.9 million reflects the carrying value of the remaining common operating partnership units of Lightstone. At the time of deconsolidation, the $1.9 million carrying value of our remaining interest approximated its fair value. The fair value was determined by the latest issued tender offer by Lightstone for its common stock.
	We own a 50% non-controlling interest in an unconsolidated joint venture, JT Prime, which holds preferred and common operating partnership units of Lightstone as well as a promissory note secured by these operating partnership units. In September 2013, our portion of the preferred operating partnership units were redeemed by Lightstone for cash, at par, and the note related to our portion was repaid in full. As a result, we received cash of $0.4 million and the carrying value of our investment in JT Prime was reduced to $0.4 million, reflecting our remaining interest in the common operating partnership units.
	The preferred operating partnership units yielded 4.63% and the loan bore interest at a rate of 4.00%. During the years ended December 31, 2013 and 2012, we recorded $1.8 million and $2.7 million, respectively, of dividends from the preferred and common operating partnership units which were reflected in interest income, and $1.3 million and $2.0 million, respectively, of interest expense in our consolidated statements of income.
	West Shore Café—We own a 50% noncontrolling interest in the West Shore Lake Café, a restaurant/inn lakefront property in Lake Tahoe, California. During the second quarter of 2014, we provided a $1.7 million first mortgage loan to acquire property adjacent to the original property, which matures in May 2017 and bears interest at a yield of LIBOR plus 4.00%.
	Issuers of Junior Subordinated Notes—We have invested a total of $0.6 million for 100% of the common shares of two affiliated entities of ours. These entities pay dividends on both the common shares and preferred securities on a quarterly basis at variable rates based on three-month LIBOR. See Note 7—"Debt Obligations" for further details.
	East River Portfolio—In August 2014, we invested $0.1 million for a 5% interest in a joint venture that owns two multifamily properties. The joint venture consists of a consortium of investors consisting of certain of our officers, including Mr. Ivan Kaufman, and other related parties, who together own an interest of 95%. In August 2014, we originated two bridge loans totaling $5.0 million with an interest rate of 5.5% over one-month LIBOR and a maturity date of August 2015. See Note 14—"Agreements and Transactions with Related Parties" for further details.
	Lexford Portfolio—We, along with third party investors, made a $0.1 million equity investment into Lexford, a portfolio of multifamily assets. Our portion of this investment is a $44,000 noncontrolling interest. We also had a $10.5 million interest in a $25.0 million preferred equity investment in Lexford with the same third party investors that was repaid during 2013. See Note 14—"Agreements and Transactions with Related Parties" for further details.
	930 Flushing & 80 Evergreen—We had a 12.5% preferred interest in a joint venture that owns and operates two commercial properties. We also had a $22.4 million bridge loan and a $0.5 million mezzanine loan outstanding to affiliated entities of the joint venture.
	In May 2014, our interest in the properties was sold for $7.9 million. As a result, we recorded a gain on sale of equity interest in our consolidated statements of income of approximately $7.9 million and reduced our investment to $0. We no longer have an interest in this investment. In July 2014, our outstanding loans totaling $22.9 million to this joint venture were repaid in full.
	450 West 33rd Street—We were a participant in an investor group that owns a non-controlling interest in an office building at 450 West 33rd Street in Manhattan, New York. The investor group as a whole has a 1.44% retained ownership interest in the property and 50% of the property's air rights. We had a 29% interest in the 1.44% retained ownership interest and 50% air rights.
	In 2007, we, as part of the investor group, transferred control of the property and recorded deferred revenue of approximately $77.1 million. The gain was deferred as a result of the agreement of the joint venture members to guarantee a portion of the debt outstanding on the property. The guarantee was allocated to the members in accordance with their ownership percentages. Our portion of the guarantee was $76.3 million. In July 2014, the existing debt on the property was refinanced and our portion of the guarantee was terminated, resulting in the recognition of the $77.1 million deferred gain as well as a $19.0 million prepaid incentive management fee for a non-cash net gain of $58.1 million. See Note 14—"Agreements and Transactions with Related Parties" for details of the prepaid incentive fee recorded in 2007 related to this investment. In the third quarter of 2014, we made an additional investment of $0.3 million. In the fourth quarter of 2014, we sold our remaining interest in this property for $1.1 million and recorded a gain on sale of $0.8 million. We no longer have an interest in this investment.
	Ritz-Carlton Club—We own a 19.09% non-controlling interest with a 10% return subject to certain conditions in the Ritz-Carlton Club, a condominium project in Lake Tahoe, California. During 2012, we recorded $0.8 million of losses from the entity against the equity investment reducing the balance of our investment to $0.
	Summarized Financial Information
	The condensed combined balance sheets for our unconsolidated investments in equity affiliates accounted for under the equity method at December 31, 2014 and 2013 are as follows (in thousands):
			December 31,
	Condensed Combined Balance Sheets		2014			2013
	Assets:
	Cash and cash equivalents		$	22,552		$	13,101
	Real estate assets			639,813			697,484
	Other assets			19,169			19,618
	Total assets		$	681,534		$	730,203
	Liabilities:
	Notes payable		$	691,488		$	734,693
	Other liabilities			22,653			19,607
	Total liabilities			714,141			754,300
	Stockholders' equity Arbor(1)			4,291			4,102
	Stockholders' deficit			(36,898	)		(28,199	)
	Total stockholders' deficit			(32,607	)		(24,097	)
	Total liabilities and deficit		$	681,534		$	730,203
	-1	Combined with $0.6 million of equity relating to the issuance of junior subordinated notes, equals $4.9 million of investments in equity affiliates, at December 31, 2014. Combined with $0.6 million of equity relating to the issuance of junior subordinated notes, equals $4.7 million of investments in equity affiliates, at December 31, 2013.
	The condensed combined statements of operations for our unconsolidated investments in equity affiliates accounted for under the equity method for the years ended December 31, 2014, 2013 and 2012, are as follows (in thousands):
			Year Ended
	Statements of Operations:		2014			2013			2012
	Revenue:
	Rental income		$	89,192		$	85,551		$	80,472
	Interest income			259			478			813
	Operating income			4,168			5,709			8,619
	Reimbursement income			6,501			6,653			5,427
	Other income			7,993			6,686			6,436
	Total revenues			108,113			105,077			101,767
	Expenses:
	Operating expenses			59,266			58,265			60,257
	Interest expense			33,033			36,061			36,315
	Depreciation and amortization			26,793			23,345			22,283
	Other expenses			621			493			27
Total expenses			119,713			118,164			118,882
Net loss		$	(11,600	)	$	(13,087	)	$	(17,115	)
Arbor's Share of income (loss)		$	249		$	(204	)	$	(698	)

Real_Estate_Owned_and_HeldForS

Real Estate Owned and Held-For-Sale	12 Months Ended
	Dec. 31, 2014
Real Estate Owned and Held-For-Sale
Real Estate Owned and Held-For-Sale	Note 6—Real Estate Owned and Held-For-Sale
	Real Estate Owned
		December 31, 2014									December 31, 2013
		Multifamily			Hotel			Total			Multifamily			Hotel			Total
		Portfolio			Portfolio						Portfolio			Portfolio
	Land	$	5,538,844		$	9,393,651		$	14,932,495		$	11,382,579		$	10,893,651		$	22,276,230
	Building and intangible assets		31,249,869			58,818,891			90,068,760			46,115,430			61,632,645			107,748,075
	Less:
	Accumulated depreciation and amortization		(7,414,267	)		(12,661,347	)		(20,075,614	)		(8,598,915	)		(9,707,213	)		(18,306,128	)
	Real estate owned, net	$	29,374,446		$	55,551,195		$	84,925,641		$	48,899,094		$	62,819,083		$	111,718,177
	Our real estate owned assets were comprised of three multifamily properties (the "Multifamily Portfolio") and four hotel properties (the "Hotel Portfolio") at December 31, 2014, and six multifamily properties and five hotel properties at December 31, 2013.
	In July 2014, a property in the Multifamily Portfolio was sold to a third party for $3.1 million. In connection with this sale, we recorded a loss on sale of $0.2 million and a reduction of the mortgage note payable of $3.4 million. During the first quarter of 2014, we recorded an impairment loss of $0.3 million related to this property as a result of an impairment analysis based on the indicators of value from the market participants. In the third quarter of 2014, three properties in the Multifamily Portfolio were classified as held-for sale with a total carrying value of $26.4 million and a first lien mortgage of $23.8 million and in the fourth quarter of 2014, a property in the Hotel Portfolio was classified as held-for-sale with a carrying value of $5.0 million.
	In the second quarter of 2014, a property in the Multifamily Portfolio with a carrying value of $11.4 million and a first lien mortgage of $11.0 million was reclassified from real estate held-for-sale to real estate owned, net as a proposed sale for this property failed to close and the property no longer met the requirements for classification as discontinued operations or real estate held-for-sale. In connection with this reclassification, we recorded depreciation of $0.3 million in the second quarter of 2014.
	As of December 31, 2014 and 2013, the Multifamily Portfolio had a mortgage note payable of $21.9 million and $42.7 million, respectively.
	Real Estate Held-For-Sale
	As described above, during the third quarter of 2014, three properties in the Multifamily Portfolio were classified as held-for sale with a carrying value of $26.4 million and a first lien mortgage of $23.8 million and during the fourth quarter of 2014, a property in the Hotel Portfolio was classified as held-for sale with a carrying value of $5.0 million. In the fourth quarter of 2014, two Multifamily Portfolio properties classified as held-for-sale with a combined carrying value of $16.5 million were sold for a net gain of approximately $1.8 million. In the first quarter of 2015, we sold the remaining held-for-sale property in our Multifamily Portfolio and the property in the Hotel Portfolio for a total of approximately $18.8 million and expect to recognize a gain of approximately $4.1 million.
	The results of operations for properties classified as held-for-sale are summarized as follows:
		Year Ended December 31,
		2014			2013			2012
	Revenue:
	Property operating income	$	7,530,400		$	7,292,340		$	6,717,530
	Expenses:
	Property operating expense		6,053,586			6,256,997			6,014,230
	Depreciation		1,604,030			1,683,253			1,418,355
	Net Loss	$	(127,216	)	$	(647,910	)	$	(715,055	)
	During the year ended December 31, 2012, we sold an apartment building in Tucson, Arizona and a hotel in St. Louis, Missouri and recorded a net gain on sale of real estate held-for-sale of $3.5 million in our consolidated statements of income. Additionally, one of the properties in the Hotel Portfolio was sold to a third party and we recorded a gain on sale of $0.5 million, and we surrendered an office building in Indianapolis, Indiana to the first mortgage lender in full satisfaction of the mortgage note payable and recorded income from discontinued operations of $1.2 million related to the reversal of accrued liabilities which were not incurred.
	As of December 31, 2014, 2013 and 2012, our Multifamily Portfolio had a weighted average occupancy rate of approximately 90%, 85% and 85%, respectively. As of December 31, 2014, 2013 and 2012, our Hotel Portfolio had a weighted average occupancy rate of approximately 51%, 48% and 48%, respectively. For the years ended December 31, 2014, 2013 and 2012, our Hotel Portfolio had a weighted average daily rate of approximately $76, $79 and $86, respectively, and a weighted average revenue per available room of approximately $39, $38 and $41, respectively.
	Our real estate assets had restricted cash balances totaling $1.7 million and $0.9 million as of December 31, 2014 and 2013, respectively, due to escrow requirements.

Debt_Obligations

Debt Obligations	12 Months Ended
	Dec. 31, 2014
Debt Obligations
Debt Obligations	Note 7—Debt Obligations
	We utilize various forms of short-term and long-term financing agreements to finance certain of our loans and investments. Borrowings underlying these arrangements are primarily secured by a significant amount of our loans and investments.
	Credit Facilities and Repurchase Agreements
	The following table outlines borrowings under our credit facilities and repurchase agreements as of December 31, 2014 and 2013:
			December 31, 2014									December 31, 2013
			Debt			Collateral			Weighted			Debt			Collateral			Weighted
			Carrying			Carrying			Average			Carrying			Carrying			Average
			Value			Value			Note Rate			Value			Value			Note Rate
	$100 million warehousing credit facility		$	92,520,637		$	128,593,000			2.45	%	$	33,300,540		$	45,705,813			2.46	%
	$75 million warehousing credit facility			42,975,000			58,000,000			2.45	%		30,838,180			46,774,000			2.70	%
	$60 million warehousing credit facility			29,890,563			45,422,236			2.20	%		15,063,750			21,800,000			2.20	%
	$33 million warehousing credit facility			—			—			—			33,000,000			55,000,000			2.45	%
	$20 million revolving credit facility			—			—			—			20,000,000			—			8.50	%
	$15 million term credit facility			15,000,000			—			7.50	%		—			—			—
	Repurchase agreement			—			—			—			12,497,000			15,536,049			1.75	%
	Repurchase agreement			—			—			—			14,425,553			18,944,735			2.00	%
	Total credit facilities and repurchase agreements		$	180,386,200		$	232,015,236			2.84	%	$	159,125,023		$	203,760,597			3.16	%
	At December 31, 2014 and 2013, the weighted average interest rate for our credit facilities and repurchase agreements was 2.84% and 3.16%, respectively. Including certain fees and costs, the weighted average interest rate was 3.06% and 3.57% at December 31, 2014 and 2013, respectively. There were no interest rate swaps on these facilities at December 31, 2014 and 2013.
	In July 2011, we entered into a two year, $50.0 million warehouse facility with a financial institution to finance first mortgage loans on multifamily properties. In 2013, we amended the facility, increasing the committed amount to $75.0 million, decreased the rate of interest from 275 basis points over LIBOR to 225 basis points over LIBOR, decreased certain commitment, warehousing and non-use fees and extended the maturity to April 2015. In March 2014, the facility's committed amount was increased to $110.0 million, which included a temporary increase of $10.0 million that was repaid in April 2014 as part of the issuance of our third CLO, and required a 0.13% commitment fee, which was increased to 0.35% upon an amendment in August 2014 that included the elimination of advance fees. The facility has a maximum advance rate of 75% and contains several restrictions including full repayment of an advance if a loan becomes 60 days past due, is in default or is written down by us. The facility has various financial covenants including a minimum liquidity requirement of $20.0 million, minimum tangible net worth which includes junior subordinated notes as equity of $150.0 million, maximum total liabilities less subordinate debt of $2.0 billion, as well as certain other debt service coverage ratios and debt to equity ratios. The facility has a compensating balance requirement of $50.0 million to be maintained by us and our affiliates.
	In February 2013, we entered into a one year, $50.0 million warehouse facility with a financial institution to finance first mortgage loans on multifamily properties. In April 2014, we amended the facility, increasing the committed amount to $75.0 million. The facility bears interest at a rate of 225 basis points over LIBOR which was originally 250 basis points over LIBOR, upon closing, requires a 35 basis point commitment fee, which was originally 12.5 basis points, upon closing, matures in March 2015, has warehousing and non-use fees and allows for an original warehousing period of up to 24 months from the initial advance on an asset. The facility has a maximum advance rate of 75% and contains certain restrictions including partial prepayment of an advance if a loan becomes 90 days past due or in the process of foreclosure, subject to certain conditions. The facility has various financial covenants including a minimum liquidity requirement of $20.0 million, minimum tangible net worth which includes junior subordinated notes as equity of $150.0 million, maximum total liabilities less subordinate debt of $2.0 billion, as well as certain other debt service coverage ratios and debt to equity ratios.
	In June 2013, we entered into a one year, $40.0 million warehouse facility with a financial institution to finance first mortgage loans on multifamily properties, including a $10.0 million sublimit to finance retail and office properties. In February 2014, we amended the facility, increasing the committed amount to $45.0 million, and in April 2014 the committed amount was increased to $60.0 million. The facility bears interest at a rate of 200 basis points over LIBOR, matures in April 2015, has warehousing fees and allows for an original warehousing period of up to 24 months from the initial advance on an asset. The facility also has a maximum advance rate of 70% or 75%, depending on the property type, and contains certain restrictions including prepayment of an advance if a loan becomes 60 days past due or is in the process of foreclosure, subject to certain conditions. The facility also includes various financial covenants including a minimum liquidity requirement of $20.0 million, minimum tangible net worth of $150.0 million, as well as a minimum debt service coverage ratio.
	In December 2013, we entered into a $33.0 million warehouse facility with a financial institution to finance the first mortgage loan on a multifamily property. The facility bore interest at a rate of 225 basis points over LIBOR which increased to 250 basis points over LIBOR in February 2014, required up to a 45 basis point commitment fee and was to mature in November 2015 with a one year extension option. In April 2014, the facility was repaid in full as part of the issuance of our third CLO.
	In May 2012, we entered into a $15.0 million committed revolving line of credit with a one year term, which was secured by a portion of the bonds originally issued by our CDO entities that have been repurchased by us. This facility had a 1% commitment fee, a 1% non-use fee and paid interest at a fixed rate of 8% on any drawn portion of the line. In January 2013, we amended the facility, increasing the committed amount to $20.0 million and a fixed rate of interest of 8.5% on any drawn portion of the $20.0 million commitment. The amendment also required a 1% commitment fee and a 1% non-use fee. In May 2013, we extended the facility to a maturity in May 2014 with a one year extension option and a 1% extension fee, as well as amended the facility to have an 8.5% non-use fee on the first $5.0 million not borrowed and a 1% non-use fee on the remaining funds not borrowed. In May 2014, the facility was repaid in full from proceeds received from the issuance of senior unsecured notes.
	In August 2014, we entered into a $15.0 million term facility with a maturity in August 2015, a fixed interest rate of 7.5% and no commitment or non-use fees. The facility is secured by a portion of the bonds originally issued by our CDO III entity that have been repurchased by us.
	In July 2011, we entered into a repurchase agreement with a financial institution to finance the purchase of RMBS investments. During the first quarter of 2014, we paid off the remaining balance of $12.5 million due to the sale of our RMBS investments as well as principal paydowns received. See Note 4—"Securities" for further details. The facility bore interest at a rate of 125 to 200 basis points over LIBOR.
	In June 2012, we entered into a repurchase agreement with a financial institution to finance the purchase of RMBS investments. During the first quarter of 2014, we paid off the remaining balance of $14.4 million due to the sale of our RMBS investments as well as principal paydowns received. The facility bore interest at a rate of 180 to 185 basis points over LIBOR.
	In January 2015, we entered into a $150.0 million warehouse repurchase facility with a financial institution to finance a significant portion of the unwind of our CDO I and CDO II vehicles. The facility bears interest at a rate of 212.5 basis points over LIBOR on senior mortgage loans, 350.0 basis points over LIBOR on junior mortgage loans and has a two year term with a one year extension option. The facility also has a structuring fee of 50 basis points and contains certain financial covenants and restrictions. See "Collateralized Debt Obligations" below.
	Collateralized Debt Obligations (CDOs)
	The following table outlines borrowings and the corresponding collateral under our CDOs as of December 31, 2014:
									Collateral
			Debt						Loans						Cash
			Face			Carrying			Unpaid			Carrying			Restricted			Collateral
			Value			Value			Principal(1)			Value(1)			Cash(2)			At-Risk(3)
	CDO I		$	69,972,159		$	75,402,789		$	222,903,486		$	174,460,160		$	5,232,226		$	180,691,292
	CDO II			97,906,092			103,484,624			192,522,685			143,824,571			69,412,808			106,139,494
	CDO III			144,192,804			152,507,713			202,758,120			171,457,394			64,771,797			147,049,346
	Total CDOs		$	312,071,055		$	331,395,126		$	618,184,291		$	489,742,125		$	139,416,831		$	433,880,132
	The following table outlines borrowings and the corresponding collateral under our CDOs as of December 31, 2013:
									Collateral
			Debt						Loans						Cash
			Face			Carrying			Unpaid			Carrying			Restricted			Collateral
			Value			Value			Principal(1)			Value(1)			Cash(2)			At-Risk(3)
	CDO I		$	126,753,077		$	132,399,560		$	284,758,473		$	237,194,618		$	79,986		$	179,466,954
	CDO II			196,046,587			201,847,417			362,150,693			312,859,875			1,719,760			187,213,841
	CDO III			296,754,194			305,376,004			395,783,494			365,236,505			23,607,813			240,503,823
	Total CDOs		$	619,553,858		$	639,622,981		$	1,042,692,660		$	915,290,998		$	25,407,559		$	607,184,618
	CDO I—Issued four investment grade tranches in January 2005 with a reinvestment period through April 2009 and a stated maturity date of February 2040. Interest is variable based on three-month LIBOR; the weighted average note rate was 3.23% and 3.12% at December 31, 2014 and 2013, respectively.
	CDO II—Issued nine investment grade tranches in January 2006 with a reinvestment period through April 2011 and a stated maturity date of April 2038. Interest is variable based on three-month LIBOR; the weighted average note rate was 6.22% and 3.74% at December 31, 2014 and 2013, respectively.
	CDO III—Issued ten investment grade tranches in December 2006 with a reinvestment period through January 2012 and a stated maturity date of January 2042. Interest is variable based on three-month LIBOR; the weighted average note rate was 0.98% and 0.75% at December 31, 2014 and 2013, respectively.
	-1	Amounts include loans to real estate assets consolidated by us that were reclassified to real estate owned and held-for-sale, net on the consolidated financial statements.
	-2	Represents restricted cash held for principal repayments in the CDOs. Does not include restricted cash related to interest payments, delayed fundings and expenses.
	-3	Amounts represent the face value of collateral in default, as defined by the CDO indenture, as well as assets deemed to be "credit risk." Credit risk assets are reported by each of the CDOs and are generally defined as one that, in the CDO collateral manager's reasonable business judgment, has a significant risk of declining in credit quality or, with a passage of time, becoming a defaulted asset.
	At December 31, 2014 and 2013, the aggregate weighted average note rate for our CDOs, including the cost of interest rate swaps on assets financed in these facilities, was 3.13% and 2.18%, respectively. Excluding the effect of swaps, the weighted average note rate at December 31, 2014 and 2013 was 1.07% and 0.83%, respectively. Including certain fees and costs, the weighted average note rate was 5.26% and 3.26% at December 31, 2014 and 2013, respectively.
	In January 2005, we completed our first CDO vehicle, issuing to third party investors four tranches of investment grade collateralized debt obligations ("CDO I") through a newly-formed wholly-owned subsidiary, Arbor Realty Mortgage Securities Series 2004-1, Ltd. ("the Issuer"). At inception, the Issuer held assets, consisting primarily of bridge loans, mezzanine loans and cash totaling approximately $469.0 million, which serve as collateral for CDO I. The Issuer issued investment grade notes with an initial principal amount of approximately $305.0 million and a wholly-owned subsidiary of ours purchased the preferred equity interests of the Issuer. The four investment grade tranches were issued with floating rate coupons with an initial combined weighted average rate of three-month LIBOR plus 0.77%. The outstanding debt balance is reduced as loans are repaid. We incurred approximately $7.2 million of issuance costs which is amortized on a level yield basis over the average estimated life of CDO I. Investor capital is repaid quarterly from proceeds received from loan repayments held as collateral in accordance with the terms of the CDO. Proceeds distributed are recorded as a reduction of the CDO liability. Proceeds of $56.8 million and $7.2 million were distributed in 2014 and 2013, respectively. The CDO liability is also reduced as the notes are purchased by us—see below.
	In January 2006, we completed our second CDO vehicle, issuing to third party investors nine tranches of investment grade collateralized debt obligations ("CDO II") through a newly-formed wholly-owned subsidiary, Arbor Realty Mortgage Securities Series 2005-1, Ltd. ("the Issuer II"). At inception, the Issuer II held assets, consisting primarily of bridge loans, mezzanine loans and cash totaling approximately $475.0 million, which serve as collateral for CDO II. The Issuer II issued investment grade notes with an initial principal amount of approximately $356.0 million and a wholly-owned subsidiary of ours purchased the preferred equity interests of the Issuer II. The nine investment grade tranches were issued with floating rate coupons with an initial combined weighted average rate of three-month LIBOR plus 0.74%. The outstanding debt balance is reduced as loans are repaid. We incurred approximately $6.2 million of issuance costs which is being amortized on a level yield basis over the average estimated life of CDO II. Investor capital is repaid quarterly from proceeds received from loan repayments held as collateral in accordance with the terms of the CDO. Proceeds distributed are recorded as a reduction of the CDO liability. Proceeds of $98.1 million and $34.1 million were distributed and recorded as a reduction of the CDO II liability during 2014 and 2013, respectively. The CDO liability is also reduced as the notes are purchased by us—see below.
	In December 2006, we completed our third CDO vehicle, issuing to third party investors ten tranches of investment grade collateralized debt obligations ("CDO III") through a newly-formed wholly-owned subsidiary, Arbor Realty Mortgage Securities Series 2006-1, Ltd. ("the Issuer III"). At inception, the Issuer III held assets, consisting primarily of bridge loans, mezzanine loans, junior participation loans, preferred equity investments and cash totaling approximately $500.0 million, which serve as collateral for CDO III. The Issuer III issued investment grade notes with an initial principal amount of approximately $547.5 million, including a $100.0 million revolving note class that provides a revolving note facility and a wholly-owned subsidiary of ours purchased the preferred equity interests of the Issuer III. The ten investment grade tranches were issued with floating rate coupons with an initial combined weighted average rate of three-month LIBOR plus 0.44% and the revolving note facility has a commitment fee of 0.22% per annum on the undrawn portion of the facility. The outstanding debt balance will be reduced as loans are repaid. Investor capital will be repaid quarterly from proceeds received from loan repayments held as collateral in accordance with the terms of the CDO. Proceeds distributed are recorded as a reduction of the CDO liability. Proceeds of $152.6 million and $120.8 million were distributed and recorded as a reduction of the CDO III liability during both 2014 and 2013, respectively. The CDO liability is also reduced as the investment grade notes are purchased by us—see below. We incurred approximately $9.7 million of issuance costs which is being amortized on a level yield basis over the average estimated life of CDO III. The outstanding note balance for CDO III was $152.5 million and $257.4 million at December 31, 2014 and 2013, respectively. CDO III has $100.0 million revolving note class that provides a revolving note facility. The outstanding revolving note facility for CDO III was $1.8 million and $48.0 million at December 31, 2014 and 2013, respectively.
	Proceeds from the sale of the 23 investment grade tranches issued in CDO I, CDO II and CDO III were used to repay outstanding debt under our repurchase agreements and notes payable. The assets pledged as collateral were contributed from our existing portfolio of assets. Each CDO has reached the end of its replenishment period.
	We account for these transactions on our consolidated balance sheet as financing facilities. Our CDOs are VIEs for which we are the primary beneficiary and are consolidated in our financial statements accordingly. The investment grade tranches are treated as secured financings, and are non-recourse to us.
	In January 2015, we completed the unwinding of CDO I and CDO II, redeeming $167.9 million of our outstanding notes. The notes were repaid primarily from proceeds received from the refinancing of CDO I and II's remaining assets within a new $150.0 million warehouse repurchase facility and our existing financing facilities, as well as with cash held by each CDO. As a result of this transaction, we generated approximately $30.0 million in cash equity and expect to expense $0.1 million of deferred fees in the first quarter of 2015. We also terminated the related basis and interest rate swaps and expect to incur a loss of $4.3 million in the first quarter of 2015. See Note 8—"Derivative Financial Instruments" for additional details.
	In 2010, we re-issued our own CDO bonds we had acquired throughout 2009 with an aggregate face amount of approximately $42.8 million as part of an exchange for the retirement of $114.1 million of our junior subordinated notes. This transaction resulted in the recording of $65.2 million of additional CDO debt, of which $42.3 million represents the portion of our CDO bonds that were exchanged and $22.9 million represents the estimated interest due on the reissued bonds through their maturity, of which $19.3 million remains at December 31, 2014. In the first quarter of 2015, we unwound our CDO I and CDO II vehicles and reduced the balance of estimated interest by $11.0 million, recording a gain.
	The following table sets forth the face amount and gain on extinguishment of our CDO bonds repurchased in the following periods by bond class:
			Year Ended December 31,
			2014						2013						2012
	Class:		Face			Gain			Face			Gain			Face			Gain
Amount			Amount						Amount
B		$	—		$	—		$	—		$	—		$	13,000,000		$	4,615,000
C			—			—			—			—			3,329,509			1,200,182
D			—			—			—			—			13,350,000			5,819,066
E			—			—			—			—			13,765,276			6,445,033
F			—			—			—			—			9,708,556			5,048,417
G			—			—			—			—			8,672,039			4,777,138
H			—			—			9,935,088			4,930,772			4,403,771			2,554,187
Total		$	—		$	—		$	9,935,088		$	4,930,772		$	66,229,151		$	30,459,023
Collateralized Loan Obligations (CLOs)
The following table outlines borrowings and the corresponding collateral under our CLOs as of December 31, 2014:
								Collateral
		Debt						Loans						Cash
		Face			Carrying			Unpaid			Carrying			Restricted			Collateral
		Value			Value			Principal			Value			Cash(1)			At-Risk(2)
CLO II		$	177,000,000		$	177,000,000		$	252,353,210		$	251,658,406		$	7,284,919		$	—
CLO III			281,250,000			281,250,000			315,390,280			313,932,084			59,245,183			—
Total CLOs		$	458,250,000		$	458,250,000		$	567,743,490		$	565,590,490		$	66,530,102		$	—
CLO II—Issued two investment grade tranches in January 2013 with a replacement period through February 2015 and a stated maturity date of February 2023. Interest is variable based on three-month LIBOR; the weighted average note rate was 2.56%.
CLO III—Issued three investment grade tranches in April 2014 with a replacement period through October 2016 and a stated maturity date of May 2024. Interest is variable based on three-month LIBOR; the weighted average note rate was 2.60%.
The following table outlines borrowings and the corresponding collateral under our CLOs as of December 31, 2013:
								Collateral
		Debt						Loans						Cash
		Face			Carrying			Unpaid			Carrying			Restricted			Collateral
		Value			Value			Principal			Value			Cash(1)			At-Risk(2)
CLO I		$	87,500,000		$	87,500,000		$	114,414,154		$	113,940,857		$	10,672,496		$	—
CLO II			177,000,000			177,000,000			255,016,564			253,989,391			4,621,675			—
Total CLOs		$	264,500,000		$	264,500,000		$	369,430,718		$	367,930,248		$	15,294,171		$	—
-1	Represents restricted cash held for principal repayments in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses.
-2	Amounts represent the face value of collateral in default, as defined by the CLO indenture, as well as assets deemed to be "credit risk." Credit risk assets are reported by each of the CLOs and are generally defined as one that, in the CLO collateral manager's reasonable business judgment, has a significant risk of declining in credit quality or, with a passage of time, becoming a defaulted asset.
In September 2012, we completed our first CLO ("CLO I"), issuing to third party investors two tranches of investment grade CLOs through two newly-formed wholly-owned subsidiaries. Initially, the notes are secured by a portfolio of loan obligations with a face value of approximately $125.1 million, consisting primarily of bridge loans and a senior participation interest in a first mortgage loan that were contributed from our existing loan portfolio. The financing had a two-year replacement period that allowed the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. As of October 9, 2014, CLO I has past the reinvestment period and investor capital will be repaid quarterly from proceeds received from loan repayments held as collateral in accordance with the terms of the CLO. The aggregate principal amounts of the two classes of notes are $75.0 million of Class A senior secured floating rate notes and $12.5 million of Class B secured floating rate notes. We retained a residual interest in the portfolio with a notional amount of $37.6 million. The notes have an initial weighted average interest rate of approximately 3.39% plus one-month LIBOR and interest payments on the notes are payable monthly. We incurred approximately $2.4 million of issuance costs which is being amortized on a level yield basis over the average estimated life of the CLO. Including certain fees and costs, the initial weighted average note rate was 4.35%. In the fourth quarter of 2014, we completed the unwind of CLO I redeeming $87.5 million of outstanding notes which were repaid with proceeds received from the refinancing of the remaining assets within our existing financing facilities and cash held by CLO I and expensed approximately $1.0 million of deferred fees in the fourth quarter of 2014 into interest expense on the consolidated statement of income.
In January 2013, we completed our second CLO ("CLO II"), issuing to third party investors two tranches of investment grade CLOs through two newly-formed wholly-owned subsidiaries. As of the CLO closing date, the notes are secured by a portfolio of loan obligations with a face value of approximately $210.0 million, consisting primarily of bridge loans and a senior participation interest in a first mortgage loan that were contributed from our existing loan portfolio. The financing has a two-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. As of February 10, 2015, CLO II has past the reinvestment period and investor capital will be repaid quarterly from proceeds received from loan repayments held as collateral in accordance with the terms of the CLO. Initially, the proceeds of the issuance of the securities also included $50.0 million for the purpose of acquiring additional loan obligations for a period of up to 90 days from the closing date of the CLO. Subsequently, the issuer owns loan obligations with a face value of approximately $260.0 million. The aggregate principal amounts of the two classes of notes were $156.0 million of Class A senior secured floating rate notes and $21.0 million of Class B secured floating rate notes. We retained a residual interest in the portfolio with a notional amount of approximately $83.0 million. The notes have an initial weighted average interest rate of approximately 2.36% plus one-month LIBOR and interest payments on the notes are payable monthly, beginning on March 15, 2013, to and including February 15, 2023, the stated maturity date of the notes. We incurred approximately $3.2 million of issuance costs which is being amortized on a level yield basis over the average estimated life of the CLO. Including certain fees and costs, the initial weighted average note rate was 3.00%.
In April 2014, we completed our third CLO ("CLO III"), issuing to third party investors three tranches of investment grade CLOs through two newly-formed wholly-owned subsidiaries. As of the CLO closing date, the notes are secured by a portfolio of loan obligations with a face value of approximately $307.3 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has an approximate 2.5 year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $67.7 million for the purpose of acquiring additional loan obligations for a period of up to 120 days from the closing date of the CLO, which was fully utilized in July 2014. Subsequently, the issuer owns loan obligations with a face value of approximately $375.0 million. The aggregate principal amounts of the three classes of notes are $221.3 million of Class A senior secured floating rate notes, $24.3 million of Class B secured floating rate notes and $35.8 million of Class C secured floating rate notes. We retained a residual interest in the portfolio with a notional amount of approximately $93.8 million. The notes have an initial weighted average interest rate of approximately 2.39% plus one-month LIBOR and interest payments on the notes are payable monthly. Including certain fees and costs, the initial weighted average note rate was 3.07%.
We account for these transactions on our consolidated balance sheet as financing facilities. Our CLOs are VIEs for which we are the primary beneficiary and are consolidated in our financial statements. The investment grade tranches are treated as secured financings, and are non-recourse to us.
At December 31, 2014 and 2013, the aggregate weighted average note rate for our CLOs was 2.59% and 2.91%, respectively. Including certain fees and costs, the weighted average note rate was 3.14% and 3.49% at December 31, 2014 and 2013, respectively.
Senior Unsecured Notes
In May 2014, we issued $55.0 million aggregate principal amount of 7.375% senior unsecured notes due in 2021 in an underwritten public offering, generating net proceeds of approximately $52.9 million after deducting the underwriting discount and offering expenses. Also in May 2014, the underwriters exercised a portion of their over-allotment option for a $3.6 million aggregate principal amount providing additional net proceeds of $3.5 million.
In August 2014, we issued an additional $35.0 million of the senior unsecured notes for net proceeds of approximately $32.5 million after deducting the issuance and underwriting discounts and offering expenses. Additionally, the underwriters exercised a portion of their over-allotment option for a $4.2 million aggregate principal amount providing additional net proceeds of $3.9 million. The notes can be redeemed by us after May 15, 2017. The interest is paid quarterly in February, May, August, and November starting in August 2014. Including certain fees and costs, the weighted average note rate was 8.06% at December 31, 2014. We used the net proceeds to make investments, to repurchase or pay liabilities and for general corporate purposes.
Junior Subordinated Notes
The carrying value of borrowings under our junior subordinated notes was $159.8 million and $159.3 million at December 31, 2014 and 2013, respectively, which is net of a deferred amount of $16.0 million and $16.6 million, respectively. These notes have maturities ranging from March 2034 through April 2037, pay interest quarterly at a fixed or floating rate of interest based on three-month LIBOR and were not redeemable for the first two years. The current weighted average note rate was 3.01% at December 31, 2014 and 2013, however, based upon the accounting treatment for the restructuring mentioned below, the effective rate was 3.07% and 3.06%, at December 31, 2014 and 2013, respectively. Including certain fees and costs, the weighted average note rate was 3.18% for both periods. The entities that issued the junior subordinated notes have been deemed VIEs. The impact of these VIEs with respect to consolidation is discussed in Note 9—"Variable Interest Entities."
In 2009, we retired $265.8 million of our then outstanding trust preferred securities, primarily consisting of $258.4 million of junior subordinated notes issued to third party investors and $7.4 million of common equity issued to us in exchange for $289.4 million of newly issued unsecured junior subordinated notes, representing 112% of the original face amount. The notes bear interest equal to three month LIBOR plus a weighted average spread of 2.77%. The 12% increase to the face amount due upon maturity, which had a balance of $16.0 million at December 31, 2014, is being amortized into interest expense over the life of the notes. We also paid transaction fees of approximately $1.3 million to the issuers of the junior subordinated notes related to this restructuring which is being amortized into interest expense over the life of the notes.
Notes Payable
The following table outlines borrowings under our notes payable as of December 31, 2014 and 2013:
		December 31, 2014						December 31, 2013
		Debt			Collateral			Debt			Collateral
		Carrying			Carrying			Carrying			Carrying
		Value			Value			Value			Value
Junior loan participation, secured by our interest in a first mortgage loan with a principal balance of $1.3 million, participation interest was based on a portion of the interest received from the loan which has a fixed rate of 9.57%		$	1,300,000		$	1,300,000		$	1,300,000		$	1,300,000
Junior loan participation, maturity of October 2018, secured by our interest in a mezzanine loan with a principal balance of $3.0 million, participation interest is a fixed rate of 13.00%			—			—			750,000			750,000
Junior loan participation, maturity of September 2014, secured by our interest in a mezzanine loan with a principal balance of $3.0 million, participation interest is a fixed rate of 15.00%			—			—			450,000			450,000
Total notes payable		$	1,300,000		$	1,300,000		$	2,500,000		$	2,500,000
At December 31, 2014 and 2013, the aggregate weighted average note rate for our notes payable was 0% and 4.26%, respectively. There were no interest rate swaps on the notes payable at December 31, 2014 and 2013.
Our obligation to pay interest on the junior loan participations is based on the performance of the related loan. Interest expense is based on the portion of the interest received from the loan that is paid to the junior participant. In the third quarter of 2014, we paid off our $0.8 million and $0.5 million junior loan participations. In March 2014, we entered into non-recourse junior loan participations with our Manager totaling $15.0 million on a $70.1 million bridge loan, with a weighted average variable interest rate of 7.20%. In May 2014, the junior loan participations with our Manager were paid off.
Mortgage Note Payable—Real Estate Owned and Held-For-Sale
We have a first lien mortgage in connection with the acquisition of real property pursuant to bankruptcy proceedings for an entity in which we had a loan secured by the Multifamily Portfolio. At December 31, 2014 and 2013, the outstanding balance of this loan was $31.0 million and $53.8 million, respectively. The mortgage bears interest at a variable rate of one-month LIBOR plus 1.23% and in July 2014, the maturity date was extended to July 2015.
In 2013, a property in the Multifamily Portfolio was classified as held-for-sale and accordingly, $11.0 million of the first lien mortgage related to this property was classified as held-for-sale. In the second quarter of 2014, it was determined that a sale of this property would not take place and the entire first lien mortgage was reclassified as real estate owned. In the third quarter of 2014, a property in the Multifamily Portfolio was sold and accordingly, we repaid the $3.4 million first mortgage related to this property. Additionally, in the third quarter of 2014, three properties in the Multifamily Portfolio were classified as held-for-sale and accordingly, $23.8 million of the first lien mortgage was classified as held-for-sale. In the fourth quarter of 2014, two of the properties classified as held-for-sale were sold and the first lien mortgage was paid down $15.4 million. In the first quarter of 2015, we repaid the existing mortgage of $20.7 million and replaced it with a new $27.2 million mortgage.
We made required paydowns of $4.0 million related to the Multifamily Portfolio first lien mortgage during 2014.
Debt Covenants
Our debt facilities contain various financial covenants and restrictions, including minimum net worth, minimum liquidity and maximum debt balance requirements, as well as certain other debt service coverage ratios and debt to equity ratios. We were in compliance with all financial covenants and restrictions at December 31, 2014.
Our CDO and CLO vehicles contain interest coverage and asset overcollateralization covenants that must be met as of the waterfall distribution date in order for us to receive such payments. If we fail these covenants in any of our CDOs or CLOs, all cash flows from the applicable CDO or CLO would be diverted to repay principal and interest on the outstanding CDO or CLO bonds and we would not receive any residual payments until that CDO or CLO regained compliance with such tests. Our CDOs and CLOs were in compliance with all such covenants as of December 31, 2014, as well as on the most recent determination dates in January 2015. In the event of a breach of the CDO or CLO covenants that could not be cured in the near-term, we would be required to fund our non-CDO or non-CLO expenses, including management fees and employee costs, distributions required to maintain REIT status, debt costs, and other expenses with (i) cash on hand, (ii) income from any CDO or CLO not in breach of a covenant test, (iii) income from real property and loan assets, (iv) sale of assets, or (v) or accessing the equity or debt capital markets, if available. We have the right to cure covenant breaches which would resume normal residual payments to us by purchasing non-performing loans out of the CDOs or CLOs. However, we may not have sufficient liquidity available to do so at such time.
The chart below is a summary of our CDO and CLO compliance tests as of the most recent determination dates in January 2015:
Cash Flow Triggers		CDO III			CLO II			CLO III
Overcollateralization(1)
Current			111.34			146.89			133.33
				%			%			%
Limit			105.60			144.25			132.33
				%			%			%
Pass / Fail
			Pass			Pass			Pass
Interest Coverage(2)
Current			349.38			313.35			274.85
				%			%			%
Limit			105.60			120.00			120.00
				%			%			%
Pass / Fail
			Pass			Pass			Pass
-1	The overcollateralization ratio divides the total principal balance of all collateral in the CDO and CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset's principal balance for purposes of the overcollateralization test is the lesser of the asset's market value or the principal balance of the defaulted asset multiplied by the asset's recovery rate which is determined by the rating agencies. Rating downgrades of CDO and CLO collateral will generally not have a direct impact on the principal balance of a CDO and CLO asset for purposes of calculating the CDO and CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC-) as defined in each CDO and CLO vehicle.
-2	The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us.
The chart below is a summary of our CDO and CLO overcollateralization ratios as of the following determination dates:
Determination Date		CDO I			CDO II			CDO III			CLO II			CLO III
January 2015(1)			—			—			111.34	%		146.89	%		133.33	%
Oct-14			173.33	%		161.20	%		110.65	%		146.89	%		133.33	%
Jul-14			171.01	%		153.44	%		109.20	%		146.89	%		133.33	%
Apr-14			184.35	%		138.15	%		108.74	%		146.89	%		—
Jan-14			167.15	%		137.87	%		107.80	%		146.89	%		—
-1	CLO I was redeemed in December 2014 and CDO I and CDO II were redeemed in January 2015.
The ratio will fluctuate based on the performance of the underlying assets, transfers of assets into the CDOs and CLOs prior to the expiration of their respective replenishment dates, purchase or disposal of other investments, and loan payoffs. No payment due under the junior subordinated indentures may be paid if there is a default under any senior debt and the senior lender has sent notice to the trustee. The junior subordinated indentures are also cross-defaulted with each other.

Derivative_Financial_Instrumen

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2014
Derivative Financial Instruments
Derivative Financial Instruments	Note 8—Derivative Financial Instruments
	The following is a summary of the derivative financial instruments held by us as of December 31, 2014 and 2013 (dollars in thousands):
			Notional Value													Fair Value
	Designation\Cash Flow	Derivative	Count		December 31,		Count		December 31,			Expiration		Balance		December 31,			December 31,
					2014				2013			Date		Sheet		2014			2013
														Location
	Non-Qualifying	Basis Swaps		1	$	3,000		1	$	11,600		2015		Other Assets		$	2		$	5
	Non-Qualifying	LIBOR Cap		1	$	71,701		—	$	—		2015		Other Assets		$	—		$	—
	Qualifying	Interest Rate Swaps		12	$	250,321		14	$	297,532		2015 - 2017		Other Liabilities		$	(13,908	)	$	(24,794	)
	Non-Qualifying	Forward Contracts		—	$	—		8	$	—		—		Other Assets		$	—		$	6,397
	The non-qualifying basis swaps hedges are used to manage our exposure to interest rate movements and other identified risks but do not meet hedge accounting requirements. We are exposed to changes in the fair value of certain of our fixed rate obligations due to changes in benchmark interest rates and uses interest rate swaps to manage our exposure to changes in fair value on these instruments attributable to changes in the benchmark interest rate. These interest rate swaps designated as fair value hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. During the year ended December 31, 2014, the notional value on a basis swap decreased by approximately $8.6 million pursuant to the contractual terms of the respective swap agreement. During the year ended December 31, 2013, seven basis swaps matured with a combined notional value of approximately $499.4 million and the notional value of one basis swap decreased by approximately $92.6 million pursuant to the contractual terms of the respective swap agreement. We entered into a non-qualifying LIBOR cap hedge in the first quarter of 2014 due to a loan agreement requiring a LIBOR cap of 6%. A non-qualifying LIBOR cap hedge with a notional value of approximately $6.0 million also matured during 2013. For the years ended December 31, 2014, 2013 and 2012, the change in fair value of the non-qualifying swaps was less than $(0.1) million, $(0.1) million and $(1.4) million, respectively, and was recorded in interest expense on the consolidated statements of income.
	The change in the fair value of qualifying interest rate swap cash flow hedges was recorded in accumulated other comprehensive loss on the consolidated balance sheets. These interest rate swaps are used to hedge the variable cash flows associated with existing variable-rate debt, and amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. During the year ended December 31, 2014, two interest rate swaps matured with a combined notional value of approximately $32.0 million and the notional value on an interest rate swap decreased by approximately $15.0 million pursuant to the contractual terms of the respective swap agreement. During the year ended December 31, 2013, the notional value on an interest rate swap decreased by approximately $14.5 million pursuant to the contractual terms of the respective swap agreement. A qualifying LIBOR cap Hedge with a notional value of approximately $73.3 million also matured during 2013. As of December 31, 2014, we expect to reclassify approximately $(9.4) million of other comprehensive loss from qualifying cash flow hedges to interest expense over the next twelve months assuming interest rates on that date are held constant. These swap agreements must be effective in reducing the variability of cash flows of the hedged items in order to qualify for the aforementioned hedge accounting treatment. Gains and losses on terminated swaps are being deferred and recognized in earnings over the original life of the hedged item. As of December 31, 2014 and 2013, we had a net deferred loss of $1.1 million and $1.6 million, respectively, in accumulated other comprehensive loss related to these terminated swap agreements. We recorded $0.7 million, $0.9 million and $0.9 million as additional interest expense related to the amortization of the loss for the years ended December 31, 2014, 2013 and 2012, respectively, and $0.2 million as a reduction to interest expense related to the accretion of the net gains for each of the years ended December 31, 2014, 2013 and 2012. We expect to record approximately $0.5 million of net deferred loss to interest expense over the next twelve months.
	The fair value of non-qualifying forward contracts was $6.4 million as of December 31, 2013 and was recorded in other assets on the consolidated balance sheets and consisted of $66.0 million of RMBS investments, which is net of $1.5 million of net unrealized losses in fair value, and $59.6 million of repurchase financing. The RMBS investments were financed with repurchase agreements and were accounted for as linked transactions which are considered forward contracts. The repurchase agreements generally financed 80% - 90% of the purchase and bore interest at a rate of 125 to 175 basis points over LIBOR. During the year ended December 31, 2014, we sold the eight remaining RMBS investments, which were accounted for as linked transactions, with an aggregate carrying value of $65.7 million for approximately $65.8 million and recorded a net gain of $0.1 million related to the settlement of these linked transactions. During 2014, we received total principal paydowns on the RMBS of $2.7 million and paid down the associated repurchase agreements by $4.2 million, which includes a decrease in the amount financed on the repurchase agreements of $1.7 million. The eight RMBS investments were financed with repurchase agreements totaling $55.4 million which were repaid with the proceeds. For the years ended December 31, 2014 and 2013, we recorded $0.3 million and $1.9 million of net interest income, respectively, and a less than $0.1 million and $1.7 million decrease in fair value, respectively, to other income in the consolidated statements of income.
	In January 2015, CDO I and CDO II were unwound and the related basis and interest rate swaps with an aggregate notional value of $137.6 million and an aggregate fair value of $(4.3) million were terminated and recorded as a loss in the first quarter of 2015. See Note 7—"Debt Obligations—Collateralized Debt Obligations" for further details.
	The following table presents the effect of our derivative financial instruments on the statements of income as of December 31, 2014, 2013 and 2012 (in thousands):
			Amount of Loss						Amount of Loss									Amount of Loss									Amount of (Loss)
			Recognized						Reclassified from									Recognized									Gain Recognized
			in Other						Accumulated Other									in Interest Expense									in Other Income
			Comprehensive Loss						Comprehensive Loss into									(Ineffective Portion)									For the Year Ended
			(Effective Portion)						Interest Expense									For the Year Ended									December 31,
			For the Year Ended						(Effective Portion)									December 31,
			December 31,						For the Year Ended
									December 31,
	Designation\Cash Flow	Derivative	2014		2013		2012		2014			2013			2012			2014			2013			2012			2014			2013			2012
	Non-Qualifying	Basis Swaps / Caps	$	—	$	—	$	—	$	—		$	—		$	—		$	(1	)	$	(12	)	$	(22	)	$	—		$	—		$	—
	Qualifying	Interest Rate Swaps / Cap	$	1,318	$	520	$	7,699	$	(12,654	)	$	(14,131	)	$	(16,565	)	$	—		$	—		$	—		$	—		$	—		$	—
	Non-Qualifying	Forward Contracts	$	—	$	—	$	—	$	—		$	—		$	—		$	—		$	—		$	—		$	(45	)	$	(1,676	)	$	167
	The cumulative amount of other comprehensive loss related to net unrealized losses on derivatives designated as qualifying hedges as of December 31, 2014 and 2013 of approximately $(15.0) million and $(26.3) million, respectively, is a combination of the fair value of qualifying cash flow hedges of $(13.9) million and $(24.8) million, respectively, deferred losses on terminated interest swaps of $(1.2) million and $(1.9) million, respectively, and deferred net gains on termination of interest swaps of $0.1 million and $0.3 million, respectively.
	We have agreements with certain of our derivative counterparties that contain a provision where if we default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations. As of December 31, 2014 and 2013, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements, was $(9.2) million and $(13.8) million, respectively. As of December 31, 2014 and 2013, we had minimum collateral posting thresholds with certain of our derivative counterparties and had posted collateral of $9.6 million and $14.2 million, respectively, which is recorded in other assets in our consolidated balance sheets.

Variable_Interest_Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2014
Variable Interest Entities
Variable Interest Entities	Note 9—Variable Interest Entities
	We have evaluated our loans and investments, mortgage related securities, investments in equity affiliates, senior unsecured notes, junior subordinated notes, CDOs and CLOs, in order to determine if they qualify as VIEs or as variable interests in VIEs. This evaluation resulted in determining that our bridge loans, junior participation loans, mezzanine loans, preferred equity investments, investments in equity affiliates, junior subordinated notes, CDOs, CLOs and investments in mortgage related securities are potential VIEs.
	Our involvement with VIEs primarily affects our financial performance and cash flows through amounts recorded in interest income, interest expense, provision for loan losses and through activity associated with our derivative instruments.
	Consolidated VIEs
	We consolidate our CDO and CLO subsidiaries, which qualify as VIEs, of which we are the primary beneficiary. These CDOs and CLOs invest in real estate and real estate-related securities and are financed by the issuance of CDO and CLO debt securities. We, or one of our affiliates, is named collateral manager, servicer, and special servicer for all CDO and CLO collateral assets which we believe gives us the power to direct the most significant economic activities of the entity. We also have exposure to CDO and CLO losses to the extent of our equity interests and also have rights to waterfall payments in excess of required payments to CDO and CLO bond investors. As a result of consolidation, equity interests in these CDOs and CLOs have been eliminated, and the consolidated balance sheets reflect both the assets held and debt issued by the CDOs and CLOs to third parties. Our operating results and cash flows include the gross amounts related to CDO and CLO assets and liabilities as opposed to our net economic interests in the CDO and CLO entities.
	Assets held by the CDOs and CLOs are restricted and can be used only to settle obligations of the CDOs and CLOs. The liabilities of the CDOs and CLOs are non-recourse to us and can only be satisfied from each CDOs and CLOs respective asset pool. Assets and liabilities related to the CDOs and CLOs are disclosed parenthetically, in the aggregate, in our consolidated balance sheets. See Note 7—"Debt Obligations" for further details.
	We are not obligated to provide, have not provided, and do not intend to provide financial support to any of the consolidated CDOs and CLOs.
	Unconsolidated VIEs
	We have determined that we are not the primary beneficiary of 20 VIEs in which we have a variable interest as of December 31, 2014 because we do not have the ability to direct the activities of the VIEs that most significantly impact each entity's economic performance. VIEs, of which we are not the primary beneficiary, have an aggregate carrying amount of $520.4 million and exposure to real estate debt of approximately $2.3 billion at December 31, 2014.
	The following is a summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, as of December 31, 2014:
	Type		Carrying Amount(1)		Maximum Exposure to Loss(2)
	Loans		$	410,698,756	$	410,698,756
	Loans and equity investments			107,071,875		107,071,875
	CMBS			2,100,000		2,100,000
	Junior subordinated notes(3)			578,000		578,000
	Total		$	520,448,631	$	520,448,631
	-1	Represents the carrying amount of loans and investments before reserves. At December 31, 2014, $186.7 million of loans to VIEs had corresponding loan loss reserves of approximately $111.1 million and $40.3 million of loans to VIEs were related to loans classified as non-performing. See Note 3—"Loans and Investments" for further details.
	-2	Our maximum exposure to loss as of December 31, 2014 would not exceed the carrying amount of our investment.
	-3	It is not appropriate to consolidate these entities as equity interests are variable interests only to the extent that the investment is considered to be at risk. Since our investments were funded by the entities that issued the junior subordinated notes, it is not considered to be at risk.

Fair_Value

Fair Value	12 Months Ended
	Dec. 31, 2014
Fair Value.
Fair Value	Note 10—Fair Value
	Fair Value of Financial Instruments
	Fair value estimates are dependent upon subjective assumptions and involve significant uncertainties resulting in variability in estimates with changes in assumptions. The following table summarizes the carrying values and the estimated fair values of our financial instruments as of December 31, 2014 and 2013:
			December 31, 2014						December 31, 2013
			Carrying Value			Estimated			Carrying Value		Estimated
						Fair Value					Fair Value
	Financial assets:
	Loans and investments, net		$	1,459,475,650		$	1,478,778,674		$	1,523,699,653	$	1,550,248,793
	Available-for-sale securities			2,499,709			2,499,709			37,315,652		37,315,652
	Derivative financial instruments			1,995			1,995			6,402,336		6,402,336
	Financial liabilities:
	Credit facilities and repurchase agreements		$	180,386,200		$	179,964,341		$	159,125,023	$	158,735,570
	Collateralized debt obligations			331,395,126			240,541,397			639,622,981		521,938,885
	Collateralized loan obligations			458,250,000			459,673,750			264,500,000		266,436,250
	Senior unsecured notes			97,860,025			95,902,825			—		—
	Junior subordinated notes			159,833,260			102,600,561			159,291,427		101,240,185
	Notes payable			1,300,000			1,292,461			2,500,000		2,487,287
	Mortgage note payable—real estate owned and held-for-sale			30,984,357			29,962,066			53,751,004		52,943,305
	Derivative financial instruments			13,908,163			13,908,163			24,794,051		24,794,051
	Fair Value Measurement
	Fair value is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. A liability's fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments' complexity.
	Assets and liabilities disclosed at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities are as follows:
	•	Level 1—Inputs are unadjusted and quoted prices exist in active markets for identical assets or liabilities at the measurement date. The types of assets and liabilities carried at Level 1 fair value generally are government and agency securities, equities listed in active markets, investments in publicly traded mutual funds with quoted market prices and listed derivatives.
	•	Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument's anticipated life. Level 2 inputs include quoted market prices in markets that are not active for an identical or similar asset or liability, and quoted market prices in active markets for a similar asset or liability. Fair valued assets and liabilities that are generally included in this category are non-government securities, municipal bonds, certain hybrid financial instruments, certain mortgage and asset-backed securities, certain corporate debt, certain commitments and guarantees, certain private equity investments and certain derivatives.
	•	Level 3—Inputs reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. These valuations are based on significant unobservable inputs that require a considerable amount of judgment and assumptions. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Generally, assets and liabilities carried at fair value and included in this category are certain mortgage and asset-backed securities, certain corporate debt, certain private equity investments, certain municipal bonds, certain commitments and guarantees and certain derivatives.
	Determining which category an asset or liability falls within the hierarchy requires significant judgment and we evaluate our hierarchy disclosures each quarter.
	The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.
	Loans and investments, net:    Fair values of loans and investments that are not impaired are estimated using Level 3 inputs based on discounted cash flow methodology, using discount rates, which, in the opinion of management, best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality. Fair values of loans and investments that are impaired are estimated using Level 3 inputs by us that require significant judgments, which include assumptions regarding discount rates, capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders and other factors deemed necessary by management.
	Available-for-sale securities:    Fair values are approximated based on current market quotes received from active markets or financial sources that trade such securities. The fair values of available-for-sale equity securities traded in active markets are approximated using Level 1 inputs, while the fair values of available-for-sale debt securities that are approximated using current, non-binding market quotes received from financial sources that trade such investments are valued using Level 3 inputs. The fair values of RMBS investments at December 31, 2013 were approximated using Level 3 inputs that required significant judgments, and were used in internally developed valuation models, which were compared to current non-binding market quotes received from financial sources that trade such securities. The fair value of a CMBS security is estimated by us using Level 3 inputs that require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders and other factors deemed necessary by management.
	Derivative financial instruments:    Fair values of interest rate swap derivatives are approximated using Level 2 inputs based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well recognized financial principles including counterparty risks, credit spreads and interest rate projections, as well as reasonable estimates about relevant future market conditions. These items are included in other assets and other liabilities on the consolidated balance sheets. We incorporate credit valuation adjustments in the fair values of our derivative financial instruments to reflect counterparty nonperformance risk. The fair values of RMBS underlying linked transactions at December 31, 2013 were estimated using Level 3 inputs based on internally developed valuation models, which are compared to broker quotations. The value of the underlying RMBS was then netted against the carrying amount (which approximates fair value) of the repurchase agreement borrowing at the valuation date. The fair value of linked transactions also included accrued interest receivable on the RMBS and accrued interest payable on the underlying repurchase agreement borrowings.
	Credit facilities, repurchase agreements, notes payable and mortgage notes payable:    Fair values are estimated at Level 3 using discounted cash flow methodology, using discount rates, which, in the opinion of management, best reflect current market interest rates for financing with similar characteristics and credit quality.
	Collateralized debt obligations and collateralized loan obligations:    Fair values are estimated at Level 3 based on broker quotations, representing the discounted expected future cash flows at a yield that reflects current market interest rates and credit spreads.
	Senior unsecured notes:    Fair values are estimated at Level 1 based on current market quotes received from active markets.
	Junior subordinated notes:    Fair values are estimated at Level 3 based on broker quotations, representing the discounted expected future cash flows at a yield that reflects current market interest rates and credit spreads.
	We measure certain financial assets and financial liabilities at fair value on a recurring basis. The fair value of these financial assets and liabilities was determined using the following inputs as of December 31, 2014:
									Fair Value Measurements
			Carrying						Using Fair Value Hierarchy
			Value			Fair Value			Level 1		Level 2		Level 3
	Financial assets:
	Available-for-sale securities(1)		$	2,499,709		$	2,499,709		$	499,709	$	—	$	2,000,000
	Derivative financial instruments			1,995			1,995			—		1,995		—
	Financial liabilities:
	Derivative financial instruments		$	13,908,163		$	13,908,163		$	—	$	13,908,163	$	—
	-1	Our equity securities were measured using Level 1 inputs and our CMBS investment was measured using Level 3 inputs.
	The following roll forward table reconciles the beginning and ending balances of financial assets measured at fair value on a recurring basis using Level 3 inputs:
			Available-for-sale			Derivative Financial
			Securities			Instruments
	Balance as of December 31, 2013		$	36,580,786		$	6,396,853
	Adjustments to fair value:
	Paydowns, net(1)			(663,684	)		1,483,387
	Net changes in fair value(2)			(100,000	)		511,012
	Sales and settlements(3)			(33,817,102	)		(8,391,252	)
	Balance as of December 31, 2014		$	2,000,000		$	—
	-1	Includes an addition of $1.7 million to the derivative financial instruments as a result of a decrease in the amount financed under the respective repurchase agreement.
	-2	Represents the net change in fair value recorded to other income during the year ended December 31, 2014.
	-3	Represents the sale of RMBS investments and the settlement of forward contract derivatives for which we recorded a gain of $0.5 million and $0.1 million, respectively, to other income during the year ended December 31, 2014.
	We measure certain financial and non-financial assets at fair value on a nonrecurring basis. The fair value of these financial assets was determined using the following inputs as of December 31, 2014:
									Fair Value Measurements
			Net Carrying						Using Fair Value Hierarchy
			Value			Fair Value			Level 1		Level 2		Level 3
	Financial assets:
	Impaired loans, net(1)			106,115,079			106,115,079							106,115,079
			$			$			$	—	$	—	$
	-1	We had an allowance for loan losses of $115.5 million relating to 10 loans with an aggregate carrying value, before loan loss reserves, of approximately $221.6 million at December 31, 2014.
Loan impairment assessments:    Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and net of the allowance for loan losses when such loan or investment is deemed to be impaired. We consider a loan impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. We perform evaluations of our loans to determine if the value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, which may result in an allowance and corresponding charge to the provision for loan losses. These valuations require significant judgments, which include assumptions regarding capitalization and discount rates, revenue growth rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders and other factors deemed necessary by management. The table above includes all impaired loans, regardless of the period in which an impairment was recognized.
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis:
		December 31, 2014
		Fair Value			Valuation		Significant		Rate/Range
					Technique(s)		Unobservable		(Weighted Average)
							Inputs
Financial assets:
Impaired loans(1):
Multifamily			2,762,816		Direct capitalization analysis		Discount rate		8.00%
		$
					and discounted cash flows		Capitalization rate		6.50% to 7.75% (7.06%)
							Revenue growth rate		2.00%
Office			6,525,829		Discounted cash flows		Discount rate		9.25% to 10.75% (9.72%)
							Capitalization rate		8.00% to 9.00% (8.29%)
							Revenue growth rate		2.50% to 3.00% (2.96%)
Land			66,276,475		Discounted cash flows		Discount rate		15.00%
							Capitalization rate		7.25%
							Revenue growth rate		3.00%
Hotel			30,549,959		Discounted cash flows		Discount rate		9.25%
							Capitalization rate		7.25%
							Revenue growth rate		3.00%
CMBS			2,000,000		Discounted cash flows		Discount rate		14.16%
-1	Includes all impaired loans regardless of the period in which a loan loss provision was recorded.
We measure certain assets and liabilities for which fair value is only disclosed. The fair value of these assets and liabilities was determined using the following inputs as of December 31, 2014:
								Fair Value Measurements
								Using Fair Value Hierarchy
		Carrying Value			Fair Value			Level 1		Level 2		Level 3
Financial assets:
Loans and investments, net		$	1,459,475,650		$	1,478,778,674		$	—	$	—	$	1,478,778,674
Financial liabilities:
Credit facilities		$	180,386,200		$	179,964,341		$	—	$	—	$	179,964,341
Collateralized debt obligations			331,395,126			240,541,397			—		—		240,541,397
Collateralized loan obligation			458,250,000			459,673,750			—		—		459,673,750
Senior unsecured notes			97,860,025			95,902,825			95,902,825		—		—
Junior subordinated notes			159,833,260			102,600,561			—		—		102,600,561
Notes payable			1,300,000			1,292,461			—		—		1,292,461
Mortgage note payable—real estate owned and held-for-sale			30,984,357			29,962,066			—		—		29,962,066

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies
Commitments and Contingencies	Note 11—Commitments and Contingencies
	Contractual Commitments
	Our debt facilities which include credit facilities, CDOs, CLOs, senior unsecured notes, junior subordinated notes, notes payable and mortgage notes payable have approximate maturities of $347.3 million in 2015, $253.9 million in 2016, $310.9 million in 2017, $26.6 million in 2018, $17.4 million in 2019 and $319.9 million thereafter.
	In accordance with certain loans and investments, we have outstanding unfunded commitments of $14.5 million as of December 31, 2014 that we are obligated to fund as the borrowers meet certain requirements. Specific requirements include, but are not limited to, property renovations, building construction, and building conversions based on criteria met by the borrower in accordance with the loan agreements. Our restricted cash balance at December 31, 2014 contained approximately $5.3 million which was available to fund all of the unfunded commitments for loans financed by our CDO and CLO vehicles.
	Litigation
	We currently are neither subject to any material litigation nor, to management's knowledge, is any material litigation currently threatened against us other than the following:
	On June 15, 2011, three related lawsuits were filed by the Extended Stay Litigation Trust (the "Trust"), a post-bankruptcy litigation trust alleged to have standing to pursue claims that previously had been held by Extended Stay, Inc. and the Homestead Village L.L.C. family of companies (together "ESI") (formerly Chapter 11 debtors, together the "Debtors") that have emerged from bankruptcy. Two of the lawsuits were filed in the U.S. Bankruptcy Court for the Southern District of New York, and the third in the Supreme Court of the State of New York, New York County. There were 73 defendants in the three lawsuits, including 55 corporate and partnership entities and 18 individuals. A subsidiary of ours and certain other entities that are affiliates of ours are included as defendants. The New York State Court action has been removed to the Bankruptcy Court. Our affiliates filed a motion to dismiss the three lawsuits.
	The lawsuits all allege, as a factual basis and background certain facts surrounding the June 2007 leveraged buyout of ESI from affiliates of Blackstone Capital. Our subsidiary, Arbor ESH II, LLC, had a $115.0 million investment in the Series A1 Preferred Units of a holding company of Extended Stay, Inc. The New York State Court action and one of the two federal court actions name as defendants, Arbor ESH II, LLC, Arbor Commercial Mortgage, LLC and ABT-ESI LLC, an entity in which we have a membership interest, among the broad group of defendants. These two actions were commenced by substantially identical complaints. The defendants are alleged in these complaints, among other things, to have breached fiduciary and contractual duties by causing or allowing the Debtors to pay illegal dividends or other improper distributions of value at a time when the Debtors were insolvent. These two complaints also allege that the defendants aided and abetted, induced, or participated in breaches of fiduciary duty, waste, and unjust enrichment ("Fiduciary Duty Claims") and name a director of ours, and a former general counsel of Arbor Commercial Mortgage, LLC, each of whom had served on the Board of Directors of ESI for a period of time. We are defending these two defendants and paying the costs of such defense. On the basis of the foregoing allegations, the Trust has asserted claims under a number of common law theories, seeking the return of assets transferred by the Debtors prior to the Debtors' bankruptcy filing.
	In the third action, filed in Bankruptcy Court, the same plaintiff, the Trust, has named Arbor Commercial Mortgage, LLC and ABT-ESI LLC, together with a number of other defendants and asserts claims, including constructive and fraudulent conveyance claims under state and federal statutes, as well as a claim under the Federal Debt Collection Procedure Act.
	On June 28, 2013, the Trust filed a motion to amend the lawsuits, to, among other things, (i) consolidate the lawsuits into one lawsuit, (ii) remove 47 defendants, none of whom are related to us, from the lawsuits so that there are 26 remaining defendants, including 16 corporate and partnership entities and 10 individuals, and (iii) reduce the counts within the lawsuits from over 100 down to 17. The remaining counts in the amended complaint against our affiliates are principally state law claims for breach of fiduciary duties, waste, unlawful dividends and unjust enrichment, and claims under the Bankruptcy Code for avoidance and recovery actions, among others. The bankruptcy court granted the motion and the amended complaint has been filed. The amended complaint seeks $139.0 million in the aggregate from director designees and our affiliates. We have moved to dismiss the referenced actions and intend to vigorously defend against the claims asserted therein. During a status conference held on March 18, 2014, the Court heard oral argument on the motion to dismiss and adjourned the case pending a ruling.
	We have not made a loss accrual for this litigation because we believe that it is not probable that a loss has been incurred and an amount cannot be reasonably estimated.

Equity

Equity	12 Months Ended
	Dec. 31, 2014
Equity
Equity	Note 12—Equity
	Preferred Stock
	In February 2014, we completed an underwritten public offering of 900,000 shares of 8.50% Series C cumulative redeemable preferred stock with a liquidation preference of $25.00 per share, generating net proceeds of approximately $21.6 million after deducting the underwriting discount and other offering expenses.
	In May 2013, we completed an underwritten public offering of 1,200,000 shares of 7.75% Series B cumulative redeemable preferred stock with a liquidation preference of $25.00 per share, generating net proceeds of approximately $28.9 million after deducting the underwriting discount and other offering expenses. Also in May 2013, the underwriters exercised a portion of their over-allotment option for 60,000 shares providing additional net proceeds of approximately $1.5 million.
	In February 2013, we completed an underwritten public offering of 1,400,000 shares of 8.25% Series A cumulative redeemable preferred stock with a liquidation preference of $25.00 per share, generating net proceeds of approximately $33.6 million after deducting the underwriting discount and other offering expenses. Also in February 2013, the underwriters exercised a portion of their over-allotment option for 151,500 shares providing additional net proceeds of approximately $3.7 million.
	Common Stock
	In February 2014, we entered into an "At-The-Market" ("ATM") equity offering sales agreement with JMP Securities LLC ("JMP") whereby, in accordance with the terms of the agreement, from time to time we may issue and sell through JMP up to 7,500,000 shares of our common stock. Sales of the shares are made by means of ordinary brokers' transactions or otherwise at market prices prevailing at the time of sale, or at negotiated prices. As of December 31, 2014, we sold 1,000,000 shares for net proceeds of $6.5 million.
	In September 2013, we completed a public offering in which we sold 6,000,000 shares of our common stock for $7.08 per share, and received net proceeds of approximately $40.9 million after deducting the underwriting discount and other offering expenses.
	In March 2013, we completed a public offering in which we sold 5,625,000 shares of our common stock for $8.00 per share, and received net proceeds of approximately $43.0 million after deducting the underwriting discount and other offering expenses.
	In December 2012, we entered into an ATM equity offering sales agreement with JMP whereby, in accordance with the terms of the agreement, from time to time we could issue and sell through JMP up to 6,000,000 shares of our common stock. Sales of the shares were made by means of ordinary brokers' transactions or otherwise at market prices prevailing at the time of sale, or at negotiated prices. As of the first quarter of 2013, we sold all of the 6,000,000 shares for net proceeds of $45.6 million.
	We used the net proceeds from our preferred and common offerings to make investments, to repurchase or pay liabilities and for general corporate purposes.
	As of February 13, 2015, we have $330.4 million available under our $500.0 million shelf registration statement that was declared effective by the SEC in August 2013.
	Distributions
	The following table presents dividends declared (on a per share basis) for the year ended December 31, 2014:
	Common Stock					Preferred Stock
								Dividend(1)
	Declaration Date		Dividend			Declaration Date		Series A			Series B			Series C
	February 12, 2014		$	0.13		February 3, 2014		$	0.515625		$	0.484375			N/A
	April 29, 2014		$	0.13		April 29, 2014		$	0.515625		$	0.484375		$	0.5549
	July 30, 2014		$	0.13		July 30, 2014		$	0.515625		$	0.484375		$	0.53125
	November 5, 2014		$	0.13		November 3, 2014		$	0.515625		$	0.484375		$	0.53125
	-1	The dividend declared on February 3, 2014 for the Series A and B preferred stock was for the period December 1, 2013 through February 28, 2014. The dividend declared on April 29, 2014 for the Series A, B and C preferred stock was for the period March 1, 2014 through May 31, 2014. The dividend declared on July 30, 2014 for the Series A, B and C preferred stock was for the period June 1, 2014 through August 31, 2014. The dividend declared on November 3, 2014 for the Series A, B and C preferred stock was for the period September 1, 2014 through November 30, 2014.
	Common Stock—On February 11, 2015, the Board of Directors declared a cash dividend of $0.13 per share of common stock. The dividend is payable on March 2, 2015 to common stockholders of record as the close of business on February 25, 2015.
	Preferred Stock—On February 2, 2015, the Board of Directors declared a cash dividend of $0.515625 per share of 8.25% Series A preferred stock; a cash dividend of $0.484375 per share of 7.75% Series B preferred stock; and a cash dividend of $0.53125 per share of 8.50% Series C preferred stock. These amounts reflect dividends from December 1, 2014 through February 28, 2015 and are payable on March 2, 2015 to preferred stockholders of record on February 15, 2015.
	We declared and paid distributions of $14,698, $14,500 and $12,236 for the years ended December 31, 2014, 2013 and 2012, respectively, representing the 12.5% return on the preferred shares issued to third parties by our subsidiary REIT.
	We must currently distribute at least 90% of our taxable income in order to qualify as a REIT and must distribute 100% of our taxable income in order not to be subject to corporate federal income taxes on retained income. We anticipate we will distribute all of our taxable income to our stockholders. Because taxable income differs from cash flow from operations due to non-cash revenues or expenses (such as depreciation or provision for loan losses), in certain circumstances, we may generate operating cash flow in excess of our distributions or, alternatively, may be required to borrow to make sufficient distribution payments. We were in compliance with all REIT requirements as of December 31, 2014, 2013 and 2012.
	The following table presents the tax treatment for dividends paid by us on our common and preferred stock for the years ended December 31, 2014, 2013 and 2012:
									For Tax Purposes
																					Dividend
																					Classified
									Dividend Classified as								Capital Gain				as Return of
			Total						Ordinary Income								Distribution				Capital
			Dividends
			Paid(1)
	Year		(in thousands)			Dividend			Percent			Dividend			Qualified		Percent		Dividend		Percent		Dividend
						Paid						Paid			Dividend				Paid				Paid
						Per Share						Per Share			Income(2)				Per Share				Per Share
	Common Stock:
	2014		$	26,030		$	0.520			100	%	$	0.520			—		—		—		—		—
	2013		$	21,327		$	0.500			100	%	$	0.500			—		—		—		—		—
	2012		$	8,031		$	0.285			100	%	$	0.285			—		—		—		—		—
	8.25% Series A Preferred Stock:
	2014		$	3,200		$	2.063			100	%	$	2.063			—		—		—		—		—
	2013		$	2,667		$	1.719			100	%	$	1.719			—		—		—		—		—
	7.75% Series B Preferred Stock:
	2014		$	2,441		$	1.938			100	%	$	1.938			—		—		—		—		—
	2013		$	1,370		$	1.087			100	%	$	1.087			—		—		—		—		—
	8.50% Series C Preferred Stock:
	2014		$	1,456		$	1.617			100	%	$	1.617			—		—		—		—		—
	-1	2013 is the initial year for the Series A and B preferred stock dividends. 2014 is the initial year for the Series C preferred stock dividend.
	-2	Qualified dividend income is eligible for reduced dividend rates.
	Deferred Compensation
	We have a stock incentive plan under which the Board of Directors has the authority to issue shares of stock to certain directors, officers and employees of ours and our Manager.
	In May 2014, we issued 278,000 shares of restricted common stock under the 2014 Plan to certain employees of ours and our Manager with a total grant date fair value of $2.0 million and recorded $0.3 million to employee compensation and benefits and $0.3 million to selling and administrative expense in our consolidated statements of income. One third of the shares vested as of the date of grant, one third will vest in May 2015, and the remaining third will vest in May 2016. In May 2014, we also issued 63,000 shares of fully vested common stock to the independent members of the Board of Directors under the 2014 Plan and recorded $0.4 million to selling and administrative expense in our consolidated statements of income. As of December 31, 2014, unvested restricted stock consisted of 138,584 shares granted to employees of our Manager with a grant date fair value of $1.0 million, which is subject to remeasurement each reporting period, and 110,666 shares granted to our employees with a grant date fair value of $0.8 million. Expense is recognized ratably over the vesting period in our consolidated statements of income in selling and administrative expense and employee compensation and benefits expense, respectively. During the year ended December 31, 2014 we recorded the ratable portion of the unvested restricted stock to employees as employee compensation and benefits for $0.4 million and for non-employees to selling and administrative expense for $0.5 million in our consolidated statements of income.
	In May 2013, we issued 70,000 shares of fully vested common stock to the independent members of the Board of Directors under the 2003 Stock Incentive Plan, as amended and restated in 2009 (the "2003 Plan"), and recorded $0.5 million to selling and administrative expense in our consolidated statements of income. In February 2013, we issued 192,750 shares of restricted common stock under the 2003 Plan to certain employees of ours and our Manager with a total grant date fair value of $1.5 million and recorded $0.2 million to employee compensation and benefits and $0.4 million to selling and administrative expense in our consolidated statements of income. One third of the shares vested as of the date of grant, one third vested in February 2014, and the remaining third will vest in February 2015. During the third quarter of 2013, a total of 667 shares of unvested restricted stock with a grant date fair value of less than $0.1 million were forfeited. As of December 31, 2013, unvested restricted stock consisted of 82,500 shares granted to non-employees with a grant date fair value of $0.7 million, which is subject to remeasurement each reporting period, and 45,333 shares granted to our employees with a grant date fair value of $0.4 million. Expense is recognized ratably over the vesting period in our consolidated statements of income in selling and administrative expense and employee compensation and benefits expense, respectively. During the year ended December 31, 2013, we recorded the ratable portion of the unvested restricted stock to employee compensation and benefits for $0.2 million and to selling and administrative expense for $0.3 million in our consolidated statements of income.
	In 2012, we issued an aggregate of 90,000 shares of fully vested common stock to the non-management members of the Board of Directors, 15,000 shares of fully vested common stock to a director who was re-appointed to the Board of Directors in December 2011, 10,000 shares of fully vested common stock to a director who is also an officer of the managing member of our Manager, and 6,255 shares of fully vested common stock to a former director who was also the corporate secretary.
	Vesting is dependent on a service requirement. Dividends paid on restricted shares are recorded as dividends on shares of our common stock whether or not they are vested. For accounting purposes, we measure the compensation costs for these shares as of the date of the grant, with subsequent remeasurement for any unvested shares granted to non-employees of ours with such amounts expensed against earnings, at the grant date (for the portion that vest immediately) or ratably over the respective vesting periods.
	Warrants
	In connection with a debt restructuring with Wachovia Bank in 2009, we issued Wachovia 1,000,000 warrants at an average strike price of $4.00 and an expiration date in July 2015. On July 1, 2014, we acquired and canceled all of the warrants in return for the payment of $2.6 million, recorded to additional paid in capital, which reflects a 5% discount to the prior day closing price of our common stock of $6.95.
	Accumulated Other Comprehensive Loss
	At December 31, 2014, accumulated other comprehensive loss was $14.7 million and consisted of $13.9 million of net unrealized losses on derivatives designated as cash flow hedges, net deferred losses on terminated interest swaps of $1.1 million, less a $0.3 million unrealized gain related to available-for-sale securities. At December 31, 2013, accumulated other comprehensive loss was $25.2 million and consisted of $26.3 million of net unrealized losses on derivatives designated as cash flow hedges and a $1.1 million unrealized gain related to available-for-sale securities.
	Reclassifications out of accumulated other comprehensive loss for the years ended December 31, 2014 and 2013 were as follows:
			Year Ended December 31,
									Statement of Income Caption
		2014			2013
Net realized losses on derivatives designated as cash flow hedges:
Interest Rate Swaps			(10,706,246			(14,131,036		Interest expense(1)
		$		)	$		)
Net realized gain on sale of available-for-sale investments:
RMBS investments			431,476			100,000		Other income(2)
		$			$
-1	See Note 8—"Derivative Financial Instruments" for additional details.
-2	See Note 4—"Securities" for additional details.
Noncontrolling Interest
We had a noncontrolling interest representing a third party's one third interest in the equity of a consolidated subsidiary that owns an investment that carried a note payable related to the exchange of a profits interest transaction. In the fourth quarter of 2013, the entity's operating agreement was amended to provide joint control to the members of the entity, and therefore, the entity was deconsolidated. Upon completion of this transaction, we deconsolidated the entity and noncontrolling interest was reduced to zero. For the years ended December 31, 2013 and 2012, we recorded income of $0.1 million and $0.2 million, respectively, as well as distributions of $2.1 million and $0.2 million, respectively, attributable to the noncontrolling interest.

Earnings_Per_Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2014
Earnings Per Share
Earnings Per Share	Note 13—Earnings Per Share
	Basic EPS is calculated by dividing net income attributable to Arbor Realty Trust, Inc. by the weighted average number of shares of common stock outstanding during each period inclusive of unvested restricted stock with full dividend participation rights. Diluted EPS is calculated by dividing net income by the weighted average number of shares of common stock outstanding plus the additional dilutive effect of common stock equivalents during each period using the treasury stock method. Our common stock equivalents include the weighted average dilutive effect of warrants for the period of time that they were outstanding.
	The following is a reconciliation of the numerator and denominator of the basic and diluted EPS computations for the years ended December 31, 2014, 2013, and 2012, respectively.
			Year Ended December 31,
			2014				2013				2012
			Basic		Diluted		Basic		Diluted		Basic		Diluted
	Income from continuing operations, net of noncontrolling interest and preferred stock dividends		$	85,792,235	$	85,792,235	$	16,667,955	$	16,667,955	$	16,172,850	$	16,172,850
	Income from discontinued operations			—		—		—		—		5,328,038		5,328,038
	Net income attributable to Arbor Realty Trust, Inc. common stockholders(1)		$	85,792,235	$	85,792,235	$	16,667,955	$	16,667,955	$	21,500,888	$	21,500,888
	Weighted average number of common shares outstanding			50,143,648		50,143,648		42,399,872		42,399,872		26,956,938		26,956,938
	Dilutive effect of warrants(2)			—		224,696		—		435,272		—		254,349
	Weighted average number of common shares outstanding			50,143,648		50,368,344		42,399,872		42,835,144		26,956,938		27,211,287
	Income from continuing operations, net of noncontrolling interest and preferred stock dividends, per common share		$	1.71	$	1.70	$	0.39	$	0.39	$	0.60	$	0.59
	Income from discontinued operations per common share			—		—		—		—		0.20		0.20
	Net income attributable to Arbor Realty Trust, Inc. per common share(1)		$	1.71	$	1.70	$	0.39	$	0.39	$	0.80	$	0.79
	-1	Net of noncontrolling interest and preferred stock dividends.
	-2	On July 1, 2014, we acquired and canceled all of the warrants. See Note 12—"Equity" for further details.

Agreements_and_Tansactions_wit

Agreements and Tansactions with Related Parties	12 Months Ended
	Dec. 31, 2014
Agreements and Transactions with Related Parties
Agreements and Transactions with Related Parties	Note 14—Agreements and Transactions with Related Parties
	Management Agreement
	We, ARLP and Arbor Realty SR, Inc. have a management agreement with our Manager, pursuant to which our Manager provides certain services and we pay our Manager a base management fee and under certain circumstances, an annual incentive fee.
	Our chief executive officer is also our Manager's chief executive officer and controlling equity owner and our chief financial officer and treasurer is also our Manager's chief financial officer. Our Manager has agreed to provide us with structured finance investment opportunities and loan servicing as well as other services necessary to operate our business. We rely to a significant extent on the facilities and resources of our Manager to conduct our operations. Our Manager's management of us is under the direction or supervision of our Board of Directors. The management agreement requires our Manager to manage our business affairs in conformity with the policies and the general investment guidelines that are approved and monitored by our Board of Directors.
	We and our operating partnership have also entered into a services agreement with our Manager pursuant to which our asset management group provides asset management services to our Manager. In the event the services provided by our asset management group pursuant to the agreement exceed by more than 15% per quarter the level of activity anticipated by the Board of Directors, we will negotiate in good faith with our Manager an adjustment to the Manager's base management fee under the management agreement, to reflect the scope of the services, the quantity of serviced assets or the time required to be devoted to the services by our asset management group.
	The base management fee is an arrangement whereby we reimburse our Manager for its actual costs incurred in managing our business based on the parties' agreement in advance on an annual budget with subsequent quarterly true-ups to actual costs. We retain all origination fees on investments.
	The incentive fee is calculated as (1) 25% of the amount by which (a) our funds from operations per share, adjusted for certain gains and losses including gains from the retirement and restructuring of debt and 60% of any loan loss reserve recoveries (spread over a three year period), exceeds (b) the product of (x) 9.5% per annum or the Ten Year U.S. Treasury Rate plus 3.5%, whichever is greater, and (y) the greater of $10.00 or the weighted average of book value of the net assets contributed by our Manager to ARLP per ARLP partnership unit, the offering price per share of our common equity in the private offering on July 1, 2003 and subsequent offerings and the issue price per ARLP partnership unit for subsequent contributions to ARLP, multiplied by (2) the weighted average of our outstanding shares.
	The minimum return, or incentive fee hurdle to be reached before an incentive fee is earned, is a percentage applied on a per share basis to the greater of $10.00 or the average gross proceeds per share. In addition, 60% of any loan loss and other reserve recoveries are eligible to be included in the incentive fee calculation, which recoveries are spread over a three year period.
	The management agreement also allows us to consider, from time to time, the payment of additional "success-based" fees to our Manager for accomplishing certain specified corporate objectives; has a termination fee of $10.0 million; and is renewable automatically for successive one-year terms, unless terminated with six months prior written notice. If we terminate or elect not to renew the management agreement without cause, we are required to pay the termination fee of $10.0 million.
	Our Manager is responsible for all costs incident to the performance of its duties under the management agreement, including compensation of its employees, rent for facilities and other "overhead" expenses. We are required to pay our Manager management fees as well as reimburse our Manager for all expenses incurred on our behalf in connection with the raising of capital or the incurrence of debt, interest expenses, taxes and license fees, litigation and extraordinary or non-recurring expenses.
	Our Manager, pursuant to the management agreement, and Mr. Kaufman, pursuant to his non-competition agreement, have granted us a right of first refusal to pursue all opportunities identified by them or their affiliates to invest in multifamily and commercial mortgage loans and customized financing transactions, including bridge loans, mezzanine loans, preferred equity investments, note acquisitions and participation interests in owners of real properties (collectively, "Structured Finance Investments") as long as such investment opportunities are consistent with our investment objectives and guidelines and such investments would not adversely affect our status as a REIT. These agreements also provide that our Manager or Mr. Kaufman, as the case may be, may pursue any opportunity in Structured Finance Investments if the opportunity is rejected by both our credit committee and a majority of our independent directors.
	Pursuant to the management agreement and Mr. Kaufman's non-competition agreement, we have agreed not to pursue, and to allow our Manager and its affiliates, including Mr. Kaufman, to pursue opportunities to invest in multifamily and commercial mortgage loans that meet the underwriting and approval guidelines of Fannie Mae, Freddie Mac, the Federal Housing Administration and conduit commercial lending programs secured by first liens on real property (collectively, the "Manager Target Investments"). In addition to its exclusive right to pursue Manager Target Investments, our Manager and its affiliates may pursue any other type of investment (except Structured Finance Investments) without our consent.
	The following table sets forth our base management fees and incentive fees for the periods indicated:
			Year Ended December 31,
	Management Fees:		2014		2013		2012
	Base(1)		$	9,900,000	$	10,900,000	$	10,000,000
	Incentive(2)			—		—		—
	Total management fee		$	9,900,000	$	10,900,000	$	10,000,000
	-1	Included in base management fees at December 31, 2014, 2013 and 2012 was $2.7 million, $2.8 million and $3.1 million, respectively, which was included in due to related party. These amounts are paid in the quarters subsequent to each respective year end.
	-2	During the third quarter of 2014, we recognized a $19.0 million prepaid incentive management fee related to the recognition of deferred revenue. See below for further details.
	Beginning January 1, 2014, we directly compensate our chief executive officer $1.0 million in annual base compensation as an employee. As such, this compensation is now recorded as employee compensation and benefits, which was previously recorded as part of the base management fee prior to 2014. For the years ended December 31, 2014, 2013 and 2012, no "success-based" payments were made.
	Installments of the annual incentive fee are subject to quarterly recalculation and potential reconciliation at the end of the fiscal year, and any overpayments are required to be repaid in accordance with the management agreement. For the years ended December 31, 2014, 2013 and 2012, our Manager did not earn an incentive management fee.
	In 2007, our Manager received an incentive fee installment totaling $19.0 million which was recorded as a prepaid management fee related to the incentive fee on $77.1 million of deferred revenue recognized on the transfer of control of the 450 West 33rd Street property, which is one of our equity affiliates. The incentive fee was not earned and was refundable until the guarantee was terminated and the deferred revenue was recognized. The $77.1 million non-cash gain was deferred as a result of guarantying a portion of the property's indebtedness. In July 2014, the existing debt on the property was refinanced and our portion of the guarantee was terminated, resulting in the recognition of the deferred gain and $19.0 million prepaid incentive management fee.
	Other Related Party Transactions
	Due from related party was approximately $0.1 million at December 31, 2014 and 2013 and consisted primarily of escrows held by our Manager and its affiliates related to real estate transactions.
	Due to related party was $2.7 million and $2.8 million at December 31, 2014 and 2013, respectively, and consisted primarily of base management fees due to our Manager that we remitted in the following quarter.
	During the third quarter of 2014, we invested $0.1 million for a 5% interest in a joint venture that owns two multifamily properties. The joint venture consists of a consortium of investors consisting of certain of our officers, including Mr. Ivan Kaufman, and other related parties, who together own an interest of approximately 95%. In August 2014, we originated two bridge loans totaling $5.0 million to the joint venture with an interest rate of 5.5% over one-month LIBOR and a maturity date of August 2015. Interest income recorded from these loans totaled $0.1 million for the year ended December 31, 2014.
	In July 2014, we originated a $30.4 million bridge loan for an office property owned by a consortium of investors including Mr. Ivan Kaufman and his affiliates, who together own an interest of approximately 24% in the borrowing entity. The loan has an interest rate of LIBOR plus 7.90% and a maturity date of January 2016. Interest income recorded from this loan totaled approximately $1.2 million for the year ended December 31, 2014.
	In March 2014, we originated a bridge loan to a third party borrower for a portfolio of properties with an unpaid principal balance of $70.1 million, of which, $15.0 million was financed with junior loan participations to our Manager. The loan has a weighted average interest rate of 6.38% and a maturity date of March 2016. In May 2014, the junior loan participations to our Manager were paid off. The participations had a weighted average interest rate of 7.20% and a maturity date of March 2016. Interest income recorded from this loan totaled approximately $3.8 million for the year ended December 31, 2014.
	We had two loans totaling $22.4 million, which were secured by a property purchased in 2011 by a third party borrower from our Manager. In the first quarter 2014, our Manager purchased the property from the prior borrower subject to our loans. In connection with this purchase, our Manager paid down the loans by $2.3 million and we restructured our remaining debt outstanding into a first mortgage of $14.6 million with a maturity date of March 2015 and a second mortgage of $5.1 million with a maturity date of April 2015, both with an interest rate of LIBOR plus 4.80%. Interest income recorded from these loans totaled approximately $0.9 million, $1.5 million and $1.5 million for the years ended December 31, 2014, 2013 and 2012, respectively.
	In October 2013, we purchased, at par, a $3.0 million mezzanine loan from our Manager who originated the loan in September 2013 to a third party entity. The loan had a fixed interest rate of 13.00% and a maturity date of October 2018 and was paid off in the third quarter of 2014. Interest income recorded from this loan was approximately $0.3 million and $0.1 million for the years ended December 31, 2014 and 2013, respectively.
	In June 2013, our Board of Directors formed a special committee consisting of independent directors in connection with the exploration and evaluation of a potential transaction with our Manager involving the acquisition of our Manager's Fannie Mae, DUS, FHA and CMBS platforms, as well as the internalization of the management of our current business. There were preliminary discussions between the special committee and representatives of our Manager regarding a potential transaction during the second and third quarter of 2013. In connection therewith, the special committee engaged legal, financial and accounting advisors resulting in approximately $1.4 million of advisory fees during 2013. In late June of 2014, preliminary discussions regarding a possible transaction resumed but we cannot provide any assurance whether any transaction between us and our Manager will occur, or if a transaction did occur, any information on the timing, terms or form of any such transaction, including the amount or type of consideration (including the issuance of common stock) or related financing. No advisory fees or other related fees were incurred during 2014.
	In April 2013, we originated six bridge loans totaling $53.0 million for a portfolio of multifamily properties owned by a consortium of investors including Mr. Ivan Kaufman and his affiliates and Mr. Fred Weber, our executive vice president of structured finance, who together own an interest of approximately 19% in the borrowing entity. The loans had an interest rate of one-month LIBOR plus 7.25% and a maturity date of April 2015, which were paid off in the fourth quarter of 2013. In November 2013, we originated a new bridge loan for $2.0 million with an interest rate of one-month LIBOR plus 5.50%, which was paid off in the second quarter of 2014. Interest income recorded from these loans totaled approximately $0.1 million and $3.1 million for the years ended December 31, 2014 and 2013.
	In April 2013, we also purchased, at par, a $6.4 million bridge loan from our Manager who originated the loan in March 2013 to a third party entity that acquired the property from an entity owned by Mr. Ivan Kaufman and his affiliates and Mr. Fred Weber, who together also provided a $1.1 million preferred equity contribution to the overall transaction. Mr. Ivan Kaufman also provided a $1.0 million personal guaranty on the bridge loan. The bridge loan bore interest at a rate of one-month LIBOR plus 5.00% for the first year then one-month LIBOR plus 6.00% thereafter and had a maturity date of March 2015 with three one year extension options, and was paid off in the second quarter of 2014. Interest income recorded from this loan totaled approximately $0.2 million for both the years ended December 31, 2014 and 2013.
	In January 2013, we originated a $7.5 million bridge loan for a multifamily property. William C. Green, who serves on our Board of Directors, holds a 6.6% partnership interest in the borrowing entity and is the chief financial officer of an affiliated entity that is a partner in, and the management company for, the borrowing entity. Mr. Green also provided a $0.4 million personal guaranty on the bridge loan. The loan bore interest at a rate of one-month LIBOR plus 6.00%, had a maturity date of January 2015, and was paid off in the second quarter of 2014. Interest income recorded from this loan totaled approximately $0.2 million and $0.5 million for the years ended December 31, 2014 and 2013.
	In December 2012, our Manager acquired a multifamily property and simultaneously sold the property to a third party, who received a $30.0 million bridge loan from us. Our Manager retained a $6.0 million preferred equity interest in the entity. The loan to us bore interest at a rate of one-month LIBOR plus 5.00% with a LIBOR cap of 1.00% and paid off in the third quarter of 2014. Interest income recorded from this loan totaled approximately $0.9 million, $1.6 million and $0.2 million for the years ended December 31, 2014, 2013 and 2012, respectively.
	In September 2012, we purchased, at par, a $5.1 million bridge loan from our Manager. The loan was originated by our Manager in May 2012 to a third party entity that acquired a multifamily property from our Manager. The loan bears interest at a rate of one-month LIBOR plus 5.50% with a LIBOR floor of 0.24% and has a maturity date of May 2015. Interest income recorded from this loan totaled approximately $0.3 million, $0.3 million and $0.1 million for the years ended December 31, 2014, 2013 and 2012, respectively.
	In December 2011, we completed a restructuring of a $67.6 million preferred equity investment on the Lexford Portfolio ("Lexford"), which is a portfolio of multifamily assets. We, along with a consortium of independent outside investors, made an additional preferred equity investment of $25.0 million in Lexford of which we held a $10.5 million interest, and Mr. Fred Weber, our executive vice president of structured finance, held a $0.5 million interest, which was paid down to $22.5 million in the third quarter of 2013, and then paid off in the fourth quarter of 2013. The original preferred equity investment now bears a fixed rate of interest of 2.36%, revised from an original rate of LIBOR plus 5.00% (the loan was paying a modified rate of LIBOR plus 1.65% at the time of the new investment). The original preferred equity investment matures in June 2020 and was paid down during 2014 to a balance of $49.7 million at December 31, 2014. Interest income recorded from the additional preferred equity investment totaled approximately $1.1 million and $1.3 million for the years ended December 31, 2013 and 2012, respectively. The additional preferred equity investment had a fixed interest rate of 12% and a maturity date in June 2020. We, along with the same outside investors, also made a $0.1 million equity investment into Lexford, of which we held a $44,000 noncontrolling interest, and do not have the power to control the significant activities of the entity. During the fourth quarter of 2011, we recorded losses from the entity against the equity investment, reducing the balance to zero. In addition, under the terms of the restructuring, Lexford's first mortgage lender required a change of property manager for the underlying assets. The new management company is an affiliate of Mr. Ivan Kaufman, our chairman and chief executive officer, and has a contract with the new entity for 7.5 years and is entitled to 4.75% of gross revenues of the underlying properties, along with the potential to share in the proceeds of a sale or refinancing of the debt should the management company remain engaged by the new entity at the time of such capital event. In the first quarter of 2012, Mr. Fred Weber invested $250,000 in the new management company and currently owns a 23.5% ownership interest. Mr. Ivan Kaufman and his affiliates currently own a 53.9% ownership interest. We have provided limited ("bad boy") guarantees for certain debt controlled by Lexford. The bad boy guarantees may become a liability for us upon standard "bad" acts such as fraud or a material misrepresentation by Lexford or us. At December 31, 2014, this debt had an aggregate outstanding balance of $716.1 million and is scheduled to mature between 2017 and 2023.
	Interest income recorded from additional loans originated in 2011 or prior years with our affiliates totaled $0.3 million, $0.3 million and $2.2 million for the years ended December 31, 2014, 2013 and 2012, respectively.
	In the first quarter of 2015, we acquired 50% of our Manager's indirect interest in a residential mortgage banking company for approximately $9.6 million. As a result of this transaction, we will own a 22.5% indirect interest in this entity and expect to account for our interest under the equity method of accounting.
	We are dependent upon our Manager with whom we have a conflict of interest, to provide services to us that are vital to our operations. Our chairman, chief executive officer and president, Mr. Ivan Kaufman, is also the chief executive officer and president of our Manager, and, our chief financial officer and treasurer, Mr. Paul Elenio, is the chief financial officer of our Manager. In addition, Mr. Kaufman and his affiliated entities ("the Kaufman Entities") together beneficially own approximately 92% of the outstanding membership interests of our Manager and certain of our employees and directors also hold an ownership interest in our Manager. Furthermore, one of our former directors is general counsel to our Manager and another of our directors also serves as the trustee of one of the Kaufman Entities that holds a majority of the outstanding membership interests in our Manager and co-trustee of another Kaufman Entity that owns an equity interest in our Manager. Our Manager currently holds approximately 5.3 million of our common shares, representing approximately 11% of the voting power of our outstanding stock as of December 31, 2014. Our Board of Directors approved a resolution under our charter allowing Ivan Kaufman and our Manager, (which Mr. Kaufman has a controlling equity interest in), to own more than the 5% ownership interest limit of our common stock as stated in our charter as amended.

Income_Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2014
Income Taxes
Income Taxes	Note 15—Income Taxes
	We are organized and conduct our operations to qualify as a REIT and to comply with the provisions of the Internal Revenue Code with respect thereto. A REIT is generally not subject to federal income tax on taxable income which is distributed to its stockholders, provided that at least 90% of taxable income is distributed and provided that certain other requirements are met. We did not have REIT—federal taxable income net of dividends paid and net operating loss deductions for the years ended December 31, 2014, 2013 and 2012, and therefore, have not provided for federal income tax expense, except for $0.4 million of federal alternative minimum tax recorded in 2012.
	For the years ended December 31, 2014 and 2013, we did not incur any state tax expenses. For the 2009 and 2010 tax years, the income and the tax on certain debt extinguishment transactions was, at our election, deferred to be recognized ratably over five years from 2014 to 2018. We expect that our current and anticipated net operating losses will fully offset the income to be recognized over the five year period.
	Certain of our assets or operations that would not otherwise comply with the REIT requirements, are owned or conducted by our taxable REIT subsidiaries, the income of which is subject to federal and state income taxes. We did not record a provision for current income taxes related to the assets that are held in taxable REIT subsidiaries for the years ended December 31, 2014, 2013 and 2012. For the year ended December 31, 2012, we recorded a $1.4 million income tax benefit for the receipt of a refund of federal income taxes paid by a taxable REIT subsidiary in a prior year.
	(Benefit) provision for income taxes was comprised as follows:
		Year Ended December 31,
		2014			2013			2012
	Current tax (benefit) provision:
	Federal	$	—		$	—		$	(1,025,508	)
	State		—			—			245,517
	Total current tax (benefit) provision		—			—			(779,991	)
	Deferred tax (benefit) provision:
	Federal—net of valuation allowance		—			—			(13,695	)
	State—net of valuation allowance		—			—			(7,872	)
	Total deferred tax (benefit) provision		—			—			(21,567	)
	Total (benefit) provision	$	—		$	—		$	(801,558	)
	A reconciliation of our effective income tax rate as a percentage of pretax income or loss to the U.S. federal statutory rate is as follows:
		Year Ended December 31,
		2014			2013			2012
	U.S. federal statutory rate		35	%		35	%		35	%
	REIT non-taxable income		(36.8	)		(35.7	)		(41.0	)
	State and local income taxes, net of federal tax benefit		(0.5	)		(1.1	)		(1.1	)
	Change in valuation allowance		2.3			1.8			9.8
	Refund		—			—			(6.5	)
	Effective income tax rate		—	%		—	%		(3.8	)%
	The significant components of deferred tax assets (liabilities) were as follows:
		December 31,
		2014			2013
	Deferred tax assets (liabilities):
	Expenses not currently deductible	$	3,541,807		$	1,585,723
	Net operating and capital loss carryforwards		5,279,854			5,534,018
	Interest in equity affiliates—net		(1,079,375	)		(1,489,269	)
	Deferred tax assets		7,742,286			5,630,472
	Valuation allowance		(7,742,286	)		(5,608,905	)
	Net deferred tax asset	$	—		$	21,567
	At December 31, 2014, our taxable REIT subsidiaries, on a consolidated basis (the "TRS Group"), had approximately $8.8 million of deferred tax assets consisting of expenses not currently deductible and net operating and capital loss carryforwards. Our TRS Group's deferred tax assets are offset by approximately $1.1 million in deferred tax liabilities consisting of timing differences from investments in equity affiliates, and a valuation allowance of approximately $7.7 million.
	At December 31, 2013, our TRS Group had approximately $7.1 million of deferred tax assets consisting of expenses not currently deductible, net operating loss and capital loss carryforwards. Our TRS Group's deferred tax assets are offset by approximately $1.5 million in deferred tax liabilities consisting of timing differences from investments in equity affiliates, and a valuation allowance of approximately $5.6 million.
	As of December 31, 2014, we (excluding the TRS Group) will have approximately $174.0 million of federal and state net operating loss carryforwards and approximately $4.4 million of capital loss carryforwards. The net operating losses will expire through 2033 and the capital losses will expire through 2017. In 2014, we recorded $85.1 million in capital gain primarily from the redemption of our membership interest in the 450 West 33rd Street investment. The capital gain was wholly offset by available capital loss carryforwards.
	The TRS Group has federal and state net operating loss carryforwards as of December 31, 2014 and 2013 of approximately $11.9 million and $13.0 million, respectively, which will expire through 2034 and 2033, respectively. This amount includes federal and state capital loss carryovers as of December 31, 2014 of approximately $2.4 million, of which $2.0 million will expire in 2017 and $0.4 million will expire in 2018. We have concluded that it is more likely than not that the net operating and capital loss carryforwards will not be utilized during the carryforward period, and as such, net of deferred tax liabilities, we have established a valuation allowance against all of the net deferred tax assets.
	We have assessed our tax positions for all open tax years, which includes 2011 to 2014, and concluded there were no material uncertainties to be recognized. Our accounting policy with respect to interest and penalties related to tax uncertainties is to classify these amounts as provision for income taxes. We have not recognized any interest and penalties related to tax uncertainties for the years ended December 31, 2014, 2013 and 2012.

Due_to_Borrowers

Due to Borrowers	12 Months Ended
	Dec. 31, 2014
Due to Borrowers
Due to Borrowers	Note 16—Due to Borrowers
	Due to borrowers represents borrowers' funds held by us to fund certain expenditures or to be released at our discretion upon the occurrence of certain pre-specified events, and to serve as additional collateral for borrowers' loans. While retained, these balances earn interest in accordance with the specific loan terms they are associated with.

Summary_Quarterly_Consolidated

Summary Quarterly Consolidated Financial Information - Unaudited	12 Months Ended
	Dec. 31, 2014
Summary Quarterly Consolidated Financial Information - Unaudited
Summary Quarterly Consolidated Financial Information - Unaudited	Note 17—Summary Quarterly Consolidated Financial Information—Unaudited
	The following tables represent summarized quarterly financial data for the years ended December 31, 2014 and 2013 which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations.
	Net income shown agrees with our quarterly reports on Form 10-Q as filed with the SEC. However, individual line items vary from such reports due to the presentation of discontinued operations being retroactively reclassified from property operating activity.
			Three Months Ended
			December 31, 2014		September 30, 2014			June 30, 2014			March 31, 2014
	Net interest income		$	12,898,651	$	17,323,926		$	14,269,832		$	14,320,477
	Total other revenue			6,056,465		8,962,195			9,151,570			10,116,484
	Total other expenses			14,859,256		18,819,835			17,958,639			17,011,318
	Income before gain on sale of equity interests, incentive management fee, gain (loss) on sale of real estate, net and income (loss) from equity affiliates			4,095,860		7,466,286			5,462,763			7,425,643
	Gain on sale of equity interests			819,067		77,123,133			7,851,266			—
	Incentive management fee—equity interest—related party			—		(19,047,949	)		—			—
	Gain (loss) on sale of real estate, net			1,803,512		(199,749	)		—			—
	Income (loss) from equity affiliates			219,287		(51,170	)		40,493			40,048
	Net income			6,937,726		65,290,551			13,354,522			7,465,691
	Preferred stock dividends			1,888,430		1,888,430			1,888,465			1,590,930
	Net income attributable to Arbor Realty Trust, Inc. common stockholders		$	5,049,296	$	63,402,121		$	11,466,057		$	5,874,761
	Basic earnings per common share(1):		$	0.1	$	1.26		$	0.23		$	0.12
	Diluted earnings per common share(1):		$	0.1	$	1.26		$	0.23		$	0.12
			Three Months Ended
			December 31, 2013		September 30, 2013			June 30, 2013			March 31, 2013
	Net interest income		$	15,526,603	$	15,097,248		$	13,996,043		$	12,346,578
	Total other revenue			6,018,515		7,287,428			8,837,139			10,274,892
	Total other expenses			16,808,579		18,378,998			18,549,062			19,075,367
	Income before gain on extinguishment of debt and income (loss) from equity affiliates			4,736,539		4,005,678			4,284,120			3,546,103
	Gain on extinguishment of debt			—		1,167,772			—			3,763,000
	Income (loss) from equity affiliates			40,937		(81,723	)		(81,804	)		(81,885	)
	Net income			4,777,476		5,091,727			4,202,316			7,227,218
	Preferred stock dividends			1,410,305		1,410,333			1,152,617			533,328
	Net income attributable to noncontrolling interest			—		16,715			53,833			53,651
	Net income attributable to Arbor Realty Trust, Inc. common stockholders		$	3,367,171	$	3,664,679		$	2,995,866		$	6,640,239
	Basic earnings per common share(1):		$	0.07	$	0.08		$	0.07		$	0.2
	Diluted earnings per common share(1):		$	0.07	$	0.08		$	0.07		$	0.19
	-1	The total for the year may differ from the sum of the quarters as a result of weighting.

SCHEDULE_IV_LOANS_AND_OTHER_LE

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS	12 Months Ended
	Dec. 31, 2014
SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS
SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS
	SCHEDULE IV—LOANS AND OTHER LENDING INVESTMENTS
	31-Dec-14
	Type		Location		Periodic		Maturity		Interest Pay		Prior Liens		Face		Carrying		Carrying
					Payment		Date(2)		Rate				Amount(4)		Amount(5)		Amount
					Terms(1)				Index(3)								Subject to
																	Delinquent
																	Interest
	Bridge Loans:
	Bridge loans in excess of 3% of carrying amount of total loans:
	Multifamily		Various		IO		2016 - 2017		LIBOR + 3.23% - 11.81%		$	—	$	178,346,000	$	174,120,560	$	—
									Floor 0.25%
	Bridge loans less than 3% of carrying amount of total loans(6):
	Multifamily		Various		IO		2015 - 2020		LIBOR + 3.00% - 11.85%			—		802,582,333		798,144,788		765,799
									Floor 0.15% - 0.26%
									Fixed 10.00% - 13.00%
	Office		Various		IO		2015 - 2020		LIBOR + 3.10% - 7.90%			—		146,976,273		143,025,778		6,277,757
									Floor 0.24% - 1.50%
									Fixed 6.30%
	Land		Various		IO		2016 - 2017		LIBOR + 4.00% - 4.50%			2,855,000		114,034,632		72,022,619		—
									Floor 0.15%
									Fixed 8.75% - 11.64%
	Hotel		Various		IO / PI		2016		LIBOR + 7.25%			—		31,500,000		31,353,725		—
									Floor 0.25%
												2,855,000		1,095,093,238		1,044,546,910		7,043,556
	Total Bridge Loans											2,855,000		1,273,439,238		1,218,667,470		7,043,556
	Mezzanine Loans:
	Mezzanine loans less than 3% of carrying amount of total loans(6):
	Multifamily		Various		IO / PI		2015 - 2027		LIBOR + 5.00% - 12.00%			211,019,323		54,482,409		51,746,925		—
									Floor 0.21% - 2.50%
									Fixed 4.00% - 18.00%
	Office		Various		IO / PI		2015		Fixed 9.39%			90,515,596		9,418,939		9,418,268		—
	Land		CA		IO		2017		—			—		9,332,969		—		—
	Retail		FL		PI		2024		Fixed 12.00%			32,600,000		3,158,333		3,158,333		—
	Total Mezzanine Loans											334,134,919		76,392,650		64,323,526		—
	Junior Participations:
	Junior participation loans less than 3% of carrying amount of total loans(6):
	Office		Various		IO / PI		2015 - 2017		Fixed 4.00% - 10.07%			1,313,297,516		72,091,952		46,820,790		—
	Multifamily		Various		IO		2015		LIBOR + 1.25%			185,000,000		32,000,000		—		—
	Total Junior Participations											1,498,297,516		104,091,952		46,820,790		—
	Type		Location		Periodic		Maturity		Interest Pay		Prior Liens		Face		Carrying		Carrying
					Payment		Date(2)		Rate				Amount(4)		Amount(5)		Amount
					Terms(1)				Index(3)								Subject to
																	Delinquent
																	Interest
	Preferred Equity Loans:
	Preferred equity loans less than 3% of carrying amount of total loans(6):
	Multifamily		Various		IO		2015 - 2024		Fixed 2.36% - 15.00%			654,532,914		90,051,658		89,957,756		—
	Hotel		NY		IO		2019		Libor + 2.79%			46,500,000		34,750,000		31,050,000		—
	Land		NY		IO		2015		Fixed 11.00%			14,950,000		5,000,000		4,972,417		—
	Office		SC		IO		2024		Fixed 15.00%			10,300,000		2,004,000		1,983,691		—
	Commercial		NY		IO		2017		Fixed 6.00%			29,792,384		1,700,000		1,700,000		—
	Total Preferred Equity Loans											756,075,298		133,505,658		129,663,864		—
	Total Loans										$	2,591,362,733	$	1,587,429,498	$	1,459,475,650	$	7,043,556
	-1	IO =nterest Only, PI =rincipal and Interest.
	-2	Maturity date does not include possible extensions.
	-3	References to LIBOR are to one-month LIBOR unless specifically stated otherwise.
	-4	During 2014, a $35.0 million loan was modified to $34.8 million and $596.5 million of loans were extended.
	-5	The federal income tax basis is approximately $1.5 billion.
	-6	Individual loans each have a carrying value less than 3% of total loans.
	The following table reconciles our loans and investments carrying amounts for the periods indicated:
			Year Ended December 31,
			2014			2013			2012
	Balance at beginning of year		$	1,523,699,653		$	1,325,667,053		$	1,302,440,660
Additions during period:
New loan originations			900,666,405			591,537,200			275,633,168
Funding of unfunded loan commitments(1)			907,052			322,926			7,271,166
Accretion of unearned revenue			4,976,577			5,385,999			2,794,627
Loan charge-offs			6,501,079			24,713,459			46,585,800
Recoveries of reserves			9,315,724			2,215,443			917,966
Charge-off on loan converted to other assets			—			19,000,000			—
Deductions during period:
Loan payoffs			(941,279,252	)		(324,358,463	)		(171,822,185	)
Proceeds and receivables from sale of loans			—			(4,424,097	)		(17,945,000	)
Proceeds used against junior loan participations			—			—			(34,000,000	)
Loan paydowns			(26,558,929	)		(54,261,753	)		(13,889,148	)
Use of loan charge-offs			(6,501,079	)		(24,713,459	)		(46,585,800	)
Loan converted to other assets			—			(25,000,000	)		—
Provision for loan losses			(9,026,712	)		(6,500,000	)		(23,828,224	)
Unearned revenue and costs			(3,224,868	)		(5,884,655	)		(1,905,977	)
Balance at end of year		$	1,459,475,650		$	1,523,699,653		$	1,325,667,053
-1	In accordance with certain loans and investments, we have outstanding unfunded commitments that we are obligated to fund as the borrowers meet certain requirements. Specific requirements include but are not limited to property renovations, building construction, and building conversions based on criteria met by the borrower in accordance with the loan agreements.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2014
Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation
	The accompanying consolidated financial statements include our financial statements, our wholly owned subsidiaries, and partnerships or other joint ventures in which we own a voting interest of greater than 50 percent, and variable interest entities ("VIEs") of which we are the primary beneficiary. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE's economic performance and (ii) has the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Current accounting guidance requires us to present a) assets of a consolidated VIE that can be used only to settle obligations of the consolidated VIE, and b) liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of the primary beneficiary. As a result of this guidance, we have separately disclosed parenthetically the assets and liabilities of our three collateralized debt obligation ("CDO") and three collateralized loan obligation ("CLO") subsidiaries on our consolidated balance sheets. Entities in which we have a significant influence are accounted for primarily under the equity method. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All significant inter-company transactions and balances have been eliminated in consolidation.
	The preparation of consolidated financial statements in conformity with accounting principles generally acceptable in the U.S. ("GAAP"), requires management to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Further, in connection with preparation of the consolidated financial statements, we evaluated events subsequent to the balance sheet date of December 31, 2014 through the issuance of the consolidated financial statements.
	Certain prior year amounts have been reclassified to conform to current period presentation. In the second quarter of 2014, we reclassified a property from real estate held-for-sale to real estate owned when it was determined that a sale of the property would not take place, resulting in reclassifications of the property's operating activity and related depreciation for all prior periods presented from discontinued operations to property operating income and property operating expenses.
Cash and Cash Equivalents	Cash and Cash Equivalents
	All highly liquid investments with original maturities of three months or less are considered to be cash equivalents. We place our cash and cash equivalents in high quality financial institutions. The consolidated account balances at each institution periodically exceed Federal Deposit Insurance Corporation (FDIC) insurance coverage and we believe that this risk is not significant.
Restricted Cash	Restricted Cash
	Restricted cash primarily represents proceeds from loan repayments on deposit with the trustees for our CDOs and CLOs which will be used for principal repayments, unfunded loan commitments and interest payments received from loans. See Note 7—"Debt Obligations." Restricted cash is also held by our real estate owned assets due to escrow requirements.
Loans, Investments and Securities	Loans, Investments and Securities
	Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and net of the allowance for loan losses when such loan or investment is deemed to be impaired. We invest in preferred equity interests that, in some cases, allow us to participate in a percentage of the underlying property's cash flows from operations and proceeds from a sale or refinancing. At the inception of each such investment, management must determine whether such investment should be accounted for as a loan, equity interest or as real estate. To date, management has determined that all such investments are properly accounted for and reported as loans.
	From time to time, we may enter into an agreement to sell a loan. These loans are considered held-for-sale and are valued at the lower of the loan's carrying amount or fair value less costs to sell. For the sale of loans, recognition occurs when ownership passes to the buyer.
	At the time of purchase, we designate a security as available-for-sale, held-to-maturity, or trading depending on our ability and intent to hold it to maturity. We do not have any securities designated as held-to-maturity or trading as of December 31, 2014. Securities available-for-sale are reported at fair value with the net unrealized gains or losses reported as a component of accumulated other comprehensive loss. Unrealized losses that are determined to be other-than-temporary are recognized in earnings up to their credit component. The determination of other-than-temporary impairment is a subjective process requiring judgments and assumptions and is not necessarily intended to indicate a permanent decline in value. The process may include, but is not limited to, assessment of recent market events and prospects for near-term recovery, assessment of cash flows, internal review of the underlying assets securing the investments, credit of the issuer and the rating of the security, as well as our ability and intent to hold the investment to maturity. Management closely monitors market conditions on which it bases such decisions.
	We also assess certain of our securities, other than those of high credit quality, to determine whether significant changes in estimated cash flows or unrealized losses on these securities, if any, reflect a decline in value that is other-than-temporary and, accordingly, should be written down to their fair value against earnings. On a quarterly basis, we review these changes in estimated cash flows, which could occur due to actual prepayment and credit loss experience, to determine if an other-than-temporary impairment is deemed to have occurred. We calculate a revised yield based on the current amortized cost of the investment, including any other-than-temporary impairments recognized to date, and the revised yield is then applied prospectively to recognize interest income.
	Securities that are purchased at a discount and that are not of high credit quality at the time of purchase are accounted for as debt securities acquired with deteriorated credit quality. Interest income on these securities is recognized using the effective interest method based on our estimates of expected cash flows to be received, which include assumptions related to fluctuations in prepayment speeds and the timing and amount of credit losses, which are reviewed on an ongoing basis.
Impaired Loans, Allowance for Loan Losses, Loss on Sale and Restructuring of Loans and Charge-offs	Impaired Loans, Allowance for Loan Losses, Loss on Sale and Restructuring of Loans and Charge-offs
	We consider a loan impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. We evaluate each loan in our portfolio on a quarterly basis. Our loans are individually specific and unique as it relates to product type, geographic location, and collateral type, as well as to the rights and remedies and the position in the capital structure our loans and investments have in relation to the underlying collateral. We evaluate all of this information as well as general market trends related to specific classes of assets, collateral type and geographic locations, when determining the appropriate assumptions such as capitalization and market discount rates, as well as the borrower's operating income and cash flows, in estimating the value of the underlying collateral when determining if a loan is impaired. We utilize internally developed valuation models and techniques primarily consisting of discounted cash flow and direct capitalization models in determining the fair value of the underlying collateral on an individual loan. We may also obtain a third party appraisal, which may value the collateral through an "as-is" or "stabilized value" methodology. Such appraisals may be used as an additional source of valuation information only and no adjustments are made to appraisals.
	If upon completion of the valuation, the fair value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, an allowance is created with a corresponding charge to the provision for loan losses. The allowance for each loan is maintained at a level that we believe to be adequate to absorb probable losses.
	Loan terms may be modified if we determine that based on the individual circumstances of a loan and the underlying collateral, a modification would more likely increase the total recovery of the combined principal and interest from the loan. Any loan modification is predicated upon a goal of maximizing the collection of the loan. Typical triggers for a modification would include situations where the projected cash flow is insufficient to cover required debt service, when asset performance is lagging the initial projections, where there is a requirement for rebalancing, where there is an impending maturity of the loan, and where there is an actual loan default. Loan terms that have been modified have included, but are not limited to interest rate, maturity date and in certain cases, principal amount. Length and amounts of each modification have varied based on individual circumstances and are determined on a case by case basis. If the loan modification constitutes a concession whereas we do not receive ample consideration in return for the modification, and the borrower is experiencing financial difficulties and cannot repay the loan under the current terms, then the modification is considered by us to be a troubled debt restructuring. If we receive a benefit, either monetary or strategic, and the above criteria are not met, the modification is not considered to be a troubled debt restructuring. We record interest on modified loans on an accrual basis to the extent that the modified loan is contractually current.
	Loss on restructured loans is recorded when we have granted a concession to the borrower in the form of principal forgiveness related to the payoff or the substitution or addition of a new debtor for the original borrower or when we incur costs on behalf of the borrower related to the modification, payoff or the substitution or addition of a new debtor for the original borrower. When a loan is restructured, we record our investment at net realizable value, taking into account the cost of all concessions at the date of restructuring. The reduction in the recorded investment is recorded as a separate line on the consolidated statements of income in the period in which the loan is restructured. In addition, a gain or loss may be recorded upon the sale of a loan to a third party in the consolidated statements of income in the period in which the loan was sold.
	Charge-offs to the allowance for loan losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale; when a modification or restructuring takes place in which we grant a concession to a borrower or agree to a discount in full or partial satisfaction of the loan; when we take ownership and control of the underlying collateral in full satisfaction of the loan; when loans are reclassified as other investments; or when significant collection efforts have ceased and it is highly likely that a loss has been realized.
Real Estate Owned and Held-For-Sale	Real Estate Owned and Held-For-Sale
	Real estate owned, shown net of accumulated depreciation and impairment charges, is comprised of real property acquired by foreclosure or through partial or full settlement of mortgage debt. Real estate acquired is recorded at its estimated fair value at the time of acquisition.
	Costs incurred in connection with the foreclosure of the properties collateralizing the real estate loans are expensed as incurred and costs subsequently incurred to extend the life or improve the assets subsequent to foreclosure are capitalized.
	We allocate the purchase price of our operating properties to land, building, tenant improvements, deferred lease costs for the origination of the in-place leases, intangibles for the value of the above or below market leases at fair value and to any other identified intangible assets or liabilities. We finalize our purchase price allocation on these assets within one year of the acquisition date. We amortize the value allocated to the in-place leases over the remaining lease term. The value allocated to the above or below market leases are amortized over the remaining lease term as an adjustment to rental income.
	Real estate assets are depreciated using the straight-line method over their estimated useful lives. Ordinary repairs and maintenance which are not reimbursed by the tenants are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their estimated useful life.
	Our properties are individually reviewed for impairment each quarter, if events or circumstances change indicating that the carrying amount of the assets may not be recoverable. We recognize impairment if the undiscounted estimated cash flows to be generated by the assets are less than the carrying amount of those assets. Measurement of impairment is based upon the estimated fair value of the asset. In the evaluation of a property for impairment, many factors are considered, including estimated current and expected operating cash flows from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of such real estate owned in the ordinary course of business. Impairment charges may be necessary in the event discount rates, capitalization rates, lease-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property.
	Real estate is classified as held-for-sale when management commits to a plan of sale, the asset is available for immediate sale, there is an active program to locate a buyer, and it is probable the sale will be completed within one year. Real estate assets that are expected to be disposed of are valued, on an individual asset basis, at the lower of their carrying amount or their fair value less costs to sell.
	We recognize sales of real estate properties upon closing. Payments received from purchasers prior to closing are recorded as deposits. Gain on real estate sold is recognized using the full accrual method when the collectability of the sale price is reasonably assured and we are not obligated to perform significant activities after the sale. Gain may be deferred in whole or in part until collectability of the sales price is reasonably assured and the earnings process is complete.
Revenue Recognition	Revenue Recognition
	Interest income—Interest income is recognized on the accrual basis as it is earned from loans, investments and securities. In certain instances, the borrower pays an additional amount of interest at the time the loan is closed, an origination fee, a prepayment fee and/or deferred interest upon maturity. In some cases, interest income may also include the amortization or accretion of premiums and discounts arising from the purchase or origination of the loan or security. This additional income, net of any direct loan origination costs incurred, is deferred and accreted into interest income on an effective yield or "interest" method adjusted for actual prepayment activity over the life of the related loan or security as a yield adjustment. Income recognition is suspended for loans when, in the opinion of management, a full recovery of all contractual principal is not probable. Income recognition is resumed when the loan becomes contractually current and performance is resumed. We record interest income on certain impaired loans to the extent cash is received, as the borrower continues to make interest payments. We record loan loss reserves related to these loans when it is deemed that full recovery of principal and interest is not probable.
	Several of our loans provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the asset. If management cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt.
	Given the transitional nature of some of our real estate loans, we may require funds to be placed into an interest reserve, based on contractual requirements, to cover debt service costs. We will analyze these interest reserves on a periodic basis and determine if any additional interest reserves are needed. Recognition of income on loans with funded interest reserves are accounted for in the same manner as loans without funded interest reserves. We will not recognize any interest income on loans in which the borrower has failed to make the contractual interest payment due or has not replenished the interest reserve account. Income from non-performing loans is generally recognized on a cash basis only to the extent it is received. Full income recognition will resume when the loan becomes contractually current and performance has recommenced.
	Additionally, interest income is recorded when earned from equity participation interests, referred to as equity kickers. These equity kickers have the potential to generate additional revenues to us as a result of excess cash flow distributions and/or as appreciated properties are sold or refinanced.
	Property operating income—Property operating income represents income associated with the operations of commercial real estate properties classified as real estate owned. We recognize revenue for these activities when the fees are fixed or determinable, or are evidenced by an arrangement, collection is reasonably assured and the services under the arrangement have been provided.
	Other income, net—Other income, net represents loan structuring, modification, defeasance, and miscellaneous asset management fees associated with our loans and investments portfolio as well as net interest income and gains and losses recorded on our linked transactions. We recognize these forms of income when the fees are fixed or determinable, are evidenced by an arrangement, collection is reasonably assured and the services under the arrangement have been provided.
Investments in Equity Affiliates	Investments in Equity Affiliates
	We invest in joint ventures that are formed to acquire, develop and/or sell real estate assets. These joint ventures are not majority owned or controlled by us, or are VIEs for which we are not the primary beneficiary, and are not consolidated in our financial statements. These investments are recorded under either the equity or cost method of accounting as deemed appropriate. We record our share of the net income and losses from the underlying properties of our equity method investments and any other-than-temporary impairment on these investments on a single line item in the consolidated statements of income as income or losses from equity affiliates.
Stock-Based Compensation	Stock-Based Compensation
	We have granted certain of our employees, directors, and employees of our Manager, stock awards consisting of shares of our common stock that vest immediately or annually over a multi-year period, subject to the recipient's continued service to us. We record stock-based compensation expense at the grant date fair value of the related stock-based award with subsequent remeasurement for any unvested shares granted to non-employees with such amounts expensed against earnings, at the grant date (for the portion that vests immediately) or ratably over the respective vesting periods. Dividends are paid on restricted stock as dividends are paid on shares of our common stock whether or not they are vested. Stock-based compensation is disclosed in our consolidated statements of income under "employee compensation and benefits" for employees and under "selling and administrative" expense for non-employees.
Income Taxes	Income Taxes
	We organize and conduct our operations to qualify as a REIT and to comply with the provisions of the Internal Revenue Code with respect thereto. A REIT is generally not subject to federal income tax on taxable income that is distributed to its stockholders, provided that it distributes at least 90% of its REIT taxable income and meets certain other requirements. Certain REIT income may be subject to state and local income taxes. Our assets or operations that would not otherwise comply with the REIT requirements are owned or conducted by our taxable REIT subsidiaries, the income of which is subject to federal and state income tax.
	Current accounting guidance clarifies the accounting for uncertainty in income taxes recognized in a company's financial statements. This guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This guidance also provides clarity on derecognition, classification, interest and penalties, accounting in interim periods and disclosure.
Other Comprehensive Income	Other Comprehensive Income
	We divide comprehensive income or loss into net income and other comprehensive income (loss), which includes unrealized gains and losses on available-for-sale securities. In addition, to the extent our derivative instruments qualify as hedges, net unrealized gains or losses are reported as a component of accumulated other comprehensive income (loss).
Earnings Per Share	Earnings Per Share
	We present both basic and diluted earnings per share ("EPS"). Basic EPS excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount.
Hedging Activities and Derivatives	Hedging Activities and Derivatives
	We recognize all derivatives as either assets or liabilities at fair value and these amounts are recorded in other assets or other liabilities on the consolidated balance sheets. Additionally, the fair value adjustments will affect either accumulated other comprehensive income (loss) until the hedged item is recognized in earnings, or net income (loss) depending on whether the derivative instrument qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. We use derivatives for hedging purposes rather than speculation. Fair values are approximated based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well recognized financial principles and reasonable estimates about relevant future market conditions.
	The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain of our risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. The ineffective portion of a derivative's change in fair value is recognized immediately in earnings.
	In connection with our interest rate risk management, we periodically hedge a portion of our interest rate risk by entering into derivative financial instrument contracts. Specifically, our derivative financial instruments are used to manage differences in the amount, timing, and duration of our expected cash receipts and our expected cash payments principally related to our investments and borrowings. Our objectives in using interest rate derivatives are to add stability to interest income and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. We have entered into various interest rate swap agreements to hedge our exposure to interest rate risk on (i) variable rate borrowings as it relates to fixed rate loans; (ii) the difference between the CDO investor return being based on the three-month LIBOR index while the supporting assets of the CDO are based on the one-month LIBOR index; and (iii) use of LIBOR rate caps in loan agreements.
	In the normal course of business, we may use a variety of derivative financial instruments to manage, or hedge, interest rate risk. We do not use derivatives for trading or speculative purposes. These derivative financial instruments must be effective in reducing our interest rate risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative instrument matures or is settled. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in net income. In cases where a derivative financial instrument is terminated early, any gain or loss is generally amortized over the remaining life of the hedged item.
	In certain circumstances, we have financed the purchase of Residential Mortgage Backed Securities ("RMBS") investments through a repurchase agreement with the same counterparty, which qualified as a linked transaction. If both transactions were entered into contemporaneously or in contemplation of each other, the transactions were presumed to be linked transactions unless certain criteria were met, and we accounted for the purchase of such securities and the repurchase agreement on a combined basis as a forward contract derivative at fair value which was reported in other assets on the consolidated balance sheets with changes in the fair value of the assets and liabilities underlying linked transactions and associated interest income and expense reported in other income on the consolidated statements of income. The analysis of transactions under these rules required management's judgment and experience. The fair value of linked transactions reflected the value of the underlying RMBS, linked repurchase agreement borrowings and accrued interest receivable/payable on such instruments. Linked transactions are not designated as hedging instruments and, as a result, the change in the fair value and net interest income from linked transactions was reported in other income on the consolidated statements of income.
	We have no master netting or similar arrangements and do not offset derivatives.
Variable Interest Entities	Variable Interest Entities
	We have evaluated our loans and investments, mortgage related securities, investments in equity affiliates, junior subordinated notes, CDOs and CLOs, in order to determine if they qualify as VIEs or as variable interests in VIEs. This evaluation resulted in our determining that our bridge loans, junior participation loans, mezzanine loans, preferred equity investments, investments in equity affiliates, junior subordinated notes, CDOs, CLOs, and investments in debt securities were potential VIEs or variable interests in VIEs. See Note 9—"Variable Interest Entities" for our evaluation.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements
	In January 2015, the Financial Accounting Standards Board ("FASB") eliminated the concept of extraordinary items and thus the requirement to assess whether an event or transaction require extraordinary classification on the financial statements. The guidance is effective for the first quarter of 2016. We expect to early adopt this new guidance in the first quarter of 2015 and we do not expect it to have a material effect on our consolidated financial statements.
	In June 2014, the FASB issued updated guidance that changes how repurchase agreements determined to be linked transactions are recorded. Under the new guidance, the repurchase agreement is to be accounted for separately from the initial transfer of the financial asset and not as a forward contract derivative. The guidance is effective for transactions outstanding as of the first quarter of 2015. We do not expect this guidance to have a material effect on our consolidated financial statements.
	In May 2014, the FASB issued updated guidance on the recognition of revenue relating to the transfer of goods, services and non-financial assets. This guidance does not pertain to financial instrument contracts and thus does not have a material effect on our consolidated financial statements.
	In April 2014, the FASB issued updated guidance that changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. As a result of this new guidance, future dispositions of real estate owned assets may no longer meet the criteria to be considered as discontinued operations. The guidance is effective prospectively as of the first quarter of 2015, with early adoption permitted for new disposals or new classifications as held-for-sale. We early adopted this new guidance in the first quarter of 2014 and it did not have a material effect on our consolidated financial statements.

Loans_and_Investments_Tables

Loans and Investments (Tables)	12 Months Ended
	Dec. 31, 2014
Loans and Investments
Schedule of composition of loan and investment portfolio
			December 31,			Percent of			Loan			Wtd. Avg.			Wtd. Avg.			First			Last
			2014			Total			Count			Pay Rate(1)			Remaining			Dollar			Dollar
															Months to			LTV			LTV
															Maturity			Ratio(2)			Ratio(3)
	Bridge loans		$	1,273,439,238			80	%		101			5.19	%		19.8			0	%		74	%
	Mezzanine loans			76,392,650			5	%		17			9.78	%		37.1			47	%		81	%
	Junior participation loans			104,091,952			7	%		4			4.62	%		12.3			86	%		88	%
	Preferred equity investments			133,505,658			8	%		17			6.11	%		45.5			62	%		84	%
				1,587,429,498			100	%		139			5.45	%		22.3			13	%		76	%
	Unearned revenue			(12,466,528	)
	Allowance for loan losses			(115,487,320	)
	Loans and investments, net		$	1,459,475,650
			December 31,			Percent of			Loan			Wtd. Avg.			Wtd. Avg.			First			Last
			2013			Total			Count			Pay Rate(1)			Remaining			Dollar			Dollar
															Months to			LTV			LTV
															Maturity			Ratio(2)			Ratio(3)
	Bridge loans		$	1,171,783,914			71	%		95			5.11	%		18.5			0	%		76	%
	Mezzanine loans			118,550,172			7	%		27			7.02	%		58.2			56	%		83	%
	Junior participation loans			248,337,542			15	%		7			4.21	%		19.6			60	%		81	%
	Preferred equity investments			121,523,673			7	%		15			7.2	%		45.5			58	%		79	%
				1,660,195,301			100	%		144			5.26	%		23.5			17	%		77	%
	Unearned revenue			(14,218,237	)
	Allowance for loan losses			(122,277,411	)
	Loans and investments, net		$	1,523,699,653
	-1	"Weighted Average Pay Rate" is a weighted average, based on the unpaid principal balances of each loan in our portfolio, of the interest rate that is required to be paid monthly as stated in the individual loan agreements. Certain loans and investments that require an additional rate of interest "Accrual Rate" to be paid at the maturity are not included in the weighted average pay rate as shown in the table.
	-2	The "First Dollar LTV Ratio" is calculated by comparing the total of our senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will absorb a total loss of our position.
	-3	The "Last Dollar LTV Ratio" is calculated by comparing the total of the carrying value of our loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially absorb a loss.
Summary of the loan portfolio's weighted average internal risk ratings and LTV ratios by asset class
			December 31, 2014
	Asset Class		Unpaid			Percentage			Wtd. Avg.			First Dollar			Last Dollar
			Principal			of Portfolio			Internal			LTV Ratio			LTV Ratio
			Balance						Risk Rating
	Multifamily		$	1,157,462,400			72.9	%		2.9			10	%		73	%
	Office			230,491,164			14.5	%		3.3			29	%		79	%
	Land			128,367,601			8.1	%		3.9			6	%		88	%
	Hotel			66,250,000			4.2	%		3.5			32	%		83	%
	Retail			3,158,333			0.2	%		2.5			72	%		80	%
	Commercial			1,700,000			0.1	%		3.5			63	%		67	%
	Total		$	1,587,429,498			100.0	%		3.1			13	%		76	%
			December 31, 2013
	Asset Class		Unpaid			Percentage			Wtd. Avg.			First Dollar			Last Dollar
			Principal			of Portfolio			Internal			LTV Ratio			LTV Ratio
			Balance						Risk Rating
	Multifamily		$	1,068,529,815			64.4	%		3.3			14	%		75	%
	Office			358,832,526			21.6	%		3.2			32	%		82	%
	Land			116,751,563			7.0	%		4.0			3	%		88	%
	Hotel			69,181,252			4.2	%		3.8			26	%		84	%
	Commercial			24,900,145			1.5	%		3.0			3	%		49	%
	Condo			15,250,000			0.9	%		3.7			41	%		65	%
	Retail			6,750,000			0.4	%		2.5			0	%		63	%
	Total		$	1,660,195,301			100.0	%		3.3			17	%		77	%
Summary of the changes in the allowance for loan losses
			Year Ended
			December 31, 2014			December 31, 2013			December 31, 2012
	Allowance at beginning of the period		$	122,277,411		$	161,706,313		$	185,381,855
	Provision for loan losses			9,026,712			6,500,000			23,828,224
	Charge-offs			(6,501,079	)		(24,713,459	)		(46,585,800	)
	Charge-off on loan converted to other assets			—			(19,000,000	)		—
	Recoveries of reserves			(9,315,724	)		(2,215,443	)		(917,966	)
	Allowance at end of the period		$	115,487,320		$	122,277,411		$	161,706,313
Summary of charge-offs and recoveries
			Year Ended
			December 31, 2014			December 31, 2013			December 31, 2012
	Charge-offs:
	Multifamily		$	(6,501,079	)	$	(4,789,815	)	$	(10,773,141	)
	Office			—			(6,252,129	)		(5,812,659	)
	Land			—			(19,000,000	)		—
	Hotel			—			(3,671,515	)		(30,000,000	)
	Condo			—			(10,000,000	)		—
	Total		$	(6,501,079	)	$	(43,713,459	)	$	(46,585,800	)
	Recoveries:
	Multifamily		$	(7,815,724	)	$	(1,510,949	)	$	(121,898	)
	Office			(1,500,000	)		(704,494	)		(796,068	)
	Total		$	(9,315,724	)	$	(2,215,443	)	$	(917,966	)
	Net Recoveries (Charge-offs)		$	2,814,645		$	(41,498,016	)	$	(45,667,834	)
	Ratio of net charge-offs during the period to average loans and investments outstanding during the period			0.2	%		(2.6	)%		(3.0	)%
Summary of the company's impaired loans by asset class
			Year Ended December 31, 2014
	Asset Class		Unpaid			Carrying			Allowance			Average			Interest
			Principal			Value(1)			for Loan			Recorded			Income
			Balance						Losses			Investment(2)			Recognized
	Multifamily		$	39,239,894		$	39,232,710		$	36,469,894		$	52,487,834		$	763,208
	Office			36,086,582			30,498,273			23,972,444			36,086,582			1,788,152
	Land			121,810,400			117,621,457			51,344,982			118,948,175			—
	Hotel			34,750,000			34,249,959			3,700,000			17,375,000			664,678
	Total		$	231,886,876		$	221,602,399		$	115,487,320		$	224,897,591		$	3,216,038
			Year Ended December 31, 2013
	Asset Class		Unpaid			Carrying			Allowance			Average			Interest
			Principal			Value(1)			for Loan			Recorded			Income
			Balance						Losses			Investment(2)			Recognized
	Multifamily		$	65,735,773		$	65,186,623		$	50,786,697		$	62,602,118		$	2,566,914
	Office			36,086,582			29,474,065			23,972,444			37,224,695			1,585,520
	Land			116,085,950			112,810,558			47,518,270			127,561,228			—
	Total		$	217,908,305		$	207,471,246		$	122,277,411		$	227,388,042		$	4,152,434
	-1	Represents the unpaid principal balance of impaired loans less unearned revenue and other holdbacks and adjustments by asset class.
	-2	Represents an average of the beginning and ending unpaid principal balance of each asset class.
Summary of the company's non-performing loans by asset class
			December 31, 2014									December 31, 2013
	Asset Class		Carrying			Less Than			Greater Than			Carrying			Less Than			Greater Than
			Value			90 Days			90 Days			Value			90 Days			90 Days
						Past Due			Past Due						Past Due			Past Due
	Multifamily		$	32,765,799		$	765,799		$	32,000,000		$	42,054,539		$	32,000,000		$	10,054,539
	Office			8,277,757			—			8,277,757			8,277,844			—			8,277,844
	Total		$	41,043,556		$	765,799		$	40,277,757		$	50,332,383		$	32,000,000		$	18,332,383
Summary of loan modifications and extensions by asset class that the entity considered to be troubled debt restructurings by asset class
			Year Ended December 31, 2014
	Asset Class		Number			Original			Original			Modified			Modified
			of Loans			Unpaid			Weighted			Unpaid			Weighted
						Principal			Average			Principal			Average
						Balance			Rate of			Balance			Rate of
									Interest						Interest
	Hotel			1		$	35,000,000			1.95	%	$	34,750,000			2.95	%
			Year Ended December 31, 2013
	Asset Class		Number			Original			Original			Modified			Modified
			of Loans			Unpaid			Weighted			Unpaid			Weighted
						Principal			Average			Principal			Average
						Balance			Rate of			Balance			Rate of
									Interest						Interest
	Multifamily			1		$	6,192,666			5.96	%	$	6,192,666			5.96	%
	Office			1			8,400,000			8.24	%		8,400,000			8.24	%
	Total			2		$	14,592,666			7.27	%	$	14,592,666			7.27	%

Securities_Tables

Securities (Tables)	12 Months Ended
	Dec. 31, 2014
Securities
Summary of the company's securities classified as available-for-sale	The following is a summary of our securities classified as available-for-sale at December 31, 2014:
			Face		Amortized		Cumulative			Carrying
			Value		Cost		Unrealized			Value /
							(Loss) / Gain			Estimated
										Fair Value
	Commercial mortgage-backed security (CMBS)		$	2,100,000	$	2,100,000	$	(100,000	)	$	2,000,000
	Common equity securities			—		58,789		440,920			499,709
	Total available-for-sale securities		$	2,100,000	$	2,158,789	$	340,920		$	2,499,709
	The following is a summary of our securities classified as available-for-sale at December 31, 2013:
			Face		Amortized		Cumulative			Cumulative			Carrying
			Value		Cost		Unrealized			Unrealized			Value /
							Gain			Loss			Estimated
													Fair Value
	Residential mortgage-backed security (RMBS)		$	39,013,690	$	34,049,310	$	437,774		$	(6,298	)	$	34,480,786
	Commercial mortgage-backed security (CMBS)			2,100,000		2,100,000		—			—			2,100,000
	Common equity securities			—		58,789		676,077			—			734,866
	Total available-for-sale securities		$	41,113,690	$	36,208,099	$	1,113,851		$	(6,298	)	$	37,315,652
Summary of the underlying credit rating of the Company's available-for-sale securities	The following is a summary of the underlying credit rating of our available-for-sale debt securities at December 31, 2014 and 2013:
			December 31, 2014							December 31, 2013
	Rating(1)		#		Amortized		Percent			#			Amortized		Percent
					Cost		of Total						Cost		of Total
	AA+			—	$	—		—			1		$	93,715		—
	CCC			—		—		—			1			18,417,402		51	%
	CCC–			1		2,100,000		100	%		2			2,100,000		6	%
	NR			—		—		—			7			15,538,193		43	%
				1	$	2,100,000		100	%		11		$	36,149,310		100	%
	-1	Based on the rating published by Standard & Poor's for each security. NR stands for "not rated."

Investments_in_Equity_Affiliat1

Investments in Equity Affiliates (Tables)	12 Months Ended
	Dec. 31, 2014
Investments in Equity Affiliates
Summary of the company's investments in equity affiliates
			Investments in Equity						Unpaid Principal
			Affiliates at						Balance of Loans
									to Equity
									Affiliates at
	Equity Affiliates		December 31,			December 31,			December 31,
			2014			2013			2014
	Lightstone Value Plus REIT L.P		$	1,894,727		$	1,894,727		$	—
	West Shore Café			1,872,661			1,690,280			1,687,500
	Issuers of Junior Subordinated Notes			578,000			578,000			—
	JT Prime			425,000			425,000			—
	East River Portfolio			98,578			—			4,994,166
	Lexford Portfolio			100			100			112,740,000
	930 Flushing & 80 Evergreen			—			92,199			—
	450 West 33rd Street			—			—			—
	Ritz-Carlton Club			—			—			—
	Total		$	4,869,066		$	4,680,306		$	119,421,666
Summary of condensed combined balance sheets for the Company's unconsolidated investments in equity affiliates	The condensed combined balance sheets for our unconsolidated investments in equity affiliates accounted for under the equity method at December 31, 2014 and 2013 are as follows (in thousands):
			December 31,
	Condensed Combined Balance Sheets		2014			2013
	Assets:
	Cash and cash equivalents		$	22,552		$	13,101
	Real estate assets			639,813			697,484
	Other assets			19,169			19,618
	Total assets		$	681,534		$	730,203
	Liabilities:
	Notes payable		$	691,488		$	734,693
	Other liabilities			22,653			19,607
	Total liabilities			714,141			754,300
	Stockholders' equity Arbor(1)			4,291			4,102
	Stockholders' deficit			(36,898	)		(28,199	)
	Total stockholders' deficit			(32,607	)		(24,097	)
	Total liabilities and deficit		$	681,534		$	730,203
	-1	Combined with $0.6 million of equity relating to the issuance of junior subordinated notes, equals $4.9 million of investments in equity affiliates, at December 31, 2014. Combined with $0.6 million of equity relating to the issuance of junior subordinated notes, equals $4.7 million of investments in equity affiliates, at December 31, 2013.
Summary of condensed combined statements of operations for the Company's unconsolidated investments in equity affiliates	The condensed combined statements of operations for our unconsolidated investments in equity affiliates accounted for under the equity method for the years ended December 31, 2014, 2013 and 2012, are as follows (in thousands):
			Year Ended
	Statements of Operations:		2014			2013			2012
	Revenue:
	Rental income		$	89,192		$	85,551		$	80,472
	Interest income			259			478			813
	Operating income			4,168			5,709			8,619
	Reimbursement income			6,501			6,653			5,427
	Other income			7,993			6,686			6,436
	Total revenues			108,113			105,077			101,767
	Expenses:
	Operating expenses			59,266			58,265			60,257
	Interest expense			33,033			36,061			36,315
	Depreciation and amortization			26,793			23,345			22,283
	Other expenses			621			493			27
	Total expenses			119,713			118,164			118,882
	Net loss		$	(11,600	)	$	(13,087	)	$	(17,115	)
	Arbor's Share of income (loss)		$	249		$	(204	)	$	(698	)

Real_Estate_Owned_and_HeldForS1

Real Estate Owned and Held-For-Sale (Tables)	12 Months Ended
	Dec. 31, 2014
Real Estate Owned and Held-For-Sale
Schedule of real estate owned		December 31, 2014									December 31, 2013
		Multifamily			Hotel			Total			Multifamily			Hotel			Total
		Portfolio			Portfolio						Portfolio			Portfolio
	Land	$	5,538,844		$	9,393,651		$	14,932,495		$	11,382,579		$	10,893,651		$	22,276,230
	Building and intangible assets		31,249,869			58,818,891			90,068,760			46,115,430			61,632,645			107,748,075
	Less:
	Accumulated depreciation and amortization		(7,414,267	)		(12,661,347	)		(20,075,614	)		(8,598,915	)		(9,707,213	)		(18,306,128	)
	Real estate owned, net	$	29,374,446		$	55,551,195		$	84,925,641		$	48,899,094		$	62,819,083		$	111,718,177
Schedule of results of operations for properties classified as held-for-sale		Year Ended December 31,
		2014			2013			2012
	Revenue:
	Property operating income	$	7,530,400		$	7,292,340		$	6,717,530
	Expenses:
	Property operating expense		6,053,586			6,256,997			6,014,230
	Depreciation		1,604,030			1,683,253			1,418,355
	Net Loss	$	(127,216	)	$	(647,910	)	$	(715,055	)

Debt_Obligations_Tables

Debt Obligations (Tables)	12 Months Ended
	Dec. 31, 2014
Credit facilities and repurchase agreements
Debt Obligations
Schedule of borrowings
			December 31, 2014									December 31, 2013
			Debt			Collateral			Weighted			Debt			Collateral			Weighted
			Carrying			Carrying			Average			Carrying			Carrying			Average
			Value			Value			Note Rate			Value			Value			Note Rate
	$100 million warehousing credit facility		$	92,520,637		$	128,593,000			2.45	%	$	33,300,540		$	45,705,813			2.46	%
	$75 million warehousing credit facility			42,975,000			58,000,000			2.45	%		30,838,180			46,774,000			2.70	%
	$60 million warehousing credit facility			29,890,563			45,422,236			2.20	%		15,063,750			21,800,000			2.20	%
	$33 million warehousing credit facility			—			—			—			33,000,000			55,000,000			2.45	%
	$20 million revolving credit facility			—			—			—			20,000,000			—			8.50	%
	$15 million term credit facility			15,000,000			—			7.50	%		—			—			—
	Repurchase agreement			—			—			—			12,497,000			15,536,049			1.75	%
	Repurchase agreement			—			—			—			14,425,553			18,944,735			2.00	%
	Total credit facilities and repurchase agreements		$	180,386,200		$	232,015,236			2.84	%	$	159,125,023		$	203,760,597			3.16	%
Collateralized debt obligations
Debt Obligations
Schedule of borrowings	The following table outlines borrowings and the corresponding collateral under our CDOs as of December 31, 2014:
									Collateral
			Debt						Loans						Cash
			Face			Carrying			Unpaid			Carrying			Restricted			Collateral
			Value			Value			Principal(1)			Value(1)			Cash(2)			At-Risk(3)
	CDO I		$	69,972,159		$	75,402,789		$	222,903,486		$	174,460,160		$	5,232,226		$	180,691,292
	CDO II			97,906,092			103,484,624			192,522,685			143,824,571			69,412,808			106,139,494
	CDO III			144,192,804			152,507,713			202,758,120			171,457,394			64,771,797			147,049,346
	Total CDOs		$	312,071,055		$	331,395,126		$	618,184,291		$	489,742,125		$	139,416,831		$	433,880,132
	The following table outlines borrowings and the corresponding collateral under our CDOs as of December 31, 2013:
									Collateral
			Debt						Loans						Cash
			Face			Carrying			Unpaid			Carrying			Restricted			Collateral
			Value			Value			Principal(1)			Value(1)			Cash(2)			At-Risk(3)
	CDO I		$	126,753,077		$	132,399,560		$	284,758,473		$	237,194,618		$	79,986		$	179,466,954
	CDO II			196,046,587			201,847,417			362,150,693			312,859,875			1,719,760			187,213,841
	CDO III			296,754,194			305,376,004			395,783,494			365,236,505			23,607,813			240,503,823
	Total CDOs		$	619,553,858		$	639,622,981		$	1,042,692,660		$	915,290,998		$	25,407,559		$	607,184,618
	-1	Amounts include loans to real estate assets consolidated by us that were reclassified to real estate owned and held-for-sale, net on the consolidated financial statements.
	-2	Represents restricted cash held for principal repayments in the CDOs. Does not include restricted cash related to interest payments, delayed fundings and expenses.
	-3	Amounts represent the face value of collateral in default, as defined by the CDO indenture, as well as assets deemed to be "credit risk." Credit risk assets are reported by each of the CDOs and are generally defined as one that, in the CDO collateral manager's reasonable business judgment, has a significant risk of declining in credit quality or, with a passage of time, becoming a defaulted asset.
Schedule of face amount and gain on extinguishment of the company's CDO bonds repurchased by bond class
			Year Ended December 31,
			2014						2013						2012
	Class:		Face			Gain			Face			Gain			Face			Gain
			Amount						Amount						Amount
	B		$	—		$	—		$	—		$	—		$	13,000,000		$	4,615,000
	C			—			—			—			—			3,329,509			1,200,182
	D			—			—			—			—			13,350,000			5,819,066
	E			—			—			—			—			13,765,276			6,445,033
	F			—			—			—			—			9,708,556			5,048,417
	G			—			—			—			—			8,672,039			4,777,138
	H			—			—			9,935,088			4,930,772			4,403,771			2,554,187
	Total		$	—		$	—		$	9,935,088		$	4,930,772		$	66,229,151		$	30,459,023
Collateralized loan obligations
Debt Obligations
Schedule of borrowings	The following table outlines borrowings and the corresponding collateral under our CLOs as of December 31, 2014:
									Collateral
			Debt						Loans						Cash
			Face			Carrying			Unpaid			Carrying			Restricted			Collateral
			Value			Value			Principal			Value			Cash(1)			At-Risk(2)
	CLO II		$	177,000,000		$	177,000,000		$	252,353,210		$	251,658,406		$	7,284,919		$	—
	CLO III			281,250,000			281,250,000			315,390,280			313,932,084			59,245,183			—
	Total CLOs		$	458,250,000		$	458,250,000		$	567,743,490		$	565,590,490		$	66,530,102		$	—
	The following table outlines borrowings and the corresponding collateral under our CLOs as of December 31, 2013:
									Collateral
			Debt						Loans						Cash
			Face			Carrying			Unpaid			Carrying			Restricted			Collateral
			Value			Value			Principal			Value			Cash(1)			At-Risk(2)
	CLO I		$	87,500,000		$	87,500,000		$	114,414,154		$	113,940,857		$	10,672,496		$	—
	CLO II			177,000,000			177,000,000			255,016,564			253,989,391			4,621,675			—
	Total CLOs		$	264,500,000		$	264,500,000		$	369,430,718		$	367,930,248		$	15,294,171		$	—
	-1	Represents restricted cash held for principal repayments in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses.
	-2	Amounts represent the face value of collateral in default, as defined by the CLO indenture, as well as assets deemed to be "credit risk." Credit risk assets are reported by each of the CLOs and are generally defined as one that, in the CLO collateral manager's reasonable business judgment, has a significant risk of declining in credit quality or, with a passage of time, becoming a defaulted asset.
Notes payable
Debt Obligations
Schedule of borrowings
			December 31, 2014						December 31, 2013
			Debt			Collateral			Debt			Collateral
			Carrying			Carrying			Carrying			Carrying
			Value			Value			Value			Value
	Junior loan participation, secured by our interest in a first mortgage loan with a principal balance of $1.3 million, participation interest was based on a portion of the interest received from the loan which has a fixed rate of 9.57%		$	1,300,000		$	1,300,000		$	1,300,000		$	1,300,000
	Junior loan participation, maturity of October 2018, secured by our interest in a mezzanine loan with a principal balance of $3.0 million, participation interest is a fixed rate of 13.00%			—			—			750,000			750,000
	Junior loan participation, maturity of September 2014, secured by our interest in a mezzanine loan with a principal balance of $3.0 million, participation interest is a fixed rate of 15.00%			—			—			450,000			450,000
	Total notes payable		$	1,300,000		$	1,300,000		$	2,500,000		$	2,500,000
Collateralized debt obligations and collateralized loan obligations
Debt Obligations
Summary of the Company's CDO and CLO overcollateralization ratios	The chart below is a summary of our CDO and CLO compliance tests as of the most recent determination dates in January 2015:
	Cash Flow Triggers		CDO III			CLO II			CLO III
	Overcollateralization(1)
	Current			111.34			146.89			133.33
					%			%			%
	Limit			105.60			144.25			132.33
					%			%			%
	Pass / Fail
				Pass			Pass			Pass
	Interest Coverage(2)
	Current			349.38			313.35			274.85
					%			%			%
	Limit			105.60			120.00			120.00
					%			%			%
	Pass / Fail
				Pass			Pass			Pass
	-1	The overcollateralization ratio divides the total principal balance of all collateral in the CDO and CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset's principal balance for purposes of the overcollateralization test is the lesser of the asset's market value or the principal balance of the defaulted asset multiplied by the asset's recovery rate which is determined by the rating agencies. Rating downgrades of CDO and CLO collateral will generally not have a direct impact on the principal balance of a CDO and CLO asset for purposes of calculating the CDO and CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC-) as defined in each CDO and CLO vehicle.
	-2	The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us.
Summary of the company's CDO and CLO compliance tests as of the most recent determination dates
	Determination Date		CDO I			CDO II			CDO III			CLO II			CLO III
	January 2015(1)			—			—			111.34	%		146.89	%		133.33	%
	Oct-14			173.33	%		161.20	%		110.65	%		146.89	%		133.33	%
	Jul-14			171.01	%		153.44	%		109.20	%		146.89	%		133.33	%
	Apr-14			184.35	%		138.15	%		108.74	%		146.89	%		—
	Jan-14			167.15	%		137.87	%		107.80	%		146.89	%		—
	-1	CLO I was redeemed in December 2014 and CDO I and CDO II were redeemed in January 2015.

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2014
Derivative Financial Instruments
Schedule of derivative financial instruments held by the company	The following is a summary of the derivative financial instruments held by us as of December 31, 2014 and 2013 (dollars in thousands):
			Notional Value													Fair Value
	Designation\Cash Flow	Derivative	Count		December 31,		Count		December 31,			Expiration		Balance		December 31,			December 31,
					2014				2013			Date		Sheet		2014			2013
														Location
	Non-Qualifying	Basis Swaps		1	$	3,000		1	$	11,600		2015		Other Assets		$	2		$	5
	Non-Qualifying	LIBOR Cap		1	$	71,701		—	$	—		2015		Other Assets		$	—		$	—
	Qualifying	Interest Rate Swaps		12	$	250,321		14	$	297,532		2015 - 2017		Other Liabilities		$	(13,908	)	$	(24,794	)
	Non-Qualifying	Forward Contracts		—	$	—		8	$	—		—		Other Assets		$	—		$	6,397
Schedule of the effect of the company's derivative financial instruments on the statements of income	The following table presents the effect of our derivative financial instruments on the statements of income as of December 31, 2014, 2013 and 2012 (in thousands):
			Amount of Loss						Amount of Loss									Amount of Loss									Amount of (Loss)
			Recognized						Reclassified from									Recognized									Gain Recognized
			in Other						Accumulated Other									in Interest Expense									in Other Income
			Comprehensive Loss						Comprehensive Loss into									(Ineffective Portion)									For the Year Ended
			(Effective Portion)						Interest Expense									For the Year Ended									December 31,
			For the Year Ended						(Effective Portion)									December 31,
			December 31,						For the Year Ended
									December 31,
	Designation\Cash Flow	Derivative	2014		2013		2012		2014			2013			2012			2014			2013			2012			2014			2013			2012
	Non-Qualifying	Basis Swaps / Caps	$	—	$	—	$	—	$	—		$	—		$	—		$	(1	)	$	(12	)	$	(22	)	$	—		$	—		$	—
	Qualifying	Interest Rate Swaps / Cap	$	1,318	$	520	$	7,699	$	(12,654	)	$	(14,131	)	$	(16,565	)	$	—		$	—		$	—		$	—		$	—		$	—
	Non-Qualifying	Forward Contracts	$	—	$	—	$	—	$	—		$	—		$	—		$	—		$	—		$	—		$	(45	)	$	(1,676	)	$	167

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2014
Variable Interest Entities
Summary of the company's variable interests in identified VIEs, of which the company is not the primary beneficiary	The following is a summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, as of December 31, 2014:
	Type		Carrying Amount(1)		Maximum Exposure to Loss(2)
	Loans		$	410,698,756	$	410,698,756
	Loans and equity investments			107,071,875		107,071,875
	CMBS			2,100,000		2,100,000
	Junior subordinated notes(3)			578,000		578,000
	Total		$	520,448,631	$	520,448,631
	-1	Represents the carrying amount of loans and investments before reserves. At December 31, 2014, $186.7 million of loans to VIEs had corresponding loan loss reserves of approximately $111.1 million and $40.3 million of loans to VIEs were related to loans classified as non-performing. See Note 3—"Loans and Investments" for further details.
	-2	Our maximum exposure to loss as of December 31, 2014 would not exceed the carrying amount of our investment.
	-3	It is not appropriate to consolidate these entities as equity interests are variable interests only to the extent that the investment is considered to be at risk. Since our investments were funded by the entities that issued the junior subordinated notes, it is not considered to be at risk.

Fair_Value_Tables

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2014
Fair Value.
Summary of the carrying values and the estimated fair values of the Company's financial instruments
			December 31, 2014						December 31, 2013
			Carrying Value			Estimated			Carrying Value		Estimated
						Fair Value					Fair Value
	Financial assets:
	Loans and investments, net		$	1,459,475,650		$	1,478,778,674		$	1,523,699,653	$	1,550,248,793
	Available-for-sale securities			2,499,709			2,499,709			37,315,652		37,315,652
	Derivative financial instruments			1,995			1,995			6,402,336		6,402,336
	Financial liabilities:
	Credit facilities and repurchase agreements		$	180,386,200		$	179,964,341		$	159,125,023	$	158,735,570
	Collateralized debt obligations			331,395,126			240,541,397			639,622,981		521,938,885
	Collateralized loan obligations			458,250,000			459,673,750			264,500,000		266,436,250
	Senior unsecured notes			97,860,025			95,902,825			—		—
	Junior subordinated notes			159,833,260			102,600,561			159,291,427		101,240,185
	Notes payable			1,300,000			1,292,461			2,500,000		2,487,287
	Mortgage note payable—real estate owned and held-for-sale			30,984,357			29,962,066			53,751,004		52,943,305
	Derivative financial instruments			13,908,163			13,908,163			24,794,051		24,794,051
Schedule of certain financial assets and financial liabilities measured at fair value on a recurring basis	The fair value of these financial assets and liabilities was determined using the following inputs as of December 31, 2014:
									Fair Value Measurements
			Carrying						Using Fair Value Hierarchy
			Value			Fair Value			Level 1		Level 2		Level 3
	Financial assets:
	Available-for-sale securities(1)		$	2,499,709		$	2,499,709		$	499,709	$	—	$	2,000,000
	Derivative financial instruments			1,995			1,995			—		1,995		—
	Financial liabilities:
	Derivative financial instruments		$	13,908,163		$	13,908,163		$	—	$	13,908,163	$	—
	-1	Our equity securities were measured using Level 1 inputs and our CMBS investment was measured using Level 3 inputs.
Schedule of financial assets measured at fair value on a recurring basis using Level 3 inputs
			Available-for-sale			Derivative Financial
			Securities			Instruments
	Balance as of December 31, 2013		$	36,580,786		$	6,396,853
	Adjustments to fair value:
	Paydowns, net(1)			(663,684	)		1,483,387
	Net changes in fair value(2)			(100,000	)		511,012
	Sales and settlements(3)			(33,817,102	)		(8,391,252	)
	Balance as of December 31, 2014		$	2,000,000		$	—
	-1	Includes an addition of $1.7 million to the derivative financial instruments as a result of a decrease in the amount financed under the respective repurchase agreement.
	-2	Represents the net change in fair value recorded to other income during the year ended December 31, 2014.
	-3	Represents the sale of RMBS investments and the settlement of forward contract derivatives for which we recorded a gain of $0.5 million and $0.1 million, respectively, to other income during the year ended December 31, 2014.
Schedule of certain financial and non-financial assets measured at fair value on a nonrecurring basis	The fair value of these financial assets was determined using the following inputs as of December 31, 2014:
									Fair Value Measurements
			Net Carrying						Using Fair Value Hierarchy
			Value			Fair Value			Level 1		Level 2		Level 3
	Financial assets:
	Impaired loans, net(1)			106,115,079			106,115,079							106,115,079
			$			$			$	—	$	—	$
	-1	We had an allowance for loan losses of $115.5 million relating to 10 loans with an aggregate carrying value, before loan loss reserves, of approximately $221.6 million at December 31, 2014.
Schedule of quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis
			December 31, 2014
			Fair Value			Valuation		Significant		Rate/Range
						Technique(s)		Unobservable		(Weighted Average)
								Inputs
	Financial assets:
	Impaired loans(1):
	Multifamily			2,762,816		Direct capitalization analysis		Discount rate		8.00%
			$
						and discounted cash flows		Capitalization rate		6.50% to 7.75% (7.06%)
								Revenue growth rate		2.00%
	Office			6,525,829		Discounted cash flows		Discount rate		9.25% to 10.75% (9.72%)
								Capitalization rate		8.00% to 9.00% (8.29%)
								Revenue growth rate		2.50% to 3.00% (2.96%)
	Land			66,276,475		Discounted cash flows		Discount rate		15.00%
								Capitalization rate		7.25%
								Revenue growth rate		3.00%
	Hotel			30,549,959		Discounted cash flows		Discount rate		9.25%
								Capitalization rate		7.25%
								Revenue growth rate		3.00%
	CMBS			2,000,000		Discounted cash flows		Discount rate		14.16%
	-1	Includes all impaired loans regardless of the period in which a loan loss provision was recorded.
Schedule of fair value of assets and liabilities	The fair value of these assets and liabilities was determined using the following inputs as of December 31, 2014:
									Fair Value Measurements
									Using Fair Value Hierarchy
			Carrying Value			Fair Value			Level 1		Level 2		Level 3
	Financial assets:
	Loans and investments, net		$	1,459,475,650		$	1,478,778,674		$	—	$	—	$	1,478,778,674
	Financial liabilities:
	Credit facilities		$	180,386,200		$	179,964,341		$	—	$	—	$	179,964,341
	Collateralized debt obligations			331,395,126			240,541,397			—		—		240,541,397
	Collateralized loan obligation			458,250,000			459,673,750			—		—		459,673,750
	Senior unsecured notes			97,860,025			95,902,825			95,902,825		—		—
	Junior subordinated notes			159,833,260			102,600,561			—		—		102,600,561
	Notes payable			1,300,000			1,292,461			—		—		1,292,461
	Mortgage note payable—real estate owned and held-for-sale			30,984,357			29,962,066			—		—		29,962,066

Equity_Tables

Equity (Tables)	12 Months Ended
	Dec. 31, 2014
Equity
Schedule of dividends declared by the Company (on a per share basis)	The following table presents dividends declared (on a per share basis) for the year ended December 31, 2014:
	Common Stock					Preferred Stock
								Dividend(1)
	Declaration Date		Dividend			Declaration Date		Series A			Series B			Series C
	February 12, 2014		$	0.13		February 3, 2014		$	0.515625		$	0.484375			N/A
	April 29, 2014		$	0.13		April 29, 2014		$	0.515625		$	0.484375		$	0.5549
	July 30, 2014		$	0.13		July 30, 2014		$	0.515625		$	0.484375		$	0.53125
	November 5, 2014		$	0.13		November 3, 2014		$	0.515625		$	0.484375		$	0.53125
	-1	The dividend declared on February 3, 2014 for the Series A and B preferred stock was for the period December 1, 2013 through February 28, 2014. The dividend declared on April 29, 2014 for the Series A, B and C preferred stock was for the period March 1, 2014 through May 31, 2014. The dividend declared on July 30, 2014 for the Series A, B and C preferred stock was for the period June 1, 2014 through August 31, 2014. The dividend declared on November 3, 2014 for the Series A, B and C preferred stock was for the period September 1, 2014 through November 30, 2014.
Schedule of tax treatment for dividends paid by the Company on common and preferred stock
									For Tax Purposes
																					Dividend
																					Classified
									Dividend Classified as								Capital Gain				as Return of
			Total						Ordinary Income								Distribution				Capital
			Dividends
			Paid(1)
	Year		(in thousands)			Dividend			Percent			Dividend			Qualified		Percent		Dividend		Percent		Dividend
						Paid						Paid			Dividend				Paid				Paid
						Per Share						Per Share			Income(2)				Per Share				Per Share
	Common Stock:
	2014		$	26,030		$	0.520			100	%	$	0.520			—		—		—		—		—
	2013		$	21,327		$	0.500			100	%	$	0.500			—		—		—		—		—
	2012		$	8,031		$	0.285			100	%	$	0.285			—		—		—		—		—
	8.25% Series A Preferred Stock:
	2014		$	3,200		$	2.063			100	%	$	2.063			—		—		—		—		—
	2013		$	2,667		$	1.719			100	%	$	1.719			—		—		—		—		—
	7.75% Series B Preferred Stock:
	2014		$	2,441		$	1.938			100	%	$	1.938			—		—		—		—		—
	2013		$	1,370		$	1.087			100	%	$	1.087			—		—		—		—		—
	8.50% Series C Preferred Stock:
	2014		$	1,456		$	1.617			100	%	$	1.617			—		—		—		—		—
	-1	2013 is the initial year for the Series A and B preferred stock dividends. 2014 is the initial year for the Series C preferred stock dividend.
	-2	Qualified dividend income is eligible for reduced dividend rates.
Schedule of reclassifications out of accumulated other comprehensive loss	Reclassifications out of accumulated other comprehensive loss for the years ended December 31, 2014 and 2013 were as follows:
			Year Ended December 31,
									Statement of Income Caption
			2014			2013
	Net realized losses on derivatives designated as cash flow hedges:
	Interest Rate Swaps			(10,706,246			(14,131,036		Interest expense(1)
			$		)	$		)
	Net realized gain on sale of available-for-sale investments:
	RMBS investments			431,476			100,000		Other income(2)
			$			$
	-1	See Note 8—"Derivative Financial Instruments" for additional details.
	-2	See Note 4—"Securities" for additional details.

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2014
Earnings Per Share
Reconciliation of the numerator and denominator of the basic and diluted EPS computations			Year Ended December 31,
			2014				2013				2012
			Basic		Diluted		Basic		Diluted		Basic		Diluted
	Income from continuing operations, net of noncontrolling interest and preferred stock dividends		$	85,792,235	$	85,792,235	$	16,667,955	$	16,667,955	$	16,172,850	$	16,172,850
	Income from discontinued operations			—		—		—		—		5,328,038		5,328,038
	Net income attributable to Arbor Realty Trust, Inc. common stockholders(1)		$	85,792,235	$	85,792,235	$	16,667,955	$	16,667,955	$	21,500,888	$	21,500,888
	Weighted average number of common shares outstanding			50,143,648		50,143,648		42,399,872		42,399,872		26,956,938		26,956,938
	Dilutive effect of warrants(2)			—		224,696		—		435,272		—		254,349
	Weighted average number of common shares outstanding			50,143,648		50,368,344		42,399,872		42,835,144		26,956,938		27,211,287
	Income from continuing operations, net of noncontrolling interest and preferred stock dividends, per common share		$	1.71	$	1.70	$	0.39	$	0.39	$	0.60	$	0.59
	Income from discontinued operations per common share			—		—		—		—		0.20		0.20
	Net income attributable to Arbor Realty Trust, Inc. per common share(1)		$	1.71	$	1.70	$	0.39	$	0.39	$	0.80	$	0.79
	-1	Net of noncontrolling interest and preferred stock dividends.
	-2	On July 1, 2014, we acquired and canceled all of the warrants. See Note 12—"Equity" for further details.

Agreements_and_Transactions_wi

Agreements and Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2014
Agreements and Transactions with Related Parties
Schedule of Company's base management fees and incentive fees
			Year Ended December 31,
	Management Fees:		2014		2013		2012
	Base(1)		$	9,900,000	$	10,900,000	$	10,000,000
	Incentive(2)			—		—		—
	Total management fee		$	9,900,000	$	10,900,000	$	10,000,000
	-1	Included in base management fees at December 31, 2014, 2013 and 2012 was $2.7 million, $2.8 million and $3.1 million, respectively, which was included in due to related party. These amounts are paid in the quarters subsequent to each respective year end.
	-2	During the third quarter of 2014, we recognized a $19.0 million prepaid incentive management fee related to the recognition of deferred revenue. See below for further details.

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2014
Income Taxes
Schedule of (benefit) provision for income taxes
		Year Ended December 31,
		2014			2013			2012
	Current tax (benefit) provision:
	Federal	$	—		$	—		$	(1,025,508	)
	State		—			—			245,517
	Total current tax (benefit) provision		—			—			(779,991	)
	Deferred tax (benefit) provision:
	Federal—net of valuation allowance		—			—			(13,695	)
	State—net of valuation allowance		—			—			(7,872	)
	Total deferred tax (benefit) provision		—			—			(21,567	)
	Total (benefit) provision	$	—		$	—		$	(801,558	)
Schedule of the effective income tax rate as a percentage of pretax income or loss differed from the U.S. federal statutory rate
		Year Ended December 31,
		2014			2013			2012
	U.S. federal statutory rate		35	%		35	%		35	%
	REIT non-taxable income		(36.8	)		(35.7	)		(41.0	)
	State and local income taxes, net of federal tax benefit		(0.5	)		(1.1	)		(1.1	)
	Change in valuation allowance		2.3			1.8			9.8
	Refund		—			—			(6.5	)
	Effective income tax rate		—	%		—	%		(3.8	)%
Summary of significant components of deferred tax assets (liabilities)
		December 31,
		2014			2013
	Deferred tax assets (liabilities):
	Expenses not currently deductible	$	3,541,807		$	1,585,723
	Net operating and capital loss carryforwards		5,279,854			5,534,018
	Interest in equity affiliates—net		(1,079,375	)		(1,489,269	)
	Deferred tax assets		7,742,286			5,630,472
	Valuation allowance		(7,742,286	)		(5,608,905	)
	Net deferred tax asset	$	—		$	21,567

Summary_Quarterly_Consolidated1

Summary Quarterly Consolidated Financial Information - Unaudited (Tables)	12 Months Ended
	Dec. 31, 2014
Summary Quarterly Consolidated Financial Information - Unaudited
Summary of quarterly financial data
			Three Months Ended
			December 31, 2014		September 30, 2014			June 30, 2014			March 31, 2014
	Net interest income		$	12,898,651	$	17,323,926		$	14,269,832		$	14,320,477
	Total other revenue			6,056,465		8,962,195			9,151,570			10,116,484
	Total other expenses			14,859,256		18,819,835			17,958,639			17,011,318
	Income before gain on sale of equity interests, incentive management fee, gain (loss) on sale of real estate, net and income (loss) from equity affiliates			4,095,860		7,466,286			5,462,763			7,425,643
	Gain on sale of equity interests			819,067		77,123,133			7,851,266			—
	Incentive management fee—equity interest—related party			—		(19,047,949	)		—			—
	Gain (loss) on sale of real estate, net			1,803,512		(199,749	)		—			—
	Income (loss) from equity affiliates			219,287		(51,170	)		40,493			40,048
	Net income			6,937,726		65,290,551			13,354,522			7,465,691
	Preferred stock dividends			1,888,430		1,888,430			1,888,465			1,590,930
	Net income attributable to Arbor Realty Trust, Inc. common stockholders		$	5,049,296	$	63,402,121		$	11,466,057		$	5,874,761
	Basic earnings per common share(1):		$	0.1	$	1.26		$	0.23		$	0.12
	Diluted earnings per common share(1):		$	0.1	$	1.26		$	0.23		$	0.12
			Three Months Ended
			December 31, 2013		September 30, 2013			June 30, 2013			March 31, 2013
	Net interest income		$	15,526,603	$	15,097,248		$	13,996,043		$	12,346,578
	Total other revenue			6,018,515		7,287,428			8,837,139			10,274,892
	Total other expenses			16,808,579		18,378,998			18,549,062			19,075,367
	Income before gain on extinguishment of debt and income (loss) from equity affiliates			4,736,539		4,005,678			4,284,120			3,546,103
	Gain on extinguishment of debt			—		1,167,772			—			3,763,000
	Income (loss) from equity affiliates			40,937		(81,723	)		(81,804	)		(81,885	)
	Net income			4,777,476		5,091,727			4,202,316			7,227,218
	Preferred stock dividends			1,410,305		1,410,333			1,152,617			533,328
	Net income attributable to noncontrolling interest			—		16,715			53,833			53,651
	Net income attributable to Arbor Realty Trust, Inc. common stockholders		$	3,367,171	$	3,664,679		$	2,995,866		$	6,640,239
	Basic earnings per common share(1):		$	0.07	$	0.08		$	0.07		$	0.2
	Diluted earnings per common share(1):		$	0.07	$	0.08		$	0.07		$	0.19
	-1	The total for the year may differ from the sum of the quarters as a result of weighting.

Description_of_Business_Detail

Description of Business (Details) (USD $)	12 Months Ended			0 Months Ended	1 Months Ended		4 Months Ended	11 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jul. 01, 2003	Sep. 30, 2013	Mar. 31, 2013	Mar. 31, 2013	Dec. 31, 2014
Description of Business
Number of shares of common stock authorized for issuance	500,000,000	500,000,000						500,000,000
Common stock, par value (in dollars per share)	$0.01	$0.01						$0.01
Number of shares of preferred stock authorized for issuance	100,000,000	100,000,000						100,000,000
Preferred stock, par value (in dollars per share)	$0.01	$0.01						$0.01
Proceeds from issuance of common stock	$6,800,000	$134,176,328	$39,200,000
ACM
Description of Business
Structured finance assets contribution amount for commensurate equity ownership under operating partnership				213,100,000
Borrowings supported by equity contributed for commensurate equity ownership under operating partnership				169,200,000
Equity investment for commensurate equity ownership under operating partnership				43,900,000
Common Stock
Description of Business
Issuance of common stock (in shares)	1,000,000	17,625,000	7,000,000		6,000,000	5,625,000	6,000,000	1,000,000
Proceeds from issuance of common stock					$40,900,000	$43,000,000	$45,600,000	$6,500,000

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)	12 Months Ended
	Dec. 31, 2014
	item
Summary of Significant Accounting Policies
Number of collateralized debt obligation subsidiaries	3
Number of collateralized loan obligation subsidiaries	3
Impaired Loans, Allowance for Loan Losses, Loss on Sale and Restructuring of Loans and Charge-offs
Adjustments made to appraisals	$0
Real Estate Owned and Held-For-Sale
Period following the date of acquisition in which the entity finalizes the purchase price allocation of the real estate properties acquired	1 year

Loans_and_Investments_Details

Loans and Investments (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	item	item
Loans and Investments
Loans and investments, gross	$1,587,429,498	$1,660,195,301
Unearned revenue	-12,466,528	-14,218,237
Allowance for loan losses	-115,487,320	-122,277,411	-161,706,313	-185,381,855
Loans and investments, net	1,459,475,650	1,523,699,653
Percent of Total	100.00%	100.00%
Loan Count	139	144
Wtd. Avg. Pay Rate (as a percent)	5.45%	5.26%
Wtd. Avg. Remaining Months to Maturity	22 months 9 days	23 months 15 days
First Dollar LTV Ratio (as percent)	13.00%	17.00%
Last Dollar LTV Ratio (as percent)	76.00%	77.00%
Number of portfolio segments	1
Higher credit risk
Loans and Investments
Loans and investments, gross	189,400,000	187,500,000
Last Dollar LTV Ratio (as percent)	94.00%	93.00%
Credit risk concentration
Loans and Investments
Loans and investments, gross	1,587,429,498	1,660,195,301
Percent of Total	100.00%	100.00%
First Dollar LTV Ratio (as percent)	13.00%	17.00%
Last Dollar LTV Ratio (as percent)	76.00%	77.00%
Credit risk concentration | Minimum
Loans and Investments
Credit risk individual ratings	1
Credit risk concentration | Maximum
Loans and Investments
Credit risk individual ratings	5
Credit risk concentration | Risk rating, three
Loans and Investments
Credit risk individual ratings	3
Credit risk concentration | Risk rating, four
Loans and Investments
Credit risk individual ratings	4
Credit risk concentration | Risk rating, five
Loans and Investments
Credit risk individual ratings	5
Credit risk concentration | Risk rating, 3.5
Loans and Investments
Credit risk individual ratings	3.5
Credit risk concentration | Risk rating, 4.5
Loans and Investments
Credit risk individual ratings	4.5
Total assets | Credit risk concentration
Loans and Investments
Loan Count	31	28
Number of different borrowers	5	5
Concentration risk, percentage	23.00%	30.00%
Revenue | Customer risk concentration | Chetrit Group L.L.C.
Loans and Investments
Concentration risk, percentage	11.00%
Bridge Loans
Loans and Investments
Loans and investments, gross	1,273,439,238	1,171,783,914
Percent of Total	80.00%	71.00%
Loan Count	101	95
Wtd. Avg. Pay Rate (as a percent)	5.19%	5.11%
Wtd. Avg. Remaining Months to Maturity	19 months 24 days	18 months 15 days
First Dollar LTV Ratio (as percent)	0.00%	0.00%
Last Dollar LTV Ratio (as percent)	74.00%	76.00%
Mezzanine Loans
Loans and Investments
Loans and investments, gross	76,392,650	118,550,172
Percent of Total	5.00%	7.00%
Loan Count	17	27
Wtd. Avg. Pay Rate (as a percent)	9.78%	7.02%
Wtd. Avg. Remaining Months to Maturity	37 months 3 days	58 months 6 days
First Dollar LTV Ratio (as percent)	47.00%	56.00%
Last Dollar LTV Ratio (as percent)	81.00%	83.00%
Junior mortgage loans
Loans and Investments
Loans and investments, gross	104,091,952	248,337,542
Percent of Total	7.00%	15.00%
Loan Count	4	7
Wtd. Avg. Pay Rate (as a percent)	4.62%	4.21%
Wtd. Avg. Remaining Months to Maturity	12 months 9 days	19 months 18 days
First Dollar LTV Ratio (as percent)	86.00%	60.00%
Last Dollar LTV Ratio (as percent)	88.00%	81.00%
Preferred equity investments
Loans and Investments
Loans and investments, gross	$133,505,658	$121,523,673
Percent of Total	8.00%	7.00%
Loan Count	17	15
Wtd. Avg. Pay Rate (as a percent)	6.11%	7.20%
Wtd. Avg. Remaining Months to Maturity	45 months 15 days	45 months 15 days
First Dollar LTV Ratio (as percent)	62.00%	58.00%
Last Dollar LTV Ratio (as percent)	84.00%	79.00%

Loans_and_Investments_Details_

Loans and Investments (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Loans and Investments
Unpaid Principal Balance	1,587,429,498	1,660,195,301
Percentage of Portfolio	100.00%	100.00%
First Dollar LTV Ratio (as percent)	13.00%	17.00%
Last Dollar LTV Ratio (as percent)	76.00%	77.00%
Loans and investments portfolio | New York
Loans and Investments
Concentration risk, percentage	28.00%	36.00%
Loans and investments portfolio | Florida
Loans and Investments
Concentration risk, percentage	14.00%	8.00%
Loans and investments portfolio | Texas
Loans and Investments
Concentration risk, percentage	10.00%	10.00%
Credit risk concentration
Loans and Investments
Unpaid Principal Balance	1,587,429,498	1,660,195,301
Percentage of Portfolio	100.00%	100.00%
First Dollar LTV Ratio (as percent)	13.00%	17.00%
Last Dollar LTV Ratio (as percent)	76.00%	77.00%
Credit risk concentration | Weighted average
Loans and Investments
Wtd. Avg. Internal Risk Rating	3.1	3.3
Credit risk concentration | Multifamily
Loans and Investments
Unpaid Principal Balance	1,157,462,400	1,068,529,815
Percentage of Portfolio	72.90%	64.40%
First Dollar LTV Ratio (as percent)	10.00%	14.00%
Last Dollar LTV Ratio (as percent)	73.00%	75.00%
Credit risk concentration | Multifamily | Weighted average
Loans and Investments
Wtd. Avg. Internal Risk Rating	2.9	3.3
Credit risk concentration | Office
Loans and Investments
Unpaid Principal Balance	230,491,164	358,832,526
Percentage of Portfolio	14.50%	21.60%
First Dollar LTV Ratio (as percent)	29.00%	32.00%
Last Dollar LTV Ratio (as percent)	79.00%	82.00%
Credit risk concentration | Office | Weighted average
Loans and Investments
Wtd. Avg. Internal Risk Rating	3.3	3.2
Credit risk concentration | Land
Loans and Investments
Unpaid Principal Balance	128,367,601	116,751,563
Percentage of Portfolio	8.10%	7.00%
First Dollar LTV Ratio (as percent)	6.00%	3.00%
Last Dollar LTV Ratio (as percent)	88.00%	88.00%
Credit risk concentration | Land | Weighted average
Loans and Investments
Wtd. Avg. Internal Risk Rating	3.9	4
Credit risk concentration | Hotel
Loans and Investments
Unpaid Principal Balance	66,250,000	69,181,252
Percentage of Portfolio	4.20%	4.20%
First Dollar LTV Ratio (as percent)	32.00%	26.00%
Last Dollar LTV Ratio (as percent)	83.00%	84.00%
Credit risk concentration | Hotel | Weighted average
Loans and Investments
Wtd. Avg. Internal Risk Rating	3.5	3.8
Credit risk concentration | Commercial
Loans and Investments
Unpaid Principal Balance	1,700,000	24,900,145
Percentage of Portfolio	0.10%	1.50%
First Dollar LTV Ratio (as percent)	63.00%	3.00%
Last Dollar LTV Ratio (as percent)	67.00%	49.00%
Credit risk concentration | Commercial | Weighted average
Loans and Investments
Wtd. Avg. Internal Risk Rating	3.5	3
Credit risk concentration | Condo
Loans and Investments
Unpaid Principal Balance		15,250,000
Percentage of Portfolio		0.90%
First Dollar LTV Ratio (as percent)		41.00%
Last Dollar LTV Ratio (as percent)		65.00%
Credit risk concentration | Condo | Weighted average
Loans and Investments
Wtd. Avg. Internal Risk Rating		3.7
Credit risk concentration | Retail
Loans and Investments
Unpaid Principal Balance	3,158,333	6,750,000
Percentage of Portfolio	0.20%	0.40%
First Dollar LTV Ratio (as percent)	72.00%	0.00%
Last Dollar LTV Ratio (as percent)	80.00%	63.00%
Credit risk concentration | Retail | Weighted average
Loans and Investments
Wtd. Avg. Internal Risk Rating	2.5	2.5

Loans_and_Investments_Details_1

Loans and Investments (Details 3) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	item	item	item
Loans and Investments
Number of impaired loans	4	5	8
Carrying value of impaired loan	$151,900,000	$31,500,000	$94,600,000
Impaired loans, provision for loan losses	9,026,712	6,500,000	23,828,224
Loans and Investments
Net recoveries of previously recorded loan loss reserves	9,300,000	2,200,000	900,000
Loans with previous reserves	3,800,000	1,000,000	18,900,000
Loans without previous reserves	5,200,000	5,500,000	4,900,000
Provision for loan losses (net of recoveries)	-308,511	4,287,652	22,946,396
Number of impaired loans	10	15	20
Charge-offs to previously recorded reserves	6,501,079	43,713,459	46,585,800
Proceeds from Payoffs and Paydowns of Loans and Investments	-987,700,535	-378,738,674	-185,675,195
Aggregate carrying value of impaired loans before reserves	221,602,399	207,471,246	240,200,000
Number of loans for which no provision for loan loss made	0	0	0
Changes in allowance for loan losses
Allowance at beginning of the period	122,277,411	161,706,313	185,381,855
Provision for loan losses	9,026,712	6,500,000	23,828,224
Charge-offs	-6,501,079	-24,713,459	-46,585,800
Charge-off on loan converted to other assets		-19,000,000
Recoveries of reserves	-9,315,724	-2,215,443	-917,966
Allowance at end of the period	115,487,320	122,277,411	161,706,313
Mezzanine loan and bridge loan
Loans and Investments
Charge-offs to previously recorded reserves	6,500,000
Aggregate carrying value of impaired loans before reserves	11,900,000
Write-off of several loans
Loans and Investments
Charge-offs to previously recorded reserves		23,200,000	42,800,000
Aggregate carrying value of impaired loans before reserves		23,200,000	43,400,000
Transfer of land held as collateral
Loans and Investments
Charge-offs to previously recorded reserves		19,000,000
Fair value		6,000,000
Aggregate carrying value of impaired loans before reserves		25,000,000
Bridge Loans
Loans and Investments
Charge-offs to previously recorded reserves		1,500,000
Proceeds from sale of loan		4,400,000
Aggregate carrying value of impaired loans before reserves		5,900,000
Bridge Loans | St. John's Development
Loans and Investments
Area of pledged usable land (in acres)		20.5
Area of pledged submerged land (in acres)		2.3
Pledged land, number of dwellings per acre		60
Bridge loan and a preferred equity loan
Loans and Investments
Charge-offs to previously recorded reserves			3,800,000
Proceeds from Payoffs and Paydowns of Loans and Investments			1,600,000
Aggregate carrying value of impaired loans before reserves			5,500,000
Number of loans written off			2
Seven loans collateralized by a land development project | Maturity date of September 2014
Loans and Investments
Number of loans with unpaid principal balance	6
Unpaid principal balance on loans	117,000,000
Changes in allowance for loan losses
Allowance at end of the period	46,500,000
Four loans collateralized by a land development project | Maturity date of September 2014
Loans and Investments
Number of loans with unpaid principal balance	4
Unpaid principal balance on loans	$101,900,000
Weighted average accrual rate of interest (as a percent)	9.60%

Loans_and_Investments_Details_2

Loans and Investments (Details 4) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	item	item	item
Loans and Investments
Charge-offs	($6,501,079)	($43,713,459)	($46,585,800)
Recoveries	-9,315,724	-2,215,443	-917,966
Net Recoveries (Charge-offs)	2,814,645	-41,498,016	-45,667,834
Ratio of net charge-offs during the period to average loans and investments outstanding during the period	0.20%	-2.60%	-3.00%
Unpaid Principal Balance	231,886,876	217,908,305
Carrying value	221,602,399	207,471,246	240,200,000
Allowance for Loan losses	115,487,320	122,277,411
Average Recorded Investment	224,897,591	227,388,042
Interest Income Recognized	3,216,038	4,152,434
Number of impaired loans	10	15	20
Multifamily
Loans and Investments
Charge-offs	-6,501,079	-4,789,815	-10,773,141
Recoveries	-7,815,724	-1,510,949	-121,898
Unpaid Principal Balance	39,239,894	65,735,773
Carrying value	39,232,710	65,186,623
Allowance for Loan losses	36,469,894	50,786,697
Average Recorded Investment	52,487,834	62,602,118
Interest Income Recognized	763,208	2,566,914
Office
Loans and Investments
Charge-offs		-6,252,129	-5,812,659
Recoveries	-1,500,000	-704,494	-796,068
Unpaid Principal Balance	36,086,582	36,086,582
Carrying value	30,498,273	29,474,065
Allowance for Loan losses	23,972,444	23,972,444
Average Recorded Investment	36,086,582	37,224,695
Interest Income Recognized	1,788,152	1,585,520
Land
Loans and Investments
Charge-offs		-19,000,000
Unpaid Principal Balance	121,810,400	116,085,950
Carrying value	117,621,457	112,810,558
Allowance for Loan losses	51,344,982	47,518,270
Average Recorded Investment	118,948,175	127,561,228
Hotel
Loans and Investments
Charge-offs		-3,671,515	-30,000,000
Unpaid Principal Balance	34,750,000
Carrying value	34,249,959
Allowance for Loan losses	3,700,000
Average Recorded Investment	17,375,000
Interest Income Recognized	664,678
Condo
Loans and Investments
Charge-offs		($10,000,000)

Loans_and_Investments_Details_3

Loans and Investments (Details 5) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
	item	item
Non-performing loans by asset class
Number of loans	139	144
Carrying value of loans before loan loss reserves	$1,587,429,498	$1,660,195,301
Non-performing loans
Non-performing loans by asset class
Number of loans	3	5
Carrying value of loans before loan loss reserves	7,000,000	10,700,000
Loan loss reserves	34,000,000	39,600,000
Number of loans classified as non-performing which have loan loss reserve	2
Number of loans classified as non-performing which did not have loan loss reserve		1
Carrying value of loans classified as non-performing which did not have loan loss reserve		600,000
Carrying Value	41,043,556	50,332,383
Less Than 90 Days Past Due	765,799	32,000,000
Greater Than 90 Days Past Due	40,277,757	18,332,383
Multifamily | Non-performing loans
Non-performing loans by asset class
Carrying Value	32,765,799	42,054,539
Less Than 90 Days Past Due	765,799	32,000,000
Greater Than 90 Days Past Due	32,000,000	10,054,539
Office | Non-performing loans
Non-performing loans by asset class
Carrying Value	8,277,757	8,277,844
Greater Than 90 Days Past Due	$8,277,757	$8,277,844

Loans_and_Investments_Details_4

Loans and Investments (Details 6) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
	item	item
Troubled debt restructurings by asset class
Number of loans that were refinanced and/or modified	1	4
Amount of loans that were refinanced and/or modified	$35,000,000	$52,500,000
Number of loans considered to be troubled debt restructurings		2
Original Unpaid Principal Balance		14,592,666
Original Weighted Average Rate of Interest (as a percent)		7.27%
Modified Unpaid Principal Balance		14,592,666
Modified Weighted Average Rate of Interest (as a percent)		7.27%
Unfunded commitments on modified loans classified as troubled debt restructurings	0	0
Number of loans considered to be troubled debt restructurings that subsequently considered non-performing	0	0
Number of additional loans considered to be troubled debt restructurings	0	0
Hotel
Troubled debt restructurings by asset class
Number of loans considered to be troubled debt restructurings	1
Original Unpaid Principal Balance	35,000,000
Original Weighted Average Rate of Interest (as a percent)	1.95%
Modified Unpaid Principal Balance	34,750,000
Modified Weighted Average Rate of Interest (as a percent)	2.95%
Multifamily
Troubled debt restructurings by asset class
Number of loans considered to be troubled debt restructurings		1
Original Unpaid Principal Balance		6,192,666
Original Weighted Average Rate of Interest (as a percent)		5.96%
Modified Unpaid Principal Balance		6,192,666
Modified Weighted Average Rate of Interest (as a percent)		5.96%
Office
Troubled debt restructurings by asset class
Number of loans considered to be troubled debt restructurings		1
Original Unpaid Principal Balance		8,400,000
Original Weighted Average Rate of Interest (as a percent)		8.24%
Modified Unpaid Principal Balance		$8,400,000
Modified Weighted Average Rate of Interest (as a percent)		8.24%

Loans_and_Investments_Details_5

Loans and Investments (Details 7) (USD $)	Dec. 31, 2014
In Millions, unless otherwise specified	item
Loans and Investments
Total interest reserves	$14.10
Number of loans	55
Aggregate unpaid principal balance	$734

Securities_Details

Securities (Details) (USD $)	12 Months Ended			3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2014	Dec. 31, 2010
				item
Available-for-sale securities
Face Value	$2,100,000	$41,113,690
Amortized Cost	2,158,789	36,208,099
Cumulative Unrealized Gain	340,920	1,113,851
Cumulative Unrealized Loss		-6,298
Carrying Value / Estimated Fair Value	2,499,709	37,315,652
Principal paydowns of loan sold	-987,700,535	-378,738,674	-185,675,195
Proceeds from sale of securities	33,904,172	2,100,000
Gain on sale of securities	518,640	1,100,000
Weighted average yield (as a percent)	1.80%	4.29%
Residential mortgage-backed security (RMBS)
Available-for-sale securities
Face Value		39,013,690
Amortized Cost		34,049,310
Cumulative Unrealized Gain		437,774
Cumulative Unrealized Loss		-6,298
Carrying Value / Estimated Fair Value		34,480,786
Number of investments acquired with deteriorated credit quality had accretable yields				2
Aggregate carrying value of investment with deteriorated credit quality				25,800,000
Proceeds from sale of securities				25,900,000
CDO bond and CMBS investments
Available-for-sale securities
Amortized Cost	2,100,000	36,149,310
Number of securities	1	11
Percent of Total	100.00%	100.00%
CDO bond and CMBS investments | AA+
Available-for-sale securities
Amortized Cost		93,715
Number of securities		1
CDO bond and CMBS investments | CCC
Available-for-sale securities
Amortized Cost		18,417,402
Number of securities		1
Percent of Total		51.00%
CDO bond and CMBS investments | CCC-
Available-for-sale securities
Amortized Cost	2,100,000	2,100,000
Number of securities	1	2
Percent of Total	100.00%	6.00%
CDO bond and CMBS investments | NR
Available-for-sale securities
Amortized Cost		15,538,193
Number of securities		7
Percent of Total		43.00%
Commercial mortgage-backed security (CMBS)
Available-for-sale securities
Face Value	2,100,000	2,100,000
Amortized Cost	2,100,000	2,100,000
Cumulative Unrealized Gain	-100,000
Carrying Value / Estimated Fair Value	2,000,000	2,100,000
Common Stock
Available-for-sale securities
Amortized Cost	58,789	58,789
Cumulative Unrealized Gain	440,920	676,077
Carrying Value / Estimated Fair Value	499,709	734,866
Available-for-sale Securities
Available-for-sale securities
Impairment charges	0	0	0
Available-for-sale Securities | Realty Finance Corporation
Available-for-sale securities
Carrying Value / Estimated Fair Value	500,000	700,000
Number of shares of common stock purchased	2,939,465
Available-for-sale Securities | Residential mortgage-backed security (RMBS)
Available-for-sale securities
Amortized Cost		34,000,000
Cumulative Unrealized Gain		400,000		-400,000
Carrying Value / Estimated Fair Value		34,400,000		33,400,000
Proceeds from sale of securities				33,900,000
Gain on sale of securities				500,000
Number of securities				2
Investments financed with a repurchase agreement with a financial institution				25,300,000
Available-for-sale Securities | Commercial mortgage-backed security (CMBS)
Available-for-sale securities
Carrying Value / Estimated Fair Value	$2,000,000	$2,100,000			$2,100,000
Interest spread (as a percent)	0.89%	0.89%
Base rate	LIBOR	LIBOR
Stated maturity period (in years)	6 years	6 years
Estimated remaining life (in years)	1 year	1 year

Investments_in_Equity_Affiliat2

Investments in Equity Affiliates (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	31-May-14
Investment in Equity Affiliates
Investment in Equity Affiliates	$4,869,066	$4,680,306
Unpaid Principal Balance of Loans to Equity Affiliates	119,421,666
Lightstone Value Plus REIT L.P
Investment in Equity Affiliates
Investment in Equity Affiliates	1,894,727	1,894,727
West Shore Cafe
Investment in Equity Affiliates
Investment in Equity Affiliates	1,872,661	1,690,280
Unpaid Principal Balance of Loans to Equity Affiliates	1,687,500
Issuers of Junior Subordinated Notes
Investment in Equity Affiliates
Investment in Equity Affiliates	578,000	578,000
JT Prime
Investment in Equity Affiliates
Investment in Equity Affiliates	425,000	425,000
East River
Investment in Equity Affiliates
Investment in Equity Affiliates	98,578
Unpaid Principal Balance of Loans to Equity Affiliates	4,994,166
Lexford Portfolio
Investment in Equity Affiliates
Investment in Equity Affiliates	100	100
Unpaid Principal Balance of Loans to Equity Affiliates	112,740,000
930 Flushing & 80 Evergreen
Investment in Equity Affiliates
Investment in Equity Affiliates		$92,199	$0

Investments_in_Equity_Affiliat3

Investments in Equity Affiliates (Details 2) (USD $)	3 Months Ended								12 Months Ended			1 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2013	Aug. 31, 2014	Jul. 31, 2014	31-May-14	Aug. 31, 2013	Dec. 31, 2007
									item	item			item		item
Investment in Equity Affiliates
Unpaid Principal Balance of Loans to Equity Affiliates	$119,421,666								$119,421,666
Income (loss) from equity affiliates	219,287	-51,170	40,493	40,048	40,937	-81,723	-81,804	-81,885	248,658	-204,475	-697,856
Investments in equity affiliates	4,869,066				4,680,306				4,869,066	4,680,306
Secured debt	331,395,126				639,622,981				331,395,126	639,622,981
Loans to Equity Affiliates	119,421,666								119,421,666
Number of loans									139	144
Loans and investments, gross	1,587,429,498				1,660,195,301				1,587,429,498	1,660,195,301
Deferred revenue					77,123,133					77,123,133
Interest expense									33,033,000	36,061,000	36,315,000
Bridge Loans
Investment in Equity Affiliates
Number of loans									101	95
Loans and investments, gross	1,273,439,238				1,171,783,914				1,273,439,238	1,171,783,914
Preferred equity investments
Investment in Equity Affiliates
Number of loans									17	15
Loans and investments, gross	133,505,658				121,523,673				133,505,658	121,523,673
Mezzanine Loans
Investment in Equity Affiliates
Number of loans									17	27
Loans and investments, gross	76,392,650				118,550,172				76,392,650	118,550,172
Lightstone Value Plus REIT L.P
Investment in Equity Affiliates
Equity Investment	1,900,000								1,900,000
Investments in equity affiliates	1,894,727				1,894,727				1,894,727	1,894,727
Proceeds from equity affiliates												2,000,000
Lightstone Value Plus REIT L.P | Investment through consolidated entity
Investment in Equity Affiliates
Equity Investment																56,000,000
Ownership percentage																66.70%
Secured debt																50,200,000
Proceeds from equity affiliates										1,800,000	2,700,000
Preferred return on investment (as a percent)					4.63%					4.63%
Interest rate (as a percent)					4.00%					4.00%
Interest expense										1,300,000	2,000,000
JT Prime
Investment in Equity Affiliates
Equity Investment	400,000								400,000
Investments in equity affiliates	425,000				425,000				425,000	425,000
Proceeds from equity affiliates												400,000
Noncontrolling interest in equity method investment (as a percent)												50.00%
West Shore Cafe
Investment in Equity Affiliates
Unpaid Principal Balance of Loans to Equity Affiliates	1,687,500								1,687,500
Investments in equity affiliates	1,872,661				1,690,280				1,872,661	1,690,280
Noncontrolling interest in equity method investment (as a percent)									50.00%
Loans to Equity Affiliates	1,687,500								1,687,500
West Shore Cafe | First mortgage
Investment in Equity Affiliates
Unpaid Principal Balance of Loans to Equity Affiliates			1,700,000
Loans to Equity Affiliates			1,700,000
Variable interest rate, description									LIBOR
Variable rate, spread (as a percent)									4.00%
Issuers of Junior Subordinated Notes
Investment in Equity Affiliates
Equity Investment	600,000				600,000				600,000	600,000
Equity investment made									600,000
Ownership percentage	100.00%								100.00%
Investments in equity affiliates	578,000				578,000				578,000	578,000
Issuers of Junior Subordinated Notes | Affiliate entities
Investment in Equity Affiliates
Variable interest rate, description									three-month LIBOR
Number of affiliate entities formed									2
East River
Investment in Equity Affiliates
Equity investment made													100,000
Ownership percentage													5.00%
Number of properties owned													2
Unpaid Principal Balance of Loans to Equity Affiliates	4,994,166								4,994,166
Investments in equity affiliates	98,578								98,578
Loans to Equity Affiliates	4,994,166								4,994,166
East River | Mr. Ivan Kaufman
Investment in Equity Affiliates
Percentage of ownership interest of related party in the entity													95.00%
East River | Bridge Loans
Investment in Equity Affiliates
Number of loans													2
Loans and investments, gross													5,000,000
Variable interest rate, description													one-month LIBOR
Variable rate, spread (as a percent)													5.50%
Lexford Portfolio
Investment in Equity Affiliates
Unpaid Principal Balance of Loans to Equity Affiliates	112,740,000								112,740,000
Investments in equity affiliates	100				100				100	100
Loans to Equity Affiliates	112,740,000								112,740,000
Lexford Portfolio | Preferred equity investments
Investment in Equity Affiliates
Equity investment made										100,000
Noncontrolling interest										44,000
Interest held in the additional investment made										10,500,000
Additional investment made by the company along with a consortium of independent outside investors										25,000,000
930 Flushing & 80 Evergreen
Investment in Equity Affiliates
Ownership percentage															12.50%
Number of properties owned															2
Proceeds from sale of properties															7,900,000
Income (loss) from equity affiliates															7,900,000
Debt repaid														22,900,000
Investments in equity affiliates					92,199					92,199					0
930 Flushing & 80 Evergreen | Bridge Loans
Investment in Equity Affiliates
Unpaid Principal Balance of Loans to Equity Affiliates															22,400,000
Loans to Equity Affiliates															22,400,000
930 Flushing & 80 Evergreen | Mezzanine Loans
Investment in Equity Affiliates
Unpaid Principal Balance of Loans to Equity Affiliates															500,000
Loans to Equity Affiliates															500,000
450 West 33rd Street
Investment in Equity Affiliates
Additional investment made by the company along with a consortium of independent outside investors		300,000
Ownership interest retained	1.44%								1.44%
Property air rights retained	50.00%								50.00%
Ownership percentage	29.00%								29.00%
Proceeds from sale of properties	1,100,000
Income (loss) from equity affiliates	800,000
Deferred revenue																	77,100,000
Amount of new debt guaranteed																	76,300,000
Deferred gain														77,100,000
Prepaid incentive fees														19,000,000
Net gain resulting from the recognition of the deferred gain as well as a prepaid incentive fee														58,100,000
Ritz-Carlton Club
Investment in Equity Affiliates
Equity Investment											0
Income (loss) from equity affiliates											($800,000)
Noncontrolling interest in equity method investment (as a percent)									19.09%
Preferred return on investment (as a percent)	10.00%								10.00%

Investments_in_Equity_Affiliat4

Investments in Equity Affiliates (Detail 3) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Assets:
Cash and cash equivalents	$22,552,000	$13,101,000
Real estate assets	639,813,000	697,484,000
Other assets	19,169,000	19,618,000
Total assets	681,534,000	730,203,000
Liabilities:
Notes payable	691,488,000	734,693,000
Other liabilities	22,653,000	19,607,000
Total liabilities	714,141,000	754,300,000
Stockholders' equity Arbor	4,291,000	4,102,000
Stockholders' (deficit) equity	-36,898,000	-28,199,000
Total stockholders' (deficit) equity	-32,607,000	-24,097,000
Total liabilities and deficit	681,534,000	730,203,000
Investment in Equity Affiliates
Investment in Equity Affiliates	4,869,066	4,680,306
Issuers of Junior Subordinated Notes
Investment in Equity Affiliates
Equity Investment	600,000	600,000
Investment in Equity Affiliates	$578,000	$578,000

Investments_in_Equity_Affiliat5

Investments in Equity Affiliates (Details 4) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenue:
Rental income	$89,192	$85,551	$80,472
Interest income	259	478	813
Operating income	4,168	5,709	8,619
Reimbursement income	6,501	6,653	5,427
Other income	7,993	6,686	6,436
Total revenues	108,113	105,077	101,767
Expenses:
Operating expenses	59,266	58,265	60,257
Interest expense	33,033	36,061	36,315
Depreciation and amortization	26,793	23,345	22,283
Other expenses	621	493	27
Total expenses	119,713	118,164	118,882
Net loss	-11,600	-13,087	-17,115
Arbor's Share of income	$249	($204)	($698)

Real_Estate_Owned_and_HeldForS2

Real Estate Owned and Held-For-Sale (Details) (USD $)	12 Months Ended			1 Months Ended	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jul. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014	Sep. 30, 2014	Mar. 31, 2015
							item	item
Real Estate owned
Real estate owned, net	$84,925,641	$111,718,177					$84,925,641
Impairment loss on real estate owned	250,000	1,000,000
First lien mortgage - real estate owned	21,865,136	42,745,650					21,865,136
Restricted cash due to escrow requirement	218,100,529	54,962,316					218,100,529
Real Estate Held-For-Sale
Mortgage notes payable-held-for-sale	9,119,221	11,005,354					9,119,221
Gain on sale of real estate held-for-sale	1,603,763		3,953,455
Real Estate owned
Real Estate owned
Less: accumulated depreciation and amortization	-20,075,614	-18,306,128					-20,075,614
Real estate owned, net	84,925,641	111,718,177					84,925,641
Restricted cash due to escrow requirement	1,700,000	900,000					1,700,000
Real Estate owned | Multifamily
Real Estate owned
Less: accumulated depreciation and amortization	-7,414,267	-8,598,915					-7,414,267
Real estate owned, net	29,374,446	48,899,094			11,400,000		29,374,446
Number of properties	3	6					3
Proceeds from sale of properties				3,100,000
Gain on sale of property				-200,000
Reduction of mortgage note payable				3,400,000
Impairment loss on real estate owned						300,000
First lien mortgage - real estate owned	21,900,000	42,700,000					21,900,000
Depreciation in connection with reclassification of property from real estate held-for-sale to real estate owned, net					300,000
Weighted average occupancy rate of properties (as a percent)	90.00%	85.00%	85.00%				90.00%
Real Estate owned | Hotel
Real Estate owned
Less: accumulated depreciation and amortization	-12,661,347	-9,707,213					-12,661,347
Real estate owned, net	55,551,195	62,819,083					55,551,195
Number of properties	4	5					4
Weighted average occupancy rate of properties (as a percent)	51.00%	48.00%	48.00%				51.00%
Amount of weighted average daily rate of properties	76	79	86
Amount of weighted average daily revenue of properties	39	38	41
Real Estate owned | Land
Real Estate owned
Real estate owned, gross	14,932,495	22,276,230					14,932,495
Real Estate owned | Land | Multifamily
Real Estate owned
Real estate owned, gross	5,538,844	11,382,579					5,538,844
Real Estate owned | Land | Hotel
Real Estate owned
Real estate owned, gross	9,393,651	10,893,651					9,393,651
Real Estate owned | Building and intangible assets
Real Estate owned
Real estate owned, gross	90,068,760	107,748,075					90,068,760
Real Estate owned | Building and intangible assets | Multifamily
Real Estate owned
Real estate owned, gross	31,249,869	46,115,430					31,249,869
Real Estate owned | Building and intangible assets | Hotel
Real Estate owned
Real estate owned, gross	58,818,891	61,632,645					58,818,891
Real Estate held for sale
Real Estate Held-For-Sale
Gain on sale of real estate held-for-sale			3,500,000
Real Estate held for sale | Multifamily
Real Estate owned
Number of properties sold							2
Gain on sale of property							1,800,000
Real Estate Held-For-Sale
Number of properties reclassified as real estate held-for-sale								3
Carrying value of real estate properties classified as held-for-sale	16,500,000						16,500,000	26,400,000
Real Estate held for sale | Hotel
Real Estate owned
Number of properties sold			1
Real Estate Held-For-Sale
Carrying value of real estate properties classified as held-for-sale	5,000,000						5,000,000
Gain on sale of real estate held-for-sale			500,000
Gain on reversal of accrued liabilities			1,200,000
Real Estate held for sale | Multifamily and Hotel | Subsequent event
Real Estate owned
Gain on sale of property									4,100,000
Real Estate Held-For-Sale
Carrying value of real estate properties classified as held-for-sale									18,800,000
First mortgage | Multifamily
Real Estate owned
First lien mortgage - real estate owned					11,000,000
Real Estate Held-For-Sale
Carrying value of real estate properties classified as held-for-sale								$23,800,000

Real_Estate_Owned_and_HeldForS3

Real Estate Owned and Held-For-Sale (Detail 2) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Expenses:
Depreciation	$7,371,737	$7,250,601	$5,794,013
Expenses:
Net loss			5,328,038
Real Estate held for sale
Revenue:
Property operating income	7,530,400	7,292,340	6,717,530
Expenses:
Property operating expense	6,053,586	6,256,997	6,014,230
Depreciation	1,604,030	1,683,253	1,418,355
Net (Loss) income	($127,216)	($647,910)	($715,055)

Debt_Obligations_Details

Debt Obligations (Details) (USD $)	1 Months Ended				12 Months Ended		1 Months Ended							3 Months Ended	1 Months Ended
	Aug. 31, 2014	Apr. 30, 2014	Mar. 31, 2014	Jul. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Feb. 28, 2013	Jun. 30, 2013	Feb. 28, 2014	Dec. 31, 2013	31-May-13	Jan. 31, 2013	31-May-12	Mar. 31, 2014	Jan. 31, 2015
Debt Obligations
Debt Carrying Value, Total credit facilities and repurchase agreements					$180,386,200	$159,125,023				$159,125,023
Collateral Cash, Restricted Cash					218,100,529	54,962,316				54,962,316
Credit facilities and repurchase agreements
Debt Obligations
Debt Carrying Value, Total credit facilities and repurchase agreements					180,386,200	159,125,023				159,125,023
Collateral Carrying Value, Total credit facilities and repurchase agreements					232,015,236	203,760,597				203,760,597
Weighted Average Note Rate (as a percent)					2.84%	3.16%				3.16%
Weighted average note rate including certain fees and costs (as a percent)					3.06%	3.57%				3.57%
Number of interest rate swaps					0
$100 million warehousing credit facility
Debt Obligations
Debt Carrying Value, Total credit facilities and repurchase agreements					92,520,637	33,300,540				33,300,540
Collateral Carrying Value, Total credit facilities and repurchase agreements					128,593,000	45,705,813				45,705,813
Weighted Average Note Rate (as a percent)					2.45%	2.46%				2.46%
Maturity period (in years)				2 years
Committed line			110,000,000	50,000,000		75,000,000				75,000,000				110,000,000
Variable rate, spread (as a percent)				2.75%		2.25%
Variable interest rate, description				LIBOR		LIBOR
Payment of debt		10,000,000
Commitment fee (as a percent)	0.35%		0.13%
Period by which loans become past due requiring full payment of an advance (in days)					60 days
Collateral Cash, Restricted Cash					50,000,000
$100 million warehousing credit facility | Minimum
Debt Obligations
Liquidity requirement					20,000,000
Tangible net worth including junior subordinated notes as equity					150,000,000
$100 million warehousing credit facility | Maximum
Debt Obligations
Advance rate (as a percent)					75.00%
Total liabilities less subordinated debt					2,000,000,000
$75 million warehousing credit facility
Debt Obligations
Debt Carrying Value, Total credit facilities and repurchase agreements					42,975,000	30,838,180				30,838,180
Collateral Carrying Value, Total credit facilities and repurchase agreements					58,000,000	46,774,000				46,774,000
Weighted Average Note Rate (as a percent)					2.45%	2.70%				2.70%
Maturity period (in years)							1 year
Committed line		75,000,000					50,000,000
Variable rate, spread (as a percent)		2.25%					2.50%
Variable interest rate, description		LIBOR					LIBOR
Commitment fee (as a percent)		0.35%					0.13%
Period by which loans become past due requiring full payment of an advance (in days)					90 days
$75 million warehousing credit facility | Minimum
Debt Obligations
Liquidity requirement					20,000,000
Tangible net worth including junior subordinated notes as equity					150,000,000
$75 million warehousing credit facility | Maximum
Debt Obligations
Advance rate (as a percent)					75.00%
Total liabilities less subordinated debt					2,000,000,000
Warehousing period					24 months
$60 million warehousing credit facility
Debt Obligations
Debt Carrying Value, Total credit facilities and repurchase agreements					29,890,563	15,063,750				15,063,750
Collateral Carrying Value, Total credit facilities and repurchase agreements					45,422,236	21,800,000				21,800,000
Weighted Average Note Rate (as a percent)					2.20%	2.20%				2.20%
Maturity period (in years)								1 year
Committed line		60,000,000						40,000,000	45,000,000
Amount of the facility used to finance retail and office properties								10,000,000
Variable rate, spread (as a percent)		2.00%
Variable interest rate, description		LIBOR
Period by which loans become past due requiring full payment of an advance (in days)					60 days
$60 million warehousing credit facility | Minimum
Debt Obligations
Advance rate (as a percent)					70.00%
Liquidity requirement					20,000,000
Tangible net worth including junior subordinated notes as equity					150,000,000
$60 million warehousing credit facility | Maximum
Debt Obligations
Advance rate (as a percent)					75.00%
Warehousing period					24 months
$33 million warehousing credit facility
Debt Obligations
Debt Carrying Value, Total credit facilities and repurchase agreements						33,000,000				33,000,000
Collateral Carrying Value, Total credit facilities and repurchase agreements						55,000,000				55,000,000
Weighted Average Note Rate (as a percent)						2.45%				2.45%
Committed line						33,000,000				33,000,000
Variable rate, spread (as a percent)									2.50%	2.25%
Variable interest rate, description									LIBOR	LIBOR
Extension of maturity date (in years)					1 year
$33 million warehousing credit facility | Maximum
Debt Obligations
Commitment fee (as a percent)									0.45%
Revolving credit facility
Debt Obligations
Debt Carrying Value, Total credit facilities and repurchase agreements						20,000,000				20,000,000
Weighted Average Note Rate (as a percent)						8.50%				8.50%
Maturity period (in years)													1 year
Committed line												20,000,000	15,000,000
Commitment fee (as a percent)												1.00%	1.00%
Non-use fee (as a percent)												1.00%	1.00%
Fixed interest rate (as a percent)												8.50%	8.00%
Extension of maturity date (in years)											1 year
Extension fee (as a percent)											1.00%
Threshold for non-use fee											5,000,000
Revolving credit facility | First 5.0 million
Debt Obligations
Non-use fee (as a percent)											8.50%
Revolving credit facility | Excess of 5.0 million
Debt Obligations
Non-use fee (as a percent)											1.00%
$15 million term credit facility
Debt Obligations
Debt Carrying Value, Total credit facilities and repurchase agreements					15,000,000
Weighted Average Note Rate (as a percent)					7.50%
Committed line	15,000,000
Commitment fee (as a percent)	0.00%
Non-use fee (as a percent)	0.00%
Fixed interest rate (as a percent)	7.50%
Repurchase agreement, one
Debt Obligations
Debt Carrying Value, Total credit facilities and repurchase agreements						12,497,000				12,497,000
Collateral Carrying Value, Total credit facilities and repurchase agreements						15,536,049				15,536,049
Weighted Average Note Rate (as a percent)						1.75%				1.75%
Repurchase agreement, one | Residential mortgage-backed security (RMBS)
Debt Obligations
Variable interest rate, description														LIBOR
Payment of debt														12,500,000
Repurchase agreement, one | Residential mortgage-backed security (RMBS) | Minimum
Debt Obligations
Variable rate, spread (as a percent)														1.25%
Repurchase agreement, one | Residential mortgage-backed security (RMBS) | Maximum
Debt Obligations
Variable rate, spread (as a percent)														2.00%
Repurchase agreement, two
Debt Obligations
Debt Carrying Value, Total credit facilities and repurchase agreements						14,425,553				14,425,553
Collateral Carrying Value, Total credit facilities and repurchase agreements						18,944,735				18,944,735
Weighted Average Note Rate (as a percent)						2.00%				2.00%
Repurchase agreement, two | Residential mortgage-backed security (RMBS)
Debt Obligations
Variable interest rate, description														LIBOR
Payment of debt														14,400,000
Repurchase agreement, two | Residential mortgage-backed security (RMBS) | Minimum
Debt Obligations
Variable rate, spread (as a percent)														1.80%
Repurchase agreement, two | Residential mortgage-backed security (RMBS) | Maximum
Debt Obligations
Variable rate, spread (as a percent)														1.85%
$150 million warehouse repurchase facility | Subsequent event
Debt Obligations
Maturity period (in years)															2 years
Committed line															$150,000,000
Extension of maturity date (in years)															1 year
Structuring fees (as a percent)															50.00%
$150 million warehouse repurchase facility | Senior mortgage loans | Subsequent event
Debt Obligations
Variable rate, spread (as a percent)															2.13%
Variable interest rate, description															LIBOR
$150 million warehouse repurchase facility | Junior mortgage loans | Subsequent event
Debt Obligations
Variable rate, spread (as a percent)															3.50%
Variable interest rate, description															LIBOR

Debt_Obligations_Details_2

Debt Obligations (Details 2) (USD $)	12 Months Ended	0 Months Ended	12 Months Ended	0 Months Ended
	Dec. 31, 2014	Jan. 19, 2005	Dec. 31, 2013	Jan. 11, 2006	Dec. 14, 2006	Dec. 31, 2010
	item	item		item	item
Debt Obligations
Debt, Carrying Value	$331,395,126		$639,622,981
Collateral Cash, Restricted Cash	218,100,529		54,962,316
Collateralized debt obligations
Debt Obligations
Debt, Face Value	312,071,055		619,553,858			42,800,000
Debt, Carrying Value	331,395,126		639,622,981
Collateral Loans, Unpaid Principal	618,184,291		1,042,692,660
Collateral Loans, Carrying Value	489,742,125		915,290,998
Collateral Cash, Restricted Cash	139,416,831		25,407,559
Collateral-At-Risk	433,880,132		607,184,618
Number of investment grade tranches issued	23
Weighted average note rate (as a percent)	3.13%		2.18%
Weighted average note rate excluding the swap effect (as a percent)	1.07%		0.83%
Weighted average note rate including certain fees and costs (as a percent)	5.26%		3.26%
CDO I debt
Debt Obligations
Debt, Face Value	69,972,159	305,000,000	126,753,077
Debt, Carrying Value	75,402,789		132,399,560
Collateral Loans, Unpaid Principal	222,903,486		284,758,473
Collateral Loans, Carrying Value	174,460,160		237,194,618
Collateral Cash, Restricted Cash	5,232,226		79,986
Collateral-At-Risk	180,691,292		179,466,954
Number of investment grade tranches issued		4
Variable interest rate, description		three-month LIBOR
Variable rate, spread (as a percent)		0.77%
Issuance costs		7,200,000
Weighted average note rate (as a percent)	3.23%		3.12%
Assets serving as collateral		469,000,000
Proceeds received from loan repayments held as collateral	56,800,000		7,200,000
CDO II debt
Debt Obligations
Debt, Face Value	97,906,092		196,046,587	356,000,000
Debt, Carrying Value	103,484,624		201,847,417
Collateral Loans, Unpaid Principal	192,522,685		362,150,693
Collateral Loans, Carrying Value	143,824,571		312,859,875
Collateral Cash, Restricted Cash	69,412,808		1,719,760
Collateral-At-Risk	106,139,494		187,213,841
Number of investment grade tranches issued				9
Variable interest rate, description				three-month LIBOR
Variable rate, spread (as a percent)				0.74%
Issuance costs				6,200,000
Weighted average note rate (as a percent)	6.22%		3.74%
Assets serving as collateral				475,000,000
Proceeds received from loan repayments held as collateral	98,100,000		34,100,000
CDO III debt
Debt Obligations
Debt, Face Value	144,192,804		296,754,194		547,500,000
Debt, Carrying Value	152,507,713		305,376,004
Collateral Loans, Unpaid Principal	202,758,120		395,783,494
Collateral Loans, Carrying Value	171,457,394		365,236,505
Collateral Cash, Restricted Cash	64,771,797		23,607,813
Collateral-At-Risk	147,049,346		240,503,823
Number of investment grade tranches issued					10
Variable interest rate, description					three-month LIBOR
Variable rate, spread (as a percent)					0.44%
Issuance costs					9,700,000
Weighted average note rate (as a percent)	0.98%		0.75%
Assets serving as collateral					500,000,000
Proceeds received from loan repayments held as collateral	152,600,000		120,800,000
Revolving note class
Debt Obligations
Debt, Carrying Value	152,500,000		257,400,000
Revolving note amount	100,000,000
Revolving note facility
Debt Obligations
Commitment fee on the undrawn portion (as a percent)					0.22%
Revolving note amount	$1,800,000		$48,000,000

Debt_Obligations_Details_3

Debt Obligations (Details 3) (USD $)	3 Months Ended		12 Months Ended					3 Months Ended
	Sep. 30, 2013	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2010	Dec. 31, 2009	Mar. 31, 2015	Jan. 31, 2015
Debt Obligations
Gain	$1,167,772	$3,763,000	$4,930,772	$30,459,023
Collateralized debt obligations
Debt Obligations
Face Amount			9,935,088	66,229,151
Gain			4,930,772	30,459,023
Face amount of debt instrument re-issued			619,553,858		312,071,055	42,800,000
Additional debt						65,200,000
Portion of the entity's bonds that were exchanged						42,300,000
Estimated interest due on reissued bonds					19,300,000	22,900,000
Junior subordinated notes
Debt Obligations
Face amount of debt instrument re-issued							289,400,000
Amount of retired debt instrument						114,100,000	258,400,000
Class B
Debt Obligations
Face Amount				13,000,000
Gain				4,615,000
Class C
Debt Obligations
Face Amount				3,329,509
Gain				1,200,182
Class D
Debt Obligations
Face Amount				13,350,000
Gain				5,819,066
Class E
Debt Obligations
Face Amount				13,765,276
Gain				6,445,033
Class F
Debt Obligations
Face Amount				9,708,556
Gain				5,048,417
Class G
Debt Obligations
Face Amount				8,672,039
Gain				4,777,138
Class H
Debt Obligations
Face Amount			9,935,088	4,403,771
Gain			4,930,772	2,554,187
Subsequent event | Collateralized debt obligations
Debt Obligations
Debt instrument redemption value									167,900,000
Gain								11,000,000
Subsequent event | $150 million warehouse repurchase facility
Debt Obligations
Committed line									150,000,000
Cash equity generated								30,000,000
Deferred fees expensed as interest expense								100,000
Loss on terminated derivative								$4,300,000

Debt_Obligations_Details_4

Debt Obligations (Details 4) (USD $)	1 Months Ended	3 Months Ended	1 Months Ended	12 Months Ended	1 Months Ended
	Sep. 30, 2012	Dec. 31, 2014	Jan. 31, 2013	Dec. 31, 2014	Apr. 30, 2014	Dec. 31, 2013
	item		item	item	item
Debt Obligations
Debt, Carrying Value		$331,395,126		$331,395,126		$639,622,981
Collateral Cash, Restricted Cash		218,100,529		218,100,529		54,962,316
Collateralized loan obligations
Debt Obligations
Debt, Face Value		458,250,000		458,250,000		264,500,000
Debt, Carrying Value		458,250,000		458,250,000		264,500,000
Collateral Loans, Unpaid Principal		567,743,490		567,743,490		369,430,718
Collateral Loans, Carrying Value		565,590,490		565,590,490		367,930,248
Collateral Cash, Restricted Cash		66,530,102		66,530,102		15,294,171
Weighted average note rate (as a percent)		2.59%		2.59%		2.91%
Weighted average note rate including certain fees and costs (as a percent)		3.14%		3.14%		3.49%
CLO I
Debt Obligations
Debt, Face Value	125,100,000					87,500,000
Debt, Carrying Value						87,500,000
Collateral Loans, Unpaid Principal						114,414,154
Collateral Loans, Carrying Value						113,940,857
Collateral Cash, Restricted Cash						10,672,496
Number of investment grade tranches issued	2
Number of newly-formed wholly-owned subsidiaries	2
Variable interest rate, description	one-month LIBOR
Weighted average note rate (as a percent)	3.39%
Debt instrument redemption value		87,500,000		87,500,000
Deferred fees expensed as interest expense		1,000,000
Replacement period	2 years
Number of classes of secured floating rate notes	2
Notional amount of equity interest retained	37,600,000
Issuance costs	2,400,000
Weighted average note rate including certain fees and costs (as a percent)	4.35%
CLO II
Debt Obligations
Debt, Face Value		177,000,000	260,000,000	177,000,000		177,000,000
Debt, Carrying Value		177,000,000		177,000,000		177,000,000
Collateral Loans, Unpaid Principal		252,353,210		252,353,210		255,016,564
Collateral Loans, Carrying Value		251,658,406	210,000,000	251,658,406		253,989,391
Collateral Cash, Restricted Cash		7,284,919		7,284,919		4,621,675
Number of investment grade tranches issued			2	2
Number of newly-formed wholly-owned subsidiaries			2
Variable interest rate, description			one-month LIBOR	three-month LIBOR
Weighted average note rate (as a percent)		2.56%	2.36%	2.56%
Replacement period			2 years
Number of classes of secured floating rate notes			2
Notional amount of equity interest retained			83,000,000
Issuance costs			3,200,000
Weighted average note rate including certain fees and costs (as a percent)			3.00%
Proceeds from additional loan obligations			50,000,000
Period of additional loan obligations			90 days
CLO III
Debt Obligations
Debt, Face Value		281,250,000		281,250,000	375,000,000
Debt, Carrying Value		281,250,000		281,250,000
Collateral Loans, Unpaid Principal		315,390,280		315,390,280
Collateral Loans, Carrying Value		313,932,084		313,932,084	307,300,000
Collateral Cash, Restricted Cash		59,245,183		59,245,183
Number of investment grade tranches issued				3	3
Number of newly-formed wholly-owned subsidiaries					2
Variable interest rate, description				three-month LIBOR	one-month LIBOR
Weighted average note rate (as a percent)		2.60%		2.60%	2.39%
Replacement period					2 years 6 months
Number of classes of secured floating rate notes					3
Notional amount of equity interest retained					93,800,000
Weighted average note rate including certain fees and costs (as a percent)					3.07%
Proceeds from additional loan obligations					67,700,000
Period of additional loan obligations					120 days
Class A senior secured floating rate notes
Debt Obligations
Debt, Face Value	75,000,000		156,000,000		221,300,000
Class B secured floating rate notes
Debt Obligations
Debt, Face Value	12,500,000		21,000,000		24,300,000
Class C secured floating rate notes
Debt Obligations
Debt, Face Value					$35,800,000

Debt_Obligations_Details_5

Debt Obligations (Details 5) (Senior Unsecured Notes, USD $)	1 Months Ended
	Aug. 31, 2014	31-May-14	Dec. 31, 2014
Debt Obligations
Face amount	$35,000,000	$55,000,000
Interest rate (as a percent)		7.38%
Net proceeds	32,500,000	52,900,000
Weighted average note rate (as a percent)			8.06%
Over-Allotment Option
Debt Obligations
Face amount	4,200,000	3,600,000
Net proceeds	$3,900,000	$3,500,000

Debt_Obligations_Details_6

Debt Obligations (Details 6) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2013
Debt Obligations
Debt Carrying Value	$159,833,260			$159,291,427
Common stock issued to entity			7,400,000
Junior subordinated notes
Debt Obligations
Debt Carrying Value	159,800,000			159,300,000
Deferred amount Due at maturity	16,000,000			16,600,000
Face amount			289,400,000
Variable interest rate, description	three-month LIBOR		three month LIBOR
Nonredeemable period from issue date (in years)	2 years
Weighted average note rate (as a percent)	3.01%			3.01%
Effective rate (as a percent)	3.07%			3.06%
Weighted average note rate including certain fees and costs (as a percent)	3.18%			3.18%
Amount of retired debt instrument		114,100,000	258,400,000
Percentage of original face amount at which debt was issued			112.00%
Weighted average spread (as a percent)			2.77%
Percentage above face value at which debt was issued (as a percent)	12.00%
Transaction fees related to the restructuring of notes	1,300,000
Retired outstanding trust preferred securities
Debt Obligations
Amount of retired debt instrument			$265,800,000

Debt_Obligations_Details_7

Debt Obligations (Details 7) (USD $)	3 Months Ended
	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2014
			item
Debt Obligations
Principal balance		$35,000,000
Notes payable
Debt Obligations
Debt Carrying Value		1,300,000	2,500,000
Collateral Carrying Value		1,300,000	2,500,000
Weighted average note rate (as a percent)		0.00%	4.26%
Number of interest rate swaps		0	0
Junior loan participation, secured by the Company's interest in a first mortgage loan with a principal balance of $1.3 million, participation interest was based on a portion of the interest received from the loan which has a fixed rate of 9.57%
Debt Obligations
Debt Carrying Value		1,300,000	1,300,000
Collateral Carrying Value		1,300,000	1,300,000
Principal balance		1,300,000	1,300,000
Interest rate (as a percent)		9.57%	9.57%
Junior loan participation, maturity of October 2018, secured by the Company's interest in a mezzanine loan with a principal balance of $3.0 million, participation interest is a fixed rate of 13.00%
Debt Obligations
Debt Carrying Value			750,000
Collateral Carrying Value			750,000
Principal balance		3,000,000	3,000,000
Debt repaid	800,000
Interest rate (as a percent)		13.00%	13.00%
Junior loan participation, maturity of September 2014, secured by the Company's interest in a mezzanine loan with a principal balance of $3.0 million, participation interest is a fixed rate of 15.00%
Debt Obligations
Debt Carrying Value			450,000
Collateral Carrying Value			450,000
Principal balance		3,000,000	3,000,000
Debt repaid	500,000
Interest rate (as a percent)		15.00%	15.00%
Junior loan participation, maturity of March 2016, secured by the Company's interest in a bridge loan with a principal balance of $70.1 million, participation interest is a weighted average variable interest rate of 7.20% | Bridge Loans
Debt Obligations
Principal balance				70,100,000
Weighted average note rate (as a percent)				7.20%
New note payable				$15,000,000

Debt_Obligations_Details_8

Debt Obligations (Details 8) (USD $)	12 Months Ended		3 Months Ended		12 Months Ended	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2012	Dec. 31, 2014	Mar. 31, 2015	Dec. 31, 2013	Sep. 30, 2014
			item			item
Debt Obligations
Mortgage note payable - real estate owned	$21,865,136		21,865,136		$42,745,650
Reduction in mortgage note payable	22,766,647	20,750,000
Mortgage note payable - real estate held-for-sale	9,119,221		9,119,221		11,005,354
Real Estate held for sale | Multifamily
Debt Obligations
Number of properties sold			2
First mortgage | Multifamily
Debt Obligations
Reduction in mortgage note payable	4,000,000
Mortgage Notes Payable - Real Estate Owned and Held-For-Sale with maturity date of July 2015 | Multifamily | Subsequent event
Debt Obligations
Mortgage note paid - real estate held-for-sale				20,700,000
Mortgage Notes Payable - Real Estate Owned and Held-For-Sale with maturity date of July 2015 | First mortgage
Debt Obligations
Mortgage note payable - real estate owned	31,000,000		31,000,000		53,800,000
Variable interest rate, description	one-month LIBOR
Variable rate, spread (as a percent)	1.23%
Investment classified as real estate held-for-sale					11,000,000
Mortgage Notes Payable - Real Estate Owned and Held-For-Sale with maturity date of July 2015 | First mortgage | Multifamily
Debt Obligations
Reduction in mortgage note payable			15,400,000
Number of properties sold			2
Mortgage Notes Payable - Real Estate Owned and Held-For-Sale with maturity date of July 2015 | First mortgage | Multifamily | Subsequent event
Debt Obligations
Mortgage note payable - real estate held-for-sale				27,200,000
Mortgage Notes Payable - Real Estate Held-For-Sale | First mortgage | Real Estate held for sale | Multifamily
Debt Obligations
Mortgage note payable - real estate held-for-sale						23,800,000
Number of real estate properties classified as held-for-sale						3
Mortgage Notes Payable - Real Estate Owned | First mortgage | Multifamily
Debt Obligations
Reduction in mortgage note payable						$3,400,000

Debt_Obligations_Details_9

Debt Obligations (Details 9)	1 Months Ended
	Jan. 31, 2015	Oct. 31, 2014	Jul. 31, 2014	Apr. 30, 2014	Jan. 31, 2014
CDO I debt
Debt Covenants
Current overcollateralization ratio for cash flow triggers (as a percent)		173.33%	171.01%	184.35%	167.15%
CDO II debt
Debt Covenants
Current overcollateralization ratio for cash flow triggers (as a percent)		161.20%	153.44%	138.15%	137.87%
CDO III debt
Debt Covenants
Current overcollateralization ratio for cash flow triggers (as a percent)	111.34%	110.65%	109.20%	108.74%	107.80%
Limit overcollateralization ratio for cash flow triggers (as a percent)	105.60%
Current interest coverage ratio for cash flow triggers (as a percent)	349.38%
Limit interest coverage ratio for cash flow triggers (as a percent)	105.60%
CLO I
Debt Covenants
Current overcollateralization ratio for cash flow triggers (as a percent)		142.96%	142.96%	142.96%	142.96%
CLO II
Debt Covenants
Current overcollateralization ratio for cash flow triggers (as a percent)	146.89%	146.89%	146.89%	146.89%	146.89%
Limit overcollateralization ratio for cash flow triggers (as a percent)	144.25%
Current interest coverage ratio for cash flow triggers (as a percent)	313.35%
Limit interest coverage ratio for cash flow triggers (as a percent)	120.00%
CLO III
Debt Covenants
Current overcollateralization ratio for cash flow triggers (as a percent)	133.33%	133.33%	133.33%
Limit overcollateralization ratio for cash flow triggers (as a percent)	132.33%
Current interest coverage ratio for cash flow triggers (as a percent)	274.85%
Limit interest coverage ratio for cash flow triggers (as a percent)	120.00%

Derivative_Financial_Instrumen2

Derivative Financial Instruments (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Non-Qualifying | Basis Swaps
Derivative Financial Instruments
Count	1	1
Notional Value, classified in Other Assets	$3,000,000	$11,600,000
Fair Value, classified in Other Assets	2,000	5,000
Number of swaps matured		7
Notional value of matured instruments		499,400,000
Number of derivative instruments, the notional amount of which decreased		1
Decrease in notional value	8,600,000	92,600,000
Non-Qualifying | Basis Swaps | Maximum
Derivative Financial Instruments
Change in fair value	-100,000	-100,000	-1,400,000
Non-Qualifying | LIBOR Caps
Derivative Financial Instruments
Count	1
Notional Value, classified in Other Assets	71,701,000
Notional value of matured instruments		6,000,000
Cap rate (as a percent)		6.00%
Non-Qualifying | Forward Contracts
Derivative Financial Instruments
Count		8
Fair Value, classified in Other Assets		6,397,000
Qualifying
Derivative Financial Instruments
Interest expense expected to be reclassified from qualifying cash flow hedges over the next twelve months	-9,400,000
Qualifying | LIBOR Caps
Derivative Financial Instruments
Notional value of matured instruments		73,300,000
Qualifying | Interest Rate Swaps
Derivative Financial Instruments
Count	12	14
Notional Value, classified in Other Liabilities	250,321,000	297,532,000
Fair Value, classified in Other Liabilities	-13,908,000	-24,794,000
Number of swaps matured	2
Notional value of matured instruments	32,000,000
Decrease in notional value	$15,000,000	$14,500,000

Derivative_Financial_Instrumen3

Derivative Financial Instruments (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 31, 2015
Derivative Financial Instruments
Total principal paydowns	$663,684	$38,614,122	$55,895,146
Cumulative amount of other comprehensive loss related to net unrealized losses on derivatives designated as qualifying hedges	-15,000,000	-26,300,000
Cumulative amount of other comprehensive loss related to net unrealized losses on derivatives designated as cash flow hedges attributable to fair value of qualifying cash flow hedges	-13,900,000	-24,800,000
Cumulative amount of other comprehensive loss related to net unrealized losses on derivatives designated as cash flow hedges attributable to deferred losses terminated interest swaps	-1,200,000	-1,900,000
Cumulative amount of other comprehensive loss related to net unrealized losses on derivatives designated as cash flow hedges attributable to deferred gains on terminated interest swaps	100,000	300,000
Fair value of derivatives in a net liability position	-9,200,000	-13,800,000
Collateral posted	9,600,000	14,200,000
Basis and interest rate swaps | Collateralized debt obligations | Subsequent event
Derivative Financial Instruments
Aggregate notional value				137,600,000
Aggregate fair value				4,300,000
Non-Qualifying | Basis Swaps / Caps | Interest Expense
Derivative Financial Instruments
Change in fair value	-1,000	-12,000	-22,000
Non-Qualifying | Basis Swaps
Derivative Financial Instruments
Fair Value, classified in Other Assets	2,000	5,000
Non-Qualifying | Basis Swaps | Maximum
Derivative Financial Instruments
Change in fair value	-100,000	-100,000	-1,400,000
Non-Qualifying | Forward Contracts
Derivative Financial Instruments
Fair Value, classified in Other Assets		6,397,000
Non-Qualifying | Forward Contracts | Other Income
Derivative Financial Instruments
Change in fair value	-45,000	-1,676,000	167,000
Non-Qualifying | Forward Contracts | Residential mortgage-backed security (RMBS)
Derivative Financial Instruments
Change in fair value	-100,000	-1,700,000
Fair Value, classified in Other Assets		66,000,000
Net unrealized losses in fair value of RMBS investments		1,500,000
Repurchase financing		59,600,000
Variable interest rate, description		LIBOR
Number of investments sold	8
Aggregate carrying value of investments sold	65,700,000
Proceeds from sale of investments	65,800,000
Net gain on sale of investments	100,000
Total principal paydowns	2,700,000
Debt paid down due to principal paydowns received	4,200,000
Decrease in the amount financed on the repurchase agreements	1,700,000
Amount of repurchase agreement for financing the purchase of investments	55,400,000
Net interest income	300,000	1,900,000
Non-Qualifying | Forward Contracts | Residential mortgage-backed security (RMBS) | Minimum
Derivative Financial Instruments
Percentage of finance to individual investment		80.00%
Variable rate, spread (as a percent)		1.25%
Non-Qualifying | Forward Contracts | Residential mortgage-backed security (RMBS) | Maximum
Derivative Financial Instruments
Percentage of finance to individual investment		90.00%
Variable rate, spread (as a percent)		1.75%
Qualifying | Interest Rate Swaps / Caps
Derivative Financial Instruments
Amount of Loss Recognized in Other Comprehensive Loss (Effective Portion)	1,318,000	520,000	7,699,000
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Interest Expense (Effective Portion)	-12,654,000	-14,131,000	-16,565,000
Terminated hedges | Interest Rate Swaps
Derivative Financial Instruments
Net deferred loss in accumulated other comprehensive loss	1,100,000	1,600,000
Additional interest expense related to the amortization of the loss	700,000	900,000	900,000
Reduction to interest expense related to the accretion of the net gains	200,000	200,000	200,000
Amount of net deferred loss expected to be recorded to interest expense over the next twelve months	$500,000

Variable_Interest_Entities_Det

Variable Interest Entities (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	item
Variable Interest Entities
Loans to VIEs	$1,587,429,498	$1,660,195,301
Loan loss reserves related to VIEs	115,487,320	122,277,411	161,706,313	185,381,855
Non-performing loans
Variable Interest Entities
Loans to VIEs	7,000,000	10,700,000
Unconsolidated VIEs
Variable Interest Entities
Number of VIEs where the reporting entity is not VIE's primary beneficiary	20
Carrying Amount	520,448,631
Exposure to real estate debt	2,300,000,000
Loans to VIEs	186,700,000
Loan loss reserves related to VIEs	111,100,000
Unconsolidated VIEs | Non-performing loans
Variable Interest Entities
Loans to VIEs	40,300,000
Unconsolidated VIEs | Maximum
Variable Interest Entities
Exposure to loss	520,448,631
Loans
Variable Interest Entities
Carrying Amount	410,698,756
Loans | Maximum
Variable Interest Entities
Exposure to loss	410,698,756
Loans and equity investments
Variable Interest Entities
Carrying Amount	107,071,875
Loans and equity investments | Maximum
Variable Interest Entities
Exposure to loss	107,071,875
CMBS
Variable Interest Entities
Carrying Amount	2,100,000
CMBS | Maximum
Variable Interest Entities
Exposure to loss	2,100,000
Junior subordinated notes
Variable Interest Entities
Carrying Amount	578,000
Junior subordinated notes | Maximum
Variable Interest Entities
Exposure to loss	$578,000

Fair_Value_Details

Fair Value (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Financial assets:
Loans and investments, net	$1,459,475,650	$1,523,699,653
Available-for-sale securities	2,499,709	37,315,652
Financial liabilities:
Credit facilities and repurchase agreements	180,386,200	159,125,023
Collateralized debt obligations	331,395,126	639,622,981
Collateralized loan obligations	458,250,000	264,500,000
Senior unsecured notes	97,860,025
Junior subordinated notes	159,833,260	159,291,427
Notes payable	1,300,000	2,500,000
Carrying Value
Financial assets:
Loans and investments, net	1,459,475,650	1,523,699,653
Available-for-sale securities	2,499,709	37,315,652
Derivative financial instruments	1,995	6,402,336
Financial liabilities:
Credit facilities and repurchase agreements	180,386,200	159,125,023
Collateralized debt obligations	331,395,126	639,622,981
Collateralized loan obligations	458,250,000	264,500,000
Senior unsecured notes	97,860,025
Junior subordinated notes	159,833,260	159,291,427
Notes payable	1,300,000	2,500,000
Mortgage note payable - real estate owned and held-for-sale	30,984,357	53,751,004
Derivative financial instruments	13,908,163	24,794,051
Fair Value
Financial assets:
Loans and investments, net	1,478,778,674	1,550,248,793
Available-for-sale securities	2,499,709	37,315,652
Derivative financial instruments	1,995	6,402,336
Financial liabilities:
Credit facilities and repurchase agreements	179,964,341	158,735,570
Collateralized debt obligations	240,541,397	521,938,885
Collateralized loan obligations	459,673,750	266,436,250
Senior unsecured notes	95,902,825
Junior subordinated notes	102,600,561	101,240,185
Notes payable	1,292,461	2,487,287
Mortgage note payable - real estate owned and held-for-sale	29,962,066	52,943,305
Derivative financial instruments	$13,908,163	$24,794,051

Fair_Value_Details_2

Fair Value (Details 2) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	item
Financial assets:
Available-for-sale securities	$2,499,709	$37,315,652
Allowance for Loan losses	115,487,320	122,277,411
Number of impaired loans	10
Aggregate carrying value, before reserves	221,602,399	207,471,246	240,200,000
Recurring basis | Carrying Value
Financial assets:
Available-for-sale securities	2,499,709
Derivative financial instruments	1,995
Financial liabilities:
Derivative financial instruments	13,908,163
Recurring basis | Fair Value
Financial assets:
Available-for-sale securities	2,499,709
Derivative financial instruments	1,995
Financial liabilities:
Derivative financial instruments	13,908,163
Recurring basis | Level 1
Financial assets:
Available-for-sale securities	499,709
Recurring basis | Level 2
Financial assets:
Derivative financial instruments	1,995
Financial liabilities:
Derivative financial instruments	13,908,163
Recurring basis | Level 3
Financial assets:
Available-for-sale securities	2,000,000
Nonrecurring basis | Carrying Value
Financial assets:
Impaired loans, net	106,115,079
Nonrecurring basis | Fair Value
Financial assets:
Impaired loans, net	106,115,079
Nonrecurring basis | Level 3
Financial assets:
Impaired loans, net	$106,115,079

Fair_Value_Details_3

Fair Value (Details 3) (USD $)	12 Months Ended
	Dec. 31, 2014
Available-for-sale Securities
Adjustments to fair value:
Gain (loss) on sale of investments and settlement of derivative financial instruments	$500,000
Available-for-sale Securities | Recurring basis | Level 3
Financial assets
Balance at the beginning of the period	36,580,786
Adjustments to fair value:
Paydowns, net	-663,684
Net changes in fair value	-100,000
Sales and settlements	-33,817,102
Balance at the end of the period	2,000,000
Forward Contracts
Adjustments to fair value:
Gain (loss) on sale of investments and settlement of derivative financial instruments	100,000
Forward Contracts | Recurring basis | Level 3
Financial assets
Balance at the beginning of the period	6,396,853
Adjustments to fair value:
Paydowns, net	1,483,387
Net changes in fair value	511,012
Sales and settlements	-8,391,252
Addition from decrease in amount financed under repurchase agreement	$1,700,000

Fair_Value_Details_4

Fair Value (Details 4) (Level 3, USD $)	12 Months Ended
	Dec. 31, 2014
Multifamily | Direct capitalization analysis and discounted cash flows
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis
Impaired loans	$2,762,816
Discount rate (as a percent)	8.00%
Revenue growth rate (as a percent)	2.00%
Multifamily | Direct capitalization analysis and discounted cash flows | Minimum
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis
Capitalization rate (as a percent)	6.50%
Multifamily | Direct capitalization analysis and discounted cash flows | Maximum
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis
Capitalization rate (as a percent)	7.75%
Multifamily | Direct capitalization analysis and discounted cash flows | Weighted average
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis
Capitalization rate (as a percent)	7.06%
Office | Discounted cash flows
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis
Impaired loans	6,525,829
Office | Discounted cash flows | Minimum
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis
Discount rate (as a percent)	9.25%
Capitalization rate (as a percent)	8.00%
Revenue growth rate (as a percent)	2.50%
Office | Discounted cash flows | Maximum
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis
Discount rate (as a percent)	10.75%
Capitalization rate (as a percent)	9.00%
Revenue growth rate (as a percent)	3.00%
Office | Discounted cash flows | Weighted average
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis
Discount rate (as a percent)	9.72%
Capitalization rate (as a percent)	8.29%
Revenue growth rate (as a percent)	2.96%
Land | Discounted cash flows
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis
Impaired loans	66,276,475
Discount rate (as a percent)	15.00%
Capitalization rate (as a percent)	7.25%
Revenue growth rate (as a percent)	3.00%
Hotel | Discounted cash flows
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis
Impaired loans	30,549,959
Discount rate (as a percent)	9.25%
Capitalization rate (as a percent)	7.25%
Revenue growth rate (as a percent)	3.00%
Commercial mortgage-backed security (CMBS) | Discounted cash flows
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis
CMBS	$2,000,000
Discount rate (as a percent)	14.16%

Fair_Value_Details_5

Fair Value (Details 5) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Financial assets:
Loans and investments, net	$1,459,475,650	$1,523,699,653
Financial liabilities:
Credit facilities	180,386,200	159,125,023
Collateralized debt obligations	331,395,126	639,622,981
Collateralized loan obligation	458,250,000	264,500,000
Senior unsecured notes	97,860,025
Junior subordinated notes	159,833,260	159,291,427
Notes payable	1,300,000	2,500,000
Carrying Value
Financial assets:
Loans and investments, net	1,459,475,650
Financial liabilities:
Credit facilities	180,386,200
Collateralized debt obligations	331,395,126
Collateralized loan obligation	458,250,000
Senior unsecured notes	97,860,025
Junior subordinated notes	159,833,260
Notes payable	1,300,000
Mortgage note payable - real estate owned and held-for-sale	30,984,357
Fair Value
Financial assets:
Loans and investments, net	1,478,778,674
Financial liabilities:
Credit facilities	179,964,341
Collateralized debt obligations	240,541,397
Collateralized loan obligation	459,673,750
Senior unsecured notes	95,902,825
Junior subordinated notes	102,600,561
Notes payable	1,292,461
Mortgage note payable - real estate owned and held-for-sale	29,962,066
Level 1
Financial liabilities:
Senior unsecured notes	95,902,825
Level 3
Financial assets:
Loans and investments, net	1,478,778,674
Financial liabilities:
Credit facilities	179,964,341
Collateralized debt obligations	240,541,397
Collateralized loan obligation	459,673,750
Junior subordinated notes	102,600,561
Notes payable	1,292,461
Mortgage note payable - real estate owned and held-for-sale	$29,962,066

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	Dec. 31, 2014
In Millions, unless otherwise specified
Contractual Obligations, Payments Due by Period
2015	$347.30
2016	253.9
2017	310.9
2018	26.6
2019	17.4
Thereafter	319.9
Unfunded commitments related to loans and investments	14.5
Available amount to fund unfunded commitments	$5.30

Commitments_and_Contingencies_1

Commitments and Contingencies (Details 2) (USD $)	0 Months Ended
In Millions, unless otherwise specified	Jun. 15, 2011	Jun. 28, 2013
	item	item
Arbor ESH II, LLC
Litigation
Investments in the Series A1 Preferred Units of a holding company of Extended Stay, Inc.	115
Lawsuits filed by Extended Stay Litigation Trust (the Trust)
Litigation
Number of lawsuits or complaints filed	3
Number of lawsuits filed in United States Bankruptcy Court	2
Number of defendants	73
Number of defendants who are corporate and partnership entities	55
Number of defendants named in a legal action who are individuals	18
Lawsuits filed by Extended Stay Litigation Trust (the Trust) | Fiduciary Duty Claims
Litigation
Number of lawsuits or complaints filed	2
Number of defendants	2
Lawsuits filed by Extended Stay Litigation Trust (the Trust) | Motion to amend the lawsuits
Litigation
Number of defendants who are corporate and partnership entities		16
Number of defendants named in a legal action who are individuals		10
Number of lawsuits consolidated		1
Number of defendants removed due to consolidation of lawsuits		47
Number of defendants related to the entity		0
Number of defendants remaining due to consolidation of lawsuits		26
Number of lawsuits before amendment		100
Number of lawsuits after amendment		17
Aggregate amount which the Trust would be seeking from the affiliates of the entity		$139

Equity_Details

Equity (Details) (USD $)	12 Months Ended			3 Months Ended	1 Months Ended		3 Months Ended		1 Months Ended	0 Months Ended					1 Months Ended		0 Months Ended		1 Months Ended		4 Months Ended	11 Months Ended	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2013	31-May-14	Feb. 28, 2013	Jun. 30, 2014	Mar. 31, 2013	Jan. 31, 2012	Nov. 03, 2014	Jul. 30, 2014	Apr. 29, 2014	Feb. 03, 2014	Feb. 10, 2015	31-May-13	Feb. 28, 2014	Nov. 05, 2014	Feb. 12, 2014	Sep. 30, 2013	Mar. 31, 2013	Mar. 31, 2013	Dec. 31, 2014	Jun. 30, 2013	Feb. 13, 2015
Preferred Stock
Net proceeds from issuance of preferred stock	$22,500,000	$70,287,500
Common stock
Proceeds from issuance of shares under public offering	6,800,000	134,176,328	39,200,000
Distributions
Preferred distributions declared and paid	7,256,255	4,506,583
Tax Treatment for Dividends Paid
Total dividends paid	26,030,000	21,327,000	8,031,000
Dividend Paid Per Share (in dollars per share)	$0.52	$0.50	$0.28
Restricted common stock
Deferred Compensation
Granted (in shares)	110,666
ACM | Restricted common stock
Deferred Compensation
Forfeited (in shares)				667
ACM | Restricted common stock | Maximum
Deferred Compensation
Total grant date fair value				100,000
ACM | Employee compensation and benefits | Restricted common stock
Deferred Compensation
Share-based compensation expense		200,000
ACM | Selling and administrative expense | Restricted common stock
Deferred Compensation
Share-based compensation expense		300,000
Non-employees | Employee compensation and benefits | Restricted common stock
Deferred Compensation
Share-based compensation expense	400,000
Non-employees | ACM | Restricted common stock
Deferred Compensation
Granted (in shares)	138,584	82,500
Total grant date fair value	1,000,000	700,000
Employees | Restricted common stock
Deferred Compensation
Total grant date fair value	800,000
Employees | Employee compensation and benefits | Restricted common stock
Deferred Compensation
Share-based compensation expense	500,000
Employees | ACM | Restricted common stock
Deferred Compensation
Granted (in shares)		45,333
Total grant date fair value		400,000
Non-management members of the Board of Directors
Deferred Compensation
Number of fully vested shares issued			90,000
Employees of the company and a related party | ACM | Restricted common stock
Deferred Compensation
Granted (in shares)						192,750
Total grant date fair value					2,000,000	1,500,000
Number of fully vested shares issued					278,000
Vesting percentage					33.00%	33.00%
Employees of the company and a related party | ACM | Restricted common stock | May, 2015
Deferred Compensation
Vesting percentage					33.00%
Employees of the company and a related party | ACM | Restricted common stock | May, 2016
Deferred Compensation
Vesting percentage					33.00%
Employees of the company and a related party | ACM | Employee compensation and benefits | Restricted common stock
Deferred Compensation
Share-based compensation expense							300,000	200,000
Employees of the company and a related party | ACM | Selling and administrative expense | Restricted common stock
Deferred Compensation
Share-based compensation expense							300,000	400,000
Director who was also the corporate secretary
Deferred Compensation
Number of fully vested shares issued			6,255
Director is also an officer of the managing member of related party
Deferred Compensation
Number of fully vested shares issued									10,000
Director who was re-appointed to the board of directors on December 19, 2011
Deferred Compensation
Number of fully vested shares issued			15,000
Dividend Classified as Ordinary Income
Tax Treatment for Dividends Paid
Percent	100.00%	100.00%
Dividend Paid Per Share (in dollars per share)	$0.52	$0.50
8.25% Series A preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)	8.25%	8.25%
Tax Treatment for Dividends Paid
Total preferred dividends paid	3,200,000	2,667,000
Dividend Paid Per Share (in dollars per share)	$2.06	$1.72
8.25% Series A preferred stock | Dividend Classified as Ordinary Income
Tax Treatment for Dividends Paid
Percent	100.00%	100.00%
Dividend Paid Per Share (in dollars per share)	$2.06	$1.72
7.75% Series B preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)	7.75%	7.75%
Tax Treatment for Dividends Paid
Total preferred dividends paid	2,441,000	1,370,000
Dividend Paid Per Share (in dollars per share)	$1.94	$1.09
7.75% Series B preferred stock | Dividend Classified as Ordinary Income
Tax Treatment for Dividends Paid
Percent	100.00%	100.00%
Dividend Paid Per Share (in dollars per share)	$1.94	$1.09
8.50% Series C preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)	8.50%	8.50%
Tax Treatment for Dividends Paid
Total preferred dividends paid	1,456,000
Dividend Paid Per Share (in dollars per share)	$1.62
8.50% Series C preferred stock | Dividend Classified as Ordinary Income
Tax Treatment for Dividends Paid
Percent	100.00%
Dividend Paid Per Share (in dollars per share)	$1.62
Private REIT preferred stock
Distributions
Preferred distributions declared and paid	14,698	14,500	12,236
Preferred Stock | 8.25% Series A preferred stock
Preferred Stock
Issuance of preferred stock (in shares)						1,400,000
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)						8.25%
Preferred stock, liquidation preference (in dollars per share)						$25
Net proceeds from issuance of preferred stock						33,600,000
Option exercised by underwriters (in shares)						151,500
Additional net proceeds from exercise of option by underwriters						3,700,000
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share)										$0.52	$0.52	$0.52	$0.52
Preferred Stock | 8.25% Series A preferred stock | Subsequent event
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)														8.25%
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share)														$0.52
Preferred Stock | 7.75% Series B preferred stock
Preferred Stock
Issuance of preferred stock (in shares)		1,260,000													1,200,000
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)															7.75%
Preferred stock, liquidation preference (in dollars per share)															$25
Net proceeds from issuance of preferred stock															28,900,000
Option exercised by underwriters (in shares)															60,000
Additional net proceeds from exercise of option by underwriters															1,500,000
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share)										$0.48	$0.48	$0.48	$0.48
Preferred Stock | 7.75% Series B preferred stock | Subsequent event
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)														7.75%
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share)														$0.48
Preferred Stock | 8.50% Series C preferred stock
Preferred Stock
Issuance of preferred stock (in shares)	900,000															900,000
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)																8.50%
Preferred stock, liquidation preference (in dollars per share)																$25
Net proceeds from issuance of preferred stock																21,600,000
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share)										$0.53	$0.53	$0.55
Preferred Stock | 8.50% Series C preferred stock | Subsequent event
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)														8.50%
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share)														$0.53
Preferred Stock | Private REIT preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)	12.50%	12.50%	12.50%
Distributions
Preferred distributions declared and paid	14,698	14,500	12,236
Common Stock
Common stock
Issuance of common stock (in shares)	1,000,000	17,625,000	7,000,000																6,000,000	5,625,000	6,000,000	1,000,000
Value of common shares issued to the public (in dollars per share)				7.08				$8											$7.08	$8	$8
Proceeds from issuance of shares under public offering																			40,900,000	43,000,000	45,600,000	6,500,000
Number of shares which the entity may issue and sell through JMP			6,000,000													7,500,000
Value of common stock remaining under shelf registration																								330,400,000
Aggregate amount of securities for which the entity filed shelf registration statement																								500,000,000
Distributions
Cash dividend declared (in dollars per share)											$0.13	$0.13					$0.13	$0.13
Common Stock | Subsequent event
Distributions
Cash dividend declared (in dollars per share)														$0.13
Common Stock | Non-management members of the Board of Directors
Deferred Compensation
Number of fully vested shares issued					63,000
Common Stock | Non-management members of the Board of Directors | Selling and administrative expense
Deferred Compensation
Share-based compensation expense							400,000
Common Stock | Independent members
Deferred Compensation
Number of fully vested shares issued															70,000
Common Stock | Independent members | Selling and administrative expense
Deferred Compensation
Share-based compensation expense																							$500,000

Equity_Details_2

Equity (Details 2) (USD $)	0 Months Ended	12 Months Ended
In Millions, except Share data, unless otherwise specified	Jul. 01, 2014	Dec. 31, 2009	Jul. 01, 2014
Equity
Number of warrants issued		1,000,000
Warrant exercise price		$4
Payments for warrants acquired and canceled	$2.60
Warrants repurchase price as a discount to closing price of common stock (as a percentage)	5.00%
Common stock closing price (in dollars per share)			$6.95

Equity_Details_3

Equity (Details 3) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss	$25,237,253		$14,668,250
Net unrealized losses on derivatives designated as cash flow hedges	26,300,000		15,000,000
Deferred losses on terminated interest swaps			1,100,000
Unrealized gain related to available-for-sale securities	1,100,000		300,000
Income attributable to noncontrolling interest	100,000	200,000
Distributions attributable to noncontrolling interest	2,055,972	217,922
Interest Expense
Accumulated Other Comprehensive Loss
Net realized losses on derivatives designated as cash flow hedges	-14,131,036		-10,706,246
Other Income
Accumulated Other Comprehensive Loss
Net realized gain on sale of available-for-sale investments	$100,000		$431,476

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Basic
Income from continuing operations, net of noncontrolling interest and preferred stock dividends									$85,792,235	$16,667,955	$16,172,850
Income from discontinued operations											5,328,038
Net income attributable to Arbor Realty Trust, Inc. common stockholders	5,049,296	63,402,121	11,466,057	5,874,761	3,367,171	3,664,679	2,995,866	6,640,239	85,792,235	16,667,955	21,500,888
Weighted average number of common shares outstanding									50,143,648	42,399,872	26,956,938
Income from continuing operations, net of noncontrolling interest and preferred stock dividends, per common share									$1.71	$0.39	$0.60
Income (loss) from discontinued operations per common share (in dollars per share)											$0.20
Net income attributable to Arbor Realty Trust, Inc. common stockholders (in dollars per share)	$0.10	$1.26	$0.23	$0.12	$0.07	$0.08	$0.07	$0.20	$1.71	$0.39	$0.80
Diluted
Income from continuing operations, net of noncontrolling interest and preferred stock dividends									85,792,235	16,667,955	16,172,850
Income from discontinued operations											5,328,038
Net income attributable to Arbor Realty Trust, Inc. common stockholders	$5,049,296	$63,402,121	$11,466,057	$5,874,761	$3,367,171	$3,664,679	$2,995,866	$6,640,239	$85,792,235	$16,667,955	$21,500,888
Weighted average number of common shares outstanding									50,143,648	42,399,872	26,956,938
Dilutive effect of warrants (in shares)									224,696	435,272	254,349
Weighted average number of common shares outstanding									50,368,344	42,835,144	27,211,287
Income from continuing operations, net of noncontrolling interest and preferred stock dividends, per common share									$1.70	$0.39	$0.59
Income (loss) from discontinued operations per common share (in dollars per share)											$0.20
Net income attributable to Arbor Realty Trust, Inc. common stockholders (in dollars per share)	$0.10	$1.26	$0.23	$0.12	$0.07	$0.08	$0.07	$0.19	$1.70	$0.39	$0.79

Agreements_and_Transactions_wi1

Agreements and Transactions with Related Parties (Details) (USD $)	12 Months Ended			1 Months Ended	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jul. 31, 2014	Sep. 30, 2014	Dec. 31, 2007
Management Fees:
Total Management fee	$9,900,000	$10,900,000	$10,000,000
Incentive fee installment recorded as prepaid management fee		19,047,949
Deferred revenue recognized on transfer of control of 450 West 33rd Street property		77,123,133
450 West 33rd Street
Management Fees:
Deferred revenue recognized on transfer of control of 450 West 33rd Street property						77,100,000
Deferred gain				77,100,000
Prepaid incentive management fee				19,000,000
ACM
Agreements and transactions with related parties
Incentive fee calculation percentage	25.00%
Percentage of loan loss reserve recoveries used in calculation of incentive fee	60.00%
Period during which the loan loss reserve recoveries are to be taken into consideration for calculation of incentive fee	3 years
Annual interest rate used in computation of incentive fee (as a percent)	9.50%
Term of U.S. Treasury Rate used in computation of incentive fee	10 years
Basis spread added to the U.S. Treasury Rate for computation of incentive fee (as a percent)	3.50%
Multiplier used in computation of incentive fee	10
Termination fee	10,000,000
Renewable period for management agreement	1 year
Prior written notice period for termination	6 months
Management Fees:
Base	9,900,000	10,900,000	10,000,000
Incentive					19,000,000
Total Management fee	9,900,000	10,900,000	10,000,000
Base management fee expenses due to related party	2,700,000	2,800,000	3,100,000
ACM | Minimum
Agreements and transactions with related parties
Percentage of Services Provided over Anticipated Activity per Quarter at which Base Management Fees can be Negotiated	15.00%
ACM | 450 West 33rd Street
Management Fees:
Incentive fee installment recorded as prepaid management fee						19,000,000
Deferred revenue recognized on transfer of control of 450 West 33rd Street property						77,100,000
Deferred gain				77,100,000
Prepaid incentive management fee				19,000,000
Chief executive officer
Management Fees:
Incentive	0	0	0
Annual base compensation	$1,000,000

Agreements_and_Transactions_wi2

Agreements and Transactions with Related Parties (Details 2) (USD $)

12 Months Ended

3 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

Share data in Millions, unless otherwise specified

Dec. 31, 2014

Dec. 31, 2013

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2012

Jan. 31, 2014

Mar. 31, 2014

Oct. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Aug. 31, 2014

Sep. 30, 2014

Jul. 31, 2014

Nov. 30, 2013

Apr. 30, 2013

Jan. 31, 2013

Dec. 31, 2011

Mar. 31, 2012

Sep. 30, 2013

item

item

item

Agreements and transactions with related parties

Due from related party

$36,515

$98,058

Due to related party

2,653,333

2,794,087

Weighted average variable interest rate (as a percent)

5.45%

5.26%

Investments in equity affiliates

4,869,066

4,680,306

Loan amount retained by related party

35,000,000

Legal, financial and accounting fees

0

1,400,000

Additional preferred equity investment outstanding

1,587,429,498

1,660,195,301

Ownership interest allowed under company charter (as a percent)

5.00%

Subsequent event

Agreements and transactions with related parties

Amount received by related party on sale of investment in joint venture to a related party

9,600,000

Percentage of outstanding membership interest of related party in another related party

22.50%

Mezzanine Loans

Agreements and transactions with related parties

Weighted average variable interest rate (as a percent)

9.78%

7.02%

Additional preferred equity investment outstanding

76,392,650

118,550,172

Preferred equity investments

Agreements and transactions with related parties

Weighted average variable interest rate (as a percent)

6.11%

7.20%

Additional preferred equity investment outstanding

133,505,658

121,523,673

Bridge Loans

Agreements and transactions with related parties

Weighted average variable interest rate (as a percent)

5.19%

5.11%

Additional preferred equity investment outstanding

1,273,439,238

1,171,783,914

Original preferred equity investment

Agreements and transactions with related parties

Equity investment, balance

49,700,000

Maturity date of March 2016 | Bridge Loans

Agreements and transactions with related parties

Loan to third party borrower, unpaid principal balance

70,100,000

Weighted average variable interest rate (as a percent)

6.38%

Interest income recorded

3,800,000

ACM

Agreements and transactions with related parties

Due from related party

100,000

100,000

Due to related party

2,700,000

2,800,000

Number of shares held by related party

5.3

Percentage of voting power held by related party

11.00%

ACM | Subsequent event

Agreements and transactions with related parties

Percentage of non-controlling interest acquired on contribution

50.00%

ACM | Bridge Loans

Agreements and transactions with related parties

Interest income recorded

300,000

300,000

2,200,000

ACM | Maturity date of March 2016 | Bridge Loans

Agreements and transactions with related parties

Amount of bridge loan purchased from related party

15,000,000

Weighted average variable interest rate (as a percent)

7.20%

ACM | Maturity date of June 2014

Agreements and transactions with related parties

Number of mortgage loans secured by property purchased from related party

2

Amount of mortgage loan secured by property purchased from related party

22,400,000

Interest income recorded

900,000

1,500,000

1,500,000

Payment of debt

2,300,000

ACM | Maturity date of March 2015 | First mortgage

Agreements and transactions with related parties

Amount of mortgage loan secured by property purchased from related party

14,600,000

Base spread (as a percent)

4.80%

4.80%

Base rate

LIBOR

ACM | Maturity date of April 2015 | Second mortgage

Agreements and transactions with related parties

Amount of mortgage loan secured by property purchased from related party

5,100,000

Base spread (as a percent)

4.80%

4.80%

Base rate

LIBOR

ACM | Maturity date of October 2018 | Mezzanine Loans

Agreements and transactions with related parties

Amount of mezzanine loan purchased from related party

3,000,000

Interest income recorded

300,000

100,000

Fixed rate of interest (as a percent)

13.00%

ACM | Maturity date of November 2014 | Preferred equity investments

Agreements and transactions with related parties

Loan amount retained by related party

6,000,000

6,000,000

ACM | Maturity date of November 2014 | Bridge Loans

Agreements and transactions with related parties

Loan amount purchased by related party

30,000,000

Base spread (as a percent)

5.00%

5.00%

Base rate

one-month LIBOR

Libor cap (as a percent)

1.00%

1.00%

Interest income recorded

900,000

1,600,000

200,000

ACM | Maturity date of May 2015 | Bridge Loans

Agreements and transactions with related parties

Amount of bridge loan purchased from related party

5,100,000

Base spread (as a percent)

5.50%

Base rate

one-month LIBOR

Interest income recorded

300,000

300,000

100,000

ACM | Maturity date of May 2015 | Bridge Loans | Minimum

Agreements and transactions with related parties

Libor cap (as a percent)

0.24%

Mr. Ivan Kaufman | Maturity date of August 2015 | Bridge Loans

Agreements and transactions with related parties

Investments in equity affiliates

100,000

Ownership interest (as a percent)

5.00%

Number of properties owned

2

Percentage of ownership interest of related party in the entity

95.00%

Number of bridge loans originated

2

Amount of mortgage loan secured by property purchased from related party

5,000,000

Base spread (as a percent)

5.50%

Base rate

one-month LIBOR

Mr. Ivan Kaufman | Maturity date of August 2015 | Bridge Loans | Maximum

Agreements and transactions with related parties

Interest income recorded

100,000

Mr. Ivan Kaufman | Maturity date of January 2016 | Bridge Loans

Agreements and transactions with related parties

Percentage of ownership interest of related party in the entity

24.00%

Amount of mortgage loan secured by property purchased from related party

30,400,000

Base spread (as a percent)

7.90%

Base rate

LIBOR

Interest income recorded

1,200,000

Mr. Ivan Kaufman | ACM | Maturity date of March 2015 | Bridge Loans

Agreements and transactions with related parties

Personal guaranty

1,000,000

Kaufman Entities | Maturity date of April 2015 | Bridge Loans | Mr. Fred Weber

Agreements and transactions with related parties

Amount of bridge loan purchased from related party

2,000,000

53,000,000

Percentage of ownership interest of related party in the entity

19.00%

Number of bridge loans originated

6

Base spread (as a percent)

5.50%

7.25%

Base rate

one-month LIBOR

one-month LIBOR

Interest income recorded

100,000

3,100,000

Kaufman Entities | ACM

Agreements and transactions with related parties

Percentage of outstanding membership interest of related party in another related party

92.00%

Kaufman Entities | ACM | Maturity date of March 2015 | Bridge Loans | Mr. Fred Weber

Agreements and transactions with related parties

Amount of bridge loan purchased from related party

6,400,000

Interest income recorded

200,000

200,000

Number of options to extend loan

3

Extended period of loan

1 year

Contribution by related party for acquiring non-controlling interest in a third party entity

1,100,000

Kaufman Entities | ACM | Maturity date of March 2015 | Bridge Loans | Mr. Fred Weber | First year

Agreements and transactions with related parties

Base spread (as a percent)

5.00%

Base rate

one-month LIBOR

Kaufman Entities | ACM | Maturity date of March 2015 | Bridge Loans | Mr. Fred Weber | Thereafter

Agreements and transactions with related parties

Base spread (as a percent)

6.00%

Base rate

one-month LIBOR

Director | Maturity date of January 2015 | Bridge Loans

Agreements and transactions with related parties

Amount of bridge loan purchased from related party

7,500,000

Percentage of ownership interest of related party in the entity

6.60%

Base spread (as a percent)

6.00%

Base rate

one-month LIBOR

Interest income recorded

200,000

500,000

Personal guaranty

400,000

Lexford Portfolio

Agreements and transactions with related parties

Aggregate outstanding balance of related party debt

716,100,000

Lexford Portfolio | Preferred equity investments

Agreements and transactions with related parties

Noncontrolling interest

44,000

Loan restructured

67,600,000

Additional preferred equity investment outstanding

22,500,000

Interest held in the additional investment made

10,500,000

Additional investment made by the company along with a consortium of independent outside investors

25,000,000

Equity investment made

100,000

Equity investment, balance

0

Lexford Portfolio | Preferred equity investments | Mr. Fred Weber

Agreements and transactions with related parties

Interest held in the additional investment made

500,000

Lexford Portfolio | Original preferred equity investment

Agreements and transactions with related parties

Interest income recorded

1,100,000

1,300,000

Fixed rate of interest (as a percent)

2.36%

Original variable rate basis

LIBOR

Original basis spread (as a percent)

5.00%

Modified variable rate basis

LIBOR

Modified basis spread (as a percent)

1.65%

Lexford Portfolio | New preferred equity investment

Agreements and transactions with related parties

Fixed rate of interest (as a percent)

12.00%

Affiliate of Mr. Ivan Kaufman

Agreements and transactions with related parties

Ownership interest (as a percent)

53.90%

Contract period with the new entity

7 years 6 months

Fees as a percentage of gross revenues of the underlying properties

4.75%

Affiliate of Mr. Ivan Kaufman | Mr. Fred Weber

Agreements and transactions with related parties

Noncontrolling interest

$250,000

Ownership interest (as a percent)

23.50%

Income_Taxes_Detail

Income Taxes (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Taxes
Alternative minimum tax			$400,000
Period of recognition of income and tax on debt extinguishment	5 years
Income tax receivable for the expected refund of income taxes paid by a taxable REIT subsidiary			1,400,000
Current tax (benefit) provision:
Federal			-1,025,508
State			245,517
Total current tax (benefit) provision			-779,991
Deferred tax (benefit) provision:
Federal-net of valuation allowance			-13,695
State-net of valuation allowance			-7,872
Total deferred tax (benefit) provision			-21,567
Total (benefit) provision			-801,558
Effective income tax rate as a percentage of pretax income or loss differed from the U.S. federal statutory rate
U.S. federal statutory rate (as a percent)	35.00%	35.00%	35.00%
REIT non-taxable income (as a percent)	-36.80%	-35.70%	-41.00%
State and local income taxes, net of federal tax benefit (as a percent)	-0.50%	-1.10%	-1.10%
Change in valuation allowance (as a percent)	2.30%	1.80%	9.80%
Refund (as a percent)			-6.50%
Effective income tax rate (as a percent)			-3.80%
Deferred tax assets (liabilities):
Expenses not currently deductible	3,541,807	1,585,723
Net operating and capital loss carryforwards	5,279,854	5,534,018
Interest in equity affiliates-net	-1,079,375	-1,489,269
Deferred tax assets	7,742,286	5,630,472
Valuation allowance	-7,742,286	-5,608,905
Net deferred tax asset		21,567
Gross deferred tax assets	$8,800,000	$7,100,000

Income_Taxes_Details_2

Income Taxes (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014
Income Taxes
Federal and state net operating and capital loss carryforwards		$174,000,000
Federal and state capital loss carryover		4,400,000
Amount recorded in capital gain from the redemption of preferred stock	2,418,528
450 West 33rd Street
Income Taxes
Amount recorded in capital gain from the redemption of preferred stock		85,100,000
REIT subsidiaries
Income Taxes
Federal and state net operating and capital loss carryforwards	13,000,000	11,900,000
REIT subsidiaries | Capital Loss Carryforward
Income Taxes
Federal and state capital loss carryover		2,400,000
Federal and state capital loss carryover that will expire in 2017		2,000,000
Federal and state capital loss carryover that will expire in 2019		$400,000

Summary_Quarterly_Consolidated2

Summary Quarterly Consolidated Financial Information - Unaudited (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Summary Quarterly Consolidated Financial Information - Unaudited
Net interest income	$12,898,651	$17,323,926	$14,269,832	$14,320,477	$15,526,603	$15,097,248	$13,996,043	$12,346,578	$58,812,886	$56,966,472	$39,131,930
Total other revenue	6,056,465	8,962,195	9,151,570	10,116,484	6,018,515	7,287,428	8,837,139	10,274,892	34,286,714	32,417,974	31,454,043
Total other expenses	14,859,256	18,819,835	17,958,639	17,011,318	16,808,579	18,378,998	18,549,062	19,075,367	68,649,048	72,812,006	84,760,281
Income before gain on sale of equity interests, incentive management fee, gain (loss) on sale of real estate, net and income (loss) from equity affiliates	4,095,860	7,466,286	5,462,763	7,425,643	4,736,539	4,005,678	4,284,120	3,546,103	24,450,552	16,572,440	-14,174,308
Gain on sale of equity interests	819,067	77,123,133	7,851,266						85,793,466
Incentive management fee - equity interest - related party		-19,047,949							19,047,949
Gain on extinguishment of debt						1,167,772		3,763,000		4,930,772	30,459,023
Gain (loss) on sale of real estate, net	1,803,512	-199,749							1,603,763
Income (loss) from equity affiliates	219,287	-51,170	40,493	40,048	40,937	-81,723	-81,804	-81,885	248,658	-204,475	-697,856
Net income	6,937,726	65,290,551	13,354,522	7,465,691	4,777,476	5,091,727	4,202,316	7,227,218	93,048,490	21,298,737	21,716,455
Preferred stock dividends	1,888,430	1,888,430	1,888,465	1,590,930	1,410,305	1,410,333	1,152,617	533,328	7,256,255	4,506,583
Net income attributable to noncontrolling interest						16,715	53,833	53,651		124,199	215,567
Net income attributable to Arbor Realty Trust, Inc. common stockholders	$5,049,296	$63,402,121	$11,466,057	$5,874,761	$3,367,171	$3,664,679	$2,995,866	$6,640,239	$85,792,235	$16,667,955	$21,500,888
Basic earnings per common share (in dollars per share)	$0.10	$1.26	$0.23	$0.12	$0.07	$0.08	$0.07	$0.20	$1.71	$0.39	$0.80
Diluted earnings per common share (in dollars per share)	$0.10	$1.26	$0.23	$0.12	$0.07	$0.08	$0.07	$0.19	$1.70	$0.39	$0.79

SCHEDULE_IV_LOANS_AND_OTHER_LE1

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Loans and Investments
Threshold for reporting loans (as a percent)	3.00%
Fixed interest rate (as a percent)	5.45%	5.26%
Prior Liens	$2,591,362,733
Loans and investments, gross	1,587,429,498	1,660,195,301
Loan Carrying Value	1,459,475,650	1,523,699,653	1,325,667,053	1,302,440,660
Carrying Amount Subject to Delinquent Interest	7,043,556
Principal balance	35,000,000
Modified loans	34,800,000
Amount of loans extended	596,500,000
Federal income tax basis	1,500,000,000
Bridge Loans
Loans and Investments
Fixed interest rate (as a percent)	5.19%	5.11%
Prior Liens	2,855,000
Loans and investments, gross	1,273,439,238	1,171,783,914
Loan Carrying Value	1,218,667,470
Carrying Amount Subject to Delinquent Interest	7,043,556
Bridge Loans | Loans less than 3%
Loans and Investments
Prior Liens	2,855,000
Loans and investments, gross	1,095,093,238
Loan Carrying Value	1,044,546,910
Carrying Amount Subject to Delinquent Interest	7,043,556
Mezzanine Loans
Loans and Investments
Fixed interest rate (as a percent)	9.78%	7.02%
Prior Liens	334,134,919
Loans and investments, gross	76,392,650	118,550,172
Loan Carrying Value	64,323,526
Junior mortgage loans
Loans and Investments
Fixed interest rate (as a percent)	4.62%	4.21%
Prior Liens	1,498,297,516
Loans and investments, gross	104,091,952	248,337,542
Loan Carrying Value	46,820,790
Preferred equity investments
Loans and Investments
Fixed interest rate (as a percent)	6.11%	7.20%
Prior Liens	756,075,298
Loans and investments, gross	133,505,658	121,523,673
Loan Carrying Value	129,663,864
Multifamily | Bridge Loans | Loans in excess of 3%
Loans and Investments
Base rate	LIBOR
LIBOR Floor rate (as a percent)	0.25%
Loans and investments, gross	178,346,000
Loan Carrying Value	174,120,560
Multifamily | Bridge Loans | Loans in excess of 3% | Minimum
Loans and Investments
Base spread (as a percent)	3.23%
Multifamily | Bridge Loans | Loans in excess of 3% | Maximum
Loans and Investments
Base spread (as a percent)	11.81%
Multifamily | Bridge Loans | Loans less than 3%
Loans and Investments
Base rate	LIBOR
Fixed interest rate (as a percent)	6.30%
Fixed interest rate, minimum (as a percent)	10.00%
Fixed interest rate, maximum (as a percent)	13.00%
Loans and investments, gross	802,582,333
Loan Carrying Value	798,144,788
Carrying Amount Subject to Delinquent Interest	765,799
Multifamily | Bridge Loans | Loans less than 3% | Minimum
Loans and Investments
Base spread (as a percent)	3.00%
LIBOR Floor rate (as a percent)	0.15%
Multifamily | Bridge Loans | Loans less than 3% | Maximum
Loans and Investments
Base spread (as a percent)	11.85%
LIBOR Floor rate (as a percent)	0.26%
Multifamily | Mezzanine Loans | Loans less than 3%
Loans and Investments
Base rate	LIBOR
Fixed interest rate, minimum (as a percent)	4.00%
Fixed interest rate, maximum (as a percent)	18.00%
Prior Liens	211,019,323
Loans and investments, gross	54,482,409
Loan Carrying Value	51,746,925
Multifamily | Mezzanine Loans | Loans less than 3% | Minimum
Loans and Investments
Base spread (as a percent)	5.00%
LIBOR Floor rate (as a percent)	0.21%
Multifamily | Mezzanine Loans | Loans less than 3% | Maximum
Loans and Investments
Base spread (as a percent)	12.00%
LIBOR Floor rate (as a percent)	2.50%
Multifamily | Preferred equity investments | Loans less than 3%
Loans and Investments
Fixed interest rate, minimum (as a percent)	2.36%
Fixed interest rate, maximum (as a percent)	15.00%
Prior Liens	654,532,914
Loans and investments, gross	90,051,658
Loan Carrying Value	89,957,756
Office | Bridge Loans | Loans less than 3%
Loans and Investments
Base rate	LIBOR
Loans and investments, gross	146,976,273
Loan Carrying Value	143,025,778
Carrying Amount Subject to Delinquent Interest	6,277,757
Office | Bridge Loans | Loans less than 3% | Minimum
Loans and Investments
Base spread (as a percent)	3.10%
LIBOR Floor rate (as a percent)	0.24%
Office | Bridge Loans | Loans less than 3% | Maximum
Loans and Investments
Base spread (as a percent)	7.90%
LIBOR Floor rate (as a percent)	1.50%
Office | Mezzanine Loans | Loans less than 3%
Loans and Investments
Fixed interest rate (as a percent)	9.39%
Prior Liens	90,515,596
Loans and investments, gross	9,418,939
Loan Carrying Value	9,418,268
Office | Junior mortgage loans | Loans less than 3%
Loans and Investments
Fixed interest rate, minimum (as a percent)	4.00%
Fixed interest rate, maximum (as a percent)	10.07%
Prior Liens	1,313,297,516
Loans and investments, gross	72,091,952
Loan Carrying Value	46,820,790
Office | Preferred equity investments | Loans less than 3%
Loans and Investments
Fixed interest rate (as a percent)	15.00%
Prior Liens	10,300,000
Loans and investments, gross	2,004,000
Loan Carrying Value	1,983,691
Land | Bridge Loans | Loans less than 3%
Loans and Investments
Base rate	LIBOR
Fixed interest rate, minimum (as a percent)	8.75%
Fixed interest rate, maximum (as a percent)	11.64%
Prior Liens	2,855,000
Loans and investments, gross	114,034,632
Loan Carrying Value	72,022,619
Land | Bridge Loans | Loans less than 3% | Minimum
Loans and Investments
Base spread (as a percent)	4.00%
LIBOR Floor rate (as a percent)	0.15%
Land | Bridge Loans | Loans less than 3% | Maximum
Loans and Investments
Base spread (as a percent)	4.50%
Land | Mezzanine Loans | Loans less than 3%
Loans and Investments
Loans and investments, gross	9,332,969
Land | Preferred equity investments | Loans less than 3%
Loans and Investments
Fixed interest rate (as a percent)	11.00%
Prior Liens	14,950,000
Loans and investments, gross	5,000,000
Loan Carrying Value	4,972,417
Hotel | Bridge Loans | Loans less than 3%
Loans and Investments
Base rate	LIBOR
Base spread (as a percent)	7.25%
LIBOR Floor rate (as a percent)	0.25%
Loans and investments, gross	31,500,000
Loan Carrying Value	31,353,725
Hotel | Junior mortgage loans | Loans less than 3%
Loans and Investments
Base rate	LIBOR
Base spread (as a percent)	1.25%
Prior Liens	185,000,000
Loans and investments, gross	32,000,000
Hotel | Preferred equity investments | Loans less than 3%
Loans and Investments
Base rate	Libor
Base spread (as a percent)	2.79%
Prior Liens	46,500,000
Loans and investments, gross	34,750,000
Loan Carrying Value	31,050,000
Commercial | Preferred equity investments | Loans less than 3%
Loans and Investments
Fixed interest rate (as a percent)	6.00%
Prior Liens	29,792,384
Loans and investments, gross	1,700,000
Loan Carrying Value	1,700,000
Retail | Mezzanine Loans | Loans less than 3%
Loans and Investments
LIBOR Floor rate (as a percent)	12.00%
Prior Liens	32,600,000
Loans and investments, gross	3,158,333
Loan Carrying Value	$3,158,333

SCHEDULE_IV_LOANS_AND_OTHER_LE2

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Reconciliation of the Company's loans and investments carrying amounts
Balance at beginning of year	$1,523,699,653	$1,325,667,053	$1,302,440,660
Additions during period:
New loan originations	900,666,405	591,537,200	275,633,168
Funding of unfunded loan commitments	907,052	322,926	7,271,166
Accretion of unearned revenue	4,976,577	5,385,999	2,794,627
Loan charge-offs	6,501,079	24,713,459	46,585,800
Recoveries of reserves	9,315,724	2,215,443	917,966
Charge-off on loan converted to other assets		19,000,000
Deductions during period:
Loan payoffs	-941,279,252	-324,358,463	-171,822,185
Proceeds and receivables from sale of loans		-4,424,097	-17,945,000
Proceeds used against junior loan participations			-34,000,000
Loan paydowns	-26,558,929	-54,261,753	-13,889,148
Use of loan charge-offs	-6,501,079	-24,713,459	-46,585,800
Loan converted to other assets		-25,000,000
Provision for loan losses	-9,026,712	-6,500,000	-23,828,224
Unearned revenue and costs	-3,224,868	-5,884,655	-1,905,977
Balance at end of year	$1,459,475,650	$1,523,699,653	$1,325,667,053