Arbor Realty Trust (ABR) 10-K 26 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Feb. 26, 2016	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	ARBOR REALTY TRUST INC
Entity Central Index Key	1,253,986
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 289.2
Entity Common Stock, Shares Outstanding		50,962,516
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Assets:
Cash and cash equivalents	$ 188,708,687	$ 50,417,745
Restricted cash (includes $46,695,819 and $216,405,894 from consolidated VIEs, respectively)	48,301,244	218,100,529
Loans and investments, net (includes $968,970,064 and $968,600,472 from consolidated VIEs, respectively)	1,450,334,341	1,459,475,650
Available-for-sale securities, at fair value	2,022,030	2,499,709
Investments in equity affiliates	30,870,235	4,869,066
Real estate owned, net (includes $0 and $80,732,144 from consolidated VIEs, respectively)	60,845,509	84,925,641
Real estate held-for-sale, net	8,669,203	14,381,733
Due from related party (includes $36,451 and $0 from consolidated VIEs, respectively)	8,082,265	36,515
Other assets (includes $6,969,201 and $9,625,969 from consolidated VIEs, respectively)	29,558,430	31,787,451
Total assets	1,827,391,944	1,866,494,039
Liabilities and Equity:
Credit facilities and repurchase agreements	136,252,135	180,046,999
Collateralized loan obligations (includes $758,899,661 and $453,101,661 from consolidated VIEs, respectively)	758,899,661	453,101,661
Collateralized debt obligations (includes $0 and $331,219,478 from consolidated VIEs, respectively)		331,219,478
Senior unsecured notes	93,764,994	93,036,503
Junior subordinated notes to subsidiary trust issuing preferred securities	157,117,130	156,391,419
Note payable		1,300,000
Mortgage note payable - real estate owned	27,155,000	21,865,136
Mortgage note payable - real estate held-for-sale		9,119,221
Due to related party	3,428,333	2,653,333
Due to borrowers	34,629,595	32,972,606
Other liabilities (includes $1,224,193 and $7,385,474 from consolidated VIEs, respectively)	51,054,321	49,332,212
Total liabilities	$ 1,262,301,169	$ 1,331,038,568
Commitments and contingencies
Equity:
Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized; 8.25% Series A, $38,787,500 aggregate liquidation preference; 1,551,500 shares issued and outstanding; 7.75% Series B, $31,500,000 aggregate liquidation preference; 1,260,000 shares issued and outstanding; 8.50% Series C, $22,500,000 aggregate liquidation preference; 900,000 shares issued and outstanding	$ 89,295,905	$ 89,295,905
Common stock, $0.01 par value: 500,000,000 shares authorized; 50,962,516 and 50,477,308 shares issued and outstanding, respectively	509,625	504,773
Additional paid-in capital	616,244,196	612,806,365
Accumulated deficit	(136,118,001)	(152,483,322)
Accumulated other comprehensive loss	(4,840,950)	(14,668,250)
Total equity	565,090,775	535,455,471
Total liabilities and equity	$ 1,827,391,944	$ 1,866,494,039

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Restricted cash	$ 48,301,244	$ 218,100,529
Loans and investments, net	1,450,334,341	1,459,475,650
Real estate owned, net	60,845,509	84,925,641
Due from related party	8,082,265	36,515
Other assets	29,558,430	31,787,451
Collateralized loan obligations	758,899,661	453,101,661
Collateralized debt obligations		331,219,478
Other liabilities	$ 51,054,321	$ 49,332,212
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)	50,962,516	50,477,308
Common stock, shares outstanding (in shares)	50,962,516	50,477,308
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	900,000
Preferred stock, shares outstanding (in shares)	900,000	900,000
Consolidated VIEs
Restricted cash	$ 46,695,819	$ 216,405,894
Loans and investments, net	968,970,064	968,600,472
Real estate owned, net	0	80,732,144
Due from related party	36,451	0
Other assets	6,969,201	9,625,969
Collateralized loan obligations	758,899,661	453,101,661
Collateralized debt obligations	0	331,219,478
Other liabilities	$ 1,224,193	$ 7,385,474

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED STATEMENTS OF INCOME
Interest income	$ 106,768,542	$ 106,716,344	$ 99,031,623
Other interest income, net	7,884,344
Interest expense	49,720,132	47,903,458	42,065,151
Net interest income	64,932,754	58,812,886	56,966,472
Other revenue:
Property operating income	27,666,252	32,641,249	30,127,260
Other income, net	270,360	1,645,465	2,290,714
Total other revenue	27,936,612	34,286,714	32,417,974
Other expenses:
Employee compensation and benefits	17,500,457	13,978,223	12,042,332
Selling and administrative	12,525,817	9,600,139	10,603,247
Property operating expenses	23,237,834	27,857,460	26,728,174
Depreciation and amortization	5,436,330	7,371,737	7,250,601
Impairment loss on real estate owned		250,000	1,000,000
Provision for loan losses (net of recoveries)	4,466,886	(308,511)	4,287,652
Management fee - related party	10,900,000	9,900,000	10,900,000
Total other expenses	74,067,324	68,649,048	72,812,006
Income before gain on acceleration of deferred income, loss on termination of swaps, gain on sale of real estate, gain on sale of equity interests, incentive management fee, gain on extinguishment of debt and income (loss) from equity affiliates	18,802,042	24,450,552	16,572,440
Gain on acceleration of deferred income	19,171,882
Loss on termination of swaps	(4,629,647)
Gain on sale of real estate	7,784,021	1,603,763
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)
Income (loss) from equity affiliates	12,300,516	248,658	(204,475)
Net income	53,428,814	93,048,490	21,298,737
Preferred stock dividends	7,553,720	7,256,255	4,506,583
Net income attributable to noncontrolling interest			124,199
Net income attributable to common stockholders	$ 45,875,094	$ 85,792,235	$ 16,667,955
Basic earnings per common share (in dollars per share)	$ 0.90	$ 1.71	$ 0.39
Diluted earnings per common share (in dollars per share)	$ 0.90	$ 1.70	$ 0.39
Weighted average number of shares of common stock outstanding:
Basic (in shares)	50,857,750	50,143,648	42,399,872
Diluted (in shares)	51,007,328	50,368,344	42,835,144

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 53,428,814	$ 93,048,490	$ 21,298,737
Unrealized gain (loss) on securities available-for-sale, net	70,605	(335,157)	382,130
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	(1,018,587)	(1,318,318)	(520,195)
Reclassification of net realized loss on derivatives designated as cash flow hedges into loss on termination of swaps	4,626,192
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings	6,149,090	12,653,954	14,131,036
Comprehensive income	63,256,114	103,617,493	35,623,184
Less:
Preferred stock dividends	7,553,720	7,256,255	4,506,583
Comprehensive income attributable to noncontrolling interest			124,199
Comprehensive income attributable to common stockholders	$ 55,702,394	$ 96,361,238	$ 30,992,402

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($)	Preferred Stock8.25% Series A preferred stock	Preferred Stock7.75% Series B preferred stock	Preferred Stock8.50% Series C preferred stock	Preferred StockPrivate REIT preferred stock	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated DeficitPrivate REIT preferred stock	Accumulated Deficit	Accumulated Other Comprehensive Loss	Total Arbor Realty Trust, Inc. Stockholders' Equity8.25% Series A preferred stock	Total Arbor Realty Trust, Inc. Stockholders' Equity7.75% Series B preferred stock	Total Arbor Realty Trust, Inc. Stockholders' Equity8.50% Series C preferred stock	Total Arbor Realty Trust, Inc. Stockholders' EquityPrivate REIT preferred stock	Total Arbor Realty Trust, Inc. Stockholders' Equity	Non-controlling Interest	8.25% Series A preferred stock	7.75% Series B preferred stock	8.50% Series C preferred stock	Private REIT preferred stock	Total
Balance at Dec. 31, 2012						$ 312,493	$ 476,136,813		$ (207,558,257)	$ (39,561,700)					$ 229,329,349	$ 1,931,773					$ 231,261,122
Balance (in shares) at Dec. 31, 2012						31,249,225
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 gain (loss) on securities available-for-sale, net										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	$ 491,363	606,918,836		(212,231,319)	(25,237,253)					437,596,282						437,596,282
Balance (in shares) at Dec. 31, 2013					2,811,500	49,136,308
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 gain (loss) on securities available-for-sale, net										(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	$ 504,773	612,806,365		(152,483,322)	(14,668,250)					535,455,471						535,455,471
Balance (in shares) at Dec. 31, 2014					3,711,500	50,477,308
Increase (Decrease) in Stockholders' Equity
Stock-based compensation						$ 4,861	3,437,822								3,442,683						3,442,683
Stock-based compensation (in shares)						486,124
Forfeiture of unvested restricted stock						$ (9)	9
Forfeiture of unvested restricted stock (in shares)						(916)
Distributions - common stock									(29,495,314)						(29,495,314)						(29,495,314)
Distributions - preferred stock				$ (14,459)				$ (14,459)	(7,553,720)					$ (14,459)	(7,553,720)					$ (14,459)	(7,553,720)
Net income									53,428,814						53,428,814						53,428,814
Unrealized gain (loss) on securities available-for-sale, net										70,605					70,605						70,605
Unrealized loss on derivative financial instruments, net										(1,018,587)					(1,018,587)						(1,018,587)
Reclassification of net realized loss on derivatives designated as cash flow hedges into loss on termination of swaps										4,626,192					4,626,192						4,626,192
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings										6,149,090					6,149,090						6,149,090
Balance at Dec. 31, 2015					$ 89,295,905	$ 509,625	$ 616,244,196		$ (136,118,001)	$ (4,840,950)					$ 565,090,775						$ 565,090,775
Balance (in shares) at Dec. 31, 2015					3,711,500	50,962,516

CONSOLIDATED STATEMENT OF CHAN7

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
8.25% Series A preferred stock
Preferred stock, dividend rate (as a percent)	8.25%	8.25%	8.25%
7.75% Series B preferred stock
Preferred stock, dividend rate (as a percent)	7.75%	7.75%	7.75%
8.50% Series C preferred stock
Preferred stock, dividend rate (as a percent)	8.50%	8.50%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities:
Net income	$ 53,428,814	$ 93,048,490	$ 21,298,737
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,436,330	7,371,737	7,250,601
Stock-based compensation	3,442,683	1,989,439	1,600,142
Gain on acceleration of deferred income	(19,171,882)
Loss on termination of swaps	4,629,647
Gain on sale of securities		(518,640)	(1,100,000)
Gain on sale of real estate	(7,784,021)	(1,603,763)
Gain on extinguishment of debt			(4,930,772)
Provision for loan losses (net of recoveries)	4,466,886	(308,511)	4,287,652
Impairment loss on real estate owned		250,000	1,000,000
Amortization and accretion of interest, fees and intangible assets, net	1,575,359	(185,461)	(3,127,093)
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
(Income) loss from equity affiliates	(12,300,516)	(248,658)	204,475
Changes in operating assets and liabilities	2,624,389	(2,212,738)	(5,759,559)
Net cash provided by operating activities	36,347,689	30,795,356	22,522,344
Investing activities:
Loans and investments funded, originated and purchased, net	(985,008,307)	(908,769,736)	(594,127,146)
Payoffs and paydowns of loans and investments	985,788,250	987,700,535	378,738,674
Proceeds from sale of loans			4,424,097
Due to borrowers and reserves			(585,143)
Deferred fees	4,876,191	5,687,545	5,305,848
Purchase of securities, net	(1,551,716)		(29,024,327)
Principal collection on securities, net	2,100,000	663,684	38,614,122
Investment in real estate, net	(2,223,664)	(4,714,838)	(8,004,139)
Proceeds from sale of real estate, net	40,076,915	21,912,729
Proceeds from sale of available-for-sale securities		33,904,172	2,100,000
Contributions to equity affiliates	(19,323,597)	(526,499)
Distributions from equity affiliates		9,094,313	62,500
Redemption of investment in preferred shares, net			2,418,528
Net cash provided by /(used in) investing activities	24,734,072	144,951,905	(200,076,986)
Financing activities:
Proceeds from repurchase agreements, loan participations, credit facilities and notes payable	593,879,165	402,080,235	235,145,560
Paydowns and payoffs of repurchase agreements, loan participations and credit facilities	(636,939,891)	(382,019,058)	(205,482,156)
Proceeds from mortgage note payable - real estate owned	27,155,000
Paydown and payoff of mortgage notes payable - real estate owned	(30,984,357)	(22,766,647)
Proceeds from collateralized loan obligations	486,750,000	281,250,000	177,000,000
Proceeds from senior unsecured notes		97,860,025
Payoffs and paydowns of collateralized debt obligations	(312,071,055)	(307,482,803)	(167,154,040)
Payoffs and paydowns of collateralized loan obligations	(177,000,000)	(87,500,000)
Change in restricted cash	169,710,075	(162,354,455)	(12,514,227)
Payments on financial instruments underlying linked transactions		(59,613,649)	(165,385,926)
Receipts on financial instruments underlying linked transactions		66,027,912	175,181,262
Payments on swaps and margin calls to counterparties	(290,000)	(2,032,106)	(75,139,934)
Receipts on swaps and returns of margin calls from counterparties	4,840,000	8,993,010	80,653,523
Distributions paid to noncontrolling interest			(175,559)
Proceeds from issuance of common stock		6,800,000	134,176,328
Expenses paid on issuance of common stock		(285,919)	(4,788,877)
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	(29,495,314)	(26,029,540)	(21,326,517)
Distributions paid on preferred stock	(7,553,720)	(7,096,880)	(4,036,481)
Distributions paid on preferred stock of private REIT	(14,459)	(14,698)	(14,500)
Cancellation of warrants		(2,602,500)
Payment of deferred financing costs	(10,776,263)	(10,573,245)	(5,037,806)
Net cash provided by (used in) financing activities	77,209,181	(185,719,068)	208,755,305
Net increase (decrease) in cash and cash equivalents	138,290,942	(9,971,807)	31,200,663
Cash and cash equivalents at beginning of period	50,417,745	60,389,552	29,188,889
Cash and cash equivalents at end of period	188,708,687	50,417,745	60,389,552
Supplemental cash flow information:
Cash used to pay interest	43,938,914	42,756,229	46,717,669
Cash used for taxes	286,571	80,101	462,356
Supplemental schedule of non-cash investing and financing activities:
Investment transferred from real estate owned, net to real estate held-for-sale, net	26,185,691	2,904,057	11,540,649
Loan transferred to real estate owned, net	5,900,000
Satisfaction of participation loan	1,300,000
Retirement of participation liability	1,300,000
Reclassification of deferred financing costs from other assets to debt	17,428,648	13,928,552	9,089,070
Mortgage note payable - real estate held-for-sale, net transferred to real estate owned, net		1,886,133
Mortgage note payable - real estate owned, net transferred to real estate held-for-sale, net			11,005,354
Accrued and unpaid expenses on common stock offerings			26,700
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
8.25% Series A preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	266,664	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	$ 203,438
8.50% Series C preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	$ 159,375	$ 159,375

CONSOLIDATED STATEMENTS OF CAS9

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
8.25% Series A preferred stock
Preferred stock, dividend rate (as a percent)	8.25%	8.25%	8.25%
7.75% Series B preferred stock
Preferred stock, dividend rate (as a percent)	7.75%	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, 2015
Description of Business
Description of Business	Note 1—Description of Business Arbor Realty Trust, Inc. is a Maryland corporation that was formed in 2003 to invest in a diversified portfolio of structured finance assets in the multifamily and commercial real estate markets, primarily consisting of bridge and mezzanine loans, including junior participating interests in first mortgages, 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 REIT for federal income tax purposes. 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 Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
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 CLO and CDO 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, 2015 through the issuance of the consolidated financial statements. Certain prior year amounts have been reclassified to conform to current period presentation. In the fourth quarter of 2015, we early adopted accounting guidance which reclassifies deferred debt issuance costs from other assets to the related liabilities. As a result of adopting this new guidance, we reclassified deferred financing costs totaling $17.4 million and $13.9 million from other assets to our debt facilities for the years ended December 31, 2015 and 2014, respectively. In past years, we repurchased shares of our common stock pursuant to a share repurchase program authorized by our Board of Directors. These repurchased shares are subject to state corporate laws that establish the legal status of redeemed shares and prevent them from being reported as treasury shares within the consolidated financial statements. We previously misclassified the repurchased shares as treasury stock. These share repurchases should have been classified as reductions of common stock and additional paid-in capital. The accompanying consolidated balance sheets and consolidated statements of changes in equity have been restated for all periods presented to correct the misclassification. The correction results in reductions in common stock and additional paid-in capital of $26,507 and $17.1 million, respectively, for all periods presented. The reclassification has no impact on any other amounts included in our previously reported consolidated financial statements. 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 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, 2015. 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. Impaired Loans, Allowance for Loan Losses 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. 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. 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. 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, which is reported in depreciation and amortization expense on our consolidated statements of income. 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. A 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 accrued 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 loan and investment portfolio as well as net interest income and gains and losses recorded on 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 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 REIT income may be subject to state and local income taxes. Certain of our assets or operations that would not otherwise comply with the REIT requirements are owned or conducted by our taxable REIT subsidiaries ("TRS"), the income of which is subject to federal and state income taxes. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using current tax rates. The deferred tax assets and liabilities of the TRSs relate primarily to expenses not currently deductible and net operating and capital loss carryforwards. A valuation allowance for deferred tax assets is provided if we believe it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of certain deferred tax assets is dependent on the TRSs generating sufficient taxable income in future periods or employing certain tax planning strategies to realize such deferred tax assets. We periodically evaluate tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. We report interest and penalties related to tax uncertainties as a component of the income tax provision. Other Comprehensive Income We divide comprehensive income or loss into net income and other comprehensive income. Other comprehensive income 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 until the hedged item is recognized in earnings, or net income 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 in the past 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. Linked transactions were 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. 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. 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 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, 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 2016, the Financial Accounting Standards Board ("FASB") amended its guidance on the recognition and measurement of financial assets and liabilities. The guidance is effective for the first quarter of 2018 and we are currently evaluating the impact it may have on our consolidated financial statements. In September 2015, the FASB amended its guidance on measurement-period adjustments arising from business combinations. The guidance is effective for the first quarter of 2016 and we do not expect it to have a material effect on our consolidated financial statements. In April 2015, the FASB amended its guidance on the balance sheet presentation of debt issuance costs. The guidance is effective for the first quarter of 2016. We early adopted this guidance in the fourth quarter of 2015 and it did not have a material effect on our consolidated financial statements. In February 2015, the FASB amended its guidance on the consolidation analysis of variable interest entities. The guidance is effective for the first quarter of 2016 and we do not expect it to have a material effect on our consolidated financial statements. In January 2015, the FASB eliminated the concept of extraordinary items and thus the requirement to assess whether an event or transaction requires extraordinary classification on the financial statements. The guidance is effective for the first quarter of 2016. We early adopted this new guidance in the first quarter of 2015 and it did 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 was 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.

Loans and Investments

Loans and Investments	12 Months Ended
	Dec. 31, 2015
Loans and Investments
Loans and Investments	Note 3—Loans and Investments The following table sets forth the composition of our loan and investment portfolio: December 31, 2015 Percent of Total Loan Count Wtd. Avg. Pay Rate(1) Wtd. Avg. Remaining Months to Maturity First Dollar LTV Ratio(2) Last Dollar LTV Ratio(3) Bridge loans $ % % % % Mezzanine loans % % % % Junior participation loans % % % % Preferred equity investments % % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unearned revenue ) Allowance for loan losses ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2014 Percent of Total Loan Count Wtd. Avg. Pay Rate(1) Wtd. Avg. Remaining Months to Maturity First Dollar LTV Ratio(2) Last Dollar LTV Ratio(3) Bridge loans $ % % % % Mezzanine loans % % % % Junior participation loans % % % % Preferred equity investments % % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unearned revenue ) Allowance for loan losses ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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. In the fourth quarter of 2015, we took possession of three co-operative apartments in Manhattan, New York that were held as collateral for a first mortgage that was previously written off. The apartments had a fair value of $2.2 million and were recorded as other assets on our consolidated balance sheet. During the first quarter of 2015, we acquired a $116.0 million defaulted first mortgage, at par. We financed this acquisition primarily with a new $87.0 million warehouse repurchase facility. In the second quarter of 2015, the first mortgage paid off and as a result, we repaid the $87.0 million warehouse facility and recognized income totaling $6.7 million, net of fees and expenses. The $6.7 million of income is comprised of other interest income totaling $7.9 million, partially offset by $1.2 million of expenses related to this transaction that were recorded in employee compensation and benefits. 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, 2015, the unpaid principal balance related to 22 loans with five different borrowers represented 22% of total assets. At December 31, 2014, the unpaid principal balance related to 31 loans with five different borrowers represented 23% of total assets. In addition, in 2015 and 2014, no single loan or investment represented 10% of our total assets and no single investor group generated 10% of our revenue. 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. Assets are subject to, at minimum, a thorough quarterly financial evaluation in which historical operating performance and forward-looking projections are reviewed. 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, 2015 and 2014, we identified loans and investments that we consider higher-risk loans that had a carrying value, before loan loss reserves, of $154.7 million and $189.4 million, respectively, and a weighted average last dollar LTV ratio of 94% and 94%, respectively. A summary of the loan and investment portfolio's weighted average internal risk ratings and LTV ratios by asset class is as follows: December 31, 2015 Asset Class Unpaid Principal Balance Percentage of Portfolio Wtd. Avg. Internal Risk Rating First Dollar LTV Ratio Last Dollar LTV Ratio Multifamily $ % % % Office % % % Land % % % Hotel % % % Other % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2014 Asset Class Unpaid Principal Balance Percentage of Portfolio Wtd. Avg. Internal Risk Rating First Dollar LTV Ratio Last Dollar LTV Ratio Multifamily $ % % % Office % % % Land % % % Hotel % % % Other % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Geographic Concentration Risk As of December 31, 2015, 34%, 14%, 14% and 12% of the outstanding balance of our loan and investment portfolio had underlying properties in New York, Florida, California and Texas, respectively. As of December 31, 2014, 28%, 14% and 10% of the outstanding balance of our loan and investment 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 accrued interest according to the contractual terms of the loan agreement. During the year ended December 31, 2015, we determined that the fair value of the underlying collateral securing five impaired loans with an aggregate carrying value of $125.3 million was less than the net carrying value of the loans, resulting in a $6.5 million provision for loan losses. In addition, during 2015, we recorded $2.0 million of net recoveries of previously recorded loan loss reserves resulting in a $4.5 million net recovery provision. These recoveries were recorded in provision for loan losses on the consolidated statements of income. Of the $6.5 million of loan loss reserves recorded during 2015, $4.0 million was attributable to loans on which we had previously recorded reserves, while $2.5 million of reserves related to other loans in our portfolio. 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. At December 31, 2015, we had a total of nine loans with an aggregate carrying value, before loan loss reserves, of $189.2 million for which impairment reserves have been recorded. 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. A summary of the changes in the allowance for loan losses is as follows: Year Ended December 31, 2015 December 31, 2014 December 31, 2013 Allowance at beginning of the period $ $ $ Provision for loan losses Charge-offs ) ) ) Charge-off on loan reclassified to real estate owned, net ) — — Charge-off on loan converted to other assets — — ) Recoveries of reserves ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance at end of the period $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A summary of charge-offs and recoveries by asset class is as follows: Year Ended December 31, 2015 December 31, 2014 December 31, 2013 Charge-offs: Multifamily $ — $ ) $ ) Office ) — ) Land — — ) Hotel ) — ) Condo — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoveries: Multifamily $ ) $ ) $ ) Office — ) ) Land ) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Recoveries (Charge-offs) $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ratio of net charge-offs during the period to average loans and investments outstanding during the period )% % )% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2015, 2014 and 2013. For the year ended December 31, 2015, charge-off activity was comprised of a $32.0 million charge-off of previously recorded reserves due to the write-off of a fully reserved junior participation loan. We also charged-off $2.5 million in connection with the transfer of an office building by deed in lieu of foreclosure to real estate owned, net. For the year ended December 31, 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. For the year ended December 31, 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. We have six loans with a carrying value totaling $118.1 million at December 31, 2015, which mature in September 2017, that are collateralized by a land development project. The loans do not carry a current pay rate of interest, but four of the loans with a carrying value totaling $97.5 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 we deemed the collection of this interest to be doubtful. We have recorded cumulative allowances for loan losses of $49.1 million related to these loans as of December 31, 2015. 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: December 31, 2015 Year Ended December 31, 2015 Asset Class Unpaid Principal Balance Carrying Value(1) Allowance for Loan Losses Average Recorded Investment(2) Interest Income Recognized Multi-family $ $ $ $ $ Office Land — Hotel Commercial — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2014 Year Ended December 31, 2014 Asset Class Unpaid Principal Balance Carrying Value(1) Allowance for Loan Losses Average Recorded Investment(2) Interest Income Recognized Multi-family $ $ $ $ $ Office Land — Hotel ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Represents the UPB of impaired loans less unearned revenue and other holdbacks and adjustments by asset class and was comprised of nine loans at December 31, 2015 and ten loans at December 31, 2014. (2) Represents an average of the beginning and ending UPB of each asset class. As of December 31, 2015, three loans with an aggregate net carrying value of less than $0.1 million, net of related loan loss reserves on the loans of $22.9 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, 2014, three loans with an aggregate net carrying value of $7.0 million, net of related loan loss reserves on two of the loans of $34.0 million, were classified as non-performing. A summary of our non-performing loans by asset class is as follows: December 31, 2015 December 31, 2014 Asset Class Carrying Value Less Than 90 Days Past Due Greater Than 90 Days Past Due Carrying Value Less Than 90 Days Past Due Greater Than 90 Days Past Due Multi-family $ $ — $ $ $ $ Office — — Commercial — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ — $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2015, we did not have any loans contractually past due 90 days or more that are still accruing interest. A summary of loan modifications, refinancings and/or extensions by asset class that we considered to be troubled debt restructurings were as follows: Year Ended December 31, 2015 Asset Class Number of Loans Original Unpaid Principal Balance Original Weighted Average Rate of Interest Extended Unpaid Principal Balance Extended Weighted Average Rate of Interest Multifamily $ % $ % Office % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ % $ % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2014 Asset Class Number of Loans Original Unpaid Principal Balance Original Weighted Average Rate of Interest Extended Unpaid Principal Balance Extended Weighted Average Rate of Interest Hotel $ % $ % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2015 and 2014 and no additional loans were considered to be impaired due to our troubled debt restructuring analysis for the years ended December 31, 2015 and 2014. We had unfunded commitments of $0.1 million on the extended loans which were considered troubled debt restructurings as of December 31, 2015 and no unfunded commitment on the extended loan which was considered troubled debt restructuring as of December 31, 2014. 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. As of December 31, 2015, we had total interest reserves of $17.2 million on 63 loans with an aggregate UPB of $895.4 million.

Securities

Securities	12 Months Ended
	Dec. 31, 2015
Securities
Securities	Note 4—Securities The following is a summary of our securities classified as available-for-sale at December 31, 2015: Face Value Amortized Cost Cumulative Unrealized Gain Carrying Value / Estimated Fair Value Federal Home Loan Mortgage Corporation $ $ $ — $ 2,939,465 common shares of CV Holdings, Inc. — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total available-for-sale securities $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following is a summary of our securities classified as available-for-sale at December 31, 2014: Face Value Amortized Cost Cumulative Unrealized (Loss) / Gain Carrying Value / Estimated Fair Value Commercial mortgage-backed security (CMBS) $ $ $ ) $ 2,939,465 common shares of CV Holdings, Inc. — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total available-for-sale securities $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In the fourth quarter of 2015, we purchased a federal home loan mortgage corporation security at a premium for $1.6 million. This security bore interest at a fixed rate of 3.241% with a scheduled maturity in 2024. We sold this security in January 2016 for $1.6 million and recognized a gain of less than $0.1 million. In the second quarter of 2015, our CMBS investment, which had a carrying value of $2.0 million, paid off in full. In connection with this pay off, we received proceeds of $2.1 million and reversed a $0.1 million unrealized loss from accumulated other comprehensive loss on our consolidated balance sheet. Our CMBS investment had an underlying credit rating of CCC– based on the rating published by Standard & Poor's at December 31, 2014. In the first quarter of 2014, we sold all of our RMBS investments, which had an aggregate carrying value of $33.4 million, for $33.9 million and recorded a net gain of $0.5 million to other income, net on our consolidated statements 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. The weighted average yield on our CMBS and RMBS investments, including the amortization of premium and the accretion of discount, based on their face values was 1.04% and 1.80% for the years ended December 31, 2015 and 2014, respectively.

Investments in Equity Affiliate

Investments in Equity Affiliates	12 Months Ended
	Dec. 31, 2015
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: Investment in Equity Affiliates at UPB of Loans to Equity Affiliates at December 31, 2015 Equity Affiliates December 31, 2015 December 31, 2014 Arbor Residential Investor LLC $ $ — $ — West Shore Café Lightstone Value Plus REIT L.P — Issuers of Junior Subordinated Notes — JT Prime — East River Portfolio Lexford Portfolio Ritz-Carlton Club — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ We account for all investments in equity affiliates under the equity method. Arbor Residential Investor LLC ("ARI") —In the first quarter of 2015, we invested $9.6 million for 50% of our Manager's indirect interest in a joint venture with a third party that was formed to invest in a residential mortgage banking business. Our Manager retained a promote of 25% over a 10% return on this investment. As a result of this transaction, we had an initial indirect interest of 22.5% in the mortgage banking business, which is subject to dilution upon attaining certain profit hurdles of the business. As a result of the business's profitability to date, we currently own a 20% indirect interest. During the year ended December 31, 2015, we recorded $6.6 million to income from equity affiliates in our consolidated statements of income related to this investment. In the first quarter of 2015, we invested $1.7 million through ARI for 100% of our Manager's investment in non-qualified residential mortgages purchased from the mortgage banking business's origination platform, resulting in a non-controlling ownership interest of 50% in this investment. We also funded $7.9 million of additional mortgage purchases during 2015, for a total investment of $9.7 million as of December 31, 2015. During 2015, we recorded income from equity affiliates of less than $0.1 million in our consolidated statements of income related to this investment. 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 an affiliated entity to acquire property adjacent to the original property, which matures in May 2017 and bears interest at LIBOR plus 4.00%. Lightstone Value Plus REIT L.P. / JT Prime —We own a $1.9 million interest in an unconsolidated joint venture that holds common operating partnership units of Lightstone Value Plus REIT L.P. ("Lightstone"). The joint venture owned $56.0 million of preferred and common operating partnership units of Lightstone and had debt of $50.2 million, in which we had a two thirds interest in a consolidated entity. In 2013, our portion of the preferred operating partnership units were redeemed, the note related to our portion was repaid in full and the entity was deconsolidated. During the year ended December 31, 2013, we recorded $1.8 million of dividends from the operating partnership units which were reflected in interest income, and $1.3 million of interest expense in our consolidated statements of income. We also own a 50% non-controlling interest in an unconsolidated joint venture, JT Prime, which holds common operating partnership units of Lightstone at a carrying value of $0.4 million. During the years ended December 31, 2015, 2014 and 2013, we recorded $0.2 million, $0.2 million and $0.1 million, respectively, to income from equity affiliates in our consolidated statements of income related to these investments. 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 is comprised 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 March 2016. 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. In the third and fourth quarters of 2015, we received distributions from this equity investment and recognized income totaling $4.5 million, net of expenses. The $4.5 million of income is comprised of income from equity affiliates of $5.5 million, partially offset by $1.0 million of expenses related to these distributions that were recorded in employee compensation and benefits. See Note 14—"Agreements and Transactions with Related Parties" for further details. Ritz-Carlton Club —We owned 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. As of December 31, 2015, we no longer have an interest in this investment. 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 and we received $7.9 million in cash. As a result, we recorded a gain on sale of equity interest in our consolidated statements of income of $7.9 million and reduced our investment to $0. In July 2014, our outstanding loans totaling $22.9 million to this joint venture were repaid in full. We no longer have an interest in this investment. 450 West 33rd Street —We were a 29% participant in an investor group that owned a non-controlling interest in an office building at 450 West 33rd Street in Manhattan, New York. The investor group, as a whole, had a 1.44% ownership interest in the property and 50% of the property's air rights, both were retained from the transfer of control of the property in 2007. As part of this transaction, we recorded a deferred gain of $77.1 million as a result of the joint venture members guaranteeing a portion of the debt outstanding on the property. In 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 2014, we invested an additional $0.3 million into this investment. 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. Summarized Financial Information The condensed combined balance sheets for our unconsolidated investments in equity affiliates accounted for under the equity method are as follows: December 31, Condensed Combined Balance Sheets 2015 2014 Assets: Cash and cash equivalents $ $ Real estate assets Other assets ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: Notes payable $ $ Other liabilities ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities ​ ​ ​ ​ ​ ​ ​ ​ Stockholders' equity Arbor(1) Stockholders' equity (deficit) ) ​ ​ ​ ​ ​ ​ ​ ​ Total stockholders' equity (deficit) ) ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and equity (deficit) $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Combined with $0.6 million of equity relating to the issuance of junior subordinated notes, equals $30.9 million of investments in equity affiliates at December 31, 2015. 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. The condensed combined statements of operations for our unconsolidated investments in equity affiliates accounted for under the equity method for the years presented are as follows: Year Ended Statements of Operations: 2015 2014 2013 Revenue: Rental income $ $ $ Interest income Operating income Reimbursement income Other income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses: Operating expenses Interest expense Depreciation and amortization Other expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Arbor's Share of income (loss) $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Real Estate Owned and Held-For-

Real Estate Owned and Held-For-Sale	12 Months Ended
	Dec. 31, 2015
Real Estate Owned and Held-For-Sale
Real Estate Owned and Held-For-Sale	Note 6—Real Estate Owned and Held-For-Sale Our real estate assets were comprised of three multifamily properties (the "Multifamily Portfolio"), two hotel properties (the "Hotel Portfolio") and an office building at December 31, 2015 and four multifamily properties and five hotel properties at December 31, 2014. As of December 31, 2015 and 2014, the Multifamily Portfolio had a mortgage note payable of $27.2 million and $31.0 million, respectively. See Note 7—"Debt Obligations" for further details. Real Estate Owned December 31, 2015 December 31, 2014 Multifamily Portfolio Hotel Portfolio Office Building Total Multifamily Portfolio Hotel Portfolio Total Land $ $ $ $ $ $ $ Building and intangible assets Less: accumulated depreciation and amortization ) ) ) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate owned, net. $ $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2015, 2014 and 2013, our Multifamily Portfolio had a weighted average occupancy rate of approximately 94%, 90% and 85%, respectively. For the years ended December 31, 2015, 2014 and 2013, our Hotel Portfolio had a weighted average occupancy rate of approximately 53%, 51% and 48%, respectively, a weighted average daily rate of approximately $90, $76 and $79, respectively, and a weighted average revenue per available room of approximately $48, $39 and $38, respectively. The operation of the hotel properties are seasonal with the majority of revenues earned in the first two quarters of the calendar year. In the third quarter of 2015, we acquired an office building by deed in lieu of foreclosure that was held as collateral for a first mortgage loan with a carrying value at the acquisition date of $5.9 million, net of reserves. We finalized the purchase price allocation in the fourth quarter of 2015. The office building was fully occupied at December 31, 2015. Our real estate assets had restricted cash balances totaling $1.6 million and $1.7 million as of December 31, 2015 and 2014, respectively, due to escrow requirements. Real Estate Held-For-Sale As of December 31, 2015, there was one property in the Hotel Portfolio with a carrying value of $8.7 million classified as real estate held-for-sale. In 2015, three properties in the Hotel Portfolio with a combined carrying value of $26.2 million were reclassified from real estate owned to real estate held-for-sale due to proposed sales. Two of these properties were sold in 2015 and we recognized a total gain of $3.8 million. Also in 2015, we sold a property in our Multifamily Portfolio as well as a property in the Hotel Portfolio classified as held-for-sale for a total of $18.8 million and recognized a gain of $4.0 million. In 2014, a property in the Multifamily Portfolio was sold 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 2014, we recorded an impairment loss of $0.3 million related to this property as a result of an impairment analysis based on indicators of value from market participants. The results of operations for properties classified as held-for-sale are summarized as follows: Year Ended December 31, 2015 2014 2013 Revenue: Property operating income $ $ $ Expenses: Property operating expense Depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Debt Obligations

Debt Obligations	12 Months Ended
	Dec. 31, 2015
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: December 31, 2015 December 31, 2014 Debt Principal Balance Debt Carrying Value Collateral Carrying Value Weighted Average Note Rate Debt Principal Balance Debt Carrying Value Collateral Carrying Value Weighted Average Note Rate $150 million warehouse repurchase facility $ $ $ % $ — $ — $ — — $100 million warehousing credit facility % % $75 million warehousing credit facility % % $75 million warehousing credit facility — — — — % $25 million warehousing credit facility % — — — — $16.5 million term credit facility % — — — — $15 million term credit facility — — — — — % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total credit facilities and repurchase agreements $ $ $ % $ $ $ % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2015 and 2014, the weighted average interest rate for our credit facilities and repurchase agreements was 2.69% and 2.84%, respectively, and was calculated on the outstanding principal balance of the facility. Including certain fees and costs, such as structuring, commitment, non-use and warehousing fees, the weighted average interest rate was 3.42% and 3.06% at December 31, 2015 and 2014, respectively. There were no interest rate swaps on these facilities at December 31, 2015 and 2014. 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. See "Collateralized Debt Obligations" below. 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 matures in January 2017 with a one-year extension option. If the estimated market value of the loans financed in this facility decrease, we may be required to pay down borrowings under this repurchase agreement. Debt carrying value is net of $0.7 million of deferred financing fees at December 31, 2015. In July 2015, we amended the facility to temporarily increase the committed amount to $175.0 million until December 31, 2015. We have a $100.0 million warehouse facility with a financial institution to finance first mortgage loans on multifamily properties that bore interest at a rate of 225 basis points over LIBOR and was to mature in April 2015. In April 2015, we extended the maturity to May 2015. In May 2015, we amended the facility decreasing the rate of interest to 215 basis points over LIBOR and extended the maturity to May 2017 with a one-year extension option, subject to certain conditions. The facility has a maximum advance rate of 75% and also has a compensating balance requirement of $50.0 million to be maintained by us and our affiliates. Debt carrying value is net of $0.3 million and $0.2 million of deferred financing fees at December 31, 2015 and 2014, respectively. We have a $75.0 million warehouse facility with a financial institution to finance first mortgage loans on multifamily properties that bore interest at a rate of 225 basis points over LIBOR and was to mature in June 2015. In June 2015, we amended the facility, extending the maturity to June 2016, decreasing the rate of interest to 212.5 basis points over LIBOR, and added a new $25.0 million sublimit to finance healthcare related loans. The healthcare related loans will have an interest rate ranging from 225 basis points to 250 basis points over LIBOR depending on the type of healthcare facility financed. The facility has a maximum advance rate of 75%. Debt carrying value is net of $0.1 million of deferred financing fees at both December 31, 2015 and 2014. We have another $75.0 million warehouse facility with a financial institution to finance first mortgage loans on multifamily and commercial properties that bears interest at a rate of 200 basis points over LIBOR and was to mature in April 2015. In April 2015, the facility was increased from $60.0 million to $75.0 million and the maturity was extended to April 2016. The facility has a maximum advance rate of 70% or 75%, depending on the property type. Debt carrying value is net of less than $0.1 million of deferred financing fees at both December 31, 2015 and 2014. In February 2015, we entered into a $25.0 million warehouse facility with a financial institution to finance first mortgage loans on multifamily properties. The facility bears interest at a rate of 200 basis points over LIBOR and was to mature in February 2016. Debt carrying value is net of less than $0.1 million of deferred financing fees at December 31, 2015. In February 2016, we amended the facility, increasing the committed amount to $50.0 million and extending the maturity to February 2017 with two one-year extension options, subject to certain conditions. In September 2015, we entered into a $16.5 million term facility with a financial institution to finance a first mortgage loan. The facility bears interest at a rate of 275 basis points over LIBOR, matures in December 2016 and has a compensating balance requirement of $3.0 million to be maintained by us and our affiliates. Debt carrying value is net of $0.1 million of deferred financing fees at December 31, 2015. We had a $15.0 million term facility that bore interest at a fixed rate of 7.5%, had a maturity in August 2015 and was secured by a portion of the bonds originally issued by our CDO III entity that we repurchased. We repaid this facility in full in July 2015. Debt carrying value is net of less than $0.1 million of deferred financing fees at December 31, 2014. In March 2015, we entered into an $87.0 million warehouse repurchase facility with a financial institution to finance the acquisition of a first mortgage note. The facility bore interest at a rate of 250 basis points over a LIBOR floor of 0.25% and was to mature in March 2016. The facility was fully repaid in April 2015. Our warehouse credit facilities generally allow for an original warehousing period of up to 24 months from the initial advance on an asset. In addition, our credit facilities and repurchase agreements contain 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. Our credit facilities and repurchase agreements also contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. See "Debt Covenants" below for details. Collateralized Loan Obligations (CLOs) The following table outlines borrowings and the corresponding collateral under our CLOs as of December 31, 2015: Collateral Debt Loans Cash Face Value Carrying Value Unpaid Principal Carrying Value Restricted Cash(1) Collateral At-Risk(2) CLO III $ $ $ $ $ $ — CLO IV — CLO V — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total CLOs $ $ $ $ $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table outlines borrowings and the corresponding collateral under our CLOs as of December 31, 2014: Collateral Debt Loans Cash Face Value Carrying Value Unpaid Principal Carrying Value Restricted Cash(1) Collateral At-Risk(2) CLO II $ $ $ $ $ $ — CLO III — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total CLOs $ $ $ $ $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CLO II—Issued two investment grade tranches in January 2013 with a stated maturity date in February 2023. Interest was variable based on three-month LIBOR; the weighted average note rate was 2.56%. Debt carrying value is net of $1.6 million of deferred financing fees at December 31, 2014. CLO III—Issued three investment grade tranches in April 2014 with a replacement period through October 2016 and a stated maturity date in May 2024. Interest is variable based on three-month LIBOR; the weighted average note rate was 2.86% and 2.60% at December 31, 2015 and 2014, respectively. Debt carrying value is net of $2.1 million and $3.5 million of deferred financing fees at December 31, 2015 and 2014, respectively. CLO IV—Issued three investment grade tranches in February 2015 with a replacement period through September 2017 and a stated maturity date in March 2025. Interest is variable based on three-month LIBOR; the weighted average note rate was 2.71% at December 31, 2015. Debt carrying value is net of $3.0 million of deferred financing fees at December 31, 2015. CLO V—Issued three investment grade tranches in August 2015 with a replacement period through September 2018 and a stated maturity date in September 2025. Interest is variable based on one-month LIBOR; the weighted average note rate was 2.91% at December 31, 2015. Debt carrying value is net of $3.8 million of deferred financing fees at December 31, 2015. (1) Represents restricted cash held for principal repayments as well as for reinvestment 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 August 2015, we completed a collateralized securitization vehicle ("CLO V"), issuing to third party investors three tranches of investment grade CLOs through two newly-formed wholly-owned subsidiaries totaling $267.8 million, of which we purchased $12.5 million of Class C notes that we subsequently sold at par for $12.5 million. As of the CLO closing date, the notes are secured by a portfolio of loan obligations with a face value of approximately $302.6 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has an approximate three 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 $47.4 million for the purpose of acquiring additional loan obligations for a period of up to 120 days from the closing date of the CLO. In September 2015, the additional proceeds were fully utilized resulting in the issuer owning loan obligations with a face value of approximately $350.0 million. The aggregate principal amounts of the three classes of notes are $197.8 million of Class A senior secured floating rate notes, $24.5 million of Class B secured floating rate notes and $45.5 million of Class C secured floating rate notes. We retained a residual interest in the portfolio with a notional amount of approximately $82.3 million. The notes have an initial weighted average interest rate of approximately 2.44% 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%. In March 2015, we completed the unwinding of CLO II, redeeming $177.0 million of our outstanding notes which were repaid primarily from the refinancing of the remaining assets within our new and existing financing facilities as well as with cash held by the CLO and expensed approximately $1.5 million of deferred fees in the first quarter of 2015 into interest expense on the consolidated statements of income. In February 2015, we completed a collateralized securitization vehicle ("CLO IV"), issuing to third party investors three tranches of investment grade CLOs through two newly-formed wholly-owned subsidiaries totaling $219.0 million. At closing, the notes were secured by a portfolio of loan obligations with a face value of approximately $250.0 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has an approximate 2.5 year replacement period from closing 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 $50.0 million for the purpose of acquiring additional loan obligations for a period of up to 120 days from the closing date of the CLO. In April 2015, the $50.0 million of additional proceeds was fully utilized. The aggregate principal amounts of the three classes of notes are $165.8 million of Class A senior secured floating rate notes, $24.8 million of Class B secured floating rate notes and $28.5 million of Class C secured floating rate notes. We retained a residual interest in the portfolio with a notional amount of approximately $81.0 million. The notes have an initial weighted average interest rate of approximately 2.24% 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 2.96%. At December 31, 2015 and 2014, the aggregate weighted average note rate for our CLOs was 2.84% and 2.59%, respectively. Including certain fees and costs, the weighted average note rate was 3.24% and 3.14% at December 31, 2015 and 2014, respectively. Collateralized Debt Obligations (CDOs) In July 2015, we completed the unwind of CDO III, redeeming $71.1 million of our outstanding notes. The notes were repaid primarily from proceeds received from the refinancing of CDO III's remaining assets within our existing financing facilities, as well as with cash held by the CDO. We also terminated a related interest rate swap and incurred a loss of $0.3 million in the third quarter of 2015. See Note 8—"Derivative Financial Instruments" for additional details. CDO III had a $100.0 million revolving note class that provided a revolving note facility, which was paid off in the first quarter of 2015. In January 2015, we completed the unwind 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 expensed $0.5 million of deferred fees in the first quarter of 2015. We also terminated the related basis and interest rate swaps and incurred 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 represented the portion of our CDO bonds that were exchanged and $22.9 million represented the estimated interest due on the reissued bonds through their maturity. In January 2015, we unwound our CDO I and CDO II vehicles and reduced the balance of estimated interest by $11.0 million and in July 2015, we unwound our CDO III vehicle and reduced the remaining balance of estimated interest by $8.2 million, recording a gain on acceleration of deferred income in the consolidated statements of income. The following table outlines borrowings and the corresponding collateral under our CDOs as of December 31, 2014: Collateral Debt Loans Cash Face Value Carrying Value Unpaid Principal(1) Carrying Value(1) Restricted Cash(2) Collateral At-Risk(3) CDO I $ $ $ $ $ $ CDO II CDO III ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total CDOs $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CDO I—Issued four investment grade tranches in January 2005 with a stated maturity date in February 2040. Interest was variable based on three-month LIBOR; the weighted average note rate was 3.23% at December 31, 2014. Debt carrying value is net of $0.1 million of deferred financing fees at December 31, 2014. CDO II—Issued nine investment grade tranches in January 2006 with a stated maturity date in April 2038. Interest was variable based on three-month LIBOR; the weighted average note rate was 6.22% at December 31, 2014. Debt carrying value is net of less than $0.1 million of deferred financing fees at December 31, 2014. CDO III—Issued ten investment grade tranches in December 2006 with a stated maturity date in January 2042. Interest was variable based on three-month LIBOR; the weighted average note rate was 0.98% at December 31, 2014. Debt carrying value is net of less than $0.1 million of deferred financing fees at December 31, 2014. (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, 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%. Excluding the effect of swaps, the weighted average note rate at December 31, 2014 was 1.07%. Including certain fees and costs, the weighted average note rate was 3.55% at December 31, 2014. We account for our CLO and CDO transactions on our consolidated balance sheet as financing facilities. Our CLOs and 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. Senior Unsecured Notes During 2014, we issued $90.0 million aggregate principal amount of 7.375% senior unsecured notes due in 2021 in an underwritten public offering for net proceeds of $85.4 million after deducting the issuance and underwriting discounts and offering expenses. In connection with this offering, the underwriters exercised a portion of their overallotment option for a $7.8 million aggregate principal amount providing additional net proceeds of $7.4 million. Debt carrying value is net of $4.1 million and $4.8 million of deferred financing fees at December 31, 2015 and 2014, respectively. 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 8.12% and 8.06% at December 31, 2015 and 2014, respectively. 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 $157.1 million and $156.4 million at December 31, 2015 and 2014, respectively, which is net of a deferred amount of $15.5 million and $16.0 million, respectively, that is being amortized into interest expense over the life of the notes, and $3.3 million and $3.4 million, respectively, of deferred financing fees. 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 3.12% and 3.01% at December 31, 2015 and 2014, respectively. Including certain fees and costs, the weighted average note rate was 3.55% and 3.18% at December 31, 2015 and 2014, respectively. The entities that issued the junior subordinated notes have been deemed VIEs. See Note 9—"Variable Interest Entities" for further details. Note Payable The following table outlines borrowings under our note payable: December 31, 2015 December 31, 2014 Debt Carrying Value Collateral Carrying Value Debt Carrying Value Collateral Carrying 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 had a fixed rate of 9.57% $ — $ — $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total note payable $ — $ — $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2014, the note rate for our note payable was 0%. There were no interest rate swaps on the note payable at December 31, 2014. We had a $1.3 million junior loan participation on a $1.3 million bridge loan that was written-off in the third quarter of 2015. 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. Mortgage Note Payable—Real Estate Owned and Held-For-Sale In the first quarter of 2015, we made required paydowns of $10.3 million and repaid the Multifamily Portfolio mortgage of $20.7 million, replacing it with two new notes payable totaling $27.2 million. At December 31, 2015, the new notes payable consist of a $24.7 million secured loan that bears interest at a fixed rate of 3.00% and matures in December 2017, as well as a $2.5 million, unsecured loan that bears interest at a variable rate of one-month LIBOR plus 2.75% and matures in December 2016. At December 31, 2014, the prior mortgage had an outstanding balance of $31.0 million, bore interest at a variable rate of one-month LIBOR plus 1.23% and was to mature in June 2015. Debt Covenants Our debt facilities contain various financial covenants and restrictions, including a minimum liquidity requirement of $20.0 million, minimum net worth requirement of $100.0 million to $300.0 million depending on the debt facility and a maximum total liabilities less subordinated debt requirement of $2.0 billion, 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, 2015. Our 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 CLOs, all cash flows from the applicable CLO would be diverted to repay principal and interest on the outstanding CLO bonds and we would not receive any residual payments until that CLO regained compliance with such tests. Our CLOs were in compliance with all such covenants as of December 31, 2015, as well as on the most recent determination dates in January and February 2016. In the event of a breach of the CLO covenants that could not be cured in the near-term, we would be required to fund our 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 CLO not in breach of a covenant test, (iii) income from real property and loan assets, (iv) sale of assets, or (v) 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 CLOs. However, we may not have sufficient liquidity available to do so at such time. The chart below is a summary of our CLO compliance tests as of the most recent determination dates in February 2016: Cash Flow Triggers CLO III CLO IV CLO V Overcollateralization(1) Current % % % Limit % % % Pass / Fail Pass Pass Pass Interest Coverage(2) Current % % % Limit % % % Pass / Fail Pass Pass Pass (1) The overcollateralization ratio divides the total principal balance of all collateral in the 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 CLO collateral will generally not have a direct impact on the principal balance of a CLO asset for purposes of calculating the CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC–) as defined in each 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 CLO overcollateralization ratios as of the determination dates subsequent to each quarter end: Determination Date(1) CLO III CLO IV CLO V January 2016 % % % October 2015 % % % July 2015 % % — April 2015 % % — January 2015 % — — (1) The table above represents the quarterly trend of our overcollateralization ratio, however, the CLO determination dates are monthly and we were in compliance with this test for all periods in 2015. The ratio will fluctuate based on the performance of the underlying assets, transfers of assets into the 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 Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2015
Derivative Financial Instruments
Derivative Financial Instruments	Note 8—Derivative Financial Instruments The following is a summary of the derivative financial instruments held by us (dollars in thousands): Notional Value Fair Value Designation\Cash Flow Derivative Count December 31, 2015 Count December 31, 2014 Expiration Date Balance Sheet Location December 31, 2015 December 31, 2014 Non-Qualifying Basis Swaps — $ — $ — Other Assets $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Qualifying LIBOR Cap — $ — $ — Other Assets $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Qualifying LIBOR Caps $ — $ — 2017 Other Assets $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Qualifying Interest Rate Swaps $ $ 2016 - 2017 Other Liabilities $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The non-qualifying basis swaps hedges were 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 use interest rate swaps to manage our exposure to changes in fair value on these instruments attributable to changes in the benchmark interest rate. These qualifying 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, 2015, CDO II was unwound and the related basis swap with a notional value of $3.0 million and a fair value of less than $0.1 million was terminated and recorded as a loss. See Note 7—"Debt Obligations—Collateralized Debt Obligations" for further details. Also during 2015, a non-qualifying LIBOR cap hedge with a notional value of $71.7 million matured. We entered into this LIBOR cap hedge in the first quarter of 2014 due to a loan agreement requiring a LIBOR cap of 6%. During the year ended December 31, 2014, the notional value on a basis swap decreased by $8.6 million pursuant to the contractual terms of the respective swap agreement. For the years ended December 31, 2015, 2014 and 2013, the change in fair value of the non-qualifying basis swaps and LIBOR caps was approximately $(0.1) million and was recorded in interest expense on the consolidated statements of income. The changes in the fair value of qualifying interest rate swap cash flow hedges are 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, 2015, all three of our remaining CDO vehicles were unwound and the related interest rate swaps with an aggregate notional value of $142.5 million and an aggregate fair value of $(4.6) million were terminated and recorded as a loss. See Note 7—"Debt Obligations—Collateralized Debt Obligations" for further details. Also during 2015, we entered into two qualifying LIBOR cap hedges due to CLO agreements requiring a LIBOR cap of 2% and 3%, respectively, with a combined notional value of $84.1 million. During the year ended December 31, 2014, two interest swaps matured with a combined notional value of $32.0 million and the notional value on an interest rate swap decreased by $15.0 million pursuant to the contractual terms of the respective swap agreement. As of December 31, 2015, we expect to reclassify $(5.0) 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, 2015 and 2014, we had a net deferred loss of $0.6 million and $1.1 million, respectively, in accumulated other comprehensive loss related to these terminated swap agreements. We recorded $0.6 million, $0.7 million and $0.9 million as additional interest expense related to the amortization of the loss for the years ended December 31, 2015, 2014 and 2013, respectively, and $0.1 million, $0.2 million 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, 2015, 2014 and 2013, respectively. We expect to record $0.5 million of net deferred loss to interest expense over the next twelve months. During the year ended December 31, 2014, we sold eight remaining RMBS investments, which were accounted for as linked transactions, with an aggregate carrying value of $65.7 million for $65.8 million and recorded a net gain of $0.1 million related to the settlement of these linked transactions. 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. The following tables present the effect of our derivative financial instruments on the statements of income (in thousands): Amount of Loss Recognized in Other Comprehensive Loss (Effective Portion) For the Year Ended December 31, Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Interest Expense (Effective Portion) For the Year Ended December 31, Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Loss on Termination of Swaps (Ineffective Portion) For the Year Ended December 31, Designation\Cash Flow Derivative 2015 2014 2013 2015 2014 2013 2015 2014 2013 Qualifying Interest Rate Swaps / Caps $ $ $ $ ) $ ) $ ) $ ) $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Loss Recognized in Loss on Termination of Swaps (Ineffective Portion) For the Year Ended December 31, Amount of Loss Recognized in Interest Expense (Ineffective Portion) For the Year Ended December 31, Amount of Loss Recognized in Other Income For the Year Ended December 31, Designation\Cash Flow Derivative 2015 2014 2013 2015 2014 2013 2015 2014 2013 Non-Qualifying Basis Swaps $ ) $ — $ — $ ) $ ) $ ) $ — $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Qualifying Forward Contracts $ — $ — $ — $ — $ — $ — $ — $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The cumulative amount of other comprehensive loss related to net unrealized losses on derivatives designated as qualifying hedges as of December 31, 2015 and 2014 of approximately $(5.3) million and $(15.0) million, respectively, is a combination of the fair value of qualifying cash flow hedges of $(4.7) million and $(13.9) million, respectively, deferred losses on terminated interest rate swaps of $(0.7) million and $(1.2) million, respectively, partially offset by deferred net gains on termination of interest rate swaps of approximately $0.1 million for both periods. 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, 2015 and 2014, 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 $(4.6) million and $(9.2) million, respectively. As of December 31, 2015 and 2014, we had minimum collateral posting thresholds with certain of our derivative counterparties and had posted collateral of $5.0 million and $9.6 million, respectively, which is recorded in other assets in our consolidated balance sheets.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2015
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 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, 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 CLO and CDO subsidiaries, which qualify as VIEs, of which we are the primary beneficiary. These CLOs and CDOs invest in real estate and real estate-related securities and are financed by the issuance of CLO and CDO debt securities. We, or one of our affiliates, is named collateral manager, servicer, and special servicer for all CLO and CDO collateral assets which we believe gives us the power to direct the most significant economic activities of the entity. We also have exposure to CLO and CDO losses to the extent of our equity interests and also have rights to waterfall payments in excess of required payments to CLO and CDO bond investors. As a result of consolidation, equity interests in these CLOs and CDOs have been eliminated, and the consolidated balance sheets reflect both the assets held and debt issued by the CLOs and CDOs to third parties. Our operating results and cash flows include the gross amounts related to CLO and CDO assets and liabilities as opposed to our net economic interests in the CLO and CDO entities. Assets held by the CLOs and CDOs are restricted and can be used only to settle obligations of the CLOs and CDOs. The liabilities of the CLOs and CDOs are non-recourse to us and can only be satisfied from each CLOs and CDOs respective asset pool. Assets and liabilities related to the CLOs and CDOs 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 CLOs and CDOs. Unconsolidated VIEs We determined that we are not the primary beneficiary of 22 VIEs in which we have a variable interest as of December 31, 2015 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 $346.5 million and exposure to real estate debt of approximately $1.7 billion at December 31, 2015. The following is a summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, as of December 31, 2015: Type Carrying Amount(1) Maximum Exposure to Loss(2) Loans $ $ Securities Junior subordinated notes(3) Equity investment ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Represents the carrying amount of loans and investments before reserves. At December 31, 2015, $152.3 million of loans to VIEs had corresponding loan loss reserves of $80.6 million. See Note 3—"Loans and Investments" for further details. (2) Our maximum exposure to loss as of December 31, 2015 would not exceed the carrying amount of its 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, 2015
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 principal amounts, carrying values and the estimated fair values of our financial instruments: December 31, 2015 December 31, 2014 Principal / Notional Amount Carrying Value Estimated Fair Value Principal / Notional Amount Carrying Value Estimated Fair Value Financial assets: Loans and investments $ $ $ $ $ $ Available-for-sale securities Derivative financial instruments Financial liabilities: Credit and repurchase facilities $ $ $ $ $ $ Collateralized loan obligations Collateralized debt obligations — — — Senior unsecured notes Junior subordinated notes Note payable — — — Mortgage note payable—real estate owned and held-for-sale Derivative financial instruments 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 the recent purchase price and subsequent sales price of the securities, were valued using Level 2 inputs. Derivative financial instruments: Fair values of interest rate and basis swap derivatives and LIBOR caps 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. 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 loan obligations and collateralized debt 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 input levels as of December 31, 2015: Fair Value Measurements Using Fair Value Hierarchy Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets: Available-for-sale securities $ $ $ $ $ — Derivative financial instruments — — Financial liabilities: Derivative financial instruments $ $ $ — $ $ — 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 Securities Balance as of December 31, 2014 $ Adjustment to fair value: Change in fair value Payoff of CMBS investment ) ​ ​ ​ ​ ​ Balance as of December 31, 2015 $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 input levels as of December 31, 2015: Fair Value Measurements Using Fair Value Hierarchy Net Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets: Impaired loans, net(1) $ $ $ — $ — $ (1) We had an allowance for loan losses of $86.8 million relating to nine loans with an aggregate carrying value, before loan loss reserves, of approximately $189.2 million at December 31, 2015. 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, 2015 Fair Value Valuation Technique(s) Significant Unobservable Inputs Range (Weighted Average) Financial assets: Impaired loans(1): Multi-family $ Direct capitalization analysis Capitalization rate 6.50% to 9.75% (8.85%) Revenue growth rate 3.50% Office Discounted cash flows Discount rate 10.00% Capitalization rate 8.25% Revenue growth rate 2.50% Land Discounted cash flows Discount rate 15.00% Capitalization rate 7.25% Revenue growth rate 3.00% Hotel Discounted cash flows Discount rate 9.25% Capitalization rate 7.25% Revenue growth rate 2.50% Commercial — Discounted cash flows Capitalization rate 6.00% (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 input levels as of December 31, 2015: Fair Value Measurements Using Fair Value Hierarchy Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets: Loans and investments, net $ $ $ — $ — $ Financial liabilities: Credit facilities and repurchase agreements $ $ $ — $ — $ Collateralized loan obligations — — Senior unsecured notes — — Junior subordinated notes — — Mortgage note payable—real estate owned — —

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies
Commitments and Contingencies	Note 11—Commitments and Contingencies Contractual Commitments Our debt obligations have approximate maturities of $144.7 million in 2016, $360.7 million in 2017, $242.5 million in 2018, $161.1 million in 2019, $23.4 million in 2020 and $273.7 million thereafter. In accordance with certain loans and investments, we have outstanding unfunded commitments of $11.5 million as of December 31, 2015 that we are obligated to fund as the borrowers meet certain requirements. Of this total, we have $3.1 million in restricted cash which was available to fund all of the unfunded commitments for loans financed by our CLO vehicles. 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. Litigation We currently are neither subject to any material litigation nor, to our 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 approximately $139.0 million in the aggregate from director designees, portions of which are also sought from our affiliates as well as from unaffiliated defendants. 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, 2015
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 $21.6 million after deducting the underwriting discount and other offering expenses. The Series A, B and C preferred stock may not be redeemed by us before February 2018, May 2018 and February 2019, respectively. 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. During the year ended December 31, 2014, we sold 1,000,000 shares for net proceeds of $6.5 million. As of December 31, 2015, 6,500,000 shares are available for sale under this offering. 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 26, 2016, 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, 2015: Common Stock Preferred Stock Dividend(1) Declaration Date Dividend Declaration Date Series A Series B Series C February 11, 2015 $ February 2, 2015 $ $ $ April 29, 2015 $ April 29, 2015 $ $ $ July 29, 2015 $ July 29, 2015 $ $ $ November 4, 2015 $ November 2, 2015 $ $ $ (1) Preferred Stock—The dividend declared on February 2, 2015 was for the period December 1, 2014 through February 28, 2015. The dividend declared on April 29, 2015 was for the period March 1, 2015 through May 31, 2015. The dividend declared on July 29, 2015 was for the period June 1, 2015 through August 31, 2015. The dividend declared on November 2, 2015 was for the period September 1, 2015 through November 30, 2015. Common Stock —On February 24, 2016, the Board of Directors declared a cash dividend of $0.15 per share of common stock. The dividend is payable on March 15, 2016 to common stockholders of record as the close of business on March 10, 2016. Preferred Stock —On February 1, 2016, 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, 2015 through February 29, 2016 and are payable on February 29, 2016 to preferred stockholders of record on February 15, 2016. We declared and paid distributions of $14,459, $14,698 and $14,500 for the years ended December 31, 2015, 2014 and 2013, 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, 2015, 2014 and 2013. The following table presents the tax treatment for dividends paid by us on our common and preferred stock for the years presented: For Tax Purposes Dividend Classified as Return of Capital Dividend Classified as Ordinary Income Capital Gain Distribution Total Dividends Paid(1) (in thousands) Year Dividend Paid Per Share Percent Dividend Paid Per Share Qualified Dividend Income(2) Percent Dividend Paid Per Share Percent Dividend Paid Per Share Common Stock: 2015 $ $ % $ — — — — — 2014 $ $ % $ — — — — — 2013 $ $ % $ — — — — — 8.25% Series A Preferred Stock: 2015 $ $ % $ — — — — — 2014 $ $ % $ — — — — — 2013 $ $ % $ — — — — — 7.75% Series B Preferred Stock: 2015 $ $ % $ — — — — — 2014 $ $ % $ — — — — — 2013 $ $ % $ — — — — — 8.50% Series C Preferred Stock: 2015 $ $ % $ — — — — — 2014 $ $ % $ — — — — — (1) 2014 is the initial year for the Series C preferred stock dividend. (2) Qualified dividend income is eligible for reduced dividend rates. Pursuant to Internal Revenue Code Section 59(d), alternative minimum tax ("AMT") could be apportioned between a REIT and its stockholders to the extent that the REIT distributes it regular taxable income. Since we have distributed our taxable income, the AMT adjustments are being apportioned to our stockholders. As such, we have determined that 11.296% of each distribution to our stockholders for the tax year ended December 31, 2015 consists of an AMT adjustment (i.e., for each $1 of dividend reportable by a stockholder, $0.11296 represents an AMT adjustment). 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 2015, we issued 20,430 shares of fully vested common stock to certain independent members of the Board of Directors under the 2014 Plan and recorded $0.1 million to selling and administrative expense in our consolidated statements of income. In March 2015, we issued 328,400 shares of restricted common stock under the 2014 Plan to certain employees of ours and our Manager, inclusive of 105,000 shares granted to our chief executive officer, Mr. Ivan Kaufman, with a total grant date fair value of $2.3 million and recorded $0.4 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 will vest in March 2016, and the remaining third will vest in March 2017. In March 2015, 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. During the first quarter of 2015, we issued 74,294 shares of restricted common stock to Mr. Kaufman under his 2015 annual incentive agreement with a grant date fair value of $0.5 million and recorded $0.1 million to employee compensation and benefits in our consolidated statements of income. One quarter of the shares vest as of the date of grant and one quarter will vest on each of the first, second and third anniversaries of the date of grant. Mr. Kaufman was also granted up to 445,765 performance-based restricted stock units that vest at the end of a four-year performance period based on the our achievement of certain total stockholder return objectives. The restricted stock units had a grant date fair value of $1.2 million and we recorded $0.3 million to employee compensation and benefits in our consolidated statements of income for the year ended December 31, 2015. As of December 31, 2015, unvested restricted stock consisted of 212,241 shares granted to our employees with a grant date fair value of $1.5 million and 154,169 shares granted to employees of our Manager with a grant date fair value of $1.1 million, which is subject to remeasurement each reporting period. 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, 2015, we recorded the ratable portion of the unvested restricted stock to employees as employee compensation and benefits for $0.9 million and for non-employees to selling and administrative expense for $0.8 million. During the second quarter of 2015, 916 shares of unvested restricted stock with a grant date value of less than $0.1 million were forfeited. 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 vested 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 vested in February 2015. During the third quarter of 2013, 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. Vesting of restricted shares 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, 2015, accumulated other comprehensive loss was $4.8 million and consisted of $4.7 million of net unrealized losses on derivatives designated as cash flow hedges, and $0.6 million of net deferred losses on terminated interest swaps, less a $0.4 million unrealized gain related to available-for-sale securities. 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, and $1.1 million of net deferred losses on terminated interest swaps, less a $0.3 million unrealized gain related to available-for-sale securities. Reclassifications out of accumulated other comprehensive loss is as follows: Year Ended December 31, 2015 2014 Statement of Income Caption Net realized losses on derivatives designated as cash flow hedges: Interest Rate Swaps $ ) $ ) Interest expense(1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Termination of Interest Rate Swaps $ ) $ — Loss on termination of swaps(1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net realized gain on sale of available-for-sale investments: RMBS investment $ — $ 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 year ended December 31, 2013, we recorded income of $0.1 million as well as distributions of $2.1 million attributable to the noncontrolling interest.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2015
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 performance-based restricted stock units granted to our chief executive officer in the first quarter of 2015 as well as the weighted average dilutive effect of warrants for the period of time that they were outstanding during 2014 and 2013. The following is a reconciliation of the numerator and denominator of the basic and diluted EPS computations for the years presented: Year Ended December 31, 2015 2014 2013 Basic Diluted Basic Diluted Basic Diluted Net income attributable to common stockholders(1) $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding Dilutive effect of restricted stock units(2) — — — — — Dilutive effect of warrants(3) — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share(1) $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Net of preferred stock dividends and noncontrolling interest. (2) Mr. Kaufman was granted restricted stock units which vest at the end of a four-year performance period based upon our achievement of total stockholder return objectives. See Note 12—"Equity" for further details. (3) On July 1, 2014, we acquired and canceled all of our warrants. See Note 12—"Equity" for further details.

Agreements and Tansactions with

Agreements and Tansactions with Related Parties	12 Months Ended
	Dec. 31, 2015
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 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 measured on an annual basis and 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: 2015 2014 2013 Base(1) $ $ $ Incentive(2) — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total management fee $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, 2015, 2014 and 2013, no "success-based" payments were made. 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. 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 33 rd Street property, which is one of our equity affiliates. The $77.1 million 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 a $19.0 million prepaid incentive management fee. Other Related Party Transactions Due from related party was $8.1 million and less than $0.1 million at December 31, 2015 and 2014, respectively, and consisted primarily of paydowns to be remitted and escrows held by our Manager and its affiliates related to real estate transactions. Due to related party was $3.4 million and $2.7 million at December 31, 2015 and 2014, respectively, and consisted primarily of base management fees due to our Manager that we remitted in the following quarter. In November 2015, we originated a $7.1 million bridge loan on a multifamily property owned by a consortium of investors consisting of certain of our officers, including Mr. Ivan Kaufman, who together own an interest of approximately 7.5% in the borrowing entity. The loan has an interest rate of LIBOR plus 4.50% with a LIBOR floor of 0.25% and a maturity date of November 2018 with two one-year extension options. Interest income recorded from this loan totaled $0.1 million for the year ended December 31, 2015. In October 2015, we originated two bridge loans totaling $16.7 million secured by multifamily properties acquired by a third party investor. The properties had been owned and were sold by a consortium of investors, consisting of certain of our officers, including Mr. Ivan Kaufman, certain other related parties and certain unaffiliated persons. The loans have an interest rate of LIBOR plus 5.00% with a LIBOR floor of 0.25% and a maturity date of October 2017. Interest income recorded from these loans totaled $0.2 million for the year ended December 31, 2015. In April 2015, we originated a $3.0 million mezzanine loan on a multifamily property that has a $47.0 million first mortgage initially originated by our Manager. The loan bears interest at a fixed rate of 12.5% and has a maturity date of April 2025. Interest income recorded from this loan totaled $0.3 million for the year ended December 31, 2015. In April 2015, we originated a $6.3 million bridge loan on a multifamily property owned by a consortium of investors consisting of certain of our officers, including Mr. Ivan Kaufman and our Manager, who together own an interest of approximately 90% in the borrowing entity. The loan has an interest rate of LIBOR plus 4.50% with a LIBOR floor of 0.25% and a maturity date of April 2018. Interest income recorded from this loan totaled $0.2 million for the year ended December 31, 2015. In February 2015, we modified an $18.0 million preferred equity investment, increasing our balance to $23.0 million with a fixed interest rate of 10% and a maturity date of February 2018. In order to accomplish the modification, we formed a joint venture with a consortium of investors consisting of certain of our officers, including Mr. Ivan Kaufman, and other related parties, to invest in an additional $2.0 million preferred equity investment that is generally subordinate to ours. Interest income recorded from this loan totaled $2.3 million for the year ended December 31, 2015. In the first quarter of 2015, we invested $9.6 million for 50% of our Manager's indirect interest in a joint venture with a third party that was formed to invest in a residential mortgage banking business. As a result of this transaction, we had an initial indirect interest of 22.5% in this entity. During the year ended December 31, 2015, we invested $9.7 million through this joint venture in non-qualified residential mortgages purchased from the mortgage banking business's origination platform. We recorded income of $6.6 million from these investments during the year ended December 31, 2015. See Note 5—"Investment in Equity Affiliates" for further details. 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 extended to March 2016. Interest income recorded from these loans totaled $0.3 million and $0.1 million for the years ended December 31, 2015 and 2014, respectively. 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% with a LIBOR floor of 0.50% and a maturity date that was extended to January 2017. Interest income recorded from this loan totaled $2.8 million and $1.2 million for the years ended December 31, 2015 and 2014, respectively. In January 2016, we also originated a $4.6 million mezzanine loan to this entity that has a fixed interest rate of 12% and a maturity of January 2017. In April 2014, we originated a $1.4 million preferred equity investment on a multifamily property that has a $28.5 million first mortgage initially originated by our Manager. The loan bears interest at a fixed rate of 14% and has a maturity date of May 2024. Interest income recorded from this loan totaled $0.2 million for both the years ended December 31, 2015 and 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 an 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 related to the junior loan participations recorded from this loan totaled $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%. The maturity date on both of these loans was extended to April 2016, which we considered to be a troubled debt restructuring. Interest income recorded from these loans totaled $1.1 million, $0.9 million and $1.5 million for the years ended December 31, 2015, 2014 and 2013, 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 $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, Freddie Mac, 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 quarters of 2013. In late June of 2014, preliminary discussions regarding a possible transaction resumed and in February 2016, we entered into a definitive agreement to acquire the agency platform of our Manager for $250.0 million. See Note 18—"Subsequent Event" for further details. In connection with evaluating this potential transaction, we incurred advisory fees totaling $3.1 million and $1.4 million during 2015 and 2013, respectively. No such expenses 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 $0.1 million and $3.1 million for the years ended December 31, 2014 and 2013, respectively. 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 $0.2 million for both the years ended December 31, 2014 and 2013, respectively. 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 $0.2 million and $0.5 million for the years ended December 31, 2014 and 2013, 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 bore 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 was paid down during 2014 and 2015 and the remaining balance was paid off in July 2015. The additional preferred equity investment had a fixed interest rate of 12% and a maturity date in June 2020. Interest income recorded from the additional preferred equity investment totaled $1.1 million for the year ended December 31, 2013. 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 2011, we recorded losses from the entity against the equity investment, reducing the balance to zero. In the third and fourth quarters of 2015, we received distributions from this equity investment and recognized income of $4.5 million, net of expenses. The $4.5 million of income is comprised of income from equity affiliates of $5.5 million, partially offset by $1.0 million of expenses related to these distributions that were recorded in employee compensation and benefits. 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 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 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, 2015, this debt had an aggregate outstanding balance of $849.1 million and is scheduled to mature between 2017 and 2025. Interest income recorded from additional loans originated in 2012 or prior years with our affiliates totaled $0.3 million, $1.5 million and $2.2 million for the years ended December 31, 2015, 2014 and 2013, respectively. In January 2016, we originated a $12.7 million bridge loan and a $5.2 million preferred equity investment on two multifamily properties owned by a consortium of investors consisting of certain of our officers, including Mr. Ivan Kaufman, who together own an interest of approximately 50% in the borrowing entity. The bridge loan has an interest rate of one-month LIBOR plus 4.50% with a LIBOR floor of 0.25% and a maturity date of January 2019. The preferred equity investment has a fixed interest rate of 10% and a maturity date of April 2016. In January 2016, we originated a $19.0 million bridge loan on a multifamily property owned by a consortium of investors consisting of certain of our officers, including Mr. Ivan Kaufman, who together own an interest of approximately 7.5% in the borrowing entity. The loan has an interest rate of one-month LIBOR plus 4.50% with a LIBOR floor of 0.25% and a maturity date of January 2019. 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 10.5% of the voting power of our outstanding stock as of December 31, 2015. 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, 2015
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 it distributes to its stockholders, provided that it distributes at least 90% of its REIT—taxable income and meets certain other requirements. We did not have REIT—federal taxable income net of dividends paid and net operating loss deductions for the years ended December 31, 2015, 2014 and 2013, and therefore, have not provided for federal income tax expense. For the years ended December 31, 2015, 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 TRSs, 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 TRSs for the years ended December 31, 2015, 2014 and 2013. 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, 2015 2014 2013 U.S. federal statutory rate % % % REIT non-taxable income ) ) ) State and local income taxes, net of federal tax benefit ) ) ) Change in valuation allowance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective income tax rate — % — % — % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The significant components of deferred tax assets (liabilities) were as follows: December 31, 2015 2014 Deferred tax assets: Expenses not currently deductible $ $ Net operating and capital loss carryforwards ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax assets, gross Valuation allowance ) ) ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax assets, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liability: Interest in equity affiliates—net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2015, our TRSs, on a consolidated basis (the "TRS Group"), had $16.2 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 $3.8 million in deferred tax liabilities consisting of timing differences from investments in equity affiliates, and a valuation allowance of $12.3 million. At December 31, 2014, our TRS Group had $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 $1.1 million in deferred tax liabilities consisting of timing differences from investments in equity affiliates, and a valuation allowance of $7.7 million. As of December 31, 2015, we (excluding the TRS Group) will have $136.0 million of federal and state net operating loss carryforwards and no capital loss carryforwards. The net operating losses will expire through 2034. In 2015, the remaining $4.4 million capital loss carryforwards were utilized, primarily from the gain on the sale of several real estate properties. The TRS Group has federal and state net operating loss carryforwards as of December 31, 2015 and 2014 of $13.2 million and $11.9 million, respectively, which will expire through 2035 and 2034, respectively. This amount includes federal and state capital loss carryovers as of December 31, 2015 of $2.0 million, which will expire in 2017. 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 2012 to 2015, and concluded there were no material uncertainties to be recognized. We have not recognized any interest and penalties related to tax uncertainties for the years ended December 31, 2015, 2014 and 2013.

Due to Borrowers

Due to Borrowers	12 Months Ended
	Dec. 31, 2015
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, 2015
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, 2015 and 2014 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. Three Months Ended December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015 Net interest income $ $ $ $ Total other revenue Total other expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before gain on acceleration of deferred income, loss on termination of swaps, gain on sale of real estate and income from equity affiliates Gain on acceleration of deferred income — — Loss on termination of swaps — ) — ) Gain on sale of real estate — — Income from equity affiliates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred stock dividends ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to common stockholders $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per common share(1): $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per common share(1): $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, 2014 September 30, 2014 June 30, 2014 March 31, 2014 Net interest income $ $ $ $ Total other revenue Total other expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before gain on sale of equity interests, incentive management fee, gain (loss) on sale of real estate and income (loss) from equity affiliates Gain on sale of equity interests — Incentive management fee—equity interest—related party — ) — — Gain (loss) on sale of real estate ) — — Income (loss) from equity affiliates ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred stock dividends ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to common stockholders $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per common share(1): $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per common share(1): $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The total for the year may differ from the sum of the quarters as a result of weighting.

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2015
Subsequent Event
Subsequent Event	Note 18—Subsequent Event On February 25, 2016, we entered into a definitive agreement to acquire the agency platform (the "Acquired Businesses") of our Manager for $250.0 million. The purchase price is to be paid 50% in stock and 50% in cash with the stock component to be paid with 19.23 million operating partnership units, which was based on a stock price of $6.50 per share. The purchase price is subject to potential adjustment based on changes in the value of the acquired servicing portfolio on the closing date. We have the option, at the discretion of the special committee of our Board of Directors, to utilize up to $50.0 million of seller financing to satisfy a portion of the cash consideration. All of the employees directly related to the Acquired Businesses will become a part of the Company following the consummation of the transaction. In addition, we obtained a two year option for $25.0 million to purchase the existing management contract and fully internalize the management structure. The exercise of this option is at the discretion of the special committee of the Board of Directors, which has no obligation to exercise its option. The transaction will require certain government and GSE approvals as well as a stockholder vote and other third party approvals. The transaction is expected to close during the third quarter of 2016; however, there can be no assurances that the transaction will be completed during this period or at all.

SCHEDULE IV - LOANS AND OTHER L

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS	12 Months Ended
	Dec. 31, 2015
SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS
SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS	SCHEDULE IV—LOANS AND OTHER LENDING INVESTMENTS DECEMBER 31, 2015 Type Location Periodic Payment Terms(1) Maturity Date(2) Interest Pay Rate Index(3) Prior Liens Face Amount(4) Carrying Amount(5) Carrying Amount Subject to Delinquent Interest Bridge Loans: Bridge loans in excess of 3% of carrying amount of total loans: Multifamily Various IO 2016 - 2017 LIBOR + 4.90% - 10.47% Floor 0.21% - 0.25% $ — $ $ $ — Bridge loans less than 3% of carrying amount of total loans(6): Multifamily Various IO 2016 - 2020 LIBOR + 3.00% - 12.43% Floor 0.15% - 0.50% Fixed 10.00% — — Land Various IO 2016 - 2017 LIBOR + 4.00% - 8.50% Floor 0.15% - 0.25% Fixed 8.75% - 13.00% — Office Various IO 2016 - 2020 LIBOR + 3.10% - 7.90% Floor 0.50% - 1.50% Fixed 6.30% — — Hotel NY IO / PI 2016 LIBOR + 7.25% Floor 0.25% — — Commercial Various IO 2017 LIBOR + 5.50% - 6.00% Floor 0.25% — — Healthcare OR IO 2018 LIBOR + 5.50% Floor 0.25% — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Bridge Loans — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mezzanine Loans: Mezzanine loans less than 3% of carrying amount of total loans(6): Multifamily Various IO / PI 2016 - 2025 Fixed 5.00% - 12.50% — Land Various IO 2016 - 2017 Fixed 12% — Retail FL PI 2024 Fixed 12.00% — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Mezzanine Loans — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Junior Participations: Junior participation loans less than 3% of carrying amount of total loans(6): Office Various IO / PI 2016 - 2017 Fixed 4.00% - 7.58% — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Junior Participations — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type Location Periodic Payment Terms(1) Maturity Date(2) Interest Pay Rate Index(3) Prior Liens Face Amount(4) Carrying Amount(5) Carrying Amount Subject to Delinquent Interest Preferred Equity Loans: Preferred equity loans less than 3% of carrying amount of total loans(6): Multifamily Various IO 2016 - 2024 Fixed 8.00% - 15.00% — Hotel IL IO 2019 Libor + 2.79% — Land NY IO 2016 Fixed 12.00% — Office SC IO 2024 Fixed 15.00% — Commercial NY IO 2017 Fixed 6.00% — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Preferred Equity Loans — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Loans $ $ $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) IO = Interest Only, PI = Principal 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 2015, $34.3 million of loans were modified to $39.3 million and $274.4 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, 2015 2014 2013 Balance at beginning of year $ $ $ Additions during period: New loan originations Loan charge-offs Funding of unfunded loan commitments(1) Accretion of unearned revenue Charge-off on loan converted to real estate owned — — Recoveries of reserves Charge-off on loan converted to other assets — — Deductions during period: Loan payoffs ) ) ) Loan paydowns ) ) ) Use of loan charge-offs ) ) ) Loan converted to real estate owned ) — — Provision for loan losses ) ) ) Unearned revenue and costs ) ) ) Satisfaction of participation loan ) — — Loan converted to other assets — — ) Proceeds and receivables from sale of loans — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at end of year $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 Accoun29

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
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 CLO and CDO 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, 2015 through the issuance of the consolidated financial statements. Certain prior year amounts have been reclassified to conform to current period presentation. In the fourth quarter of 2015, we early adopted accounting guidance which reclassifies deferred debt issuance costs from other assets to the related liabilities. As a result of adopting this new guidance, we reclassified deferred financing costs totaling $17.4 million and $13.9 million from other assets to our debt facilities for the years ended December 31, 2015 and 2014, respectively. In past years, we repurchased shares of our common stock pursuant to a share repurchase program authorized by our Board of Directors. These repurchased shares are subject to state corporate laws that establish the legal status of redeemed shares and prevent them from being reported as treasury shares within the consolidated financial statements. We previously misclassified the repurchased shares as treasury stock. These share repurchases should have been classified as reductions of common stock and additional paid-in capital. The accompanying consolidated balance sheets and consolidated statements of changes in equity have been restated for all periods presented to correct the misclassification. The correction results in reductions in common stock and additional paid-in capital of $26,507 and $17.1 million, respectively, for all periods presented. The reclassification has no impact on any other amounts included in our previously reported consolidated financial statements.
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 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, 2015. 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.
Impaired Loans, Allowance for Loan Losses and Charge-offs	Impaired Loans, Allowance for Loan Losses 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. 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. 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.
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, which is reported in depreciation and amortization expense on our consolidated statements of income. 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. A 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 accrued 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 loan and investment portfolio as well as net interest income and gains and losses recorded on 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 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 REIT income may be subject to state and local income taxes. Certain of our assets or operations that would not otherwise comply with the REIT requirements are owned or conducted by our taxable REIT subsidiaries ("TRS"), the income of which is subject to federal and state income taxes. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using current tax rates. The deferred tax assets and liabilities of the TRSs relate primarily to expenses not currently deductible and net operating and capital loss carryforwards. A valuation allowance for deferred tax assets is provided if we believe it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of certain deferred tax assets is dependent on the TRSs generating sufficient taxable income in future periods or employing certain tax planning strategies to realize such deferred tax assets. We periodically evaluate tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. We report interest and penalties related to tax uncertainties as a component of the income tax provision.
Other Comprehensive Income	Other Comprehensive Income We divide comprehensive income or loss into net income and other comprehensive income. Other comprehensive income 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 until the hedged item is recognized in earnings, or net income 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 in the past 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. Linked transactions were 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. 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. 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 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, 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 2016, the Financial Accounting Standards Board ("FASB") amended its guidance on the recognition and measurement of financial assets and liabilities. The guidance is effective for the first quarter of 2018 and we are currently evaluating the impact it may have on our consolidated financial statements. In September 2015, the FASB amended its guidance on measurement-period adjustments arising from business combinations. The guidance is effective for the first quarter of 2016 and we do not expect it to have a material effect on our consolidated financial statements. In April 2015, the FASB amended its guidance on the balance sheet presentation of debt issuance costs. The guidance is effective for the first quarter of 2016. We early adopted this guidance in the fourth quarter of 2015 and it did not have a material effect on our consolidated financial statements. In February 2015, the FASB amended its guidance on the consolidation analysis of variable interest entities. The guidance is effective for the first quarter of 2016 and we do not expect it to have a material effect on our consolidated financial statements. In January 2015, the FASB eliminated the concept of extraordinary items and thus the requirement to assess whether an event or transaction requires extraordinary classification on the financial statements. The guidance is effective for the first quarter of 2016. We early adopted this new guidance in the first quarter of 2015 and it did 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 was 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.

Loans and Investments (Tables)

Loans and Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Loans and Investments
Schedule of composition of loan and investment portfolio	December 31, 2015 Percent of Total Loan Count Wtd. Avg. Pay Rate(1) Wtd. Avg. Remaining Months to Maturity First Dollar LTV Ratio(2) Last Dollar LTV Ratio(3) Bridge loans $ % % % % Mezzanine loans % % % % Junior participation loans % % % % Preferred equity investments % % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unearned revenue ) Allowance for loan losses ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2014 Percent of Total Loan Count Wtd. Avg. Pay Rate(1) Wtd. Avg. Remaining Months to Maturity First Dollar LTV Ratio(2) Last Dollar LTV Ratio(3) Bridge loans $ % % % % Mezzanine loans % % % % Junior participation loans % % % % Preferred equity investments % % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unearned revenue ) Allowance for loan losses ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 and investment portfolio's weighted average internal risk ratings and LTV ratios by asset class	December 31, 2015 Asset Class Unpaid Principal Balance Percentage of Portfolio Wtd. Avg. Internal Risk Rating First Dollar LTV Ratio Last Dollar LTV Ratio Multifamily $ % % % Office % % % Land % % % Hotel % % % Other % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2014 Asset Class Unpaid Principal Balance Percentage of Portfolio Wtd. Avg. Internal Risk Rating First Dollar LTV Ratio Last Dollar LTV Ratio Multifamily $ % % % Office % % % Land % % % Hotel % % % Other % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of the changes in the allowance for loan losses	Year Ended December 31, 2015 December 31, 2014 December 31, 2013 Allowance at beginning of the period $ $ $ Provision for loan losses Charge-offs ) ) ) Charge-off on loan reclassified to real estate owned, net ) — — Charge-off on loan converted to other assets — — ) Recoveries of reserves ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance at end of the period $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of charge-offs and recoveries	Year Ended December 31, 2015 December 31, 2014 December 31, 2013 Charge-offs: Multifamily $ — $ ) $ ) Office ) — ) Land — — ) Hotel ) — ) Condo — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoveries: Multifamily $ ) $ ) $ ) Office — ) ) Land ) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Recoveries (Charge-offs) $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ratio of net charge-offs during the period to average loans and investments outstanding during the period )% % )% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of the company's impaired loans by asset class	December 31, 2015 Year Ended December 31, 2015 Asset Class Unpaid Principal Balance Carrying Value(1) Allowance for Loan Losses Average Recorded Investment(2) Interest Income Recognized Multi-family $ $ $ $ $ Office Land — Hotel Commercial — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2014 Year Ended December 31, 2014 Asset Class Unpaid Principal Balance Carrying Value(1) Allowance for Loan Losses Average Recorded Investment(2) Interest Income Recognized Multi-family $ $ $ $ $ Office Land — Hotel ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Represents the UPB of impaired loans less unearned revenue and other holdbacks and adjustments by asset class and was comprised of nine loans at December 31, 2015 and ten loans at December 31, 2014. (2) Represents an average of the beginning and ending UPB of each asset class.
Summary of the company's non-performing loans by asset class	December 31, 2015 December 31, 2014 Asset Class Carrying Value Less Than 90 Days Past Due Greater Than 90 Days Past Due Carrying Value Less Than 90 Days Past Due Greater Than 90 Days Past Due Multi-family $ $ — $ $ $ $ Office — — Commercial — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ — $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of loan modifications, refinancings and/or extensions by asset class that the entity considered to be troubled debt restructurings by asset class	Year Ended December 31, 2015 Asset Class Number of Loans Original Unpaid Principal Balance Original Weighted Average Rate of Interest Extended Unpaid Principal Balance Extended Weighted Average Rate of Interest Multifamily $ % $ % Office % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ % $ % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2014 Asset Class Number of Loans Original Unpaid Principal Balance Original Weighted Average Rate of Interest Extended Unpaid Principal Balance Extended Weighted Average Rate of Interest Hotel $ % $ % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Securities (Tables)

Securities (Tables)	12 Months Ended
	Dec. 31, 2015
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, 2015: Face Value Amortized Cost Cumulative Unrealized Gain Carrying Value / Estimated Fair Value Federal Home Loan Mortgage Corporation $ $ $ — $ 2,939,465 common shares of CV Holdings, Inc. — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total available-for-sale securities $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following is a summary of our securities classified as available-for-sale at December 31, 2014: Face Value Amortized Cost Cumulative Unrealized (Loss) / Gain Carrying Value / Estimated Fair Value Commercial mortgage-backed security (CMBS) $ $ $ ) $ 2,939,465 common shares of CV Holdings, Inc. — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total available-for-sale securities $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Investments in Equity Affilia32

Investments in Equity Affiliates (Tables)	12 Months Ended
	Dec. 31, 2015
Investments in Equity Affiliates
Summary of the company's investments in equity affiliates	Investment in Equity Affiliates at UPB of Loans to Equity Affiliates at December 31, 2015 Equity Affiliates December 31, 2015 December 31, 2014 Arbor Residential Investor LLC $ $ — $ — West Shore Café Lightstone Value Plus REIT L.P — Issuers of Junior Subordinated Notes — JT Prime — East River Portfolio Lexford Portfolio Ritz-Carlton Club — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of condensed combined balance sheets for the Company's unconsolidated investments in equity affiliates	December 31, Condensed Combined Balance Sheets 2015 2014 Assets: Cash and cash equivalents $ $ Real estate assets Other assets ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: Notes payable $ $ Other liabilities ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities ​ ​ ​ ​ ​ ​ ​ ​ Stockholders' equity Arbor(1) Stockholders' equity (deficit) ) ​ ​ ​ ​ ​ ​ ​ ​ Total stockholders' equity (deficit) ) ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and equity (deficit) $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Combined with $0.6 million of equity relating to the issuance of junior subordinated notes, equals $30.9 million of investments in equity affiliates at December 31, 2015. 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.
Summary of condensed combined statements of operations for the Company's unconsolidated investments in equity affiliates	Year Ended Statements of Operations: 2015 2014 2013 Revenue: Rental income $ $ $ Interest income Operating income Reimbursement income Other income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses: Operating expenses Interest expense Depreciation and amortization Other expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Arbor's Share of income (loss) $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Real Estate Owned and Held-Fo33

Real Estate Owned and Held-For-Sale (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate Owned and Held-For-Sale
Schedule of real estate owned	December 31, 2015 December 31, 2014 Multifamily Portfolio Hotel Portfolio Office Building Total Multifamily Portfolio Hotel Portfolio Total Land $ $ $ $ $ $ $ Building and intangible assets Less: accumulated depreciation and amortization ) ) ) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate owned, net. $ $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of results of operations for properties classified as held-for-sale	Year Ended December 31, 2015 2014 2013 Revenue: Property operating income $ $ $ Expenses: Property operating expense Depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Debt Obligations (Tables)

Debt Obligations (Tables)	12 Months Ended
	Dec. 31, 2015
Credit facilities and repurchase agreements
Debt Obligations
Schedule of borrowings	December 31, 2015 December 31, 2014 Debt Principal Balance Debt Carrying Value Collateral Carrying Value Weighted Average Note Rate Debt Principal Balance Debt Carrying Value Collateral Carrying Value Weighted Average Note Rate $150 million warehouse repurchase facility $ $ $ % $ — $ — $ — — $100 million warehousing credit facility % % $75 million warehousing credit facility % % $75 million warehousing credit facility — — — — % $25 million warehousing credit facility % — — — — $16.5 million term credit facility % — — — — $15 million term credit facility — — — — — % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total credit facilities and repurchase agreements $ $ $ % $ $ $ % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Collateralized loan obligations
Debt Obligations
Schedule of borrowings	The following table outlines borrowings and the corresponding collateral under our CLOs as of December 31, 2015: Collateral Debt Loans Cash Face Value Carrying Value Unpaid Principal Carrying Value Restricted Cash(1) Collateral At-Risk(2) CLO III $ $ $ $ $ $ — CLO IV — CLO V — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total CLOs $ $ $ $ $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table outlines borrowings and the corresponding collateral under our CLOs as of December 31, 2014: Collateral Debt Loans Cash Face Value Carrying Value Unpaid Principal Carrying Value Restricted Cash(1) Collateral At-Risk(2) CLO II $ $ $ $ $ $ — CLO III — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total CLOs $ $ $ $ $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Represents restricted cash held for principal repayments as well as for reinvestment 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.
Summary of the company's CLO compliance tests as of the most recent determination dates	Cash Flow Triggers CLO III CLO IV CLO V Overcollateralization(1) Current % % % Limit % % % Pass / Fail Pass Pass Pass Interest Coverage(2) Current % % % Limit % % % Pass / Fail Pass Pass Pass (1) The overcollateralization ratio divides the total principal balance of all collateral in the 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 CLO collateral will generally not have a direct impact on the principal balance of a CLO asset for purposes of calculating the CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC–) as defined in each 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 CLO overcollateralization ratios	Determination Date(1) CLO III CLO IV CLO V January 2016 % % % October 2015 % % % July 2015 % % — April 2015 % % — January 2015 % — — (1) The table above represents the quarterly trend of our overcollateralization ratio, however, the CLO determination dates are monthly and we were in compliance with this test for all periods in 2015.
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 Value Carrying Value Unpaid Principal(1) Carrying Value(1) Restricted Cash(2) Collateral At-Risk(3) CDO I $ $ $ $ $ $ CDO II CDO III ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total CDOs $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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.
Note payable
Debt Obligations
Schedule of borrowings	December 31, 2015 December 31, 2014 Debt Carrying Value Collateral Carrying Value Debt Carrying Value Collateral Carrying 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 had a fixed rate of 9.57% $ — $ — $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total note payable $ — $ — $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Derivative Financial Instrume35

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
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 (dollars in thousands): Notional Value Fair Value Designation\Cash Flow Derivative Count December 31, 2015 Count December 31, 2014 Expiration Date Balance Sheet Location December 31, 2015 December 31, 2014 Non-Qualifying Basis Swaps — $ — $ — Other Assets $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Qualifying LIBOR Cap — $ — $ — Other Assets $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Qualifying LIBOR Caps $ — $ — 2017 Other Assets $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Qualifying Interest Rate Swaps $ $ 2016 - 2017 Other Liabilities $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of the effect of the company's derivative financial instruments on the statements of income	The following tables present the effect of our derivative financial instruments on the statements of income (in thousands): Amount of Loss Recognized in Other Comprehensive Loss (Effective Portion) For the Year Ended December 31, Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Interest Expense (Effective Portion) For the Year Ended December 31, Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Loss on Termination of Swaps (Ineffective Portion) For the Year Ended December 31, Designation\Cash Flow Derivative 2015 2014 2013 2015 2014 2013 2015 2014 2013 Qualifying Interest Rate Swaps / Caps $ $ $ $ ) $ ) $ ) $ ) $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Loss Recognized in Loss on Termination of Swaps (Ineffective Portion) For the Year Ended December 31, Amount of Loss Recognized in Interest Expense (Ineffective Portion) For the Year Ended December 31, Amount of Loss Recognized in Other Income For the Year Ended December 31, Designation\Cash Flow Derivative 2015 2014 2013 2015 2014 2013 2015 2014 2013 Non-Qualifying Basis Swaps $ ) $ — $ — $ ) $ ) $ ) $ — $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Qualifying Forward Contracts $ — $ — $ — $ — $ — $ — $ — $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2015
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, 2015: Type Carrying Amount(1) Maximum Exposure to Loss(2) Loans $ $ Securities Junior subordinated notes(3) Equity investment ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Represents the carrying amount of loans and investments before reserves. At December 31, 2015, $152.3 million of loans to VIEs had corresponding loan loss reserves of $80.6 million. See Note 3—"Loans and Investments" for further details. (2) Our maximum exposure to loss as of December 31, 2015 would not exceed the carrying amount of its 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, 2015
Fair Value.
Summary of the carrying values and the estimated fair values of the Company's financial instruments	December 31, 2015 December 31, 2014 Principal / Notional Amount Carrying Value Estimated Fair Value Principal / Notional Amount Carrying Value Estimated Fair Value Financial assets: Loans and investments $ $ $ $ $ $ Available-for-sale securities Derivative financial instruments Financial liabilities: Credit and repurchase facilities $ $ $ $ $ $ Collateralized loan obligations Collateralized debt obligations — — — Senior unsecured notes Junior subordinated notes Note payable — — — Mortgage note payable—real estate owned and held-for-sale Derivative financial instruments
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 input levels as of December 31, 2015: Fair Value Measurements Using Fair Value Hierarchy Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets: Available-for-sale securities $ $ $ $ $ — Derivative financial instruments — — Financial liabilities: Derivative financial instruments $ $ $ — $ $ —
Schedule of financial assets measured at fair value on a recurring basis using Level 3 inputs	Available-for-sale Securities Balance as of December 31, 2014 $ Adjustment to fair value: Change in fair value Payoff of CMBS investment ) ​ ​ ​ ​ ​ Balance as of December 31, 2015 $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
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 input levels as of December 31, 2015: Fair Value Measurements Using Fair Value Hierarchy Net Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets: Impaired loans, net(1) $ $ $ — $ — $ (1) We had an allowance for loan losses of $86.8 million relating to nine loans with an aggregate carrying value, before loan loss reserves, of approximately $189.2 million at December 31, 2015.
Schedule of quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis	December 31, 2015 Fair Value Valuation Technique(s) Significant Unobservable Inputs Range (Weighted Average) Financial assets: Impaired loans(1): Multi-family $ Direct capitalization analysis Capitalization rate 6.50% to 9.75% (8.85%) Revenue growth rate 3.50% Office Discounted cash flows Discount rate 10.00% Capitalization rate 8.25% Revenue growth rate 2.50% Land Discounted cash flows Discount rate 15.00% Capitalization rate 7.25% Revenue growth rate 3.00% Hotel Discounted cash flows Discount rate 9.25% Capitalization rate 7.25% Revenue growth rate 2.50% Commercial — Discounted cash flows Capitalization rate 6.00% (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 input levels as of December 31, 2015: Fair Value Measurements Using Fair Value Hierarchy Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets: Loans and investments, net $ $ $ — $ — $ Financial liabilities: Credit facilities and repurchase agreements $ $ $ — $ — $ Collateralized loan obligations — — Senior unsecured notes — — Junior subordinated notes — — Mortgage note payable—real estate owned — —

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2015
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, 2015: Common Stock Preferred Stock Dividend(1) Declaration Date Dividend Declaration Date Series A Series B Series C February 11, 2015 $ February 2, 2015 $ $ $ April 29, 2015 $ April 29, 2015 $ $ $ July 29, 2015 $ July 29, 2015 $ $ $ November 4, 2015 $ November 2, 2015 $ $ $ (1) Preferred Stock—The dividend declared on February 2, 2015 was for the period December 1, 2014 through February 28, 2015. The dividend declared on April 29, 2015 was for the period March 1, 2015 through May 31, 2015. The dividend declared on July 29, 2015 was for the period June 1, 2015 through August 31, 2015. The dividend declared on November 2, 2015 was for the period September 1, 2015 through November 30, 2015.
Schedule of tax treatment for dividends paid by the Company on common and preferred stock	For Tax Purposes Dividend Classified as Return of Capital Dividend Classified as Ordinary Income Capital Gain Distribution Total Dividends Paid(1) (in thousands) Year Dividend Paid Per Share Percent Dividend Paid Per Share Qualified Dividend Income(2) Percent Dividend Paid Per Share Percent Dividend Paid Per Share Common Stock: 2015 $ $ % $ — — — — — 2014 $ $ % $ — — — — — 2013 $ $ % $ — — — — — 8.25% Series A Preferred Stock: 2015 $ $ % $ — — — — — 2014 $ $ % $ — — — — — 2013 $ $ % $ — — — — — 7.75% Series B Preferred Stock: 2015 $ $ % $ — — — — — 2014 $ $ % $ — — — — — 2013 $ $ % $ — — — — — 8.50% Series C Preferred Stock: 2015 $ $ % $ — — — — — 2014 $ $ % $ — — — — — (1) 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	Year Ended December 31, 2015 2014 Statement of Income Caption Net realized losses on derivatives designated as cash flow hedges: Interest Rate Swaps $ ) $ ) Interest expense(1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Termination of Interest Rate Swaps $ ) $ — Loss on termination of swaps(1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net realized gain on sale of available-for-sale investments: RMBS investment $ — $ 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, 2015
Earnings Per Share
Reconciliation of the numerator and denominator of the basic and diluted EPS computations	Year Ended December 31, 2015 2014 2013 Basic Diluted Basic Diluted Basic Diluted Net income attributable to common stockholders(1) $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding Dilutive effect of restricted stock units(2) — — — — — Dilutive effect of warrants(3) — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share(1) $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Net of preferred stock dividends and noncontrolling interest. (2) Mr. Kaufman was granted restricted stock units which vest at the end of a four-year performance period based upon our achievement of total stockholder return objectives. See Note 12—"Equity" for further details. (3) On July 1, 2014, we acquired and canceled all of our warrants. See Note 12—"Equity" for further details.

Agreements and Transactions wit

Agreements and Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2015
Agreements and Transactions with Related Parties
Schedule of Company's base management fees and incentive fees	Year Ended December 31, Management Fees: 2015 2014 2013 Base(1) $ $ $ Incentive(2) — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total management fee $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Taxes
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, 2015 2014 2013 U.S. federal statutory rate % % % REIT non-taxable income ) ) ) State and local income taxes, net of federal tax benefit ) ) ) Change in valuation allowance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective income tax rate — % — % — % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of significant components of deferred tax assets (liabilities)	December 31, 2015 2014 Deferred tax assets: Expenses not currently deductible $ $ Net operating and capital loss carryforwards ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax assets, gross Valuation allowance ) ) ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax assets, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liability: Interest in equity affiliates—net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Summary Quarterly Consolidate42

Summary Quarterly Consolidated Financial Information - Unaudited (Tables)	12 Months Ended
	Dec. 31, 2015
Summary Quarterly Consolidated Financial Information - Unaudited
Summary of quarterly financial data	Three Months Ended December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015 Net interest income $ $ $ $ Total other revenue Total other expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before gain on acceleration of deferred income, loss on termination of swaps, gain on sale of real estate and income from equity affiliates Gain on acceleration of deferred income — — Loss on termination of swaps — ) — ) Gain on sale of real estate — — Income from equity affiliates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred stock dividends ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to common stockholders $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per common share(1): $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per common share(1): $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, 2014 September 30, 2014 June 30, 2014 March 31, 2014 Net interest income $ $ $ $ Total other revenue Total other expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before gain on sale of equity interests, incentive management fee, gain (loss) on sale of real estate and income (loss) from equity affiliates Gain on sale of equity interests — Incentive management fee—equity interest—related party — ) — — Gain (loss) on sale of real estate ) — — Income (loss) from equity affiliates ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred stock dividends ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to common stockholders $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per common share(1): $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per common share(1): $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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) - ACM / Our "Manager" $ in Millions	Jul. 01, 2003USD ($)
Description of Business
Structured finance assets contribution amount for commensurate equity ownership under operating partnership	$ 213.1
Borrowings supported by equity contributed for commensurate equity ownership under operating partnership	169.2
Equity investment for commensurate equity ownership under operating partnership	$ 43.9

Summary of Significant Accoun44

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Summary of Significant Accounting Policies
Other assets	$ (29,558,430)	$ (31,787,451)
Impaired Loans, Allowance for Loan Losses 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
Revision of Share Repurchase Classification | Adjustment of consolidated balance sheets and consolidated statements of changes in equity | Common Stock
Summary of Significant Accounting Policies
Reduction in current period to correct for share repurchase classification	$ 26,507
Revision of Share Repurchase Classification | Adjustment of consolidated balance sheets and consolidated statements of changes in equity | Additional Paid-in Capital
Summary of Significant Accounting Policies
Reduction in current period to correct for share repurchase classification	17,100,000
Early adoption for new accounting guidance | Adjustment of consolidated balance sheets and consolidated statements of changes in equity
Summary of Significant Accounting Policies
Other assets	17,400,000	13,900,000
Debt facilities	$ 10,000,000	$ 13,900,000

Loans and Investments (Details)

Loans and Investments (Details)	3 Months Ended		12 Months Ended
	Dec. 31, 2015USD ($)item	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)item	Dec. 31, 2013USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2012USD ($)
Loans and Investments
Loans and investments, gross	$ 1,545,126,045		$ 1,545,126,045	$ 1,587,429,498
Unearned revenue	(8,030,129)		(8,030,129)	(12,466,528)
Allowance for loan losses	(86,761,575)		(86,761,575)	(115,487,320)	$ (122,277,411)		$ (161,706,313)
Loans and investments, net	$ 1,450,334,341		$ 1,450,334,341	$ 1,459,475,650
Percent of Total	100.00%		100.00%	100.00%
Loan Count | item			128	139
Wtd. Avg. Pay Rate (as a percent)			5.63%	5.45%
Wtd. Avg. Remaining Months to Maturity			17 months 21 days	22 months 9 days
First Dollar LTV Ratio (as percent)	7.00%		7.00%	13.00%
Last Dollar LTV Ratio (as percent)	76.00%		76.00%	76.00%
Number of portfolio segments | item			1
Gain on extinguishment of debt, net of fees and expenses					4,930,772
Other interest income			$ 7,884,344
Employee compensation and benefits			17,500,457	$ 13,978,223	$ 12,042,332
$87 million warehouse repurchase facility
Loans and Investments
Committed line						$ 87,000,000
Debt repaid		$ 87,000,000
Gain on extinguishment of debt, net of fees and expenses		6,700,000
Other interest income		7,900,000
Employee compensation and benefits		$ 1,200,000
First mortgage
Loans and Investments
Defaulted mortgage acquired						$ 116,000,000
First mortgage | Apartment building | Other assets.
Loans and Investments
Number of co-operative apartments repossessed | item	3
Fair value of the co-operative apartments acquired through foreclosure	$ 2,200,000		2,200,000
Higher credit risk
Loans and Investments
Loans and investments, gross	$ 154,700,000		$ 154,700,000	$ 189,400,000
Last Dollar LTV Ratio (as percent)	94.00%		94.00%	94.00%
Credit risk concentration
Loans and Investments
Loans and investments, gross	$ 1,545,126,045		$ 1,545,126,045	$ 1,587,429,498
Percent of Total	100.00%		100.00%	100.00%
First Dollar LTV Ratio (as percent)	7.00%		7.00%	13.00%
Last Dollar LTV Ratio (as percent)	76.00%		76.00%	76.00%
Credit risk concentration | Minimum
Loans and Investments
Credit risk individual ratings | item			1
Credit risk concentration | Maximum
Loans and Investments
Credit risk individual ratings | item			5
Credit risk concentration | Risk rating, three
Loans and Investments
Credit risk individual ratings | item			3
Credit risk concentration | Risk rating, four
Loans and Investments
Credit risk individual ratings | item			4
Credit risk concentration | Risk rating, five
Loans and Investments
Credit risk individual ratings | item			5
Credit risk concentration | Risk rating, 3.5
Loans and Investments
Credit risk individual ratings | item			3.5
Credit risk concentration | Risk rating, 4.5
Loans and Investments
Credit risk individual ratings | item			4.5
Total assets | Credit risk concentration
Loans and Investments
Loan Count | item			22	31
Number of different borrowers | item			5	5
Concentration risk, percentage			22.00%	23.00%
Bridge Loans
Loans and Investments
Loans and investments, gross	$ 1,353,132,435		$ 1,353,132,435	$ 1,273,439,238
Percent of Total	88.00%		88.00%	80.00%
Loan Count | item			105	101
Wtd. Avg. Pay Rate (as a percent)			5.48%	5.19%
Wtd. Avg. Remaining Months to Maturity			16 months 21 days	19 months 24 days
First Dollar LTV Ratio (as percent)	0.00%		0.00%	0.00%
Last Dollar LTV Ratio (as percent)	75.00%		75.00%	74.00%
Mezzanine Loans
Loans and Investments
Loans and investments, gross	$ 40,390,905		$ 40,390,905	$ 76,392,650
Percent of Total	3.00%		3.00%	5.00%
Loan Count | item			11	17
Wtd. Avg. Pay Rate (as a percent)			8.19%	9.78%
Wtd. Avg. Remaining Months to Maturity			32 months 27 days	37 months 3 days
First Dollar LTV Ratio (as percent)	35.00%		35.00%	47.00%
Last Dollar LTV Ratio (as percent)	83.00%		83.00%	81.00%
Junior participation loans
Loans and Investments
Loans and investments, gross	$ 62,256,582		$ 62,256,582	$ 104,091,952
Percent of Total	4.00%		4.00%	7.00%
Loan Count | item			2	4
Wtd. Avg. Pay Rate (as a percent)			4.50%	4.62%
Wtd. Avg. Remaining Months to Maturity			11 months 6 days	12 months 9 days
First Dollar LTV Ratio (as percent)	85.00%		85.00%	86.00%
Last Dollar LTV Ratio (as percent)	87.00%		87.00%	88.00%
Preferred equity investments
Loans and Investments
Loans and investments, gross	$ 89,346,123		$ 89,346,123	$ 133,505,658
Percent of Total	5.00%		5.00%	8.00%
Loan Count | item			10	17
Wtd. Avg. Pay Rate (as a percent)			7.52%	6.11%
Wtd. Avg. Remaining Months to Maturity			30 months 15 days	45 months 15 days
First Dollar LTV Ratio (as percent)	43.00%		43.00%	62.00%
Last Dollar LTV Ratio (as percent)	80.00%		80.00%	84.00%

Loans and Investments, Risk Rat

Loans and Investments, Risk Ratings and LTV Ratios (Details)	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)item
Loans and Investments
Unpaid Principal Balance	$ 1,545,126,045	$ 1,587,429,498
Percentage of Portfolio	100.00%	100.00%
First Dollar LTV Ratio (as percent)	7.00%	13.00%
Last Dollar LTV Ratio (as percent)	76.00%	76.00%
Loans and investments portfolio | New York
Loans and Investments
Concentration risk, percentage	34.00%	28.00%
Loans and investments portfolio | Florida
Loans and Investments
Concentration risk, percentage	14.00%	10.00%
Loans and investments portfolio | California
Loans and Investments
Concentration risk, percentage	14.00%
Loans and investments portfolio | Texas
Loans and Investments
Concentration risk, percentage	12.00%	14.00%
Credit risk concentration
Loans and Investments
Unpaid Principal Balance	$ 1,545,126,045	$ 1,587,429,498
Percentage of Portfolio	100.00%	100.00%
First Dollar LTV Ratio (as percent)	7.00%	13.00%
Last Dollar LTV Ratio (as percent)	76.00%	76.00%
Credit risk concentration | Weighted average
Loans and Investments
Wtd. Avg. Internal Risk Rating | item	3.1	3.1
Credit risk concentration | Multifamily
Loans and Investments
Unpaid Principal Balance	$ 1,083,822,788	$ 1,157,462,400
Percentage of Portfolio	70.10%	72.90%
First Dollar LTV Ratio (as percent)	2.00%	10.00%
Last Dollar LTV Ratio (as percent)	75.00%	73.00%
Credit risk concentration | Multifamily | Weighted average
Loans and Investments
Wtd. Avg. Internal Risk Rating | item	3	2.9
Credit risk concentration | Office
Loans and Investments
Unpaid Principal Balance	$ 198,829,086	$ 230,491,164
Percentage of Portfolio	12.90%	14.50%
First Dollar LTV Ratio (as percent)	27.00%	29.00%
Last Dollar LTV Ratio (as percent)	75.00%	79.00%
Credit risk concentration | Office | Weighted average
Loans and Investments
Wtd. Avg. Internal Risk Rating | item	3	3.3
Credit risk concentration | Land
Loans and Investments
Unpaid Principal Balance	$ 164,410,838	$ 128,367,601
Percentage of Portfolio	10.60%	8.10%
First Dollar LTV Ratio (as percent)	5.00%	6.00%
Last Dollar LTV Ratio (as percent)	90.00%	88.00%
Credit risk concentration | Land | Weighted average
Loans and Investments
Wtd. Avg. Internal Risk Rating | item	3.8	3.9
Credit risk concentration | Hotel
Loans and Investments
Unpaid Principal Balance	$ 66,250,000	$ 66,250,000
Percentage of Portfolio	4.30%	4.20%
First Dollar LTV Ratio (as percent)	32.00%	32.00%
Last Dollar LTV Ratio (as percent)	80.00%	83.00%
Credit risk concentration | Hotel | Weighted average
Loans and Investments
Wtd. Avg. Internal Risk Rating | item	3.5	3.5
Credit risk concentration | Other
Loans and Investments
Unpaid Principal Balance	$ 31,813,333	$ 4,858,333
Percentage of Portfolio	2.10%	0.30%
First Dollar LTV Ratio (as percent)	13.00%	69.00%
Last Dollar LTV Ratio (as percent)	67.00%	75.00%
Credit risk concentration | Other | Weighted average
Loans and Investments
Wtd. Avg. Internal Risk Rating | item	3.1	2.9

Loans and Investments, Impaired

Loans and Investments, Impaired Loans (Details)	12 Months Ended
	Dec. 31, 2015USD ($)loanitem	Dec. 31, 2014USD ($)loanitem	Dec. 31, 2013USD ($)aloanitem
Loans and Investments
Number of impaired loans | item	5	4	5
Carrying value of impaired loan	$ 125,300,000	$ 151,900,000	$ 31,500,000
Impaired loans, provision for loan losses	6,509,149	9,026,712	6,500,000
Loans and Investments
Net recoveries of previously recorded loan loss reserves	2,000,000	9,300,000	2,200,000
Provision for loan losses (net of recoveries)	4,466,886	(308,511)	4,287,652
Loans with previous reserves	4,000,000	3,800,000	1,000,000
Loans without previous reserves	$ 2,500,000	$ 5,200,000	$ 5,500,000
Number of impaired loans | loan	9	10	15
Aggregate carrying value of impaired loans before reserves	$ 189,209,415	$ 221,602,399	$ 221,600,000
Charge-offs to previously recorded reserves	$ 34,500,000	$ 6,501,079	$ 43,713,459
Number of loans for which no provision for loan loss made | item	0	0	0
Changes in allowance for loan losses
Allowance at beginning of the period	$ 115,487,320	$ 122,277,411	$ 161,706,313
Provision for loan losses	6,509,149	9,026,712	6,500,000
Charge-offs	(32,000,000)	(6,501,079)	(24,713,459)
Charge-off on loan reclassified to real estate owned, net	(2,500,000)
Charge-off on loan converted to other assets			(19,000,000)
Recoveries of reserves	(734,894)	(9,315,724)	(2,215,443)
Allowance at end of the period	$ 86,761,575	115,487,320	122,277,411
Mezzanine loan and bridge loan
Loans and Investments
Aggregate carrying value of impaired loans before reserves		11,900,000
Charge-offs to previously recorded reserves		$ 6,500,000
Write-off of several loans
Loans and Investments
Aggregate carrying value of impaired loans before reserves			23,200,000
Charge-offs to previously recorded reserves			23,200,000
Transfer of land held as collateral
Loans and Investments
Aggregate carrying value of impaired loans before reserves			25,000,000
Charge-offs to previously recorded reserves			19,000,000
Fair value			6,000,000
Bridge Loans
Loans and Investments
Aggregate carrying value of impaired loans before reserves			5,900,000
Charge-offs to previously recorded reserves			1,500,000
Proceeds from sale of loan			$ 4,400,000
Bridge Loans | St. John's Development
Loans and Investments
Area of pledged usable land (in acres) | a			20.5
Area of pledged submerged land (in acres) | a			2.3
Pledged land, number of dwellings per acre | item			60
Six loans collateralized by a land development project | Maturity date of September 2017
Loans and Investments
Number of loans with unpaid principal balance | item	6
Unpaid principal balance on loans	$ 118,100,000
Changes in allowance for loan losses
Allowance at end of the period	$ 49,100,000
Four loans collateralized by a land development project | Maturity date of September 2017
Loans and Investments
Number of loans with unpaid principal balance | item	4
Unpaid principal balance on loans	$ 97,500,000
Weighted average accrual rate of interest (as a percent)	9.60%

Loans and Investments, Charge-o

Loans and Investments, Charge-offs and Recoveries (Details)	12 Months Ended
	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)loan	Dec. 31, 2013USD ($)loan
Loans and Investments
Charge-offs	$ (34,500,000)	$ (6,501,079)	$ (43,713,459)
Recoveries of reserves	(2,042,263)	(9,315,724)	(2,215,443)
Net Recoveries (Charge-offs) Recoveries	$ (32,457,737)	$ 2,814,645	$ (41,498,016)
Ratio of net (charge-offs) recoveries during the period to average loans and investments outstanding during the period	(2.10%)	0.20%	(2.60%)
Unpaid Principal Balance	$ 198,861,364	$ 231,886,876
Carrying value	189,209,415	221,602,399	$ 221,600,000
Allowance for Loan losses	86,761,575	115,487,320
Average Recorded Investment	215,374,121	224,897,591
Interest Income Recognized	$ 3,170,189	$ 3,216,038
Number of impaired loans | loan	9	10	15
Multifamily
Loans and Investments
Charge-offs		$ (6,501,079)	$ (4,789,815)
Recoveries of reserves	$ (754,394)	(7,815,724)	(1,510,949)
Unpaid Principal Balance	7,362,115	39,239,894
Carrying value	7,350,764	39,232,710
Allowance for Loan losses	5,505,653	36,469,894
Average Recorded Investment	23,301,005	52,487,834
Interest Income Recognized	314,910	763,208
Office
Loans and Investments
Charge-offs	(2,500,000)		(6,252,129)
Recoveries of reserves		(1,500,000)	(704,494)
Unpaid Principal Balance	27,580,582	36,086,582
Carrying value	22,796,444	30,498,273
Allowance for Loan losses	21,972,444	23,972,444
Average Recorded Investment	31,833,582	36,086,582
Interest Income Recognized	1,804,967	1,788,152
Land
Loans and Investments
Charge-offs			(19,000,000)
Recoveries of reserves	(1,287,869)
Unpaid Principal Balance	127,468,667	121,810,400
Carrying value	122,875,774	117,621,457
Allowance for Loan losses	53,883,478	51,344,982
Average Recorded Investment	124,639,534	118,948,175
Hotel
Loans and Investments
Charge-offs	(32,000,000)		(3,671,515)
Unpaid Principal Balance	34,750,000	34,750,000
Carrying value	34,486,433	34,249,959
Allowance for Loan losses	3,700,000	3,700,000
Average Recorded Investment	34,750,000	17,375,000
Interest Income Recognized	1,050,312	$ 664,678
Commercial
Loans and Investments
Unpaid Principal Balance	1,700,000
Carrying value	1,700,000
Allowance for Loan losses	1,700,000
Average Recorded Investment	$ 850,000
Condo
Loans and Investments
Charge-offs			$ (10,000,000)

Loans and Investments, Non-perf

Loans and Investments, Non-performing Loans (Details)	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)item
Non-performing loans by asset class
Number of loans | item	128	139
Carrying value of loans before loan loss reserves	$ 1,545,126,045	$ 1,587,429,498
Non-performing loans
Non-performing loans by asset class
Number of loans | item	3	3
Carrying value of loans before loan loss reserves		$ 7,000,000
Number of loans classified as non-performing which have loan loss reserve | item		2
Loan loss reserves	$ 22,900,000	$ 34,000,000
Carrying Value	22,938,243	41,043,556
Non-performing loans | Minimum
Non-performing loans by asset class
Carrying value of loans before loan loss reserves	100,000
Less Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Financing Receivable, Recorded Investment, Past Due, Total		765,799
Greater Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Financing Receivable, Recorded Investment, Past Due, Total	22,938,243	40,277,757
Multifamily | Non-performing loans
Non-performing loans by asset class
Carrying Value	765,799	32,765,799
Multifamily | Less Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Financing Receivable, Recorded Investment, Past Due, Total		765,799
Multifamily | Greater Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Financing Receivable, Recorded Investment, Past Due, Total	765,799	32,000,000
Office | Non-performing loans
Non-performing loans by asset class
Carrying Value	20,472,444	8,277,757
Office | Greater Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Financing Receivable, Recorded Investment, Past Due, Total	20,472,444	$ 8,277,757
Commercial | Non-performing loans
Non-performing loans by asset class
Carrying Value	1,700,000
Commercial | Greater Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Financing Receivable, Recorded Investment, Past Due, Total	$ 1,700,000

Loans and Investments, Loan Mod

Loans and Investments, Loan Modifications, Refinancings and/or Extensions (Details)	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)item
Troubled debt restructurings by asset class
Number of loans considered to be troubled debt restructurings | item	6
Original Unpaid Principal Balance	$ 38,039,122
Original Weighted Average Rate of Interest (as a percent)	5.03%
Extended Unpaid Principal Balance	$ 38,039,122
Extended Weighted Average Rate of Interest (as a percent)	5.03%
Number of loans considered to be troubled debt restructurings that subsequently considered non-performing | item	0	0
Number of additional loans considered to be troubled debt restructurings | item	0	0
Unfunded commitments on modified loans classified as troubled debt restructurings	$ 100,000	$ 0
Multifamily
Troubled debt restructurings by asset class
Number of loans considered to be troubled debt restructurings | item	5
Original Unpaid Principal Balance	$ 35,609,122
Original Weighted Average Rate of Interest (as a percent)	5.12%
Extended Unpaid Principal Balance	$ 35,609,122
Extended Weighted Average Rate of Interest (as a percent)	5.12%
Office
Troubled debt restructurings by asset class
Number of loans considered to be troubled debt restructurings | item	1
Original Unpaid Principal Balance	$ 2,430,000
Original Weighted Average Rate of Interest (as a percent)	3.69%
Extended Unpaid Principal Balance	$ 2,430,000
Extended Weighted Average Rate of Interest (as a percent)	3.69%
Hotel
Troubled debt restructurings by asset class
Number of loans considered to be troubled debt restructurings | item		1
Original Unpaid Principal Balance		$ 35,000,000
Original Weighted Average Rate of Interest (as a percent)		1.95%
Extended Unpaid Principal Balance		$ 34,750,000
Extended Weighted Average Rate of Interest (as a percent)		2.95%

Loans and Investments, Interest

Loans and Investments, Interest Reserves (Details) $ in Millions	Dec. 31, 2015USD ($)item
Loans and Investments
Total interest reserves	$ 17.2
Number of loans | item	63
Aggregate unpaid principal balance	$ 895.4

Securities (Details)

Securities (Details)	3 Months Ended			12 Months Ended
	Dec. 31, 2015USD ($)shares	Jun. 30, 2015USD ($)	Mar. 31, 2014USD ($)item	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)
Available-for-sale securities
Carrying Value / Estimated Fair Value	$ 2,022,030			$ 2,022,030	$ 2,499,709
Proceeds from sale of securities					33,904,172	$ 2,100,000
Reverse of unrealized loss from accumulated other comprehensive loss				70,605	(335,157)	382,130
Gain on sale of securities					518,640	$ 1,100,000
Federal Home Loan Mortgage Corporation
Available-for-sale securities
Proceeds from sale of securities	1,600,000
Gain on sale of securities	100,000
Residential mortgage-backed security (RMBS)
Available-for-sale securities
Number of investments acquired with deteriorated credit quality | item			2
Aggregate carrying value of investment with deteriorated credit quality			$ 25,800,000
Proceeds from sale of securities			25,900,000
Available-for-sale Securities
Available-for-sale securities
Face Value	1,500,000			1,500,000	2,100,000
Amortized Cost	1,610,505			1,610,505	2,158,789
Cumulative Unrealized Gain	411,525			411,525	340,920
Carrying Value / Estimated Fair Value	2,022,030			2,022,030	$ 2,499,709
Available-for-sale Securities | Federal Home Loan Mortgage Corporation
Available-for-sale securities
Face Value	1,500,000			1,500,000
Amortized Cost	1,551,716			1,551,716
Carrying Value / Estimated Fair Value	$ 1,551,716			$ 1,551,716
Fixed interest rate (as a percent)	324.10%
Available-for-sale Securities | CMBS and RMBS
Available-for-sale securities
Weighted average yield (as a percent)				1.04%	1.80%
Available-for-sale Securities | Commercial mortgage-backed security (CMBS)
Available-for-sale securities
Face Value					$ 2,100,000
Amortized Cost					2,100,000
Cumulative Unrealized Loss					(100,000)
Carrying Value / Estimated Fair Value		$ 2,000,000			2,000,000
Proceeds from sale of securities		2,100,000
Reverse of unrealized loss from accumulated other comprehensive loss		$ 100,000
Available-for-sale Securities | Residential mortgage-backed security (RMBS)
Available-for-sale securities
Cumulative Unrealized Gain			400,000
Carrying Value / Estimated Fair Value			33,400,000
Proceeds from sale of securities			33,900,000
Gain on sale of securities			$ 500,000
Number of securities | item			2
Investments financed with a repurchase agreement with a financial institution			$ 25,300,000
Available-for-sale Securities | Common Shares of CV Holdings, Inc.
Available-for-sale securities
Amortized Cost	$ 58,789			$ 58,789	58,789
Cumulative Unrealized Gain	411,525			411,525	440,920
Carrying Value / Estimated Fair Value	$ 470,314			$ 470,314	$ 499,709
Number of shares of common stock purchased | shares	2,939,465			2,939,465	2,939,465

Investments in Equity Affilia53

Investments in Equity Affiliates (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 30,870,235	$ 4,869,066
Unpaid Principal Balance of Loans to Equity Affiliates	9,005,666
Arbor Residential Investor LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	25,923,679
West Shore Cafe
Investment in Equity Affiliates
Investment in Equity Affiliates	1,955,933	1,872,661
Unpaid Principal Balance of Loans to Equity Affiliates	1,687,500
Lightstone Value Plus REIT L.P
Investment in Equity Affiliates
Investment in Equity Affiliates	1,894,727	1,894,727
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 Portfolio
Investment in Equity Affiliates
Investment in Equity Affiliates	92,796	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	$ 2,324,000

Investments in Equity Affilia54

Investments in Equity Affiliates, All Investments (Details)	1 Months Ended				3 Months Ended								6 Months Ended	12 Months Ended
	Aug. 31, 2014USD ($)item	Jul. 31, 2014USD ($)	May. 31, 2014USD ($)item	Dec. 31, 2011USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)item	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)	Dec. 31, 2007USD ($)
Investment in Equity Affiliates
Income (loss) from equity affiliates					$ 1,317,339	$ 6,353,239	$ 1,534,025	$ 3,095,913	$ 219,287	$ (51,170)	$ 40,493	$ 40,048		$ 12,300,516	$ 248,658	$ (204,475)
Investments in equity affiliates					30,870,235				4,869,066				$ 30,870,235	30,870,235	4,869,066
Secured debt									331,219,478						$ 331,219,478
Loans to Equity Affiliates					9,005,666								9,005,666	$ 9,005,666
Number of loans | item														128	139
Loans and investments, gross					1,545,126,045				1,587,429,498				1,545,126,045	$ 1,545,126,045	$ 1,587,429,498
Interest expense														$ 43,766,835,000	$ 33,032,580,000	36,060,617,000
Bridge Loans
Investment in Equity Affiliates
Number of loans | item														105	101
Loans and investments, gross					1,353,132,435				1,273,439,238				1,353,132,435	$ 1,353,132,435	$ 1,273,439,238
Preferred equity investments
Investment in Equity Affiliates
Number of loans | item														10	17
Loans and investments, gross					89,346,123				133,505,658				89,346,123	$ 89,346,123	$ 133,505,658
Mezzanine Loans
Investment in Equity Affiliates
Number of loans | item														11	17
Loans and investments, gross					40,390,905				76,392,650				40,390,905	$ 40,390,905	$ 76,392,650
Arbor Residential Investor LLC
Investment in Equity Affiliates
Equity Investment								$ 9,600,000
Income (loss) from equity affiliates														6,600,000
Investments in equity affiliates					25,923,679								25,923,679	$ 25,923,679
Indirect ownership percentage								22.50%						20.00%
Arbor Residential Investor LLC | ACM / Our "Manager"
Investment in Equity Affiliates
Percentage of ownership interest of related party in the entity								50.00%
Promote (as a percent)								25.00%
Return on investment (as a percent)								10.00%
Arbor Residential Investor LLC | Non-qualified Residential Mortgages
Investment in Equity Affiliates
Equity Investment								$ 1,700,000
Ownership percentage								50.00%
Arbor Residential Investor LLC | Non-qualified Residential Mortgages | ACM / Our "Manager"
Investment in Equity Affiliates
Ownership percentage								100.00%
Arbor Residential Investor LLC | Additional mortgage purchases
Investment in Equity Affiliates
Equity Investment					7,900,000								7,900,000	$ 7,900,000
Arbor Residential Investor LLC | Non Qualified and Additional Residential Mortgages
Investment in Equity Affiliates
Equity Investment					9,700,000								9,700,000	9,700,000
Arbor Residential Investor LLC | Non Qualified and Additional Residential Mortgages | Minimum
Investment in Equity Affiliates
Income (loss) from equity affiliates														100,000
West Shore Cafe
Investment in Equity Affiliates
Investments in equity affiliates					1,955,933				1,872,661				1,955,933	$ 1,955,933	1,872,661
Noncontrolling interest in equity method investment (as a percent)														50.00%
Loans to Equity Affiliates					1,687,500								1,687,500	$ 1,687,500
West Shore Cafe | First mortgage
Investment in Equity Affiliates
Loans to Equity Affiliates											$ 1,700,000
Variable interest rate, description														LIBOR
Variable rate, spread (as a percent)														4.00%
Lightstone Value Plus REIT L.P
Investment in Equity Affiliates
Equity Investment					1,900,000								1,900,000	$ 1,900,000
Investments in equity affiliates					1,894,727				1,894,727				1,894,727	1,894,727	1,894,727
Lightstone Value Plus REIT L.P | Investment through consolidated entity
Investment in Equity Affiliates
Equity Investment					$ 56,000,000								$ 56,000,000	$ 56,000,000
Ownership percentage					66.70%								66.70%	66.70%
Secured debt					$ 50,200,000								$ 50,200,000	$ 50,200,000
Proceeds from equity affiliates																1,800,000
Interest expense																1,300,000
Issuers of Junior Subordinated Notes
Investment in Equity Affiliates
Equity Investment					$ 600,000				600,000				$ 600,000	600,000	600,000
Equity investment made														$ 600,000
Ownership percentage					100.00%								100.00%	100.00%
Investments in equity affiliates					$ 578,000				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 | item														2
JT Prime
Investment in Equity Affiliates
Income (loss) from equity affiliates														$ 200,000	200,000	100,000
Investments in equity affiliates					425,000				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%
East River Portfolio
Investment in Equity Affiliates
Equity investment made	$ 100,000
Ownership percentage	5.00%
Number of properties owned | item	2
Investments in equity affiliates					92,796				98,578				92,796	92,796	98,578
Loans to Equity Affiliates					4,994,166								4,994,166	4,994,166
East River Portfolio | Mr. Ivan Kaufman.
Investment in Equity Affiliates
Percentage of ownership interest of related party in the entity	95.00%
East River Portfolio | Bridge Loans
Investment in Equity Affiliates
Number of loans | item	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
Equity investment made														100,000
Noncontrolling interest														44,000
Income (loss) from equity affiliates													5,500,000
Investments in equity affiliates					100				100				100	100	100
Proceeds from equity affiliates													4,500,000
Loans to Equity Affiliates					$ 2,324,000								2,324,000	$ 2,324,000
Expenses related to distribution from equity investment													$ 1,000,000
Lexford Portfolio | Preferred equity investments
Investment in Equity Affiliates
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 | item			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			0
930 Flushing & 80 Evergreen | Bridge Loans
Investment in Equity Affiliates
Loans to Equity Affiliates			22,400,000
930 Flushing & 80 Evergreen | Mezzanine Loans
Investment in Equity Affiliates
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%
Property air rights retained																		50.00%
Ownership percentage																		29.00%
Proceeds from sale of properties									1,100,000
Income (loss) from equity affiliates									800,000
Deferred revenue									77,100,000						77,100,000			$ 77,100,000
Prepaid management fee - related party									$ 19,000,000						19,000,000
Net gain resulting from the recognition of the deferred gain as well as a prepaid incentive fee															$ 58,100,000
450 West 33rd Street | ACM / Our "Manager"
Investment in Equity Affiliates
Deferred revenue		77,100,000																77,100,000
Prepaid management fee - related party		$ 19,000,000																$ 19,000,000
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%	10.00%

Investments in Equity Affilia55

Investments in Equity Affiliates, Condensed Combined Balance Sheets (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Assets:
Cash and cash equivalents	$ 29,829,360,000	$ 22,551,762,000
Real estate assets	973,649,322,000	639,813,257,000
Other assets	121,802,429,000	19,169,267,000
Total assets	1,125,281,111,000	681,534,286,000
Liabilities:
Notes payable	1,044,965,627,000	691,487,617,000
Other liabilities	30,064,837,000	22,653,656,000
Total liabilities	1,075,030,464,000	714,141,273,000
Stockholders' equity Arbor	30,292,234,000	4,291,066,000
Stockholders' equity (deficit)	19,958,413,000	(36,898,053,000)
Total stockholders' equity (deficit)	50,250,647,000	(32,606,987,000)
Total liabilities and equity (deficit)	1,125,281,111,000	681,534,286,000
Investment in Equity Affiliates
Investment in Equity Affiliates	30,870,235	4,869,066
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 Affilia56

Investments in Equity Affiliates, Condensed Combined Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue:
Rental income	$ 95,937,528	$ 89,192,393	$ 85,550,846
Interest income	10,215,267	258,516	477,935
Operating income	130,931,755	4,168,348	5,709,013
Reimbursement income	6,800,824	6,500,526	6,653,440
Other income	15,320,832	7,993,602	6,686,053
Total revenues	259,206,206	108,113,385	105,077,287
Expenses:
Operating expenses	157,772,966	59,266,385	58,265,261
Interest expense	43,766,835	33,032,580	36,060,617
Depreciation and amortization	21,763,714	26,793,320	23,345,096
Other expenses	1,627,791	620,906	493,627
Total expenses	224,931,306	119,713,191	118,164,601
Net income (loss)	34,274,900	(11,599,806)	(13,087,314)
Arbor's Share of income (loss)	$ 12,300,516	$ 248,658	$ (204,475)

Real Estate Owned and Held-Fo57

Real Estate Owned and Held-For-Sale (Details)	3 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)propertyitem	Dec. 31, 2014USD ($)item	Dec. 31, 2013USD ($)
Real Estate owned
Real estate owned, net		$ 60,845,509	$ 84,925,641
First lien mortgage - real estate owned		27,155,000	21,865,136
Carrying value of mortgage loans foreclosed		8,400,000
Restricted cash due to escrow requirement		48,301,244	218,100,529
Provision for Loan and Lease Losses Gross		6,509,149	9,026,712	$ 6,500,000
Real Estate Held-For-Sale
Property classified from real estate owned to real estate held-for-sale		26,185,691	2,904,057	$ 11,540,649
Gain on sale of real estate held-for-sale		7,784,021	1,603,763
Multifamily and Hotel | Disposed of by sale
Real Estate Held-For-Sale
Proceeds from sale of properties		18,800,000
Gain on sale of property		4,000,000
Multifamily | Disposed of by sale
Real Estate Held-For-Sale
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 held-for-sale			300,000
Real Estate owned
Real Estate owned
Less: accumulated depreciation and amortization		(16,869,757)	(20,075,614)
Real estate owned, net		60,845,509	84,925,641
Restricted cash due to escrow requirement		$ 1,600,000	$ 1,700,000
Real Estate owned | Multifamily
Real Estate owned
Number of properties | item		3	4
Less: accumulated depreciation and amortization		$ (9,399,041)	$ (7,414,267)
Real estate owned, net		28,783,692	29,374,446
First lien mortgage - real estate owned		$ 27,200,000	$ 31,000,000
Weighted average occupancy rate of properties (as a percent)		94.00%	90.00%	85.00%
Real Estate owned | Hotel
Real Estate owned
Number of properties | item		2	5
Less: accumulated depreciation and amortization		$ (7,329,615)	$ (12,661,347)
Real estate owned, net		$ 26,302,918	$ 55,551,195
Weighted average occupancy rate of properties (as a percent)		53.00%	51.00%	48.00%
Amount of weighted average daily rate of properties		$ 90	$ 76	$ 79
Amount of weighted average daily revenue of properties		48	39	$ 38
Real Estate owned | Office
Real Estate owned
Less: accumulated depreciation and amortization		(141,101)
Real estate owned, net		5,758,899
Carrying value of mortgage loans foreclosed	$ 5,900,000
Real Estate owned | Land
Real Estate owned
Real estate owned, gross		13,341,495	14,932,495
Real Estate owned | Land | Multifamily
Real Estate owned
Real estate owned, gross		5,538,844	5,538,844
Real Estate owned | Land | Hotel
Real Estate owned
Real estate owned, gross		3,293,651	9,393,651
Real Estate owned | Land | Office
Real Estate owned
Real estate owned, gross		4,509,000
Real Estate owned | Building and intangible assets
Real Estate owned
Real estate owned, gross		64,373,771	90,068,760
Real Estate owned | Building and intangible assets | Multifamily
Real Estate owned
Real estate owned, gross		32,643,889	31,249,869
Real Estate owned | Building and intangible assets | Hotel
Real Estate owned
Real estate owned, gross		30,338,882	$ 58,818,891
Real Estate owned | Building and intangible assets | Office
Real Estate owned
Real estate owned, gross		$ 1,391,000
Real Estate held for sale | Hotel
Real Estate owned
Number of properties | property		1
Real Estate Held-For-Sale
Number of properties reclassified from real estate owned to real estate held-for-sale | item		3
Number of properties reclassified from real estate owned to real estate held-for-sale sold | item		2
Carrying value of real estate properties classified as held-for-sale		$ 8,700,000
Property classified from real estate owned to real estate held-for-sale		26,200,000
Gain on sale of property		$ 3,800,000

Real Estate Owned and Held-Fo58

Real Estate Owned and Held-For-Sale, Results for Held-For-Sale (Details) - Held-For-Sale - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue:
Property operating income	$ 10,971,555	$ 14,362,030	$ 13,322,212
Expenses:
Property operating expense	8,224,101	11,243,246	10,831,649
Depreciation	1,562,101	2,877,143	2,681,999
Net income (loss)	$ 1,185,353	$ 241,641	$ (191,436)

Debt Obligations (Details)

Debt Obligations (Details)	1 Months Ended					4 Months Ended	5 Months Ended	6 Months Ended	11 Months Ended	12 Months Ended
	Feb. 29, 2016USD ($)item	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	May. 31, 2015	Mar. 31, 2015USD ($)	Apr. 30, 2015USD ($)	May. 31, 2015	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)item	Dec. 31, 2015USD ($)item	Jul. 31, 2015USD ($)	Feb. 28, 2015USD ($)	Jan. 31, 2015USD ($)	Dec. 31, 2014USD ($)item
Debt Obligations
Debt Carrying Value, Total credit facilities and repurchase agreements									$ 136,252,135	$ 136,252,135				$ 180,046,999
Collateral Cash, Restricted Cash									48,301,244	$ 48,301,244				218,100,529
Past due days, full repayment of a advance required										60 days
Maximum
Debt Obligations
Warehousing period										24 months
Healthcare related loans | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.25%
Healthcare related loans | Maximum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.50%
Credit facilities and repurchase agreements
Debt Obligations
Debt Principal Balance, Total credit facilities and repurchase agreements									137,325,474	$ 137,325,474				180,386,200
Debt Carrying Value, Total credit facilities and repurchase agreements									136,252,135	136,252,135				180,046,999
Collateral Carrying Value, Total credit facilities and repurchase agreements									$ 216,061,504	$ 216,061,504				$ 232,015,236
Weighted Average Note Rate (as a percent)									2.69%	2.69%				2.84%
Weighted average note rate including certain fees and costs (as a percent)									3.42%	3.42%				3.06%
Number of interest rate swaps | item									0	0				0
$150 million warehouse repurchase facility
Debt Obligations
Debt Principal Balance, Total credit facilities and repurchase agreements									$ 58,270,774	$ 58,270,774
Debt Carrying Value, Total credit facilities and repurchase agreements									57,610,463	57,610,463
Collateral Carrying Value, Total credit facilities and repurchase agreements									$ 99,641,504	$ 99,641,504
Weighted Average Note Rate (as a percent)									2.70%	2.70%
Committed line									$ 150,000,000	$ 150,000,000	$ 175,000,000		$ 150,000,000
Extension of maturity date (in years)										1 year
Deferred financing fees									700,000	$ 700,000
$150 million warehouse repurchase facility | Senior mortgage loans
Debt Obligations
Variable rate, spread (as a percent)										2.125%
Variable interest rate, description										LIBOR
$150 million warehouse repurchase facility | Junior participation loans
Debt Obligations
Variable rate, spread (as a percent)										3.50%
Variable interest rate, description										LIBOR
$100 million warehousing credit facility
Debt Obligations
Debt Principal Balance, Total credit facilities and repurchase agreements									24,582,200	$ 24,582,200				$ 92,520,637
Debt Carrying Value, Total credit facilities and repurchase agreements									24,328,863	24,328,863				92,324,890
Collateral Carrying Value, Total credit facilities and repurchase agreements									$ 38,000,000	$ 38,000,000				$ 128,593,000
Weighted Average Note Rate (as a percent)									2.62%	2.62%				2.45%
Committed line									$ 100,000,000	$ 100,000,000				$ 100,000,000
Variable rate, spread (as a percent)				2.15%			2.25%
Collateral Cash, Restricted Cash									50,000,000	50,000,000
Extension of maturity date (in years)				1 year
Deferred financing fees									300,000	$ 300,000				200,000
$100 million warehousing credit facility | Maximum
Debt Obligations
Advance rate (as a percent)										75.00%
$75 million warehousing credit facility - one
Debt Obligations
Debt Principal Balance, Total credit facilities and repurchase agreements									13,852,500	$ 13,852,500				42,975,000
Debt Carrying Value, Total credit facilities and repurchase agreements									13,766,445	13,766,445				42,859,751
Collateral Carrying Value, Total credit facilities and repurchase agreements									$ 18,470,000	$ 18,470,000				$ 58,000,000
Weighted Average Note Rate (as a percent)									2.59%	2.59%				2.45%
Committed line									$ 75,000,000	$ 75,000,000				$ 75,000,000
Variable rate, spread (as a percent)								2.25%
Variable interest rate, description								LIBOR
Advance rate (as a percent)										75.00%
Deferred financing fees									100,000	$ 100,000				100,000
Warehouse credit facility, sublimit			$ 25,000,000					$ 25,000,000
$75 million warehousing credit facility - one | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.125%
$75 million warehousing credit facility - two
Debt Obligations
Debt Principal Balance, Total credit facilities and repurchase agreements														29,890,563
Debt Carrying Value, Total credit facilities and repurchase agreements														29,866,116
Collateral Carrying Value, Total credit facilities and repurchase agreements														$ 45,422,236
Weighted Average Note Rate (as a percent)														2.20%
Committed line						$ 60,000,000			75,000,000	$ 75,000,000				$ 75,000,000
Variable rate, spread (as a percent)						2.00%
Variable interest rate, description						LIBOR
$75 million warehousing credit facility - two | Minimum
Debt Obligations
Advance rate (as a percent)										70.00%
$75 million warehousing credit facility - two | Maximum
Debt Obligations
Advance rate (as a percent)										75.00%
Deferred financing fees									100,000	$ 100,000				100,000
$25 million term credit facility
Debt Obligations
Debt Principal Balance, Total credit facilities and repurchase agreements									24,120,000	24,120,000
Debt Carrying Value, Total credit facilities and repurchase agreements									24,114,494	24,114,494
Collateral Carrying Value, Total credit facilities and repurchase agreements									$ 30,200,000	$ 30,200,000
Weighted Average Note Rate (as a percent)									2.46%	2.46%
Committed line	$ 50,000,000								$ 25,000,000	$ 25,000,000		$ 25,000,000
Number of one-year extension option | item	2
Variable rate, spread (as a percent)									2.00%
Extension of maturity date (in years)	1 year
Deferred financing fees									$ 100,000	100,000
$25 million term credit facility | LIBOR
Debt Obligations
Variable interest rate, description									LIBOR
$16.5 million term credit facility
Debt Obligations
Debt Principal Balance, Total credit facilities and repurchase agreements									$ 16,500,000	16,500,000
Debt Carrying Value, Total credit facilities and repurchase agreements									16,431,870	16,431,870
Collateral Carrying Value, Total credit facilities and repurchase agreements									$ 29,750,000	$ 29,750,000
Weighted Average Note Rate (as a percent)									3.22%	3.22%
Committed line									$ 16,500,000	$ 16,500,000
Collateral Cash, Restricted Cash		$ 3,000,000
Deferred financing fees									$ 100,000	$ 100,000
$16.5 million term credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		2.75%
$15 million term credit facility
Debt Obligations
Debt Principal Balance, Total credit facilities and repurchase agreements														15,000,000
Debt Carrying Value, Total credit facilities and repurchase agreements														$ 14,996,242
Weighted Average Note Rate (as a percent)														7.50%
Committed line														$ 15,000,000
Fixed interest rate (as a percent)									7.50%	7.50%
$15 million term credit facility | Maximum
Debt Obligations
Deferred financing fees														$ 100,000
$87 million warehouse repurchase facility
Debt Obligations
Committed line					$ 87,000,000
Variable rate, spread (as a percent)					2.50%
Variable interest rate, description					LIBOR floor of 0.25%

Debt Obligations, Collateralize

Debt Obligations, Collateralized Loan Obligations (Details)	1 Months Ended				3 Months Ended	12 Months Ended
	Aug. 31, 2015USD ($)item	Feb. 28, 2015USD ($)item	Apr. 30, 2014item	Jan. 31, 2013item	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2015USD ($)
Debt Obligations
Debt, Carrying Value							$ 331,219,478
Collateral Cash, Restricted Cash						$ 48,301,244	218,100,529
Collateralized loan obligations
Debt Obligations
Debt, Face Value						768,000,000	458,250,000
Debt, Carrying Value						758,899,661	453,101,661
Collateral Loans, Unpaid Principal						971,162,690	567,743,490
Collateral Loans, Carrying Value						968,970,064	565,590,490
Collateral Cash, Restricted Cash						$ 42,992,023	$ 66,530,102
Weighted average note rate (as a percent)						2.84%	2.59%
Weighted average note rate including certain fees and costs (as a percent)						3.24%	3.14%
CLO II
Debt Obligations
Debt, Face Value							$ 177,000,000
Debt, Carrying Value							175,351,084
Collateral Loans, Unpaid Principal							252,353,210
Collateral Loans, Carrying Value							251,658,406
Collateral Cash, Restricted Cash							$ 7,284,919
Number of investment grade tranches issued | item				2
Variable interest rate, description							three-month LIBOR
Weighted average note rate (as a percent)							2.56%
Deferred financing fees							$ 1,600,000
Debt instrument redemption value					$ 177,000,000
Deferred fees expensed as interest expense					$ 1,500,000
CLO III
Debt Obligations
Debt, Face Value						$ 281,250,000	281,250,000
Debt, Carrying Value						279,129,518	277,750,577
Collateral Loans, Unpaid Principal						339,019,221	315,390,280
Collateral Loans, Carrying Value						338,034,689	313,932,084
Collateral Cash, Restricted Cash						$ 25,135,492	$ 59,245,183
Number of investment grade tranches issued | item			3
Variable interest rate, description						three-month LIBOR
Weighted average note rate (as a percent)						2.86%	2.60%
Deferred financing fees						$ 2,100,000	$ 3,500,000
CLO IV
Debt Obligations
Debt, Face Value						219,000,000
Debt, Carrying Value		$ 219,000,000				215,985,420
Collateral Loans, Unpaid Principal						288,581,773
Collateral Loans, Carrying Value		$ 250,000,000				287,946,641
Collateral Cash, Restricted Cash						$ 11,418,227
Number of investment grade tranches issued | item		3
Number of newly-formed wholly-owned subsidiaries | item		2
Variable interest rate, description		one-month LIBOR				three-month LIBOR
Weighted average note rate (as a percent)		2.24%				2.71%
Deferred financing fees						$ 3,000,000
Replacement period		2 years 6 months
Number of classes of secured floating rate notes | item		3
Notional amount of equity interest retained		$ 81,000,000
Weighted average note rate including certain fees and costs (as a percent)		2.96%
Proceeds from additional loan obligations		$ 50,000,000
Maximum period of additional loan obligations		120 days
CLO V
Debt Obligations
Debt, Face Value	$ 302,600,000					267,750,000		$ 350,000,000
Debt, Carrying Value	$ 267,800,000					263,784,723
Collateral Loans, Unpaid Principal						343,561,696
Collateral Loans, Carrying Value						342,988,734
Collateral Cash, Restricted Cash						$ 6,438,304
Number of investment grade tranches issued | item	3
Number of newly-formed wholly-owned subsidiaries | item	2
Variable interest rate, description	one-month LIBOR					one-month LIBOR
Weighted average note rate (as a percent)	2.44%					2.91%
Deferred financing fees						$ 3,800,000
Replacement period	3 years
Number of classes of secured floating rate notes | item	3
Notional amount of equity interest retained	$ 82,300,000
Weighted average note rate including certain fees and costs (as a percent)	3.07%
Proceeds from additional loan obligations	$ 47,400,000
Maximum period of additional loan obligations	120 days
Class A senior secured floating rate notes
Debt Obligations
Debt, Face Value	$ 197,800,000	$ 165,800,000
Class B secured floating rate notes
Debt Obligations
Debt, Face Value	24,500,000	24,800,000
Class C secured floating rate notes
Debt Obligations
Debt, Face Value	45,500,000	$ 28,500,000
Notes acquired	12,500,000
Net proceeds	$ 12,500,000

Debt Obligations, Collaterali61

Debt Obligations, Collateralized Debt Obligations (Details) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2015	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2010	Jul. 31, 2015	Jan. 31, 2015
Debt Obligations
Loss on termination of swaps	$ 340,197	$ 4,289,450	$ 4,629,647
Collateralized debt obligations
Debt Obligations
Debt instrument redemption value						$ 71,100,000	$ 167,900,000
Face amount of debt instrument re-issued				$ 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					22,900,000
Estimated Interest Reduced						$ 8,200,000	11,000,000
CDO III debt
Debt Obligations
Face amount of debt instrument re-issued				144,192,804
Loss on termination of swaps	$ 300,000
Revolving note class
Debt Obligations
Revolving note amount		100,000,000
$150 million warehouse repurchase facility
Debt Obligations
Cash equity generated		30,000,000
Deferred fees expensed as interest expense		500,000
Loss on terminated derivative		$ 4,300,000
Revolving note amount							$ 150,000,000
Junior subordinated notes
Debt Obligations
Amount of debt extinguished					$ 114,100,000
Deferred fees expensed as interest expense			$ 3,300,000	$ 3,400,000

Debt Obligations, Collaterali62

Debt Obligations, Collateralized Debt Obligations Other Information (Details)	1 Months Ended			12 Months Ended
	Dec. 31, 2006item	Jan. 31, 2006item	Jan. 31, 2005item	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2010USD ($)
Debt Obligations
Debt, Carrying Value				$ 331,219,478
Collateral Cash, Restricted Cash				218,100,529	$ 48,301,244
Collateralized debt obligations
Debt Obligations
Debt, Face Value				312,071,055		$ 42,800,000
Debt, Carrying Value				331,219,478
Collateral Loans, Unpaid Principal				618,184,291
Collateral Loans, Carrying Value				489,742,125
Collateral Cash, Restricted Cash				139,416,831
Collateral-At-Risk				$ 433,880,132
Weighted average note rate (as a percent)				3.13%
Weighted average note rate excluding the swap effect (as a percent)				1.07%
Weighted average note rate including certain fees and costs (as a percent)				3.55%
CDO I debt
Debt Obligations
Debt, Face Value				$ 69,972,159
Debt, Carrying Value				75,299,282
Collateral Loans, Unpaid Principal				222,903,486
Collateral Loans, Carrying Value				174,460,160
Collateral Cash, Restricted Cash				5,232,226
Collateral-At-Risk				$ 180,691,292
Number of investment grade tranches issued | item			4
Variable interest rate, description				three-month LIBOR
Weighted average note rate (as a percent)				3.23%
Deferred financing fees				$ 100,000
CDO II debt
Debt Obligations
Debt, Face Value				97,906,092
Debt, Carrying Value				103,449,741
Collateral Loans, Unpaid Principal				192,522,685
Collateral Loans, Carrying Value				143,824,571
Collateral Cash, Restricted Cash				69,412,808
Collateral-At-Risk				$ 106,139,494
Number of investment grade tranches issued | item		9
Variable interest rate, description				three-month LIBOR
Weighted average note rate (as a percent)				6.22%
CDO II debt | Maximum
Debt Obligations
Deferred financing fees				$ 100,000
CDO III debt
Debt Obligations
Debt, Face Value				144,192,804
Debt, Carrying Value				152,470,455
Collateral Loans, Unpaid Principal				202,758,120
Collateral Loans, Carrying Value				171,457,394
Collateral Cash, Restricted Cash				64,771,797
Collateral-At-Risk				$ 147,049,346
Number of investment grade tranches issued | item	10
Variable interest rate, description				three-month LIBOR
Weighted average note rate (as a percent)				0.98%
CDO III debt | Maximum
Debt Obligations
Deferred financing fees				$ 100,000

Debt Obligations, Senior Unsecu

Debt Obligations, Senior Unsecured Notes (Details) - Senior Unsecured Notes - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2015
Debt Obligations
Face amount	$ 90
Interest rate (as a percent)	7.375%
Net proceeds	$ 85.4
Deferred financing fees	$ 4.8	$ 4.1
Weighted average note rate (as a percent)	8.06%	8.12%
Over-Allotment Option
Debt Obligations
Face amount	$ 7.8
Net proceeds	$ 7.4

Debt Obligations, Junior Subord

Debt Obligations, Junior Subordinated Notes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Debt Obligations
Debt Carrying Value	$ 157,117,130	$ 156,391,419
Junior subordinated notes
Debt Obligations
Debt Carrying Value	157,100,000	156,400,000
Deferred amount Due at maturity	15,500,000	16,000,000
Deferred fees expensed as interest expense	$ 3,300,000	$ 3,400,000
Variable interest rate, description	three-month LIBOR
Nonredeemable period from issue date (in years)	2 years
Weighted average note rate (as a percent)	3.12%	3.01%
Weighted average note rate including certain fees and costs (as a percent)	3.55%	3.18%

Debt Obligations, Notes Payable

Debt Obligations, Notes Payable (Details)	3 Months Ended
	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)item
Debt Obligations
Debt Carrying Value			$ 1,300,000
Principal loan amount		$ 34,300,000
Note payable
Debt Obligations
Debt Carrying Value			1,300,000
Collateral Carrying Value			$ 1,300,000
Weighted average note rate (as a percent)			0.00%
Number of interest rate swaps | item			0
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%
Debt Obligations
Debt Carrying Value			$ 1,300,000
Collateral Carrying Value			1,300,000
Principal loan amount			$ 1,300,000
Loan participation written off	$ 1,300,000
Interest rate (as a percent)			9.57%

Debt Obligations - Mortgage Not

Debt Obligations - Mortgage Note Payable, Real Estate Owned and Held-For-Sale (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2015USD ($)item	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)item
Debt Obligations
Reduction in mortgage note payable		$ 30,984,357	$ 22,766,647
Number of loans | item		128	139
Mortgage note payable - real estate owned		$ 27,155,000	$ 21,865,136
Mortgage Notes Payable - Real Estate Owned and Held-For-Sale | First mortgage | Multifamily
Debt Obligations
Reduction in mortgage note payable	$ 10,300,000
Mortgage note paid - real estate held-for-sale	$ 20,700,000
Number of loans | item	2
Debt, Face Value	$ 27,200,000
Mortgage note payable - real estate owned		$ 24,700,000	$ 31,000,000
Fixed interest rate (as a percent)		3.00%
Variable interest rate, description			one-month LIBOR
Variable rate, spread (as a percent)			1.23%
Mortgage Notes Payable - Real Estate Owned and Held-For-Sale | Unsecured mortgage | Multifamily
Debt Obligations
Debt, Face Value		$ 2,500,000
Variable interest rate, description		one-month LIBOR
Variable rate, spread (as a percent)		2.75%

Debt Obligations, Debt Covenant

Debt Obligations, Debt Covenants (Details) - USD ($)	1 Months Ended						12 Months Ended
	Feb. 29, 2016	Jan. 31, 2016	Oct. 31, 2015	Jul. 31, 2015	Apr. 30, 2015	Jan. 31, 2015	Dec. 31, 2015
Debt Covenants
Minimum liquidity requirement							$ 20,000,000
Minimum net worth requirement one							100,000,000
Minimum net worth requirement two							300,000,000
Maximum total liabilities less subordinated debt requirement							2,000,000,000
CLO III
Debt Covenants
Current overcollateralization ratio for cash flow triggers (as a percent)	133.33%	133.33%	133.33%	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)	247.10%
Limit interest coverage ratio for cash flow triggers (as a percent)	120.00%
CLO IV
Debt Covenants
Current overcollateralization ratio for cash flow triggers (as a percent)	136.99%	136.99%	136.99%	136.99%	136.99%
Limit overcollateralization ratio for cash flow triggers (as a percent)	135.99%
Current interest coverage ratio for cash flow triggers (as a percent)	303.11%
Limit interest coverage ratio for cash flow triggers (as a percent)	120.00%
CLO V
Debt Covenants
Current overcollateralization ratio for cash flow triggers (as a percent)	130.72%	130.72%	130.72%
Limit overcollateralization ratio for cash flow triggers (as a percent)	129.72%
Current interest coverage ratio for cash flow triggers (as a percent)	267.62%
Limit interest coverage ratio for cash flow triggers (as a percent)	120.00%
Junior subordinated notes
Debt Covenants
Amount payable on default of senior debt							$ 0

Derivative Financial Instrume68

Derivative Financial Instruments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)item	Dec. 31, 2013USD ($)	Mar. 31, 2014
Non-Qualifying | Basis Swaps
Derivative Financial Instruments
Count | item		1
Notional Value, classified in Other Assets		$ 3,000
Fair Value, classified in Other Assets		2
Decrease in notional value		8,600
Change in fair value	$ (100)	$ (100)	$ (100)
Non-Qualifying | Basis Swaps | CDO II debt
Derivative Financial Instruments
Notional Value, classified in Other Assets	3,000
Non-Qualifying | Basis Swaps | CDO II debt | Maximum
Derivative Financial Instruments
Fair Value, classified in Other Assets	100
Non-Qualifying | LIBOR Caps
Derivative Financial Instruments
Count | item		1
Notional Value, classified in Other Assets		$ 71,701
Notional value of matured instruments	71,700
Cap rate (as a percent)				6.00%
Change in fair value	$ (100)	$ (100)	$ (100)
Qualifying | LIBOR Caps
Derivative Financial Instruments
Count | item	2
Notional Value, classified in Other Assets	$ 84,100
Fair Value, classified in Other Assets	$ 3
Cap rate (as a percent)	2.00%
Qualifying | LIBOR Cap, Two
Derivative Financial Instruments
Cap rate (as a percent)	3.00%
Qualifying | Interest Rate Swaps
Derivative Financial Instruments
Count | item	5	12
Notional Value, classified in Other Liabilities	$ 107,821	$ 250,321
Fair Value, classified in Other Liabilities	$ (4,669)	$ (13,908)
Number of swaps matured | item		2
Notional value of matured instruments		$ 32,000
Decrease in notional value		$ 15,000

Derivative Financial Instrume69

Derivative Financial Instruments, Statements of Income (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)item	Dec. 31, 2013USD ($)	Mar. 31, 2014
Derivative Financial Instruments
Cumulative amount of other comprehensive loss related to net unrealized losses on derivatives designated as qualifying hedges	$ (5,300)	$ (15,000)
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	(4,700)	(13,900)
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	(700)	(1,200)
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	100
Fair value of derivatives in a net liability position	(4,600)	(9,200)
Collateral posted	5,000	$ 9,600
Residential mortgage-backed security (RMBS)
Derivative Financial Instruments
Number of investments sold | item		8
Aggregate carrying value of investments sold		$ 65,700
Proceeds from sale of investments		65,800
Net gain on sale of investments		100
Amount of repurchase agreement for financing the purchase of investments		55,400
Net interest income		300	$ 1,900
Residential mortgage-backed security (RMBS) | Maximum
Derivative Financial Instruments
Change in fair value		(100)	(1,700)
Non-Qualifying | Basis Swaps
Derivative Financial Instruments
Amount of Loss Reclassified in Loss into Loss on Termination of Swaps (Ineffective Portion)	(3)
Change in fair value	(100)	(100)	(100)
Fair Value, classified in Other Assets		2
Non-Qualifying | Basis Swaps | Interest Expense
Derivative Financial Instruments
Change in fair value	(2)	(1)	(12)
Non-Qualifying | Basis Swaps | CDO II debt | Maximum
Derivative Financial Instruments
Fair Value, classified in Other Assets	100
Non-Qualifying | LIBOR Caps
Derivative Financial Instruments
Change in fair value	(100)	(100)	(100)
Cap rate (as a percent)				6.00%
Non-Qualifying | Forward Contracts | Other Income
Derivative Financial Instruments
Change in fair value		(45)	(1,676)
Qualifying
Derivative Financial Instruments
Interest expense expected to be reclassified from qualifying cash flow hedges over the next twelve months	(5,000)
Qualifying | LIBOR Caps
Derivative Financial Instruments
Fair Value, classified in Other Assets	$ 3
Cap rate (as a percent)	2.00%
Qualifying | Interest Rate Swaps / Caps
Derivative Financial Instruments
Amount of Loss Recognized in Other Comprehensive Loss (Effective Portion)	$ 1,019	1,318	520
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Interest Expense (Effective Portion)	(6,149)	(12,654)	(14,131)
Amount of Loss Reclassified in Loss into Loss on Termination of Swaps (Ineffective Portion)	(4,626)
Terminated hedges | Interest Rate Swaps
Derivative Financial Instruments
Net deferred loss in accumulated other comprehensive loss	600	1,100
Additional interest expense related to the amortization of the loss	600	700	900
Reduction to interest expense related to the accretion of the net gains	100	$ 200	$ 200
Amount of net deferred loss expected to be recorded to interest expense over the next twelve months	500
Terminated hedges | Interest Rate Swaps | Collateralized debt obligations
Derivative Financial Instruments
Aggregate notional value	142,500
Aggregate fair value	$ (4,600)

Variable Interest Entities (Det

Variable Interest Entities (Details)	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)
Variable Interest Entities
Loans to VIEs	$ 1,545,126,045	$ 1,587,429,498
Loan loss reserves related to VIEs	$ 86,761,575	115,487,320	$ 122,277,411	$ 161,706,313
Non-performing loans
Variable Interest Entities
Loans to VIEs		$ 7,000,000
Unconsolidated VIEs
Variable Interest Entities
Number of VIEs where the reporting entity is not VIE's primary beneficiary | item	22
Carrying Amount	$ 346,454,465
Exposure to real estate debt	1,700,000,000
Loans to VIEs	152,300,000
Loan loss reserves related to VIEs	80,600,000
Unconsolidated VIEs | Maximum
Variable Interest Entities
Exposure to loss	346,454,465
Unconsolidated VIEs | Loans
Variable Interest Entities
Carrying Amount	344,324,649
Unconsolidated VIEs | Loans | Maximum
Variable Interest Entities
Exposure to loss	344,324,649
Unconsolidated VIEs | Securities
Variable Interest Entities
Carrying Amount	1,551,716
Unconsolidated VIEs | Securities | Maximum
Variable Interest Entities
Exposure to loss	1,551,716
Unconsolidated VIEs | Junior subordinated notes
Variable Interest Entities
Carrying Amount	578,000
Unconsolidated VIEs | Junior subordinated notes | Maximum
Variable Interest Entities
Exposure to loss	578,000
Unconsolidated VIEs | Equity investment
Variable Interest Entities
Carrying Amount	100
Unconsolidated VIEs | Equity investment | Maximum
Variable Interest Entities
Exposure to loss	$ 100

Fair Value (Details)

Fair Value (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Financial assets:
Loans and investments, net	$ 1,450,334,341	$ 1,459,475,650
Available-for-sale securities, at fair value	2,022,030	2,499,709
Financial liabilities:
Credit and repurchase facilities	136,252,135	180,046,999
Collateralized loan obligations	758,899,661	453,101,661
Collateralized debt obligations		331,219,478
Senior unsecured notes	93,764,994	93,036,503
Junior subordinated notes	157,117,130	156,391,419
Principal / Notional Amount
Financial assets:
Loans and investments, net	1,545,126,045	1,587,429,498
Available-for-sale securities, at fair value	1,610,505	2,158,789
Derivative financial instruments	84,100,000	74,700,544
Financial liabilities:
Credit and repurchase facilities	137,325,474	180,386,200
Collateralized loan obligations	768,000,000	458,250,000
Collateralized debt obligations		312,071,055
Senior unsecured notes	97,860,025	97,860,025
Junior subordinated notes	175,858,000	175,858,000
Note payable		1,300,000
Mortgage note payable - real estate owned and held-for-sale	27,155,000	30,984,357
Derivative financial instruments	107,820,995	250,321,272
Carrying Value
Financial assets:
Loans and investments, net	1,450,334,341	1,459,475,650
Available-for-sale securities, at fair value	2,022,030	2,499,709
Derivative financial instruments	3,345	1,995
Financial liabilities:
Credit and repurchase facilities	136,252,135	180,046,999
Collateralized loan obligations	758,899,661	453,101,661
Collateralized debt obligations		331,219,478
Senior unsecured notes	93,764,994	93,036,503
Junior subordinated notes	157,117,130	156,391,419
Note payable		1,300,000
Mortgage note payable - real estate owned and held-for-sale	27,155,000	30,984,357
Derivative financial instruments	4,669,273	13,908,163
Fair Value
Financial assets:
Loans and investments, net	1,481,353,410	1,478,778,674
Available-for-sale securities, at fair value	2,022,030	2,499,709
Derivative financial instruments	3,345	1,995
Financial liabilities:
Credit and repurchase facilities	137,072,691	179,964,341
Collateralized loan obligations	766,065,400	459,673,750
Collateralized debt obligations		240,541,397
Senior unsecured notes	96,294,265	95,902,825
Junior subordinated notes	104,073,847	102,600,561
Note payable		1,292,461
Mortgage note payable - real estate owned and held-for-sale	27,111,231	29,962,066
Derivative financial instruments	$ 4,669,273	$ 13,908,163

Fair Value, Measurement on Recu

Fair Value, Measurement on Recurring Basis (Details)	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Financial assets:
Available-for-sale securities, at fair value	$ 2,022,030	$ 2,499,709
Allowance for Loan losses	$ 86,761,575	115,487,320
Number of impaired loans | item	9
Aggregate carrying value, before reserves	$ 189,209,415	221,602,399	$ 221,600,000
Carrying Value
Financial assets:
Available-for-sale securities, at fair value	2,022,030	2,499,709
Derivative financial instruments	3,345	1,995
Financial liabilities:
Derivative financial instruments	4,669,273	13,908,163
Fair Value
Financial assets:
Available-for-sale securities, at fair value	2,022,030	2,499,709
Derivative financial instruments	3,345	1,995
Financial liabilities:
Derivative financial instruments	4,669,273	$ 13,908,163
Recurring basis | Level 1
Financial assets:
Available-for-sale securities, at fair value	470,314
Recurring basis | Level 2
Financial assets:
Available-for-sale securities, at fair value	1,551,716
Derivative financial instruments	3,345
Financial liabilities:
Derivative financial instruments	4,669,273
Recurring basis | Carrying Value
Financial assets:
Available-for-sale securities, at fair value	2,022,030
Derivative financial instruments	3,345
Financial liabilities:
Derivative financial instruments	4,669,273
Recurring basis | Fair Value
Financial assets:
Available-for-sale securities, at fair value	2,022,030
Derivative financial instruments	3,345
Financial liabilities:
Derivative financial instruments	4,669,273
Nonrecurring basis | Level 3
Financial assets:
Impaired loans, net	102,447,840
Nonrecurring basis | Carrying Value
Financial assets:
Impaired loans, net	102,447,840
Nonrecurring basis | Fair Value
Financial assets:
Impaired loans, net	$ 102,447,840

Fair Value, Level 3 Inputs (Det

Fair Value, Level 3 Inputs (Details) - Recurring basis - Level 3	12 Months Ended
	Dec. 31, 2015USD ($)
Available-for-sale Securities
Financial assets
Balance at the beginning of the period	$ 2,000,000
Adjustment to fair value:
Changes in fair value	100,000
Commercial mortgage-backed security (CMBS)
Adjustment to fair value:
Payoff	$ (2,100,000)

Fair Value Measurement on Nonre

Fair Value Measurement on Nonrecurring Basis (Details) - Level 3	12 Months Ended
	Dec. 31, 2015USD ($)
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	$ 1,845,111
Revenue growth rate (as a percent)	3.50%
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)	9.75%
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)	8.85%
Office | Discounted cash flows
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis
Impaired loans	$ 824,000
Discount rate (as a percent)	10.00%
Capitalization rate (as a percent)	8.25%
Revenue growth rate (as a percent)	2.50%
Land | Discounted cash flows
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis
Impaired loans	$ 68,992,296
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	$ 30,786,433
Discount rate (as a percent)	9.25%
Capitalization rate (as a percent)	7.25%
Revenue growth rate (as a percent)	2.50%
Commercial | Discounted cash flows
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis
Capitalization rate (as a percent)	6.00%

Fair Value, Financial Assets an

Fair Value, Financial Assets and Liabilities (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Financial assets:
Loans and investments, net	$ 1,450,334,341	$ 1,459,475,650
Financial liabilities:
Credit facilities and repurchase agreements	136,252,135	180,046,999
Collateralized loan obligation	758,899,661	453,101,661
Senior unsecured notes	93,764,994	93,036,503
Junior subordinated notes	157,117,130	156,391,419
Mortgage note payable - real estate owned	27,155,000	21,865,136
Level 1
Financial liabilities:
Senior unsecured notes	96,294,265
Level 3
Financial assets:
Loans and investments, net	1,481,353,410
Financial liabilities:
Credit facilities and repurchase agreements	137,072,691
Collateralized loan obligation	766,065,400
Junior subordinated notes	104,073,847
Mortgage note payable - real estate owned	27,111,231
Carrying Value
Financial assets:
Loans and investments, net	1,450,334,341	1,459,475,650
Financial liabilities:
Credit facilities and repurchase agreements	136,252,135	180,046,999
Collateralized loan obligation	758,899,661	453,101,661
Senior unsecured notes	93,764,994	93,036,503
Junior subordinated notes	157,117,130	156,391,419
Mortgage note payable - real estate owned	27,155,000
Fair Value
Financial assets:
Loans and investments, net	1,481,353,410	1,478,778,674
Financial liabilities:
Credit facilities and repurchase agreements	137,072,691	179,964,341
Collateralized loan obligation	766,065,400	459,673,750
Senior unsecured notes	96,294,265	95,902,825
Junior subordinated notes	104,073,847	$ 102,600,561
Mortgage note payable - real estate owned	$ 27,111,231

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2015USD ($)
Contractual Obligations, Payments Due by Period
2,016	$ 144.7
2,017	360.7
2,018	242.5
2,019	161.1
2,020	23.4
Thereafter	273.7
Unfunded commitments related to loans and investments	11.5
Available amount to fund unfunded commitments	$ 3.1

Commitments and Contingencies,

Commitments and Contingencies, Litigation (Details) $ in Millions	Jun. 28, 2013USD ($)item	Jun. 15, 2011USD ($)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 ($)	Feb. 24, 2016	Feb. 01, 2016	Nov. 04, 2015	Nov. 02, 2015	Jul. 29, 2015	Apr. 29, 2015	Feb. 02, 2015	Jan. 01, 2014	May. 31, 2015	Mar. 31, 2015	May. 31, 2014	Feb. 28, 2014	May. 31, 2013	Feb. 28, 2013	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Feb. 26, 2016
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
Distributions
Preferred distributions declared and paid																		$ 7,553,720	7,256,255	4,506,583
AMT adjustment for each REIT distribution (as a percent)																		11.296%
AMT adjustment for each $1 of dividend																		$ 0.11296
Tax Treatment for Dividends Paid
Total dividends paid																		$ 29,495,000	$ 26,030,000	$ 21,327,000
Dividend Paid Per Share (in dollars per share)																		$ 0.580	$ 0.520	$ 0.500
Restricted common stock
Deferred Compensation
Granted (in shares)																			110,666
Forfeited (in shares)															916
Restricted common stock | Maximum
Deferred Compensation
Total grant date fair value															$ 100,000
Employee compensation and benefits | Restricted common stock
Deferred Compensation
Share-based compensation expense																				$ 200,000
Selling and administrative expense | Restricted common stock
Deferred Compensation
Share-based compensation expense																				$ 300,000
Certain employees of ours and our Manager | Restricted common stock
Deferred Compensation
Granted (in shares)														192,750
Number of fully vested shares issued											278,000
Total grant date fair value											$ 2,000,000			$ 1,500,000
Vesting percentage											33.00%			33.00%
Forfeited (in shares)																	667
Certain employees of ours and our Manager | Restricted common stock | Maximum
Deferred Compensation
Total grant date fair value																	$ 100,000
Certain employees of ours and our Manager | Restricted common stock | May, 2015
Deferred Compensation
Vesting percentage											33.00%
Certain employees of ours and our Manager | Restricted common stock | February, 2014
Deferred Compensation
Vesting percentage														33.00%
Certain employees of ours and our Manager | Employee compensation and benefits | Restricted common stock
Deferred Compensation
Share-based compensation expense											$ 300,000			$ 200,000
Certain employees of ours and our Manager | Selling and administrative expense | Restricted common stock
Deferred Compensation
Share-based compensation expense											$ 300,000			$ 400,000
Mr. Ivan Kaufman, the chief executive officer and president
Deferred Compensation
Share-based compensation expense								$ 1,000,000
Mr. Ivan Kaufman, the chief executive officer and president | Restricted common stock
Deferred Compensation
Number of fully vested shares issued																74,294
Total grant date fair value																$ 500,000
Mr. Ivan Kaufman, the chief executive officer and president | Performance
Deferred Compensation
Granted (in shares)																445,765
Total grant date fair value																		$ 1,200,000
Vesting period																		4 years
Mr. Ivan Kaufman, the chief executive officer and president | Employee compensation and benefits | Restricted common stock
Deferred Compensation
Share-based compensation expense																$ 100,000
Mr. Ivan Kaufman, the chief executive officer and president | Employee compensation and benefits | Performance
Deferred Compensation
Share-based compensation expense																		$ 300,000
Non-employees | Restricted common stock
Deferred Compensation
Granted (in shares)																				82,500
Total grant date fair value																				$ 700,000
Non-employees | Employee compensation and benefits | Restricted common stock
Deferred Compensation
Share-based compensation expense																			$ 400,000
Non-employees | Selling and administrative expense | Restricted common stock
Deferred Compensation
Share-based compensation expense																		$ 800,000
Non-employees | ACM / Our "Manager" | Restricted common stock
Deferred Compensation
Granted (in shares)																		154,169	138,584
Total grant date fair value																		$ 1,100,000	$ 1,000,000
Employees | Restricted common stock
Deferred Compensation
Granted (in shares)																		212,241		45,333
Total grant date fair value																		$ 1,500,000	800,000	$ 400,000
Employees | Employee compensation and benefits | Restricted common stock
Deferred Compensation
Share-based compensation expense																		$ 900,000	$ 500,000
Non-management members of the Board of Directors | Common Stock
Deferred Compensation
Number of fully vested shares issued									20,430	63,000
Non-management members of the Board of Directors | Selling and administrative expense | Common Stock
Deferred Compensation
Share-based compensation expense									$ 100,000	$ 400,000
Employees of the company and a related party | Certain employees of ours and our Manager | Restricted common stock | May, 2016
Deferred Compensation
Vesting percentage											33.00%
Employees of the company and a related party | ACM / Our "Manager" | Restricted common stock
Deferred Compensation
Number of fully vested shares issued										328,400
Total grant date fair value										$ 2,300,000
Vesting percentage										33.00%
Employees of the company and a related party | ACM / Our "Manager" | Restricted common stock | March, 2016
Deferred Compensation
Vesting percentage										33.00%
Employees of the company and a related party | ACM / Our "Manager" | Restricted common stock | March, 2017
Deferred Compensation
Vesting percentage										33.00%
Employees of the company and a related party | ACM / Our "Manager" | Employee compensation and benefits | Restricted common stock
Deferred Compensation
Share-based compensation expense										$ 400,000
Employees of the company and a related party | ACM / Our "Manager" | Selling and administrative expense | Restricted common stock
Deferred Compensation
Share-based compensation expense										$ 400,000
Employees of the company and a related party | Mr. Ivan Kaufman, the chief executive officer and president | Restricted common stock
Deferred Compensation
Number of fully vested shares issued										105,000
Dividend Classified as Ordinary Income
Tax Treatment for Dividends Paid
Percent																		100.00%	100.00%	100.00%
Dividend Paid Per Share (in dollars per share)																		$ 0.580	$ 0.520	$ 0.500
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%	8.25%
Tax Treatment for Dividends Paid
Total preferred dividends paid																		$ 3,200,000	$ 3,200,000	$ 2,667,000
Dividend Paid Per Share (in dollars per share)																		$ 2.063	$ 2.063	$ 1.719
8.25% Series A preferred stock | Dividend Classified as Ordinary Income
Tax Treatment for Dividends Paid
Percent																		100.00%	100.00%	100.00%
Dividend Paid Per Share (in dollars per share)																		$ 2.063	$ 2.063	$ 1.719
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%	7.75%
Tax Treatment for Dividends Paid
Total preferred dividends paid																		$ 2,441,000	$ 2,441,000	$ 1,370,000
Dividend Paid Per Share (in dollars per share)																		$ 1.938	$ 1.938	$ 1.087
7.75% Series B preferred stock | Dividend Classified as Ordinary Income
Tax Treatment for Dividends Paid
Percent																		100.00%	100.00%	100.00%
Dividend Paid Per Share (in dollars per share)																		$ 1.938	$ 1.938	$ 1.087
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																		$ 1,913,000	$ 1,456,000
Dividend Paid Per Share (in dollars per share)																		$ 2.125	$ 1.617
8.50% Series C 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)																		$ 2.125	$ 1.617
Private REIT preferred stock
Distributions
Preferred distributions declared and paid																		$ 14,459	$ 14,698	$ 14,500
Preferred Stock | 8.25% Series A preferred stock
Preferred Stock
Issuance of preferred stock (in shares)																				1,551,500
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)		$ 0.515625		$ 0.515625	$ 0.515625	$ 0.515625	$ 0.515625
Preferred Stock | 7.75% Series B preferred stock
Preferred Stock
Issuance of preferred stock (in shares)																				1,260,000
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)		$ 0.484375		0.484375	0.484375	0.484375	0.484375
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%										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)		$ 0.53125		$ 0.53125	0.53125	0.53125	0.53125
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																		$ 14,459	$ 14,698	$ 14,500
Common Stock
Common stock
Number of shares which the entity may issue and sell through JMP												7,500,000
Issuance of common stock (in shares)																			1,000,000	17,625,000
Proceeds from issuance of shares under public offering																			$ 6,500,000
Number of shares available for sale through JMP																		6,500,000
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)	$ 0.15		$ 0.15		$ 0.15	$ 0.15	$ 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, Warrants (Details)

Equity, Warrants (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 01, 2014	Dec. 31, 2009
Equity
Number of warrants issued		1,000,000
Warrant exercise price		$ 4
Payments for warrants acquired and canceled	$ 2.6
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, Accumulated Other Compr

Equity, Accumulated Other Comprehensive Loss (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss	$ 4,840,950	$ 14,668,250
Net unrealized losses on derivatives designated as cash flow hedges, net of deferred losses on terminated interest swaps	4,700,000	13,900,000
Deferred losses on terminated interest swaps	600,000	1,100,000
Unrealized gain related to available-for-sale securities	400,000	(300,000)
Income attributable to noncontrolling interest			$ 100,000
Distributions attributable to noncontrolling interest			$ 2,055,972
Interest Expense
Accumulated Other Comprehensive Loss
Net realized losses on derivatives designated as cash flow hedges	(6,149,090)	(10,706,246)
Loss on Termination of Swaps
Accumulated Other Comprehensive Loss
Net realized losses on derivatives designated as cash flow hedges	$ (4,626,192)
Other Income | Residential mortgage-backed security (RMBS)
Accumulated Other Comprehensive Loss
Net realized gain on sale of available-for-sale investments		$ 431,476

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Basic
Net income attributable to common stockholders	$ 5,022,226	$ 15,343,759	$ 10,498,640	$ 15,010,469	$ 5,049,296	$ 63,402,121	$ 11,466,057	$ 5,874,761	$ 45,875,094	$ 85,792,235	$ 16,667,955
Weighted average number of common shares outstanding									50,857,750	50,143,648	42,399,872
Net income per common share (in dollars per share)	$ 0.10	$ 0.30	$ 0.21	$ 0.30	$ 0.10	$ 1.26	$ 0.23	$ 0.12	$ 0.90	$ 1.71	$ 0.39
Diluted
Net income attributable to common stockholders	$ 5,022,226	$ 15,343,759	$ 10,498,640	$ 15,010,469	$ 5,049,296	$ 63,402,121	$ 11,466,057	$ 5,874,761	$ 45,875,094	$ 85,792,235	$ 16,667,955
Weighted average number of common shares outstanding									50,857,750	50,143,648	42,399,872
Dilutive effect of of restricted stock units (in shares)									149,578
Dilutive effect of warrants (in shares)										224,696	435,272
Weighted average number of common shares outstanding									51,007,328	50,368,344	42,835,144
Net income per common share (in dollars per share)	$ 0.10	$ 0.30	$ 0.21	$ 0.30	$ 0.10	$ 1.26	$ 0.23	$ 0.12	$ 0.90	$ 1.70	$ 0.39
Mr. Ivan Kaufman, the chief executive officer and president | Performance
Diluted
Vesting period									4 years

Agreements and Transactions w82

Agreements and Transactions with Related Parties (Details) - USD ($)	Jan. 01, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jul. 31, 2014	Dec. 31, 2007
Management Fees:
Total Management fee		$ 10,900,000	$ 9,900,000	$ 10,900,000
Success-based payment		$ 0	0	0
450 West 33rd Street
Management Fees:
Incentive fee installment recorded as prepaid management fee			19,000,000
Deferred gain			77,100,000			$ 77,100,000
ACM / Our "Manager"
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		$ 10,900,000	9,900,000	10,900,000
Total Management fee		$ 10,900,000	$ 9,900,000	$ 10,900,000
ACM / Our "Manager" | 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 / Our "Manager" | 450 West 33rd Street
Management Fees:
Incentive fee installment recorded as prepaid management fee					$ 19,000,000	19,000,000
Deferred gain					$ 77,100,000	$ 77,100,000
Mr. Ivan Kaufman, the chief executive officer and president
Management Fees:
Annual base compensation	$ 1,000,000
Mr. Ivan Kaufman, the chief executive officer and president | Performance
Management Fees:
Vesting period		4 years
Total grant date fair value		$ 1,200,000

Agreements and Transactions w83

Agreements and Transactions with Related Parties, Other (Details) shares in Millions	Feb. 25, 2016USD ($)	Jan. 31, 2016USD ($)property	Nov. 30, 2015USD ($)item	Oct. 31, 2015USD ($)loan	Apr. 30, 2015USD ($)	Feb. 28, 2015USD ($)	Aug. 31, 2014USD ($)item	Jul. 31, 2014USD ($)	Apr. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Jan. 31, 2014USD ($)	Nov. 30, 2013USD ($)	Oct. 31, 2013USD ($)	Apr. 30, 2013USD ($)item	Jan. 31, 2013USD ($)	Dec. 31, 2011USD ($)	Dec. 31, 2015USD ($)shares	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)item	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Mar. 31, 2012USD ($)	Dec. 31, 2015USD ($)shares	Dec. 31, 2015USD ($)itemshares	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Sep. 30, 2013USD ($)
Agreements and transactions with related parties
Due from related party																	$ 8,082,265				$ 36,515					$ 8,082,265	$ 8,082,265	$ 36,515
Due to related party																	3,428,333				2,653,333					3,428,333	3,428,333	2,653,333
Principal loan amount																	34,300,000									34,300,000	34,300,000
Income from equity affiliates																	1,317,339	$ 6,353,239	$ 1,534,025	$ 3,095,913	219,287	$ (51,170)	$ 40,493	$ 40,048			$ 12,300,516	$ 248,658	$ (204,475)
Weighted average variable interest rate (as a percent)																											5.63%	5.45%
Investments in equity affiliates																	30,870,235				4,869,066					30,870,235	$ 30,870,235	$ 4,869,066
Unpaid Principal Balance																	1,545,126,045				1,587,429,498					1,545,126,045	1,545,126,045	1,587,429,498
Advisory fees																											3,100,000	$ 0	1,400,000
CDO II debt
Agreements and transactions with related parties
Variable interest rate, description																												three-month LIBOR
First mortgage | Multifamily
Agreements and transactions with related parties
Interest income recorded																											200,000	$ 200,000
Residential Mortgage Banking Company
Agreements and transactions with related parties
Indirect ownership percentage																				22.50%
Income from equity affiliates																											$ 6,600,000
Mezzanine Loans
Agreements and transactions with related parties
Weighted average variable interest rate (as a percent)																											8.19%	9.78%
Unpaid Principal Balance																	40,390,905				76,392,650					40,390,905	$ 40,390,905	$ 76,392,650
Preferred equity investments
Agreements and transactions with related parties
Weighted average variable interest rate (as a percent)																											7.52%	6.11%
Unpaid Principal Balance																	89,346,123				133,505,658					89,346,123	$ 89,346,123	$ 133,505,658
Bridge Loans
Agreements and transactions with related parties
Weighted average variable interest rate (as a percent)																											5.48%	5.19%
Unpaid Principal Balance																	1,353,132,435				1,273,439,238					1,353,132,435	$ 1,353,132,435	$ 1,273,439,238
Maturity date of March 2016 | Bridge Loans
Agreements and transactions with related parties
Interest income recorded																											3,800,000
Loan to third party borrower, unpaid principal balance										$ 70,100,000
Weighted average variable interest rate (as a percent)										6.38%
Maturity date of April 2016 | Preferred equity investments | Multifamily
Agreements and transactions with related parties
Fixed rate of interest (as a percent)		10.00%
Maturity date of October 2017 | Bridge Loans
Agreements and transactions with related parties
Interest income recorded																											200,000
Amount of bridge loan purchased from related party				$ 16,700,000
Number of mortgage loans secured by property purchased from related party | loan				2
Base spread (as a percent)				5.00%
Base rate				LIBOR
LIBOR floor (as a percentage)				0.25%
Maturity date of November 2018 | Bridge Loans
Agreements and transactions with related parties
Extension period			1 year
Maturity date of January 2019 | Bridge loan, two multifamily properties | Multifamily
Agreements and transactions with related parties
Variable interest rate, description		one-month LIBOR
Base spread (as a percent)		4.50%
LIBOR floor (as a percentage)		0.25%
Maturity date of January 2019 | Bridge loan, one multifamily property
Agreements and transactions with related parties
Principal loan amount		$ 19,000,000
Variable interest rate, description		one-month LIBOR
Base spread (as a percent)		4.50%
LIBOR floor (as a percentage)		0.25%
Certain Officers | Bridge loan, one multifamily property | Multifamily
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity		7.50%
Certain Officers | Maturity date of April 2016 | Preferred equity investments | Multifamily
Agreements and transactions with related parties
Equity investment		$ 5,200,000
Certain Officers | Maturity date of November 2018 | Bridge Loans
Agreements and transactions with related parties
Interest income recorded																											100,000
Amount of bridge loan purchased from related party			$ 7,100,000
Percentage of ownership interest of related party in the entity			7.50%
Base spread (as a percent)			4.50%
LIBOR floor (as a percentage)			0.25%
Number of one-year extension options | item			2
Certain Officers | Maturity date of January 2019 | Bridge loan, two multifamily properties | Multifamily
Agreements and transactions with related parties
Principal loan amount		$ 12,700,000
Number of properties owned | property		2
Percentage of ownership interest of related party in the entity		50.00%
ACM / Our "Manager" | First mortgage | Multifamily
Agreements and transactions with related parties
Principal loan amount									$ 28,500,000
Fixed rate of interest (as a percent)									14.00%
ACM / Our "Manager" | Residential Mortgage Banking Company
Agreements and transactions with related parties
Noncontrolling interest in equity method investment acquired (as a percent)																				50.00%
Acquisition purchase price																				$ 9,600,000							9,700,000
ACM / Our "Manager" | Agency Platform | Subsequent Event
Agreements and transactions with related parties
Acquisition purchase price	$ 250,000,000
ACM / Our "Manager" | Preferred equity investments | Multifamily
Agreements and transactions with related parties
Equity investment									$ 1,400,000
ACM / Our "Manager" | Maturity date of April 2025 | Mezzanine Loans | First mortgage
Agreements and transactions with related parties
Fixed rate of interest (as a percent)					12.50%
Interest income recorded																											300,000
Amount of mezzanine loan purchased from related party					$ 3,000,000
Unpaid Principal Balance					$ 47,000,000
Mr. Ivan Kaufman. | Maturity date of January 2017 | Bridge Loans
Agreements and transactions with related parties
Interest income recorded																											2,800,000	1,200,000
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
LIBOR floor (as a percentage)								0.50%
Mr. Ivan Kaufman. | Maturity date of March 2016 | Bridge Loans
Agreements and transactions with related parties
Interest income recorded																											300,000	100,000
Number of bridge loans originated | item							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 March 2016 | Bridge Loans | Multifamily
Agreements and transactions with related parties
Investments in equity affiliates																						$ 100,000
Ownership interest (as a percent)																						5.00%
Number of properties owned | item																						2
Percentage of ownership interest of related party in the entity																						95.00%
Mr. Ivan Kaufman. | 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
Interest income recorded																											100,000	3,100,000
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 | item														6
Base spread (as a percent)												5.50%		7.25%
Base rate												one-month LIBOR		one-month LIBOR
Director | Maturity Date January 2015 | Bridge Loans
Agreements and transactions with related parties
Interest income recorded																											200,000	500,000
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
Personal guaranty															$ 400,000
Lexford Portfolio | Preferred equity investments
Agreements and transactions with related parties
Distribution from equity investment																										4,500,000
Income from equity affiliates																										5,500,000
Expenses related to distribution from equity investment																										1,000,000
Noncontrolling interest																												44,000
Unpaid Principal Balance																														$ 22,500,000
Loan restructured																$ 67,600,000
Interest held in the additional investment made																10,500,000
Equity investment made																												100,000
Equity investment																0
Aggregate outstanding balance of related party debt																	$ 849,100,000									$ 849,100,000	$ 849,100,000
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
Fixed rate of interest (as a percent)																											2.36%
Original variable rate basis																LIBOR
Original basis spread (as a percent)																	5.00%									5.00%	5.00%
Modified variable rate basis																											LIBOR
Modified basis spread (as a percent)																	1.65%									1.65%	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%									53.90%	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%
Mr. Ivan Kaufman and his affiliates | Maturity date of February 2018 | Preferred equity investments
Agreements and transactions with related parties
Principal loan amount						$ 23,000,000															18,000,000							18,000,000
Fixed rate of interest (as a percent)						10.00%
Interest income recorded																											$ 2,300,000
Amount of ownership interest of related party in the entity						$ 2,000,000
Mr. Ivan Kaufman and his affiliates | Maturity date of January 2017 | Mezzanine Loans
Agreements and transactions with related parties
Fixed rate of interest (as a percent)		12.00%
Amount of mortgage loan secured by property purchased from related party		$ 4,600,000
Certain officers and our Manager | Maturity date of April 2018 | Bridge Loans
Agreements and transactions with related parties
Interest income recorded																											200,000
Percentage of ownership interest of related party in the entity					90.00%
Amount of mortgage loan secured by property purchased from related party					$ 6,300,000
Base spread (as a percent)					4.50%
Interest rate, floor					0.25%
Lexford Portfolio
Agreements and transactions with related parties
Income from equity affiliates																										$ 5,500,000
Expenses related to distribution from equity investment																										1,000,000
Investments in equity affiliates																	$ 100				100					100	100	100
Noncontrolling interest																											44,000
Equity investment made																											100,000
Lexford Portfolio | Preferred equity investments
Agreements and transactions with related parties
Additional investment made by the company along with a consortium of independent outside investors																$ 25,000,000
ACM / Our "Manager"
Agreements and transactions with related parties
Due to related party																	$ 3,400,000				$ 2,700,000					$ 3,400,000	$ 3,400,000	2,700,000
Number of shares held by related party | shares																	5.3									5.3	5.3
Percentage of voting power held by related party																	10.50%									10.50%	10.50%
Ownership interest allowed under company charter (as a percent)																	5.00%									5.00%	5.00%
ACM / Our "Manager" | Bridge Loans
Agreements and transactions with related parties
Interest income recorded																											$ 300,000	1,500,000	2,200,000
ACM / Our "Manager" | 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 / Our "Manager" | Maturity date of June 2014
Agreements and transactions with related parties
Interest income recorded																											$ 1,100,000	900,000	$ 1,500,000
Number of mortgage loans secured by property purchased from related party | item																											2
Amount of mortgage loan secured by property purchased from related party																											$ 22,400,000
Payment of debt											$ 2,300,000
ACM / Our "Manager" | 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 / Our "Manager" | 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 / Our "Manager" | Maturity date of October 2018 | Mezzanine Loans
Agreements and transactions with related parties
Fixed rate of interest (as a percent)													13.00%
Interest income recorded																											300,000	100,000
Amount of mezzanine loan purchased from related party													$ 3,000,000
ACM / Our "Manager" | Kaufman Entities | Maturity date of March 2015 | Bridge Loans | Mr. Fred Weber
Agreements and transactions with related parties
Interest income recorded																											$ 200,000	$ 200,000
Amount of bridge loan purchased from related party														$ 6,400,000
Number of options to extend loan | item														3
Extended period of loan														1 year
Contribution by related party for acquiring non-controlling interest in a third party entity														$ 1,100,000
ACM / Our "Manager" | Kaufman Entities | 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
ACM / Our "Manager" | Kaufman Entities | 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
Mr. Ivan Kaufman and his affiliates | ACM / Our "Manager"
Agreements and transactions with related parties
Percentage of outstanding membership interest of related party in another related party																	92.00%									92.00%	92.00%

Income Taxes (Detail)

Income Taxes (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes
Period of recognition of income and tax on debt extinguishment	5 years
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)	(38.70%)	(36.80%)	(35.70%)
State and local income taxes, net of federal tax benefit (as a percent)	(2.70%)	(0.50%)	(1.10%)
Change in valuation allowance (as a percent)	6.40%	2.30%	1.80%
Deferred tax assets:
Expenses not currently deductible	$ 10,441,408	$ 3,541,807
Net operating and capital loss carryforwards	5,714,575	5,279,854
Deferred tax assets, gross	16,155,983	8,821,661
Valuation allowance	(12,320,476)	(7,742,286)
Deferred tax assets, net	3,835,507	1,079,375
Deferred tax liability:
Interest in equity affiliates-net	$ 3,835,507	$ 1,079,375

Income Taxes, Operating Loss Ca

Income Taxes, Operating Loss Carryforwards (Details) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Income Taxes
Federal and state net operating and capital loss carryforwards		$ 136,000,000
Federal and state capital loss carryover		0
Amount recorded in capital gain from the redemption of preferred stock	$ 2,418,528
Capital Loss Carryforward
Income Taxes
Federal and state capital loss carryover		4,400,000
REIT subsidiaries
Income Taxes
Federal and state net operating and capital loss carryforwards		13,200,000	$ 11,900,000
REIT subsidiaries | Capital Loss Carryforward
Income Taxes
Federal and state capital loss carryover that will expire in 2017		$ 2,000,000

Summary Quarterly Consolidate86

Summary Quarterly Consolidated Financial Information - Unaudited (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summary Quarterly Consolidated Financial Information - Unaudited
Net interest income	$ 14,878,213	$ 14,140,346	$ 22,632,167	$ 13,282,028	$ 12,898,651	$ 17,323,926	$ 14,269,832	$ 14,320,477	$ 64,932,754	$ 58,812,886	$ 56,966,472
Total other revenue	4,917,135	7,254,484	7,278,650	8,486,343	6,056,465	8,962,195	9,151,570	10,116,484	27,936,612	34,286,714	32,417,974
Total other expenses	18,001,688	18,338,403	19,057,772	18,669,461	14,859,256	18,819,835	17,958,639	17,011,318	74,067,324	68,649,048	72,812,006
Income before gain on acceleration of deferred income, loss on termination of swaps, gain on sale of real estate and income from equity affiliates	1,793,660	3,056,427	10,853,045	3,098,910					18,802,042	24,450,552	16,572,440
Income before gain on sale of equity interests, incentive management fee, gain (loss) on sale of real estate and income (loss from equity affiliates					4,095,860	7,466,286	5,462,763	7,425,643
Gain on acceleration of deferred income		8,162,720		11,009,162					19,171,882
Loss on termination of swaps		(340,197)		(4,289,450)					(4,629,647)
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 (loss) on sale of real estate	3,799,657			3,984,364	1,803,512	(199,749)			7,784,021	1,603,763
Income (loss) from equity affiliates	1,317,339	6,353,239	1,534,025	3,095,913	219,287	(51,170)	40,493	40,048	12,300,516	248,658	(204,475)
Net income	6,910,656	17,232,189	12,387,070	16,898,899	6,937,726	65,290,551	13,354,522	7,465,691	53,428,814	93,048,490	21,298,737
Preferred stock dividends	1,888,430	1,888,430	1,888,430	1,888,430	1,888,430	1,888,430	1,888,465	1,590,930	7,553,720	7,256,255	4,506,583
Net income attributable to common stockholders	$ 5,022,226	$ 15,343,759	$ 10,498,640	$ 15,010,469	$ 5,049,296	$ 63,402,121	$ 11,466,057	$ 5,874,761	$ 45,875,094	$ 85,792,235	$ 16,667,955
Basic earnings per common share (in dollars per share)	$ 0.10	$ 0.30	$ 0.21	$ 0.30	$ 0.10	$ 1.26	$ 0.23	$ 0.12	$ 0.90	$ 1.71	$ 0.39
Diluted earnings per common share (in dollars per share)	$ 0.10	$ 0.30	$ 0.21	$ 0.30	$ 0.10	$ 1.26	$ 0.23	$ 0.12	$ 0.90	$ 1.70	$ 0.39

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event - Agency Platform - ACM / Our "Manager" $ / shares in Units, shares in Thousands, $ in Millions	Feb. 25, 2016USD ($)$ / sharesshares
Subsequent Event [Line Items]
Acquisition purchase price	$ 250
Consideration in stock (as a percent)	50.00%
Consideration in cash (as a percent)	50.00%
Consideration in stock to be paid with operating partnership units (in shares) | shares	19,230
Stock consideration paid in the form of operating partnership units (USD per partnership unit) | $ / shares	$ 6.50
Option
Subsequent Event [Line Items]
Period to exercise the option to purchase the existing management contract	2 years
Consideration to purchase the existing management contract	$ 25
Maximum | Option
Subsequent Event [Line Items]
Seller financing used to satisfy the cash portion of the consideration	$ 50

SCHEDULE IV - LOANS AND OTHER88

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Loans and Investments
Threshold for reporting loans (as a percent)	3.00%
Fixed interest rate (as a percent)	5.63%	5.45%
Prior Liens	$ 1,673,672,403
Loans and investments, gross	1,545,126,045	$ 1,587,429,498
Loan Carrying Value	1,450,334,341	$ 1,459,475,650	$ 1,523,699,653	$ 1,325,667,053
Principal loan amount	34,300,000
Modified loans	39,300,000
Amount of loans extended	274,400,000
Federal income tax basis	$ 1,500,000,000
Bridge Loans
Loans and Investments
Fixed interest rate (as a percent)	5.48%	5.19%
Prior Liens	$ 2,450,000
Loans and investments, gross	1,353,132,435	$ 1,273,439,238
Loan Carrying Value	1,300,371,220
Bridge Loans | Loans less than 3%
Loans and Investments
Prior Liens	2,450,000
Loans and investments, gross	1,167,036,435
Loan Carrying Value	$ 1,114,438,043
Mezzanine Loans
Loans and Investments
Fixed interest rate (as a percent)	8.19%	9.78%
Loans and investments, gross	$ 40,390,905	$ 76,392,650
Mezzanine Loans | Loans less than 3%
Loans and Investments
Prior Liens	229,237,488
Loans and investments, gross	40,390,905
Loan Carrying Value	$ 29,133,182
Junior participation loans
Loans and Investments
Fixed interest rate (as a percent)	4.50%	4.62%
Loans and investments, gross	$ 62,256,582	$ 104,091,952
Junior participation loans | Loans less than 3%
Loans and Investments
Prior Liens	1,263,144,153
Loans and investments, gross	62,256,582
Loan Carrying Value	$ 37,006,234
Preferred equity investments
Loans and Investments
Fixed interest rate (as a percent)	7.52%	6.11%
Loans and investments, gross	$ 89,346,123	$ 133,505,658
Preferred equity investments | Loans less than 3%
Loans and Investments
Prior Liens	178,840,762
Loans and investments, gross	89,346,123
Loan Carrying Value	$ 83,823,705
Multifamily | Bridge Loans | Loans in excess of 3%
Loans and Investments
Base rate	LIBOR
Loans and investments, gross	$ 186,096,000
Loan Carrying Value	$ 185,933,177
Multifamily | Bridge Loans | Loans in excess of 3% | Minimum
Loans and Investments
Base spread (as a percent)	4.90%
LIBOR Floor rate (as a percent)	0.21%
Multifamily | Bridge Loans | Loans in excess of 3% | Maximum
Loans and Investments
Base spread (as a percent)	10.47%
LIBOR Floor rate (as a percent)	0.25%
Multifamily | Bridge Loans | Loans less than 3%
Loans and Investments
Base rate	LIBOR
Fixed interest rate (as a percent)	10.00%
Loans and investments, gross	$ 826,243,063
Loan Carrying Value	$ 820,240,110
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)	12.43%
LIBOR Floor rate (as a percent)	0.50%
Multifamily | Mezzanine Loans | Loans less than 3%
Loans and Investments
Fixed interest rate, minimum (as a percent)	5.00%
Fixed interest rate, maximum (as a percent)	12.50%
Prior Liens	$ 166,337,488
Loans and investments, gross	25,399,603
Loan Carrying Value	$ 23,474,849
Multifamily | Preferred equity investments | Loans less than 3%
Loans and Investments
Fixed interest rate (as a percent)	8.00%
Fixed interest rate, maximum (as a percent)	15.00%
Prior Liens	$ 77,298,378
Loans and investments, gross	46,084,123
Loan Carrying Value	$ 45,980,559
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)	13.00%
Prior Liens	$ 2,450,000
Loans and investments, gross	148,477,868
Loan Carrying Value	$ 103,794,387
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)	8.50%
LIBOR Floor rate (as a percent)	0.25%
Land | Mezzanine Loans | Loans less than 3%
Loans and Investments
Fixed interest rate (as a percent)	12.00%
Prior Liens	$ 30,300,000
Loans and investments, gross	10,932,969
Loan Carrying Value	$ 1,600,000
Land | Preferred equity investments | Loans less than 3%
Loans and Investments
Fixed interest rate (as a percent)	12.00%
Prior Liens	$ 14,950,000
Loans and investments, gross	5,000,000
Loan Carrying Value	$ 5,000,000
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	4,058,333
Loan Carrying Value	$ 4,058,333
Office | Bridge Loans | Loans less than 3%
Loans and Investments
Base rate	LIBOR
Fixed interest rate (as a percent)	6.30%
Loans and investments, gross	$ 134,760,504
Loan Carrying Value	$ 133,007,015
Office | Bridge Loans | Loans less than 3% | Minimum
Loans and Investments
Base spread (as a percent)	3.10%
LIBOR Floor rate (as a percent)	0.50%
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 | Junior participation loans | Loans less than 3%
Loans and Investments
Fixed interest rate, minimum (as a percent)	4.00%
Fixed interest rate, maximum (as a percent)	7.58%
Prior Liens	$ 1,263,144,153
Loans and investments, gross	62,256,582
Loan Carrying Value	$ 37,006,234
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	1,812,000
Loan Carrying Value	$ 1,793,146
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	$ 31,469,583
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 | Bridge Loans | Loans less than 3%
Loans and Investments
Base rate	LIBOR
LIBOR Floor rate (as a percent)	0.25%
Loans and investments, gross	$ 20,505,000
Loan Carrying Value	$ 20,388,300
Commercial | Bridge Loans | Loans less than 3% | Minimum
Loans and Investments
Base spread (as a percent)	5.50%
Commercial | Bridge Loans | Loans less than 3% | Maximum
Loans and Investments
Base spread (as a percent)	6.00%
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
Healthcare | Bridge Loans | Loans less than 3%
Loans and Investments
Base rate	LIBOR
Base spread (as a percent)	5.50%
LIBOR Floor rate (as a percent)	0.25%
Loans and investments, gross	$ 5,550,000
Loan Carrying Value	$ 5,538,648

SCHEDULE IV - LOANS AND OTHER89

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS, Loans and Investments Carrying Amounts (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of the Company's loans and investments carrying amounts
Balance at beginning of year	$ 1,459,475,650	$ 1,523,699,653	$ 1,325,667,053
Additions during period:
New loan originations	944,250,824	900,666,405	591,537,200
Loan charge-offs	32,000,000	6,501,079	24,713,459
Funding of unfunded loan commitments	6,929,472	907,052	322,926
Accretion of unearned revenue	5,555,539	4,976,577	5,385,999
Charge-off on loan converted to real estate owned	2,500,000
Recoveries of reserves	2,042,263	9,315,724	2,215,443
Charge-off on loan converted to other assets			19,000,000
Deductions during period:
Loan payoffs	(865,595,986)	(941,279,252)	(324,358,463)
Loan paydowns	(84,707,265)	(26,558,929)	(54,261,753)
Use of loan charge-offs	(32,000,000)	(6,501,079)	(24,713,459)
Loan converted to real estate owned	(8,400,000)
Provision for loan losses	(6,509,149)	(9,026,712)	(6,500,000)
Unearned revenue and costs	(3,907,007)	(3,224,868)	(5,884,655)
Satisfaction of participation loan	(1,300,000)
Loan converted to other assets			(25,000,000)
Proceeds and receivables from sale of loans			(4,424,097)
Balance at end of year	$ 1,450,334,341	$ 1,459,475,650	$ 1,523,699,653