Arbor Realty Trust (ABR) 10-Q 8 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 08, 2013
Document and Entity Information	'	'
Entity Registrant Name	'ARBOR REALTY TRUST INC	'
Entity Central Index Key	'0001253986	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	49,136,308
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Dec. 31, 2012
Assets:	'	'
Cash and cash equivalents	$64,658,561	$29,188,889
Restricted cash (includes $111,640,664 and $41,537,212 from consolidated VIEs, respectively)	113,002,790	42,535,514
Loans and investments, net (includes $1,238,973,709 and $1,113,745,356 from consolidated VIEs, respectively)	1,546,107,405	1,325,667,053
Available-for-sale securities, at fair value (includes $0 and $1,100,000 from consolidated VIEs, respectively)	2,746,682	3,552,736
Securities held-to-maturity, net	41,989,100	42,986,980
Investment in equity affiliates	5,690,169	59,581,242
Real estate owned, net (includes $80,787,215 and $80,787,215 from consolidated VIEs, respectively)	112,417,656	124,148,199
Real estate held-for-sale, net	11,540,649	'
Due from related party (includes $11,970 and $0 from consolidated VIEs, respectively)	53,329	24,094
Prepaid management fee - related party	19,047,949	19,047,949
Other assets (includes $14,329,327 and $11,709,103 from consolidated VIEs, respectively)	59,305,715	55,148,624
Total assets	1,976,560,005	1,701,881,280
Liabilities and Equity:	'	'
Repurchase agreements and credit facilities	158,582,338	130,661,619
Collateralized debt obligations (includes $736,434,556 and $812,452,845 from consolidated VIEs, respectively)	736,434,556	812,452,845
Collateralized loan obligations (includes $264,500,000 and $87,500,000 from consolidated VIEs, respectively)	264,500,000	87,500,000
Junior subordinated notes to subsidiary trust issuing preferred securities	159,157,643	158,767,145
Notes payable	1,750,000	51,457,708
Mortgage note payable - real estate owned	42,745,650	53,751,004
Mortgage note payable - real estate held-for-sale	11,005,354	'
Due to related party	3,349,516	3,084,627
Due to borrowers (includes $0 and $1,320,943 from consolidated VIEs, respectively)	19,561,570	23,056,640
Deferred revenue	77,123,133	77,123,133
Other liabilities (includes $16,302,638 and $22,013,896 from consolidated VIEs, respectively)	64,598,525	72,765,437
Total liabilities	1,538,808,285	1,470,620,158
Commitments and contingencies	'	'
Arbor Realty Trust, Inc. stockholders' equity:	'	'
Preferred stock, $0.01 par value: 100,000,000 shares authorized; 8.25% Series A cumulative redeemable preferred stock, $38,787,500 aggregate liquidation preference; 1,551,500 shares issued and outstanding at September 30, 2013, no shares issued and outstanding at December 31, 2012; 7.75% Series B cumulative redeemable preferred stock, $31,500,000 aggregate liquidation preference; 1,260,000 shares issued and outstanding at September 30, 2013, no shares issued and outstanding at December 31, 2012	67,654,655	'
Common stock, $0.01 par value: 500,000,000 shares authorized; 51,787,075 shares issued, 49,136,308 shares outstanding at September 30, 2013 and 33,899,992 shares issued, 31,249,225 shares outstanding at December 31, 2012	517,870	339,000
Additional paid-in capital	623,825,310	493,211,222
Treasury stock, at cost - 2,650,767 shares at September 30, 2013 and December 31, 2012	-17,100,916	-17,100,916
Accumulated deficit	-209,207,115	-207,558,257
Accumulated other comprehensive loss	-28,902,162	-39,561,700
Total Arbor Realty Trust, Inc. stockholders' equity	436,787,642	229,329,349
Noncontrolling interest in consolidated entity	964,078	1,931,773
Total equity	437,751,720	231,261,122
Total liabilities and equity	$1,976,560,005	$1,701,881,280

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Restricted cash	$113,002,790	42,535,514
Loans and investments, net	1,546,107,405	1,325,667,053
Available-for-sale securities, at fair value	2,746,682	3,552,736
Real estate owned, net	112,417,656	124,148,199
Due from related party	53,329	24,094
Other assets	59,305,715	55,148,624
Collateralized debt obligations	736,434,556	812,452,845
Collateralized loan obligations	264,500,000	87,500,000
Due to borrowers	19,561,570	23,056,640
Other liabilities	64,598,525	72,765,437
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)	51,787,075	33,899,992
Common stock, shares outstanding (in shares)	49,136,308	31,249,225
Treasury stock, shares (in shares)	2,650,767	2,650,767
8.25% Series A cumulative redeemable preferred stock	'	'
Preferred stock, dividend rate (as a percent)	8.25%	'
Preferred stock, aggregate liquidation preference	38,787,500	'
Preferred stock, shares issued (in shares)	1,551,500	0
Preferred stock, shares outstanding (in shares)	1,551,500	0
7.75% Series B cumulative redeemable preferred stock	'	'
Preferred stock, dividend rate (as a percent)	7.75%	'
Preferred stock, aggregate liquidation preference	31,500,000	'
Preferred stock, shares issued (in shares)	1,260,000	0
Preferred stock, shares outstanding (in shares)	1,260,000	0
Consolidated VIEs	'	'
Restricted cash	111,640,664	41,537,212
Loans and investments, net	1,238,973,709	1,113,745,356
Available-for-sale securities, at fair value	0	1,100,000
Real estate owned, net	80,787,215	80,787,215
Due from related party	11,970	0
Other assets	14,329,327	11,709,103
Collateralized debt obligations	736,434,556	812,452,845
Collateralized loan obligations	264,500,000	87,500,000
Due to borrowers	0	1,320,943
Other liabilities	$16,302,638	22,013,896

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
CONSOLIDATED STATEMENTS OF OPERATIONS	'	'	'	'
Interest income	$25,742,973	$20,030,595	$73,060,911	$59,139,715
Interest expense	10,645,725	9,510,083	31,621,042	31,042,290
Net interest income	15,097,248	10,520,512	41,439,869	28,097,425
Other revenue:	'	'	'	'
Property operating income	6,939,947	7,142,993	22,920,902	22,985,629
Other (loss) income, net	-251,424	334,415	1,733,351	736,054
Total other revenue	6,688,523	7,477,408	24,654,253	23,721,683
Other expenses:	'	'	'	'
Employee compensation and benefits	2,995,322	2,301,442	9,047,639	7,168,037
Selling and administrative	3,300,071	1,870,759	8,459,087	5,722,761
Property operating expenses	6,134,739	6,490,903	19,108,578	19,974,259
Depreciation and amortization	1,720,014	1,427,521	4,899,330	3,866,239
Provision for loan losses (net of recoveries)	750,231	4,849,330	4,072,108	20,584,191
Management fee - related party	2,800,000	2,500,000	8,400,000	7,500,000
Total other expenses	17,700,377	19,439,955	53,986,742	64,815,487
Income (loss) from continuing operations before gain on extinguishment of debt, loss from equity affiliates and (provision) benefit for income taxes	4,085,394	-1,442,035	12,107,380	-12,996,379
Gain on extinguishment of debt	1,167,772	4,144,688	4,930,772	30,459,023
Loss from equity affiliates	-81,723	-225,493	-245,412	-700,203
Income before (provision) benefit for income taxes	5,171,443	2,477,160	16,792,740	16,762,441
(Provision) benefit for income taxes	'	-275,000	'	526,558
Income from continuing operations	5,171,443	2,202,160	16,792,740	17,288,999
Gain on sale of real estate held-for-sale	'	'	'	3,487,145
(Loss) income from operations of real estate held-for-sale	-79,716	-87,855	-271,479	1,153,581
(Loss) income from discontinued operations	-79,716	-87,855	-271,479	4,640,726
Net income	5,091,727	2,114,305	16,521,261	21,929,725
Preferred stock dividends	1,410,333	'	3,096,278	'
Net income attributable to noncontrolling interest	16,715	53,976	124,199	161,598
Net income attributable to Arbor Realty Trust, Inc. common stockholders	$3,664,679	$2,060,329	$13,300,784	$21,768,127
Basic earnings per common share:	'	'	'	'
Income from continuing operations, net of noncontrolling interest and preferred stock dividends (in dollars per share)	$0.08	$0.07	$0.34	$0.67
(Loss) income from discontinued operations (in dollars per share)	'	'	($0.01)	$0.18
Net income attributable to Arbor Realty Trust, Inc. common stockholders (in dollars per share)	$0.08	$0.07	$0.33	$0.85
Diluted earnings per common share:	'	'	'	'
Income from continuing operations, net of noncontrolling interest and preferred stock dividends (in dollars per share)	$0.08	$0.07	$0.34	$0.66
(Loss) income from discontinued operations (in dollars per share)	'	'	($0.01)	$0.18
Net income attributable to Arbor Realty Trust, Inc. common stockholders (in dollars per share)	$0.08	$0.07	$0.33	$0.84
Dividends declared per common share (in dollars per share)	$0.13	$0.10	$0.37	$0.18
Weighted average number of shares of common stock outstanding:	'	'	'	'
Basic (in shares)	43,397,555	27,749,225	40,129,718	25,643,470
Diluted (in shares)	43,832,271	28,038,044	40,576,633	25,891,083

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	'	'	'	'
Net income	$5,091,727	$2,114,305	$16,521,261	$21,929,725
Unrealized gain (loss) on securities available-for-sale, net	235,157	-311,815	293,946	-723,632
Reclassification of unrealized gain on securities available-for-sale realized into earnings	'	'	-100,000	'
Unrealized loss on derivative financial instruments	-1,383,491	-2,771,981	-98,429	-7,506,850
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings	3,551,371	3,735,873	10,564,021	12,882,521
Comprehensive income	7,494,764	2,766,382	27,180,799	26,581,764
Less: Preferred stock dividends	1,410,333	'	3,096,278	'
Comprehensive income attributable to noncontrolling interest	16,715	53,976	124,199	161,598
Comprehensive income attributable to Arbor Realty Trust, Inc. common stockholders	$6,067,716	$2,712,406	$23,960,322	$26,420,166

CONSOLIDATED_STATEMENT_OF_CHAN

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $)

Total

Private REIT preferred stock

8.25% Series A preferred stock

7.75% Series B preferred stock

Total Arbor Realty Trust, Inc. Stockholders' Equity

Total Arbor Realty Trust, Inc. Stockholders' Equity

Total Arbor Realty Trust, Inc. Stockholders' Equity

Total Arbor Realty Trust, Inc. Stockholders' Equity

Preferred Stock

Preferred Stock

Preferred Stock

Common Stock

Additional Paid-in Capital

Treasury Stock

Accumulated Deficit

Accumulated Deficit

Accumulated Other Comprehensive Loss

Non-controlling Interest

Private REIT preferred stock

8.25% Series A preferred stock

7.75% Series B preferred stock

8.25% Series A preferred stock

7.75% Series B preferred stock

Private REIT preferred stock

Balance at Dec. 31, 2012

$231,261,122

'

'

'

$229,329,349

'

'

'

'

'

'

$339,000

$493,211,222

($17,100,916)

($207,558,257)

'

($39,561,700)

$1,931,773

Balance (in shares) at Dec. 31, 2012

'

'

'

'

'

'

'

'

'

'

'

33,899,992

'

-2,650,767

'

'

'

'

Increase (Decrease) in Stockholders' Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock

129,360,751

'

'

'

129,360,751

'

'

'

'

'

'

176,250

129,184,501

'

'

'

'

'

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

1,432,207

'

'

'

1,432,207

'

'

'

'

'

'

2,627

1,429,580

'

'

'

'

'

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

-14,938,797

'

'

'

-14,938,797

'

'

'

'

'

'

'

'

'

-14,938,797

'

'

'

Distributions - preferred stock

-3,096,278

-10,845

'

'

-3,096,278

-10,845

'

'

'

'

'

'

'

'

-3,096,278

-10,845

'

'

Net income

16,521,261

'

'

'

16,397,062

'

'

'

'

'

'

'

'

'

16,397,062

'

'

124,199

Decrease in non-controlling interest

-1,091,894

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-1,091,894

Unrealized gain on securities available-for-sale

293,946

'

'

'

293,946

'

'

'

'

'

'

'

'

'

'

'

293,946

'

Reclassification of unrealized gain on securities available-for-sale realized into earnings

-100,000

'

'

'

-100,000

'

'

'

'

'

'

'

'

'

'

'

-100,000

'

Unrealized gain on derivative financial instruments, net

-98,429

'

'

'

-98,429

'

'

'

'

'

'

'

'

'

'

'

-98,429

'

Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings

10,564,021

'

'

'

10,564,021

'

'

'

'

'

'

'

'

'

'

'

10,564,021

'

Balance at Sep. 30, 2013

437,751,720

'

'

'

436,787,642

'

'

'

67,654,655

'

'

517,870

623,825,310

-17,100,916

-209,207,115

'

-28,902,162

964,078

Balance (in shares) at Sep. 30, 2013

'

'

'

'

'

'

'

'

2,811,500

'

'

51,787,075

'

-2,650,767

'

'

'

'

Balance at Aug. 31, 2013

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase (Decrease) in Stockholders' Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock (in shares)

'

'

'

'

'

'

'

'

'

'

'

6,000,000

'

'

'

'

'

'

Balance at Sep. 30, 2013

'

'

'

'

'

'

'

'

$67,654,655

'

'

$517,870

'

($17,100,916)

'

'

'

'

Balance (in shares) at Sep. 30, 2013

'

'

'

'

'

'

'

'

2,811,500

'

'

51,787,075

'

-2,650,767

'

'

'

'

CONSOLIDATED_STATEMENT_OF_CHAN1

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical)	9 Months Ended
	Sep. 30, 2013
8.25% Series A preferred stock	'
Preferred stock, dividend rate (as a percent)	8.25%
7.75% Series B preferred stock	'
Preferred stock, dividend rate (as a percent)	7.75%

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Operating activities:	'	'
Net income	$16,521,261	$21,929,725
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	5,328,396	4,291,484
Stock-based compensation	1,432,207	578,190
Gain on sale of securities	-1,100,000	'
Gain on sale of real estate held-for-sale	'	-3,487,145
Reversal of liabilities related to discontinued operations	'	-1,175,120
Gain on extinguishment of debt	-4,930,772	-30,459,023
Provision for loan losses (net of recoveries)	4,072,108	20,584,191
Amortization and accretion of interest, fees and intangible assets, net	-1,739,367	1,863,590
Change in fair value of non-qualifying swaps	1,711,624	1,159,501
Loss from equity affiliates	245,412	700,203
Changes in operating assets and liabilities:	'	'
Other assets	-175,420	-3,988,036
Distributions of operations from equity affiliates	73,340	73,358
Other liabilities	1,208,113	-331,712
Change in restricted cash	-363,824	-131,188
Due to/from related party	235,654	-155,496
Net cash provided by operating activities	22,518,732	11,452,522
Investing activities:	'	'
Loans and investments funded, originated and purchased, net	-431,070,064	-168,388,566
Payoffs and paydowns of loans and investments	199,325,600	155,142,484
Proceeds from sale of loan	4,424,097	17,945,000
Due to borrowers and reserves	-585,143	-505,092
Deferred fees	3,371,287	2,406,637
Purchase of securities held-to-maturity, net	-29,024,327	-65,542,970
Principal collection on securities held-to-maturity, net	30,335,656	44,046,864
Investment in real estate, net	-5,667,915	-2,883,866
Proceeds from sale of available-for-sale security	2,100,000	'
Redemption of investment in preferred shares, net	2,418,528	'
Proceeds from sale of real estate, net	'	24,131,557
Contributions to equity affiliates	'	-257,505
Distributions from equity affiliates	'	52,518
Net cash (used in) / provided by investing activities	-224,372,281	6,147,061
Financing activities:	'	'
Proceeds from repurchase agreements, credit facilities and notes payable	159,700,441	94,762,470
Paydowns and payoffs of repurchase agreements and credit facilities	-131,329,722	-89,951,970
Payoff and paydown of mortgage notes payable	'	-20,750,000
Proceeds from collateralized loan obligations	177,000,000	87,500,000
Payoffs and paydowns of collateralized debt obligations	-70,530,260	-130,136,917
Change in restricted cash	-70,103,452	19,700,829
Payments on financial instruments underlying linked transactions	-114,519,321	-54,827,399
Receipts on financial instruments underlying linked transactions	109,838,852	50,895,732
Payments on swaps and margin calls to counterparties	-71,091,199	-3,370,000
Receipts on swaps and margin calls from counterparties	73,438,045	4,530,000
Purchases of treasury stock	'	-684,764
Distributions paid to noncontrolling interest	-158,844	-163,945
Proceeds from issuance of common stock	134,176,328	18,900,000
Expenses paid on issuance of common stock	-4,664,741	-1,175,746
Proceeds from issuance of preferred stock	70,287,500	'
Expenses paid on issuance of preferred stock	-2,632,845	'
Distributions paid on common stock	-14,938,797	-4,593,614
Distributions paid on preferred stock	-2,626,176	'
Payment of deferred financing costs	-4,511,743	-2,613,520
Net cash provided by / (used in) financing activities	237,323,221	-31,987,425
Net increase (decrease) in cash and cash equivalents	35,469,672	-14,387,842
Cash and cash equivalents at beginning of period	29,188,889	55,236,479
Cash and cash equivalents at end of period	64,658,561	40,848,637
Supplemental cash flow information:	'	'
Cash used to pay interest	35,543,871	29,166,456
Cash used for taxes	209,903	701,121
Supplemental schedule of non-cash investing and financing activities:	'	'
Accrued and unpaid expenses on common stock offerings	150,836	'
Accrued and unpaid expenses on CLO offerings	500,000	'
Investment transferred to real estate held-for-sale, net	11,540,649	'
Mortgage note payable - real estate owned transferred to held-for-sale	11,005,354	'
Redemption of preferred limited partnership interest and satisfaction of note payable	33,438,472	'
Transfer of real estate held-for-sale to first lien holder	'	41,440,000
Release of mortgage note payable held-for-sale	'	41,440,000
Satisfaction of participation loan	'	32,000,000
Retirement of participation liability	'	32,000,000
8.25% Series A cumulative redeemable preferred stock	'	'
Supplemental schedule of non-cash investing and financing activities:	'	'
Distributions accrued on preferred stock	266,664	'
7.75% Series B cumulative redeemable preferred stock	'	'
Supplemental schedule of non-cash investing and financing activities:	'	'
Distributions accrued on preferred stock	203,438	'
Private REIT preferred stock	'	'
Financing activities:	'	'
Distributions paid on preferred stock	($10,845)	($8,581)

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	9 Months Ended
	Sep. 30, 2013
8.25% Series A cumulative redeemable preferred stock	'
Preferred stock, dividend rate (as a percent)	8.25%
7.75% Series B cumulative redeemable preferred stock	'
Preferred stock, dividend rate (as a percent)	7.75%

Description_of_Business

Description of Business	9 Months Ended
	Sep. 30, 2013
Description of Business	'
Description of Business	'
	Note 1 —Description of Business
	Arbor Realty Trust, Inc. (the “Company”) is a Maryland corporation that invests in a diversified portfolio of multi-family and commercial real estate related assets, primarily consisting of bridge loans, mezzanine loans, junior participating interests in first mortgage loans, and preferred and direct equity.  The Company may also directly acquire real property and invest in real estate-related notes and certain mortgage-related securities.  The Company conducts substantially all of its operations through its operating partnership, Arbor Realty Limited Partnership (“ARLP”), and ARLP’s wholly-owned subsidiaries.  The Company is externally managed and advised by Arbor Commercial Mortgage, LLC (“ACM”).
	The Company is organized and conducts its operations to qualify as a real estate investment trust (“REIT”) for federal income tax purposes.  A REIT is generally not subject to federal income tax on its REIT—taxable income that it distributes to its stockholders, provided that it distributes at least 90% of its REIT—taxable income and meets certain other requirements.  Certain assets of the Company that produce non-qualifying income are owned by its taxable REIT subsidiaries, the income of which is subject to federal and state income taxes.
	The Company’s charter provides for the issuance of up to 500 million shares of common stock, with a par value of $0.01 per share, and 100 million shares of preferred stock, with a par value of $0.01 per share.  The Company was incorporated in June 2003 and was initially capitalized through the sale of 67 shares of common stock for $1,005.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Summary of Significant Accounting Policies	'
Summary of Significant Accounting Policies	'
	Note 2 — Summary of Significant Accounting Policies
	Please refer to Note 2 — “Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 for additional discussion of its accounting policies.
	Basis of Presentation and Principles of Consolidation
	The accompanying unaudited consolidated interim financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification™, the authoritative reference for accounting principles generally accepted in the United States (“GAAP”), for interim financial statements and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements, although management believes that the disclosures presented herein are adequate to prevent the accompanying unaudited consolidated interim financial statements presented from being misleading.
	The accompanying unaudited consolidated financial statements include the financial statements of the Company, its wholly owned subsidiaries, partnerships or other joint ventures in which the Company owns a voting interest of greater than 50 percent, and Variable Interest Entities (“VIEs”) of which the Company is 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 the Company 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, the Company has separately disclosed parenthetically the assets and liabilities of its three collateralized debt obligation (“CDO”) and two collateralized loan obligation (“CLO”) subsidiaries on its Consolidated Balance Sheets.  Entities in which the Company owns a voting interest of 20 percent to 50 percent are accounted for primarily under the equity method.
	In the opinion of management, all adjustments (consisting only of normal recurring accruals) 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 interim financial statements in conformity with GAAP requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated interim financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.  Further, in connection with the preparation of the consolidated interim financial statements, the Company evaluated events subsequent to the balance sheet date of September 30, 2013 through the issuance of the Consolidated Financial Statements.
	Certain prior year amounts have been reclassified to conform to current period presentation.  During the third quarter of 2013, the Company classified a real estate investment that was part of a portfolio of multifamily properties as held-for-sale and during the fourth quarter of 2012, the Company sold a real estate investment that was part of a portfolio of hotel properties, resulting in reclassifications of property operating activity and related depreciation to discontinued operations for all prior periods presented.
	The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of results that may be expected for the entire year ending December 31, 2013.  The accompanying unaudited consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated annual financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.
	Loans, Investments and Securities
	At the time of purchase, the Company designates a security as available-for-sale, held-to-maturity, or trading depending on the Company’s ability and intent to hold it to maturity.  The Company does not have any securities designated as trading as of September 30, 2013.  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, while securities held-to-maturity are reported at amortized cost.  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.  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 the Company’s ability and intent to hold the investment to maturity.  Management closely monitors market conditions on which it bases such decisions.
	The Company also assesses certain of its securities, other than those of high credit quality, to determine whether significant changes in estimated cash flows or unrealized losses on these securities, if any, reflect a decline in value that is other-than-temporary and, accordingly, should be written down to their fair value against earnings.  On a quarterly basis, the Company reviews these changes in estimated cash flows, which could occur due to actual prepayment and credit loss experience, to determine if an other-than-temporary impairment is deemed to have occurred.  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 Company calculates a revised yield based on the current amortized cost of the investment, including any other-than-temporary impairments recognized to date, and the revised yield is then applied prospectively to recognize interest income.
	Securities that are purchased at a discount and that are not of high credit quality at the time of purchase are accounted for as debt securities acquired with deteriorated credit quality.  Interest income on these securities is recognized using the effective interest method based on the Company’s estimates of expected cash flows to be received, which include assumptions related to fluctuations in prepayment speeds and the timing and amount of credit losses, which are reviewed on an ongoing basis.
	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.  The Company invests in preferred equity interests that, in some cases, allow the Company 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, joint venture 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, the Company 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.
	Impaired Loans, Allowance for Loan Losses, Loss on Sale and Restructuring of Loans and Charge-offs
	The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement.  The Company evaluates each loan in its portfolio on a quarterly basis.  The Company’s 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 the Company’s loans and investments have in relation to the underlying collateral.  The Company evaluates 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.  The Company utilizes 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.  The Company 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.  Included in the evaluation of the capitalization and market discount rates, the Company considers not only assumptions specific to the collateral but also considers geographical and industry trends that could impact the collateral’s value.
	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 is believed to be adequate by management to absorb probable losses.
	Loan terms may be modified if the Company determines 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 the Company does 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 the Company to be a troubled debt restructuring.  If the Company receives a benefit, either monetary or strategic, and the above criteria are not met, the modification is not considered to be a troubled debt restructuring.  The Company records interest on modified loans on an accrual basis to the extent that the modified loan is contractually current.
	Loss on restructured loans is recorded when the Company has 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 the Company incurs 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, the Company records its 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 charge to the Consolidated Statements of Operations 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 as a charge to the Consolidated Statements of Operations in the period in which the loan was sold.  No loss on sale and restructuring of loans was recorded for the nine months ended September 30, 2013 and 2012.
	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 the Company grants a concession to a borrower or agrees to a discount in full or partial satisfaction of the loan; when the Company takes 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.
	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.  The Company records interest income on certain impaired loans to the extent cash is received, in which a loan loss reserve has been recorded, as the borrower continues to make interest payments.  The Company recorded loan loss reserves related to these loans as it was deemed that full recovery of principal and interest was not probable.
	Several of the Company’s 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 the Company’s real estate loans, the Company may require funds to be placed into an interest reserve, based on contractual requirements, to cover debt service costs.  The Company 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.  The Company 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.  As of September 30, 2013, the Company had total interest reserves of $9.7 million on 46 loans with an aggregate unpaid principal balance of $552.3 million and had two non-performing loans with an aggregate unpaid principal balance of $29.2 million with a funded interest reserve of $0.1 million.  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 the Company as a result of excess cash flow distributions and/or as appreciated properties are sold or refinanced.  The Company did not record interest income from such investments for the three and nine month periods ended September 30, 2013 and 2012.
	Property operating income — Property operating income represents income associated with the operations of commercial real estate properties classified as real estate owned.  The Company recognizes 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 net interest income and gains and losses recorded on the Company’s linked transactions, as well as loan structuring, defeasance, and miscellaneous asset management fees associated with the Company’s loans and investments portfolio.  The Company recognizes 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.
	Income Taxes
	The Company is organized and conducts its operations to qualify as a REIT and to comply with the provisions of the Internal Revenue Code with respect thereto.  A REIT is generally not subject to federal income tax on taxable income that is distributed to its stockholders, provided that the Company distributes at least 90% of its taxable income and meets certain other requirements.  Certain REIT income may be subject to state and local income taxes.  The Company’s assets or operations that would not otherwise comply with the REIT requirements are owned or conducted by the Company’s taxable REIT subsidiaries, the income of which is subject to federal and state income tax.  Under current federal tax law, the income and any tax on or distribution requirements attributable to certain debt extinguishment transactions realized in 2009 and 2010 have been deferred to future periods at the Company’s election.
	Current accounting guidance clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements.  This guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.  This guidance also provides clarity on derecognition, classification, interest and penalties, accounting in interim periods and disclosure.
	Hedging Activities and Derivatives
	The Company recognizes all derivatives as either assets or liabilities at fair value and these amounts are recorded in other assets or other liabilities on the Consolidated Balance Sheets.  Additionally, the fair value adjustments will affect either accumulated other comprehensive income (loss) until the hedged item is recognized in earnings, or net income (loss) depending on whether the derivative instrument qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity.  The Company uses 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 Company records all derivatives on the Consolidated Balance Sheets at fair value.  The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has 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.  The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.  The ineffective portion of a derivative’s change in fair value is recognized immediately in earnings.
	In connection with the Company’s interest rate risk management, the Company periodically hedges a portion of its interest rate risk by entering into derivative financial instrument contracts.  Specifically, the Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of its expected cash receipts and its expected cash payments principally related to its investments and borrowings.  The Company’s objectives in using interest rate derivatives are to add stability to interest income and to manage its exposure to interest rate movements.  To accomplish this objective, the Company primarily uses interest rate swaps as part of its 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 the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.  The Company has entered into various interest rate swap agreements to hedge its 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, the Company may use a variety of derivative financial instruments to manage, or hedge, interest rate risk.  The Company does not use derivatives for trading or speculative purposes.  These derivative financial instruments must be effective in reducing its 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 (loss) 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 (loss).  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, the Company may finance the purchase of Residential Mortgage Backed Securities (“RMBS”) investments through a repurchase agreement with the same counterparty, which may qualify as a linked transaction.  If both transactions are entered into contemporaneously or in contemplation of each other, the transactions are presumed to be linked transactions unless certain criteria are met, and the Company accounts for the purchase of such securities and the repurchase agreement on a combined basis as a forward contract derivative at fair value, which is reported in other assets on the Consolidated Balance Sheets with changes in the fair value of the assets and liabilities underlying linked transactions and associated interest income and expense reported in other income on the Consolidated Statements of Operations.  The analysis of transactions under these rules requires management’s judgment and experience.  The fair value of linked transactions reflect the value of the underlying RMBS, linked repurchase agreement borrowings and accrued interest receivable/payable on such instruments.  The Company’s linked transactions are not designated as hedging instruments and, as a result, the change in the fair value and net interest income from linked transactions is reported in other income on the Consolidated Statements of Operations.
	The Company has no master netting or similar arrangements and does not offset derivatives.
	Variable Interest Entities
	The Company has evaluated its loans and investments, mortgage related securities, investments in equity affiliates, junior subordinated notes, CDOs and CLOs, in order to determine if they qualify as VIEs or as variable interests in VIEs.  This evaluation resulted in the Company determining that its bridge loans, junior participation loans, mezzanine loans, preferred equity investments, investments in equity affiliates, junior subordinated notes, CDOs, CLOs, and investments in debt securities were potential VIEs or variable interests in VIEs.  See Note 9 — “Variable Interest Entities” for the Company’s evaluation of the periods presented.
	Recently Issued Accounting Pronouncements
	In June 2013, the FASB issued updated guidance on the definition and measurement of investment companies.  The guidance does not address the applicability of investment company accounting for real estate entities and thus does not have a material effect on the Company’s Consolidated Financial Statements.
	In February 2013, the FASB issued updated guidance on the disclosure of reclassification adjustments related to comprehensive income.  The updated guidance requires the Company to disclose, either on the face of the financial statements or in the notes to the financial statements, the financial statement effects on earnings from items that are reclassified out of other comprehensive income, by component.  This guidance was effective as of the first quarter of 2013 and its adoption did not have a material effect on the Company’s Consolidated Financial Statements.
	In December 2011, the FASB issued updated guidance on disclosure about offsetting assets and liabilities that amends U.S. GAAP to conform more to the disclosure requirements of International Financial Reporting Standards (“IFRS”).  Under the updated guidance, an entity is required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement.  In January 2013, the FASB issued further guidance clarifying the scope of disclosures about offsetting assets and liabilities.  The scope applies to certain derivatives (including bifurcated embedded derivatives,) repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions.  The guidance was effective as of the first quarter of 2013 and its adoption did not have a material effect on the Company’s Consolidated Financial Statements.

Loans_and_Investments

Loans and Investments	9 Months Ended
	Sep. 30, 2013
Loans and Investments	'
Loans and Investments	'
	Note 3 — Loans and Investments
	The following table sets forth the composition of the Company’s loan and investment portfolio at September 30, 2013 and December 31, 2012:
		September 30,			Percent		Loan		Wtd.		Wtd. Avg.		First		Last
		2013			of Total		Count		Avg. Pay		Remaining		Dollar		Dollar
									Rate (1)		Months to		LTV		LTV
											Maturity		Ratio (2)		Ratio (3)
	Bridge loans	$	1,214,659,449		71	%	99		5.13	%	18.9		0	%	76	%
	Mezzanine loans	109,871,096			6	%	25		6.19	%	60.6		60	%	85	%
	Junior participation loans	249,139,239			15	%	7		4.31	%	22.1		62	%	83	%
	Preferred equity investments	129,073,672			8	%	16		7.55	%	51.5		61	%	81	%
		1,702,743,456			100	%	147		5.26	%	24.5		18	%	78	%
	Unearned revenue	(13,617,560		)
	Allowance for loan losses	(143,018,491		)
	Loans and investments, net	$	1,546,107,405
		December 31,			Percent		Loan		Wtd.		Wtd. Avg.		First		Last
		2012			of Total		Count		Avg. Pay		Remaining		Dollar		Dollar
									Rate (1)		Months to		LTV		LTV
											Maturity		Ratio (2)		Ratio (3)
	Bridge loans	$	1,006,726,838		67	%	83		4.87	%	25		0	%	75	%
	Mezzanine loans	112,843,639			7	%	24		4.94	%	62.6		59	%	88	%
	Junior participation loans	280,662,498			19	%	9		3.9	%	29.1		59	%	79	%
	Preferred equity investments	100,823,672			7	%	12		6.04	%	72.2		77	%	97	%
		1,501,056,647			100	%	128		4.77	%	31.8		21	%	80	%
	Unearned revenue	(13,683,281		)
	Allowance for loan losses	(161,706,313		)
	Loans and investments, net	$	1,325,667,053
	(1)          “Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balances of each loan in the Company’s 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 the Company’s 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 the Company will absorb a total loss of its position.
	(3)          The “Last Dollar LTV Ratio” is calculated by comparing the total of the carrying value of the Company’s loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which the Company will initially absorb a loss.
	Concentration of Credit Risk
	The Company operates in one portfolio segment, commercial mortgage loans and investments.  Commercial mortgage loans and investments can potentially subject the Company to concentrations of credit risk. The Company is subject to concentration risk in that, as of September 30, 2013, the unpaid principal balance related to 31 loans with five different borrowers represented approximately 32% of total assets.  At December 31, 2012, the unpaid principal balance related to 23 loans with five different borrowers represented approximately 31% of total assets.
	As a result of the loan review process, the Company identified loans and investments that it considers higher-risk loans that had a carrying value, before loan loss reserves, of approximately $214.1 million and a weighted average last dollar loan-to-value (“LTV”) ratio of 94% at September 30, 2013.
	The Company measures its relative loss position for its mezzanine loans, junior participation loans, and preferred equity investments by determining the point where the Company will be exposed to losses based on its position in the capital stack as compared to the fair value of the underlying collateral.  The Company determines its loss position on both a first dollar LTV and a last dollar LTV basis.  First dollar LTV is calculated by comparing the total of the Company’s 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 the Company will absorb a total loss of its position.  Last dollar LTV is calculated by comparing the total of the carrying value of the Company’s loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which the Company will initially absorb a loss.
	As a component of the Company’s policies and procedures for loan valuation and risk assessment, each loan and investment is assigned a credit risk rating.  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 the Company’s asset management approach, however, the risk rating process does not result in differing levels of diligence contingent upon credit rating.  That is because all portfolio assets are subject to the level of scrutiny and ongoing analysis consistent with that of a ‘high-risk” loan.  All assets are subject to, at minimum, a thorough quarterly financial evaluation in which historical operating performance is reviewed, and forward-looking projections are created.  Generally speaking, given the Company’s typical loan and investment profile, a risk rating of three suggests that the Company expects 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 the Company anticipates that the loan will require a modification of some kind.  A risk rating of five indicates the Company expects the loan to underperform over its term, and that 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.
	A summary of the loan portfolio’s weighted average internal risk ratings and LTV ratios by asset class as of September 30, 2013 and December 31, 2012 is as follows:
		September 30, 2013
	Asset Class	Unpaid			Percentage		Wtd. Avg.		First Dollar		Last Dollar
		Principal			of Portfolio		Internal		LTV Ratio		LTV Ratio
		Balance					Risk Rating
	Multi-family	$	1,075,260,698		63.1	%	3.2		14	%	76	%
	Office	369,433,065			21.7	%	3.2		33	%	83	%
	Land	141,686,108			8.3	%	4.2		3	%	91	%
	Hotel	69,312,344			4.1	%	3.8		26	%	84	%
	Commercial	25,051,241			1.5	%	3		3	%	49	%
	Retail	6,750,000			0.4	%	2.5		0	%	62	%
	Condo	15,250,000			0.9	%	3.7		56	%	72	%
	Total	$	1,702,743,456		100	%	3.3		18	%	78	%
		December 31, 2012
	Asset Class	Unpaid			Percentage		Wtd. Avg.		First Dollar		Last Dollar
		Principal			of Portfolio		Internal		LTV Ratio		LTV Ratio
		Balance					Risk Rating
	Multi-family	$	771,140,021		51.4	%	3.4		19	%	79	%
	Office	415,162,338			27.6	%	3.2		31	%	81	%
	Land	140,745,980			9.4	%	4.2		0	%	86	%
	Hotel	105,613,791			7	%	3.6		22	%	78	%
	Commercial	23,794,517			1.6	%	3		0	%	50	%
	Retail	19,350,000			1.3	%	2.9		0	%	61	%
	Condo	25,250,000			1.7	%	4.2		58	%	90	%
	Total	$	1,501,056,647		100	%	3.4		21	%	80	%
	Geographic Concentration Risk
	As of September 30, 2013, 32%, 11% and 9% of the outstanding balance of the Company’s loans and investments portfolio had underlying properties in New York, Florida and Texas, respectively.  As of December 31, 2012, 34%, 11% and 10% of the outstanding balance of the Company’s loans and investments portfolio had underlying properties in New York, Florida and Texas, respectively.
	Impaired Loans and Allowance for Loan Losses
	The Company performs an evaluation of the loan portfolio quarterly to assess the performance of its loans and whether a reserve for impairment should be recorded.  The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement.
During the three months ended September 30, 2013, the Company determined that the fair value of the underlying collateral securing an impaired loan with a carrying value of $5.4 million was less than the net carrying value of the loans, resulting in a $1.5 million provision for loan losses.  During the nine months ended September 30, 2013, the Company determined that the fair value of the underlying collateral securing four impaired loans with an aggregate carrying value of $26.7 million was less than the net carrying value of the loans, resulting in a $5.5 million provision for loan losses.  In addition, during the three and nine months ended September 30, 2013, the Company recorded $0.7 million and $1.4 million, respectively of net recoveries of previously recorded loan loss reserves.  These recoveries were recorded in provision for loan losses on the Consolidated Statements of Operations.  The effect of the recoveries resulted in a provision for loan losses, net of recoveries, of $0.8 million and $4.1 million for the three and nine months ended September 30, 2013, respectively.  The $1.5 million and $5.5 million of loan loss reserves recorded during the three and nine months ended September 30, 2013 was attributable to four loans on which the Company had not previously recorded reserves.  The Company recorded a $4.9 million and $21.3 million provision for loan losses for the three and nine months ended September 30, 2012, respectively, when it performed an evaluation of its loan portfolio and determined that the fair value of the underlying collateral securing two and five impaired loans, respectively, with an aggregate carrying value of $35.0 million and $90.4 million, respectively, were less than the net carrying value of the loans.  In addition, during the three and nine months ended September 30, 2012, the Company recorded $0.1 million and $0.8 million, respectively of net recoveries of previously recorded loan loss reserves.  The effect of these recoveries resulted in a provision for loan losses, net of recoveries, of $4.8 million and $20.6 million for the three and nine months ended September 30, 2012, respectively.  There were no loans for which the value of the collateral securing the loan was less than the carrying value of the loan for which the Company had not recorded a provision for loan loss as of September 30, 2013 and 2012.
At September 30, 2013, the Company had a total of 18 loans with an aggregate carrying value, before reserves, of $239.3 million for which impairment reserves have been recorded.  At December 31, 2012, the Company had a total of 20 loans with an aggregate carrying value, before loan loss reserves, of $240.2 million for which impairment reserves have been recorded.  Additionally, the Company has five loans with an unpaid principal balance totaling approximately $111.3 million at September 30, 2013, which mature in September 2014, that are collateralized by a land development project.  The loans do not carry a pay rate of interest, but four of the loans with an unpaid principal balance totaling approximately $101.9 million entitle the Company to a weighted average accrual rate of interest of approximately 9.60%.  During the fourth quarter of 2010, the Company suspended the recording of the accrual rate of interest on these loans, as these loans were impaired and management deemed the collection of this interest to be doubtful.  The Company has recorded cumulative allowances for loan losses of $43.7 million related to these loans as of September 30, 2013.  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 the changes in the allowance for loan losses is as follows:
	Nine			Nine
	Months Ended			Months Ended
	September 30, 2013			September 30, 2012
Allowance at beginning of the period	$	161,706,313		$	185,381,855
Provision for loan losses	5,500,000			21,325,394
Charge-offs	(22,756,836		)	(16,585,800		)
Recoveries of reserves	(1,430,986		)	(777,341		)
Allowance at end of the period	$	143,018,491		$	189,344,108
A summary of charge-offs and recoveries is as follows:
	Nine Months Ended
	September 30, 2013			September 30, 2012
Charge-offs:
Multi-family	$	(4,789,815	)	$	(10,773,141	)
Office	(4,295,506		)	(5,812,659		)
Hotel	(3,671,515		)	—
Condo	(10,000,000		)	—
Total	$	(22,756,836	)	$	(16,585,800	)
Recoveries:
Multi-family	$	(726,492	)	$	(90,000	)
Office	(704,494		)	(687,341		)
Total	$	(1,430,986	)	$	(777,341	)
Net Charge-offs	$	(21,325,850	)	$	(15,808,459	)
Ratio of net charge-offs during the period to average loans and investments outstanding during the period	1.3		%	1.1		%
A summary of the Company’s impaired loans by asset class is as follows:
	September 30, 2013									Three Months Ended						Nine Months Ended
										September 30, 2013						September 30, 2013
Asset Class	Unpaid			Carrying			Allowance			Average			Interest			Average			Interest
	Principal			Value (1)			for Loan			Recorded			Income			Recorded			Income
	Balance						Losses			Investment (2)			Recognized			Investment (2)			Recognized
Multi-family	$	72,770,229		$	72,127,331		$	51,571,153		$	72,793,867		$	932,323		$	66,119,346		$	2,314,028
Office	38,043,205			31,112,297			25,929,067			42,403,007			292,982			38,203,007			1,245,497
Land	139,085,950			136,069,507			65,518,271			139,074,948			—			139,061,228			—
Total	$	249,899,384		$	239,309,135		$	143,018,491		$	254,271,822		$	1,225,305		$	243,383,581		$	3,559,525
	December 31, 2012									Three Months Ended						Nine Months Ended
										September 30, 2012						September 30, 2012
Asset Class	Unpaid			Carrying			Allowance			Average			Interest			Average			Interest
	Principal			Value (1)			for Loan			Recorded			Income			Recorded			Income
	Balance						Losses			Investment (2)			Recognized			Investment (2)			Recognized
Multi-family	$	59,468,463		$	59,277,872		$	53,587,461		$	57,511,779		$	339,813		$	60,989,859		$	590,755
Office	38,362,808			30,545,156			28,929,067			38,453,418			323,118			41,770,470			1,135,254
Land	139,036,505			136,716,617			65,518,270			136,824,347			—			135,250,438			—
Hotel	3,671,507			3,671,507			3,671,515			33,671,507			105,006			33,671,507			596,643
Condo	10,000,000			10,000,000			10,000,000			10,000,000			1,354			10,000,000			173,920
Total	$	250,539,283		$	240,211,152		$	161,706,313		$	276,461,051		$	769,291		$	281,682,274		$	2,496,572
(1) Represents the unpaid principal balance of impaired loans less unearned revenue and other holdbacks and adjustments by asset class.
(2) Represents an average of the beginning and ending unpaid principal balance of each asset class.
During the quarter ended September 30, 2013, the Company received proceeds of $4.4 million from the sale of a bridge loan with a carrying value of $5.9 million and recorded a charge-off to previously recorded reserves of $1.5 million, wrote off a junior participation loan with a carrying value of $2.8 million and recorded a charge-off to previously recorded reserves of $2.8 million, and recorded cash recoveries of $0.7 million.  During the quarter ended June 30, 2013, the Company recorded cash recoveries of $0.7 million.  During the quarter ended March 31, 2013, the Company wrote off a bridge loan, two mezzanine loans and a junior participation loan with a total carrying value of $18.5 million and recorded a charge-off to previously recorded reserves of $18.5 million as well as a cash recovery of less than $0.1 million.
During the quarter ended September 30, 2012, the Company received principal payoffs of $1.6 million on a bridge loan and a preferred equity loan with a total carrying value of $5.5 million and recorded a charge-off to previously recorded reserves of $3.8 million as well as a cash recovery of $0.1 million.  During the quarter ended June 30, 2012, the Company wrote off two preferred equity investments with a total carrying value of $3.4 million and a mezzanine loan with a carrying value of $6.5 million and recorded charge-offs to previously recorded reserves totaling $9.2 million as well as a cash recovery of $0.7 million.  During the quarter ended March 31, 2012, the Company wrote off two preferred equity investments with a total carrying value of $3.6 million and recorded charge-offs to previously recorded reserves totaling $3.6 million.
As of September 30, 2013, five loans with an aggregate net carrying value of approximately $16.1 million, net of related loan loss reserves of $28.6 million, were classified as non-performing, all of which had loan loss reserves.  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, 2012, nine loans with an aggregate net carrying value of approximately $14.9 million, net of related loan loss reserves of $45.1 million, were classified as non-performing, of which one loan with a carrying value of $5.0 million did not have a loan loss reserve.
A summary of the Company’s non-performing loans by asset class as of September 30, 2013 and December 31, 2012 is as follows:
	September 30, 2013									December 31, 2012
Asset Class	Carrying			Less Than			Greater			Carrying			Less Than			Greater
	Value			90 Days			Than 90			Value			90 Days			Than 90
				Past Due			Days Past						Past Due			Days Past
							Due									Due
Multi-family	$	9,492,788		$	—		$	9,492,788		$	10,951,549		$	—		$	10,951,549
Office	10,171,448			—			10,171,448			10,373,229			—			10,373,229
Land	24,999,972			—			24,999,972			24,999,972			—			24,999,972
Hotel	—			—			—			3,671,507			—			3,671,507
Condo	—			—			—			10,000,000			—			10,000,000
Total	$	44,664,208		$	—		$	44,664,208		$	59,996,257		$	—		$	59,996,257
At September 30, 2013, the Company did not have any loans contractually past due 90 days or more that are still accruing interest.  During the quarter ended September 30, 2013, the Company did not refinance and/or modify or extend any loans considered to be trouble debt restructurings.  During the nine months ended September 30, 2013, the Company refinanced and/or modified two loans with an aggregate unpaid principal balance of $27.3 million, which were not considered by the Company to be troubled debt restructurings, however, two loans with a combined unpaid principal balance of $14.6 million that were extended during the period were considered to be trouble debt restructurings.  During the quarter ended September 30, 2012, the Company refinanced and/or modified two loans with a unpaid principal balance totaling $57.4 million, which were considered by the Company to be a troubled debt restructuring and refinanced and/or modified three loans with a unpaid principal balance totaling $60.9 million, which were not considered by the Company to be troubled debt restructurings.  During the nine months ended September 30, 2012, the Company refinanced and/or modified two loans with a combined unpaid principal balance $57.4 million, which were considered by the Company to be troubled debt restructurings and five loans with a combined unpaid principal balance $104.9 million, which were not considered by the Company to be troubled debt restructurings.  In addition, during the nine months ended September 30, 2012, two loans with a combined unpaid principal balance of $37.8 million that were extended during the period were considered to be trouble debt restructurings.  The Company had no unfunded commitments on the modified loans that were considered troubled debt restructurings as of September 30, 2013.
A summary of loan modifications and extensions by asset class that the Company considered to be troubled debt restructurings during the three and nine months ended September 30, 2013 were as follows:
	Three Months Ended September 30, 2013												Nine Months Ended September 30, 2013
Asset Class	Number		Original			Original		Modified			Modified		Number		Original			Original		Modified		Modified
	of Loans		Unpaid			Weighted		Unpaid			Weighted		of Loans		Unpaid			Weighted		Unpaid		Weighted
			Principal			Average		Principal			Average				Principal			Average		Principal		Average
			Balance			Rate of		Balance			Rate of				Balance			Rate of		Balance		Rate of
						Interest					Interest							Interest				Interest
Multifamily	—		$	—		—		$	—		—		1		$	6,192,666		5.96	%	$	6,192,666	5.96	%
Office	—		—			—		—			—		1		8,400,000			8.24	%	8,400,000		8.24	%
Total	—		$	—		—		$	—		—		2		$	14,592,666		7.27	%	$	14,592,666	7.27	%
A summary of loan modifications and extensions by asset class that the Company considered to be troubled debt restructurings during the three and nine months ended September 30, 2012 were as follows:
	Three Months Ended September 30, 2012												Nine Months Ended September 30, 2012
Asset Class	Number		Original			Original		Modified			Modified		Number		Original			Original		Modified		Modified
	of Loans		Unpaid			Weighted		Unpaid			Weighted		of Loans		Unpaid			Weighted		Unpaid		Weighted
			Principal			Average		Principal			Average				Principal			Average		Principal		Average
			Balance			Rate of		Balance			Rate of				Balance			Rate of		Balance		Rate of
						Interest					Interest							Interest				Interest
Multi	1		$	32,000,000		2	%	$	32,000,000		1.13	%	1		$	32,000,000		2	%	$	32,000,000	1.13	%
Office	1		25,361,932			5.32	%	25,332,451			4	%	1		25,361,932			5.32	%	25,332,451		4	%
Land	—		—			—		—			—		1		2,818,270			—		2,818,270		—
Hotel	—		—			—		—			—		1		35,000,000			2	%	35,000,000		2	%
Total	2		$	57,361,932		3.47	%	$	57,332,451		2.4	%	4		$	95,180,202		2.83	%	$	95,150,721	2.18	%
There were no loans in which the Company considered the modifications to be troubled debt restructurings that were subsequently considered non-performing as of September 30, 2013 and 2012 and no additional loans were considered to be impaired due to the Company’s troubled debt restructuring analysis for the three and nine months ended September 30, 2013 and 2012.  These loans were modified to 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.  Loan terms that have been modified have included, but are not limited to interest rate, maturity date and in certain cases, principal amount.

Securities

Securities	9 Months Ended
	Sep. 30, 2013
Securities	'
Securities	'
	Note 4 — Securities
	The following is a summary of the Company’s securities classified as available-for-sale at September 30, 2013:
		Face			Amortized			Cumulative			Carrying
								Unrealized			Value /
											Estimated
		Value			Cost			Gain			Fair Value
	Common equity securities	$	—		$	58,789		$	587,893		$	646,682
	Commercial mortgage-backed security (CMBS)	2,100,000			2,100,000			—			2,100,000
	Total available-for-sale securities	$	2,100,000		$	2,158,789		$	587,893		$	2,746,682
	The following is a summary of the Company’s securities classified as available-for-sale at December 31, 2012:
		Face			Amortized			Cumulative			Carrying
								Unrealized			Value /
											Estimated
		Value			Cost			Gain			Fair Value
	Common equity securities	$	—		$	58,789		$	293,947		$	352,736
	Collateralized debt obligation (CDO) bond	10,000,000			1,000,000			100,000			1,100,000
	Commercial mortgage-backed security (CMBS)	2,100,000			2,100,000			—			2,100,000
	Total available-for-sale securities	$	12,100,000		$	3,158,789		$	393,947		$	3,552,736
	The following is a summary of the underlying credit rating of the Company’s available-for-sale debt securities at September 30, 2013 and December 31, 2012:
		September 30, 2013					December 31, 2012
				Amortized					Amortized
	Rating (1)	#		Cost			#		Cost
	CCC-	1		$	2,100,000		2		$	3,100,000
	(1) Based on the rating published by Standard & Poor’s for each security.
	The Company owns 2,939,465 shares of common stock of Realty Finance Corporation, formerly CBRE Realty Finance, Inc., a commercial real estate specialty finance company, which had a fair value of $0.6 million at September 30, 2013.
	The Company owns a CMBS investment, purchased at a premium in 2010 for $2.1 million, which is collateralized by a portfolio of hotel properties.  The Company had two mezzanine loans with a total carrying value before loan loss reserves of $30.0 million related to this portfolio that were charged off in the fourth quarter of 2012.  The CMBS investment bears interest at a spread of 89 basis points over LIBOR, has a stated maturity of 6.7 years, but has an estimated life of 0.7 years based on the extended maturity of the underlying asset and a fair value of $2.1 million at September 30, 2013.
	In May 2013, the Company sold a CDO bond investment that had a carrying value of $1.1 million for approximately $2.1 million and recorded a gain of approximately $1.1 million in other income in the Company’s Consolidated Statements of Operations, which includes the realization of an unrealized gain of $0.1 million that was reclassified out of accumulated other comprehensive loss.
	Available-for-sale securities are carried at their estimated fair value with unrealized gains and losses reported in accumulated other comprehensive loss.  The Company generally does not intend to sell its investments and it is not more likely than not that the Company will be required to sell the investments before recovery of its amortized cost basis, which may be at maturity.  The Company evaluates these securities periodically to determine whether a decline in their value is other-than-temporary, though such a determination is not intended to indicate a permanent decline in value.  The Company’s evaluation is based on its assessment of cash flows, which is supplemented by third-party research reports, internal review of the underlying assets securing the investments, levels of subordination and the ratings of the securities and the underlying collateral.  The Company’s estimation of cash flows expected to be generated by the securities portfolio is based upon an internal review of the underlying mortgage loans securing the investments both on an absolute basis and compared to the Company’s initial underwriting for each investment and efforts are supplemented by third party research reports, third party market assessments and dialogue with market participants.  Management closely monitors market conditions on which it bases such decisions.  No impairment was recorded on the Company’s available-for-sale securities for the three and nine months ended September 30, 2013 and 2012.
	The premium on the CMBS investment was fully amortized as of December 31, 2011.  For the three and nine months ended September 30, 2013 and 2012, no discount was accreted from the CDO bond investment.
	The following is a summary of the Company’s securities classified as held-to-maturity at September 30, 2013:
		Face			Amortized			Carrying			Unrealized		Unrealized			Estimated
		Value			Cost			Value			Gain		Loss			Fair Value
	Residential mortgage-backed securities (RMBS)	$	47,983,072		$	41,989,100		$	41,989,100		$	1,129,261	$	(17,940	)	$	43,100,421
	The following is a summary of the Company’s securities classified as held-to-maturity at December 31, 2012:
		Face			Amortized			Carrying			Unrealized		Unrealized			Estimated
		Value			Cost			Value			Gain		Loss			Fair Value
	Residential mortgage-backed securities (RMBS)	$	44,431,768		$	42,986,980		$	42,986,980		$	169,450	$	(3,306	)	$	43,153,124
	The following is a summary of the underlying credit ratings of the Company’s held-to-maturity securities at September 30, 2013 and December 31, 2012:
		September 30, 2013							December 31, 2012
				Amortized			Percent				Amortized		Percent
	Rating (1)	#		Cost			of Total		#		Cost		of Total
	AAA	—		$	—		—		2		$	407,514	1	%
	AA+	1		104,598			—		—		—		—
	AA	—		—			—		1		167,196		1	%
	BB	—		—			—		3		8,742,011		20	%
	CCC	1		18,919,153			45	%	—		—		—
	D	—		—			—		1		9,496,933		22	%
	NR	9		22,965,349			55	%	9		24,173,326		56	%
		11		$	41,989,100		100	%	16		$	42,986,980	100	%
	(1) Based on the rating published by Standard & Poor’s for each security.  NR stands for “not rated”.
	During the nine months ended September 30, 2013, the Company purchased three RMBS investments, at a discount of $4.7 million, for $25.8 million and two RMBS investments, at par, for a total of $3.2 million and received total principal paydowns of $30.3 million on the portfolio.  During the twelve months ended December 31, 2012, the Company purchased eight RMBS investments, at par, for a total of $31.8 million, eight RMBS investments, at a combined premium of $0.2 million, for a total of $22.9 million, and two RMBS investments, at a combined discount of $1.5 million, for $14.4 million, and received total principal paydowns of $55.2 million on the portfolio.  The RMBS investments are collateralized by portfolios of residential properties, bear interest at a weighted average fixed rate of 3.05%, have a weighted average stated maturity of 22.1 years, but have weighted average estimated lives of 4.3 years based on the estimated maturity of the RMBS investments, and had a total fair value of $43.1 million at September 30, 2013.  Approximately $15.5 million is estimated to mature after one year through five years, and $26.5 million is estimated to mature after ten years.  The RMBS investments were financed with two repurchase agreements with financial institutions, which generally finance between 80% to 90% of the value of each individual investment.  During the nine months ended September 30, 2013, the Company financed $21.7 million of the RMBS investments and paid down the total debt by $25.6 million due to the principal paydowns received on the RMBS investments.  During the year ended December 31, 2012, the Company financed $55.5 million of the RMBS investments and paid down the total debt by $45.9 million due to the principal paydowns received on the RMBS investments.  The total repurchase agreement debt balance was $31.9 million and $35.8 million at September 30, 2013 and December 31, 2012, respectively.  See Note 7 — “Debt Obligations” for further details.
	Securities held-to-maturity are carried at cost, net of unamortized premiums and discounts.  The Company does not intend to sell its investments and it is not more likely than not that the Company will be required to sell the investments before recovery of its cost basis, which may be at maturity.  The Company evaluates these securities periodically to determine whether a decline in their value is other-than-temporary, though such a determination is not intended to indicate a permanent decline in value.  The Company’s evaluation is based on its assessment of cash flows, which is supplemented by third-party research reports, internal review of the underlying assets securing the investments, levels of subordination and the ratings of the securities and the underlying collateral.  The Company’s estimation of cash flows expected to be generated by the securities portfolio is based upon an internal review of the underlying mortgage loans securing the investments both on an absolute basis and compared to the Company’s initial underwriting for each investment and efforts are supplemented by third party research reports, third party market assessments and dialogue with market participants.  Management closely monitors market conditions on which it bases such decisions.  No impairment was recorded on the Company’s securities held-to-maturity for the three and nine months ended September 30, 2013 and 2012.
	For the three and nine months ended September 30, 2013 and 2012, approximately $0.1 million of premium was amortized and approximately $0.1 million of discount was accreted from the Company’s held-to-maturity investments, respectively.
	At September 30, 2013, the Company owned two RMBS investments with deteriorated credit quality that had a total aggregate carrying value of $26.4 million.  At December 31, 2012 the Company owned an RMBS investment with deteriorated credit quality that had a carrying value of $9.5 million.
	The weighted average yield on the Company’s CDO bond, CMBS and RMBS investments available-for-sale and held-to-maturity based on their face values was 3.72% and 4.89%, including the amortization of premium and the accretion of discount, for the three months ended September 30, 2013 and 2012, respectively, and 4.05% and 4.46%, including the amortization of premium and the accretion of discount, for the nine months ended September 30, 2013 and 2012, respectively.

Investment_in_Equity_Affiliate

Investment in Equity Affiliates	9 Months Ended
	Sep. 30, 2013
Investment in Equity Affiliates	'
Investment in Equity Affiliates	'
	Note 5 — Investment in Equity Affiliates
	The following is a summary of the Company’s investment in equity affiliates at September 30, 2013 and December 31, 2012:
		Investment in Equity Affiliates at				Unpaid Principal
						Balance of Loans
						to Equity
						Affiliates at
		September 30,		December 31,		September 30,
	Equity Affiliates	2013		2012		2013
	Lightstone Value Plus REIT L.P.	$	2,842,090	$	55,988,409	$	—
	West Shore Café	1,690,282		1,821,536		—
	Issuers of Junior Subordinated Notes	578,000		578,000		—
	JT Prime	425,000		851,000		—
	930 Flushing & 80 Evergreen	154,697		342,197		23,351,241
	Lexford Portfolio	100		100		158,087,000
	St. John’s Development	—		—		25,000,000
	450 West 33rd Street	—		—		—
	Ritz-Carlton Club	—		—		—
	Total	$	5,690,169	$	59,581,242	$	206,438,241
	The Company accounts for the  Lightstone Value Plus REIT L.P. (“Lightstone”) and 450 West 33rd Street investments under the cost method of accounting and the remaining investments under the equity method.
	The following represents the change in the Company’s investments in equity affiliates:
	Lightstone Value Plus REIT L.P. / JT Prime
	The Company owned approximately $56.0 million of preferred and common operating partnership units of Lightstone through a consolidated entity in which the Company has a two thirds interest. In addition, the consolidated entity had debt of approximately $50.2 million, which was secured by these operating partnership units.  In September 2013, the Company’s portion of the preferred operating partnership units were redeemed by Lightstone for cash, at par, and the note related to the Company’s portion was repaid in full. The remaining preferred operating partnership units as well as the related debt secured by these operating partnership units is now owned entirely by the third party noncontrolling interest. As a result, the Company received cash of $2.0 million, reflecting the Company’s equity in the preferred operating partnership units redeemed.  The remaining investment of approximately $2.8 million reflects the carrying value of the consolidated entity’s investment in the common operating partnership units of Lightstone.
	The Company owns a 50% non-controlling interest in an unconsolidated joint venture, JT Prime, which holds preferred and common operating partnership units of Lightstone as well as a promissory note secured by these operating partnership units.  In September 2013, the Company’s portion of the preferred operating partnership units were redeemed by Lightstone for cash, at par, and the note related to the Company’s portion was repaid in full.  As a result, the Company received cash of $0.4 million and the carrying value of the Company’s investment in JT Prime was reduced to $0.4 million, reflecting the Company’s remaining interest in the common operating partnership units.
	West Shore Café
	During the three and nine months ended September 30, 2013, the Company recorded less than $0.1 million and $0.1 million, respectively, of losses from the entity against the equity investment, which was also recorded in loss from equity affiliates in the Company’s Consolidated Statements of Operations.  During the third quarter of 2013, the Company also received the payoff of a $5.5 million first mortgage loan that it provided to the equity affiliate which bore interest at a yield of 10.5%.
	930 Flushing & 80 Evergreen
	During the three and nine months ended September 30, 2013, the Company recorded approximately $0.1 million and $0.2 million, respectively, of losses from the entity against the equity investment, which was also recorded in loss from equity affiliates in the Company’s Consolidated Statements of Operations.

Real_Estate_Owned_and_HeldForS

Real Estate Owned and Held-For-Sale	9 Months Ended
	Sep. 30, 2013
Real Estate Owned and Held-For-Sale	'
Real Estate Owned and Held-For-Sale	'
	Note 6 — Real Estate Owned and Held-For-Sale
	Real Estate Owned
		September 30, 2013									December 31, 2012
		Multifamily			Hotel			Total			Multifamily			Hotel			Total
		Portfolio			Portfolio						Portfolio			Portfolio
	Land	$	11,382,579		$	10,893,651		$	22,276,230		$	15,651,047		$	10,893,651		$	26,544,698
	Building and intangible assets	46,278,295			60,259,869			106,538,164			52,747,149			56,946,750			109,693,899
	Less: accumulated depreciation and amortization	(7,716,060		)	(8,680,678		)	(16,396,738		)	(6,216,409		)	(5,873,989		)	(12,090,398		)
	Real estate owned, net	$	49,944,814		$	62,472,842		$	112,417,656		$	62,181,787		$	61,966,412		$	124,148,199
	As of September 30, 2013, the Company’s six multifamily properties (“Multifamily Portfolio”) classified as real estate owned had a weighted average occupancy rate of approximately 86%.  In the third quarter of 2013, one of the properties in this portfolio with a carrying value of $11.5 million, as well as an $11.0 million portion of a first lien mortgage, was classified as held-for-sale and its results of operations were reclassified as discontinued operations.
	The Company’s real estate assets had restricted cash balances totaling $1.4 million and $1.0 million as of September 30, 2013 and December 31, 2012, respectively, due to escrow requirements.
	For the nine months ended September 30, 2013, the Company’s five hotel properties in Florida (“Hotel Portfolio”) classified as real estate owned had a weighted average occupancy rate of approximately 56%.
	Real Estate Held-For-Sale
	The results of operations for properties classified as held-for-sale or have been sold and with which the Company has no continuing involvement are reflected on the consolidated financial statements as discontinued operations and are summarized as follows:
		Three Months Ended September 30,						Nine Months Ended September 30,
		2013			2012			2013			2012
	Revenue:
	Property operating income	$	598,905		$	741,036		$	1,745,206		$	3,677,099
	Expenses:
	Property operating expense	529,965			681,900			1,587,619			2,098,273
	Depreciation	148,656			146,991			429,066			425,245
	Gain on sale of real estate held-for-sale	—			—			—			3,487,145
	(Loss) income from discontinued operations	$	(79,716	)	$	(87,855	)	$	(271,479	)	$	4,640,726
	In the third quarter of 2013, a property in the Multifamily Portfolio was classified as held-for-sale due to a proposed sale transaction, and in the fourth quarter of 2012, a property in the Hotel Portfolio was sold to a third party.  The corresponding results of operations were reclassified as discontinued operations for all prior periods presented.
	During the nine months ended September 30, 2012, the Company sold an apartment building in Tucson, Arizona and a hotel located in St. Louis, Missouri and recorded a net gain on sale of real estate held-for-sale of $3.5 million in its Consolidated Statements of Operations.  Additionally, during the nine months ended September 30, 2012, the Company surrendered an office building located in Indianapolis, Indiana to the first mortgage lender in full satisfaction of the mortgage note payable and recorded income from discontinued operations of $1.2 million related to the reversal of accrued liabilities which were not incurred.

Debt_Obligations

Debt Obligations	9 Months Ended
	Sep. 30, 2013
Debt Obligations	'
Debt Obligations	'
	Note 7 — Debt Obligations
	The Company utilizes repurchase agreements, warehouse credit facilities, a revolving credit facility, collateralized debt obligations, collateralized loan obligations, junior subordinated notes, a note payable, loan participations and mortgage notes payable to finance certain of its loans and investments.  Borrowings underlying these arrangements are primarily secured by a significant amount of the Company’s loans and investments.
	Repurchase Agreements and Credit Facilities
	The following table outlines borrowings under the Company’s repurchase agreements and credit facilities as of September 30, 2013 and December 31, 2012:
		September 30, 2013						December 31, 2012
		Debt			Collateral			Debt			Collateral
		Carrying			Carrying			Carrying			Carrying
		Value			Value			Value			Value
	Repurchase agreement (1)	$	17,128,000		$	22,478,963		$	35,072,000		$	43,604,281
	Repurchase agreement (2)	14,732,981			19,510,137			689,619			827,488
	Repurchase agreement (3)	—			—			—			—
	$75.0 million warehousing credit facility (4)	55,032,200			81,685,000			50,000,000			70,075,000
	$50.0 million warehousing credit facility (5)	28,645,407			39,880,000			—			—
	$40.0 million warehousing credit facility (6)	23,043,750			37,150,000			—			—
	$17.3 million warehousing credit facility (7)	—			—			17,300,000			30,000,000
	$12.6 million warehousing credit facility (7)	—			—			12,600,000			18,000,000
	$20.0 million revolving credit facility (8)	20,000,000			—			15,000,000			—
	Total repurchase agreements and credit facilities	$	158,582,338		$	200,704,100		$	130,661,619		$	162,506,769
	(1) Rolling monthly term, interest is variable based on one-month LIBOR; the weighted average note rate was 1.86% and 1.75%, respectively.
	(2) Rolling monthly term, interest is variable based on one-month LIBOR; the weighted average note rate was 2.01% and 1.73%, respectively.
	(3) Rolling monthly term, interest is variable based on one-month LIBOR.
	(4) Expiration April 2015, interest is variable based on one-month LIBOR; the note rate was 2.51% and 3.00%, respectively.
	(5) Expiration February 2014, interest is variable based on LIBOR; the weighted average note rate was 2.72%.
	(6) Expiration June 2014, interest is variable based on LIBOR; the weighted average note rate was 2.21%.
	(7) Interest was variable based on LIBOR or Prime; the weighted average note rate was 3.00%.
	(8) Expiration May 2014, interest is fixed at 8.50% with an 8.50% non-use fee on the first $5.0 million, then a 1.00% non-use fee, the weighted average note rate was 8.50% and 8.00%, respectively.
	At September 30, 2013 and December 31, 2012, the weighted average note rate for the Company’s repurchase agreements and credit facilities was 3.16% and 3.25%, respectively.  There were no interest rate swaps on these facilities at September 30, 2013 and December 31, 2012.  Including certain fees and costs, the weighted average note rate was 3.49% and 3.82% at September 30, 2013 and December 31, 2012, respectively.
	In July 2011, the Company entered into a repurchase agreement with a financial institution to finance the purchase of RMBS investments.  During the nine months ended September 30, 2013, the Company financed the purchase of four RMBS investments with this repurchase agreement for a total of $6.4 million and paid down the total debt by $24.3 million due to principal paydowns received on the RMBS investments.  During the year ended December 31, 2012, the Company financed the purchase of 17 RMBS investments with this repurchase agreement for a total of $54.7 million and paid down the total debt by $45.7 million due to principal paydowns received on the RMBS investments.  See Note 4 — “Securities” for further details.  The total debt balance was $17.1 million at September 30, 2013.  The facility generally finances between 60% and 90% of the value of each investment, has a rolling monthly term, and bears interest at a rate of 125 to 200 basis points over LIBOR.  The facility also includes a minimum net worth covenant of $100.0 million.
	In June 2012, the Company entered into another repurchase agreement with a financial institution to finance the purchase of RMBS investments.  During the nine months ended September 30, 2013, the Company financed the purchase of an RMBS investment with this repurchase agreement for $15.4 million and paid down the total debt by $1.3 million due to principal paydowns received on the RMBS investments.  During the year ended December 31, 2012 the Company financed the purchase of an RMBS investment for $0.8 million and paid down the debt by $0.1 million due to principal paydowns received on the RMBS investment.  The total debt balance was $14.7 million at September 30, 2013.  See Note 4 — “Securities” for further details.  The facility generally finances between 75% and 80% of the value of the investment, has a rolling monthly term, and bears interest at a rate of 180 to185 basis points over LIBOR.
	In June 2013, the Company entered into another repurchase agreement with a financial institution to finance the purchase of RMBS investments.  At September 30, 2013, this facility was not used for RMBS investments classified as held-to-maturity.
	In July 2011, the Company entered into a two year, $50.0 million warehouse facility with a financial institution to finance first mortgage loans on multifamily properties.  In January 2013, the Company amended the facility, increasing the committed amount to $75.0 million.  In April 2013, the facility was amended to bear interest at a rate of 225 basis points over LIBOR which was originally 275 basis points over LIBOR, required a 0.25% commitment fee, which was originally 1.0%, upon closing, matures in April 2015 with a one year extension option on outstanding advances that requires two 5% paydowns and has warehousing and non-use fees.  The facility also has a maximum advance rate of 75% and contains several restrictions including full repayment of an advance if a loan becomes 60 days past due, is in default or is written down by the Company.  The facility also includes various financial covenants including a minimum liquidity requirement of $20.0 million, minimum tangible net worth which includes junior subordinated notes as equity of $150.0 million, maximum total liabilities less subordinate debt of $2.0 billion, as well as certain other debt service coverage ratios and debt to equity ratios.  The facility also has a compensating balance requirement of $50.0 million to be maintained by the Company and its affiliates.  At September 30, 2013, the outstanding balance of this facility was $55.0 million.
	In February 2013, the Company entered into a one year, $50.0 million warehouse facility with a financial institution to finance first mortgage loans on multifamily properties.  The facility bears interest at a rate of 250 basis points over LIBOR, requires a 12.5 basis point commitment fee upon closing, matures in February 2014, has warehousing and non-use fees and allows for an original warehousing period of up to 24 months from the initial advance on an asset.  The facility also has a maximum advance rate of 75% and contains certain restrictions including partial prepayment of an advance if a loan becomes 90 days past due or in the process of foreclosure, subject to certain conditions.  The facility also includes various financial covenants including a minimum liquidity requirement of $20.0 million, minimum tangible net worth which includes junior subordinated notes as equity of $150.0 million, maximum total liabilities less subordinate debt of $2.0 billion, as well as certain other debt service coverage ratios and debt to equity ratios.  At September 30, 2013, the outstanding balance of this facility was $28.6 million.
	In June 2013, the Company entered into a one year, $40.0 million warehouse facility with a financial institution to finance first mortgage loans on multifamily properties, including a $10.0 million sublimit to finance retail and office properties.  The facility bears interest at a rate of 200 basis points over LIBOR, matures in June 2014, has warehousing fees and allows for an original warehousing period of up to 24 months from the initial advance on an asset.  The facility also has a maximum advance rate of 70% or 75%, depending on the property type, and contains certain restrictions including prepayment of an advance if a loan becomes 60 days past due or in the process of foreclosure, subject to certain conditions.  The facility also includes various financial covenants including a minimum liquidity requirement of $20.0 million, minimum tangible net worth of $150.0 million, as well as a minimum debt service coverage ratio.  At September 30, 2013, the outstanding balance of this facility was $23.0 million.
	In December 2012, the Company entered into a $17.3 million warehouse facility with a financial institution to finance the first mortgage loan on a multifamily property.  The facility bore interest at a rate of 275 basis points over LIBOR or Prime at the Company’s election, required a 1% commitment fee upon closing and had a maturity of December 2017.  In January 2013, the facility was repaid in full as part of the issuance of a second CLO.
	In June 2012, the Company entered into a $12.6 million warehouse facility with a financial institution to finance the first mortgage loan on a multifamily property.  The facility bore interest at a rate of 275 basis points over LIBOR or Prime at the Company’s election, required a 1% commitment fee upon closing, had a maturity of December 2013 and had a non-use fee.  In January 2013, the facility was repaid in full as part of the issuance of a second CLO.
	In May 2012, the Company entered into a $15.0 million committed revolving line of credit with a one year term maturing in May 2013, which is secured by a portion of the bonds originally issued by the Company’s CDO entities that have been repurchased by the Company.  This facility has a 1% commitment fee, a 1% non-use fee and pays interest at a fixed rate of 8% on any drawn portion of the line.  The facility also includes a debt service coverage ratio requirement for the posting of collateral.  In January 2013, the Company amended the facility, increasing the committed amount to $20.0 million and a fixed rate of interest of 8.5% on any drawn portion of the $20.0 million commitment.  The amendment also included a one year extension option upon maturity in May 2013 and required a 1% commitment fee and a 1% non-use fee.  In May 2013, the Company extended the facility to a maturity in May 2014 with a one year extension option and a 1% extension fee, as well as amended the facility to have an 8.5% non-use fee on the first $5.0 million not borrowed and a 1% non-use fee on the remaining funds not borrowed.  If not extended in May 2014, there will be $0.1 million fee.  At September 30, 2013, the outstanding balance of this facility was $20.0 million.
	Collateralized Debt Obligations
	The following table outlines borrowings and the corresponding collateral under the Company’s collateralized debt obligations as of September 30, 2013:
								Collateral
		Debt						Loans					Securities						Cash
		Face			Carrying			Unpaid			Carrying		Face		Carrying		Fair		Restricted		Collateral
		Value			Value			Principal (1)			Value (1)		Value		Value		Value (2)		Cash (3)		At-Risk (4)
	CDO I	$	127,318,668		$	133,019,558		$	284,257,145		$	234,674,057	$	—	$	—	$	—	$	516,689	$	187,894,823
	CDO II	226,619,510			232,476,371			370,927,009			320,806,156		—		—		—		23,486,637		178,271,174
	CDO III	362,239,462			370,938,627			420,876,011			390,305,633		—		—		—		64,000,000		241,496,579
	Total CDOs	$	716,177,640		$	736,434,556		$	1,076,060,165		$	945,785,846	$	—	$	—	$	—	$	88,003,326	$	607,662,576
	CDO I — Issued four investment grade tranches in January 2005 with a reinvestment period through April 2009 and a stated maturity date of February 2040.  Interest is variable based on three-month LIBOR; the weighted average note rate was 3.11%.
	CDO II — Issued nine investment grade tranches in January 2006 with a reinvestment period through April 2011 and a stated maturity date of April 2038.  Interest is variable based on three-month LIBOR; the weighted average note rate was 3.32%.
	CDO III — Issued ten investment grade tranches in December 2006 with a reinvestment period through January 2012 and a stated maturity date of January 2042.  Interest is variable based on three-month LIBOR; the weighted average note rate was 0.71%.
	The following table outlines borrowings and the corresponding collateral under the Company’s collateralized debt obligations as of December 31, 2012:
								Collateral
		Debt						Loans					Securities						Cash
		Face			Carrying			Unpaid			Carrying		Face		Carrying		Fair		Restricted		Collateral
		Value			Value			Principal (1)			Value (1)		Value		Value		Value (2)		Cash (3)		At-Risk (4)
	CDO I	$	133,994,136		$	139,856,472		$	299,881,599		$	238,852,726	$	—	$	—	$	—	$	1,036,155	$	207,772,049
	CDO II	231,186,301			237,209,429			395,266,909			345,919,525		10,000,000		1,100,000		1,100,000		470,952		188,271,174
	CDO III	426,458,233			435,386,944			515,403,735			485,235,214		—		—		—		24,819,361		244,697,945
	Total CDOs	$	791,638,670		$	812,452,845		$	1,210,552,243		$	1,070,007,465	$	10,000,000	$	1,100,000	$	1,100,000	$	26,326,468	$	640,741,168
	(1) Amounts include loans to real estate assets consolidated by the Company that were reclassified to real estate owned and held-for-sale, net on the Consolidated Financial Statements.
	(2) The security with a fair value of $1,100,000 was rated a CCC- at December 31, 2012 by Standard & Poor’s and was sold in May 2013.
	(3) Represents restricted cash held for principal repayments in the CDOs.  Does not include restricted cash related to interest payments, delayed fundings and expenses.
	(4) 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 September 30, 2013 and December 31, 2012, the aggregate weighted average note rate for the Company’s collateralized debt obligations, including the cost of interest rate swaps on assets financed in these facilities, was 1.97% and 1.87%, respectively.  Excluding the effect of swaps, the weighted average note rate at September 30, 2013 and December 31, 2012 was 0.80% and 0.86%, respectively.  Including certain fees and costs, the weighted average note rate was 2.91% and 2.77% at September 30, 2013 and December 31, 2012, respectively.
Investor capital is repaid quarterly from proceeds received from loan repayments held as collateral in accordance with the terms of the CDO’s.  Proceeds distributed are recorded as a reduction of the CDO liability.
CDO III has a $100.0 million revolving note class that provided a revolving note facility.  The outstanding note balance for CDO III was $370.9 million at September 30, 2013, which included $67.9 million outstanding under the revolving note facility.
In the third quarter of 2013, the Company purchased, at a discount, $2.8 million of investment grade rated Class H notes originally issued by its CDO II and CDO III issuing entities for a price of $1.7 million from third party investors and recorded a net gain on extinguishment of debt of $1.2 million in its 2013 Consolidated Statements of Operations.
In the first quarter of 2013, the Company purchased, at a discount, a $7.1 million investment grade rated Class H note originally issued by its CDO III issuing entity for a price of $3.3 million from a third party investor and recorded a gain on extinguishment of debt of $3.8 million in its 2013 Consolidated Statements of Operations.
During the three and nine months ended September 30, 2012, the Company purchased, at a discount, $9.0 million and $66.2 million, respectively, of investment grade rated Class B, C, D, E, F, G and H notes originally issued by its CDO II and CDO III issuing entities for a price of $4.9 million and $35.8 million, respectively, from third party investors and recorded a net gain on extinguishment of debt of $4.1 million and $30.5 million, respectively, in its 2012 Consolidated Statements of Operations.
The following table sets forth the face amount and gain on extinguishment of the Company’s CDO bonds repurchased in the following periods by bond class:
	Three Months Ended September 30,											Nine Months Ended September 30,
	2013						2012					2013				2012
Class:	Face			Gain			Face			Gain		Face		Gain		Face		Gain
	Amount						Amount					Amount				Amount
B	$	—		$	—		$	—		$	—	$	—	$	—	$	13,000,000	$	4,615,000
C	—			—			—			—		—		—		3,329,509		1,200,182
D	—			—			3,000,000			1,281,563		—		—		13,350,000		5,819,066
E	—			—			6,000,000			2,863,125		—		—		13,765,276		6,445,033
F	—			—			—			—		—		—		9,708,556		5,048,417
G	—			—			—			—		—		—		8,672,039		4,777,138
H	2,835,088			1,167,772			—			—		9,935,088		4,930,772		4,403,771		2,554,187
Total	$	2,835,088		$	1,167,772		$	9,000,000		$	4,144,688	$	9,935,088	$	4,930,772	$	66,229,151	$	30,459,023
In 2010, the Company re-issued its own CDO bonds it 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 its junior subordinated notes.  This transaction resulted in the recording of $65.2 million of additional CDO debt, of which $42.3 million represents the portion of the Company’s CDO bonds that were exchanged and $22.9 million represents the estimated interest due on the reissued bonds through their maturity, of which $20.3 million remains at September 30, 2013.  See “Junior Subordinated Notes” below for further details.
The Company accounts for these transactions on its Consolidated Balance Sheet as financing facilities.  The Company’s CDOs are VIEs for which the Company is the primary beneficiary and are consolidated in the Company’s Financial Statements accordingly.  The investment grade tranches are treated as secured financings, and are non-recourse to the Company.
Collateralized Loan Obligations
The following table outlines borrowings and the corresponding collateral under the Company’s collateralized loan obligations as of September 30, 2013:
							Collateral
	Debt						Loans					Cash
	Face			Carrying			Unpaid			Carrying		Restricted		Collateral
	Value			Value			Principal			Value		Cash		At-Risk (1)
CLO I	$	87,500,000		$	87,500,000		$	117,208,146		$	116,830,764	$	7,878,504	$	10,250,000
CLO II	177,000,000			177,000,000			257,887,960			257,144,312		1,750,135		—
Total CLOs	$	264,500,000		$	264,500,000		$	375,096,106		$	373,975,076	$	9,628,639	$	10,250,000
CLO I — Issued two investment grade tranches in September 2012 with a replacement period through September 2014 and a stated maturity date of October 2022.  Interest is variable based on three-month LIBOR; the weighted average note rate was 3.62%.
CLO II — Issued two investment grade tranches in January 2013 with a replacement period through January 2015 and a stated maturity date of February 2023.  Interest is variable based on three-month LIBOR; the weighted average note rate was 2.57%.
(1) 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.
The following table outlines borrowings and the corresponding collateral under the Company’s collateralized loan obligation as of December 31, 2012:
							Collateral
	Debt						Loans					Cash
	Face			Carrying			Unpaid			Carrying		Restricted
	Value			Value			Principal			Value		Cash
CLO I	$	87,500,000		$	87,500,000		$	125,086,650		$	124,525,103	$	—
On September 24, 2012, the Company completed its first collateralized loan obligation, or CLO, issuing to third party investors two tranches of investment grade collateralized loan obligations through newly-formed wholly-owned subsidiaries, Arbor Realty Collateralized Loan Obligation 2012-1, Ltd. and Arbor Realty Collateralized Loan Obligation 2012-1, LLC.  Initially, the notes are secured by a portfolio of loan obligations with a face value of approximately $125.1 million, consisting primarily of bridge loans and a senior participation interest in a first mortgage loan that were contributed from the Company’s existing loan portfolio.  The financing has a two-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid.  The aggregate principal amounts of the two classes of notes were $75.0 million of Class A senior secured floating rate notes and $12.5 million of Class B secured floating rate notes.  The Company retained a residual interest in the portfolio with a notional amount of $37.6 million.  The notes have an initial weighted average interest rate of approximately 3.39% plus one-month LIBOR and interest payments on the notes are payable monthly, beginning on November 15, 2012, to and including October 15, 2022, the stated maturity date of the notes.  The Company incurred approximately $2.4 million of issuance costs which is being amortized on a level yield basis over the average estimated life of the CLO.  Including certain fees and costs, the initial weighted average note rate was 4.35%.  The Company accounts for this transaction on its balance sheet as a financing facility.
On January 28, 2013, the Company completed its second CLO, issuing to third party investors two tranches of investment grade collateralized loan obligations through newly-formed wholly-owned subsidiaries, Arbor Realty Collateralized Loan Obligation 2013-1, Ltd. and Arbor Realty Collateralized Loan Obligation 2013-1, LLC.  As of the CLO closing date, the notes are secured by a portfolio of loan obligations with a face value of approximately $210.0 million, consisting primarily of bridge loans and a senior participation interest in a first mortgage loan that were contributed from the Company’s existing loan portfolio.  The financing has a two-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture.  Thereafter, the outstanding debt balance will be reduced as loans are repaid.  Initially, the proceeds of the issuance of the securities also included $50.0 million for the purpose of acquiring additional loan obligations for a period of up to 90 days from the closing date of the CLO.  Subsequently, the issuer owns loan obligations with a face value of approximately $260.0 million.  The aggregate principal amounts of the two classes of notes were $156.0 million of Class A senior secured floating rate notes and $21.0 million of Class B secured floating rate notes.  The Company retained a residual interest in the portfolio with a notional amount of approximately $83.0 million.  The notes have an initial weighted average interest rate of approximately 2.36% plus one-month LIBOR and interest payments on the notes are payable monthly, beginning on March 15, 2013, to and including February 15, 2023, the stated maturity date of the notes.  The Company incurred approximately $3.2 million of issuance costs which is being amortized on a level yield basis over the average estimated life of the CLO.  Including certain fees and costs, the initial weighted average note rate was 3.00%.  The Company accounts for this transaction on its balance sheet as a financing facility.
The Company’s CLO vehicles are VIEs for which the Company is the primary beneficiary and are consolidated in the Company’s Financial Statements.  The two investment grade tranches are treated as a secured financing, and are non-recourse to the Company.
At September 30, 2013 and December 31, 2012, the aggregate weighted average note rate for the Company’s collateralized loan obligations was 2.92% and 3.65%, respectively.  Including certain fees and costs, the weighted average note rate was 3.47% and 4.33% at September 30, 2013 and December 31, 2012, respectively.
Junior Subordinated Notes
The carrying value of borrowings under the Company’s junior subordinated notes was $159.2 million at September 30, 2013 and $158.8 million at December 31, 2012, which is net of a deferred amount of $16.7 million and $17.1 million, respectively.  These notes have maturities ranging from March 2034 through April 2037 and pay interest quarterly at a fixed or floating rate of interest based on three-month LIBOR and, absent the occurrence of special events, were not redeemable for the first two years.  The current weighted average note rate was 3.03% and 3.08% at September 30, 2013 and December 31, 2012, respectively, however, based upon the accounting treatment for the restructuring mentioned below, the effective rate was 3.06% and 3.12% at September 30, 2013 and December 31, 2012, respectively.  Including certain fees and costs, the weighted average note rate was 3.22% and 3.35% at September 30, 2013 and December 31, 2012, respectively.  The impact of these variable interest entities with respect to consolidation is discussed in Note 9 — “Variable Interest Entities.”
In 2009, the Company retired $265.8 million of its then outstanding trust preferred securities, primarily consisting of $258.4 million of junior subordinated notes issued to third party investors and $7.4 million of common equity issued to the Company in exchange for $289.4 million of newly issued unsecured junior subordinated notes, representing 112% of the original face amount.   The notes bore a fixed interest rate of 0.50% per annum until March 31, 2012 or April 30, 2012 (the “Modification Period”).  Thereafter, interest is to be paid at the rates set forth in the existing trust agreements until maturity, equal to three month LIBOR plus a weighted average spread of 2.90%, which was reduced to 2.77% after the exchange in 2010 mentioned above.  The 12% increase to the face amount due upon maturity, which had a balance of $16.7 million at September 30, 2013, is being amortized into interest expense over the life of the notes.  The Company also paid transaction fees of approximately $1.3 million to the issuers of the junior subordinated notes related to this restructuring which is being amortized over the life of the notes.  The terms of the Modification Period expired in April 2012.
Notes Payable
The following table outlines borrowings under the Company’s notes payable as of September 30, 2013 and December 31, 2012:
	September 30, 2013						December 31, 2012
	Debt			Collateral			Debt			Collateral
	Carrying			Carrying			Carrying			Carrying
	Value			Value			Value			Value
Note payable relating to investment in equity affiliates, expiration July 2016, interest is fixed, the weighted average note rate was 4.06%	$	—		$	—		$	50,157,708		$	55,988,411
Junior loan participation, secured by the Company’s interest in a first mortgage loan with a principal balance of $1.3 million, participation interest was based on a portion of the interest received from the loan which has a fixed rate of 9.57%	1,300,000			1,300,000			1,300,000			1,300,000
Junior loan participation, maturity of March 2014, secured by the Company’s interest in a mezzanine loan with a principal balance of $3.0 million, participation interest is a fixed rate of 15.00%	450,000			450,000			—			—
Total notes payable	$	1,750,000		$	1,750,000		$	51,457,708		$	57,288,411
At September 30, 2013 and December 31, 2012, the aggregate weighted average note rate for the Company’s notes payable was 3.91%, respectively.  There were no interest rate swaps on the notes payable at September 30, 2013 and December 31, 2012.
In 2008, the Company recorded a $49.5 million note payable after receiving cash related to a transaction with Lightstone Value Plus REIT, L.P. to exchange the Company’s profits interest in Prime Outlets Member, LLC (“POM”) for operating partnership units in Lightstone Value Plus REIT, L.P.  The note, which was paid down to $48.5 million as of December 31, 2008, was initially secured by the Company’s interest in POM, with a maturity in July 2016 and interest at a fixed rate of 4.06% with payment deferred until the closing of the transaction.  Upon the closing of the POM transaction in March 2009, the note balance was increased to $50.2 million and was secured by the Company’s investment in common and preferred operating partnership units in Lightstone Value Plus REIT, L.P.  In September 2013, the outstanding balance of this note was paid off upon the redemption of the preferred operating partnership units in Lightstone Value Plus REIT, L.P.  See Note 5 — “Investment in equity affiliates” for further details.
In September 2013, the Company entered into a non-recourse junior loan participation for approximately $0.5 million on a $3.0 million mezzanine loan.  The participation has a fixed rate of 15.00% and a maturity of March 2014.  The Company also has a junior loan participation with an outstanding balance at September 30, 2013 of $1.3 million on a $1.3 million bridge loan.  These participations have a maturity date equal to the corresponding mortgage loan and are secured by the participant’s interest in the mortgage loan.  Interest expense is based on the portion of the interest received from the loan that is paid to the junior participant.  The Company’s obligation to pay interest on the participation is based on the performance of the related loan.
Mortgage Note Payable — Real Estate Owned and Held-For-Sale
During 2011, the Company assumed a $55.4 million interest-only first lien mortgage in connection with the acquisition of real property pursuant to bankruptcy proceedings for an entity in which the Company had a $29.8 million loan secured by the Multifamily Portfolio.  The mortgage bears interest at a variable rate of one-month LIBOR plus 1.23% and has a maturity date of March 2014 with a one year and three month extension option.  In June 2011, one of the properties in the Multifamily Portfolio was sold to a third party for $1.6 million and the proceeds were used to pay down the first lien mortgage to a balance of $53.8 million. In September 2013, one of the properties in the Multifamily Portfolio was classified as held-for-sale and thus $11.0 million of the first lien mortgage was classified as held-for-sale and the balance of $42.7 million was classified as real estate owned at September 30, 2013.
Debt Covenants
The Company’s debt facilities contain various financial covenants and restrictions, including minimum net worth, minimum liquidity and maximum debt balance requirements, as well as certain other debt service coverage ratios and debt to equity ratios.  The Company was in compliance with all financial covenants and restrictions at September 30, 2013.
The Company’s CDO and CLO vehicles contain interest coverage and asset overcollateralization covenants that must be met as of the waterfall distribution date in order for the Company to receive such payments.  If the Company fails these covenants in any of its CDOs or CLOs, all cash flows from the applicable CDO or CLO would be diverted to repay principal and interest on the outstanding CDO or CLO bonds and the Company would not receive any residual payments until that CDO or CLO regained compliance with such tests.  The Company’s CDOs and CLOs were in compliance with all such covenants as of September 30, 2013, as well as on the most recent determination date in October 2013.  In the event of a breach of the CDO or CLO covenants that could not be cured in the near-term, the Company would be required to fund its non-CDO or non-CLO expenses, including management fees and employee costs, distributions required to maintain REIT status, debt costs, and other expenses with (i) cash on hand, (ii) income from any CDO or CLO not in breach of a covenant test, (iii) income from real property and loan assets, (iv) sale of assets, (v) or accessing the equity or debt capital markets, if available.  The Company has the right to cure covenant breaches which would resume normal residual payments to it by purchasing non-performing loans out of the CDOs or CLOs.  However, the Company may not have sufficient liquidity available to do so at such time.
The chart below is a summary of the Company’s CDO and CLO compliance tests as of the most recent determination dates in October 2013:
Cash Flow Triggers	CDO I		CDO II		CDO III		CLO I		CLO II
Overcollateralization (1)
Current	166.88	%	133.77	%	106.64	%	142.96	%	146.89	%
Limit	145	%	127.3	%	105.6	%	137.86	%	144.25	%
Pass / Fail	Pass		Pass		Pass		Pass		Pass
Interest Coverage (2)
Current	501.11	%	473.84	%	566.7	%	224.4	%	287.19	%
Limit	160	%	147.3	%	105.6	%	120	%	120	%
Pass / Fail	Pass		Pass		Pass		Pass		Pass
(1) The overcollateralization ratio divides the total principal balance of all collateral in the CDO and CLO by the total principal balance of the bonds associated with the applicable ratio.  To the extent an asset is considered a defaulted security, the asset’s principal balance for purposes of the overcollateralization test is the lesser of the asset’s market value or the principal balance of the defaulted asset multiplied by the asset’s recovery rate which is determined by the rating agencies.  Rating downgrades of CDO and CLO collateral will generally not have a direct impact on the principal balance of a CDO and CLO asset for purposes of calculating the CDO and CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC-) as defined in each CDO and CLO vehicle.
(2) The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by the Company.
The chart below is a summary of the Company’s CDO and CLO overcollateralization ratios as of the following determination dates:
Determination Date	CDO I		CDO II		CDO III		CLO I		CLO II
October 2013	166.88	%	133.77	%	106.64	%	142.96	%	146.89	%
July 2013	176.69	%	139.1	%	106.61	%	142.96	%	146.89	%
April 2013	174.76	%	138.97	%	106.56	%	142.96	%	146.89	%
January 2013	172.73	%	138.89	%	105.9	%	142.96	%	—
October 2012	171.36	%	138.59	%	105.64	%	—		—
The ratio will fluctuate based on the performance of the underlying assets, transfers of assets into the CDOs and CLOs prior to the expiration of their respective replenishment dates, purchase or disposal of other investments, and loan payoffs.  No payment due under the Junior Subordinated Indentures may be paid if there is a default under any senior debt and the senior lender has sent notice to the trustee.  The Junior Subordinated Indentures are also cross-defaulted with each other.

Derivative_Financial_Instrumen

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2013
Derivative Financial Instruments	'
Derivative Financial Instruments	'
	Note 8 — Derivative Financial Instruments
	See Note 2 — “Summary of Significant Accounting Policies” for the Company’s accounting policies regarding derivative financial instruments.
	The following is a summary of the derivative financial instruments held by the Company as of September 30, 2013 and December 31, 2012 (dollars in thousands):
			Notional Value												Balance		Fair Value
	Designation\	Derivative	Count		September 30,			Count		December 31,			Expiration		Sheet		September 30,			December 31,
	Cash Flow				2013					2012			Date		Location		2013			2012
	Non-Qualifying	Basis Swaps	1		$	11,600		8		$	603,524		2015		Other Assets		$	10		$	128
	Non-Qualifying	LIBOR Caps	—		$	—		1		$	6,000		—		Other Assets		$	—		$	—
	Qualifying	LIBOR Cap	—		$	—		1		$	73,301		—		Other Assets		$	—		$	—
	Qualifying	Interest Rate Swaps	14		$	297,583		14		$	312,227		2014 - 2017		Other Liabilities		$	(27,777	)	$	(37,755	)
	Non-Qualifying	Forward Contracts	14		$	—		12		$	—		2015 - 2036		Other Assets		$	13,930		$	10,800
	The Non-Qualifying Basis Swaps Hedges are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet hedge accounting requirements.  The Company is exposed to changes in the fair value of certain of its fixed rate obligations due to changes in benchmark interest rates and uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the benchmark interest rate.  These interest rate swaps designated as fair value hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount.  During the nine months ended September 30, 2013, seven basis swaps matured with a combined notional value of approximately $499.4 million and the notional value of one basis swap decreased by approximately $92.6 million pursuant to the contractual terms of the respective swap agreement.  The Non-Qualifying LIBOR Cap Hedge with a notional value of approximately $6.0 million at December 31, 2012 also matured during the nine months ended September 30, 2013.  The Company entered into this hedge in the fourth quarter of 2010 due to a loan agreement which required a LIBOR Cap of 1%.  During the nine months ended September 30, 2012, a basis swap matured with a notional value of approximately $110.1 million and the notional value of two basis swaps decreased by approximately $109.4 million pursuant to the contractual terms of the respective swap agreements.  For the three months ended September 30, 2013 and 2012, the change in fair value of the Non-Qualifying Basis Swaps and LIBOR Caps was less than $(0.1) million and $(0.4) million, respectively, and for the nine months ended September 30, 2013 and 2012, the change in fair value of the Non-Qualifying Basis Swaps and LIBOR Caps was $(0.1) million and $(1.2) million, respectively, and was recorded in interest expense on the Consolidated Statements of Operations.
	The change in the fair value of Qualifying Interest Rate Swap Cash Flow Hedges was recorded in accumulated other comprehensive loss on the Consolidated Balance Sheets.  These interest rate swaps are used to hedge the variable cash flows associated with existing variable-rate debt, and amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt.  During the nine months ended September 30, 2013, the notional value on an interest rate swap decreased by approximately $14.5 million pursuant to the contractual terms of the respective swap agreement.  The Qualifying LIBOR Cap Hedge with a notional value of approximately $73.3 million at December 31, 2012 also matured during the nine months ended September 30, 2013.  The Company entered into this hedge in the first quarter of 2011due to a loan agreement which required a LIBOR Cap of 2%.  During the nine months ended September 30, 2012, nine interest rate swaps matured with a combined notional value of approximately $176.8 million and the notional value on an interest rate swap decreased by approximately $6.4 million pursuant to the contractual terms of the respective swap agreement.  As of September 30, 2013, the Company expects to reclassify approximately $(13.4) million of other comprehensive loss from Qualifying Cash Flow Hedges to interest expense over the next twelve months assuming interest rates on that date are held constant.  Gains and losses on terminated swaps are being deferred and recognized in earnings over the original life of the hedged item.  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.  As of September 30, 2013 and December 31, 2012, the Company has a net deferred loss of $1.7 million and $2.2 million, respectively, in accumulated other comprehensive loss.  The Company recorded $0.2 million and $0.2 million as additional interest expense related to the amortization of the loss for the three months ended September 30, 2013 and 2012, respectively, and $0.1 million and $0.1 million as a reduction to interest expense related to the accretion of the net gains for the three months ended September 30, 2013 and 2012, respectively.  The Company recorded $0.6 million and $0.7 million as additional interest expense related to the amortization of the loss for the nine months ended September 30, 2013 and 2012, respectively, and $0.2 million and $0.2 million as a reduction to interest expense related to the accretion of the net gains for the nine months ended September 30, 2013 and 2012, respectively.  The Company expects to record approximately $0.5 million of net deferred loss to interest expense over the next twelve months.
	The fair value of Non-Qualifying Forward Contracts was $13.9 million as of September 30, 2013 and was recorded in other assets on the Consolidated Balance Sheets and consisted of $125.5 million of RMBS investments net of $1.4 million of net losses in fair value and $110.1 million of repurchase financing.  The fair value of Non-Qualifying Forward Contracts was $10.8 million as of December 31, 2012 and was recorded in other assets on the Consolidated Balance Sheets and consisted of $75.3 million of RMBS investments, net of $64.6 million of repurchase financing.  During the nine months ended September 30, 2013, the Company purchased nine RMBS investments for $85.3 million and financed the purchases with repurchase agreements totaling $73.7 million, which are accounted for as linked transactions and considered forward contracts.  The repurchase agreements generally finance 80% - 90% of the purchase and bear interest at a rate of 125 to 175 basis points over LIBOR.  The Company received total principal paydowns on the RMBS of $26.3 million and paid down the associated repurchase agreement by $21.2 million.  In the third quarter of 2013, the Company sold five RMBS investments, which were accounted for as linked transactions, with an aggregate carrying value of $8.7 million for approximately $8.7 million and recorded a net loss of less than $0.1 million related to the settlement of these linked transactions.  The five RMBS investments were financed with repurchase agreements totaling $8.0 million which were repaid with the proceeds.  During the nine months ended September 30, 2012, the Company purchased eight RMBS investments for $52.2 million and financed 80% - 90% of the purchases with repurchase agreements totaling $46.1 million, which are accounted for as linked transactions and considered forward contracts.  The Company received total principal paydowns on the RMBS of $4.8 million and paid down the associated repurchase agreement by $3.0 million.  For the nine months ended September 30, 2013, $1.6 million of net interest income and a $1.7 million decrease in fair value was recorded to other income on the Consolidated Statements of Operations.  For the nine months ended September 30, 2012, $0.5 million of net interest income and a $0.1 million increase in fair value was recorded to other income on the Consolidated Statements of Operations.  The RMBS investments bear interest at a weighted average fixed rate of 3.00%, have a weighted average stated maturity of 23.1 years, but have weighted average estimated lives of 2.8 years based on the estimated maturities of the RMBS investments.
	The following table presents the effect of the Company’s derivative financial instruments on the Statements of Operations as of September 30, 2013 and 2012 (dollars in thousands):
			Amount of (Gain) Loss						Amount of Loss						Amount of						Amount of
			Recognized in						Reclassified from						(Loss) Gain Recognized						(Loss) Gain Recognized
			Other Comprehensive						Accumulated Other						in Interest Expense						in Other Income
			Loss						Comprehensive Loss into						(Ineffective Portion)						For the Nine Months Ended
			(Effective Portion)						Interest Expense						For the Nine Months Ended
			For the Nine Months Ended						(Effective Portion)
									For the Nine Months Ended
	Designation\	Derivative	September			September			September			September			September			September			September			September
	Cash Flow		30,			30,			30,			30,			30,			30,			30,			30,
			2013			2012			2013			2012			2013			2012			2013			2012
	Non-Qualifying	Basis Swaps / Caps	$	—		$	—		$	—		$	—		$	(11	)	$	50		$	—		$	—
	Qualifying	Interest Rate Swaps / Cap	$	98		$	7,507		$	(10,564	)	$	(12,883	)	$	—		$	—		$	—		$	—
	Non-Qualifying	Forward Contracts	$	—		$	—		$	—		$	—		$	—		$	—		$	(1,688	)	$	65
	The cumulative amount of other comprehensive loss related to net unrealized losses on derivatives designated as qualifying hedges as of September 30, 2013 and December 31, 2012 of approximately $(29.5) million and approximately $(40.0) million, respectively, is a combination of the fair value of qualifying cash flow hedges of $(27.8) million and $(37.8) million, respectively, deferred losses on terminated interest swaps of $(2.1) million and $(2.7) million, respectively, and deferred net gains on termination of interest swaps of $0.4 million and $0.5 million, respectively.
	The Company has agreements with certain of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations.  As of September 30, 2013 and December 31, 2012, 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 $(14.9) million and $(19.2) million, respectively.  As of September 30, 2013 and December 31, 2012, the Company had minimum collateral posting thresholds with certain of its derivative counterparties and had posted collateral of $15.1 million and $20.0 million, respectively, which is recorded in other assets in the Company’s Consolidated Balance Sheets.

Variable_Interest_Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2013
Variable Interest Entities	'
Variable Interest Entities	'
	Note 9 — Variable Interest Entities
	The Company has evaluated its loans and investments, mortgage related securities, investments in equity affiliates, junior subordinated notes, CDOs and CLOs, in order to determine if they qualify as VIEs or as variable interests in VIEs.  This evaluation resulted in the Company determining that its bridge loans, junior participation loans, mezzanine loans, preferred equity investments, investments in equity affiliates, junior subordinated notes, CDOs, CLOs and investments in mortgage related securities are potential VIEs.
	The Company’s involvement with VIEs primarily affects its financial performance and cash flows through amounts recorded in interest income, interest expense,  provision for loan losses and through activity associated with its derivative instruments.
	Consolidated VIEs
	The Company consolidates its three CDO and two CLO subsidiaries, which qualify as VIEs, of which the Company is the primary beneficiary.  These CDOs and CLOs invest in real estate and real estate-related securities and are financed by the issuance of CDO and CLO debt securities.  The Company, or one of its affiliates, is named collateral manager, servicer, and special servicer for all CDO and CLO collateral assets which the Company believes gives it the power to direct the most significant economic activities of the entity.  The Company also has exposure to CDO and CLO losses to the extent of its equity interests and also has rights to waterfall payments in excess of required payments to CDO and CLO bond investors.  As a result of consolidation, equity interests in these CDOs and CLOs have been eliminated, and the Consolidated Balance Sheet reflects both the assets held and debt issued by the CDOs and CLOs to third parties.  The Company’s operating results and cash flows include the gross amounts related to CDO and CLO assets and liabilities as opposed to the Company’s net economic interests in the CDO and CLO entities.
	Assets held by the CDOs and CLOs are restricted and can be used only to settle obligations of the CDOs and CLOs.  The liabilities of the CDOs and CLOs are non-recourse to the Company and can only be satisfied from each CDOs and CLOs respective asset pool.  Assets and liabilities related to the CDOs and CLOs are disclosed parenthetically, in the aggregate, in the Company’s Consolidated Balance Sheets.  See Note 7 — “Debt Obligations” for further details.
	The Company is not obligated to provide, has not provided, and does not intend to provide financial support to any of the consolidated CDOs and CLOs.
	Unconsolidated VIEs
	The Company determined that it is not the primary beneficiary of 49 VIEs in which it has a variable interest as of September 30, 2013 because it does not have the ability to direct the activities of the VIEs that most significantly impact each entity’s economic performance.  VIEs, of which the Company is not the primary beneficiary, have an aggregate carrying amount of $788.2 million and exposure to real estate debt of approximately $4.1 billion at September 30, 2013.
	The following is a summary of the Company’s variable interests in identified VIEs, of which the Company is not the primary beneficiary, as of September 30, 2013:
				Maximum
	Type	Carrying		Exposure to
		Amount (1)		Loss (2)
	Loans	$	445,338,992	$	445,338,992
	Loans and equity investments	156,849,718		156,849,718
	RMBS	183,292,201		183,292,201
	CMBS	2,100,000		2,100,000
	Junior subordinated notes (3)	578,000		578,000
	Total	$	788,158,911	$	788,158,911
	(1) Represents the carrying amount of loans and investments before reserves.  At September 30, 2013, $216.8 million of loans to VIEs had corresponding loan loss reserves of approximately $131.7 million and $39.2 million of loans to VIEs were related to loans classified as non-performing.  See Note 3 — “Loans and Investments” for further details.
	(2) The Company’s maximum exposure to loss as of September 30, 2013 would not exceed the carrying amount of its investment.
	(3) These entities that issued the junior subordinated notes are VIEs.  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 the Company’s investments were funded by the entities that issued the junior subordinated notes, it is not considered to be at risk.

Fair_Value

Fair Value	9 Months Ended
	Sep. 30, 2013
Fair Value	'
Fair Value	'
	Note 10 — Fair Value
	Fair Value of Financial Instruments
	Fair value estimates are dependent upon subjective assumptions and involve significant uncertainties resulting in variability in estimates with changes in assumptions.  The following table summarizes the carrying values and the estimated fair values of the Company’s financial instruments as of September 30, 2013 and December 31, 2012:
		September 30, 2013						December 31, 2012
					Estimated					Estimated
		Carrying Value			Fair Value			Carrying Value		Fair Value
	Financial assets:
	Loans and investments, net	$	1,546,107,405		$	1,566,593,565		$	1,325,667,053	$	1,316,001,339
	Available-for-sale securities	2,746,682			2,746,682			3,552,736		3,552,736
	Securities held-to-maturity, net	41,989,100			43,100,421			42,986,980		43,153,124
	Derivative financial instruments	13,939,477			13,939,477			10,927,551		10,927,551
	Financial liabilities:
	Repurchase agreements and credit facilities	$	158,582,338		$	158,297,391		$	130,661,619	$	130,363,126
	Collateralized debt obligations	736,434,556			610,943,763			812,452,845		590,901,757
	Collateralized loan obligations	264,500,000			266,498,750			87,500,000		87,500,000
	Junior subordinated notes	159,157,643			100,930,762			158,767,145		99,984,066
	Notes payable	1,750,000			1,737,431			51,457,708		46,743,406
	Mortgage note payable - real estate owned and held-for-sale	53,751,004			52,219,748			53,751,004		50,005,874
	Derivative financial instruments	27,776,770			27,776,770			37,754,775		37,754,775
	The following methods and assumptions were used by the Company in estimating the fair value of each class of financial instrument:
	Loans and investments, net:  Fair values of loans and investments that are not impaired are estimated using 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 by the Company using 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 and are based on prevailing market data and, in some cases, are derived from third party proprietary models based on well recognized financial principles and reasonable estimates about relevant future market conditions.  The fair values of certain CMBS securities are estimated by the Company using significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders and other factors deemed necessary by management.
	Securities held-to-maturity, net:  Fair values are approximated based on internally developed valuation models, which are compared to current non-binding market quotes received from financial sources that trade such securities.
	Derivative financial instruments:  Fair values of interest rate swap derivatives 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.  These items are included in other assets and other liabilities on the Consolidated Balance Sheets.  The Company incorporates credit valuation adjustments in the fair values of its derivative financial instruments to reflect counterparty nonperformance risk.  The fair values of RMBS underlying linked transactions are estimated based on internally developed valuation models, which are compared to broker quotations.  The value of the underlying RMBS is then netted against the carrying amount (which approximates fair value) of the repurchase agreement borrowing at the valuation date.  The fair value of linked transactions also includes accrued interest receivable on the RMBS and accrued interest payable on the underlying repurchase agreement borrowings.
	Repurchase agreements, credit facilities, notes payable and mortgage notes payable:  Fair values are estimated using discounted cash flow methodology, using discount rates, which, in the opinion of management, best reflect current market interest rates for financing with similar characteristics and credit quality.
	Collateralized debt obligations and collateralized loan obligations:  Fair values are estimated based on broker quotations, representing the discounted expected future cash flows at a yield that reflects current market interest rates and credit spreads.
	Junior subordinated notes:  Fair values are estimated based on discounted expected future cash flows at a yield that reflects current market interest rates and credit spreads.
	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 the Company evaluates its hierarchy disclosures each quarter.
	The Company measures certain financial assets and financial liabilities at fair value on a recurring basis, including available—for—sale securities and derivative financial instruments. The fair value of these financial assets and liabilities was determined using the following inputs as of September 30, 2013:
								Fair Value Measurements
		Carrying			Fair			Using Fair Value Hierarchy
		Value			Value			Level 1		Level 2		Level 3
	Financial assets:
	Available-for-sale securities (1)	$	2,746,682		$	2,746,682		$	646,682	$	—	$	2,100,000
	Derivative financial instruments (2)	13,939,477			13,939,477			—		9,641		13,929,836
	Financial liabilities:
	Derivative financial instruments	$	27,776,770		$	27,776,770		$	—	$	27,776,770	$	—
	(1) The Company’s equity securities available-for-sale were measured using Level 1 inputs and the Company’s CDO bond and CMBS investments available-for-sale were measured using Level 3 inputs.
	(2) The Company’s basis swap derivatives were measured using Level 2 inputs and the Company’s forward contract derivatives were measured using Level 3 inputs.
	Available-for-sale securities:  Fair values are approximated based on current market quotes received from financial sources that trade such securities.  The fair values of available-for-sale equity securities traded in active markets are approximated using Level 1 inputs, while the fair values of available-for-sale debt securities that are approximated using current, non-binding market quotes received from financial sources that trade such investments are valued using Level 3 inputs.  The fair value of a CMBS security is estimated by the Company using Level 3 inputs that require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders and other factors deemed necessary by management.
	Derivative financial instruments:  Fair values of interest rate swap derivatives are approximated using Level 2 inputs based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well recognized financial principles including counterparty risks, credit spreads and interest rate projections, as well as reasonable estimates about relevant future market conditions.  These items are included in other assets and other liabilities on the Consolidated Balance Sheet.  The Company incorporates credit valuation adjustments in the fair values of its derivative financial instruments to reflect counterparty nonperformance risk.  The fair values of forward contract derivatives are approximated using Level 3 inputs in internally developed valuation models, which are compared to current, non-binding market quotes for the underlying RMBS received from pricing services and financial sources that trade such investments.
	The following roll forward table reconciles the beginning and ending balances of financial assets measured at fair value on a recurring basis using Level 3 inputs:
		Available-for-sale			Derivative
		Securities			Financial Instruments
	Balance as of December 31, 2012	$	3,200,000		$	10,799,536
	Adjustments to fair value:
	Additions (1)	—			10,600,127
	Paydowns (2)	—			(5,055,013		)
	Net changes in fair value (3)	—			(1,688,440		)
	Sales and settlements (4)	(1,100,000		)	(726,374		)
	Balance as of September 30, 2013	$	2,100,000		$	13,929,836
	(1)  Represents forward contract derivatives recorded at fair value in the nine months ended September 30, 2013.
	(2)  Represents the paydowns on the forward contracts during the nine months ended September 30, 2013.
	(3)  Represents the net change in fair value recorded to other income during the nine months ended September 30, 2013.
	(4)  Represents the sale of a CDO bond investment in the second quarter of 2013 and the settlement of forward contract derivatives in the third quarter of 2013.
	The Company measures certain financial and non-financial assets at fair value on a nonrecurring basis, such as impaired loans.  The fair value of these financial assets was determined using the following inputs as of September 30, 2013:
		Net						Fair Value Measurements
	Carrying			Fair			Using Fair Value Hierarchy
	Value			Value			Level 1		Level 2		Level 3
Financial assets:
Impaired loans, net (1)	$	96,290,645		$	116,657,940		$	—	$	—	$	116,657,940
(1) The Company had an allowance for loan losses of $143.0 million relating to 18 loans with an aggregate carrying value, before loan loss reserves, of approximately $239.3 million at September 30, 2013.
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.  The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement.  The Company performs evaluations of its 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 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:
	September 30, 2013
				Valuation		Unobservable		Range
	Fair Value			Technique(s)		Inputs		(Weighted Average)
Financial assets:
Impaired loans (1):
Multi-family	$	31,917,678		Direct capitalization analysis and discounted cash flows		Discount rate		7.50% to 8.00% (5.51%)
						Capitalization rate		6.00% to 8.25% (7.07%)
						Revenue growth rate		2.00% to 3.00% (1.51%)
Office	7,271,949			Discounted cash flows		Discount rate		9.00% to 10.00% (9.43%)
						Capitalization rate		8.00% to 8.50% (8.15%)
						Revenue growth rate		2.50% to 3.00% (2.96%)
Land	71,468,341			Discounted cash flows		Discount rate		15.50%
						Capitalization rate		9.73%
						Revenue growth rate		5.40%
	5,999,972			Comparable sales and discounted cash flows		Dollar per acre		$293K/Acre
						Discount rate		11.00%
CMBS	2,100,000			Discounted cash flows		Discount rate		14.00%
Forward Contract Derivatives	13,929,836			Valuation models		Discount rate		-2
						Loss severity		-2
						Cumulative default rate		-2
						Voluntary prepayment rate		-2
(1)         Includes all impaired loans regardless of the period in which provision was recorded.
(2)         Each forward contract derivative is associated with an underlying security that is individually modeled and valued based on the security’s specific characteristics, which include current collateral composition, collateral performance projections, tranche credit enhancement and other market factors.  Accordingly, as the range of the unobservable inputs used to value each individual security varies greatly, disclosing a range or weighted average of such inputs would not be meaningful.
Impaired Loans and CMBS:  The Asset Management department is responsible for the Company’s valuation policies and procedures and analyzes changes in fair value from period to period through its quarterly impairment analysis.  Many methods are used to develop and substantiate unobservable inputs such as analyzing discount and capitalization rates as well as researching revenue and expense growth. Significant increases in discount or capitalization rates in isolation would result in a significantly lower fair value measurement while significant increases in revenue growth rates in isolation would result in a significantly higher fair value measurement.  Significant decreases in discount or capitalization rates in isolation would result in a significantly higher fair value measurement while significant decreases in revenue growth rates in isolation would result in a significantly lower fair value measurement.
Forward Contract Derivatives:  Fair value is approximated based on internally developed valuation models, which are compared to current non-binding market quotes received from financial sources that trade such securities.  Significant unobservable inputs used to calculate the quotes are not readily available to the Company.
The Company measures certain assets and liabilities for which fair value is only disclosed.  The fair value of these assets and liabilities was determined using the following inputs as of September 30, 2013:
							Fair Value Measurements
	Carrying			Fair			Using Fair Value Hierarchy
	Value			Value			Level 1		Level 2		Level 3
Financial assets:
Loans and investments, net	$	1,546,107,405		$	1,566,593,565		$	—	$	—	$	1,566,593,565
Securities held-to-maturity, net	41,989,100			43,100,421			—		—		43,100,421
Financial liabilities:
Repurchase agreements and credit facilities	$	158,582,338		$	158,297,391		$	—	$	—	$	158,297,391
Collateralized debt obligations	736,434,556			610,943,763			—		—		610,943,763
Collateralized loan obligation	264,500,000			266,498,750			—		—		266,498,750
Junior subordinated notes	159,157,643			100,930,762			—		—		100,930,762
Notes payable	1,750,000			1,737,431			—		—		1,737,431
Mortgage note payable — real estate owned	53,751,004			52,219,748			—		—		52,219,748
Loans and investments, net:  Fair values of loans and investments that are not impaired are estimated using Level 3 inputs in a discounted cash flow model, 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 at Level 3 by the Company using significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders and other factors deemed necessary by management.
Securities held-to-maturity, net:  Fair values are approximated at Level 3 based on internally developed valuation models, which are compared to current non-binding market quotes received from financial sources that trade such securities.
Repurchase agreements, credit facilities, notes payable and mortgage notes payable:  Fair values are estimated at Level 3 using discounted cash flow methodology, using discount rates, which, in the opinion of management, best reflect current market interest rates for financing with similar characteristics and credit quality.
Collateralized debt obligations and collateralized loan obligation:  Fair values are estimated at Level 3 based on broker quotations, representing the discounted expected future cash flows at a yield which reflects current market interest rates and credit spreads.
Junior subordinated notes:  Fair values are estimated at Level 3 based on discounted expected future cash flows at a yield that reflects current market interest rates and credit spreads.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies.	'
Commitments and Contingencies	'
	Note 11 — Commitments and Contingencies
	Contractual Commitments
	In accordance with certain loans and investments, the Company has outstanding unfunded commitments of $8.5 million as of September 30, 2013, that the Company is 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.  In relation to the $8.5 million outstanding balance at September 30, 2013, the Company’s restricted cash balance contained approximately $5.8 million available to fund the portion of the unfunded commitments for loans financed by the Company’s CDO vehicles.
	Litigation
	The Company currently is neither subject to any material litigation nor, to management’s knowledge, is any material litigation currently threatened against the Company 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 United States 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.  (The New York State Court action has been removed to the Bankruptcy Court).  There are 73 defendants in the three lawsuits, including 55 corporate and partnership entities and 18 individuals.  A subsidiary of the Company and certain other entities that are affiliates of the Company are included as defendants.
	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.  The Company’s 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 the Company has 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 the Company, 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.  The Company is 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 the Company, 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 affiliates of the Company 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.  If the amended complaint is filed, the Trust would be seeking $139.0 million in the aggregate from director designees and affiliates of the Company.  The hearing on the motion to amend the lawsuits is scheduled for November 13, 2013.  Should the Bankruptcy Court grant the motion, the Company will assess whether an amended motion to dismiss should be filed.  The Company has moved to dismiss the referenced actions and intends to vigorously defend against the claims asserted therein.
	The Company has not made a loss accrual for this litigation because it believes that it is not probable that a loss has been incurred and an amount cannot be reasonably estimated.

Equity

Equity	9 Months Ended
	Sep. 30, 2013
Equity	'
Equity	'
	Note 12 — Equity
	Preferred Stock
	On February 1, 2013, the Company completed an underwritten public offering of 1,400,000 shares of 8.25% Series A cumulative redeemable preferred stock with a liquidation preference of $25.00 per share, generating net proceeds of approximately $33.6 million after deducting underwriting fees and estimated offering costs.  On February 5, 2013, the underwriters exercised a portion of their over-allotment option for 151,500 shares providing additional net proceeds of approximately $3.7 million.  The Company used the net proceeds from the offering to make investments, to repurchase or pay liabilities and for general corporate purposes.
	On May 9, 2013, the Company completed an underwritten public offering of 1,200,000 shares of 7.75% Series B cumulative redeemable preferred stock generating net proceeds of approximately $28.9 million after deducting underwriting fees and estimated offering costs.  On May 15, 2013, the underwriters exercised a portion of their over-allotment option for 60,000 shares providing additional net proceeds of approximately $1.5 million.  The Company used the net proceeds from the offering to make investments, to repurchase or pay liabilities and for general corporate purposes.
	Common Stock
	In June 2012, the Company completed a public offering in which it sold 3,500,000 shares of its common stock for $5.40 per share, and received net proceeds of approximately $17.5 million after deducting the underwriting discount and other offering expenses.  The Company used the net proceeds from the offerings to make investments, to repurchase or pay liabilities and for general corporate purposes.
	In October 2012, the Company completed another public offering in which it sold 3,500,000 shares of its common stock for $5.80 per share, and received net proceeds of approximately $19.2 million after deducting the underwriting discount and other offering expenses.  The Company used the net proceeds from the offering to make investments, to repurchase or pay liabilities and for general corporate purposes.
	In December 2012, the Company 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 the Company could issue and sell through JMP up to 6,000,000 shares of its common stock.  Sales of the shares were made by means of ordinary brokers’ transactions or otherwise at market prices prevailing at the time of sale, or at negotiated prices.  As of March 15, 2013, JMP sold all of the 6,000,000 shares for net proceeds of $45.6 million. The Company used the net proceeds from the offering to make investments, to repurchase or pay liabilities and for general corporate purposes.
	In March 2013, the Company completed another public offering in which it sold 5,625,000 shares of its common stock for $8.00 per share, and received net proceeds of approximately $43.0 million after deducting the underwriting discount and other offering expenses.  The Company used the net proceeds from the offering to make investments, to repurchase or pay liabilities and for general corporate purposes.
	In June 2013, the Company filed a shelf registration statement on Form S-3 with the SEC under the 1933 Act with respect to an aggregate of $500.0 million of debt securities, common stock, preferred stock, depositary shares and warrants that may be sold by the Company from time to time pursuant to Rule 415 of the 1933 Act.  On August 5, 2013, the SEC declared this shelf registration statement effective.  The Company currently has $457.5 million available under the shelf registration.
	In September 2013, the Company completed another public offering in which it sold 6,000,000 shares of its common stock for $7.08 per share, and received net proceeds of approximately $40.9 million after deducting the underwriting discount and other offering expenses.  The Company intends to use the net proceeds from the offering to make investments, to repurchase or pay liabilities and for general corporate purposes.
	Deferred Compensation
	The Company has a stock incentive plan under which the Board of Directors has the authority to issue shares of stock to certain directors, officers of the Company and employees of the Company and ACM.  On May 1, 2013, the Company 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 “Plan”), and recorded $0.5 million to selling and administrative expense in its Consolidated Statements of Operations in the second quarter of 2013.  On February 28, 2013, the Company issued 192,750 shares of restricted common stock under the Plan to certain employees of the Company and ACM 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 the Company’s Consolidated Statements of Operations in the first quarter of 2013.  One third of the shares vested as of the date of grant, one third will vest in February 2014, and the remaining third will vest in February 2015.  During the third quarter of 2013, a total of 667 shares of unvested restricted stock with a grant date fair value of less than $0.1 million were forfeited.  As of September 30, 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 employees of the Company with a grant date fair value of $0.4 million.  Expense is recognized ratably over the vesting period in the Company’s Consolidated Statements of Operations in selling and administrative expense and employee compensation and benefits expense, respectively.  During the three and nine months ended September 30, 2013, the Company recorded the ratable portion of the unvested restricted stock to employee compensation and benefits for $0.1 million and $0.2 million, respectively, and to selling and administrative expense for $0.1 million and $0.2 million, respectively, in its Consolidated Statements of Operations.
	Vesting is dependent on a service requirement.  Dividends paid on restricted shares are recorded as dividends on shares of the Company’s common stock whether or not they are vested.  For accounting purposes, the Company measures 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 the Company 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, the Company issued Wachovia 1.0 million warrants at an average strike price of $4.00.  Of such warrants, 500,000 warrants are exercisable at a price of $3.50, 250,000 warrants are exercisable at a price of $4.00 and 250,000 warrants are exercisable at a price of $5.00.  All of the warrants are currently exercisable, expire on July 23, 2015 and no warrants have been exercised to date.
	Accumulated Other Comprehensive Loss
	Reclassifications out of accumulated other comprehensive loss for the nine months ended September 30, 2013 and 2012 were as follows (in thousands):
		Nine Months Ended
		September 30,
		2013			2012			Statement of Operations Caption
	Net realized losses on derivatives designated as cash flow hedges:
	Interest Rate Swaps / Cap	$	(10,564	)	$	(12,883	)	Interest expense (1)
	Net realized gain on sale of available-for-sale investments:
	CDO bond investment	$	100		$	—		Other income (2)
	(1)         See Note 8 — “Derivative Financial Instruments” for additional details.
	(2)         See Note 4 — “Securities” for additional details.
	At September 30, 2013, accumulated other comprehensive loss was $28.9 million and consisted of $29.5 million of net unrealized losses on derivatives designated as cash flow hedges and a $0.6 million unrealized gain related to available-for-sale securities.  At December 31, 2012, accumulated other comprehensive loss was $39.6 million and consisted of $40.0 million of net unrealized losses on derivatives designated as cash flow hedges and a $0.4 million unrealized gain related to available-for-sale securities.
	Noncontrolling Interest
	Noncontrolling interest in a consolidated entity on the Company’s Consolidated Balance Sheet as of September 30, 2013 and December 31, 2012 was $1.0 million and $1.9 million, respectively, 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 POM profits interest transaction discussed in Note 7 — “Debt Obligations”.  In September 2013, a portion of the investment was redeemed by a third party and the related note payable was repaid.  Upon completion of this transaction, the noncontrolling interest in the consolidated entity was reduced to $1.0 million.  See Note 5 — “Investment in equity affiliates” for further details.  For the three months ended September 30, 2013 and 2012, the Company recorded income of less than $0.1 million and $0.1 million, respectively, as well as distributions of $1.0 million, which included a distribution of $0.9 million related to the transaction discussed above, and $0.1 million, respectively, attributable to noncontrolling interest.  For the nine months ended September 30, 2013 and 2012, the Company recorded income of $0.1 million and $0.2 million, respectively, as well as distributions of $1.1 million and $0.2 million, respectively, attributable to noncontrolling interest.

Earnings_Per_Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2013
Earnings Per Share	'
Earnings Per Share	'
	Note 13 — Earnings Per Share
	Basic earnings per share (“EPS”) is calculated by dividing net income (loss) 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 (loss) 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.  The Company’s common stock equivalents include the dilutive effect of warrants outstanding.
	The following is a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations for the three months ended September 30, 2013 and 2012.
		Three Months Ended						Three Months Ended
		September 30, 2013						September 30, 2012
		Basic			Diluted			Basic			Diluted
	Income from continuing operations, net of noncontrolling interest and preferred stock dividends	$	3,744,395		$	3,744,395		$	2,148,184		$	2,148,184
	Loss from discontinued operations	(79,716		)	(79,716		)	(87,855		)	(87,855		)
	Net income attributable to Arbor Realty Trust, Inc. common stockholders (1)	$	3,664,679		$	3,664,679		$	2,060,329		$	2,060,329
	Weighted average number of common shares outstanding	43,397,555			43,397,555			27,749,225			27,749,225
	Dilutive effect of warrants	—			434,716			—			288,819
	Weighted average number of common shares outstanding	43,397,555			43,832,271			27,749,225			28,038,044
	Income from continuing operations, net of noncontrolling interest and preferred stock dividends, per common share	$	0.08		$	0.08		$	0.07		$	0.07
	Loss from discontinued operations per common share	—			—			—			—
	Net income attributable to Arbor Realty Trust, Inc. per common share (1)	$	0.08		$	0.08		$	0.07		$	0.07
	(1) Net of noncontrolling interest and preferred stock dividends.
	The following is a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations for the nine months ended September 30, 2013 and 2012.
		Nine Months Ended						Nine Months Ended
		September 30, 2013						September 30, 2012
		Basic			Diluted			Basic			Diluted
	Income from continuing operations, net of noncontrolling interest and preferred stock dividends	$	13,572,263		$	13,572,263		$	17,127,401		$	17,127,401
	(Loss) income from discontinued operations	(271,479		)	(271,479		)	4,640,726			4,640,726
	Net income attributable to Arbor Realty Trust, Inc. common stockholders (1)	$	13,300,784		$	13,300,784		$	21,768,127		$	21,768,127
	Weighted average number of common shares outstanding	40,129,718			40,129,718			25,643,470			25,643,470
	Dilutive effect of warrants	—			446,915			—			247,613
	Weighted average number of common shares outstanding	40,129,718			40,576,633			25,643,470			25,891,083
	Income from continuing operations, net of noncontrolling interest and preferred stock dividends, per common share	$	0.34		$	0.34		$	0.67		$	0.66
	(Loss) income from discontinued operations per common share	(0.01		)	(0.01		)	0.18			0.18
	Net income attributable to Arbor Realty Trust, Inc. per common share (1)	$	0.33		$	0.33		$	0.85		$	0.84
	(1) Net of noncontrolling interest and preferred stock dividends.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2013
Related Party Transactions	'
Related Party Transactions	'
	Note 14 — Related Party Transactions
	Due from related party was approximately $0.1 million at September 30, 2013 and December 31, 2012, respectively, and consisted primarily of escrows held by ACM and its affiliates related to real estate transactions.
	At September 30, 2013, due to related party was $3.3 million and consisted primarily of base management fees due to ACM, of which $1.6 million will be remitted by the Company in the fourth quarter of 2013.  At December 31, 2012, due to related party was $3.1 million and consisted primarily of base management fees due to ACM that were remitted by the Company in the first quarter of 2013.
	In June 2013, the Company’s board of directors formed a Special Committee consisting of independent directors in connection with the exploration and evaluation of a potential transaction with the Company’s manager involving the acquisition of its manager’s Fannie Mae, DUS, FHA and CMBS platforms, as well as the internalization of the management of its current business. Although there have been preliminary discussions between the Special Committee and representatives of the Company’s manager, it cannot provide any assurance regarding the timing, terms or form of any such transaction, including the amount or type of consideration (including the issuance of common stock) or related financing, or whether any transaction between the Company and its manager will occur at all.  Also, in connection with evaluating a potential transaction with the Company’s manager, the Special Committee has engaged legal, financial and accounting advisors resulting in approximately $1.3 million of advisory fees to date.
	In April 2013, the Company 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, who together own an interest of approximately 19% in the borrowing entity.  The loans have an interest rate of one-month LIBOR plus 7.25% and a maturity date of April 2015.  In October 2013, two of the loans totaling $17.0 million were paid off.
	In April 2013, the Company also purchased, at par, a $6.4 million bridge loan from ACM 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 bears interest at a rate of one-month LIBOR plus 5.00% for the first year than one-month LIBOR plus 6.00% thereafter and has a maturity date of March 2015 with three one year extension options.  Interest income recorded from these loans totaled approximately $1.1 million and $2.1 million for the three and nine months ended September 30, 2013, respectively.
	In January 2013, the Company originated a $7.5 million bridge loan for a multifamily property in Charlotte, North Carolina. William C. Green, who serves on the Company’s 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 bears interest at a rate of one-month LIBOR plus 6.00% and has a maturity date of January 2015.  Interest income recorded from this loan totaled approximately $0.1 million and $0.4 million for the three and nine months ended September 30, 2013.
	In December 2012, ACM acquired a multifamily property in Detroit, Michigan and simultaneously sold the property to a third party, who received a $30.0 million bridge loan from the Company.  ACM retained a $6.0 million preferred equity loan to the entity.  The loan to the Company bears interest at a rate of one-month LIBOR plus 5.00% with a LIBOR cap of 1.00% and has a maturity date of November 2014 with three one year extension options.  Interest income recorded from this loan totaled approximately $0.4 million and $1.2 million for the three and nine months ended September 30, 2013.
	In September 2012, the Company purchased, at par, a $5.1 million bridge loan from ACM.  The loan was originated by ACM in May 2012 to a third party entity that acquired a multifamily property from ACM.  The loan bears interest at a rate of one-month LIBOR plus 5.50% with a LIBOR floor of 0.24% and has a maturity date of May 2015.  Interest income recorded from this loan totaled approximately $0.1 million and $0.2 million for the three and nine months ended September 30, 2013, respectively.
	In December 2011, the Company completed a restructuring of a $67.6 million preferred equity loan on the Lexford Portfolio (“Lexford”), which is a portfolio of multi-family assets.  The Company, along with a consortium of independent outside investors, made an additional preferred equity investment of $25.0 million in Lexford, which was paid down to $22.5 million in the third quarter of 2013, of which the Company held a $9.5 million interest, and Mr. Fred Weber, the Company’s Executive Vice President of Structured Finance, held a $0.5 million interest, as of September 30, 2013.  The original preferred equity investment now bears a fixed rate of interest of 2.36%, revised from an original rate of LIBOR plus 5.00% (the loan was paying a modified rate of LIBOR plus 1.65% at the time of the new investment).  The original preferred equity investment matures in June 2020.  Interest income recorded from the preferred equity investment totaled approximately $0.3 million and $0.9 million for the three and nine months ended September 30, 2013 and 2012, respectively.  The new preferred equity investment has a fixed interest rate of 12% and also matures in June 2020.  The Company, along with the same outside investors, also made a $0.1 million equity investment into Lexford, of which the Company held a $44,000 noncontrolling interest, and does not have the power to control the significant activities of the entity.  During the fourth quarter of 2011, the Company recorded losses from the entity against the equity investment, reducing the balance to zero.  The Company records this investment under the equity method of accounting.  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, the Company’s chairman and chief executive officer, and has a contract with the new entity for 7.5 years and will be entitled to 4.75% of gross revenues of the underlying properties, along with the potential to share in the proceeds of a sale or refinancing of the debt should the management company remain engaged by the new entity at the time of such capital event.  In the first quarter of 2012, Mr. Fred Weber invested $250,000 in the new management company and currently owns a 23.5% ownership interest.  Mr. Ivan Kaufman and his affiliates currently own a 53.9% ownership interest.  The Company has provided limited (“bad boy”) guarantees for certain debt controlled by Lexford.  The bad boy guarantees may become a liability for the Company upon standard “bad” acts such as fraud or a material misrepresentation by Lexford or the Company.  At September 30, 2013, this debt had an aggregate outstanding balance of $649.2 million and is scheduled to mature between 2017 and 2023.
	During the second quarter of 2011, the Company originated a loan to a third party borrower for a portfolio of properties with an unpaid principal balance of $24.4 million, of which one property in the portfolio was previously financed with an $11.7 million loan that was purchased by ACM.  The $11.7 million loan was repaid as part of the $24.4 million loan on the portfolio.  The new loan had a variable interest rate of LIBOR plus 4.75% and was repaid in full in January 2013.  Interest income recorded from this loan totaled approximately $0.1 million for the nine months ended September 30, 2013 and approximately $0.3 million and $1.0 million for the three and nine months ended September 30, 2012, respectively.
	During the first quarter of 2011, the Company originated four mortgage loans totaling $28.4 million to borrowers which were secured by property purchased from ACM or its affiliate.  Two of the loans totaling $22.4 million have maturity dates of March 2014 and a combined weighted average variable interest rate of 6.20% as of March 31, 2013 and were secured by the same property.  The third was a $2.0 million bridge loan with a maturity date of February 2013 and an interest rate of one-month LIBOR plus 6.00%, which was paid off in the third quarter of 2012.  The fourth was a $4.0 million bridge loan with an original maturity date in April 2013 which was extended to March 2014 and an interest rate of one-month LIBOR plus 6.00%.  Interest income recorded from these loans totaled approximately $0.4 million and $1.3 million for the three and nine months ended September 30, 2013 and approximately $0.5 million and $1.4 million for the three and nine months ended September 30, 2012, respectively.
	In October 2010, the Company purchased, at par, a $4.7 million bridge loan from ACM.  The loan was originated by ACM in June 2010 to a joint venture that acquired a condo development property in Brooklyn, New York.  The loan bore interest at a rate of one-month LIBOR plus 8% with a LIBOR floor of 0.5% and a LIBOR cap of 1.5% and had a maturity date of June 2012.  In the second quarter of 2012, the loan matured and was paid off.  In addition, ACM contributed $0.9 million for a 50% non-controlling interest in an entity, which owns 28% of this joint venture.  In the third quarter of 2011, ACM sold its investment in this joint venture to an affiliated entity of Mr. Ivan Kaufman for $0.9 million.  Interest income recorded from this loan totaled approximately $0.1 million for the nine months ended September 30, 2012.
	The Company is dependent upon its manager, ACM, with whom it has a conflict of interest, to provide services to the Company that are vital to its operations.  The Company’s chairman, chief executive officer and president, Mr. Ivan Kaufman, is also the chief executive officer and president of ACM, and, the Company’s chief financial officer and treasurer, Mr. Paul Elenio, is the chief financial officer of ACM.  In addition, Mr. Kaufman and his affiliated entities (“the Kaufman Entities”) together beneficially own approximately 91% of the outstanding membership interests of ACM and certain of the Company’s employees and directors also hold an ownership interest in ACM.  Furthermore, one of the Company’s former directors is general counsel to ACM and another of the Company’s directors also serves as the trustee of one of the Kaufman Entities that holds a majority of the outstanding membership interests in ACM and co-trustee of another Kaufman Entity that owns an equity interest in ACM.  ACM currently holds approximately 5.3 million of the Company’s common shares, representing approximately 11% of the voting power of the Company’s outstanding stock as of September 30, 2013.  The Company’s Board of Directors approved a resolution under the Company’s charter allowing Ivan Kaufman and ACM, (which Mr. Kaufman has a controlling equity interest in), to own more than the ownership interest limit of the Company’s common stock stated in the Company’s charter as amended.  In May 2012, the Company’s charter was amended to lower each of the general aggregate stock ownership limit and the general common stock ownership limit from 7% to 5% unless an exemption is granted by the Company’s Board of Directors.

Distributions

Distributions	9 Months Ended
	Sep. 30, 2013
Distributions	'
Distributions	'
	Note 15 — Distributions
	The following table presents dividends declared by the Company on its common stock from January 1, 2013 through September 30, 2013:
	Declaration	For Quarter	Record	Payment	Dividend
	Date	Ended	Date	Date	Per Share
	February 12, 2013	December 31, 2012	March 5, 2013	March 12, 2013	$	0.12
	May 1, 2013	March 31, 2013	May 15, 2013	May 31, 2013	$	0.12
	July 31, 2013	June 30, 2013	August 14, 2013	September 3, 2013	$	0.13
	On November 6, 2013, the Board of Directors declared a cash dividend of $0.13 per share of common stock with respect to the three months ended September 30, 2013.  The dividend is payable on December 2, 2013 to common shareholders of record at the close of business on November 20, 2013 and the ex-dividend date is November 18, 2013.
	The following table presents dividends declared by the Company on its 8.25% Series A preferred stock from February 1, 2013 through September 30, 2013:
	Declaration	For Period	For Period	Record	Payment		Dividend
	Date	Beginning	Ended	Date	Date		Per Share
	May 1, 2013	February 1, 2013	May 31, 2013	May 15, 2013	May 31, 2013		$	0.6875
	July 31, 2013	June 1, 2013	August 31, 2013	August 14, 2013	September 3, 2013		$	0.515625
	On October 25, 2013, the Board of Directors also declared a cash dividend of $0.515625 per share of 8.25% Series A cumulative redeemable preferred stock reflecting dividends from September 1, 2013 through November 30, 2013.  The dividend is payable on December 2, 2013 to preferred shareholders of record on November 15, 2013.  The Company accrued dividends of $0.3 million in the third quarter of 2013.
	The following table presents dividends declared by the Company on its 7.75% Series B preferred stock from May 9, 2013 (date of issuance) through September 30, 2013:
	Declaration	For Period	For Period	Record	Payment		Dividend
	Date	Beginning	Ended	Date	Date		Per Share
	July 31, 2013	May 9, 2013	August 31, 2013	August 14, 2013	September 3, 2013		$	0.6028
	On October 25, 2013, the Board of Directors also declared a cash dividend of $0.484375 per share of 7.75% Series B cumulative redeemable preferred stock reflecting dividends from September 1, 2013, through November 30, 2013.  The dividend is payable on December 2, 2013 to preferred shareholders of record on November 15, 2013.  The Company accrued dividends of $0.2 million in the third quarter of 2013.
	The Company is organized and conducts its operations to qualify as a REIT for federal income tax purposes.  As a REIT, the Company 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.  Also, under current federal tax law, the income and the tax on such income attributable to certain debt extinguishment transactions realized in 2009 or 2010 have been deferred to future periods at the Company’s election.  As of September 30, 2013 and 2012, the Company was in compliance with all REIT requirements and, therefore, has not provided for income tax expense for the three and nine months ended September 30, 2013 and 2012 except for $0.6 million and $0.1 million of federal alternative minimum tax recorded in the second and third quarters of 2012, respectively.  Certain of the Company’s assets that produce non-qualifying income are owned by its taxable REIT subsidiaries, the income of which is subject to federal and state income taxes.  During the three and nine months ended September 30, 2013, the Company did not record any provision for income taxes for these taxable REIT subsidiaries.  During the third quarter of 2012, the Company recorded a $0.2 million provision for state income taxes for its taxable REIT subsidiaries.  In the first quarter of 2012, the Company recorded a $1.4 million receivable for the expected refund of income taxes paid by a taxable REIT subsidiary in a prior year, which was received in the third quarter of 2012.

Management_Agreement

Management Agreement	9 Months Ended
	Sep. 30, 2013
Management Agreement	'
Management Agreement	'
	Note 16 — Management Agreement
	The Company, ARLP and Arbor Realty SR, Inc. have a management agreement with ACM, pursuant to which ACM provides certain services and the Company pays ACM a base management fee and under certain circumstances, an annual incentive fee.
	The base management fee is an arrangement whereby the Company reimburses ACM for its actual costs incurred in managing the Company’s business based on the parties’ agreement in advance on an annual budget with subsequent quarterly true-ups to actual costs.  The 2012 base management fee was $10.0 million and the 2013 base management fee is estimated to be approximately $11.2 million.  All origination fees on investments are retained by the Company.
	The incentive fee is calculated as (1) 25% of the amount by which (a) the Company’s 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 ACM to ARLP per ARLP partnership unit, the offering price per share of the Company’s 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 the Company’s 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 the Company to consider, from time to time, the payment of additional “success-based” fees to ACM 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 the Company terminates or elects not to renew the management agreement without cause, it is required to pay the termination fee of $10.0 million.
	The incentive fee is measured on an annual basis.  However, when applicable, the Company will pay the annual incentive fee in quarterly installments, each within 60 days of each fiscal quarter.  The quarterly installments are calculated based on the results for the period of twelve months ending on the last day of each quarter with respect to which such installment is payable.  Each quarterly installment payment is deemed to be an advance of a portion of the incentive fee payable for the year, with an adjustment at year end to reflect the full year’s results.  At least 25% of any incentive fee is paid to ACM in shares of the Company’s common stock, subject to ownership limitations in the Company’s charter.  For purposes of determining the number of shares that are paid to ACM to satisfy the common stock portion of the incentive fee from and after the date the Company’s common shares are publicly traded, each common share shall have a value equal to the average closing price per common share based on the last twenty days of the fiscal quarter with respect to which the incentive fee is being paid.
	The incentive fee is accrued as it is earned.  The expense incurred for incentive fee paid in common stock is determined using the amount of stock calculated as noted above and the quoted market price of the stock on the last day of each quarter. At December 31 of each year, the Company remeasures the incentive fee expense paid to ACM in shares of the Company’s common stock in accordance with current accounting guidance, which discusses how to determine the expense when certain terms are not known prior to the measurement date.  Accordingly, any expense recorded related to common stock issued as a portion of incentive fee is adjusted to reflect the fair value of the stock on the measurement date when the final calculation of the total incentive fee is determined.  In the event the calculated incentive fee for the full year is an amount less than the total of the installment payments made to ACM for the year, ACM will refund to the Company the amount of such overpayment in cash regardless of whether such installments were paid in cash or common stock.  In such a case, the Company would record a negative incentive fee expense in the quarter when such overpayment is determined.
	The following table sets forth the Company’s base management fees and incentive fees for the periods indicated:
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
	Management Fees:	2013		2012		2013		2012
	Base (1)	$	2,800,000	$	2,500,000	$	8,400,000	$	7,500,000
	Incentive	—		—		—		—
	Total management fee	$	2,800,000	$	2,500,000	$	8,400,000	$	7,500,000
	(1)         Included in base management fees for the three months ended September 30, 2013 and 2012, was $1.3 million and $1.2 million, respectively, that was included in due to related party.  Included in base management fees for the nine months ended September 30, 2013 and 2012, was $2.5 million, respectively, that was included in due to related party.
	For the three and nine months ended September 30, 2013 and 2012, no success-based payments were made.
	Additionally, in 2007, ACM received an incentive fee installment totaling $19.0 million which was recorded as a prepaid management fee related to the incentive fee on $77.1 million of deferred revenue recognized on the transfer of control of the 450 West 33rd Street property, which is one of the Company’s equity affiliates.

Due_to_Borrowers

Due to Borrowers	9 Months Ended
	Sep. 30, 2013
Due to Borrowers	'
Due to Borrowers	'
	Note 17 — Due to Borrowers
	Due to borrowers represents borrowers’ funds held by the Company to fund certain expenditures or to be released at the Company’s 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_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2013
Summary of Significant Accounting Policies	'
Basis of Presentation and Principles of Consolidation	'
	Basis of Presentation and Principles of Consolidation
	The accompanying unaudited consolidated interim financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification™, the authoritative reference for accounting principles generally accepted in the United States (“GAAP”), for interim financial statements and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements, although management believes that the disclosures presented herein are adequate to prevent the accompanying unaudited consolidated interim financial statements presented from being misleading.
	The accompanying unaudited consolidated financial statements include the financial statements of the Company, its wholly owned subsidiaries, partnerships or other joint ventures in which the Company owns a voting interest of greater than 50 percent, and Variable Interest Entities (“VIEs”) of which the Company is 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 the Company 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, the Company has separately disclosed parenthetically the assets and liabilities of its three collateralized debt obligation (“CDO”) and two collateralized loan obligation (“CLO”) subsidiaries on its Consolidated Balance Sheets.  Entities in which the Company owns a voting interest of 20 percent to 50 percent are accounted for primarily under the equity method.
	In the opinion of management, all adjustments (consisting only of normal recurring accruals) 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 interim financial statements in conformity with GAAP requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated interim financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.  Further, in connection with the preparation of the consolidated interim financial statements, the Company evaluated events subsequent to the balance sheet date of September 30, 2013 through the issuance of the Consolidated Financial Statements.
	Certain prior year amounts have been reclassified to conform to current period presentation.  During the third quarter of 2013, the Company classified a real estate investment that was part of a portfolio of multifamily properties as held-for-sale and during the fourth quarter of 2012, the Company sold a real estate investment that was part of a portfolio of hotel properties, resulting in reclassifications of property operating activity and related depreciation to discontinued operations for all prior periods presented.
	The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of results that may be expected for the entire year ending December 31, 2013.  The accompanying unaudited consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated annual financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.
Loans, Investments and Securities	'
	Loans, Investments and Securities
	At the time of purchase, the Company designates a security as available-for-sale, held-to-maturity, or trading depending on the Company’s ability and intent to hold it to maturity.  The Company does not have any securities designated as trading as of September 30, 2013.  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, while securities held-to-maturity are reported at amortized cost.  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.  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 the Company’s ability and intent to hold the investment to maturity.  Management closely monitors market conditions on which it bases such decisions.
	The Company also assesses certain of its securities, other than those of high credit quality, to determine whether significant changes in estimated cash flows or unrealized losses on these securities, if any, reflect a decline in value that is other-than-temporary and, accordingly, should be written down to their fair value against earnings.  On a quarterly basis, the Company reviews these changes in estimated cash flows, which could occur due to actual prepayment and credit loss experience, to determine if an other-than-temporary impairment is deemed to have occurred.  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 Company calculates a revised yield based on the current amortized cost of the investment, including any other-than-temporary impairments recognized to date, and the revised yield is then applied prospectively to recognize interest income.
	Securities that are purchased at a discount and that are not of high credit quality at the time of purchase are accounted for as debt securities acquired with deteriorated credit quality.  Interest income on these securities is recognized using the effective interest method based on the Company’s estimates of expected cash flows to be received, which include assumptions related to fluctuations in prepayment speeds and the timing and amount of credit losses, which are reviewed on an ongoing basis.
	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.  The Company invests in preferred equity interests that, in some cases, allow the Company 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, joint venture 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, the Company 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.
Impaired Loans, Allowance for Loan Losses, Loss on Sale and Restructuring of Loans and Charge-offs	'
	Impaired Loans, Allowance for Loan Losses, Loss on Sale and Restructuring of Loans and Charge-offs
	The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement.  The Company evaluates each loan in its portfolio on a quarterly basis.  The Company’s 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 the Company’s loans and investments have in relation to the underlying collateral.  The Company evaluates 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.  The Company utilizes 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.  The Company 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.  Included in the evaluation of the capitalization and market discount rates, the Company considers not only assumptions specific to the collateral but also considers geographical and industry trends that could impact the collateral’s value.
	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 is believed to be adequate by management to absorb probable losses.
	Loan terms may be modified if the Company determines 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 the Company does 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 the Company to be a troubled debt restructuring.  If the Company receives a benefit, either monetary or strategic, and the above criteria are not met, the modification is not considered to be a troubled debt restructuring.  The Company records interest on modified loans on an accrual basis to the extent that the modified loan is contractually current.
	Loss on restructured loans is recorded when the Company has 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 the Company incurs 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, the Company records its 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 charge to the Consolidated Statements of Operations 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 as a charge to the Consolidated Statements of Operations in the period in which the loan was sold.  No loss on sale and restructuring of loans was recorded for the nine months ended September 30, 2013 and 2012.
	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 the Company grants a concession to a borrower or agrees to a discount in full or partial satisfaction of the loan; when the Company takes 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.
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.  The Company records interest income on certain impaired loans to the extent cash is received, in which a loan loss reserve has been recorded, as the borrower continues to make interest payments.  The Company recorded loan loss reserves related to these loans as it was deemed that full recovery of principal and interest was not probable.
	Several of the Company’s 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 the Company’s real estate loans, the Company may require funds to be placed into an interest reserve, based on contractual requirements, to cover debt service costs.  The Company 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.  The Company 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.  As of September 30, 2013, the Company had total interest reserves of $9.7 million on 46 loans with an aggregate unpaid principal balance of $552.3 million and had two non-performing loans with an aggregate unpaid principal balance of $29.2 million with a funded interest reserve of $0.1 million.  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 the Company as a result of excess cash flow distributions and/or as appreciated properties are sold or refinanced.  The Company did not record interest income from such investments for the three and nine month periods ended September 30, 2013 and 2012.
	Property operating income — Property operating income represents income associated with the operations of commercial real estate properties classified as real estate owned.  The Company recognizes 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 net interest income and gains and losses recorded on the Company’s linked transactions, as well as loan structuring, defeasance, and miscellaneous asset management fees associated with the Company’s loans and investments portfolio.  The Company recognizes 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.
Income Taxes	'
	Income Taxes
	The Company is organized and conducts its operations to qualify as a REIT and to comply with the provisions of the Internal Revenue Code with respect thereto.  A REIT is generally not subject to federal income tax on taxable income that is distributed to its stockholders, provided that the Company distributes at least 90% of its taxable income and meets certain other requirements.  Certain REIT income may be subject to state and local income taxes.  The Company’s assets or operations that would not otherwise comply with the REIT requirements are owned or conducted by the Company’s taxable REIT subsidiaries, the income of which is subject to federal and state income tax.  Under current federal tax law, the income and any tax on or distribution requirements attributable to certain debt extinguishment transactions realized in 2009 and 2010 have been deferred to future periods at the Company’s election.
	Current accounting guidance clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements.  This guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.  This guidance also provides clarity on derecognition, classification, interest and penalties, accounting in interim periods and disclosure.
Hedging Activities and Derivatives	'
	Hedging Activities and Derivatives
	The Company recognizes all derivatives as either assets or liabilities at fair value and these amounts are recorded in other assets or other liabilities on the Consolidated Balance Sheets.  Additionally, the fair value adjustments will affect either accumulated other comprehensive income (loss) until the hedged item is recognized in earnings, or net income (loss) depending on whether the derivative instrument qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity.  The Company uses 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 Company records all derivatives on the Consolidated Balance Sheets at fair value.  The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has 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.  The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.  The ineffective portion of a derivative’s change in fair value is recognized immediately in earnings.
	In connection with the Company’s interest rate risk management, the Company periodically hedges a portion of its interest rate risk by entering into derivative financial instrument contracts.  Specifically, the Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of its expected cash receipts and its expected cash payments principally related to its investments and borrowings.  The Company’s objectives in using interest rate derivatives are to add stability to interest income and to manage its exposure to interest rate movements.  To accomplish this objective, the Company primarily uses interest rate swaps as part of its 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 the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.  The Company has entered into various interest rate swap agreements to hedge its 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, the Company may use a variety of derivative financial instruments to manage, or hedge, interest rate risk.  The Company does not use derivatives for trading or speculative purposes.  These derivative financial instruments must be effective in reducing its 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 (loss) 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 (loss).  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, the Company may finance the purchase of Residential Mortgage Backed Securities (“RMBS”) investments through a repurchase agreement with the same counterparty, which may qualify as a linked transaction.  If both transactions are entered into contemporaneously or in contemplation of each other, the transactions are presumed to be linked transactions unless certain criteria are met, and the Company accounts for the purchase of such securities and the repurchase agreement on a combined basis as a forward contract derivative at fair value, which is reported in other assets on the Consolidated Balance Sheets with changes in the fair value of the assets and liabilities underlying linked transactions and associated interest income and expense reported in other income on the Consolidated Statements of Operations.  The analysis of transactions under these rules requires management’s judgment and experience.  The fair value of linked transactions reflect the value of the underlying RMBS, linked repurchase agreement borrowings and accrued interest receivable/payable on such instruments.  The Company’s linked transactions are not designated as hedging instruments and, as a result, the change in the fair value and net interest income from linked transactions is reported in other income on the Consolidated Statements of Operations.
	The Company has no master netting or similar arrangements and does not offset derivatives.
Variable Interest Entities	'
	Variable Interest Entities
	The Company has evaluated its loans and investments, mortgage related securities, investments in equity affiliates, junior subordinated notes, CDOs and CLOs, in order to determine if they qualify as VIEs or as variable interests in VIEs.  This evaluation resulted in the Company determining that its bridge loans, junior participation loans, mezzanine loans, preferred equity investments, investments in equity affiliates, junior subordinated notes, CDOs, CLOs, and investments in debt securities were potential VIEs or variable interests in VIEs.  See Note 9 — “Variable Interest Entities” for the Company’s evaluation of the periods presented.
Recently Issued Accounting Pronouncements	'
	Recently Issued Accounting Pronouncements
	In June 2013, the FASB issued updated guidance on the definition and measurement of investment companies.  The guidance does not address the applicability of investment company accounting for real estate entities and thus does not have a material effect on the Company’s Consolidated Financial Statements.
	In February 2013, the FASB issued updated guidance on the disclosure of reclassification adjustments related to comprehensive income.  The updated guidance requires the Company to disclose, either on the face of the financial statements or in the notes to the financial statements, the financial statement effects on earnings from items that are reclassified out of other comprehensive income, by component.  This guidance was effective as of the first quarter of 2013 and its adoption did not have a material effect on the Company’s Consolidated Financial Statements.
	In December 2011, the FASB issued updated guidance on disclosure about offsetting assets and liabilities that amends U.S. GAAP to conform more to the disclosure requirements of International Financial Reporting Standards (“IFRS”).  Under the updated guidance, an entity is required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement.  In January 2013, the FASB issued further guidance clarifying the scope of disclosures about offsetting assets and liabilities.  The scope applies to certain derivatives (including bifurcated embedded derivatives,) repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions.  The guidance was effective as of the first quarter of 2013 and its adoption did not have a material effect on the Company’s Consolidated Financial Statements.

Loans_and_Investments_Tables

Loans and Investments (Tables)	9 Months Ended
	Sep. 30, 2013
Loans and Investments	'
Schedule of composition of loan and investment portfolio	'
		September 30,			Percent		Loan		Wtd.		Wtd. Avg.		First		Last
		2013			of Total		Count		Avg. Pay		Remaining		Dollar		Dollar
									Rate (1)		Months to		LTV		LTV
											Maturity		Ratio (2)		Ratio (3)
	Bridge loans	$	1,214,659,449		71	%	99		5.13	%	18.9		0	%	76	%
	Mezzanine loans	109,871,096			6	%	25		6.19	%	60.6		60	%	85	%
	Junior participation loans	249,139,239			15	%	7		4.31	%	22.1		62	%	83	%
	Preferred equity investments	129,073,672			8	%	16		7.55	%	51.5		61	%	81	%
		1,702,743,456			100	%	147		5.26	%	24.5		18	%	78	%
	Unearned revenue	(13,617,560		)
	Allowance for loan losses	(143,018,491		)
	Loans and investments, net	$	1,546,107,405
		December 31,			Percent		Loan		Wtd.		Wtd. Avg.		First		Last
		2012			of Total		Count		Avg. Pay		Remaining		Dollar		Dollar
									Rate (1)		Months to		LTV		LTV
											Maturity		Ratio (2)		Ratio (3)
	Bridge loans	$	1,006,726,838		67	%	83		4.87	%	25		0	%	75	%
	Mezzanine loans	112,843,639			7	%	24		4.94	%	62.6		59	%	88	%
	Junior participation loans	280,662,498			19	%	9		3.9	%	29.1		59	%	79	%
	Preferred equity investments	100,823,672			7	%	12		6.04	%	72.2		77	%	97	%
		1,501,056,647			100	%	128		4.77	%	31.8		21	%	80	%
	Unearned revenue	(13,683,281		)
	Allowance for loan losses	(161,706,313		)
	Loans and investments, net	$	1,325,667,053
	(1)          “Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balances of each loan in the Company’s 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 the Company’s 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 the Company will absorb a total loss of its position.
	(3)          The “Last Dollar LTV Ratio” is calculated by comparing the total of the carrying value of the Company’s loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which the Company will initially absorb a loss.
Summary of the loan portfolio's weighted average internal risk ratings and LTV ratios by asset class	'
		September 30, 2013
	Asset Class	Unpaid			Percentage		Wtd. Avg.		First Dollar		Last Dollar
		Principal			of Portfolio		Internal		LTV Ratio		LTV Ratio
		Balance					Risk Rating
	Multi-family	$	1,075,260,698		63.1	%	3.2		14	%	76	%
	Office	369,433,065			21.7	%	3.2		33	%	83	%
	Land	141,686,108			8.3	%	4.2		3	%	91	%
	Hotel	69,312,344			4.1	%	3.8		26	%	84	%
	Commercial	25,051,241			1.5	%	3		3	%	49	%
	Retail	6,750,000			0.4	%	2.5		0	%	62	%
	Condo	15,250,000			0.9	%	3.7		56	%	72	%
	Total	$	1,702,743,456		100	%	3.3		18	%	78	%
		December 31, 2012
	Asset Class	Unpaid			Percentage		Wtd. Avg.		First Dollar		Last Dollar
		Principal			of Portfolio		Internal		LTV Ratio		LTV Ratio
		Balance					Risk Rating
	Multi-family	$	771,140,021		51.4	%	3.4		19	%	79	%
	Office	415,162,338			27.6	%	3.2		31	%	81	%
	Land	140,745,980			9.4	%	4.2		0	%	86	%
	Hotel	105,613,791			7	%	3.6		22	%	78	%
	Commercial	23,794,517			1.6	%	3		0	%	50	%
	Retail	19,350,000			1.3	%	2.9		0	%	61	%
	Condo	25,250,000			1.7	%	4.2		58	%	90	%
	Total	$	1,501,056,647		100	%	3.4		21	%	80	%
Summary of the changes in the allowance for loan losses	'
		Nine			Nine
		Months Ended			Months Ended
		September 30, 2013			September 30, 2012
	Allowance at beginning of the period	$	161,706,313		$	185,381,855
	Provision for loan losses	5,500,000			21,325,394
	Charge-offs	(22,756,836		)	(16,585,800		)
	Recoveries of reserves	(1,430,986		)	(777,341		)
	Allowance at end of the period	$	143,018,491		$	189,344,108
Summary of charge-offs and recoveries	'
		Nine Months Ended
		September 30, 2013			September 30, 2012
	Charge-offs:
	Multi-family	$	(4,789,815	)	$	(10,773,141	)
	Office	(4,295,506		)	(5,812,659		)
	Hotel	(3,671,515		)	—
	Condo	(10,000,000		)	—
	Total	$	(22,756,836	)	$	(16,585,800	)
	Recoveries:
	Multi-family	$	(726,492	)	$	(90,000	)
	Office	(704,494		)	(687,341		)
	Total	$	(1,430,986	)	$	(777,341	)
	Net Charge-offs	$	(21,325,850	)	$	(15,808,459	)
	Ratio of net charge-offs during the period to average loans and investments outstanding during the period	1.3		%	1.1		%
Summary of the company's impaired loans by asset class	'
		September 30, 2013									Three Months Ended						Nine Months Ended
											September 30, 2013						September 30, 2013
	Asset Class	Unpaid			Carrying			Allowance			Average			Interest			Average			Interest
		Principal			Value (1)			for Loan			Recorded			Income			Recorded			Income
		Balance						Losses			Investment (2)			Recognized			Investment (2)			Recognized
	Multi-family	$	72,770,229		$	72,127,331		$	51,571,153		$	72,793,867		$	932,323		$	66,119,346		$	2,314,028
	Office	38,043,205			31,112,297			25,929,067			42,403,007			292,982			38,203,007			1,245,497
	Land	139,085,950			136,069,507			65,518,271			139,074,948			—			139,061,228			—
	Total	$	249,899,384		$	239,309,135		$	143,018,491		$	254,271,822		$	1,225,305		$	243,383,581		$	3,559,525
		December 31, 2012									Three Months Ended						Nine Months Ended
											September 30, 2012						September 30, 2012
	Asset Class	Unpaid			Carrying			Allowance			Average			Interest			Average			Interest
		Principal			Value (1)			for Loan			Recorded			Income			Recorded			Income
		Balance						Losses			Investment (2)			Recognized			Investment (2)			Recognized
	Multi-family	$	59,468,463		$	59,277,872		$	53,587,461		$	57,511,779		$	339,813		$	60,989,859		$	590,755
	Office	38,362,808			30,545,156			28,929,067			38,453,418			323,118			41,770,470			1,135,254
	Land	139,036,505			136,716,617			65,518,270			136,824,347			—			135,250,438			—
	Hotel	3,671,507			3,671,507			3,671,515			33,671,507			105,006			33,671,507			596,643
	Condo	10,000,000			10,000,000			10,000,000			10,000,000			1,354			10,000,000			173,920
	Total	$	250,539,283		$	240,211,152		$	161,706,313		$	276,461,051		$	769,291		$	281,682,274		$	2,496,572
	(1) Represents the unpaid principal balance of impaired loans less unearned revenue and other holdbacks and adjustments by asset class.
	(2) Represents an average of the beginning and ending unpaid principal balance of each asset class.
Summary of the company's non-performing loans by asset class	'
		September 30, 2013									December 31, 2012
	Asset Class	Carrying			Less Than			Greater			Carrying			Less Than			Greater
		Value			90 Days			Than 90			Value			90 Days			Than 90
					Past Due			Days Past						Past Due			Days Past
								Due									Due
	Multi-family	$	9,492,788		$	—		$	9,492,788		$	10,951,549		$	—		$	10,951,549
	Office	10,171,448			—			10,171,448			10,373,229			—			10,373,229
	Land	24,999,972			—			24,999,972			24,999,972			—			24,999,972
	Hotel	—			—			—			3,671,507			—			3,671,507
	Condo	—			—			—			10,000,000			—			10,000,000
	Total	$	44,664,208		$	—		$	44,664,208		$	59,996,257		$	—		$	59,996,257
Summary of loan modifications and extensions by asset class that the entity considered to be troubled debt restructurings by asset class	'
		Three Months Ended September 30, 2013												Nine Months Ended September 30, 2013
	Asset Class	Number		Original			Original		Modified			Modified		Number		Original			Original		Modified		Modified
		of Loans		Unpaid			Weighted		Unpaid			Weighted		of Loans		Unpaid			Weighted		Unpaid		Weighted
				Principal			Average		Principal			Average				Principal			Average		Principal		Average
				Balance			Rate of		Balance			Rate of				Balance			Rate of		Balance		Rate of
							Interest					Interest							Interest				Interest
	Multifamily	—		$	—		—		$	—		—		1		$	6,192,666		5.96	%	$	6,192,666	5.96	%
	Office	—		—			—		—			—		1		8,400,000			8.24	%	8,400,000		8.24	%
	Total	—		$	—		—		$	—		—		2		$	14,592,666		7.27	%	$	14,592,666	7.27	%
		Three Months Ended September 30, 2012												Nine Months Ended September 30, 2012
	Asset Class	Number		Original			Original		Modified			Modified		Number		Original			Original		Modified		Modified
		of Loans		Unpaid			Weighted		Unpaid			Weighted		of Loans		Unpaid			Weighted		Unpaid		Weighted
				Principal			Average		Principal			Average				Principal			Average		Principal		Average
				Balance			Rate of		Balance			Rate of				Balance			Rate of		Balance		Rate of
							Interest					Interest							Interest				Interest
	Multi	1		$	32,000,000		2	%	$	32,000,000		1.13	%	1		$	32,000,000		2	%	$	32,000,000	1.13	%
	Office	1		25,361,932			5.32	%	25,332,451			4	%	1		25,361,932			5.32	%	25,332,451		4	%
	Land	—		—			—		—			—		1		2,818,270			—		2,818,270		—
	Hotel	—		—			—		—			—		1		35,000,000			2	%	35,000,000		2	%
	Total	2		$	57,361,932		3.47	%	$	57,332,451		2.4	%	4		$	95,180,202		2.83	%	$	95,150,721	2.18	%

Securities_Tables

Securities (Tables)	9 Months Ended
	Sep. 30, 2013
Securities	'
Summary of the company's securities classified as available-for-sale	'
	The following is a summary of the Company’s securities classified as available-for-sale at September 30, 2013:
		Face			Amortized			Cumulative			Carrying
								Unrealized			Value /
											Estimated
		Value			Cost			Gain			Fair Value
	Common equity securities	$	—		$	58,789		$	587,893		$	646,682
	Commercial mortgage-backed security (CMBS)	2,100,000			2,100,000			—			2,100,000
	Total available-for-sale securities	$	2,100,000		$	2,158,789		$	587,893		$	2,746,682
	The following is a summary of the Company’s securities classified as available-for-sale at December 31, 2012:
		Face			Amortized			Cumulative			Carrying
								Unrealized			Value /
											Estimated
		Value			Cost			Gain			Fair Value
	Common equity securities	$	—		$	58,789		$	293,947		$	352,736
	Collateralized debt obligation (CDO) bond	10,000,000			1,000,000			100,000			1,100,000
	Commercial mortgage-backed security (CMBS)	2,100,000			2,100,000			—			2,100,000
	Total available-for-sale securities	$	12,100,000		$	3,158,789		$	393,947		$	3,552,736
Summary of the underlying credit ratings of the Company's available-for-sale securities	'
		September 30, 2013					December 31, 2012
				Amortized					Amortized
	Rating (1)	#		Cost			#		Cost
	CCC-	1		$	2,100,000		2		$	3,100,000
	(1) Based on the rating published by Standard & Poor’s for each security.
Summary of the company's securities classified as held-to-maturity	'
	The following is a summary of the Company’s securities classified as held-to-maturity at September 30, 2013:
		Face			Amortized			Carrying			Unrealized		Unrealized			Estimated
		Value			Cost			Value			Gain		Loss			Fair Value
	Residential mortgage-backed securities (RMBS)	$	47,983,072		$	41,989,100		$	41,989,100		$	1,129,261	$	(17,940	)	$	43,100,421
	The following is a summary of the Company’s securities classified as held-to-maturity at December 31, 2012:
		Face			Amortized			Carrying			Unrealized		Unrealized			Estimated
		Value			Cost			Value			Gain		Loss			Fair Value
	Residential mortgage-backed securities (RMBS)	$	44,431,768		$	42,986,980		$	42,986,980		$	169,450	$	(3,306	)	$	43,153,124
Summary of the underlying credit ratings of the Company's held-to-maturity securities	'
		September 30, 2013							December 31, 2012
				Amortized			Percent				Amortized		Percent
	Rating (1)	#		Cost			of Total		#		Cost		of Total
	AAA	—		$	—		—		2		$	407,514	1	%
	AA+	1		104,598			—		—		—		—
	AA	—		—			—		1		167,196		1	%
	BB	—		—			—		3		8,742,011		20	%
	CCC	1		18,919,153			45	%	—		—		—
	D	—		—			—		1		9,496,933		22	%
	NR	9		22,965,349			55	%	9		24,173,326		56	%
		11		$	41,989,100		100	%	16		$	42,986,980	100	%
	(1) Based on the rating published by Standard & Poor’s for each security.  NR stands for “not rated”.

Investment_in_Equity_Affiliate1

Investment in Equity Affiliates (Tables)	9 Months Ended
	Sep. 30, 2013
Investment in Equity Affiliates	'
Summary of the company's investment in equity affiliates	'
		Investment in Equity Affiliates at				Unpaid Principal
						Balance of Loans
						to Equity
						Affiliates at
		September 30,		December 31,		September 30,
	Equity Affiliates	2013		2012		2013
	Lightstone Value Plus REIT L.P.	$	2,842,090	$	55,988,409	$	—
	West Shore Café	1,690,282		1,821,536		—
	Issuers of Junior Subordinated Notes	578,000		578,000		—
	JT Prime	425,000		851,000		—
	930 Flushing & 80 Evergreen	154,697		342,197		23,351,241
	Lexford Portfolio	100		100		158,087,000
	St. John’s Development	—		—		25,000,000
	450 West 33rd Street	—		—		—
	Ritz-Carlton Club	—		—		—
	Total	$	5,690,169	$	59,581,242	$	206,438,241

Real_Estate_Owned_and_HeldForS1

Real Estate Owned and Held-For-Sale (Tables)	9 Months Ended
	Sep. 30, 2013
Real Estate Owned and Held-For-Sale	'
Schedule of real estate owned	'
		September 30, 2013									December 31, 2012
		Multifamily			Hotel			Total			Multifamily			Hotel			Total
		Portfolio			Portfolio						Portfolio			Portfolio
	Land	$	11,382,579		$	10,893,651		$	22,276,230		$	15,651,047		$	10,893,651		$	26,544,698
	Building and intangible assets	46,278,295			60,259,869			106,538,164			52,747,149			56,946,750			109,693,899
	Less: accumulated depreciation and amortization	(7,716,060		)	(8,680,678		)	(16,396,738		)	(6,216,409		)	(5,873,989		)	(12,090,398		)
	Real estate owned, net	$	49,944,814		$	62,472,842		$	112,417,656		$	62,181,787		$	61,966,412		$	124,148,199
Schedule of real estate held-for-sale	'
		Three Months Ended September 30,						Nine Months Ended September 30,
		2013			2012			2013			2012
	Revenue:
	Property operating income	$	598,905		$	741,036		$	1,745,206		$	3,677,099
	Expenses:
	Property operating expense	529,965			681,900			1,587,619			2,098,273
	Depreciation	148,656			146,991			429,066			425,245
	Gain on sale of real estate held-for-sale	—			—			—			3,487,145
	(Loss) income from discontinued operations	$	(79,716	)	$	(87,855	)	$	(271,479	)	$	4,640,726

Debt_Obligations_Tables

Debt Obligations (Tables)	9 Months Ended
	Sep. 30, 2013
Repurchase agreements and credit facilities	'
Debt Obligations	'
Schedule of borrowings	'
		September 30, 2013						December 31, 2012
		Debt			Collateral			Debt			Collateral
		Carrying			Carrying			Carrying			Carrying
		Value			Value			Value			Value
	Repurchase agreement (1)	$	17,128,000		$	22,478,963		$	35,072,000		$	43,604,281
	Repurchase agreement (2)	14,732,981			19,510,137			689,619			827,488
	Repurchase agreement (3)	—			—			—			—
	$75.0 million warehousing credit facility (4)	55,032,200			81,685,000			50,000,000			70,075,000
	$50.0 million warehousing credit facility (5)	28,645,407			39,880,000			—			—
	$40.0 million warehousing credit facility (6)	23,043,750			37,150,000			—			—
	$17.3 million warehousing credit facility (7)	—			—			17,300,000			30,000,000
	$12.6 million warehousing credit facility (7)	—			—			12,600,000			18,000,000
	$20.0 million revolving credit facility (8)	20,000,000			—			15,000,000			—
	Total repurchase agreements and credit facilities	$	158,582,338		$	200,704,100		$	130,661,619		$	162,506,769
	(1) Rolling monthly term, interest is variable based on one-month LIBOR; the weighted average note rate was 1.86% and 1.75%, respectively.
	(2) Rolling monthly term, interest is variable based on one-month LIBOR; the weighted average note rate was 2.01% and 1.73%, respectively.
	(3) Rolling monthly term, interest is variable based on one-month LIBOR.
	(4) Expiration April 2015, interest is variable based on one-month LIBOR; the note rate was 2.51% and 3.00%, respectively.
	(5) Expiration February 2014, interest is variable based on LIBOR; the weighted average note rate was 2.72%.
	(6) Expiration June 2014, interest is variable based on LIBOR; the weighted average note rate was 2.21%.
	(7) Interest was variable based on LIBOR or Prime; the weighted average note rate was 3.00%.
	(8) Expiration May 2014, interest is fixed at 8.50% with an 8.50% non-use fee on the first $5.0 million, then a 1.00% non-use fee, the weighted average note rate was 8.50% and 8.00%, respectively.
Collateralized debt obligations	'
Debt Obligations	'
Schedule of borrowings	'
	The following table outlines borrowings and the corresponding collateral under the Company’s collateralized debt obligations as of September 30, 2013:
								Collateral
		Debt						Loans					Securities						Cash
		Face			Carrying			Unpaid			Carrying		Face		Carrying		Fair		Restricted		Collateral
		Value			Value			Principal (1)			Value (1)		Value		Value		Value (2)		Cash (3)		At-Risk (4)
	CDO I	$	127,318,668		$	133,019,558		$	284,257,145		$	234,674,057	$	—	$	—	$	—	$	516,689	$	187,894,823
	CDO II	226,619,510			232,476,371			370,927,009			320,806,156		—		—		—		23,486,637		178,271,174
	CDO III	362,239,462			370,938,627			420,876,011			390,305,633		—		—		—		64,000,000		241,496,579
	Total CDOs	$	716,177,640		$	736,434,556		$	1,076,060,165		$	945,785,846	$	—	$	—	$	—	$	88,003,326	$	607,662,576
	The following table outlines borrowings and the corresponding collateral under the Company’s collateralized debt obligations as of December 31, 2012:
								Collateral
		Debt						Loans					Securities						Cash
		Face			Carrying			Unpaid			Carrying		Face		Carrying		Fair		Restricted		Collateral
		Value			Value			Principal (1)			Value (1)		Value		Value		Value (2)		Cash (3)		At-Risk (4)
	CDO I	$	133,994,136		$	139,856,472		$	299,881,599		$	238,852,726	$	—	$	—	$	—	$	1,036,155	$	207,772,049
	CDO II	231,186,301			237,209,429			395,266,909			345,919,525		10,000,000		1,100,000		1,100,000		470,952		188,271,174
	CDO III	426,458,233			435,386,944			515,403,735			485,235,214		—		—		—		24,819,361		244,697,945
	Total CDOs	$	791,638,670		$	812,452,845		$	1,210,552,243		$	1,070,007,465	$	10,000,000	$	1,100,000	$	1,100,000	$	26,326,468	$	640,741,168
	(1) Amounts include loans to real estate assets consolidated by the Company that were reclassified to real estate owned and held-for-sale, net on the Consolidated Financial Statements.
	(2) The security with a fair value of $1,100,000 was rated a CCC- at December 31, 2012 by Standard & Poor’s and was sold in May 2013.
	(3) Represents restricted cash held for principal repayments in the CDOs.  Does not include restricted cash related to interest payments, delayed fundings and expenses.
	(4) Amounts represent the face value of collateral in default, as defined by the CDO indenture, as well as assets deemed to be “credit risk.”  Credit risk assets are reported by each of the CDOs and are generally defined as one that, in the CDO collateral manager’s reasonable business judgment, has a significant risk of declining in credit quality or, with a passage of time, becoming a defaulted asset.
Schedule of face amount and gain on extinguishment of the company's CDO bonds repurchased by bond class	'
		Three Months Ended September 30,											Nine Months Ended September 30,
		2013						2012					2013				2012
	Class:	Face			Gain			Face			Gain		Face		Gain		Face		Gain
		Amount						Amount					Amount				Amount
	B	$	—		$	—		$	—		$	—	$	—	$	—	$	13,000,000	$	4,615,000
	C	—			—			—			—		—		—		3,329,509		1,200,182
	D	—			—			3,000,000			1,281,563		—		—		13,350,000		5,819,066
	E	—			—			6,000,000			2,863,125		—		—		13,765,276		6,445,033
	F	—			—			—			—		—		—		9,708,556		5,048,417
	G	—			—			—			—		—		—		8,672,039		4,777,138
	H	2,835,088			1,167,772			—			—		9,935,088		4,930,772		4,403,771		2,554,187
	Total	$	2,835,088		$	1,167,772		$	9,000,000		$	4,144,688	$	9,935,088	$	4,930,772	$	66,229,151	$	30,459,023
Collateralized loan obligations	'
Debt Obligations	'
Schedule of borrowings	'
	The following table outlines borrowings and the corresponding collateral under the Company’s collateralized loan obligations as of September 30, 2013:
								Collateral
		Debt						Loans					Cash
		Face			Carrying			Unpaid			Carrying		Restricted		Collateral
		Value			Value			Principal			Value		Cash		At-Risk (1)
	CLO I	$	87,500,000		$	87,500,000		$	117,208,146		$	116,830,764	$	7,878,504	$	10,250,000
	CLO II	177,000,000			177,000,000			257,887,960			257,144,312		1,750,135		—
	Total CLOs	$	264,500,000		$	264,500,000		$	375,096,106		$	373,975,076	$	9,628,639	$	10,250,000
	(1) 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.
	The following table outlines borrowings and the corresponding collateral under the Company’s collateralized loan obligation as of December 31, 2012:
								Collateral
		Debt						Loans					Cash
		Face			Carrying			Unpaid			Carrying		Restricted
		Value			Value			Principal			Value		Cash
	CLO I	$	87,500,000		$	87,500,000		$	125,086,650		$	124,525,103	$	—
Notes payable	'
Debt Obligations	'
Schedule of borrowings	'
		September 30, 2013						December 31, 2012
		Debt			Collateral			Debt			Collateral
		Carrying			Carrying			Carrying			Carrying
		Value			Value			Value			Value
	Note payable relating to investment in equity affiliates, expiration July 2016, interest is fixed, the weighted average note rate was 4.06%	$	—		$	—		$	50,157,708		$	55,988,411
	Junior loan participation, secured by the Company’s interest in a first mortgage loan with a principal balance of $1.3 million, participation interest was based on a portion of the interest received from the loan which has a fixed rate of 9.57%	1,300,000			1,300,000			1,300,000			1,300,000
	Junior loan participation, maturity of March 2014, secured by the Company’s interest in a mezzanine loan with a principal balance of $3.0 million, participation interest is a fixed rate of 15.00%	450,000			450,000			—			—
	Total notes payable	$	1,750,000		$	1,750,000		$	51,457,708		$	57,288,411
Collateralized debt obligations and collateralized loan obligations	'
Debt Obligations	'
Summary of the company's CDO and CLO compliance tests as of the most recent determination dates	'
	The chart below is a summary of the Company’s CDO and CLO compliance tests as of the most recent determination dates in October 2013:
	Cash Flow Triggers	CDO I		CDO II		CDO III		CLO I		CLO II
	Overcollateralization (1)
	Current	166.88	%	133.77	%	106.64	%	142.96	%	146.89	%
	Limit	145	%	127.3	%	105.6	%	137.86	%	144.25	%
	Pass / Fail	Pass		Pass		Pass		Pass		Pass
	Interest Coverage (2)
	Current	501.11	%	473.84	%	566.7	%	224.4	%	287.19	%
	Limit	160	%	147.3	%	105.6	%	120	%	120	%
	Pass / Fail	Pass		Pass		Pass		Pass		Pass
	(1) The overcollateralization ratio divides the total principal balance of all collateral in the CDO and CLO by the total principal balance of the bonds associated with the applicable ratio.  To the extent an asset is considered a defaulted security, the asset’s principal balance for purposes of the overcollateralization test is the lesser of the asset’s market value or the principal balance of the defaulted asset multiplied by the asset’s recovery rate which is determined by the rating agencies.  Rating downgrades of CDO and CLO collateral will generally not have a direct impact on the principal balance of a CDO and CLO asset for purposes of calculating the CDO and CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC-) as defined in each CDO and CLO vehicle.
	(2) The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by the Company.
Summary of the Company's CDO and CLO overcollateralization ratios	'
	Determination Date	CDO I		CDO II		CDO III		CLO I		CLO II
	October 2013	166.88	%	133.77	%	106.64	%	142.96	%	146.89	%
	July 2013	176.69	%	139.1	%	106.61	%	142.96	%	146.89	%
	April 2013	174.76	%	138.97	%	106.56	%	142.96	%	146.89	%
	January 2013	172.73	%	138.89	%	105.9	%	142.96	%	—
	October 2012	171.36	%	138.59	%	105.64	%	—		—

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2013
Derivative Financial Instruments	'
Schedule of derivative financial instruments held by the company	'
			Notional Value												Balance		Fair Value
	Designation\	Derivative	Count		September 30,			Count		December 31,			Expiration		Sheet		September 30,			December 31,
	Cash Flow				2013					2012			Date		Location		2013			2012
	Non-Qualifying	Basis Swaps	1		$	11,600		8		$	603,524		2015		Other Assets		$	10		$	128
	Non-Qualifying	LIBOR Caps	—		$	—		1		$	6,000		—		Other Assets		$	—		$	—
	Qualifying	LIBOR Cap	—		$	—		1		$	73,301		—		Other Assets		$	—		$	—
	Qualifying	Interest Rate Swaps	14		$	297,583		14		$	312,227		2014 - 2017		Other Liabilities		$	(27,777	)	$	(37,755	)
	Non-Qualifying	Forward Contracts	14		$	—		12		$	—		2015 - 2036		Other Assets		$	13,930		$	10,800
Schedule of the effect of the company's derivative financial instruments on the statements of operations	'
			Amount of (Gain) Loss						Amount of Loss						Amount of						Amount of
			Recognized in						Reclassified from						(Loss) Gain Recognized						(Loss) Gain Recognized
			Other Comprehensive						Accumulated Other						in Interest Expense						in Other Income
			Loss						Comprehensive Loss into						(Ineffective Portion)						For the Nine Months Ended
			(Effective Portion)						Interest Expense						For the Nine Months Ended
			For the Nine Months Ended						(Effective Portion)
									For the Nine Months Ended
	Designation\	Derivative	September			September			September			September			September			September			September			September
	Cash Flow		30,			30,			30,			30,			30,			30,			30,			30,
			2013			2012			2013			2012			2013			2012			2013			2012
	Non-Qualifying	Basis Swaps / Caps	$	—		$	—		$	—		$	—		$	(11	)	$	50		$	—		$	—
	Qualifying	Interest Rate Swaps / Cap	$	98		$	7,507		$	(10,564	)	$	(12,883	)	$	—		$	—		$	—		$	—
	Non-Qualifying	Forward Contracts	$	—		$	—		$	—		$	—		$	—		$	—		$	(1,688	)	$	65

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2013
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 the Company’s variable interests in identified VIEs, of which the Company is not the primary beneficiary, as of September 30, 2013:
				Maximum
	Type	Carrying		Exposure to
		Amount (1)		Loss (2)
	Loans	$	445,338,992	$	445,338,992
	Loans and equity investments	156,849,718		156,849,718
	RMBS	183,292,201		183,292,201
	CMBS	2,100,000		2,100,000
	Junior subordinated notes (3)	578,000		578,000
	Total	$	788,158,911	$	788,158,911
	(1) Represents the carrying amount of loans and investments before reserves.  At September 30, 2013, $216.8 million of loans to VIEs had corresponding loan loss reserves of approximately $131.7 million and $39.2 million of loans to VIEs were related to loans classified as non-performing.  See Note 3 — “Loans and Investments” for further details.
	(2) The Company’s maximum exposure to loss as of September 30, 2013 would not exceed the carrying amount of its investment.
	(3) These entities that issued the junior subordinated notes are VIEs.  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 the Company’s 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)	9 Months Ended
	Sep. 30, 2013
Fair Value	'
Summary of the carrying values and the estimated fair values of the Company's financial instruments	'
		September 30, 2013						December 31, 2012
					Estimated					Estimated
		Carrying Value			Fair Value			Carrying Value		Fair Value
	Financial assets:
	Loans and investments, net	$	1,546,107,405		$	1,566,593,565		$	1,325,667,053	$	1,316,001,339
	Available-for-sale securities	2,746,682			2,746,682			3,552,736		3,552,736
	Securities held-to-maturity, net	41,989,100			43,100,421			42,986,980		43,153,124
	Derivative financial instruments	13,939,477			13,939,477			10,927,551		10,927,551
	Financial liabilities:
	Repurchase agreements and credit facilities	$	158,582,338		$	158,297,391		$	130,661,619	$	130,363,126
	Collateralized debt obligations	736,434,556			610,943,763			812,452,845		590,901,757
	Collateralized loan obligations	264,500,000			266,498,750			87,500,000		87,500,000
	Junior subordinated notes	159,157,643			100,930,762			158,767,145		99,984,066
	Notes payable	1,750,000			1,737,431			51,457,708		46,743,406
	Mortgage note payable - real estate owned and held-for-sale	53,751,004			52,219,748			53,751,004		50,005,874
	Derivative financial instruments	27,776,770			27,776,770			37,754,775		37,754,775
Schedule of certain financial assets and financial liabilities measured at fair value on a recurring basis	'
	The fair value of these financial assets and liabilities was determined using the following inputs as of September 30, 2013:
								Fair Value Measurements
		Carrying			Fair			Using Fair Value Hierarchy
		Value			Value			Level 1		Level 2		Level 3
	Financial assets:
	Available-for-sale securities (1)	$	2,746,682		$	2,746,682		$	646,682	$	—	$	2,100,000
	Derivative financial instruments (2)	13,939,477			13,939,477			—		9,641		13,929,836
	Financial liabilities:
	Derivative financial instruments	$	27,776,770		$	27,776,770		$	—	$	27,776,770	$	—
	(1) The Company’s equity securities available-for-sale were measured using Level 1 inputs and the Company’s CDO bond and CMBS investments available-for-sale were measured using Level 3 inputs.
	(2) The Company’s basis swap derivatives were measured using Level 2 inputs and the Company’s forward contract derivatives were measured using Level 3 inputs.
Schedule of financial assets measured at fair value on a recurring basis using Level 3 inputs	'
		Available-for-sale			Derivative
		Securities			Financial Instruments
	Balance as of December 31, 2012	$	3,200,000		$	10,799,536
	Adjustments to fair value:
	Additions (1)	—			10,600,127
	Paydowns (2)	—			(5,055,013		)
	Net changes in fair value (3)	—			(1,688,440		)
	Sales and settlements (4)	(1,100,000		)	(726,374		)
	Balance as of September 30, 2013	$	2,100,000		$	13,929,836
	(1)  Represents forward contract derivatives recorded at fair value in the nine months ended September 30, 2013.
	(2)  Represents the paydowns on the forward contracts during the nine months ended September 30, 2013.
	(3)  Represents the net change in fair value recorded to other income during the nine months ended September 30, 2013.
	(4)  Represents the sale of a CDO bond investment in the second quarter of 2013 and the settlement of forward contract derivatives in the third quarter of 2013.
Schedule of certain financial and non-financial assets measured at fair value on a nonrecurring basis	'
	The fair value of these financial assets was determined using the following inputs as of September 30, 2013:
		Net						Fair Value Measurements
		Carrying			Fair			Using Fair Value Hierarchy
		Value			Value			Level 1		Level 2		Level 3
	Financial assets:
	Impaired loans, net (1)	$	96,290,645		$	116,657,940		$	—	$	—	$	116,657,940
	(1) The Company had an allowance for loan losses of $143.0 million relating to 18 loans with an aggregate carrying value, before loan loss reserves, of approximately $239.3 million at September 30, 2013.
Schedule of quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis	'
		September 30, 2013
					Valuation		Unobservable		Range
		Fair Value			Technique(s)		Inputs		(Weighted Average)
	Financial assets:
	Impaired loans (1):
	Multi-family	$	31,917,678		Direct capitalization analysis and discounted cash flows		Discount rate		7.50% to 8.00% (5.51%)
							Capitalization rate		6.00% to 8.25% (7.07%)
							Revenue growth rate		2.00% to 3.00% (1.51%)
	Office	7,271,949			Discounted cash flows		Discount rate		9.00% to 10.00% (9.43%)
							Capitalization rate		8.00% to 8.50% (8.15%)
							Revenue growth rate		2.50% to 3.00% (2.96%)
	Land	71,468,341			Discounted cash flows		Discount rate		15.50%
							Capitalization rate		9.73%
							Revenue growth rate		5.40%
		5,999,972			Comparable sales and discounted cash flows		Dollar per acre		$293K/Acre
							Discount rate		11.00%
	CMBS	2,100,000			Discounted cash flows		Discount rate		14.00%
	Forward Contract Derivatives	13,929,836			Valuation models		Discount rate		-2
							Loss severity		-2
							Cumulative default rate		-2
							Voluntary prepayment rate		-2
	(1)         Includes all impaired loans regardless of the period in which provision was recorded.
	(2)         Each forward contract derivative is associated with an underlying security that is individually modeled and valued based on the security’s specific characteristics, which include current collateral composition, collateral performance projections, tranche credit enhancement and other market factors.  Accordingly, as the range of the unobservable inputs used to value each individual security varies greatly, disclosing a range or weighted average of such inputs would not be meaningful.
Schedule of fair value of assets and liabilities	'
	The fair value of these assets and liabilities was determined using the following inputs as of September 30, 2013:
								Fair Value Measurements
		Carrying			Fair			Using Fair Value Hierarchy
		Value			Value			Level 1		Level 2		Level 3
	Financial assets:
	Loans and investments, net	$	1,546,107,405		$	1,566,593,565		$	—	$	—	$	1,566,593,565
	Securities held-to-maturity, net	41,989,100			43,100,421			—		—		43,100,421
	Financial liabilities:
	Repurchase agreements and credit facilities	$	158,582,338		$	158,297,391		$	—	$	—	$	158,297,391
	Collateralized debt obligations	736,434,556			610,943,763			—		—		610,943,763
	Collateralized loan obligation	264,500,000			266,498,750			—		—		266,498,750
	Junior subordinated notes	159,157,643			100,930,762			—		—		100,930,762
	Notes payable	1,750,000			1,737,431			—		—		1,737,431
	Mortgage note payable — real estate owned	53,751,004			52,219,748			—		—		52,219,748

Equity_Tables

Equity (Tables)	9 Months Ended
	Sep. 30, 2013
Equity	'
Schedule of reclassifications out of accumulated other comprehensive loss	'
		Nine Months Ended
		September 30,
		2013			2012			Statement of Operations Caption
	Net realized losses on derivatives designated as cash flow hedges:
	Interest Rate Swaps / Cap	$	(10,564	)	$	(12,883	)	Interest expense (1)
	Net realized gain on sale of available-for-sale investments:
	CDO bond investment	$	100		$	—		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)	9 Months Ended
	Sep. 30, 2013
Earnings Per Share	'
Reconciliation of the numerator and denominator of the basic and diluted earnings per share computations	'
		Three Months Ended						Three Months Ended
		September 30, 2013						September 30, 2012
		Basic			Diluted			Basic			Diluted
	Income from continuing operations, net of noncontrolling interest and preferred stock dividends	$	3,744,395		$	3,744,395		$	2,148,184		$	2,148,184
	Loss from discontinued operations	(79,716		)	(79,716		)	(87,855		)	(87,855		)
	Net income attributable to Arbor Realty Trust, Inc. common stockholders (1)	$	3,664,679		$	3,664,679		$	2,060,329		$	2,060,329
	Weighted average number of common shares outstanding	43,397,555			43,397,555			27,749,225			27,749,225
	Dilutive effect of warrants	—			434,716			—			288,819
	Weighted average number of common shares outstanding	43,397,555			43,832,271			27,749,225			28,038,044
	Income from continuing operations, net of noncontrolling interest and preferred stock dividends, per common share	$	0.08		$	0.08		$	0.07		$	0.07
	Loss from discontinued operations per common share	—			—			—			—
	Net income attributable to Arbor Realty Trust, Inc. per common share (1)	$	0.08		$	0.08		$	0.07		$	0.07
	(1) Net of noncontrolling interest and preferred stock dividends.
		Nine Months Ended						Nine Months Ended
		September 30, 2013						September 30, 2012
		Basic			Diluted			Basic			Diluted
	Income from continuing operations, net of noncontrolling interest and preferred stock dividends	$	13,572,263		$	13,572,263		$	17,127,401		$	17,127,401
	(Loss) income from discontinued operations	(271,479		)	(271,479		)	4,640,726			4,640,726
	Net income attributable to Arbor Realty Trust, Inc. common stockholders (1)	$	13,300,784		$	13,300,784		$	21,768,127		$	21,768,127
	Weighted average number of common shares outstanding	40,129,718			40,129,718			25,643,470			25,643,470
	Dilutive effect of warrants	—			446,915			—			247,613
	Weighted average number of common shares outstanding	40,129,718			40,576,633			25,643,470			25,891,083
	Income from continuing operations, net of noncontrolling interest and preferred stock dividends, per common share	$	0.34		$	0.34		$	0.67		$	0.66
	(Loss) income from discontinued operations per common share	(0.01		)	(0.01		)	0.18			0.18
	Net income attributable to Arbor Realty Trust, Inc. per common share (1)	$	0.33		$	0.33		$	0.85		$	0.84
	(1) Net of noncontrolling interest and preferred stock dividends.

Distributions_Tables

Distributions (Tables)	9 Months Ended
	Sep. 30, 2013
Common Stock	'
Distributions	'
Schedule of dividends declared by the Company	'
	Declaration	For Quarter	Record	Payment	Dividend
	Date	Ended	Date	Date	Per Share
	February 12, 2013	December 31, 2012	March 5, 2013	March 12, 2013	$	0.12
	May 1, 2013	March 31, 2013	May 15, 2013	May 31, 2013	$	0.12
	July 31, 2013	June 30, 2013	August 14, 2013	September 3, 2013	$	0.13
Preferred Stock | 8.25% Series A cumulative redeemable preferred stock	'
Distributions	'
Schedule of dividends declared by the Company	'
	Declaration	For Period	For Period	Record	Payment		Dividend
	Date	Beginning	Ended	Date	Date		Per Share
	May 1, 2013	February 1, 2013	May 31, 2013	May 15, 2013	May 31, 2013		$	0.6875
	July 31, 2013	June 1, 2013	August 31, 2013	August 14, 2013	September 3, 2013		$	0.515625
Preferred Stock | 7.75% Series B cumulative redeemable preferred stock	'
Distributions	'
Schedule of dividends declared by the Company	'
	Declaration	For Period	For Period	Record	Payment		Dividend
	Date	Beginning	Ended	Date	Date		Per Share
	July 31, 2013	May 9, 2013	August 31, 2013	August 14, 2013	September 3, 2013		$	0.6028

Management_Agreement_Tables

Management Agreement (Tables)	9 Months Ended
	Sep. 30, 2013
Management Agreement	'
Schedule of Company's base and incentive compensation management fees	'
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
	Management Fees:	2013		2012		2013		2012
	Base (1)	$	2,800,000	$	2,500,000	$	8,400,000	$	7,500,000
	Incentive	—		—		—		—
	Total management fee	$	2,800,000	$	2,500,000	$	8,400,000	$	7,500,000
	(1)         Included in base management fees for the three months ended September 30, 2013 and 2012, was $1.3 million and $1.2 million, respectively, that was included in due to related party.  Included in base management fees for the nine months ended September 30, 2013 and 2012, was $2.5 million, respectively, that was included in due to related party.

Description_of_Business_Detail

Description of Business (Details) (USD $)	9 Months Ended			0 Months Ended	1 Months Ended					9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Mar. 15, 2013	Sep. 30, 2013	Mar. 31, 2013	Oct. 31, 2012	Jun. 30, 2012	Jun. 30, 2003	Sep. 30, 2013
				Common Stock	Common Stock	Common Stock	Common Stock	Common Stock	Common Stock	Common Stock
Description of Business/Form of Ownership	'	'	'	'	'	'	'	'	'	'
Minimum taxable income to be distributed to stockholders to qualify as a REIT (as a percent)	90.00%	'	'	'	'	'	'	'	'	'
Number of shares of common stock authorized for issuance	500,000,000	'	500,000,000	'	'	'	'	'	'	'
Common stock, par value (in dollars per share)	$0.01	'	$0.01	'	'	'	'	'	'	'
Number of shares of preferred stock authorized for issuance	100,000,000	'	100,000,000	'	'	'	'	'	'	'
Preferred stock, par value (in dollars per share)	$0.01	'	$0.01	'	'	'	'	'	'	'
Issuance of common stock (in shares)	'	'	'	6,000,000	6,000,000	5,625,000	3,500,000	3,500,000	67	17,625,000
Proceeds from issuance of common stock	$134,176,328	$18,900,000	'	$45,600,000	$40,900,000	$43,000,000	$19,200,000	$17,500,000	$1,005	'

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
	item
Summary of Significant Accounting Policies	'	'
Number of collateralized debt obligation subsidiaries	3	'
Number of collateralized loan obligation subsidiaries	2	'
Impaired Loans, Allowance for Loan Losses, Loss on Sale and Restructuring of Loans and Charge-offs	'	'
Adjustments made to appraisals	$0	'
Loss on sale and restructuring of loans	$0	$0
Minimum	'	'
Summary of Significant Accounting Policies	'	'
Voting interest in entities accounted for primarily under the equity method (as a percent)	20.00%	'
Maximum	'	'
Summary of Significant Accounting Policies	'	'
Voting interest in entities accounted for primarily under the equity method (as a percent)	50.00%	'

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details 2) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013
	item
Revenue Recognition	'
Total interest reserves	$9.70
Number of loans	46
Aggregate unpaid principal balance	552.3
Income Taxes	'
Minimum taxable income to be distributed to stockholders to qualify as a REIT (as a percent)	90.00%
Non-performing loans	'
Revenue Recognition	'
Total interest reserves	0.1
Number of loans	2
Aggregate unpaid principal balance	$29.20

Loans_and_Investments_Details

Loans and Investments (Details) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2011
	item	item
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'
Loans and investments, gross	$1,702,743,456	$1,501,056,647	'	'
Unearned revenue	-13,617,560	-13,683,281	'	'
Allowance for loan losses	-143,018,491	-161,706,313	-189,344,108	-185,381,855
Loans and investments, net	1,546,107,405	1,325,667,053	'	'
Percent of Total	100.00%	100.00%	'	'
Loan Count	147	128	'	'
Wtd. Avg. Pay Rate (as a percent)	5.26%	4.77%	'	'
Wtd. Avg. Remaining Months to Maturity	'24 months 15 days	'31 months 24 days	'	'
First Dollar LTV Ratio (as percent)	18.00%	21.00%	'	'
Last Dollar LTV Ratio (as percent)	78.00%	80.00%	'	'
Number of portfolio segments	1	'	'	'
Higher credit risk	'	'	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'
Loans and investments, gross	214,100,000	'	'	'
Last Dollar LTV Ratio (as percent)	94.00%	'	'	'
Credit risk concentration	'	'	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'
Loans and investments, gross	1,702,743,456	1,501,056,647	'	'
Percent of Total	100.00%	100.00%	'	'
First Dollar LTV Ratio (as percent)	18.00%	21.00%	'	'
Last Dollar LTV Ratio (as percent)	78.00%	80.00%	'	'
Credit risk concentration | Minimum	'	'	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'
Credit risk individual ratings	1	'	'	'
Credit risk concentration | Maximum	'	'	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'
Credit risk individual ratings	5	'	'	'
Credit risk concentration | Risk rating, three	'	'	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'
Credit risk individual ratings	3	'	'	'
Credit risk concentration | Risk rating, four	'	'	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'
Credit risk individual ratings	4	'	'	'
Credit risk concentration | Risk rating, five	'	'	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'
Credit risk individual ratings	5	'	'	'
Credit risk concentration | Risk rating, 3.5	'	'	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'
Credit risk individual ratings	3.5	'	'	'
Credit risk concentration | Risk rating, 4.5	'	'	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'
Credit risk individual ratings	4.5	'	'	'
Total assets | Credit risk concentration	'	'	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'
Loan Count	31	23	'	'
Number of different borrowers	5	5	'	'
Concentration risk, percentage	32.00%	31.00%	'	'
Bridge Loans	'	'	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'
Loans and investments, gross	1,214,659,449	1,006,726,838	'	'
Percent of Total	71.00%	67.00%	'	'
Loan Count	99	83	'	'
Wtd. Avg. Pay Rate (as a percent)	5.13%	4.87%	'	'
Wtd. Avg. Remaining Months to Maturity	'18 months 27 days	'25 months	'	'
First Dollar LTV Ratio (as percent)	0.00%	0.00%	'	'
Last Dollar LTV Ratio (as percent)	76.00%	75.00%	'	'
Mezzanine Loans	'	'	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'
Loans and investments, gross	109,871,096	112,843,639	'	'
Percent of Total	6.00%	7.00%	'	'
Loan Count	25	24	'	'
Wtd. Avg. Pay Rate (as a percent)	6.19%	4.94%	'	'
Wtd. Avg. Remaining Months to Maturity	'60 months 18 days	'62 months 18 days	'	'
First Dollar LTV Ratio (as percent)	60.00%	59.00%	'	'
Last Dollar LTV Ratio (as percent)	85.00%	88.00%	'	'
Junior Participations Loans	'	'	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'
Loans and investments, gross	249,139,239	280,662,498	'	'
Percent of Total	15.00%	19.00%	'	'
Loan Count	7	9	'	'
Wtd. Avg. Pay Rate (as a percent)	4.31%	3.90%	'	'
Wtd. Avg. Remaining Months to Maturity	'22 months 3 days	'29 months 3 days	'	'
First Dollar LTV Ratio (as percent)	62.00%	59.00%	'	'
Last Dollar LTV Ratio (as percent)	83.00%	79.00%	'	'
Preferred equity investments	'	'	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'
Loans and investments, gross	$129,073,672	$100,823,672	'	'
Percent of Total	8.00%	7.00%	'	'
Loan Count	16	12	'	'
Wtd. Avg. Pay Rate (as a percent)	7.55%	6.04%	'	'
Wtd. Avg. Remaining Months to Maturity	'51 months 15 days	'72 months 6 days	'	'
First Dollar LTV Ratio (as percent)	61.00%	77.00%	'	'
Last Dollar LTV Ratio (as percent)	81.00%	97.00%	'	'

Loans_and_Investments_Details_

Loans and Investments (Details 2) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
LOANS AND OTHER LENDING INVESTMENTS	'	'
Unpaid Principal Balance	1,702,743,456	1,501,056,647
Percentage of Portfolio	100.00%	100.00%
First Dollar LTV Ratio (as percent)	18.00%	21.00%
Last Dollar LTV Ratio (as percent)	78.00%	80.00%
Loans and investments portfolio | New York	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'
Concentration risk, percentage	32.00%	34.00%
Loans and investments portfolio | Florida	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'
Concentration risk, percentage	11.00%	11.00%
Loans and investments portfolio | Texas	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'
Concentration risk, percentage	9.00%	10.00%
Credit risk concentration	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'
Unpaid Principal Balance	1,702,743,456	1,501,056,647
Percentage of Portfolio	100.00%	100.00%
First Dollar LTV Ratio (as percent)	18.00%	21.00%
Last Dollar LTV Ratio (as percent)	78.00%	80.00%
Credit risk concentration | Weighted average	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'
Wtd. Avg. Internal Risk Rating	3.3	3.4
Credit risk concentration | Multifamily Portfolio	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'
Unpaid Principal Balance	1,075,260,698	771,140,021
Percentage of Portfolio	63.10%	51.40%
First Dollar LTV Ratio (as percent)	14.00%	19.00%
Last Dollar LTV Ratio (as percent)	76.00%	79.00%
Credit risk concentration | Multifamily Portfolio | Weighted average	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'
Wtd. Avg. Internal Risk Rating	3.2	3.4
Credit risk concentration | Office	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'
Unpaid Principal Balance	369,433,065	415,162,338
Percentage of Portfolio	21.70%	27.60%
First Dollar LTV Ratio (as percent)	33.00%	31.00%
Last Dollar LTV Ratio (as percent)	83.00%	81.00%
Credit risk concentration | Office | Weighted average	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'
Wtd. Avg. Internal Risk Rating	3.2	3.2
Credit risk concentration | Land	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'
Unpaid Principal Balance	141,686,108	140,745,980
Percentage of Portfolio	8.30%	9.40%
First Dollar LTV Ratio (as percent)	3.00%	0.00%
Last Dollar LTV Ratio (as percent)	91.00%	86.00%
Credit risk concentration | Land | Weighted average	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'
Wtd. Avg. Internal Risk Rating	4.2	4.2
Credit risk concentration | Hotel Portfolio	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'
Unpaid Principal Balance	69,312,344	105,613,791
Percentage of Portfolio	4.10%	7.00%
First Dollar LTV Ratio (as percent)	26.00%	22.00%
Last Dollar LTV Ratio (as percent)	84.00%	78.00%
Credit risk concentration | Hotel Portfolio | Weighted average	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'
Wtd. Avg. Internal Risk Rating	3.8	3.6
Credit risk concentration | Commercial	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'
Unpaid Principal Balance	25,051,241	23,794,517
Percentage of Portfolio	1.50%	1.60%
First Dollar LTV Ratio (as percent)	3.00%	0.00%
Last Dollar LTV Ratio (as percent)	49.00%	50.00%
Credit risk concentration | Commercial | Weighted average	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'
Wtd. Avg. Internal Risk Rating	3	3
Credit risk concentration | Retail	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'
Unpaid Principal Balance	6,750,000	19,350,000
Percentage of Portfolio	0.40%	1.30%
First Dollar LTV Ratio (as percent)	0.00%	0.00%
Last Dollar LTV Ratio (as percent)	62.00%	61.00%
Credit risk concentration | Retail | Weighted average	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'
Wtd. Avg. Internal Risk Rating	2.5	2.9
Credit risk concentration | Condo	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'
Unpaid Principal Balance	15,250,000	25,250,000
Percentage of Portfolio	0.90%	1.70%
First Dollar LTV Ratio (as percent)	56.00%	58.00%
Last Dollar LTV Ratio (as percent)	72.00%	90.00%
Credit risk concentration | Condo | Weighted average	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'
Wtd. Avg. Internal Risk Rating	3.7	4.2

Loans_and_Investments_Details_1

Loans and Investments (Details 3) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
	item	item	item	item	item
Loans and Investments	'	'	'	'	'
Number of impaired loans	'	2	4	5	'
Carrying value of impaired loans	$5,400,000	$35,000,000	$26,700,000	$90,400,000	'
Impaired loans, provision for loan losses	1,500,000	4,900,000	5,500,000	21,325,394	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'	'
Net recoveries of previously recorded loan loss reserves	700,000	100,000	1,400,000	800,000	'
Changes in allowance for loan losses	'	'	'	'	'
Allowance at beginning of the period	'	'	161,706,313	185,381,855	'
Impaired loans, provision for loan losses	1,500,000	4,900,000	5,500,000	21,325,394	'
Charge-offs	'	'	-22,756,836	-16,585,800	'
Recoveries of reserves	'	'	-1,430,986	-777,341	'
Allowance at end of the period	143,018,491	189,344,108	143,018,491	189,344,108	'
Loans without previous reserves	1,500,000	'	5,500,000	'	'
Provision for loan losses (net of recoveries)	750,231	4,849,330	4,072,108	20,584,191	'
Number of impaired loans	18	'	18	'	20
Number of loans on which Company had not previously recorded reserves	4	'	4	'	'
Aggregate carrying value of impaired loans before reserves	239,309,135	'	239,309,135	'	240,211,152
Number of loans for which no provision for loan loss made	0	0	0	0	'
Five loans collateralized by a land development project | Maturity date of September 2013	'	'	'	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'	'
Number of loans with unpaid principal balance	'	'	5	'	'
Unpaid principal balance on loans	111,300,000	'	111,300,000	'	'
Changes in allowance for loan losses	'	'	'	'	'
Allowance at end of the period	43,700,000	'	43,700,000	'	'
Four loans collateralized by a land development project | Maturity date of September 2013	'	'	'	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'	'
Number of loans with unpaid principal balance	'	'	4	'	'
Unpaid principal balance on loans	$101,900,000	'	$101,900,000	'	'
Weighted average accrual rate of interest (as a percent)	'	'	9.60%	'	'

Loans_and_Investments_Details_2

Loans and Investments (Details 4) (USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'	'	'	'
Charge-offs	'	'	($9,200,000)	($3,600,000)	($22,756,836)	($16,585,800)	'
Recoveries	'	'	'	'	-1,430,986	-777,341	'
Net Charge-offs	'	'	'	'	-21,325,850	-15,808,459	'
Ratio of net charge-offs during the period to average loans and investments outstanding during the period	'	'	'	'	0.013	0.011	'
Unpaid Principal Balance	249,899,384	'	'	'	249,899,384	'	250,539,283
Carrying value	239,309,135	'	'	'	239,309,135	'	240,211,152
Allowance for Loan losses	143,018,491	'	'	'	143,018,491	'	161,706,313
Average Recorded Investment	254,271,822	276,461,051	'	'	243,383,581	281,682,274	'
Interest Income Recognized	1,225,305	769,291	'	'	3,559,525	2,496,572	'
Multifamily Portfolio	'	'	'	'	'	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'	'	'	'
Charge-offs	'	'	'	'	-4,789,815	-10,773,141	'
Recoveries	'	'	'	'	-726,492	-90,000	'
Unpaid Principal Balance	72,770,229	'	'	'	72,770,229	'	59,468,463
Carrying value	72,127,331	'	'	'	72,127,331	'	59,277,872
Allowance for Loan losses	51,571,153	'	'	'	51,571,153	'	53,587,461
Average Recorded Investment	72,793,867	57,511,779	'	'	66,119,346	60,989,859	'
Interest Income Recognized	932,323	339,813	'	'	2,314,028	590,755	'
Office	'	'	'	'	'	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'	'	'	'
Charge-offs	'	'	'	'	-4,295,506	-5,812,659	'
Recoveries	'	'	'	'	-704,494	-687,341	'
Unpaid Principal Balance	38,043,205	'	'	'	38,043,205	'	38,362,808
Carrying value	31,112,297	'	'	'	31,112,297	'	30,545,156
Allowance for Loan losses	25,929,067	'	'	'	25,929,067	'	28,929,067
Average Recorded Investment	42,403,007	38,453,418	'	'	38,203,007	41,770,470	'
Interest Income Recognized	292,982	323,118	'	'	1,245,497	1,135,254	'
Land	'	'	'	'	'	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'	'	'	'
Unpaid Principal Balance	139,085,950	'	'	'	139,085,950	'	139,036,505
Carrying value	136,069,507	'	'	'	136,069,507	'	136,716,617
Allowance for Loan losses	65,518,271	'	'	'	65,518,271	'	65,518,270
Average Recorded Investment	139,074,948	136,824,347	'	'	139,061,228	135,250,438	'
Hotel Portfolio	'	'	'	'	'	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'	'	'	'
Charge-offs	'	'	'	'	-3,671,515	'	'
Unpaid Principal Balance	'	'	'	'	'	'	3,671,507
Carrying value	'	'	'	'	'	'	3,671,507
Allowance for Loan losses	'	'	'	'	'	'	3,671,515
Average Recorded Investment	'	33,671,507	'	'	'	33,671,507	'
Interest Income Recognized	'	105,006	'	'	'	596,643	'
Condo	'	'	'	'	'	'	'
LOANS AND OTHER LENDING INVESTMENTS	'	'	'	'	'	'	'
Charge-offs	'	'	'	'	-10,000,000	'	'
Unpaid Principal Balance	'	'	'	'	'	'	10,000,000
Carrying value	'	'	'	'	'	'	10,000,000
Allowance for Loan losses	'	'	'	'	'	'	10,000,000
Average Recorded Investment	'	10,000,000	'	'	'	10,000,000	'
Interest Income Recognized	'	$1,354	'	'	'	$173,920	'

Loans_and_Investments_Details_3

Loans and Investments (Details 5) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

3 Months Ended

Sep. 30, 2013

Jun. 30, 2013

Jun. 30, 2012

Mar. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Mar. 31, 2013

Jun. 30, 2012

Mar. 31, 2013

Mar. 31, 2013

item

item

Bridge Loans

Junior participating loans

Bridge loan and a preferred equity loan

Mezzanine Loans

Mezzanine Loans

Bridge loans, a mezzanine loan and a preferred equity investment

Bridge loans, a mezzanine loan and a preferred equity investment

item

Maximum

LOANS AND OTHER LENDING INVESTMENTS

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of preferred equity investments written-off

'

'

2

2

'

'

'

'

'

'

'

'

'

'

Carrying value of preferred equity investments written-off

'

'

$3,400,000

$3,600,000

'

'

'

'

'

'

'

'

'

'

Proceeds from sale of loan

'

'

'

'

4,424,097

17,945,000

'

4,400,000

'

'

'

'

'

'

Carrying value

239,309,135

'

'

'

239,309,135

'

240,211,152

5,900,000

2,800,000

5,500,000

'

6,500,000

18,500,000

'

Charge-offs to previously recorded reserves

'

'

9,200,000

3,600,000

22,756,836

16,585,800

'

1,500,000

2,800,000

3,800,000

'

'

18,500,000

'

Principal paydowns of loan sold

700,000

700,000

700,000

'

-199,325,600

-155,142,484

'

'

'

100,000

'

'

'

100,000

Principal payoffs

'

'

'

'

'

'

'

'

'

$1,600,000

'

'

'

'

Number of loans written off

'

'

'

'

'

'

'

'

'

'

2

'

'

'

Loans_and_Investments_Details_4

Loans and Investments (Details 6) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
	item	item
Non-performing loans by asset class	'	'
Number of loans	147	128
Carrying value of loans before loan loss reserves	$1,702,743,456	$1,501,056,647
Non-performing loans	'	'
Non-performing loans by asset class	'	'
Number of loans	5	9
Carrying value of loans before loan loss reserves	16,100,000	14,900,000
Loan loss reserves	28,600,000	45,100,000
Number of loans classified as non-performing which did not have loan loss reserve	'	1
Carrying value of loans classified as non-performing which did not have loan loss reserve	'	5,000,000
Carrying Value	44,664,208	59,996,257
Greater Than 90 Days Past Due	44,664,208	59,996,257
Multifamily Portfolio | Non-performing loans	'	'
Non-performing loans by asset class	'	'
Carrying Value	9,492,788	10,951,549
Greater Than 90 Days Past Due	9,492,788	10,951,549
Office | Non-performing loans	'	'
Non-performing loans by asset class	'	'
Carrying Value	10,171,448	10,373,229
Greater Than 90 Days Past Due	10,171,448	10,373,229
Land | Non-performing loans	'	'
Non-performing loans by asset class	'	'
Carrying Value	24,999,972	24,999,972
Greater Than 90 Days Past Due	24,999,972	24,999,972
Hotel Portfolio | Non-performing loans	'	'
Non-performing loans by asset class	'	'
Carrying Value	'	3,671,507
Greater Than 90 Days Past Due	'	3,671,507
Condo | Non-performing loans	'	'
Non-performing loans by asset class	'	'
Carrying Value	'	10,000,000
Greater Than 90 Days Past Due	'	$10,000,000

Loans_and_Investments_Details_5

Loans and Investments (Details 7) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
	item	item	item	item
Loans and Investments	'	'	'	'
Number of loans that were refinanced and/or modified	'	3	2	5
Amount of loans that were refinanced and/or modified	'	$60,900,000	$27,300,000	$104,900,000
Troubled debt restructurings by asset class	'	'	'	'
Number of loans considered to be troubled debt restructurings	'	2	2	4
Unfunded commitments on modified loans classified as troubled debt restructurings	'	'	0	'
Original Unpaid Principal Balance	'	57,361,932	14,592,666	95,180,202
Original Weighted Average Rate of Interest (as a percent)	'	3.47%	7.27%	2.83%
Modified Unpaid Principal Balance	'	57,332,451	14,592,666	95,150,721
Modified Weighted Average Rate of Interest (as a percent)	'	2.40%	7.27%	2.18%
Number of loans considered to be troubled debt restructurings that subsequently considered non-performing	0	0	0	0
Number of additional loans considered to be troubled debt restructurings	0	0	0	0
Multifamily	'	'	'	'
Troubled debt restructurings by asset class	'	'	'	'
Number of loans considered to be troubled debt restructurings	'	1	1	1
Original Unpaid Principal Balance	'	32,000,000	6,192,666	32,000,000
Original Weighted Average Rate of Interest (as a percent)	'	2.00%	5.96%	2.00%
Modified Unpaid Principal Balance	'	32,000,000	6,192,666	32,000,000
Modified Weighted Average Rate of Interest (as a percent)	'	1.13%	5.96%	1.13%
Office	'	'	'	'
Troubled debt restructurings by asset class	'	'	'	'
Number of loans considered to be troubled debt restructurings	'	1	1	1
Original Unpaid Principal Balance	'	25,361,932	8,400,000	25,361,932
Original Weighted Average Rate of Interest (as a percent)	'	5.32%	8.24%	5.32%
Modified Unpaid Principal Balance	'	25,332,451	8,400,000	25,332,451
Modified Weighted Average Rate of Interest (as a percent)	'	4.00%	8.24%	4.00%
Land	'	'	'	'
Troubled debt restructurings by asset class	'	'	'	'
Number of loans considered to be troubled debt restructurings	'	'	'	1
Original Unpaid Principal Balance	'	'	'	2,818,270
Modified Unpaid Principal Balance	'	'	'	2,818,270
Hotel Portfolio	'	'	'	'
Troubled debt restructurings by asset class	'	'	'	'
Number of loans considered to be troubled debt restructurings	'	'	'	1
Original Unpaid Principal Balance	'	'	'	35,000,000
Original Weighted Average Rate of Interest (as a percent)	'	'	'	2.00%
Modified Unpaid Principal Balance	'	'	'	35,000,000
Modified Weighted Average Rate of Interest (as a percent)	'	'	'	2.00%
Multi-family and Office	'	'	'	'
Troubled debt restructurings by asset class	'	'	'	'
Number of loans considered to be troubled debt restructurings	'	2	2	2
Original Unpaid Principal Balance	'	57,400,000	14,600,000	57,400,000
Land and Hotel	'	'	'	'
Troubled debt restructurings by asset class	'	'	'	'
Number of loans considered to be troubled debt restructurings	'	'	'	2
Original Unpaid Principal Balance	'	'	'	$37,800,000

Securities_Details

Securities (Details) (USD $)

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

31-May-13

Sep. 30, 2013

Dec. 31, 2010

Dec. 31, 2012

item

item

Mezzanine Loans

Mezzanine Loans

Common equity securities

Common equity securities

CDO bond and CMBS investments

CDO bond and CMBS investments

Collateralized debt obligation (CDO) bond

Collateralized debt obligation (CDO) bond

Collateralized debt obligation (CDO) bond

Collateralized debt obligation (CDO) bond

Collateralized debt obligation (CDO) bond

Commercial mortgage-backed security (CMBS)

Commercial mortgage-backed security (CMBS)

Available-for-sale securities

Available-for-sale securities

Available-for-sale securities

Available-for-sale securities

Available-for-sale securities

Available-for-sale securities

Available-for-sale securities

Available-for-sale securities

Available-for-sale securities

item

item

CCC-

CCC-

Common equity securities

Collateralized debt obligation (CDO) bond

Commercial mortgage-backed security (CMBS)

Commercial mortgage-backed security (CMBS)

Commercial mortgage-backed security (CMBS)

item

item

Realty Finance Corporation

Mezzanine Loans

item

Available-for-sale securities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Face Value

$2,100,000

$12,100,000

'

'

'

'

'

'

'

'

'

'

$10,000,000

$2,100,000

$2,100,000

'

'

'

'

'

'

'

'

'

Amortized Cost

2,158,789

3,158,789

'

'

58,789

58,789

2,100,000

3,100,000

'

'

'

'

1,000,000

2,100,000

2,100,000

'

'

'

'

'

'

'

'

'

Cumulative Unrealized Gain

587,893

393,947

'

'

587,893

293,947

'

'

'

'

'

'

100,000

'

'

'

'

'

'

'

'

'

'

'

Carrying Value / Estimated Fair Value

2,746,682

3,552,736

'

'

646,682

352,736

'

'

'

'

'

'

1,100,000

2,100,000

2,100,000

'

'

'

'

600,000

1,100,000

2,100,000

'

'

Number of securities

'

'

'

'

'

'

1

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares of common stock purchased

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,939,465

'

'

'

'

Purchase price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,100,000

'

Number of loans

147

128

25

24

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

Carrying value of loans before loan loss reserves

1,702,743,456

1,501,056,647

109,871,096

112,843,639

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30,000,000

Base rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'

'

Interest spread (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.89%

'

'

Stated maturity period (in years)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'6 years 8 months 12 days

'

'

Estimated remaining life (in years)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'8 months 12 days

'

'

Impairment charges

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

0

0

0

'

'

'

'

'

Accretion of discount on investments

'

'

'

'

'

'

'

'

0

0

0

0

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from sale of securities

2,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,100,000

'

'

'

Gain on sale of securities

1,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,100,000

'

'

'

Realization of unrealized gain reclassified out of accumulated other comprehensive loss

($100,000)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$100,000

'

'

'

Securities_Details_2

Securities (Details 2) (USD $)

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

item

item

AAA

AA+

AA

BB

CCC

D

NR

NR

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

Held-to-maturity securities

Held-to-maturity securities

Held-to-maturity securities

Held-to-maturity securities

Held-to-maturity securities

Held-to-maturity securities

Held-to-maturity securities

Held-to-maturity securities

Held-to-maturity securities

Held-to-maturity securities

Held-to-maturity securities

Held-to-maturity securities

item

item

item

item

item

item

item

item

Weighted average

Minimum

Minimum

Maximum

Maximum

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

RMBS investment purchased at par

RMBS investment purchased at par

RMBS investment purchased at premium

RMBS investment purchased at discount

RMBS investment purchased at discount

item

item

Weighted average

item

item

Held-to-maturity securities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Face Value

'

'

'

'

'

'

'

'

'

'

'

$47,983,072

$47,983,072

'

$44,431,768

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortized Cost

41,989,100

'

42,986,980

407,514

104,598

167,196

8,742,011

18,919,153

9,496,933

22,965,349

24,173,326

41,989,100

41,989,100

'

42,986,980

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Carrying Value

41,989,100

'

42,986,980

'

'

'

'

'

'

'

'

41,989,100

41,989,100

'

42,986,980

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrealized Gain

'

'

'

'

'

'

'

'

'

'

'

1,129,261

1,129,261

'

169,450

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrealized Loss

'

'

'

'

'

'

'

'

'

'

'

-17,940

-17,940

'

-3,306

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Estimated Fair Value

'

'

'

'

'

'

'

'

'

'

'

43,100,421

43,100,421

'

43,153,124

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of securities

11

'

16

2

1

1

3

1

1

9

9

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

Percent of Total

100.00%

'

100.00%

1.00%

'

1.00%

20.00%

45.00%

22.00%

55.00%

56.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of investments purchased at par

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

8

'

'

'

'

'

'

Number of investments purchased at premium

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8

'

'

'

'

'

'

Number of investments purchased at discount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

2

Purchase price

29,024,327

65,542,970

'

'

'

'

'

'

'

'

'

'

85,300,000

52,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

3,200,000

31,800,000

22,900,000

25,800,000

14,400,000

Premium paid to acquire investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

200,000

'

'

Discount received to acquire investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,700,000

1,500,000

Total principal paydowns

30,335,656

44,046,864

'

'

'

'

'

'

'

'

'

'

26,300,000

4,800,000

'

'

'

'

'

'

'

'

'

'

30,300,000

55,200,000

'

'

'

'

'

'

Fixed interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.00%

'

'

'

'

'

'

'

'

'

'

3.05%

'

'

'

'

'

Stated maturity period (in years)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'23 years 1 month 6 days

'

'

'

'

'

'

'

'

'

'

'22 years 1 month 6 days

'

'

'

'

'

Estimated remaining life (in years)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2 years 9 months 18 days

'

'

'

'

'

'

'

'

'

'

'4 years 3 months 18 days

'

'

'

'

'

Maturing after one year through five years

'

'

'

'

'

'

'

'

'

'

'

15,500,000

15,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maturing after ten years

'

'

'

'

'

'

'

'

'

'

'

26,500,000

26,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments financed with a repurchase agreement with a financial institution

'

'

'

'

'

'

'

'

'

'

'

8,000,000

73,700,000

46,100,000

'

'

'

'

'

'

'

'

'

'

21,700,000

55,500,000

'

'

'

'

'

'

Percentage of finance to individual investment by financial institution

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

80.00%

80.00%

90.00%

90.00%

'

'

'

'

'

'

'

'

'

'

'

'

Debt paid down due to principal paydowns received

'

'

'

'

'

'

'

'

'

'

'

'

21,200,000

3,000,000

'

'

'

'

'

'

'

'

'

'

25,600,000

45,900,000

'

'

'

'

'

'

Total debt amount

158,582,338

'

130,661,619

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

31,900,000

35,800,000

'

'

'

'

'

'

Impairment charges

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

0

0

0

'

'

'

'

'

'

'

'

Premium amortized/accretion of discount into interest income

'

'

'

'

'

'

'

'

'

'

'

'

$1,600,000

$500,000

'

'

'

'

'

'

$100,000

($100,000)

$100,000

($100,000)

'

'

'

'

'

'

'

'

Securities_Details_3

Securities (Details 3) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Dec. 31, 2012
					Residential mortgage-backed security (RMBS)	Residential mortgage-backed security (RMBS)
					item
Held-to-maturity securities	'	'	'	'	'	'
Number of investments acquired with deteriorated credit quality had accretable yields	'	'	'	'	2	'
Aggregate carrying value of investment with deteriorated credit quality	'	'	'	'	$26.40	$9.50
Weighted average yield (as a percent)	3.72%	4.89%	4.05%	4.46%	'	'

Investment_in_Equity_Affiliate2

Investment in Equity Affiliates (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Investment in Equity Affiliates	'	'	'	'	'
Investment in Equity Affiliates	$5,690,169	'	$5,690,169	'	$59,581,242
Unpaid Principal Balance of Loans to Equity Affiliates	206,438,241	'	206,438,241	'	'
Loss from equity affiliates	81,723	225,493	245,412	700,203	'
Secured debt	736,434,556	'	736,434,556	'	812,452,845
Proceeds from equity affiliates	'	'	73,340	73,358	'
Amount of payoff received on mortgage notes payable	'	'	159,700,441	94,762,470	'
Minimum	'	'	'	'	'
Investment in Equity Affiliates	'	'	'	'	'
Ownership interest (as a percent)	20.00%	'	20.00%	'	'
Maximum	'	'	'	'	'
Investment in Equity Affiliates	'	'	'	'	'
Ownership interest (as a percent)	50.00%	'	50.00%	'	'
Lightstone Value Plus REIT L.P	'	'	'	'	'
Investment in Equity Affiliates	'	'	'	'	'
Investment in Equity Affiliates	2,842,090	'	2,842,090	'	55,988,409
Proceeds from equity affiliates	'	'	2,000,000	'	'
Lightstone Value Plus REIT L.P | Consolidated entity	'	'	'	'	'
Investment in Equity Affiliates	'	'	'	'	'
Equity investment, balance	2,800,000	'	2,800,000	'	'
Lightstone Value Plus REIT L.P | Investment through consolidated entity	'	'	'	'	'
Investment in Equity Affiliates	'	'	'	'	'
Equity investment, balance	56,000,000	'	56,000,000	'	'
Ownership interest (as a percent)	66.67%	'	66.67%	'	'
Secured debt	50,200,000	'	50,200,000	'	'
West Shore Cafe	'	'	'	'	'
Investment in Equity Affiliates	'	'	'	'	'
Investment in Equity Affiliates	1,690,282	'	1,690,282	'	1,821,536
West Shore Cafe | Maximum	'	'	'	'	'
Investment in Equity Affiliates	'	'	'	'	'
Loss from equity affiliates	100,000	'	100,000	'	'
West Shore Cafe | First mortgage	'	'	'	'	'
Investment in Equity Affiliates	'	'	'	'	'
Amount of payoff received on mortgage notes payable	5,500,000	'	'	'	'
Interest rate (as a percent)	10.50%	'	10.50%	'	'
Issuers of Junior Subordinated Notes	'	'	'	'	'
Investment in Equity Affiliates	'	'	'	'	'
Investment in Equity Affiliates	578,000	'	578,000	'	578,000
JT Prime	'	'	'	'	'
Investment in Equity Affiliates	'	'	'	'	'
Investment in Equity Affiliates	425,000	'	425,000	'	851,000
Equity investment, balance	400,000	'	400,000	'	'
Proceeds from equity affiliates	'	'	400,000	'	'
Noncontrolling interest in equity method investment (as a percent)	'	'	50.00%	'	'
930 Flushing & 80 Evergreen	'	'	'	'	'
Investment in Equity Affiliates	'	'	'	'	'
Investment in Equity Affiliates	154,697	'	154,697	'	342,197
Unpaid Principal Balance of Loans to Equity Affiliates	23,351,241	'	23,351,241	'	'
Loss from equity affiliates	100,000	'	200,000	'	'
Lexford Portfolio	'	'	'	'	'
Investment in Equity Affiliates	'	'	'	'	'
Investment in Equity Affiliates	100	'	100	'	100
Unpaid Principal Balance of Loans to Equity Affiliates	158,087,000	'	158,087,000	'	'
St. John's Development	'	'	'	'	'
Investment in Equity Affiliates	'	'	'	'	'
Unpaid Principal Balance of Loans to Equity Affiliates	$25,000,000	'	$25,000,000	'	'

Real_Estate_Owned_and_HeldForS2

Real Estate Owned and Held-For-Sale (Details) (USD $)

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Multifamily Portfolio

Multifamily Portfolio

Hotel Portfolio

Hotel Portfolio

Land

Land

Land

Land

Land

Land

Building and intangible assets

Building and intangible assets

Building and intangible assets

Building and intangible assets

Building and intangible assets

Building and intangible assets

Real Estate owned

Real Estate owned

Real Estate owned

Real Estate owned

Real Estate held for sale

First mortgage

Multifamily Portfolio

Multifamily Portfolio

Hotel Portfolio

Hotel Portfolio

Multifamily Portfolio

Multifamily Portfolio

Hotel Portfolio

Hotel Portfolio

Multifamily Portfolio

Hotel Portfolio

Multifamily Portfolio

Multifamily Portfolio

item

Florida

item

item

Real Estate owned

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate owned, gross

'

'

'

'

'

'

$22,276,230

$26,544,698

$11,382,579

$15,651,047

$10,893,651

$10,893,651

$106,538,164

$109,693,899

$46,278,295

$52,747,149

$60,259,869

$56,946,750

'

'

'

'

'

'

Less: accumulated depreciation and amortization

-16,396,738

-12,090,398

-7,716,060

-6,216,409

-8,680,678

-5,873,989

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate owned, net

112,417,656

124,148,199

49,944,814

62,181,787

62,472,842

61,966,412

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties classified as real estate owned

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6

5

'

'

Weighted average occupancy rate of properties classified as real estate owned (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

86.00%

56.00%

'

'

Number of real estate properties classified as held-for-sale

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

'

Carrying value of real estate properties classified as held-for-sale

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

11,500,000

11,000,000

Restricted cash due to escrow requirement

$113,002,790

$42,535,514

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,400,000

$1,000,000

'

'

'

'

Real_Estate_Owned_and_HeldForS3

Real Estate Owned and Held-For-Sale (Details 2) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Expenses:	'	'	'	'
Gain on sale of real estate held-for-sale	'	'	'	$3,487,145
(Loss) income from discontinued operations	-79,716	-87,855	-271,479	4,640,726
Real Estate held for sale	'	'	'	'
Revenue:	'	'	'	'
Property operating income	598,905	741,036	1,745,206	3,677,099
Expenses:	'	'	'	'
Property operating expense	529,965	681,900	1,587,619	2,098,273
Depreciation	148,656	146,991	429,066	425,245
Gain on sale of real estate held-for-sale	'	'	'	3,487,145
(Loss) income from discontinued operations	-79,716	-87,855	-271,479	4,640,726
Gain on sale of real estate held-for-sale	'	'	'	3,500,000
Real Estate held for sale | First mortgage	'	'	'	'
Expenses:	'	'	'	'
(Loss) income from discontinued operations	'	'	'	$1,200,000

Debt_Obligations_Details

Debt Obligations (Details) (USD $)

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Apr. 30, 2013

Jul. 31, 2011

Sep. 30, 2013

Dec. 31, 2012

Jan. 31, 2013

Sep. 30, 2013

Sep. 30, 2013

Feb. 28, 2013

Sep. 30, 2013

Feb. 28, 2013

Feb. 28, 2013

Jun. 30, 2013

Sep. 30, 2013

Jun. 30, 2013

Sep. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Jun. 30, 2012

Dec. 31, 2012

Jun. 30, 2012

Dec. 31, 2012

Jun. 30, 2012

Dec. 31, 2012

31-May-13

Jan. 31, 2013

31-May-12

Sep. 30, 2013

Dec. 31, 2012

31-May-13

Sep. 30, 2013

31-May-13

Sep. 30, 2013

item

item

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

Repurchase agreements and credit facilities

Repurchase agreements and credit facilities

Repurchase agreement

Repurchase agreement

Repurchase agreement, one

Repurchase agreement, one

Repurchase agreement, one

Repurchase agreement, one

Repurchase agreement, one

Repurchase agreement, two

Repurchase agreement, two

Repurchase agreement, two

Repurchase agreement, two

Repurchase agreement, two

Repurchase agreement, two

$75.0 million warehousing credit facility

$75.0 million warehousing credit facility

$75.0 million warehousing credit facility

$75.0 million warehousing credit facility

$75.0 million warehousing credit facility

$75.0 million warehousing credit facility

$75.0 million warehousing credit facility

$50.0 million warehousing credit facility

$50.0 million warehousing credit facility

$50.0 million warehousing credit facility

$50.0 million warehousing credit facility

$40.0 million warehousing credit facility

$40.0 million warehousing credit facility

$40.0 million warehousing credit facility

$40.0 million warehousing credit facility

$40.0 million warehousing credit facility

$40.0 million warehousing credit facility

$17.3 million warehousing credit facility

$17.3 million warehousing credit facility

$17.3 million warehousing credit facility

$12.6 million warehousing credit facility

$12.6 million warehousing credit facility

$12.6 million warehousing credit facility

$12.6 million warehousing credit facility

$12.6 million warehousing credit facility

$12.6 million warehousing credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Minimum

Minimum

Maximum

Maximum

item

item

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

Minimum

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

Residential mortgage-backed security (RMBS)

item

Minimum

Maximum

Minimum

Maximum

Minimum

Minimum

Maximum

LIBOR

LIBOR

Prime

LIBOR

LIBOR

Prime

Prime

First 5.0 million

First 5.0 million

Excess of 5.0 million

Excess of 5.0 million

item

item

Minimum

Maximum

Minimum

Maximum

Debt Obligations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Carrying Value, Total repurchase agreements and credit facilities

$158,582,338

$130,661,619

'

'

'

'

'

'

'

$158,582,338

$130,661,619

'

'

$17,128,000

$35,072,000

'

'

'

$14,732,981

$689,619

$14,700,000

'

'

'

'

'

$55,032,200

$50,000,000

'

'

'

'

$28,645,407

'

'

'

$23,043,750

'

'

'

'

$17,300,000

'

'

'

$12,600,000

'

'

'

'

'

'

'

$20,000,000

$15,000,000

'

'

'

'

Collateral Carrying Value, Total repurchase agreements and credit facilities

'

'

'

'

'

'

'

'

'

200,704,100

162,506,769

'

'

22,478,963

43,604,281

'

'

'

19,510,137

827,488

'

'

'

'

'

'

81,685,000

70,075,000

'

'

'

'

39,880,000

'

'

'

37,150,000

'

'

'

'

30,000,000

'

'

'

18,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Variable interest rate, description

'

'

'

'LIBOR

'

'

'

'

'

'

'

'

'

'one-month LIBOR

'one-month LIBOR

'

'

'

'one-month LIBOR

'one-month LIBOR

'LIBOR

'

'

'

'LIBOR

'LIBOR

'one-month LIBOR

'one-month LIBOR

'

'

'

'LIBOR

'LIBOR

'

'

'

'LIBOR

'

'

'

'

'

'LIBOR

'Prime

'

'

'LIBOR

'LIBOR

'Prime

'Prime

'

'

'

'

'

'

'

'

'

Weighted average note rate (as a percent)

'

'

'

'

'

'

'

'

'

3.16%

3.25%

'

'

1.86%

1.75%

'

'

'

2.01%

1.73%

'

'

'

'

'

'

2.51%

3.00%

'

'

'

'

2.72%

'

'

'

2.21%

'

'

'

'

3.00%

'

'

'

3.00%

'

'

'

'

'

'

'

8.50%

8.00%

'

'

'

'

Fixed interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8.50%

8.00%

8.50%

8.50%

'

'

'

'

Non-use fee (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

1.00%

'

'

8.50%

8.50%

1.00%

8.50%

Threshold for non-use fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,000,000

'

'

5,000,000

'

'

'

'

'

Committed line

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50,000,000

75,000,000

'

75,000,000

'

'

50,000,000

50,000,000

'

'

40,000,000

40,000,000

'

'

'

'

17,300,000

'

'

12,600,000

12,600,000

'

'

'

'

'

20,000,000

15,000,000

20,000,000

'

'

'

'

'

Number of interest rate swaps

'

'

'

'

'

'

'

'

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average note rate including certain fees and costs (as a percent)

'

'

'

'

'

'

'

'

'

3.49%

3.82%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of investments financed with a repurchase agreement with a financial institution

11

16

'

'

'

'

'

'

'

'

'

4

17

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchase amount of securities financed by financial institution

'

'

8,000,000

73,700,000

46,100,000

'

'

'

'

'

'

6,400,000

54,700,000

'

'

'

'

'

'

'

15,400,000

800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payment of debt

'

'

'

21,200,000

3,000,000

'

'

'

'

'

'

24,300,000

45,700,000

'

'

'

'

'

'

'

1,300,000

100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of finance to individual investment by financial institution

'

'

'

'

'

80.00%

80.00%

90.00%

90.00%

'

'

'

'

'

'

'

60.00%

90.00%

'

'

'

'

75.00%

80.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Variable rate, spread (as a percent)

'

'

'

'

'

1.25%

'

1.75%

'

'

'

'

'

'

'

'

1.25%

2.00%

'

'

'

'

1.80%

1.85%

2.25%

2.75%

'

'

'

'

'

2.50%

'

'

'

'

'

'

'

'

2.00%

'

2.75%

2.75%

'

'

2.75%

'

2.75%

'

'

'

'

'

'

'

'

'

'

Net worth required under covenant

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maturity period (in years)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2 years

'

'

'

'

'

'1 year

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

Amount of the facility used to finance retail and office properties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Commitment fee upon closing (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.25%

1.00%

'

'

'

'

'

0.13%

'

'

'

'

'

'

'

'

'

1.00%

'

'

1.00%

'

'

'

'

'

'

1.00%

1.00%

'

'

'

'

'

'

Extension of maturity date (in years)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'1 year

'

'

'

'

'

'

'

Number of paydowns

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Paydowns (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Advance rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

75.00%

'

'

'

75.00%

'

'

70.00%

'

75.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period by which loans become past due requiring full payment of an advance (in days)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'60 days

'

'

'

'

'90 days

'

'

'

'60 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Liquidity requirement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20,000,000

'

'

'

20,000,000

'

'

'

'

20,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Tangible net worth including junior subordinated notes as equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

150,000,000

'

'

'

150,000,000

'

'

'

'

150,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total liabilities less subordinated debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,000,000,000

'

'

'

2,000,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Required compensating balance to be maintained by the entity and its affiliates

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding balance of facility

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20,000,000

'

'

'

'

'

Warehousing period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'24 months

'

'

'

'

'24 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Extension fee (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

'

Fee for not extending line of credit

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$100,000

'

'

'

'

'

'

'

'

Debt_Obligations_Details_2

Debt Obligations (Details 2) (USD $)

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Dec. 31, 2010

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Collateralized debt obligations

Collateralized debt obligations

Collateralized debt obligations

CDO I

CDO I

CDO II

CDO II

CDO II

CDO III

CDO III

Revolving note class

Revolving note facility

item

item

Standard & Poor's CCC- rating

item

Debt Obligations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt, Face Value

'

'

$716,177,640

$791,638,670

$42,800,000

$127,318,668

$133,994,136

$226,619,510

$231,186,301

'

$362,239,462

$426,458,233

'

'

Debt, Carrying Value

736,434,556

812,452,845

736,434,556

812,452,845

'

133,019,558

139,856,472

232,476,371

237,209,429

'

370,938,627

435,386,944

'

'

Collateral Loans, Unpaid Principal

'

'

1,076,060,165

1,210,552,243

'

284,257,145

299,881,599

370,927,009

395,266,909

'

420,876,011

515,403,735

'

'

Collateral Loans, Carrying Value

'

'

945,785,846

1,070,007,465

'

234,674,057

238,852,726

320,806,156

345,919,525

'

390,305,633

485,235,214

'

'

Collateral Securities, Face Value

2,100,000

12,100,000

'

10,000,000

'

'

'

'

10,000,000

'

'

'

'

'

Collateral Securities, Carrying Value

'

'

'

1,100,000

'

'

'

'

1,100,000

'

'

'

'

'

Collateral Securities, Fair Value

'

'

'

1,100,000

'

'

'

'

1,100,000

1,100,000

'

'

'

'

Collateral Cash, Restricted Cash

113,002,790

42,535,514

88,003,326

26,326,468

'

516,689

1,036,155

23,486,637

470,952

'

64,000,000

24,819,361

'

'

Collateral-At-Risk

'

'

607,662,576

640,741,168

'

187,894,823

207,772,049

178,271,174

188,271,174

'

241,496,579

244,697,945

'

'

Number of investment grade tranches issued

'

'

'

'

'

4

'

9

'

'

10

'

'

'

Variable interest rate, description

'

'

'

'

'

'three-month LIBOR

'

'three-month LIBOR

'

'

'three-month LIBOR

'

'

'

Weighted average note rate (as a percent)

'

'

1.97%

1.87%

'

3.11%

'

3.32%

'

'

0.71%

'

'

'

Weighted average note rate excluding the swap effect (as a percent)

'

'

0.80%

0.86%

'

'

'

'

'

'

'

'

'

'

Weighted average note rate including certain fees and costs (as a percent)

'

'

2.91%

2.77%

'

'

'

'

'

'

'

'

'

'

Revolving note amount

'

'

'

'

'

'

'

'

'

'

'

'

$100,000,000

$67,900,000

Debt_Obligations_Details_3

Debt Obligations (Details 3) (USD $)

3 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2010

Dec. 31, 2009

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2010

Dec. 31, 2012

Sep. 30, 2012

Sep. 30, 2012

Sep. 30, 2012

Sep. 30, 2012

Sep. 30, 2012

Sep. 30, 2012

Sep. 30, 2012

Sep. 30, 2012

Sep. 30, 2013

Mar. 31, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2012

Sep. 30, 2012

Junior subordinated notes

Junior subordinated notes

Collateralized debt obligations

Collateralized debt obligations

Collateralized debt obligations

Collateralized debt obligations

Collateralized debt obligations

Collateralized debt obligations

Class B

Class C

Class D

Class D

Class E

Class E

Class F

Class G

Class H

Class H

Class H

Class H

Class B, C, D, E, F, G and H

Class B, C, D, E, F, G and H

Debt Obligations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Face Amount

'

'

'

'

'

'

$2,835,088

$9,000,000

$9,935,088

$66,229,151

'

'

$13,000,000

$3,329,509

$3,000,000

$13,350,000

$6,000,000

$13,765,276

$9,708,556

$8,672,039

$2,835,088

$7,100,000

$9,935,088

$4,403,771

$9,000,000

$66,200,000

Amount of debt instrument purchased from third party investor

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,700,000

3,300,000

'

'

4,900,000

35,800,000

Gain

1,167,772

4,144,688

4,930,772

30,459,023

'

'

1,167,772

4,144,688

4,930,772

30,459,023

'

'

4,615,000

1,200,182

1,281,563

5,819,066

2,863,125

6,445,033

5,048,417

4,777,138

1,167,772

3,800,000

4,930,772

2,554,187

4,100,000

30,500,000

Face amount of debt instrument re-issued

'

'

'

'

'

289,400,000

716,177,640

'

716,177,640

'

42,800,000

791,638,670

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of retired debt instrument

'

'

'

'

114,100,000

258,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional debt

'

'

'

'

'

'

'

'

'

'

65,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Portion of the entity's bonds that were exchanged

'

'

'

'

'

'

'

'

'

'

42,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Estimated interest due on reissued bonds

'

'

'

'

'

'

'

'

$20,300,000

'

$22,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt_Obligations_Details_4

Debt Obligations (Details 4) (USD $)

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 24, 2012

Sep. 30, 2013

Dec. 31, 2012

Jan. 28, 2013

Sep. 30, 2013

Jan. 28, 2013

Jan. 28, 2013

Sep. 24, 2012

Jan. 28, 2013

Sep. 24, 2012

Collateralized loan obligation

Collateralized loan obligation

CLO I

CLO I

CLO I

CLO II

CLO II

CLO II

Class A senior secured floating rate notes

Class A senior secured floating rate notes

Class B secured floating rate notes

Class B secured floating rate notes

item

item

item

item

Forecast

Debt Obligations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt, Face Value

'

'

$264,500,000

'

'

$87,500,000

$87,500,000

'

$177,000,000

$260,000,000

$156,000,000

$75,000,000

$21,000,000

$12,500,000

Debt, Carrying Value

736,434,556

812,452,845

264,500,000

'

'

87,500,000

87,500,000

'

177,000,000

'

'

'

'

'

Collateral Loans, Unpaid Principal

'

'

375,096,106

'

125,100,000

117,208,146

125,086,650

'

257,887,960

'

'

'

'

'

Collateral Loans, Carrying Value

'

'

373,975,076

'

'

116,830,764

124,525,103

210,000,000

257,144,312

'

'

'

'

'

Collateral Cash, Restricted Cash

113,002,790

42,535,514

9,628,639

'

'

7,878,504

'

'

1,750,135

'

'

'

'

'

Collateral-At-Risk

'

'

10,250,000

'

'

10,250,000

'

'

'

'

'

'

'

'

Number of investment grade tranches issued

'

'

'

'

2

2

'

2

2

'

'

'

'

'

Variable interest rate, description

'

'

'

'

'one-month LIBOR

'three-month LIBOR

'

'one-month LIBOR

'three-month LIBOR

'

'

'

'

'

Weighted average note rate (as a percent)

'

'

2.92%

3.65%

3.39%

3.62%

'

2.36%

2.57%

'

'

'

'

'

Replacement period

'

'

'

'

'2 years

'

'

'2 years

'

'

'

'

'

'

Number of classes of secured floating rate notes

'

'

'

'

2

'

'

2

'

'

'

'

'

'

Notional amount of equity interest retained

'

'

'

'

37,600,000

'

'

83,000,000

'

'

'

'

'

'

Issuance costs

'

'

'

'

2,400,000

'

'

3,200,000

'

'

'

'

'

'

Weighted average note rate including certain fees and costs (as a percent)

'

'

3.47%

4.33%

4.35%

'

'

3.00%

'

'

'

'

'

'

Proceeds from additional loan obligations

'

'

'

'

'

'

'

$50,000,000

'

'

'

'

'

'

Period of additional loan obligations

'

'

'

'

'

'

'

'90 days

'

'

'

'

'

'

Debt_Obligations_Details_5

Debt Obligations (Details 5) (USD $)	1 Months Ended	9 Months Ended	12 Months Ended
	Jan. 31, 2010	Sep. 30, 2013	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2012	Apr. 30, 2012	Mar. 31, 2012
Debt Obligations	'	'	'	'	'	'	'
Debt Carrying Value	'	$159,157,643	'	'	$158,767,145	'	'
Face Value	'	2,100,000	'	'	12,100,000	'	'
Carrying value	'	2,158,789	'	'	3,158,789	'	'
Common stock issued to entity	'	'	'	7,400,000	'	'	'
CDO debt	'	'	'	'	'	'	'
Debt Obligations	'	'	'	'	'	'	'
Face Value	'	'	'	'	10,000,000	'	'
Carrying value	'	'	'	'	1,000,000	'	'
Junior subordinated notes	'	'	'	'	'	'	'
Debt Obligations	'	'	'	'	'	'	'
Debt Carrying Value	'	159,200,000	'	'	158,800,000	'	'
Deferred amount Due at maturity	'	16,700,000	'	'	17,100,000	'	'
Face amount	'	'	'	289,400,000	'	'	'
Variable interest rate, description	'	'three-month LIBOR	'	'three-month LIBOR	'	'	'
Nonredeemable period from issue date (in years)	'	'2 years	'	'	'	'	'
Weighted average note rate (as a percent)	'	3.03%	'	'	3.08%	'	'
Effective rate (as a percent)	'	3.06%	'	'	3.12%	'	'
Weighted average note rate including certain fees and costs (as a percent)	'	3.22%	'	'	3.35%	'	'
Amount of retired debt instrument	'	'	114,100,000	258,400,000	'	'	'
Percentage of original face amount at which debt was issued	'	'	'	112.00%	'	'	'
Fixed interest rate (as a percent)	'	'	'	'	'	0.50%	0.50%
Weighted average spread (as a percent)	2.77%	'	'	2.90%	'	'	'
Percentage above face value at which debt was issued (as a percent)	'	12.00%	'	'	'	'	'
Transaction fees related to the restructuring of notes	'	1,300,000	'	'	'	'	'
Retired outstanding trust preferred securities	'	'	'	'	'	'	'
Debt Obligations	'	'	'	'	'	'	'
Amount of retired debt instrument	'	'	'	$265,800,000	'	'	'

Debt_Obligations_Details_6

Debt Obligations (Details 6) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Dec. 31, 2012	Mar. 31, 2009	Dec. 31, 2008	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013
	Notes payable	Notes payable	Note payable relating to investment in equity affiliates, expiration July 2016, interest is fixed, the weighted average note rate was 4.06%	Note payable relating to investment in equity affiliates, expiration July 2016, interest is fixed, the weighted average note rate was 4.06%	Note payable relating to investment in equity affiliates, expiration July 2016, interest is fixed, the weighted average note rate was 4.06%	Junior loan participation, secured by the Company's interest in a first mortgage loan with a principal balance of $1.3 million, participation interest was based on a portion of the interest received from the loan which has a fixed rate of 9.57%	Junior loan participation, secured by the Company's interest in a first mortgage loan with a principal balance of $1.3 million, participation interest was based on a portion of the interest received from the loan which has a fixed rate of 9.57%	Junior loan participation, secured by the Company's interest in a first mortgage loan with a principal balance of $1.3 million, participation interest was based on a portion of the interest received from the loan which has a fixed rate of 9.57%	Junior loan participation, maturity of March 2014, secured by the Company's interest in a mezzanine loan with a principal balance of $3.0 million, participation interest is a fixed rate of 15.00%	Junior loan participation, maturity of March 2014, secured by the Company's interest in a mezzanine loan with a principal balance of $3.0 million, participation interest is a fixed rate of 15.00%	Junior loan participation, maturity of March 2014, secured by the Company's interest in a mezzanine loan with a principal balance of $3.0 million, participation interest is a fixed rate of 15.00%
	item	item						Bridge Loans			Mezzanine Loans
								First mortgage
Debt Obligations	'	'	'	'	'	'	'	'	'	'	'
Debt Carrying Value	$1,750,000	$51,457,708	$50,157,708	$50,200,000	$48,500,000	$1,300,000	$1,300,000	'	$450,000	'	'
Collateral Carrying Value	1,750,000	57,288,411	55,988,411	'	'	1,300,000	1,300,000	'	450,000	'	'
Principal balance	'	'	'	'	'	1,300,000	1,300,000	1,300,000	3,000,000	3,000,000	3,000,000
Weighted average note rate (as a percent)	3.91%	3.91%	4.06%	'	'	'	'	'	'	'	'
Number of interest rate swaps	0	0	'	'	'	'	'	'	'	'	'
New note payable	'	'	'	'	$49,500,000	'	'	'	'	'	$500,000
Interest rate (as a percent)	'	'	'	'	4.06%	9.57%	9.57%	'	15.00%	15.00%	15.00%

Debt_Obligations_Details_7

Debt Obligations (Details 7) (USD $)	9 Months Ended			1 Months Ended		12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Jun. 30, 2011	Sep. 30, 2013	Dec. 31, 2011	Aug. 31, 2013	Dec. 31, 2011
				Mortgage Notes Payable - Real Estate Owned with maturity date of March 2014	Mortgage Notes Payable - Real Estate Owned with maturity date of March 2014	Mortgage Notes Payable - Real Estate Owned with maturity date of March 2014	Mortgage Notes Payable - Real Estate Owned with maturity date of March 2014	Mortgage Notes Payable - Real Estate Owned with maturity date of March 2014
				Multifamily Portfolio	First mortgage	First mortgage	First mortgage	First mortgage
				item				Multifamily Portfolio
Debt Obligations	'	'	'	'	'	'	'	'
Mortgage note payable - real estate owned	$42,745,650	'	$53,751,004	'	$42,700,000	'	$53,800,000	'
New mortgage note payable assumed	'	'	'	'	'	55,400,000	'	'
Secured amount of loan	'	'	'	'	'	'	'	29,800,000
Variable interest rate, description	'	'	'	'	'	'one-month LIBOR	'	'
Variable rate, spread (as a percent)	'	'	'	'	'	1.23%	'	'
Optional extension period (in years)	'	'	'	'	'	'1 year 3 months	'	'
Number of properties sold	'	'	'	1	'	'	'	'
Investment classified as real estate held-for-sale	11,540,649	'	'	'	11,000,000	'	'	'
Proceeds from sale of properties	$159,700,441	$94,762,470	'	$1,600,000	'	'	'	'

Debt_Obligations_Details_8

Debt Obligations (Details 8) (USD $)

1 Months Ended

Oct. 31, 2013

Jul. 31, 2013

Apr. 30, 2013

Jan. 31, 2013

Oct. 31, 2012

Oct. 31, 2013

Jul. 31, 2013

Apr. 30, 2013

Jan. 31, 2013

Oct. 31, 2012

Oct. 31, 2013

Jul. 31, 2013

Apr. 30, 2013

Jan. 31, 2013

Oct. 31, 2012

Oct. 31, 2013

Jul. 31, 2013

Apr. 30, 2013

Jan. 31, 2013

Oct. 31, 2013

Jul. 31, 2013

Apr. 30, 2013

Sep. 30, 2013

CDO I

CDO I

CDO I

CDO I

CDO I

CDO II

CDO II

CDO II

CDO II

CDO II

CDO III

CDO III

CDO III

CDO III

CDO III

CLO I

CLO I

CLO I

CLO I

CLO II

CLO II

CLO II

Junior subordinated notes

Debt Covenants

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Current overcollateralization ratio for cash flow triggers (as a percent)

166.88%

176.69%

174.76%

172.73%

171.36%

133.77%

139.10%

138.97%

138.89%

138.59%

106.64%

106.61%

106.56%

105.90%

105.64%

142.96%

142.96%

142.96%

142.96%

146.89%

146.89%

146.89%

'

Limit overcollateralization ratio for cash flow triggers (as a percent)

145.00%

'

'

'

'

127.30%

'

'

'

'

105.60%

'

'

'

'

137.86%

'

'

'

144.25%

'

'

'

Current interest coverage ratio for cash flow triggers (as a percent)

501.11%

'

'

'

'

473.84%

'

'

'

'

566.70%

'

'

'

'

224.40%

'

'

'

287.19%

'

'

'

Limit interest coverage ratio for cash flow triggers (as a percent)

160.00%

'

'

'

'

147.30%

'

'

'

'

105.60%

'

'

'

'

120.00%

'

'

'

120.00%

'

'

'

Amount payable on default of senior debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0

Derivative_Financial_Instrumen2

Derivative Financial Instruments (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
	item	item	item
Non-Qualifying | Basis Swaps	'	'	'
Derivative Financial Instruments	'	'	'
Count	1	'	8
Notional Value, classified in Other Assets	$11,600,000	'	$603,524,000
Fair Value, classified in Other Assets	10,000	'	128,000
Notional value of matured instruments	499,400,000	110,100,000	'
Number of derivative instruments, the notional amount of which decreased	1	2	'
Decrease in notional value	92,600,000	109,400,000	'
Number of swaps matured	7	'	'
Non-Qualifying | LIBOR Caps	'	'	'
Derivative Financial Instruments	'	'	'
Count	'	'	1
Notional Value, classified in Other Assets	'	'	6,000,000
Notional value of matured instruments	6,000,000	'	'
Cap rate (as a percent)	1.00%	'	'
Non-Qualifying | Forward Contracts	'	'	'
Derivative Financial Instruments	'	'	'
Count	14	'	12
Fair Value, classified in Other Assets	13,930,000	'	10,800,000
Qualifying | LIBOR Caps	'	'	'
Derivative Financial Instruments	'	'	'
Count	'	'	1
Notional Value, classified in Other Assets	'	'	73,301,000
Notional value of matured instruments	73,300,000	'	'
Cap rate (as a percent)	2.00%	'	'
Qualifying | Interest Rate Swaps	'	'	'
Derivative Financial Instruments	'	'	'
Count	14	'	14
Notional Value, classified in Other Liabilities	297,583,000	'	312,227,000
Fair Value, classified in Other Liabilities	-27,777,000	'	-37,755,000
Notional value of matured instruments	'	176,800,000	'
Decrease in notional value	$14,500,000	$6,400,000	'
Number of swaps matured	'	9	'

Derivative_Financial_Instrumen3

Derivative Financial Instruments (Details 2) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Derivative Financial Instruments	'	'	'	'	'
Investments purchased	'	'	$29,024,327	$65,542,970	'
Total principal paydowns	'	'	30,335,656	44,046,864	'
Cumulative amount of other comprehensive loss related to net unrealized losses on derivatives designated as qualifying hedges	-29,500,000	'	-29,500,000	'	-40,000,000
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	-27,800,000	'	-27,800,000	'	-37,800,000
Cumulative amount of other comprehensive loss related to net unrealized losses on derivatives designated as cash flow hedges attributable to deferred losses terminated interest swaps	-2,100,000	'	-2,100,000	'	-2,700,000
Cumulative amount of other comprehensive loss related to net unrealized losses on derivatives designated as cash flow hedges attributable to deferred gains on terminated interest swaps	400,000	'	400,000	'	500,000
Fair value of derivatives in a net liability position	-14,900,000	'	-14,900,000	'	-19,200,000
Collateral posted	15,100,000	'	15,100,000	'	20,000,000
RMBS	'	'	'	'	'
Derivative Financial Instruments	'	'	'	'	'
Change in fair value	'	'	-1,700,000	100,000	'
Fair Value, classified in Other Assets	125,500,000	'	125,500,000	'	75,300,000
Net losses in fair value of RMBS investments	'	'	1,400,000	'	'
Repurchase financing	110,100,000	'	110,100,000	'	64,600,000
Number of investments purchased	'	'	9	8	'
Investments purchased	'	'	85,300,000	52,200,000	'
Amount of repurchase agreement for financing the purchase of investments	8,000,000	'	73,700,000	46,100,000	'
Variable interest rate, description	'	'	'LIBOR	'	'
Total principal paydowns	'	'	26,300,000	4,800,000	'
Debt paid down due to principal paydowns received	'	'	21,200,000	3,000,000	'
Number of investments sold	5	'	'	'	'
Aggregate carrying value of investments sold	8,700,000	'	8,700,000	'	'
Proceeds from sale of investments	8,700,000	'	'	'	'
Net interest income	'	'	1,600,000	500,000	'
RMBS | Minimum	'	'	'	'	'
Derivative Financial Instruments	'	'	'	'	'
Percentage of finance to individual investment	'	'	80.00%	80.00%	'
Variable rate, spread (as a percent)	'	'	1.25%	'	'
RMBS | Maximum	'	'	'	'	'
Derivative Financial Instruments	'	'	'	'	'
Percentage of finance to individual investment	'	'	90.00%	90.00%	'
Variable rate, spread (as a percent)	'	'	1.75%	'	'
Net loss on sale of investments	100,000	'	'	'	'
RMBS | Weighted average	'	'	'	'	'
Derivative Financial Instruments	'	'	'	'	'
Fixed interest rate (as a percent)	'	'	3.00%	'	'
Stated maturity period (in years)	'	'	'23 years 1 month 6 days	'	'
Estimated remaining life (in years)	'	'	'2 years 9 months 18 days	'	'
Non-Qualifying | Basis Swaps / Caps	'	'	'	'	'
Derivative Financial Instruments	'	'	'	'	'
Change in fair value	'	-400,000	-100,000	-1,200,000	'
Non-Qualifying | Basis Swaps / Caps | Interest Expense	'	'	'	'	'
Derivative Financial Instruments	'	'	'	'	'
Change in fair value	'	'	-11,000	50,000	'
Non-Qualifying | Basis Swaps / Caps | Maximum	'	'	'	'	'
Derivative Financial Instruments	'	'	'	'	'
Change in fair value	-100,000	'	'	'	'
Non-Qualifying | Forward Contracts	'	'	'	'	'
Derivative Financial Instruments	'	'	'	'	'
Fair Value, classified in Other Assets	13,930,000	'	13,930,000	'	10,800,000
Non-Qualifying | Forward Contracts | Other Income	'	'	'	'	'
Derivative Financial Instruments	'	'	'	'	'
Change in fair value	'	'	-1,688,000	65,000	'
Qualifying	'	'	'	'	'
Derivative Financial Instruments	'	'	'	'	'
Interest expense expected to be reclassified from qualifying cash flow hedges over the next twelve months	-13,400,000	'	-13,400,000	'	'
Qualifying | Interest Rate Swaps / Caps	'	'	'	'	'
Derivative Financial Instruments	'	'	'	'	'
Amount of (Gain) Loss Recognized in Other Comprehensive Loss (Effective Portion)	'	'	98,000	7,507,000	'
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Interest Expense (Effective Portion)	'	'	-10,564,000	-12,883,000	'
Terminated hedges | Interest Rate Swaps	'	'	'	'	'
Derivative Financial Instruments	'	'	'	'	'
Net deferred loss in accumulated other comprehensive loss	1,700,000	'	1,700,000	'	2,200,000
Additional interest expense related to the amortization of the loss	200,000	200,000	600,000	700,000	'
Reduction to interest expense related to the accretion of the net gains	100,000	100,000	200,000	200,000	'
Terminated hedges | Interest Rate Swaps / Caps	'	'	'	'	'
Derivative Financial Instruments	'	'	'	'	'
Amount of net deferred loss expected to be recorded to interest expense over the next twelve months	$500,000	'	$500,000	'	'

Variable_Interest_Entities_Det

Variable Interest Entities (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2011
	item
Variable Interest Entities	'	'	'	'
Number of consolidated CDO subsidiaries which qualify as VIEs where the reporting entity is primary beneficiary	3	'	'	'
Number of consolidated CLO subsidiaries which qualify as VIEs where the reporting entity is primary beneficiary	2	'	'	'
Loans to VIEs	$1,702,743,456	$1,501,056,647	'	'
Loan loss reserves related to VIEs	143,018,491	161,706,313	189,344,108	185,381,855
Non-performing	'	'	'	'
Variable Interest Entities	'	'	'	'
Loans to VIEs	16,100,000	14,900,000	'	'
Unconsolidated VIEs	'	'	'	'
Variable Interest Entities	'	'	'	'
Number of VIEs where the reporting entity is not VIE's primary beneficiary	49	'	'	'
Carrying Amount	788,158,911	'	'	'
Exposure to real estate debt	4,100,000,000	'	'	'
Loans to VIEs	216,800,000	'	'	'
Loan loss reserves related to VIEs	131,700,000	'	'	'
Unconsolidated VIEs | Non-performing	'	'	'	'
Variable Interest Entities	'	'	'	'
Loans to VIEs	39,200,000	'	'	'
Unconsolidated VIEs | Maximum	'	'	'	'
Variable Interest Entities	'	'	'	'
Exposure to loss	788,158,911	'	'	'
Loans	'	'	'	'
Variable Interest Entities	'	'	'	'
Carrying Amount	445,338,992	'	'	'
Loans | Maximum	'	'	'	'
Variable Interest Entities	'	'	'	'
Exposure to loss	445,338,992	'	'	'
Loans and equity investments	'	'	'	'
Variable Interest Entities	'	'	'	'
Carrying Amount	156,849,718	'	'	'
Loans and equity investments | Maximum	'	'	'	'
Variable Interest Entities	'	'	'	'
Exposure to loss	156,849,718	'	'	'
RMBS	'	'	'	'
Variable Interest Entities	'	'	'	'
Carrying Amount	183,292,201	'	'	'
RMBS | Maximum	'	'	'	'
Variable Interest Entities	'	'	'	'
Exposure to loss	183,292,201	'	'	'
CMBS	'	'	'	'
Variable Interest Entities	'	'	'	'
Carrying Amount	2,100,000	'	'	'
CMBS | Maximum	'	'	'	'
Variable Interest Entities	'	'	'	'
Exposure to loss	2,100,000	'	'	'
Junior subordinated notes	'	'	'	'
Variable Interest Entities	'	'	'	'
Carrying Amount	578,000	'	'	'
Junior subordinated notes | Maximum	'	'	'	'
Variable Interest Entities	'	'	'	'
Exposure to loss	$578,000	'	'	'

Fair_Value_Details

Fair Value (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Financial assets:	'	'
Loans and investments, net	$1,546,107,405	$1,325,667,053
Available-for-sale securities	2,746,682	3,552,736
Financial liabilities:	'	'
Repurchase agreements and credit facilities	158,582,338	130,661,619
Collateralized debt obligations	736,434,556	812,452,845
Collateralized loan obligations	264,500,000	87,500,000
Junior subordinated notes	159,157,643	158,767,145
Notes payable	1,750,000	51,457,708
Carrying Value	'	'
Financial assets:	'	'
Loans and investments, net	1,546,107,405	1,325,667,053
Available-for-sale securities	2,746,682	3,552,736
Securities held-to-maturity, net	41,989,100	42,986,980
Derivative financial instruments	13,939,477	10,927,551
Financial liabilities:	'	'
Repurchase agreements and credit facilities	158,582,338	130,661,619
Collateralized debt obligations	736,434,556	812,452,845
Collateralized loan obligations	264,500,000	87,500,000
Junior subordinated notes	159,157,643	158,767,145
Notes payable	1,750,000	51,457,708
Mortgage note payable - real estate owned and held-for-sale	53,751,004	53,751,004
Derivative financial instruments	27,776,770	37,754,775
Estimated Fair Value	'	'
Financial assets:	'	'
Loans and investments, net	1,566,593,565	1,316,001,339
Available-for-sale securities	2,746,682	3,552,736
Securities held-to-maturity, net	43,100,421	43,153,124
Derivative financial instruments	13,939,477	10,927,551
Financial liabilities:	'	'
Repurchase agreements and credit facilities	158,297,391	130,363,126
Collateralized debt obligations	610,943,763	590,901,757
Collateralized loan obligations	266,498,750	87,500,000
Junior subordinated notes	100,930,762	99,984,066
Notes payable	1,737,431	46,743,406
Mortgage note payable - real estate owned and held-for-sale	52,219,748	50,005,874
Derivative financial instruments	$27,776,770	$37,754,775

Fair_Value_Details_2

Fair Value (Details 2) (USD $)	Sep. 30, 2013	Dec. 31, 2012
	item
Financial assets:	'	'
Available-for-sale securities	$2,746,682	$3,552,736
Allowance for Loan losses	143,018,491	161,706,313
Number of impaired loans	18	'
Aggregate carrying value, before reserves	239,309,135	240,211,152
Recurring basis | Carrying Value	'	'
Financial assets:	'	'
Available-for-sale securities	2,746,682	'
Derivative financial instruments	13,939,477	'
Financial liabilities:	'	'
Derivative financial instruments	27,776,770	'
Recurring basis | Fair Value	'	'
Financial assets:	'	'
Available-for-sale securities	2,746,682	'
Derivative financial instruments	13,939,477	'
Financial liabilities:	'	'
Derivative financial instruments	27,776,770	'
Recurring basis | Level 1	'	'
Financial assets:	'	'
Available-for-sale securities	646,682	'
Recurring basis | Level 2	'	'
Financial assets:	'	'
Derivative financial instruments	9,641	'
Financial liabilities:	'	'
Derivative financial instruments	27,776,770	'
Recurring basis | Level 3	'	'
Financial assets:	'	'
Available-for-sale securities	2,100,000	'
Derivative financial instruments	13,929,836	'
Nonrecurring basis | Carrying Value	'	'
Financial assets:	'	'
Impaired loans, net	96,290,645	'
Nonrecurring basis | Fair Value	'	'
Financial assets:	'	'
Impaired loans, net	116,657,940	'
Nonrecurring basis | Level 3	'	'
Financial assets:	'	'
Impaired loans, net	$116,657,940	'

Fair_Value_Details_3

Fair Value (Details 3) (Recurring basis, Level 3, USD $)	9 Months Ended
	Sep. 30, 2013
Available-for-sale Securities	'
Financial assets	'
Balance at the beginning of the period	$3,200,000
Adjustments to fair value:	'
Sales and settlements	-1,100,000
Balance at the end of the period	2,100,000
Derivative Financial Instruments	'
Financial assets	'
Balance at the beginning of the period	10,799,536
Adjustments to fair value:	'
Additions	10,600,127
Paydowns	-5,055,013
Net changes in fair value	-1,688,440
Sales and settlements	-726,374
Balance at the end of the period	$13,929,836

Fair_Value_Details_4

Fair Value (Details 4) (Level 3, USD $)	9 Months Ended
	Sep. 30, 2013
Valuation models	'
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis	'
Forward Contract Derivatives	13,929,836
Multifamily Portfolio | Direct capitalization analysis and discounted cash flows	'
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis	'
Impaired loans	31,917,678
Multifamily Portfolio | Direct capitalization analysis and discounted cash flows | Minimum	'
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis	'
Discount rate (as a percent)	7.50%
Capitalization rate (as a percent)	6.00%
Revenue growth rate (as a percent)	2.00%
Multifamily Portfolio | Direct capitalization analysis and discounted cash flows | Maximum	'
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis	'
Discount rate (as a percent)	8.00%
Capitalization rate (as a percent)	8.25%
Revenue growth rate (as a percent)	3.00%
Multifamily Portfolio | Direct capitalization analysis and discounted cash flows | Weighted Average	'
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis	'
Discount rate (as a percent)	5.51%
Capitalization rate (as a percent)	7.07%
Revenue growth rate (as a percent)	1.51%
Office | Discounted cash flows	'
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis	'
Impaired loans	7,271,949
Office | Discounted cash flows | Minimum	'
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis	'
Discount rate (as a percent)	9.00%
Capitalization rate (as a percent)	8.00%
Revenue growth rate (as a percent)	2.50%
Office | Discounted cash flows | Maximum	'
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis	'
Discount rate (as a percent)	10.00%
Capitalization rate (as a percent)	8.50%
Revenue growth rate (as a percent)	3.00%
Office | Discounted cash flows | Weighted Average	'
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis	'
Discount rate (as a percent)	9.43%
Capitalization rate (as a percent)	8.15%
Revenue growth rate (as a percent)	2.96%
Land | Discounted cash flows	'
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis	'
Impaired loans	71,468,341
Discount rate (as a percent)	15.50%
Capitalization rate (as a percent)	9.73%
Revenue growth rate (as a percent)	5.40%
Land | Comparable sales and discounted cash flows	'
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis	'
Impaired loans	5,999,972
Discount rate (as a percent)	11.00%
Dollar per acre	293,000
CMBS | Discounted cash flows	'
Quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis	'
CMBS	2,100,000
Discount rate (as a percent)	14.00%

Fair_Value_Details_5

Fair Value (Details 5) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Financial assets:	'	'
Loans and investments, net	$1,546,107,405	$1,325,667,053
Financial liabilities:	'	'
Repurchase agreements and credit facilities	158,582,338	130,661,619
Collateralized debt obligations	736,434,556	812,452,845
Collateralized loan obligations	264,500,000	87,500,000
Junior subordinated notes	159,157,643	158,767,145
Notes payable	1,750,000	51,457,708
Mortgage note payable - real estate owned	42,745,650	53,751,004
Carrying Value	'	'
Financial assets:	'	'
Loans and investments, net	1,546,107,405	'
Securities held-to-maturity, net	41,989,100	'
Financial liabilities:	'	'
Repurchase agreements and credit facilities	158,582,338	'
Collateralized debt obligations	736,434,556	'
Collateralized loan obligations	264,500,000	'
Junior subordinated notes	159,157,643	'
Notes payable	1,750,000	'
Mortgage note payable - real estate owned	53,751,004	'
Fair Value	'	'
Financial assets:	'	'
Loans and investments, net	1,566,593,565	'
Securities held-to-maturity, net	43,100,421	'
Financial liabilities:	'	'
Repurchase agreements and credit facilities	158,297,391	'
Collateralized debt obligations	610,943,763	'
Collateralized loan obligations	266,498,750	'
Junior subordinated notes	100,930,762	'
Notes payable	1,737,431	'
Mortgage note payable - real estate owned	52,219,748	'
Level 3	'	'
Financial assets:	'	'
Loans and investments, net	1,566,593,565	'
Securities held-to-maturity, net	43,100,421	'
Financial liabilities:	'	'
Repurchase agreements and credit facilities	158,297,391	'
Collateralized debt obligations	610,943,763	'
Collateralized loan obligations	266,498,750	'
Junior subordinated notes	100,930,762	'
Notes payable	1,737,431	'
Mortgage note payable - real estate owned	$52,219,748	'

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	Sep. 30, 2013
In Millions, unless otherwise specified
Contractual Commitments	'
Unfunded commitments related to loans and investments	$8.50
Available amount to fund unfunded commitments	$5.80

Commitments_and_Contingencies_1

Commitments and Contingencies (Details 2) (USD $)	Sep. 30, 2013	Jun. 15, 2011	Sep. 30, 2013	Sep. 30, 2013	Jun. 28, 2013
In Millions, unless otherwise specified	Arbor ESH II, LLC	Lawsuits filed by Extended Stay Litigation Trust (the Trust)	Lawsuits filed by Extended Stay Litigation Trust (the Trust)	Lawsuits filed by Extended Stay Litigation Trust (the Trust)	Lawsuits filed by Extended Stay Litigation Trust (the Trust)
		item	item	Fiduciary Duty Claims	Motion to amend the lawsuits
				item	item
Litigation	'	'	'	'	'
Number of lawsuits or complaints filed	'	3	'	2	'
Number of lawsuits filed in United States Bankruptcy Court	'	2	'	'	'
Number of defendants	'	'	73	2	'
Number of defendants who are corporate and partnership entities	'	'	55	'	16
Number of defendants named in a legal action who are individuals	'	'	18	'	10
Investments in the Series A1 Preferred Units of a holding company of Extended Stay, Inc.	$115	'	'	'	'
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 $)

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

1 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Jun. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Feb. 28, 2013

Mar. 31, 2013

Mar. 31, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Feb. 05, 2013

Feb. 02, 2013

Sep. 30, 2013

15-May-13

9-May-13

Sep. 30, 2013

Mar. 15, 2013

Sep. 30, 2013

Mar. 31, 2013

Oct. 31, 2012

Jun. 30, 2012

Jun. 30, 2003

Sep. 30, 2013

Dec. 31, 2012

2-May-13

Jun. 30, 2013

ACM

ACM

ACM

ACM

ACM

ACM

Employees of the company and a related party

Employees of the company and a related party

Employees of the company and a related party

Non-employees

Employees

8.25% Series A cumulative redeemable preferred stock

7.75% Series B cumulative redeemable preferred stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Restricted common stock

Restricted common stock

Employee compensation and benefits

Employee compensation and benefits

Selling and administrative expense

Selling and administrative expense

ACM

ACM

ACM

ACM

ACM

8.25% Series A cumulative redeemable preferred stock

8.25% Series A cumulative redeemable preferred stock

8.25% Series A cumulative redeemable preferred stock

7.75% Series B cumulative redeemable preferred stock

7.75% Series B cumulative redeemable preferred stock

7.75% Series B cumulative redeemable preferred stock

Non-management members of the Board of Directors

Non-management members of the Board of Directors

Maximum

Restricted common stock

Restricted common stock

Restricted common stock

Restricted common stock

Restricted common stock

Employee compensation and benefits

Selling and administrative expense

Restricted common stock

Restricted common stock

Selling and administrative expense

Restricted common stock

Preferred Stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of preferred stock (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,400,000

1,551,500

'

1,200,000

1,260,000

'

'

'

'

'

'

'

'

'

'

Preferred stock, liquidation preference (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$25

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8.25%

7.75%

'

8.25%

8.25%

'

7.75%

7.75%

'

'

'

'

'

'

'

'

'

'

Net proceeds from issuance of preferred stock

$70,287,500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$33,600,000

'

'

$28,900,000

'

'

'

'

'

'

'

'

'

'

'

Option exercised by underwriters (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

151,500

'

'

60,000

'

'

'

'

'

'

'

'

'

'

'

'

Additional net proceeds from exercise of option by underwriters

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,700,000

'

'

1,500,000

'

'

'

'

'

'

'

'

'

'

'

'

Common stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,000,000

6,000,000

5,625,000

3,500,000

3,500,000

67

17,625,000

'

'

'

Value of common shares issued to the public (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$7.08

$8

$5.80

$5.40

'

$7.08

'

'

'

Proceeds from issuance of shares under public offering

134,176,328

18,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

45,600,000

40,900,000

43,000,000

19,200,000

17,500,000

1,005

'

'

'

'

Number of shares which the entity may issue and sell through JMP

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,000,000

'

'

Number of shares of common stock remain available under shelf registration

457,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate amount of securities for which the entity filed shelf registration statement

'

'

500,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Deferred Compensation

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of fully vested shares issued

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

70,000

'

Accrued deferred compensation expense

'

'

'

'

'

'

'

'

'

'

200,000

400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vesting percentage

'

'

'

'

'

'

'

'

'

33.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Granted (in shares)

'

'

'

'

'

'

'

'

'

192,750

'

'

82,500

45,333

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total grant date fair value

'

'

'

'

100,000

'

'

'

'

1,500,000

'

'

700,000

400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Forfeited (in shares)

'

'

'

667

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based compensation expense

'

'

'

'

'

$100,000

$200,000

$100,000

$200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$500,000

Equity_Details_2

Equity (Details 2) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2009
Warrants	'	'
Number of warrants issued	'	1,000,000
Warrant exercise price	'	$4
Warrants exercised (in shares)	0	'
Warrants exercisable at $3.50	'	'
Warrants	'	'
Number of warrants issued	500,000	'
Warrant exercise price	3.5	'
Warrants exercisable at $4.00	'	'
Warrants	'	'
Number of warrants issued	250,000	'
Warrant exercise price	4	'
Warrants exercisable at $5.00	'	'
Warrants	'	'
Number of warrants issued	250,000	'
Warrant exercise price	5	'

Equity_Details_3

Equity (Details 3) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
			Interest expense	Interest expense	Other income
Accumulated Other Comprehensive Loss	'	'	'	'	'
Net realized losses on derivatives designated as cash flow hedges	'	'	($10,564,000)	($12,883,000)	'
Net realized gain on sale of available-for-sale investments	'	'	'	'	100,000
Accumulated other comprehensive loss	28,902,162	39,561,700	'	'	'
Net unrealized losses on derivatives designated as cash flow hedges	29,500,000	40,000,000	'	'	'
Unrealized gain related to available-for-sale securities	$600,000	$400,000	'	'	'

Equity_Details_4

Equity (Details 4) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Noncontrolling Interest	'	'	'	'	'
Noncontrolling interest in the entity	$964,078	'	$964,078	'	$1,931,773
Third party's interest in the equity of a consolidated subsidiary	33.00%	'	33.00%	'	33.00%
Income attributable to noncontrolling interest	'	'	100,000	200,000	'
Distributions attributable to noncontrolling interest	1,000,000	100,000	1,091,894	200,000	'
Note payable related to the exchange of POM profits interest transaction	'	'	'	'	'
Noncontrolling Interest	'	'	'	'	'
Distributions attributable to noncontrolling interest	900,000	'	'	'	'
Maximum	'	'	'	'	'
Noncontrolling Interest	'	'	'	'	'
Income attributable to noncontrolling interest	$100,000	$100,000	'	'	'

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Basic	'	'	'	'
Income from continuing operations, net of noncontrolling interest and preferred stock dividends	$3,744,395	$2,148,184	$13,572,263	$17,127,401
(Loss) income from discontinued operations	-79,716	-87,855	-271,479	4,640,726
Net income attributable to Arbor Realty Trust, Inc. common stockholders	3,664,679	2,060,329	13,300,784	21,768,127
Weighted average number of common shares outstanding	43,397,555	27,749,225	40,129,718	25,643,470
Income from continuing operations, net of noncontrolling interest and preferred stock dividends, per common share	$0.08	$0.07	$0.34	$0.67
(Loss) income from discontinued operations per common share (in dollars per share)	'	'	($0.01)	$0.18
Net income attributable to Arbor Realty Trust, Inc. common stockholders (in dollars per share)	$0.08	$0.07	$0.33	$0.85
Diluted	'	'	'	'
Income from continuing operations, net of noncontrolling interest and preferred stock dividends	3,744,395	2,148,184	13,572,263	17,127,401
(Loss) income from discontinued operations	-79,716	-87,855	-271,479	4,640,726
Net income attributable to Arbor Realty Trust, Inc. common stockholders	$3,664,679	$2,060,329	$13,300,784	$21,768,127
Weighted average number of common shares outstanding	43,397,555	27,749,225	40,129,718	25,643,470
Dilutive effect of warrants (in shares)	434,716	288,819	446,915	247,613
Weighted average number of common shares outstanding	43,832,271	28,038,044	40,576,633	25,891,083
Income from continuing operations, net of noncontrolling interest and preferred stock dividends, per common share	$0.08	$0.07	$0.34	$0.66
(Loss) income from discontinued operations per common share (in dollars per share)	'	'	($0.01)	$0.18
Net income attributable to Arbor Realty Trust, Inc. common stockholders (in dollars per share)	$0.08	$0.07	$0.33	$0.84

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)

4 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

3 Months Ended

1 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

Share data in Millions, unless otherwise specified

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

31-May-12

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Oct. 31, 2010

Sep. 30, 2013

Sep. 30, 2012

Jun. 30, 2011

Mar. 31, 2011

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Jun. 30, 2011

Sep. 30, 2013

Sep. 30, 2012

Mar. 31, 2013

Mar. 31, 2011

Mar. 31, 2011

Mar. 31, 2011

Oct. 31, 2010

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Jan. 31, 2013

Sep. 30, 2013

Sep. 30, 2013

Apr. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Mar. 31, 2012

Sep. 30, 2013

Sep. 30, 2011

Sep. 30, 2013

Apr. 30, 2013

Apr. 30, 2013

Apr. 30, 2013

Oct. 31, 2013

Apr. 30, 2013

Apr. 30, 2013

Sep. 30, 2013

Dec. 31, 2011

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Jan. 31, 2013

Preferred equity investments

Preferred equity investments

Bridge Loans

Bridge Loans

Minimum

Maximum

ACM

ACM

ACM

ACM

ACM

ACM

ACM

ACM

Maturity date of May 2015

Maturity date of May 2015

Maturity date of May 2015

Maturity date of May 2015

Maturity date of May 2016

Maturity date of May 2016

Maturity date of May 2016

Maturity date of May 2016

Maturity date of March 2014

Maturity date of March 2014

Maturity date of February 2013

Maturity date of April 2013

Maturity date of June 2012

Maturity date of June 2012

Maturity date of June 2012

Maturity date of June 2012

Maturity date of June 2012

Maturity date of November 2014

Maturity date of November 2014

Maturity date of November 2014

Maturity date of November 2014

Maturity date of January 2015

Maturity date of January 2015

Maturity date of January 2015

Maturity date of March 2015

Maturity date of March 2015

Maturity date of March 2015

Affiliated entity of Mr. Ivan Kaufman

Affiliated entity of Mr. Ivan Kaufman

Affiliated entity of Mr. Ivan Kaufman

Affiliated entity of Mr. Ivan Kaufman

Kaufman Entities

Kaufman Entities

Kaufman Entities

Kaufman Entities

Kaufman Entities

Kaufman Entities

Mr. Ivan Kaufman

Lexford

Lexford

Lexford

Lexford

Lexford

Lexford

Lexford

Lexford

Lexford

William C. Green

William C. Green

item

item

ACM

ACM

ACM

ACM

ACM

ACM

ACM

ACM

ACM

ACM

ACM

ACM

ACM

ACM

ACM

ACM

ACM

ACM

ACM

ACM

ACM

ACM

ACM

ACM

ACM

ACM

ACM

Mr. Fred Weber

Mr. Fred Weber

ACM

ACM

Maturity date of March 2015

Maturity date of March 2015

Maturity date of March 2015

Maturity date of April 2015

Maturity date of April 2015

Maturity date of March 2015

Preferred equity investments

Preferred equity investments

Preferred equity investments

Preferred equity investments

Preferred equity investments

Preferred equity investments

Original preferred equity investment

New preferred equity investment

Maturity date of January 2015

Maturity date of January 2015

Minimum

item

Minimum

Maximum

Preferred equity investments

Bridge Loans

Bridge Loans

Bridge Loans

Bridge Loans

Bridge Loans

Bridge Loans

ACM

ACM

ACM

Bridge Loans

Bridge Loans

ACM

Mr. Fred Weber

ACM

ACM

item

Bridge Loans

Bridge Loans

Bridge Loans

Mr. Fred Weber

Mr. Fred Weber

Bridge Loans

Bridge Loans

Mr. Fred Weber

Mr. Fred Weber

Mr. Fred Weber

item

item

item

First year

Thereafter

Related party transactions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Due from related party

$53,329

$53,329

$24,094

'

'

'

'

'

'

'

'

$100,000

'

'

'

$100,000

'

$100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Due to related party

3,349,516

3,349,516

3,084,627

'

'

'

'

'

'

'

'

3,300,000

'

'

'

3,300,000

'

3,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Management fees to be remitted

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Legal, financial and accounting fees

1,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loan restructured

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

67,600,000

'

'

'

'

'

'

'

'

'

Number of bridge loans originated

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

25,000,000

'

'

'

'

'

'

'

'

'

Additional preferred equity investment outstanding

1,702,743,456

1,702,743,456

1,501,056,647

'

129,073,672

100,823,672

1,214,659,449

1,006,726,838

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

22,500,000

'

'

'

'

'

'

'

'

'

'

Interest held in the additional investment made

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9,500,000

'

500,000

'

'

'

'

Fixed rate of interest (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.36%

12.00%

'

'

Original variable rate basis

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'

'

'

Original basis spread (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.00%

'

'

'

Modified variable rate basis

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'

'

'

Modified basis spread (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.65%

'

'

'

Equity investment made

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000

'

'

'

'

'

'

Noncontrolling interest

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

250,000

'

'

'

'

'

'

'

'

'

'

'

'

'

44,000

'

'

'

'

'

'

Equity investment, balance

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

Contract period with the new entity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'7 years 6 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fees as a percentage of gross revenues of the underlying properties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.75%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership interest (as a percent)

'

'

'

'

'

'

'

'

20.00%

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

53.90%

'

23.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate outstanding balance of related party debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

649,200,000

'

'

'

'

'

'

'

'

'

'

Loan to third party borrower, unpaid principal balance

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

24,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties purchased by the related party

'

'

'

'

'

'

'

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loan amount purchased by related party

'

'

'

'

'

'

'

'

'

'

'

'

'

11,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loan amount retained by related party

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of loan that was repaid by third party

'

'

'

'

'

'

'

'

'

'

'

'

'

11,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Base rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'one-month LIBOR

'

'

'

'LIBOR

'

'

'

'one-month LIBOR

'one-month LIBOR

'

'one-month LIBOR

'

'

'

'

'

'

'one-month LIBOR

'

'

'one-month LIBOR

'

'

'

'

'

'

'

'

'

'one-month LIBOR

'one-month LIBOR

'

'one-month LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

Base spread (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.50%

5.50%

0.24%

'

'

4.75%

'

'

'

6.00%

6.00%

'

8.00%

'

0.50%

1.50%

'

'

5.00%

5.00%

'

6.00%

6.00%

'

'

'

'

'

'

'

'

'

5.00%

6.00%

'

7.25%

'

'

'

'

'

'

'

'

'

'

'

'

Libor cap (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of options to extend loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Extended period of loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest income recorded

'

'

'

'

'

'

'

'

'

'

'

400,000

500,000

'

'

1,300,000

1,400,000

'

'

100,000

200,000

'

300,000

'

100,000

1,000,000

'

'

'

'

'

'

100,000

'

'

'

'

400,000

1,200,000

'

100,000

400,000

'

1,100,000

2,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

300,000

300,000

900,000

900,000

'

'

'

'

'

Number of mortgage loans secured by property purchased from related party

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of mortgage loan secured by property purchased from related party

'

'

'

'

'

'

'

'

'

'

'

'

'

'

28,400,000

'

'

'

'

'

'

'

'

'

'

'

'

22,400,000

2,000,000

4,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average variable interest rate (as a percent)

'

5.26%

4.77%

'

7.55%

6.04%

5.13%

4.87%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.20%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of bridge loan purchased from related party

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,100,000

'

'

'

'

'

'

'

'

'

'

'

4,700,000

'

'

'

'

'

'

'

'

7,500,000

'

'

6,400,000

'

'

'

'

'

'

'

'

'

'

'

53,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Number of bridge loans paid off

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of bridge loans paid off

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

17,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of ownership interest of related party in the entity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

19.00%

'

'

'

'

'

'

'

'

'

'

6.60%

'

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

'

'

'

'

'

'

'

'

'

'

900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of non-controlling interest acquired on contribution

'

'

'

'

'

'

'

'

'

'

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of ownership of third party entity in joint venture

'

'

'

'

'

'

'

'

'

'

28.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

91.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares held by related party

'

'

'

'

'

'

'

'

'

'

'

5.3

'

'

'

5.3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of voting power held by related party

'

'

'

'

'

'

'

'

'

'

'

11.00%

'

'

'

11.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership interest allowed under company charter before amendment (as a percent)

'

'

'

7.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership interest allowed under company charter (as a percent)

5.00%

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Personal guaranty

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,000,000

'

'

'

'

'

'

'

'

'

'

$400,000

Distributions_Details

Distributions (Details) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

In Millions, except Per Share data, unless otherwise specified

Sep. 30, 2013

Sep. 30, 2012

Jun. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Mar. 31, 2012

Nov. 06, 2013

Jul. 31, 2013

2-May-13

Feb. 12, 2013

Sep. 30, 2013

Sep. 30, 2013

Oct. 25, 2013

Jul. 31, 2013

2-May-13

Feb. 02, 2013

Sep. 30, 2013

Oct. 25, 2013

Jul. 31, 2013

9-May-13

Sep. 30, 2013

Common Stock

Common Stock

Common Stock

Common Stock

8.25% Series A cumulative redeemable preferred stock

7.75% Series B cumulative redeemable preferred stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

8.25% Series A cumulative redeemable preferred stock

8.25% Series A cumulative redeemable preferred stock

8.25% Series A cumulative redeemable preferred stock

8.25% Series A cumulative redeemable preferred stock

8.25% Series A cumulative redeemable preferred stock

7.75% Series B cumulative redeemable preferred stock

7.75% Series B cumulative redeemable preferred stock

7.75% Series B cumulative redeemable preferred stock

7.75% Series B cumulative redeemable preferred stock

Distributions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Minimum taxable income to be distributed to stockholders to qualify as a REIT (as a percent)

'

'

'

90.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income tax receivable for the expected refund of income taxes paid by a taxable REIT subsidiary

'

'

'

'

'

$1.40

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Distributions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash dividend declared (in dollars per share)

$0.13

$0.10

'

$0.37

$0.18

'

$0.13

$0.13

$0.12

$0.12

'

'

'

'

'

'

'

'

'

'

'

Preferred dividend accrued

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.3

'

'

'

0.2

Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)

'

'

'

'

'

'

'

'

'

'

8.25%

7.75%

'

'

'

8.25%

8.25%

'

'

7.75%

7.75%

Cash dividend declared on redeemable preferred stock (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

$0.52

$0.52

$0.69

'

'

$0.48

$0.60

'

'

Alternative minimum tax

'

0.1

0.6

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

State taxes for the entity's taxable REIT subsidiaries

'

$0.20

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Management_Agreement_Details

Management Agreement (Details) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Dec. 31, 2007
Management Fees:	'	'	'	'	'	'
Total Management fee	$2,800,000	$2,500,000	$8,400,000	$7,500,000	'	'
Incentive fee installment recorded as prepaid management fee	19,047,949	'	19,047,949	'	19,047,949	'
Deferred revenue recognized on transfer of control of 450 West 33rd Street property	77,123,133	'	77,123,133	'	77,123,133	77,100,000
ACM	'	'	'	'	'	'
Management Agreement	'	'	'	'	'	'
Expected base management fees during current period	'	'	11,200,000	'	'	'
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	'	'	'
Period after each fiscal quarter in which the incentive fee is payable	'	'	'60 days	'	'	'
Number of days during the end of fiscal quarter with respect to which incentive fee is being paid	'	'	'20 days	'	'	'
Management Fees:	'	'	'	'	'	'
Base	2,800,000	2,500,000	8,400,000	7,500,000	10,000,000	'
Total Management fee	2,800,000	2,500,000	8,400,000	7,500,000	'	'
Base management fee expenses due to related party	1,300,000	1,200,000	2,500,000	2,500,000	'	'
Success-based payments made	0	0	0	0	'	'
Incentive fee installment recorded as prepaid management fee	'	'	'	'	'	$19,000,000
ACM | Minimum	'	'	'	'	'	'
Management Agreement	'	'	'	'	'	'
Percentage of incentive fee paid by issuance of common stock shares	'	'	25.00%	'	'	'