Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'NORTHSTAR REALTY FINANCE CORP. | ' |
Entity Central Index Key | '0001273801 | ' |
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 | ' | 239,745,742 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ||
Cash and cash equivalents | $329,403 | $444,927 | ||
Restricted cash | 217,401 | 360,075 | ||
Operating real estate, net | 2,145,223 | 1,401,658 | ||
Real estate debt investments, net | 1,177,517 | 1,832,231 | ||
Investments in private equity funds, at fair value (refer to Note 6) | 624,652 | 0 | ||
Investments in and advances to unconsolidated ventures | 55,550 | 111,025 | ||
Real estate securities, available for sale | 1,010,336 | 1,124,668 | ||
Receivables, net of allowance of $1,006 as of September 30, 2013 and $1,526 as of December 31, 2012 | 26,846 | 28,413 | ||
Receivables, related parties | 19,633 | 23,706 | ||
Unbilled rent receivable, net of allowance of $314 as of September 30, 2013 | 14,576 | 16,129 | ||
Derivative assets, at fair value | 6,393 | 6,229 | ||
Deferred costs and intangible assets, net | 90,484 | 97,700 | ||
Assets of properties held for sale | 1,595 | 1,595 | ||
Other assets | 108,969 | 65,422 | ||
Total assets | 5,828,578 | [1] | 5,513,778 | [1] |
Liabilities | ' | ' | ||
Mortgage and other notes payable | 1,785,711 | 1,015,670 | ||
CDO bonds payable | 866,161 | 2,112,441 | ||
Securitization bonds payable | 97,919 | 98,005 | ||
Credit facilities | 23,594 | 61,088 | ||
Secured term loan | 0 | 14,664 | ||
Exchangeable senior notes | 555,432 | 291,031 | ||
Junior subordinated notes, at fair value | 192,279 | 197,173 | ||
Accounts payable and accrued expenses | 79,007 | 45,895 | ||
Escrow deposits payable | 111,394 | 90,032 | ||
Derivative liabilities, at fair value | 68,892 | 170,840 | ||
Other liabilities | 34,798 | 86,075 | ||
Total liabilities | 3,815,187 | [2] | 4,182,914 | [2] |
Commitments and contingencies | ' | ' | ||
NorthStar Realty Finance Corp. Stockholders' Equity | ' | ' | ||
Preferred stock, $736,640 and $536,640 aggregate liquidation preference as of September 30, 2013 and December 31, 2012, respectively | 697,352 | 504,018 | ||
Common stock, $0.01 par value, 500,000,000 shares authorized, 239,745,742 and 163,607,259 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively | 2,397 | 1,636 | ||
Additional paid-in capital | 1,906,658 | 1,195,131 | ||
Retained earnings (accumulated deficit) | -625,168 | -376,685 | ||
Accumulated other comprehensive income (loss) | -1,439 | -22,179 | ||
Total NorthStar Realty Finance Corp. stockholders' equity | 1,979,800 | 1,301,921 | ||
Non-controlling interests | 33,591 | 28,943 | ||
Total equity | 2,013,391 | 1,330,864 | ||
Total liabilities and equity | 5,828,578 | 5,513,778 | ||
Variable Interest Entity, Primary Beneficiary | ' | ' | ||
Assets | ' | ' | ||
Restricted cash | 63,375 | 320,815 | ||
Operating real estate, net | 6,677 | 342,461 | ||
Real estate debt investments, net | 435,173 | 1,478,503 | ||
Investments in and advances to unconsolidated ventures | 0 | 59,939 | ||
Real estate securities, available for sale | 680,288 | 1,015,972 | ||
Receivables, net of allowance of $1,006 as of September 30, 2013 and $1,526 as of December 31, 2012 | 8,526 | 16,609 | ||
Unbilled rent receivable, net of allowance of $314 as of September 30, 2013 | 0 | 2,125 | ||
Deferred costs and intangible assets, net | 0 | 37,753 | ||
Assets of properties held for sale | 1,595 | 1,595 | ||
Other assets | 1,157 | 12,689 | ||
Total assets | 1,196,791 | 3,288,461 | ||
Liabilities | ' | ' | ||
Mortgage and other notes payable | 0 | 228,446 | ||
CDO bonds payable | 866,161 | 2,112,441 | ||
Secured term loan | 0 | 14,664 | ||
Accounts payable and accrued expenses | 4,525 | 13,626 | ||
Escrow deposits payable | 15,269 | 67,406 | ||
Derivative liabilities, at fair value | 68,892 | 170,840 | ||
Other liabilities | 3,477 | 25,144 | ||
Total liabilities | $958,324 | $2,632,567 | ||
[1] | •Restricted cash: September 30, 2013 $63,375 ; December 31, 2012: $320,815•Operating real estate, net: September 30, 2013: $6,677 ; December 31, 2012: $342,461•Real estate debt investments, net: September 30, 2013: $435,173 ; December 31, 2012: $1,478,503•Investments in and advances to unconsolidated ventures: September 30, 2013: $0 ; December 31, 2012: $59,939•Real estate securities, available for sale: September 30, 2013: $680, 288 ; December 31, 2012: $1,015,972•Receivables, net of allowance: September 30, 2013: $8,526 ; December 31, 2012: $16,609•Unbilled rent receivable: September 30, 2013: $0 ; December 31, 2012: $2,125•Deferred costs and intangible assets, net: September 30, 2013: $0 ; December 31, 2012: $37,753•Assets of properties held for sale: September 30, 2013: $1,595 ; December 31, 2012: $1,595•Other assets: September 30, 2013: $1,157 ; December 31, 2012: $12,689•Total assets of consolidated VIEs: September 30, 2013: $1,196,791 ; December 31, 2012: $3,288,461 | |||
[2] | •Mortgage and other notes payable: September 30, 2013 $0 ; December 31, 2012: $228,446•CDO bonds payable: September 30, 2013 $866,161 ; December 31, 2012: $2,112,441•Secured term loan: September 30, 2013 $0 ; December 31, 2012: $14,664•Accounts payable and accrued expenses: September 30, 2013 $4,525 ; December 31, 2012: $13,626•Escrow deposits payable: September 30, 2013 $15,269 ; December 31, 2012: $67,406•Derivative liabilities, at fair value: September 30, 2013 $68,892 ; December 31, 2012: $170,840•Other liabilities: September 30, 2013 $3,477 ; December 31, 2012: $25,144•Total liabilities of consolidated VIEs: September 30, 2013 $958,324 ; December 31, 2012: $2,632,567 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Receivables, allowance (in dollars) | $1,006 | $1,526 |
Unbilled rent receivable, allowance (in dollars) | $314 | ' |
Preferred stock, aggregate liquidation preference (in dollars per share) | $736,640 | $536,640 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 239,745,742 | 163,607,259 |
Common stock, shares outstanding | 239,745,742 | 163,607,259 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Net interest income | ' | ' | ' | ' | ||||
Interest income | $75,141 | $82,558 | $218,624 | $243,367 | ||||
Interest expense on debt and securities | 10,132 | 12,304 | 33,117 | 38,569 | ||||
Net interest income on debt and securities | 65,009 | 70,254 | 185,507 | 204,798 | ||||
Other revenues | ' | ' | ' | ' | ||||
Rental and escalation income | 72,909 | 29,095 | 177,018 | 85,076 | ||||
Commission income, related party | 1,639 | 12,213 | 51,214 | 28,291 | ||||
Advisory and other fees, related party | 6,816 | 1,507 | 17,111 | 4,766 | ||||
Other revenue | 1,778 | 366 | 3,452 | 1,996 | ||||
Total other revenues | 83,142 | 43,181 | 248,795 | 120,129 | ||||
Expenses | ' | ' | ' | ' | ||||
Other interest expense | 41,747 | 23,618 | 102,811 | 67,316 | ||||
Real estate properties—operating expenses | 23,926 | 4,814 | 50,616 | 13,184 | ||||
Commission expense (refer to Note 9) | 1,629 | 11,070 | 46,504 | 25,538 | ||||
Other expenses | 1,207 | 1,120 | 4,020 | 4,191 | ||||
Transaction costs | 298 | 0 | 10,801 | 2,433 | ||||
Provision for (reversal of) loan losses, net | -11,122 | 6,360 | -8,786 | 19,737 | ||||
General and administrative | ' | ' | ' | ' | ||||
Salaries and equity-based compensation | 17,130 | [1] | 13,691 | [1] | 52,589 | [1] | 41,764 | [1] |
Other general and administrative | 5,094 | 5,801 | 16,774 | 14,991 | ||||
Total general and administrative | 22,224 | 19,492 | 69,363 | 56,755 | ||||
Depreciation and amortization | 33,905 | 11,635 | 70,828 | 36,419 | ||||
Total expenses | 113,814 | 78,109 | 346,157 | 225,573 | ||||
Income (loss) from operations | 34,337 | 35,326 | 88,145 | 99,354 | ||||
Equity in earnings (losses) of unconsolidated ventures | 31,013 | 421 | 54,445 | -416 | ||||
Other income (loss) | 0 | 0 | 0 | 20,258 | ||||
Unrealized gain (loss) on investments and other | 16,565 | -202,019 | -28,513 | -413,073 | ||||
Realized gain (loss) on investments and other | 30,567 | 15,221 | 47,611 | 35,768 | ||||
Gain (loss) from deconsolidation of N-Star CDOs (refer to Note 3) | -254,206 | 0 | -254,206 | 0 | ||||
Income (loss) from continuing operations | -141,724 | -151,051 | -92,518 | -258,109 | ||||
Income (loss) from discontinued operations | -25 | 411 | -81 | 506 | ||||
Gain on sale from discontinued operations | 0 | 29 | 0 | 314 | ||||
Net income (loss) | -141,749 | -150,611 | -92,599 | -257,289 | ||||
Less: net (income) loss attributable to non-controlling interests | 6,313 | 7,704 | 5,493 | 13,911 | ||||
Preferred stock dividends | -15,591 | -6,671 | -39,925 | -17,629 | ||||
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders | -151,027 | -149,578 | -127,031 | -261,007 | ||||
Earnings (loss) per share: | ' | ' | ' | ' | ||||
Basic (in dollars per share) | ($0.68) | ($1.11) | ($0.63) | ($2.16) | ||||
Diluted (in dollars per share) | ($0.68) | ($1.11) | ($0.63) | ($2.16) | ||||
Weighted average number of shares: | ' | ' | ' | ' | ||||
Basic (in shares) | 222,206,091 | 134,272,289 | 199,409,945 | 120,491,186 | ||||
Diluted (in shares) | 231,469,244 | 140,609,372 | 208,550,350 | 126,445,659 | ||||
Dividends per share of common stock | $0.21 | $0.17 | $0.60 | $0.48 | ||||
Equity-based compensation expense | $3,400 | $2,900 | $13,615 | $10,049 | ||||
[1] | The three months ended September 30, 2013 and 2012 include $3.4 million and $2.9 million, respectively, of equity-based compensation expense. The nine months ended September 30, 2013 and 2012 include $13.6 million and $10.0 million, respectively, of equity-based compensation expense. |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Equity-based compensation expense | $3,400 | $2,900 | $13,615 | $10,049 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' | ' |
Net income (loss) | ($141,749) | ($150,611) | ($92,599) | ($257,289) |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized gain (loss) on real estate securities, available for sale | -1,095 | -101 | 2,674 | 6,589 |
Reclassification of unrealized (gain) loss on real estate securities, available for sale into realized gain (loss) on investments and other | -926 | 0 | -926 | 0 |
Reclassification of swap (gain) loss into interest expense on debt and securities (refer to Note 14) | 1,172 | 1,845 | 4,656 | 5,591 |
Reclassification of swap (gain) loss into gain (loss) from deconsolidation of N-Star CDOs (refer to Note 3) | 15,246 | 0 | 15,246 | 0 |
Total other comprehensive income (loss) | 14,397 | 1,744 | 21,650 | 12,180 |
Comprehensive income (loss) | -127,352 | -148,867 | -70,949 | -245,109 |
Less: Comprehensive (income) loss attributable to non-controlling interests | 5,737 | 7,625 | 4,583 | 13,328 |
Comprehensive income (loss) attributable to NorthStar Realty Finance Corp. common stockholders | ($121,615) | ($141,242) | ($66,366) | ($231,781) |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Total NorthStar Stockholders' Equity | Non-controlling Interests |
In Thousands, except Share data, unless otherwise specified | ||||||||
Balance at Dec. 31, 2011 | $1,039,614 | $241,372 | $960 | $809,826 | ($8,626) | ($36,160) | $1,007,372 | $32,242 |
Balance (in shares) at Dec. 31, 2011 | ' | 10,000,000 | 96,045,000 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from offering of common stock (in shares) | ' | ' | 67,250,000 | ' | ' | ' | ' | ' |
Net proceeds from offering of common stock | 382,809 | ' | 673 | 382,136 | ' | ' | 382,809 | ' |
Net proceeds from offering of preferred stock (in shares) | ' | 11,466,000 | ' | ' | ' | ' | ' | ' |
Net proceeds from offering of preferred stock | 262,646 | 262,646 | ' | ' | ' | ' | 262,646 | ' |
Redemptions of non-controlling interests | ' | ' | ' | -2,358 | ' | ' | -2,358 | 2,358 |
Non-controlling interests - contributions | 8,755 | ' | ' | ' | ' | ' | ' | 8,755 |
Non-controlling interests - distributions | -7,053 | ' | ' | ' | ' | ' | ' | -7,053 |
Dividend reinvestment plan (in shares) | ' | ' | 35,000 | ' | ' | ' | ' | ' |
Dividend reinvestment plan | 203 | ' | 1 | 202 | ' | ' | 203 | ' |
Amortization of equity-based compensation | 12,817 | ' | ' | ' | ' | ' | ' | 12,817 |
Equity component of exchangeable senior notes | 2,179 | ' | ' | 2,179 | ' | ' | 2,179 | ' |
Other comprehensive income (loss) | 14,671 | ' | ' | ' | ' | 13,981 | 13,981 | 690 |
Conversion of LTIP Units (in shares) | ' | ' | 277,000 | ' | ' | ' | ' | ' |
Conversion of LTIP Units | ' | ' | 2 | 3,146 | ' | ' | 3,148 | -3,148 |
Dividends on common stock, LTIP Units and RSUs | -85,663 | ' | ' | ' | -79,472 | ' | -79,472 | -6,191 |
Dividends on preferred stock | -27,025 | ' | ' | ' | -27,025 | ' | -27,025 | ' |
Net income (loss) | -273,089 | ' | ' | ' | -261,562 | ' | -261,562 | -11,527 |
Balance at Dec. 31, 2012 | 1,330,864 | 504,018 | 1,636 | 1,195,131 | -376,685 | -22,179 | 1,301,921 | 28,943 |
Balance (in shares) at Dec. 31, 2012 | ' | 21,466,000 | 163,607,000 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from offering of common stock (in shares) | ' | ' | 74,750,000 | ' | ' | ' | ' | ' |
Net proceeds from offering of common stock | 656,319 | ' | 748 | 655,571 | ' | ' | 656,319 | ' |
Net proceeds from offering of preferred stock (in shares) | ' | 8,000,000 | ' | ' | ' | ' | ' | ' |
Net proceeds from offering of preferred stock | 193,334 | 193,334 | ' | ' | ' | ' | 193,334 | ' |
Non-controlling interests - contributions | 12,157 | ' | ' | ' | ' | ' | ' | 12,157 |
Non-controlling interests - distributions | -952 | ' | ' | ' | ' | ' | ' | -952 |
Dividend reinvestment plan (in shares) | 20,438 | ' | 20,000 | ' | ' | ' | ' | ' |
Dividend reinvestment plan | 187 | ' | ' | 187 | ' | ' | 187 | ' |
Amortization of equity-based compensation | 13,615 | ' | ' | ' | ' | ' | ' | 13,615 |
Equity component of exchangeable senior notes | 45,740 | ' | ' | 45,740 | ' | ' | 45,740 | ' |
Conversion of exchangeable senior notes (in shares) | ' | ' | 43,000 | ' | ' | ' | ' | ' |
Conversion of exchangeable senior notes | -27 | ' | ' | -27 | ' | ' | -27 | ' |
Other comprehensive income (loss) | 21,650 | ' | ' | ' | ' | 20,740 | 20,740 | 910 |
Conversion of LTIP Units (in shares) | ' | ' | 1,326,000 | ' | ' | ' | ' | ' |
Conversion of LTIP Units | ' | ' | 13 | 10,056 | ' | ' | 10,069 | -10,069 |
Dividends on common stock, LTIP Units and RSUs | -126,972 | ' | ' | ' | -121,452 | ' | -121,452 | -5,520 |
Dividends on preferred stock | -39,925 | ' | ' | ' | -39,925 | ' | -39,925 | ' |
Net income (loss) | -92,599 | ' | ' | ' | -87,106 | ' | -87,106 | -5,493 |
Balance at Sep. 30, 2013 | $2,013,391 | $697,352 | $2,397 | $1,906,658 | ($625,168) | ($1,439) | $1,979,800 | $33,591 |
Balance (in shares) at Sep. 30, 2013 | ' | 29,466,000 | 239,746,000 | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | ($92,599) | ($257,289) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Equity in (earnings) losses of private equity funds | -52,304 | 0 |
Equity in (earnings) losses of unconsolidated ventures | -2,141 | 416 |
Depreciation and amortization | 70,828 | 36,718 |
Amortization of premium/accretion of discount on investments | -34,629 | -57,860 |
Interest accretion on investments | -1,443 | -1,182 |
Amortization of deferred financing costs | 4,930 | 2,196 |
Amortization of equity-based compensation | 13,615 | 10,049 |
Unrealized (gain) loss on investments and other | -15,540 | 351,914 |
Realized gain (loss) on investments and other / other income | -47,611 | -36,026 |
(Gain) loss from deconsolidation of N-Star CDOs | 254,206 | 0 |
Gain on sale from discontinued operations | 0 | -314 |
Reversal of accrued loss contingency and other costs | 0 | -22,041 |
Distributions from private equity funds | 52,304 | 0 |
Distributions from unconsolidated ventures | 4,358 | 1,420 |
Amortization of capitalized above/below market leases | -1,204 | -948 |
Straight line rental income, net | -2,226 | -2,220 |
Provision for (reversal of) loan losses, net | -8,786 | 19,737 |
Allowance for uncollectable accounts | 898 | 301 |
Other | 306 | 0 |
Discount received | 7,318 | 13,111 |
Changes in assets and liabilities: | ' | ' |
Restricted cash | -5,064 | -8,344 |
Receivables | -3,270 | -1,775 |
Other assets | -1,370 | 8,509 |
Receivables, related parties | -6,885 | -2,502 |
Accounts payable and accrued expenses | 41,091 | -8,055 |
Other liabilities | 3,245 | 16,658 |
Net cash provided by (used in) operating activities | 178,027 | 62,473 |
Cash flows from investing activities: | ' | ' |
Acquisitions of operating real estate, net | -1,267,910 | -6,858 |
Improvements of operating real estate | -9,049 | -3,050 |
Deferred costs and intangible assets | -877 | -799 |
Net proceeds from disposition of operating real estate | 0 | 8,542 |
Originations of real estate debt investments, net | -486,484 | -178,395 |
Acquisitions of real estate debt investments | -56,301 | -125,158 |
Proceeds from sales of real estate debt investments (refer to Note 9) | 90,345 | 17,072 |
Repayments on real estate debt investments | 158,064 | 135,941 |
Investments in and advances to private equity funds | -617,692 | 0 |
Distributions from private equity funds | 37,061 | 0 |
Investment in and advances to unconsolidated ventures | -22,546 | -20,294 |
Distributions from unconsolidated ventures | 11,491 | 450 |
Acquisitions of real estate securities, available for sale | 0 | -89,041 |
Proceeds from sales of real estate securities, available for sale | 206,380 | 258,748 |
Repayments on real estate securities, available for sale | 170,531 | 162,364 |
Change in restricted cash | -28,735 | -5,277 |
Other assets | 7,277 | 17,349 |
Net cash provided by (used in) investing activities | -1,808,445 | 171,594 |
Cash flows from financing activities: | ' | ' |
Borrowings from mortgage notes | 992,836 | 4,500 |
Repayments of mortgage notes | -7,492 | -6,650 |
Proceeds from CDO bond reissuance | 23,725 | 10,360 |
Proceeds from CDO bonds | 0 | 10,000 |
Repurchases of CDO bonds | -32,719 | -72,356 |
Paydowns on securitization bonds payable | -194 | 0 |
Borrowings from credit facilities | 92,560 | 119,775 |
Repayments of credit facilities | -130,054 | -33,888 |
Proceeds from exchangeable senior notes | 345,000 | 82,000 |
Repurchases and repayment of exchangeable senior notes | -36,710 | -7,500 |
Payment of deferred financing costs | -26,452 | -3,727 |
Purchase of derivative instruments | -9,589 | -8,920 |
Settlement of derivative instruments | 0 | -11,175 |
Change in restricted cash | 135,697 | 59,996 |
Net proceeds from preferred stock offering | 193,334 | 141,850 |
Net proceeds from common stock offering | 656,319 | 205,908 |
Proceeds from dividend reinvestment plan | 187 | 148 |
Dividends (common and preferred) | -161,377 | -74,179 |
Contributions from non-controlling interests | 12,157 | 0 |
Distributions to non-controlling interests | -6,472 | -9,887 |
Net cash provided by (used in) financing activities | 1,514,894 | -126,148 |
Net increase (decrease) in cash and cash equivalents | -115,524 | 107,919 |
Cash and cash equivalents—beginning of period | 444,927 | 144,508 |
Cash and cash equivalents—end of period | 329,403 | 252,427 |
CDO Bonds Payable | ' | ' |
Cash flows from financing activities: | ' | ' |
Repayments of CDO bonds | -525,757 | -532,403 |
Term Asset-Backed Securities Loan Facility | Secured term loans | ' | ' |
Cash flows from financing activities: | ' | ' |
Repayments of CDO bonds | ($105) | $0 |
Business_and_Organization
Business and Organization | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Business and Organization | ' |
Business and Organization | |
NorthStar Realty Finance Corp. is a diversified commercial real estate ("CRE") investment and asset management company (the "Company"). The Company is a Maryland corporation and is an internally-managed real estate investment trust ("REIT") formed in October 2003. Substantially all of the Company's assets, directly or indirectly, are held by, and the Company conducts its operations, directly or indirectly, through NorthStar Realty Finance Limited Partnership, a Delaware limited partnership and the operating partnership of the Company (the "Operating Partnership"). | |
All references herein to the Company refer to NorthStar Realty Finance Corp. and its consolidated subsidiaries, including the Operating Partnership, collectively, unless the context otherwise requires. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Basis of Quarterly Presentation | |
The accompanying unaudited consolidated financial statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the consolidated financial statements prepared under U.S. GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These consolidated financial statements should be read in conjunction with the Company's consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012, which was filed with the Securities and Exchange Commission ("SEC"). | |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company, the Operating Partnership and their consolidated subsidiaries. The Company consolidates variable interest entities ("VIE") where the Company is the primary beneficiary and voting interest entities which are generally majority owned or otherwise controlled by the Company. All significant intercompany balances are eliminated in consolidation. | |
Variable Interest Entities | |
A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity 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. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. The Company bases its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and its quantitative analysis on the forecasted cash flow of the entity. | |
The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events. | |
A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE's economic performance; and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE's economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE's purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the business activities of the Company and the other interests. The Company reassesses its determination of whether it is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions. | |
The Company evaluates its CRE debt and securities, investments in unconsolidated ventures and securitization financing transactions, such as its collateralized debt obligations ("CDOs"), and its liabilities to subsidiary trusts issuing preferred securities ("junior subordinated notes"), to determine whether they are a VIE. The Company analyzes new investments and financings, as well as reconsideration events for existing investments and financings, which vary depending on type of investment or financing. | |
Voting Interest Entities | |
A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity will generally be consolidated. The Company does not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party. | |
The Company performs on-going reassessments of whether entities previously evaluated under the voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework. | |
Investments in and Advances to Unconsolidated Ventures | |
The Company has non-controlling, unconsolidated ownership interests in entities that may be accounted for using the equity method, at fair value or the cost method. | |
Under the equity method, the investment is adjusted each period for capital contributions and distributions and its share of the entity's net income (loss). Capital contributions, distributions and net income (loss) of such entities are recorded in accordance with the terms of the governing documents. Allocations of net income (loss) may differ from the stated ownership percentage interest in such entities as a result of preferred returns and allocation formulas, if any, as described in such governing documents. | |
The Company may account for an investment in an unconsolidated entity at fair value by electing the fair value option. The Company elected the fair value option for its investments in joint ventures that own limited partnership interests in real estate private equity funds ("PE Investments"). PE Investments are recorded as investments in private equity funds, at fair value on the consolidated balance sheets. The Company records the change in fair value for its share of the projected future cash flow of PE Investments from one period to another in equity in earnings (losses) from unconsolidated ventures in the consolidated statements of operations. Any change in fair value attributed to market related assumptions are considered unrealized gain (loss). | |
The Company may account for investments that do not qualify for equity method accounting or for which the fair value option was not elected using the cost method if the Company determines the investment in the unconsolidated entity is insignificant. Under the cost method, equity in earnings is recorded as dividends are received to the extent they are not considered a return of capital, which is recorded as a reduction of cost of the investment. | |
Non-controlling Interests | |
A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. Non-controlling interests are required to be presented as a separate component of equity on the consolidated balance sheets and presented separately as net income (loss) and other comprehensive income (loss) ("OCI") attributable to controlling and non-controlling interests. Allocations to non-controlling interests may differ from the stated ownership percentage interest in such entities as a result of preferred returns and allocation formulas, if any, as described in such governing documents. | |
Estimates | |
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that could affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates and assumptions. | |
Reclassifications | |
Certain prior period amounts have been reclassified in the consolidated financial statements to conform to current period presentation. | |
Comprehensive Income (Loss) | |
The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and OCI. The components of OCI principally include: (i) unrealized gain (loss) on real estate securities available for sale for which the fair value option is not elected; and (ii) the reclassification of unrealized gain (loss) on derivative instruments that are or were deemed to be effective hedges. | |
Fair Value Option | |
The fair value option provides an election that allows a company to irrevocably elect fair value for certain financial assets and liabilities on an instrument-by-instrument basis at initial recognition. The Company will generally not elect the fair value option for its assets and liabilities. However, the Company may elect to apply the fair value option for certain investments. Any change in fair value for assets and liabilities for which the election is made is recognized in earnings. | |
Real Estate Debt Investments | |
CRE debt investments are generally intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan fees, premium, discount and unfunded commitments. CRE debt investments that are deemed to be impaired are carried at amortized cost less a loan loss reserve, if deemed appropriate, which approximates fair value. | |
Operating Real Estate | |
Operating real estate is carried at historical cost less accumulated depreciation. Costs directly related to an acquisition deemed to be a business combination are expensed and included in transaction costs in the consolidated statements of operations. The Company follows the purchase method for an acquisition of operating real estate, where the purchase price is allocated to tangible assets such as land, building, tenant and land improvements and other identified intangibles. The Company evaluates whether real estate acquired in connection with a foreclosure, UCC/deed in lieu of foreclosure or a consentual modification of a loan (herein collectively referred to as taking title to collateral) ("REO") constitutes a business and whether business combination accounting is appropriate. Any excess upon taking title to collateral between the carrying value of a loan over the estimated fair value of the property is charged to provision for loan losses. | |
Operating real estate, including REO, which has met the criteria to be classified as held for sale, is separately presented on the consolidated balance sheets. Such operating real estate is recorded at the lower of its carrying value or its estimated fair value less the cost to sell. Once a property is determined to be held for sale, depreciation is no longer recorded. In addition, the results of operations are reclassified to income (loss) from discontinued operations in the consolidated statements of operations. | |
Real Estate Securities | |
The Company classifies its CRE securities investments as available for sale on the acquisition date, which are carried at fair value. The Company has historically elected to apply the fair value option for its CRE securities investments. For those CRE securities for which the fair value option was elected, any unrealized gains (losses) from the change in fair value is recorded in unrealized gains (losses) on investments and other in the consolidated statements of operations. | |
The Company may decide to not elect the fair value option for certain CRE securities due to the nature of the particular instrument. For those CRE securities for which the fair value option was not elected, any unrealized gains (losses) from the change in fair value is recorded as a component of accumulated OCI in the consolidated statements of equity, to the extent impairment losses are considered temporary. | |
Revenue Recognition | |
Real Estate Debt Investments | |
Interest income is recognized on an accrual basis and any related premium, discount, origination costs and fees are amortized over the life of the investment using the effective interest method. The amortization is reflected as an adjustment to interest income in the consolidated statements of operations. The amortization of a premium or accretion of a discount is discontinued if such loan is reclassified to held for sale. | |
Loans acquired at a discount with deteriorated credit quality are accreted to expected recovery, which takes into consideration the contractual cash flow of the loan, adjusted for the impact of any prepayments, and expected future cash flow the Company expects to receive. The Company continues to estimate the amount of recovery over the life of such loans. A subsequent change in expected future cash flow is recognized as an adjustment to the accretable yield prospectively over the remaining life of such loan. | |
Operating Real Estate | |
Rental and escalation income from operating real estate is derived from leasing of space to various types of tenants and healthcare operators. The leases are for fixed terms of varying length and generally provide for annual rentals and expense reimbursements to be paid in monthly installments. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable on the consolidated balance sheets. Escalation income represents revenue from tenant/operator leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes paid by the Company on behalf of the respective property. This revenue is accrued in the same period as the expenses are incurred. | |
Real Estate Securities | |
Interest income is recognized using the effective interest method with any premium or discount amortized or accreted through earnings based on expected cash flow through the expected maturity date of the security. Changes to expected cash flow may result in a change to the yield which is then applied retrospectively for high-credit quality securities that cannot be prepaid or otherwise settled in such a way that the holder would not recover substantially all of the investment or prospectively for all other securities to recognize interest income. | |
Commission Income | |
Commission income represents income earned from selling equity in sponsored companies through NorthStar Realty Securities, LLC ("NorthStar Realty Securities"), the Company's broker-dealer subsidiary while such companies are raising capital for their primary offering. Commission income is accrued on a trade date basis. The Company is currently raising capital for NorthStar Healthcare Income, Inc. ("NorthStar Healthcare") and NorthStar Real Estate Income II, Inc. ("NorthStar Income II"). NorthStar Real Estate Income Trust, Inc. ("NorthStar Income"), the Company's first sponsored company, successfully completed its primary offering on July 1, 2013. These companies are collectively referred to as Sponsored Companies. | |
Advisory and Other Fees | |
Advisory and other fees include fees earned from the management of Sponsored Companies and are recognized in the period during which the related services are performed and the amounts have been contractually earned. | |
Credit Losses and Impairment on Investments | |
Real Estate Debt Investments | |
Loans are considered impaired when based on current information and events, it is probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of loan loss reserves on a quarterly basis, or more frequently as necessary. Significant judgment of the Company is required in this analysis. The Company considers the estimated net recoverable value of the loan as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the loan, a loan loss reserve is recorded with a corresponding charge to provision for loan losses. The loan loss reserve for each loan is maintained at a level that is determined to be adequate by management to absorb probable losses. | |
Income recognition is suspended for a loan at the earlier of the date at which payments become 90-days past due or when, in the opinion of the Company, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged. | |
Operating Real Estate | |
The Company's real estate portfolio is reviewed on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value of its operating real estate may be impaired or that its carrying value may not be recoverable. A property's value is considered impaired if the Company's estimate of the aggregate expected future undiscounted cash flow generated by the property is less than the carrying value. In conducting this review, the Company considers U.S. macroeconomic factors, real estate sector conditions and asset specific and other factors. To the extent an impairment has occurred, the loss is measured as the excess of the carrying value of the property over the estimated fair value and recorded in impairment on operating real estate in the consolidated statements of operations. | |
Allowances for doubtful accounts for tenant/operator receivables are established based on a periodic review of aged receivables resulting from estimated losses due to the inability of tenants/operators to make required rent and other payments contractually due. Additionally, the Company establishes, on a current basis, an allowance for future tenant/operator credit losses on unbilled rent receivable based on an evaluation of the collectability of such amounts. | |
Investments in and Advances to Unconsolidated Ventures | |
The Company reviews its investments in unconsolidated ventures for which the Company did not elect the fair value option on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value may be impaired or that its carrying value may not be recoverable. An investment is considered impaired if the projected net recoverable amount over the expected holding period is less than the carrying value. In conducting this review, the Company considers U.S. macroeconomic factors, including real estate sector conditions, together with asset specific and other factors. To the extent an impairment has occurred and is considered to be other than temporary, the loss is measured as the excess of the carrying value of the investment over the estimated fair value and recorded in provision for loss on equity investment in the consolidated statements of operations. | |
Real Estate Securities | |
CRE securities for which the fair value option is elected are not evaluated for other-than-temporary impairment ("OTTI") as any change in fair value is recorded in the consolidated statements of operations. Realized losses on such securities are reclassified to realized gain (loss) on investments and other as losses occur. | |
CRE securities for which the fair value option is not elected are evaluated for OTTI quarterly. Impairment of a security is considered to be other-than-temporary when: (i) the holder has the intent to sell the impaired security; (ii) it is more likely than not the holder will be required to sell the security; or (iii) the holder does not expect to recover the entire amortized cost of the security. When a CRE security has been deemed to be other-than-temporarily impaired due to (i) or (ii), the security is written down to its fair value and an OTTI is recognized in the consolidated statements of operations. In the case of (iii), the security is written down to its fair value and the amount of OTTI is then bifurcated into: (i) the amount related to expected credit losses; and (ii) the amount related to fair value adjustments in excess of expected credit losses. The portion of OTTI related to expected credit losses is recognized in the consolidated statements of operations. The remaining OTTI related to the valuation adjustment is recognized as a component of accumulated OCI in the consolidated statements of equity. The portion of OTTI recognized through earnings is accreted back to the amortized cost basis of the security through interest income, while amounts recognized through OCI are amortized over the life of the security with no impact on earnings. CRE securities which are not high-credit quality are considered to have an OTTI if the security has an unrealized loss and there has been an adverse change in expected cash flow. The amount of OTTI is then bifurcated as discussed above. | |
Troubled Debt Restructuring | |
CRE debt investments modified in a troubled debt restructuring ("TDR") are modifications granting a concession to a borrower experiencing financial difficulties where a lender agrees to terms that are more favorable to the borrower than is otherwise available in the current market. Management judgment is necessary to determine whether a loan modification is considered a TDR. Troubled debt that is fully satisfied via taking title to collateral, repossession or other transfers of assets is generally included in the definition of TDR. Loans acquired as a pool with deteriorated credit quality that have been modified are not considered a TDR. | |
Other | |
Refer to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012 for complete disclosure of the Company's significant accounting policies. | |
Recent Accounting Pronouncements | |
In December 2011, the Financial Accounting Standards Board ("FASB") issued an accounting update that concluded when a parent ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary's non-recourse borrowing, the reporting entity must apply sales accounting to the real estate to determine whether it should derecognize the in substance real estate. The reporting entity is precluded from derecognizing the real estate until legal ownership has been transferred to the lender to satisfy the borrowing. The requirements of the accounting update were effective for the Company in the first quarter 2013 and are applied on a prospective basis. The Company adopted the provisions of the update and it did not have a material impact on the consolidated financial statements. | |
In February 2013, the FASB issued an accounting update to present the reclassification adjustments to OCI by component on the face of the statement of operations or in the notes to the consolidated financial statements. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety into earnings, an entity is required to cross-reference to other disclosures required under U.S. GAAP to provide additional detail about those amounts. The Company adopted the provisions of the update and it did not have a material impact on the consolidated financial statements. |
Variable_Interest_Entities
Variable Interest Entities | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Variable Interest Entities | ' | |||||||||||||||||||
Variable Interest Entities | ' | |||||||||||||||||||
Variable Interest Entities | ||||||||||||||||||||
As of September 30, 2013, the Company has identified the following consolidated and unconsolidated VIEs. | ||||||||||||||||||||
CDO Financing Transactions | ||||||||||||||||||||
The Company has sponsored nine CDOs, three of which were primarily collateralized by CRE debt and six of which were primarily collateralized by CRE securities. The Company acquired equity interests of two CRE debt focused CDOs, the CSE RE 2006-A CDO ("CSE CDO") and the CapLease 2005-1 CDO ("CapLease CDO"). In the case of the CSE CDO, the Company was delegated the collateral management and special servicing rights, and for the CapLease CDO, the Company acquired the collateral management rights. These CDOs are collectively referred to as the N-Star CDOs and their assets are referred to as legacy investments. All N-Star CDOs are considered VIEs. At the time of issuance of the sponsored CDOs, the Company retained the below investment grade bonds, which are referred to as subordinate bonds, and preferred shares and equity notes, which are referred to as equity interests. In addition, the Company has repurchased CDO bonds originally issued to third parties at discounts to par. These repurchased CDO bonds and retained subordinate bonds are herein collectively referred to as N-Star CDO bonds. | ||||||||||||||||||||
The collateral for the CRE debt CDO financing transactions primarily includes first mortgage loans, subordinate mortgage interests, mezzanine loans, credit tenant loans and other loans. The collateral for the CDO financing transactions primarily collateralized by CRE securities includes commercial mortgage-backed securities ("CMBS"), unsecured REIT debt and CDO notes backed primarily by CRE securities and debt. Assets of each of the VIEs may only be used to settle obligations of the respective VIE. Creditors of each of the VIEs have no recourse to the general credit of the Company. | ||||||||||||||||||||
Consolidated N-Star CDOs | ||||||||||||||||||||
As of September 30, 2013, the Company serves as collateral manager and/or special servicer for N-Star CDOs I, III, V and IX which are primarily collateralized by CRE securities and as collateral manager delegate for the CSE CDO. The Company consolidates these entities as the Company has the power to direct the activities that most significantly impact the economic performance of these CDOs and therefore continues to be the primary beneficiary. | ||||||||||||||||||||
The Company is not contractually required to provide financial support to any of these consolidated VIEs, however, the Company, in its capacity as collateral manager/collateral manager delegate and/or special servicer, may in its sole discretion provide support such as protective and other advances it deems appropriate. The Company did not provide any other financial support to any of its consolidated VIEs for the nine months ended September 30, 2013 and 2012. | ||||||||||||||||||||
Unconsolidated N-Star CDOs | ||||||||||||||||||||
On September 30, 2013, the Company delegated the collateral management rights for N-Star CDOs IV, VI and VIII and the CapLease CDO to a third-party collateral manager who is entitled to a percentage of the senior and subordinate collateral management fees. The Company continues to receive fees as named collateral manager and retained administrative responsibilities. The Company evaluated the reconsideration event and determined that these CDOs were still VIEs as the equity investors do not have the characteristics of a controlling financial interest. The Company evaluated the fees paid to the third-party collateral manager and concluded that the third party was acting as a principal. The Company no longer has the power to direct the activities that most significantly impact the economic performance of these CDOs, which includes but is not limited to selling collateral, and therefore is no longer the primary beneficiary of such CDOs. As a result, on September 30, 2013, the Company deconsolidated the assets and liabilities for such CDO financing transactions. | ||||||||||||||||||||
In July 2013, the Company determined it no longer had the power to direct the activities that most significantly impact the economic performance of N-Star CDO VII due to the ability of a single party to remove the Company as collateral manager as a result of an existing event of default. The Company is no longer the primary beneficiary of N-Star CDO VII, and as a result, in the third quarter 2013, the Company deconsolidated the assets and liabilities of this CDO. Similar events of default in the future, if they occur, could cause the Company to deconsolidate additional CDO financing transactions. | ||||||||||||||||||||
The deconsolidation of the N-Star CDOs resulted in a non-cash loss on deconsolidation recorded in the statements of operations for the three and nine months ended September 30, 2013 summarized as follows (dollars in thousands): | ||||||||||||||||||||
Assets of deconsolidated N-Star CDOs | $ | (1,812,921 | ) | |||||||||||||||||
Liabilities of deconsolidated N-Star CDOs | 1,353,672 | |||||||||||||||||||
Subtotal of net assets deconsolidated | (459,249 | ) | ||||||||||||||||||
N-Star CDO bonds(1) | 142,436 | |||||||||||||||||||
N-Star CDO equity(1) | 129,670 | |||||||||||||||||||
Other(2) | (48,438 | ) | ||||||||||||||||||
Subtotal | 223,668 | |||||||||||||||||||
Reclassification of unrealized gain (loss) to gain (loss) from deconsolidation | (3,379 | ) | ||||||||||||||||||
Reclassification from OCI of swap gain (loss) into gain (loss) from deconsolidation | (15,246 | ) | ||||||||||||||||||
Total gain (loss) on deconsolidation of N-Star CDOs | $ | (254,206 | ) | |||||||||||||||||
___________________________________________________________ | ||||||||||||||||||||
-1 | The fair value of N-Star CDO bonds and retained equity interests ("N-Star CDO equity") are recorded as CRE securities on the consolidated balance sheet (refer to Note 7). | |||||||||||||||||||
-2 | Primarily represents the fair value of CRE debt investments, a note payable and CDO bonds payable that were previously eliminated in consolidation. | |||||||||||||||||||
Other Unconsolidated VIEs | ||||||||||||||||||||
Based on management's analysis, the Company is not the primary beneficiary of the VIEs summarized below and as such, these VIEs are not consolidated into the Company's financial statements as of September 30, 2013. These unconsolidated VIEs are summarized as follows: | ||||||||||||||||||||
Real Estate Debt Investments | ||||||||||||||||||||
The Company identified two CRE debt investments with an aggregate carrying value of $14.3 million as variable interests in VIEs. The Company determined that it is not the primary beneficiary of these VIEs, and as such, the VIEs are not consolidated in the Company's financial statements. For all other CRE debt investments, the Company determined that these investments are not VIEs and, as such, the Company continues to account for all CRE debt investments as loans. | ||||||||||||||||||||
Real Estate Securities | ||||||||||||||||||||
The Company identified six CRE securities with an aggregate fair value of $34.7 million as variable interests in VIEs. In connection with certain CMBS investments, the Company became the controlling class and/or was named directing certificate holder of a securitization it did not sponsor. For two of these securitizations, the Company was appointed as special servicer. The Company determined each securitization was a VIE. However, the Company determined at that time and continues to believe that it does not currently or potentially hold a significant interest in any of these securitizations and, therefore, is not the primary beneficiary. | ||||||||||||||||||||
In February 2013, one of the Company's Sponsored Companies, NorthStar Income, acquired a "B-piece" in a new $1.2 billion securitization. An affiliate of the Company was appointed as special servicer for the securitization. The Company determined such securitization was a VIE. However, the Company determined at that time and continues to believe that it does not currently or potentially hold a significant interest and, therefore, is not the primary beneficiary. | ||||||||||||||||||||
NorthStar Realty Finance Trusts | ||||||||||||||||||||
The Company owns all of the common stock of NorthStar Realty Finance Trusts I through VIII (collectively, the "Trusts"). The Trusts were formed to issue trust preferred securities. The Company determined that the holders of the trust preferred securities were the primary beneficiaries of the Trusts. As a result, the Company did not consolidate the Trusts and has accounted for the investment in the common stock of the Trusts under the equity method. | ||||||||||||||||||||
Summary of Unconsolidated VIEs | ||||||||||||||||||||
The following table presents the classification, carrying value and maximum exposure of unconsolidated VIEs as of September 30, 2013 (dollars in thousands): | ||||||||||||||||||||
Junior | Real Estate | Real Estate | Total | Maximum | ||||||||||||||||
Subordinated | Debt | Securities, | Exposure | |||||||||||||||||
Notes, at | Investments, | Available | to Loss(1) | |||||||||||||||||
Fair Value | Net | for Sale | ||||||||||||||||||
Real estate debt investments, net | $ | — | $ | 14,325 | $ | — | $ | 14,325 | $ | 14,325 | ||||||||||
Real estate securities, available for sale: | ||||||||||||||||||||
N-Star CDO bonds | — | — | 142,436 | 142,436 | 142,436 | |||||||||||||||
N-Star CDO equity | — | — | 129,670 | 129,670 | 129,670 | |||||||||||||||
CMBS | — | — | 34,704 | 34,704 | 34,704 | |||||||||||||||
Subtotal real estate securities, available for sale | — | — | 306,810 | 306,810 | 306,810 | |||||||||||||||
Total assets | — | 14,325 | 306,810 | 321,135 | 321,135 | |||||||||||||||
Junior subordinated notes, at fair value | 192,279 | — | — | 192,279 | NA | |||||||||||||||
Total liabilities | 192,279 | — | — | 192,279 | NA | |||||||||||||||
Net | $ | (192,279 | ) | $ | 14,325 | $ | 306,810 | $ | 128,856 | NA | ||||||||||
____________________________________________________________ | ||||||||||||||||||||
-1 | The Company's maximum exposure to loss as of September 30, 2013 would not exceed the carrying value of its investment. | |||||||||||||||||||
The Company did not provide financial support to any of its unconsolidated VIEs during the nine months ended September 30, 2013 and 2012. As of September 30, 2013, there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to any of its unconsolidated VIEs. |
Operating_Real_Estate
Operating Real Estate | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Real Estate [Abstract] | ' | |||||||||||||||||
Operating Real Estate | ' | |||||||||||||||||
Operating Real Estate | ||||||||||||||||||
The following summarizes significant acquisitions of operating real estate for the nine months ended September 30, 2013. The Company consolidates each of these properties based on its majority voting interest in the respective property owning entity, as applicable. | ||||||||||||||||||
Manufactured Housing Communities Portfolio | ||||||||||||||||||
In April 2013, the Company, through a joint venture with a private investor, acquired a portfolio of manufactured housing communities comprised of 71 communities containing approximately 17,000 pad rental sites located throughout five states (primarily in Florida and Salt Lake City, Utah) ("MH Portfolio 2") for an aggregate purchase price of $865.3 million, including all costs, escrows and reserves. MH Portfolio 2 was financed with eight separate ten-year, non-recourse mortgages in the aggregate amount of $640.0 million at a weighted average fixed interest rate of 4.02% and maturing in 2023 ("MH 2 Senior Mortgage"). The Company structured the acquisition as a joint venture with the same third-party operating partner that is currently managing the Company's initial portfolio of manufactured housing communities ("MH Portfolio 1"). The Company contributed $214.9 million of equity for an approximate 98% interest in MH Portfolio 2. For the three and nine months ended September 30, 2013, the Company recorded $22.1 million and $43.1 million of revenue and $7.8 million and $7.1 million of net loss associated with MH Portfolio 2, respectively. | ||||||||||||||||||
The following table presents unaudited consolidated pro forma results of operations based on the Company's historical financial statements and adjusted for the acquisition of MH Portfolio 2 and related borrowings as if it occurred on January 1, 2012. The unaudited pro forma amounts were prepared for comparative purposes only and are not indicative of what actual consolidated results of operations of the Company would have been, nor are they indicative of the consolidated results of operations in the future, and exclude transaction costs (dollars in thousands, except per share data): | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Pro forma total revenues | $ | 158,283 | $ | 147,930 | $ | 491,402 | $ | 429,800 | ||||||||||
Pro forma net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders | $ | (151,027 | ) | $ | (152,905 | ) | $ | (129,661 | ) | $ | (270,022 | ) | ||||||
Pro forma EPS—Basic | $ | (0.68 | ) | $ | (1.13 | ) | $ | (0.65 | ) | $ | (2.24 | ) | ||||||
Pro forma EPS—Diluted | $ | (0.68 | ) | $ | (1.13 | ) | $ | (0.65 | ) | $ | (2.24 | ) | ||||||
Multifamily Investments | ||||||||||||||||||
In March 2013, the Company, through a joint venture with a private investor, acquired a multifamily property with 972 units, located in Tennessee ("Multifamily Property 1"), for $49.2 million. Multifamily Property 1 was financed with a non-recourse mortgage of $39.6 million at a fixed interest rate of 3.996% and maturing in 2023 ("MF 1 Senior Mortgage"). The Company contributed $12.9 million of equity for a 90% interest in Multifamily Property 1. | ||||||||||||||||||
In the second quarter 2013, the Company, through a joint venture with a private investor, acquired eight multifamily properties with 2,418 units, located in Georgia, Florida and Tennessee ("Multifamily Properties 2"), for $202.1 million. Multifamily Properties 2 was financed with seven separate non-recourse mortgages in the aggregate amount of $158.4 million at a weighted average fixed interest rate of 4.03% and maturing in 2023 ("MF 2 Senior Mortgages"). The Company contributed $55.3 million of equity for a 95% interest in Multifamily Properties 2. | ||||||||||||||||||
In June 2013, the Company, through a joint venture with a private investor, acquired two multifamily properties with 626 units, located in Arizona ("Multifamily Properties 3"), for $61.5 million. Multifamily Properties 3 was financed with two separate non-recourse mortgages of $46.5 million at a weighted average fixed interest rate of 4.28% and maturing in 2023 ("MF 3 Senior Mortgages"). The Company contributed $15.0 million of equity for an 85% interest in Multifamily Properties 3. | ||||||||||||||||||
Healthcare Investments | ||||||||||||||||||
In June 2013, the Company acquired 11 assisted living facilities located in Minnesota for $51.0 million. The Company contributed $14.6 million of equity and financed the portfolio with a non-recourse mortgage of $38.2 million at an interest rate of LIBOR plus 3.00% and maturing in 2016 with two one-year extension options. | ||||||||||||||||||
In June 2013, the Company acquired a memory care facility located in Connecticut for $10.5 million. The Company contributed $3.0 million of equity and financed the property with a non-recourse mortgage of $7.9 million at an interest rate of LIBOR plus 2.75% and maturing in 2018. Subsequent to quarter end, the Company sold this asset to NorthStar Healthcare at cost. Refer to Note 9 for further disclosure. | ||||||||||||||||||
REO | ||||||||||||||||||
The following table presents REO acquired by taking title, in connection with certain CRE debt investments, for the nine months ended September 30, 2013 that are reported on the Company's consolidated balance sheet as of September 30, 2013 (dollars in thousands): | ||||||||||||||||||
Date | Type | Location | Original | Initial | ||||||||||||||
Loan Balance | REO Value(1) | |||||||||||||||||
January | Retail | Sheboygan, WI | $ | 12,500 | $ | 6,877 | ||||||||||||
April | Land | Volusia County, FL | 58,805 | 1,707 | (2) | |||||||||||||
Total | $ | 71,305 | $ | 8,584 | ||||||||||||||
____________________________________________________________ | ||||||||||||||||||
-1 | Initial REO values approximate fair value. | |||||||||||||||||
-2 | Represents a loan acquired with deteriorated credit quality in the CSE CDO. | |||||||||||||||||
The following table presents a rollforward of REO in operating real estate for the nine months ended September 30, 2013 (dollars in thousands): | ||||||||||||||||||
Beginning balance | $ | 342,461 | ||||||||||||||||
Additions(1) | 201,110 | |||||||||||||||||
Deconsolidation of N-Star CDOs | (529,714 | ) | ||||||||||||||||
Capital expenditures | 2,692 | |||||||||||||||||
Depreciation | (9,872 | ) | ||||||||||||||||
Ending balance | $ | 6,677 | ||||||||||||||||
____________________________________________________________ | ||||||||||||||||||
-1 | Represents REO for which the Company took title to for the nine months ended September 30, 2013, of which $8.6 million initial REO value remains as of September 30, 2013, subsequent to the deconsolidation of certain N-Star CDOs (refer to Note 3). | |||||||||||||||||
Summary of Acquisitions | ||||||||||||||||||
The Company estimated the fair value of the assets and liabilities for all real estate acquired (including taking title to collateral) at the date of acquisition. The following table presents the preliminary allocation of purchase price of the real estate assets acquired or for which the Company took title to collateral and related liabilities (including financings entered into contemporaneous with the acquisition) for acquisitions in 2013 that continue to be subject to refinement upon receipt of all information (dollars in thousands): | ||||||||||||||||||
Multifamily | ||||||||||||||||||
Assets: | ||||||||||||||||||
Land | $ | 45,090 | ||||||||||||||||
Buildings | 267,770 | |||||||||||||||||
Other assets acquired(1) | 22,254 | |||||||||||||||||
Total assets acquired | $ | 335,114 | ||||||||||||||||
Liabilities: | ||||||||||||||||||
Mortgage notes payable | $ | 244,554 | ||||||||||||||||
Other liabilities assumed(2) | 403 | |||||||||||||||||
Total liabilities | 244,957 | |||||||||||||||||
Total NorthStar Realty Finance Corp. stockholders' equity | 83,178 | |||||||||||||||||
Non-controlling interests | 6,979 | |||||||||||||||||
Total equity | 90,157 | |||||||||||||||||
Total liabilities and equity | $ | 335,114 | ||||||||||||||||
____________________________________________________________ | ||||||||||||||||||
-1 | Primarily includes deferred financing costs and restricted cash. | |||||||||||||||||
-2 | Primarily includes prepaid rent and security deposits. | |||||||||||||||||
Real Estate Sales | ||||||||||||||||||
For the three months ended September 30, 2013, the Company sold four timeshare units for total sales proceeds of $0.3 million resulting in a net realized gain of $0.3 million. For the nine months ended September 30, 2013, the Company sold 26 timeshare units for total sales proceeds of $17.3 million, including seller financing of $0.6 million, resulting in a net realized gain of $12.0 million. | ||||||||||||||||||
For the three months ended September 30, 2013, the Company sold 118 manufactured homes for total sales proceeds of $2.0 million, including seller financing of $1.0 million, resulting in an immaterial net realized loss. For the nine months ended September 30, 2013, the Company sold 197 manufactured homes for total sales proceeds of $3.4 million, including seller financing of $2.4 million, resulting in an immaterial net realized gain. | ||||||||||||||||||
Discontinued Operations | ||||||||||||||||||
Discontinued operations relates to a healthcare property held for sale as of September 30, 2013 and a multifamily and office property sold in 2012. The following table presents income (loss) from discontinued operations related to such properties for the three and nine months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Revenue | ||||||||||||||||||
Rental and escalation income | $ | — | $ | 865 | $ | — | $ | 2,543 | ||||||||||
Total revenue | — | 865 | — | 2,543 | ||||||||||||||
Expenses | ||||||||||||||||||
Real estate properties—operating expenses | 25 | 354 | 81 | 1,732 | ||||||||||||||
Depreciation and amortization | — | 100 | — | 305 | ||||||||||||||
Total expenses | 25 | 454 | 81 | 2,037 | ||||||||||||||
Income (loss) from discontinued operations | (25 | ) | 411 | (81 | ) | 506 | ||||||||||||
Gain (loss) on sale from discontinued operations | — | 29 | (1) | — | 314 | (1) | ||||||||||||
Total income from discontinued operations | $ | (25 | ) | $ | 440 | $ | (81 | ) | $ | 820 | ||||||||
____________________________________________________________ | ||||||||||||||||||
-1 | Relates to the sale of an office property located in Indiana. |
Real_Estate_Debt_Investments
Real Estate Debt Investments | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Real Estate Debt Investments | ' | |||||||||||||||||||||||||||||||||||
Real Estate Debt Investments | ||||||||||||||||||||||||||||||||||||
The following table presents CRE debt investments as of September 30, 2013, excluding CRE debt underlying CDOs that are not consolidated (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Weighted Average | Floating Rate | |||||||||||||||||||||||||||||||||||
as % of | ||||||||||||||||||||||||||||||||||||
Number | Principal | Carrying | Allocation by | Fixed Rate | Spread | Yield(6) | Principal Amount | |||||||||||||||||||||||||||||
Amount | Value(3) | Investment | Over | |||||||||||||||||||||||||||||||||
Type(4) | LIBOR(5) | |||||||||||||||||||||||||||||||||||
Asset Type: | ||||||||||||||||||||||||||||||||||||
First mortgage loans | 16 | $ | 473,455 | $ | 436,848 | 31.9 | % | 10.31 | % | 6.66 | % | 9.75 | % | 90.2 | % | |||||||||||||||||||||
Mezzanine loans | 6 | 111,465 | 109,208 | 7.5 | % | 5.45 | % | 11.34 | % | 8.98 | % | 53.2 | % | |||||||||||||||||||||||
Subordinate mortgage interests | 6 | 145,008 | 143,093 | 9.8 | % | 13.08 | % | 12.32 | % | 13.27 | % | 56.6 | % | |||||||||||||||||||||||
Term loans | 2 | 55,178 | 53,195 | 3.7 | % | 13.86 | % | — | 15.1 | % | — | |||||||||||||||||||||||||
Subtotal/Weighted average(1) | 30 | 785,106 | 742,344 | 52.9 | % | 10.85 | % | 7.97 | % | 10.69 | % | 72.4 | % | |||||||||||||||||||||||
CRE debt in N-Star CDOs(2) | ||||||||||||||||||||||||||||||||||||
First mortgage loans | 32 | 617,444 | 362,073 | 41.6 | % | 4.21 | % | 2.83 | % | 8.54 | % | 91.6 | % | |||||||||||||||||||||||
Mezzanine loans | 1 | 11,000 | 11,000 | 0.7 | % | 8 | % | — | 8 | % | — | |||||||||||||||||||||||||
Subordinate mortgage interests | 2 | 28,218 | 28,213 | 1.9 | % | — | 5.97 | % | 6.18 | % | 100 | % | ||||||||||||||||||||||||
Term loans | 8 | 42,929 | 33,887 | 2.9 | % | 7.76 | % | — | 9.83 | % | — | |||||||||||||||||||||||||
Subtotal/Weighted average | 43 | 699,591 | 435,173 | 47.1 | % | 6.05 | % | 2.98 | % | 8.48 | % | 84.9 | % | |||||||||||||||||||||||
Total(7) | 73 | $ | 1,484,697 | $ | 1,177,517 | 100 | % | 9.28 | % | 5.42 | % | 9.87 | % | 78.3 | % | |||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Certain CRE debt investments serve as collateral for financing transactions including carrying value of $132.5 million for Securitization 2012-1 and $26.8 million for credit facilities. The remainder is unleveraged. Assuming that all loans that have future fundings meet the terms to qualify for such funding, the Company's cash requirement on future fundings would be $5.1 million. $449.8 million principal amount has a weighted average LIBOR floor of 0.90%. | |||||||||||||||||||||||||||||||||||
-2 | $138.8 million principal amount has a weighted average LIBOR floor of 3.32%. | |||||||||||||||||||||||||||||||||||
-3 | There is one loan on non-accrual status with a carrying value of $6.6 million that was acquired with deteriorated credit quality. There are no other loans on non-accrual status. Certain loans have an accrual of interest at a specified rate that may be in addition to a current rate. Non-accrual excludes $25.0 million carrying value of loans where the Company does not recognize interest income on the accrual rate but does recognize interest income based on the current rate. | |||||||||||||||||||||||||||||||||||
-4 | Based on principal amount. | |||||||||||||||||||||||||||||||||||
-5 | Includes one first mortgage loan with a carrying value of $3.7 million with a spread over prime rate. | |||||||||||||||||||||||||||||||||||
-6 | Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of September 30, 2013, and for CRE debt with a LIBOR floor, using such floor. | |||||||||||||||||||||||||||||||||||
-7 | The decrease from prior year primarily relates to the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure. | |||||||||||||||||||||||||||||||||||
Year to date through November 1, 2013, the Company originated 14 loans and acquired three loans with an aggregate principal amount of $486.0 million. | ||||||||||||||||||||||||||||||||||||
In April 2013, the Company, together with NorthStar Income, originated a $255.0 million loan secured by a leasehold mortgage in the recently renovated, 1,331 room Milford Plaza Hotel ("Milford") located in the epicenter of Times Square, New York City. In addition, the investment includes an aggregate 35.0% interest in the Milford hotel and retail component of the hotel. Refer to Note 6 for further disclosure. The Company funded $165.7 million of the investment and NorthStar Income funded the remaining $89.3 million. The loan is comprised of a $104.0 million first mortgage loan and a $61.7 million subordinate mortgage interest. | ||||||||||||||||||||||||||||||||||||
The loan is held by a general partnership of which both the Company and NorthStar Income are the general partners ("Milford Loan JV"). The Company is the designated partner. The Milford Loan JV is considered a voting interest entity and is not consolidated due to the substantive participating and kick-out rights held by NorthStar Income. The Company and NorthStar Income each control their proportionate interest in the Milford Loan JV and have pledged their proportionate interest to their respective loan facilities. Accordingly, the Company records its respective CRE debt investment on its consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||
In the third quarter 2013, the most senior portion of the Milford loan was structured into a senior loan and a subordinate mortgage interest of $57.1 million and $46.9 million, respectively, to facilitate the financing of the senior loan into a securitization issued by the Company's sponsored non-traded REIT, NorthStar Income (“Securitization 2013-1”). The subordinate mortgage interest was retained by the Company and is unleveraged. The transfer of the senior loan obtained sale treatment under U.S. GAAP as the Company no longer maintains effective control of its transferred asset. | ||||||||||||||||||||||||||||||||||||
The following table presents CRE debt investments as of December 31, 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Weighted Average | Floating Rate | |||||||||||||||||||||||||||||||||||
as % of | ||||||||||||||||||||||||||||||||||||
Number | Principal | Carrying | Allocation by | Fixed Rate | Spread | Yield(6) | Principal Amount | |||||||||||||||||||||||||||||
Amount | Value(1)(2) | Investment | Over | |||||||||||||||||||||||||||||||||
Type(3) | LIBOR(4)(5) | |||||||||||||||||||||||||||||||||||
Asset Type: | ||||||||||||||||||||||||||||||||||||
First mortgage loans | 74 | $ | 1,578,872 | $ | 1,205,313 | 66.6 | % | 4.29 | % | 3.25 | % | 6.1 | % | 94.5 | % | |||||||||||||||||||||
Mezzanine loans | 18 | 440,941 | 333,064 | 18.6 | % | 4.34 | % | 1.61 | % | 2.68 | % | 59.9 | % | |||||||||||||||||||||||
Subordinate mortgage interests | 7 | 121,473 | 96,357 | 5.1 | % | 6.4 | % | 3.97 | % | 5.85 | % | 75.7 | % | |||||||||||||||||||||||
Credit tenant loans and other notes | 43 | 124,460 | 118,093 | 5.2 | % | 6.58 | % | — | 7.39 | % | — | |||||||||||||||||||||||||
Term loans | 10 | 105,718 | 79,404 | 4.5 | % | 10.86 | % | 3.5 | % | 11.94 | % | 4.8 | % | |||||||||||||||||||||||
Total/Weighted average | 152 | $ | 2,371,464 | $ | 1,832,231 | 100 | % | 6.26 | % | 3.05 | % | 5.68 | % | 78.2 | % | |||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Certain CRE debt investments serve as collateral for financing transactions including carrying value of $1,478.5 million for CDO financing transactions, $145.6 million for Securitization 2012-1 and $51.2 million for credit facilities. The remainder is unleveraged. | |||||||||||||||||||||||||||||||||||
-2 | Includes seven loans with an aggregate carrying value of $162.5 million on non-accrual status (one of which was a loan acquired with deteriorated credit quality) which were primarily comprised of mezzanine loans. one of these loans was classified as non-performing. Non-accrual excludes $106.4 million carrying value of loans where the Company does not recognize interest income on the accrual rate but does recognize interest income based on the current rate. | |||||||||||||||||||||||||||||||||||
-3 | Based on principal amount. | |||||||||||||||||||||||||||||||||||
-4 | $315.8 million principal amount of the CRE debt investments have a weighted average LIBOR floor of 2.59%. | |||||||||||||||||||||||||||||||||||
-5 | Includes one first mortgage loan with a carrying value of $0.8 million with a spread over prime rate. | |||||||||||||||||||||||||||||||||||
-6 | Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of December 31, 2012, and for CRE debt with a LIBOR floor, using such floor. | |||||||||||||||||||||||||||||||||||
The following table presents maturities of CRE debt investments based on principal amount as of September 30, 2013 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Initial | Maturity | |||||||||||||||||||||||||||||||||||
Maturity | Including | |||||||||||||||||||||||||||||||||||
Extensions(1) | ||||||||||||||||||||||||||||||||||||
October 1 - December 31, 2013 | $ | 49,759 | $ | — | ||||||||||||||||||||||||||||||||
Years Ending December 31: | ||||||||||||||||||||||||||||||||||||
2014 | 474,667 | 294,027 | ||||||||||||||||||||||||||||||||||
2015 | 405,641 | 310,325 | ||||||||||||||||||||||||||||||||||
2016 | 262,326 | 204,178 | ||||||||||||||||||||||||||||||||||
2017 | 117,649 | 306,261 | ||||||||||||||||||||||||||||||||||
Thereafter | 174,655 | 369,906 | ||||||||||||||||||||||||||||||||||
Total | $ | 1,484,697 | $ | 1,484,697 | ||||||||||||||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions stipulated in the related debt agreements. | |||||||||||||||||||||||||||||||||||
As of September 30, 2013, the weighted average maturity including extensions of CRE debt investments is 3.4 years. | ||||||||||||||||||||||||||||||||||||
Actual maturities may differ from contractual maturities as certain borrowers may have the right to prepay with or without prepayment penalty. The Company may also extend contractual maturities in connection with loan modifications. | ||||||||||||||||||||||||||||||||||||
The principal amount of CRE debt investments differs from the carrying value due to unamortized origination fees and costs, unamortized premium and discount and loan loss reserves being recorded as part of the carrying value of the investment. As of September 30, 2013, the Company had $295.5 million of unamortized discounts ($246.4 million related to the CSE CDO) and $7.9 million of unamortized origination fees and costs. | ||||||||||||||||||||||||||||||||||||
In July 2010, in connection with the acquisition of the equity interests in the CSE CDO, the Company consolidated certain CRE debt investments with deteriorated credit quality. As of September 30, 2013, such debt had an aggregate principal amount of $206.2 million and an aggregate carrying value of $41.9 million, of which $44.9 million of the remaining discount will be accreted. The change in the carrying value for the nine months ended September 30, 2013 was due to payoffs and the write-off of a loan for which the Company took title to the collateral. | ||||||||||||||||||||||||||||||||||||
The following table presents the status of CRE debt investments (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Carrying Value as of September 30, 2013 | Carrying Value as of December 31, 2012 | |||||||||||||||||||||||||||||||||||
Number | All Other | Number | Non-Performing | Total | Number | All Other | Number | Non-Performing | Total | |||||||||||||||||||||||||||
Loans | Loans | Loans | Loans | |||||||||||||||||||||||||||||||||
Class of Debt: | ||||||||||||||||||||||||||||||||||||
First mortgage loans | 48 | $ | 800,817 | — | $ | — | $ | 800,817 | 73 | $ | 1,204,626 | 1 | $ | 12,500 | $ | 1,217,126 | ||||||||||||||||||||
Mezzanine loans | 7 | 122,088 | — | — | 122,088 | 18 | 441,100 | — | — | 441,100 | ||||||||||||||||||||||||||
Subordinate mortgage interests | 8 | 171,306 | — | — | 171,306 | 7 | 118,457 | — | — | 118,457 | ||||||||||||||||||||||||||
Credit tenant loans and other notes | — | — | — | — | — | 49 | 122,535 | — | — | 122,535 | ||||||||||||||||||||||||||
Term loans | 10 | 87,082 | — | — | 87,082 | 4 | 89,712 | — | — | 89,712 | ||||||||||||||||||||||||||
Total real estate debt investments | 73 | 1,181,293 | — | — | 1,181,293 | 151 | 1,976,430 | 1 | 12,500 | 1,988,930 | ||||||||||||||||||||||||||
Loan loss reserves | 3 | (3,776 | ) | — | — | (3,776 | ) | 12 | (151,076 | ) | 1 | (5,623 | ) | (156,699 | ) | |||||||||||||||||||||
Total real estate debt investments, net(1) | $ | 1,177,517 | $ | — | $ | 1,177,517 | $ | 1,825,354 | $ | 6,877 | $ | 1,832,231 | ||||||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | The decrease from prior year primarily relates to the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure. | |||||||||||||||||||||||||||||||||||
The Company did not have any non-performing loans as of September 30, 2013. The Company's maximum exposure to loss related to the non-performing loans as of December 31, 2012 was $6.9 million. | ||||||||||||||||||||||||||||||||||||
Provision for Loan Losses | ||||||||||||||||||||||||||||||||||||
The following table presents activity in loan loss reserves on CRE debt investments for the three and nine months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 133,202 | $ | 172,034 | $ | 156,699 | $ | 187,784 | ||||||||||||||||||||||||||||
Provision for (reversal of) loan losses, net | (11,122 | ) | 6,360 | (8,786 | ) | (1) | 19,737 | |||||||||||||||||||||||||||||
Transfers to REO | — | — | (5,623 | ) | — | |||||||||||||||||||||||||||||||
Sales | — | — | — | (667 | ) | |||||||||||||||||||||||||||||||
Write-offs / payoffs | — | (9,735 | ) | (20,210 | ) | (2) | (38,195 | ) | ||||||||||||||||||||||||||||
Deconsolidation of N-Star CDOs(3) | (118,304 | ) | — | (118,304 | ) | — | ||||||||||||||||||||||||||||||
Ending balance | $ | 3,776 | $ | 168,659 | $ | 3,776 | $ | 168,659 | ||||||||||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Includes $15.1 million of reversals of previously recorded provisions for loan losses. | |||||||||||||||||||||||||||||||||||
-2 | Represents a write-off of a previously recorded loan loss reserve upon payoff of a loan. | |||||||||||||||||||||||||||||||||||
-3 | Refer to Note 3 for further disclosure. | |||||||||||||||||||||||||||||||||||
Credit Quality Monitoring | ||||||||||||||||||||||||||||||||||||
CRE debt investments are typically loans secured by direct senior priority liens on real estate properties or by interests in entities that directly own real estate properties, which serve as the primary source of cash for the payment of principal and interest. The Company evaluates its debt investments at least quarterly and differentiates the relative credit quality principally based on: (i) whether the borrower is currently paying contractual debt service in accordance with its contractual terms; and (ii) whether the Company believes the borrower will be able to perform under its contractual terms in the future, as well as the Company's expectations as to the ultimate recovery of principal at maturity. | ||||||||||||||||||||||||||||||||||||
The Company categorizes a debt investment for which it expects to receive full payment of contractual principal and interest payments as a "loan with no loan loss reserve." The Company categorizes a debt investment as a non-performing loan ("NPL") if it is in maturity default and/or past due at least 90 days on its contractual debt service payments. The Company considers the remaining debt investments to be of weaker credit quality and categorizes such loans as "other loans with a loan loss reserve/non-accrual status." These loans are not considered NPLs because such loans are performing in accordance with contractual terms but the loans have a loan loss reserve and/or are on non-accrual status. Even if a borrower is currently paying contractual debt service or debt service is not due in accordance with its contractual terms, the Company may still determine that the borrower may not be able to perform under its contractual terms in the future and make full payment upon maturity. The Company's definition of an NPL may differ from that of other companies that track NPLs. | ||||||||||||||||||||||||||||||||||||
The following table presents the carrying value of CRE debt investments, by credit quality indicator, as of each applicable balance sheet date (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Credit Quality Indicator: | September 30, | December 31, | ||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Loans with no loan loss reserve: | ||||||||||||||||||||||||||||||||||||
First mortgage loans | $ | 784,197 | $ | 1,150,636 | ||||||||||||||||||||||||||||||||
Mezzanine loans | 118,323 | 186,131 | ||||||||||||||||||||||||||||||||||
Subordinate mortgage interests | 171,306 | 96,357 | ||||||||||||||||||||||||||||||||||
Credit tenant loans and other notes | — | 118,093 | ||||||||||||||||||||||||||||||||||
Term loans | 87,082 | 57,646 | ||||||||||||||||||||||||||||||||||
Subtotal | 1,160,908 | 1,608,863 | ||||||||||||||||||||||||||||||||||
Other loans with a loan loss reserve/non-accrual status:(1) | ||||||||||||||||||||||||||||||||||||
First mortgage loans | 14,724 | 47,800 | ||||||||||||||||||||||||||||||||||
Mezzanine loans | 1,885 | 146,933 | ||||||||||||||||||||||||||||||||||
Term loans | — | 21,758 | ||||||||||||||||||||||||||||||||||
Subtotal | 16,609 | 216,491 | ||||||||||||||||||||||||||||||||||
Non-performing loans: | ||||||||||||||||||||||||||||||||||||
First mortgage loans | — | 6,877 | ||||||||||||||||||||||||||||||||||
Subtotal | — | 6,877 | ||||||||||||||||||||||||||||||||||
Total(2) | $ | 1,177,517 | $ | 1,832,231 | ||||||||||||||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | December 31, 2012 includes four loans with a 100% loan loss reserve representing an aggregate principal amount of $36.0 million which are not considered NPLs as debt service is currently being received or debt service is not contractually due until maturity. | |||||||||||||||||||||||||||||||||||
-2 | The decrease from prior year primarily relates to the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure. | |||||||||||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||||||||||
The Company considers impaired loans to generally include NPLs, loans with a loan loss reserve, loans on non-accrual status (excluding loans acquired with deteriorated credit quality) and TDRs. The following table presents impaired loans as of September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
September 30, 2013(2) | December 31, 2012(2) | |||||||||||||||||||||||||||||||||||
Number | Principal | Carrying | Loan Loss | Number | Principal | Carrying | Loan Loss | |||||||||||||||||||||||||||||
Amount(1) | Value(1) | Reserve | Amount(1) | Value(1) | Reserve | |||||||||||||||||||||||||||||||
Class of Debt: | ||||||||||||||||||||||||||||||||||||
First mortgage loans | 2 | $ | 16,619 | $ | 14,724 | $ | 1,896 | 6 | $ | 112,774 | $ | 85,887 | $ | 11,813 | ||||||||||||||||||||||
Mezzanine loans | 1 | 3,765 | 1,885 | 1,880 | 9 | 265,225 | 157,178 | 108,036 | ||||||||||||||||||||||||||||
Subordinate mortgage interests | — | — | — | — | 2 | 22,100 | — | 22,100 | ||||||||||||||||||||||||||||
Term loans | — | — | — | — | 1 | 45,550 | 21,758 | 14,750 | ||||||||||||||||||||||||||||
Total(3) | 3 | $ | 20,384 | $ | 16,609 | $ | 3,776 | 18 | $ | 445,649 | $ | 264,823 | $ | 156,699 | ||||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Principal amount differs from carrying value due to unamortized origination fees and costs, unamortized premium or discount and loan loss reserves included in the carrying value of the investment. | |||||||||||||||||||||||||||||||||||
-2 | December 31, 2012 includes five loans, primarily first mortgage loans, considered TDRs with an aggregate carrying value of $41.4 million, all of which do not have loan loss reserves. Excludes one first mortgage loan acquired with deteriorated credit quality with a carrying value of $6.6 million and $13.8 million as of September 30, 2013 and December 31, 2012, respectively, that is on non-accrual status and does have a loan loss reserve. | |||||||||||||||||||||||||||||||||||
-3 | The decrease from prior year primarily relates to the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure. | |||||||||||||||||||||||||||||||||||
The following table presents average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired for the three months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||||||||||||||
Number(1) | Average | Quarter | Number | Average | Quarter | |||||||||||||||||||||||||||||||
Carrying | Ended | Carrying | Ended | |||||||||||||||||||||||||||||||||
Value(1) | Income(1) | Value | Income | |||||||||||||||||||||||||||||||||
Class of Debt: | ||||||||||||||||||||||||||||||||||||
First mortgage loans | 5 | $ | 77,077 | $ | 346 | 9 | $ | 110,961 | $ | 275 | ||||||||||||||||||||||||||
Mezzanine loans | 7 | 105,897 | 136 | 9 | 166,125 | 1,894 | ||||||||||||||||||||||||||||||
Subordinate mortgage interests | 2 | — | 1 | 3 | 375 | 3 | ||||||||||||||||||||||||||||||
Term loans | 1 | 27,068 | 914 | 1 | 21,758 | 914 | ||||||||||||||||||||||||||||||
Total/weighted average | 15 | $ | 210,042 | $ | 1,397 | 22 | $ | 299,219 | $ | 3,086 | ||||||||||||||||||||||||||
___________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Includes impaired loans outstanding during the period which were deconsolidated on September 30, 2013. Refer to Note 3 for further disclosure. | |||||||||||||||||||||||||||||||||||
The following table presents average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired for the nine months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||||||||||||||||||||||
Number(1) | Average | Nine Months | Number | Average | Nine Months | |||||||||||||||||||||||||||||||
Carrying | Ended | Carrying | Ended | |||||||||||||||||||||||||||||||||
Value(1) | Income(1) | Value | Income | |||||||||||||||||||||||||||||||||
Class of Debt: | ||||||||||||||||||||||||||||||||||||
First mortgage loans | 5 | $ | 80,733 | $ | 1,030 | 9 | $ | 100,503 | $ | 942 | ||||||||||||||||||||||||||
Mezzanine loans | 7 | 124,665 | 414 | 9 | 171,942 | 5,909 | ||||||||||||||||||||||||||||||
Subordinate mortgage interests | 2 | — | 3 | 3 | 7,518 | 47 | ||||||||||||||||||||||||||||||
Term loans | 1 | 24,413 | 2,712 | 1 | 24,456 | 2,721 | ||||||||||||||||||||||||||||||
Total/weighted average | 15 | $ | 229,811 | $ | 4,159 | 22 | $ | 304,419 | $ | 9,619 | ||||||||||||||||||||||||||
___________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Includes impaired loans outstanding during the period which were deconsolidated on September 30, 2013. Refer to Note 3 for further disclosure. | |||||||||||||||||||||||||||||||||||
As of September 30, 2013, the Company did not have any loans past due greater than 90 days. As of December 31, 2012, the Company had one first mortgage loan with a principal amount of $12.5 million past due greater than 90 days. This amount excludes non-accrual loans disclosed in the tables above. | ||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||||||||||||||
The Company did not have any CRE debt investments modified that were considered TDRs during the three months ended September 30, 2013. The following table presents CRE debt investments that were modified and considered a TDR for the three months ended September 30, 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
September 30, 2012 | ||||||||||||||||||||||||||||||||||||
Number | Carrying | Original | Modified | |||||||||||||||||||||||||||||||||
Value | WA Interest | WA Interest | ||||||||||||||||||||||||||||||||||
Rate | Rate | |||||||||||||||||||||||||||||||||||
Class of Debt: | ||||||||||||||||||||||||||||||||||||
First mortgage loans | 1 | (1) | $ | 9,996 | 4 | % | 1.61 | % | (1) | |||||||||||||||||||||||||||
Mezzanine loans | 1 | 12,681 | 2.5 | % | 0 | % | (2) | |||||||||||||||||||||||||||||
Total/weighted average | 2 | $ | 22,677 | 3.16 | % | 0.72 | % | |||||||||||||||||||||||||||||
___________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | The loan was modified into a first mortgage and mezzanine loan with a modified rate of LIBOR plus 2.50% and LIBOR plus 0.25%, respectively. | |||||||||||||||||||||||||||||||||||
-2 | The loan was modified into a mezzanine loan and preferred equity interest with a modified rate of LIBOR plus 10% and a fixed rate of 7%, respectively, however, interest was deferred until certain hurdles are met. | |||||||||||||||||||||||||||||||||||
The following table presents CRE debt investments that were modified and considered a TDR for the nine months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
30-Sep-13 | September 30, 2012 | |||||||||||||||||||||||||||||||||||
Number | Carrying | Original | Modified | Number | Carrying | Original | Modified | |||||||||||||||||||||||||||||
Value | WA Interest | WA Interest | Value | WA Interest | WA Interest | |||||||||||||||||||||||||||||||
Rate | Rate | Rate | Rate | |||||||||||||||||||||||||||||||||
Class of Debt: | ||||||||||||||||||||||||||||||||||||
First mortgage loans | — | $ | — | — | — | 3 | (2)(3) | $ | 35,241 | 3.52 | % | 2.78 | % | |||||||||||||||||||||||
Mezzanine loans | 1 | (1) | 50,905 | 10.85 | % | 0 | % | 1 | (4) | 12,681 | 2.5 | % | 0 | % | ||||||||||||||||||||||
Subordinate mortgage interests | — | — | — | — | 1 | (5) | — | 3.35 | % | 0.03 | % | |||||||||||||||||||||||||
Total/weighted average | 1 | $ | 50,905 | 10.85 | % | 0 | % | 5 | $ | 47,922 | 2.65 | % | 2.04 | % | ||||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Considered a TDR in the first quarter 2013 and was subsequently modified in the second quarter 2013. On September 30, 2013, the Company deconsolidated certain of the N-Star CDOs, and as a result, no longer records this loan on its consolidated balance sheets. Refer to Note 3 for further disclosure. | |||||||||||||||||||||||||||||||||||
-2 | Excludes one first mortgage loan with a carrying value of $6.0 million considered a TDR in the first quarter 2012 which the Company subsequently took title to the collateral. | |||||||||||||||||||||||||||||||||||
-3 | Includes one loan which was modified into a senior first mortgage and mezzanine loan. | |||||||||||||||||||||||||||||||||||
-4 | The loan was modified into a mezzanine loan and preferred equity interest with a modified rate of LIBOR plus 10% and a fixed rate of 7%, respectively, however, interest was deferred until certain hurdles are met. | |||||||||||||||||||||||||||||||||||
-5 | The carrying value of this loan was zero as of September 30, 2012. | |||||||||||||||||||||||||||||||||||
All loans modified in a TDR generally provided interest rate concessions and/or deferral of interest or principal repayments. Any loan modification is intended to maximize the collection of the principal and interest related to such loan. There are no write-downs related to the CRE debt investments that were modified and considered a TDR for the periods presented. |
Investments_in_and_Advances_to
Investments in and Advances to Unconsolidated Ventures | 9 Months Ended |
Sep. 30, 2013 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ' |
Investments in and Advances to Unconsolidated Ventures | ' |
Investments in and Advances to Unconsolidated Ventures | |
The following is a description of investments in and advances to unconsolidated ventures, including unconsolidated ventures that own PE Investments which are recorded as investments in private equity funds, at fair value on the consolidated balance sheets. All of the below are accounted for under the equity method except for PE Investments for which the fair value option was elected. | |
The Company evaluates whether disclosure of summarized financial statement information is required for any individually significant investments in unconsolidated ventures. The Company determined there were no significant unconsolidated joint ventures as of September 30, 2013. | |
Investments in Private Equity Funds | |
PE Investments are considered voting interest entities. They are not consolidated by the Company due to the substantive participating rights of the partners in joint ventures that own the interests in the real estate private equity funds. The Company elected the fair value option for PE Investments. As a result, the Company records equity in earnings (losses) based on the change in fair value for its share of the projected future cash flow from one period to another. | |
PE Investment I | |
In February 2013, the Company completed the initial closing ("Initial Closing") of its investment in joint ventures ("PE Investment I") which owns a portfolio of limited partnership interests in real estate private equity funds managed by institutional-quality sponsors. Pursuant to the terms of the agreement, at the Initial Closing, the full purchase price was funded, excluding future capital commitments. Accordingly, the Company funded $282.1 million and NorthStar Income (together with the Company, the "NorthStar Entities") funded $118.0 million. The NorthStar Entities have an aggregate ownership interest in PE Investment I of 51%, of which the Company owns 70.5%. The Company assigned its rights to the remaining 29.5% to a subsidiary of NorthStar Income. Teachers Insurance and Annuity Association of America (the "Class B Partner") contributed its interests in 47 funds subject to the transaction in exchange for all of the Class B partnership interests in PE Investment I. | |
PE Investment I provides for all cash distributions on a priority basis to the NorthStar Entities as follows: (i) first, 85% to the NorthStar Entities and 15% to the Class B Partner until the NorthStar Entities receive a 1.5x multiple on all of their invested capital, including amounts funded in connection with future capital commitments; (ii) second, 15% to the NorthStar Entities and 85% to the Class B Partner until the Class B Partner receives a return of its then remaining June 30, 2012 capital; and (iii) third, 51% to the NorthStar Entities and 49% to the Class B Partner. All amounts paid to and received by the NorthStar Entities will be based on each partner's proportionate interest. | |
Since the Company was contractually entitled to its proportional share of all distributions derived from the fund interests since June 30, 2012 regardless of the date fund interests were transferred to PE Investment I, at the Initial Closing the Company recorded its proportional share of all distributions received since June 30, 2012. As of September 30, 2013, the carrying value of the investment in PE Investment I was $263.4 million. For the three and nine months ended September 30, 2013, the Company recognized $15.3 million and $37.3 million, respectively, of equity in earnings. For the nine months ended September 30, 2013, the Company received $74.6 million of net distributions and made $18.7 million of contributions related to PE Investment I. As of September 30, 2013, the Company's estimated future capital commitments to the fund interests in PE Investment I would be approximately $25.0 million. | |
The Company guaranteed all of its funding obligations that may be due and owed under PE Investment I agreements directly to PE Investment I entities. The Company and NorthStar Income each agreed to indemnify the other proportionately for any losses that may arise in connection with the funding and other obligations as set forth in the governing documents in the case of a joint default by the Company and NorthStar Income. The Company and NorthStar Income further agreed to indemnify each other for all of the losses that may arise as a result of a default that was solely caused by the Company or NorthStar Income, as the case may be. | |
In December 2012, the Company deposited an aggregate of $40.0 million in connection with this transaction, which included $11.8 million on behalf of NorthStar Income, in the proportion of the respective capital contributions. This amount was settled by NorthStar Income in the first quarter 2013. | |
PE Investment II | |
In June 2013, the Company, NorthStar Income and funds managed by Goldman Sachs Asset Management ("Vintage Funds") (each a "Partner") formed joint ventures ("PE Investment II") and entered into an agreement with Common Pension Fund E, a common trust fund created under New Jersey law (the "Seller"), to acquire a portfolio of limited partnership interests in up to 25 real estate private equity funds managed by institutional-quality sponsors with an aggregate reported net asset value ("NAV") of approximately $925.4 million as of September 30, 2012. The Company, NorthStar Income and the Vintage Funds each have an ownership interest in PE Investment II of 70%, 15% and 15%, respectively. All amounts paid and received will be based on each Partner's proportionate interest. | |
PE Investment II will pay $509.9 million to the Seller for all of the fund interests, or 55% of the September 30, 2012 NAV (the "Initial Amount"), and will pay the remaining $415.5 million, or 45% of the September 30, 2012 NAV (the "Deferred Amount"), by the fourth year after the first day of the fiscal quarter following the closing date of each fund interest. The Company's share of the Initial Amount and the Deferred Amount represents $356.9 million and $290.9 million, respectively. The Company funded all of its proportionate share of the Initial Amount at the initial closing on July 3, 2013. The Deferred Amount is a liability of PE Investment II. Each Partner, directly or indirectly, guaranteed its proportionate interest of the Deferred Amount. The Company determined there was an immaterial amount of fair value related to the guarantee. | |
PE Investment II is entitled to receive all cash distributions from September 30, 2012 through the closing of each fund interest and is obligated to fund all capital contributions from September 30, 2012. At each closing, there will be a "true up" for any distributions received and any contributions made by the Seller from the contributed funds since September 30, 2012. | |
Beginning on the first day of the fiscal quarter following the closing date of each fund interest and for a period of three years thereafter, distributions will be made to PE Investment II on a priority basis as follows: 85% to PE Investment II and 15% to the Seller, provided that at the end of each such fiscal year, PE Investment II will pay amounts, if any, necessary to reduce the Deferred Amount by 15% of the then outstanding Deferred Amount (the "Amortization Amount") to the extent distributions to the Seller during each such year were less than the Amortization Amount for such year. | |
In the fourth year following the applicable closing date, distributions will be split equally between PE Investment II and the Seller. At the conclusion of that four-year period, PE Investment II will be required to pay to the Seller the Deferred Amount less: (i) any distributions received by the Seller during such four-year period; and (ii) any Amortization Amounts received by the Seller during such four-year period. PE Investment II will receive 100% of all distributions following the payment of the Deferred Amount. | |
The Company guaranteed all of its funding obligations that may be due and owed under PE Investment II agreements directly to PE Investment II entities. The Company and NorthStar Income each agreed to indemnify the other proportionately for any losses that may arise in connection with the funding and other obligations as set forth in the governing documents in the case of a joint default by the Company and NorthStar Income. The Company and NorthStar Income further agreed to indemnify each other for all of the losses that may arise as a result of a default that was solely caused by the Company or NorthStar Income, as the case may be. | |
The Company anticipates closing all of the fund interests by the end of 2013, subject to customary closing conditions, including third-party consents. For the three months ended September 30, 2013, the Company recognized $15.0 million of equity in earnings. For the three months ended September 30, 2013, the Company received $15.1 million of net distributions and made $4.4 million of contributions related to PE Investment II. As of September 30, 2013, the carrying value of the investment in PE Investment II was $361.3 million. As of September 30, 2013, the Company's estimated future capital commitments to the fund interests in PE Investment II would be approximately $39.0 million. | |
Multifamily Joint Venture | |
In July 2013, the Company through a joint venture with a private investor, acquired a multifamily property with 498 units, located in Philadelphia, Pennsylvania for an aggregate purchase price of $41.0 million, including all costs, escrows and reserves. The joint venture financed the transaction with a non-recourse mortgage totaling $29.5 million and the remainder in cash. The mortgage matures on July 1, 2023 and bears a fixed interest rate of 3.69%. The Company's 90% interest in the joint venture was acquired for $10.4 million. For the three and nine months ended September 30, 2013, the Company recognized equity in losses of $0.6 million which was primarily related to recording transaction costs of $0.8 million. | |
Meadowlands | |
The Company owned a 22% interest in Meadowlands Two, LLC, which holds 100% of Meadowlands One, LLC, which is currently in the form of a preferred equity interest secured by a retail/entertainment complex located in New Jersey (the "NJ Property"). As a result of the deconsolidation of certain N-Star CDOs, the Company deconsolidated its investment in the NJ Property on September 30, 2013 (refer to Note 3). As of December 31, 2012, the carrying value of the investment in the NJ Property was $64.8 million. For the three months ended September 30, 2013 and 2012, the Company recognized equity in losses of $0.1 million and $0.4 million, respectively. For the nine months ended September 30, 2013 and 2012, the Company recognized equity in losses of $0.8 million and $1.2 million, respectively. | |
LandCap Partners | |
In October 2007, the Company entered into a joint venture with Whitehall Street Global Real Estate Limited Partnership 2007 ("Whitehall") to form LandCap Partners and LandCap LoanCo. (collectively referred to as "LandCap"). LandCap was established to opportunistically invest in single-family residential land through land loans, lot option agreements and select land purchases. The joint venture is managed by a third-party management group which has extensive experience in the single family housing sector. The Company and Whitehall agreed to provide no additional new investment capital in the LandCap joint venture. As of September 30, 2013 and December 31, 2012, the carrying value of the 49% interest in LandCap was $13.8 million and $13.5 million, respectively. As of September 30, 2013 and December 31, 2012, LandCap had investments totaling $27.0 million and $30.9 million, respectively. For the three months ended September 30, 2013 and 2012, the Company recognized equity in earnings of $0.1 million for both periods. For the nine months ended September 30, 2013 and 2012, the Company recognized equity in earnings of $0.3 million and equity in losses of $0.6 million, respectively. | |
CS Federal Drive, LLC | |
The Company owns a 50% interest in CS Federal Drive, LLC ("CS/Federal"), which owns three adjacent class A office/flex buildings in Colorado. The properties were acquired for $54.3 million and the joint venture financed the transaction with two separate non-recourse mortgages totaling $38.0 million and the remainder in cash. The mortgages mature on February 11, 2016 and bear a fixed interest rate of 5.51% and 5.46%, respectively. As of September 30, 2013 and December 31, 2012, the carrying value of the investment in CS/Federal was $5.5 million and $5.4 million, respectively. For the three months ended September 30, 2013 and 2012, the Company recognized equity in earnings of $0.1 million and $0.2 million, respectively. For the nine months ended September 30, 2013 and 2012, the Company recognized equity in earnings of $0.2 million and $0.6 million, respectively. | |
Sponsored Companies | |
The Company sponsors NorthStar Income, a CRE debt-oriented non-traded REIT. As of September 30, 2013 and December 31, 2012, the carrying value of the investment in NorthStar Income was $6.1 million for both periods representing an interest of 0.6% and 1.1%, respectively. For the three months ended September 30, 2013 and 2012, the Company recognized $0.2 million and $0.1 million of equity in earnings, respectively. For the nine months ended September 30, 2013 and 2012, the Company recognized $0.3 million and $0.2 million of equity in earnings, respectively. | |
The Company sponsors NorthStar Healthcare, a healthcare debt and equity focused non-traded REIT. In August 2013, NorthStar Healthcare was deconsolidated as the Company no longer owned a majority voting interest. As of September 30, 2013, the carrying value of the investment in NorthStar Healthcare was $2.1 million, representing an interest of 12.6%. For the three months ended September 30, 2013, the Company recognized an immaterial amount of equity in earnings. | |
Other | |
In May 2012, the Company acquired a 9.8% interest in a joint venture that owns a pari passu participation in a first mortgage loan secured by a portfolio of luxury residences located in resort destinations. The Company owns an additional interest in the same loan through the CSE CDO with a carrying value of $11.0 million as of September 30, 2013. As of September 30, 2013 and December 31, 2012, the carrying value of the Company's investment was $5.7 million for each period. For the three months ended September 30, 2013 and 2012, the Company recognized $0.4 million and $0.1 million of equity in earnings. For the nine months ended September 30, 2013 and 2012, the Company recognized $1.1 million and $0.4 million of equity in earnings, respectively. | |
In August 2012, the Company acquired a 33.3% interest in a joint venture that owns a pari passu participation in a first mortgage loan secured by an office building in New York. In July 2013, the loan was paid off at par. For the three and nine months ended September 30, 2013, the Company recognized $1.6 million and $2.8 million of equity in earnings, respectively. | |
In connection with the Milford loan, the Company and NorthStar Income have an aggregate 35.0% interest in the Milford hotel and retail component of the hotel, of which the Company owns 65% and NorthStar Income owns 35%. As of September 30, 2013, the carrying value of the investment was $0.1 million. For the three and nine months ended September 30, 2013, the Company recognized $0.8 million and $1.1 million of equity in losses, respectively. | |
In June 2013, in connection with the restructuring of an existing mezzanine loan, the Company acquired a 9.99% equity interest for $8.5 million in a joint venture that owns two office buildings in Chicago. As of September 30, 2013, the carrying value of the investment was $8.5 million. For the nine months ended September 30, 2013, the Company did not recognize any equity in earnings. |
Real_Estate_Securities_Availab
Real Estate Securities, Available for Sale | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||
Real Estate Securities, Available for Sale | ' | ||||||||||||||||||||||||||||||||
Real Estate Securities, Available for Sale | |||||||||||||||||||||||||||||||||
The following table presents CRE securities as of September 30, 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||
Cumulative Unrealized | Allocation by | Weighted | Weighted | ||||||||||||||||||||||||||||||
Number | Principal | Amortized | Gains | (Losses) | Fair | Investment | Average | Average Yield(4) | |||||||||||||||||||||||||
Amount(3) | Cost | Value | Type(3) | Coupon | |||||||||||||||||||||||||||||
Asset Type: | |||||||||||||||||||||||||||||||||
N-Star CDO bonds(1) | 27 | $ | 325,723 | $ | 152,919 | $ | 1,407 | $ | (427 | ) | $ | 153,899 | 16 | % | 1.5 | % | 20.82 | % | |||||||||||||||
N-Star CDO equity(5) | 4 | 129,670 | 129,670 | — | — | 129,670 | 6.4 | % | NA | 18 | % | ||||||||||||||||||||||
CMBS and other securities(6) | 17 | 98,651 | 58,604 | 6,488 | (18,613 | ) | 46,479 | 4.8 | % | 3.07 | % | 5.07 | % | ||||||||||||||||||||
Subtotal(2) | 48 | 554,044 | 341,193 | 7,895 | (19,040 | ) | 330,048 | 27.2 | % | 1.86 | % | 17.05 | % | ||||||||||||||||||||
CRE securities in N-Star CDOs(5)(7) | |||||||||||||||||||||||||||||||||
CMBS | 288 | 1,267,362 | 904,253 | 66,489 | (361,591 | ) | 609,151 | 62.2 | % | 3.21 | % | 8.83 | % | ||||||||||||||||||||
Third-party CDO notes | 21 | 112,208 | 101,989 | — | (76,939 | ) | 25,050 | 5.5 | % | 0.34 | % | 1.18 | % | ||||||||||||||||||||
Agency debentures | 8 | 87,172 | 28,704 | 3,728 | (1,662 | ) | 30,770 | 4.3 | % | NA | 4.63 | % | |||||||||||||||||||||
Unsecured REIT debt | 1 | 8,000 | 8,527 | 999 | — | 9,526 | 0.4 | % | 7.5 | % | 6 | % | |||||||||||||||||||||
Trust preferred securities | 2 | 7,225 | 7,225 | — | (1,434 | ) | 5,791 | 0.4 | % | 2.25 | % | 2.25 | % | ||||||||||||||||||||
Subtotal | 320 | 1,481,967 | 1,050,698 | 71,216 | (441,626 | ) | 680,288 | 72.8 | % | 2.82 | % | 7.9 | % | ||||||||||||||||||||
Total | 368 | $ | 2,036,011 | $ | 1,391,891 | $ | 79,111 | $ | (460,666 | ) | $ | 1,010,336 | 100 | % | 2.61 | % | 10.14 | % | |||||||||||||||
____________________________________________________________ | |||||||||||||||||||||||||||||||||
-1 | Excludes $281.8 million principal amount of N-Star CDO bonds payable that are eliminated in consolidation. | ||||||||||||||||||||||||||||||||
-2 | $10.2 million carrying value serves as collateral for the CMBS Facility (refer to Note 8). The remainder is unleveraged. | ||||||||||||||||||||||||||||||||
-3 | Based on fair value for N-Star CDO equity and principal amount for remaining securities. | ||||||||||||||||||||||||||||||||
-4 | Based on expected maturity and for floating-rate securities, calculated using the applicable LIBOR as of September 30, 2013. | ||||||||||||||||||||||||||||||||
-5 | The fair value option was elected for these securities (refer to Note 13). | ||||||||||||||||||||||||||||||||
-6 | The fair value option was elected for $30.2 million carrying value of these securities (refer to Note 13). | ||||||||||||||||||||||||||||||||
-7 | Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments. | ||||||||||||||||||||||||||||||||
As of September 30, 2013, the Company's CRE securities portfolio is comprised of N-Star CDO bonds and N-Star CDO equity and other securities which are predominantly conduit CMBS, meaning each asset is a pool backed by a large number of commercial real estate loans. As a result, this portfolio is typically well-diversified by collateral type and geography. As of September 30, 2013, contractual maturities of CRE securities investments ranged from four months to 39 years, with a weighted average expected maturity of 3.7 years. | |||||||||||||||||||||||||||||||||
The following table presents CRE securities as of December 31, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||
Cumulative Unrealized(2) | Allocation by | Weighted | Weighted | ||||||||||||||||||||||||||||||
Number(1) | Principal | Amortized | Gains | Losses | Fair | Investment | Average | Average | |||||||||||||||||||||||||
Amount | Cost | Value(3) | Type(4) | Coupon | Yield(5) | ||||||||||||||||||||||||||||
Asset Type: | |||||||||||||||||||||||||||||||||
CMBS | 485 | $ | 2,207,067 | $ | 1,551,389 | $ | 84,752 | $ | (652,123 | ) | $ | 984,018 | 86.9 | % | 3.75 | % | 10.43 | % | |||||||||||||||
Third-party CDO notes | 35 | 197,103 | 159,657 | — | (111,421 | ) | 48,236 | 7.8 | % | 0.62 | % | 7.54 | % | ||||||||||||||||||||
Unsecured REIT debt | 11 | 57,180 | 53,585 | 2,898 | (102 | ) | 56,381 | 2.2 | % | 5.5 | % | 1.29 | % | ||||||||||||||||||||
Trust preferred securities | 3 | 14,725 | 10,916 | 1,184 | (2,529 | ) | 9,571 | 0.6 | % | 2.26 | % | 6.8 | % | ||||||||||||||||||||
Agency debentures | 4 | 63,000 | 17,538 | 8,924 | — | 26,462 | 2.5 | % | NA | 3.51 | % | ||||||||||||||||||||||
Total | 538 | $ | 2,539,075 | $ | 1,793,085 | $ | 97,758 | $ | (766,175 | ) | $ | 1,124,668 | 100 | % | 3.45 | % | 9.81 | % | |||||||||||||||
_________________________________________________________ | |||||||||||||||||||||||||||||||||
-1 | Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments. | ||||||||||||||||||||||||||||||||
-2 | Includes 21 CRE securities for which the fair value option was not elected. | ||||||||||||||||||||||||||||||||
-3 | Predominately all CRE securities serve as collateral for financing transactions including carrying value of $1,016.0 million for CDO financing transactions and $35.5 million for the CMBS Facility (refer to Note 8). The remainder is unleveraged. | ||||||||||||||||||||||||||||||||
-4 | Based on principal amount. | ||||||||||||||||||||||||||||||||
-5 | Based on expected maturity and for floating-rate securities, calculated using the applicable LIBOR as of December 31, 2012. | ||||||||||||||||||||||||||||||||
For the three months ended September 30, 2013, proceeds from the sale of CRE securities was $36.2 million, resulting in a net realized gain of $2.5 million. For the three months ended September 30, 2012, proceeds from the sale of CRE securities was $58.5 million, resulting in a net realized gain of $10.1 million. For the nine months ended September 30, 2013, proceeds from the sale of CRE securities was $206.4 million, resulting in a net realized gain of $31.0 million. For the nine months ended September 30, 2012, proceeds from the sale of CRE securities was $258.7 million, resulting in a net realized gain of $26.0 million. The three and nine months ended September 30, 2013 include proceeds related to the liquidation of N-Star CDO II (refer to Note 8). | |||||||||||||||||||||||||||||||||
CRE securities investments includes 32 securities for which the fair value option was not elected. As of September 30, 2013, the aggregate carrying value of these securities was $170.2 million, representing $1.3 million of accumulated net unrealized gains included in OCI. The Company held three securities with an aggregate carrying value of $4.6 million with an unrealized loss of $0.4 million as of September 30, 2013 and all were in an unrealized loss position for a period of less than 12 months. Based on management's quarterly evaluation, no OTTI was identified related to these securities. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell these securities prior to recovery of its amortized cost basis, which may be at maturity. |
Borrowings
Borrowings | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Borrowings | ' | |||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||
The following table presents borrowings as of September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||
Recourse vs. | Final | Contractual | Principal | Carrying | Principal | Carrying | ||||||||||||||||||||||
Non-Recourse | Maturity | Interest Rate(1)(2) | Amount | Value(3) | Amount | Value(3) | ||||||||||||||||||||||
Mortgage and other notes payable:(4) | ||||||||||||||||||||||||||||
Manufactured housing communities | ||||||||||||||||||||||||||||
MH 1 Senior Mortgages(5) | Non-recourse | 23-Jan | 4.39% | $ | 236,900 | $ | 236,900 | $ | 236,900 | $ | 236,900 | |||||||||||||||||
MH 2 Senior Mortgages(6) | Non-recourse | 23-May | 4.02% | 639,999 | 639,999 | — | — | |||||||||||||||||||||
Subtotal Manufactured housing communities | 876,899 | 876,899 | 236,900 | 236,900 | ||||||||||||||||||||||||
Healthcare | ||||||||||||||||||||||||||||
Hillsboro, OR | Non-recourse | 14-Jan | 5.94% | 31,288 | 31,288 | 31,650 | 31,650 | |||||||||||||||||||||
Wakefield Portfolio | Non-recourse | 15-Mar | LIBOR + 5.95% | 56,003 | 56,003 | 56,717 | 56,717 | |||||||||||||||||||||
Ohio Portfolio | Non-recourse | 16-Mar | 6.00% | 20,558 | 20,558 | 20,747 | 20,747 | |||||||||||||||||||||
Lancaster, OH | Non-recourse | 16-Mar | LIBOR + 5.00% | 4,412 | 4,412 | 4,453 | 4,453 | |||||||||||||||||||||
Wilkinson Portfolio | Non-recourse | 17-Jan | 6.99% | 153,407 | 153,407 | 155,332 | 155,332 | |||||||||||||||||||||
Tuscola/Harrisburg, IL | Non-recourse | 17-Jan | 7.09% | 7,576 | 7,576 | 7,667 | 7,667 | |||||||||||||||||||||
East Arlington, TX | Non-recourse | 17-May | 5.89% | 3,222 | 3,222 | 3,259 | 3,259 | |||||||||||||||||||||
Minnesota Portfolio | Non-recourse | May-18(7) | LIBOR + 3.00% | 38,249 | 38,249 | — | — | |||||||||||||||||||||
Clinton, CT | Non-recourse | 18-Jun | LIBOR + 2.75% | 7,829 | 7,829 | — | — | |||||||||||||||||||||
Healthcare Preferred(8) | Non-recourse | 21-Jul | LIBOR + 7.75% | 75,000 | 75,000 | — | — | |||||||||||||||||||||
Subtotal Healthcare | 397,544 | 397,544 | 279,825 | 279,825 | ||||||||||||||||||||||||
Net lease | ||||||||||||||||||||||||||||
South Portland, ME | Non-recourse | 14-Jun | 7.34% | 3,879 | 3,879 | 4,051 | 4,051 | |||||||||||||||||||||
Fort Wayne, IN | Non-recourse | 15-Jan | 6.41% | 3,046 | 3,046 | 3,123 | 3,123 | |||||||||||||||||||||
Reading, PA | Non-recourse | 15-Jan | 5.58% | 12,843 | 12,843 | 13,073 | 13,073 | |||||||||||||||||||||
Reading, PA | Non-recourse | 15-Jan | 6.00% | 5,000 | 5,000 | 5,000 | 5,000 | |||||||||||||||||||||
EDS Portfolio | Non-recourse | 15-Oct | 5.37% | 43,912 | 43,912 | 44,575 | 44,575 | |||||||||||||||||||||
Keene, NH | Non-recourse | 16-Feb | 5.85% | 6,269 | 6,269 | 6,353 | 6,353 | |||||||||||||||||||||
Green Pond, NJ | Non-recourse | 16-Apr | 5.68% | 16,167 | 16,167 | 16,374 | 16,374 | |||||||||||||||||||||
Aurora, CO | Non-recourse | 16-Jul | 6.22% | 31,356 | 31,356 | 31,713 | 31,713 | |||||||||||||||||||||
DSG Portfolio | Non-recourse | 16-Oct | 6.17% | 31,875 | 31,875 | 32,296 | 32,296 | |||||||||||||||||||||
Indianapolis, IN | Non-recourse | 17-Feb | 6.06% | 26,708 | 26,708 | 27,022 | 27,022 | |||||||||||||||||||||
Milpitas, CA | Non-recourse | 17-Mar | 5.95% | 20,199 | 20,199 | 20,616 | 20,616 | |||||||||||||||||||||
Fort Mill, SC | Non-recourse | 17-Apr | 5.63% | 27,700 | 27,700 | 27,700 | 27,700 | |||||||||||||||||||||
Fort Mill, SC(9) | Non-recourse | 17-Apr | 6.21% | 1,558 | 1,558 | 1,827 | 1,827 | |||||||||||||||||||||
Salt Lake City, UT | Non-recourse | 17-Sep | 5.16% | 13,812 | 13,812 | 14,133 | 14,133 | |||||||||||||||||||||
Columbus, OH | Non-recourse | 17-Dec | 6.48% | 22,389 | 22,389 | 22,643 | 22,643 | |||||||||||||||||||||
Subtotal Net lease | 266,713 | 266,713 | 270,499 | 270,499 | ||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||
MF 1 Senior Mortgage | Non-recourse | 23-Apr | 4.00% | 39,600 | 39,600 | — | — | |||||||||||||||||||||
MF 2 Senior Mortgages(10) | Non-recourse | May-23/July-23 | 4.03% | 158,417 | 158,417 | — | — | |||||||||||||||||||||
MF 3 Senior Mortgages(11) | Non-recourse | 23-Jul | 4.28% | 46,538 | 46,538 | — | — | |||||||||||||||||||||
Subtotal Multifamily | 244,555 | 244,555 | — | — | ||||||||||||||||||||||||
Subtotal Non-VIE financing | 1,785,711 | 1,785,711 | 787,224 | 787,224 | ||||||||||||||||||||||||
REO | ||||||||||||||||||||||||||||
Phoenix, AZ | — | — | — | — | — | 211,921 | 211,921 | |||||||||||||||||||||
Austin, TX | — | — | — | — | — | 16,525 | 16,525 | |||||||||||||||||||||
Subtotal REO—VIE | — | — | 228,446 | 228,446 | ||||||||||||||||||||||||
Subtotal Mortgage and other notes payable | 1,785,711 | 1,785,711 | 1,015,670 | 1,015,670 | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||
Recourse vs. | Final | Contractual | Principal | Carrying | Principal | Carrying | ||||||||||||||||||||||
Non-Recourse | Maturity | Interest Rate(1)(2) | Amount | Value(3) | Amount | Value(3) | ||||||||||||||||||||||
CDO bonds payable: | ||||||||||||||||||||||||||||
N-Star I | Non-recourse | Aug-38 | LIBOR + 4.26% | 46,409 | 42,338 | 106,648 | 100,429 | |||||||||||||||||||||
N-Star II | — | — | — | — | — | 82,694 | 69,089 | |||||||||||||||||||||
N-Star III | Non-recourse | Jun-40 | LIBOR + 1.66% | 105,653 | 49,211 | 148,232 | 60,806 | |||||||||||||||||||||
N-Star IV | — | — | — | — | — | 181,353 | 149,112 | |||||||||||||||||||||
N-Star V | Non-recourse | Sep-45 | LIBOR + 0.92% | 210,653 | 82,089 | 263,738 | 107,823 | |||||||||||||||||||||
N-Star VI | — | — | — | — | — | 284,623 | 221,306 | |||||||||||||||||||||
N-Star VII | — | — | — | — | — | 240,586 | 93,689 | |||||||||||||||||||||
N-Star VIII | — | — | — | — | — | 562,367 | 413,281 | |||||||||||||||||||||
N-Star IX | Non-recourse | Aug-52 | LIBOR + 0.40% | 660,119 | 236,069 | 674,723 | 244,248 | |||||||||||||||||||||
CSE CDO | Non-recourse | Jan-37 | LIBOR + 0.42% | 608,361 | 456,454 | 694,863 | 539,687 | |||||||||||||||||||||
CapLease CDO | — | — | — | — | — | 131,926 | 112,971 | |||||||||||||||||||||
Subtotal CDO bonds payable—VIE | 1,631,195 | 866,161 | 3,371,753 | 2,112,441 | ||||||||||||||||||||||||
Securitization bonds payable: | ||||||||||||||||||||||||||||
Securitization 2012-1 | Non-recourse | 29-Aug | LIBOR+1.62% (12) | 97,937 | 97,919 | 98,131 | 98,005 | |||||||||||||||||||||
Subtotal Securitization financing transaction | 97,937 | 97,919 | 98,131 | 98,005 | ||||||||||||||||||||||||
Secured term loan: | ||||||||||||||||||||||||||||
Term Asset-Backed Securities Loan Facility | — | — | — | — | — | 14,664 | 14,664 | |||||||||||||||||||||
Subtotal Secured term loan—VIE | — | — | 14,664 | 14,664 | ||||||||||||||||||||||||
Credit facilities: | ||||||||||||||||||||||||||||
CMBS Facility | Recourse | Oct-14(13) | 1.65%(14) | 8,744 | 8,744 | 31,238 | 31,238 | |||||||||||||||||||||
Loan Facility 1 | Partial Recourse(15) | Nov-15(16) | — (17) | — | — | 15,000 | 15,000 | |||||||||||||||||||||
Loan Facility 2 | Non-recourse | Jul-18(18) | 5.19%(19) | 14,850 | 14,850 | 14,850 | 14,850 | |||||||||||||||||||||
Loan Facility 3 | Partial Recourse(20) | Mar-18(21) | — (22) | — | — | — | — | |||||||||||||||||||||
Subtotal Credit facilities | 23,594 | 23,594 | 61,088 | 61,088 | ||||||||||||||||||||||||
Exchangeable senior notes:(23) | ||||||||||||||||||||||||||||
11.50% Notes(24) | — | — | — | — | — | 35,710 | 35,611 | |||||||||||||||||||||
7.25% Notes | Recourse | Jun-27(25) | 7.25% | 12,955 | 12,955 | 12,955 | 12,955 | |||||||||||||||||||||
7.50% Notes | Recourse | Mar-31(26) | 7.50% | 172,500 | 164,644 | 172,500 | 162,596 | |||||||||||||||||||||
8.875% Notes | Recourse | Jun-32(27) | 8.88% | 81,000 | 79,081 | 82,000 | 79,869 | |||||||||||||||||||||
5.375% Notes | Recourse | Jun-33(28) | 5.38% | 345,000 | 298,752 | — | — | |||||||||||||||||||||
Subtotal Exchangeable senior notes | 611,455 | 555,432 | 303,165 | 291,031 | ||||||||||||||||||||||||
Junior subordinated notes:(29) | ||||||||||||||||||||||||||||
Trust I | Recourse | Mar-35 | 8.15% | 41,240 | 30,311 | 41,240 | 31,549 | |||||||||||||||||||||
Trust II | Recourse | Jun-35 | 7.74% | 25,780 | 18,948 | 25,780 | 19,722 | |||||||||||||||||||||
Trust III | Recourse | Jan-36 | 7.81% | 41,238 | 30,310 | 41,238 | 31,547 | |||||||||||||||||||||
Trust IV | Recourse | Jun-36 | 7.95% | 50,100 | 36,824 | 50,100 | 38,326 | |||||||||||||||||||||
Trust V | Recourse | Sep-36 | LIBOR + 2.70% | 30,100 | 18,722 | 30,100 | 18,662 | |||||||||||||||||||||
Trust VI | Recourse | Dec-36 | LIBOR + 2.90% | 25,100 | 16,064 | 25,100 | 16,064 | |||||||||||||||||||||
Trust VII | Recourse | Apr-37 | LIBOR + 2.50% | 31,459 | 19,127 | 31,459 | 19,190 | |||||||||||||||||||||
Trust VIII | Recourse | Jul-37 | LIBOR + 2.70% | 35,100 | 21,973 | 35,100 | 22,113 | |||||||||||||||||||||
Subtotal Junior subordinated notes | 280,117 | 192,279 | 280,117 | 197,173 | ||||||||||||||||||||||||
Grand Total(30) | $ | 4,430,009 | $ | 3,521,096 | $ | 5,144,588 | $ | 3,790,072 | ||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||
-1 | Refer to Note 14 for further disclosure regarding derivative instruments which are used to manage interest rate exposure. | |||||||||||||||||||||||||||
-2 | For borrowings with a contractual interest rate based on LIBOR, represents three-month LIBOR for N-Star CDO I, the CSE CDO and the Wakefield Portfolio and one-month LIBOR for the other borrowings. | |||||||||||||||||||||||||||
-3 | Carrying value represents fair value with respect to CDO bonds payable (excluding CapLease CDO bonds payable for which the fair value option was not elected) and junior subordinated notes due to the election of the fair value option (refer to Note 13) and amortized cost with regards to the other borrowings. | |||||||||||||||||||||||||||
-4 | Mortgage and other notes payable are subject to customary non-recourse carveouts. | |||||||||||||||||||||||||||
-5 | Represents two separate senior mortgage notes both maturing in January 2023 with a weighted average interest rate of 4.387%. | |||||||||||||||||||||||||||
-6 | Represents eight separate senior mortgage notes all maturing in May 2023 with a weighted average interest rate of 4.016%. | |||||||||||||||||||||||||||
-7 | The initial maturity date is May 31, 2016, subject to two one-year extensions at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. | |||||||||||||||||||||||||||
-8 | Represents a preferred equity borrowing previously eliminated in consolidation that was recorded at fair value. | |||||||||||||||||||||||||||
-9 | Represents a mezzanine loan on the net lease property. | |||||||||||||||||||||||||||
-10 | Represents seven separate senior mortgage notes, five maturing in May 2023 and two maturing in July 2023 with a weighted average interest rate of 4.03%. | |||||||||||||||||||||||||||
-11 | Represents two separate senior mortgage notes both maturing in July 2023 with a weighted average interest rate of 4.28%. | |||||||||||||||||||||||||||
-12 | Contractual interest rate represents a weighted average spread. | |||||||||||||||||||||||||||
-13 | The initial maturity date is October 28, 2013, subject to a one-year extension at the option of the Company. The facility was repaid in October 2013. | |||||||||||||||||||||||||||
-14 | Contractual interest rate equals a per annum pricing rate of 1.65%, subject to adjustment. The Company paid an upfront fee of 0.5% based on the total commitment and does not incur any non-utilization fees. | |||||||||||||||||||||||||||
-15 | Recourse solely with respect to 25% of "core" assets and 100% of "flex" assets, which may only represent 25% of the total credit facility, as such terms are defined in the governing documents. | |||||||||||||||||||||||||||
-16 | The initial maturity date is November 22, 2013, subject to two one-year extensions at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. | |||||||||||||||||||||||||||
-17 | The weighted average contractual interest rate varies based on collateral type and ranges from one-month LIBOR plus 2.25% to 3.00%. | |||||||||||||||||||||||||||
-18 | The initial maturity date is July 30, 2015, with three one-year extensions at the Company's option, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. | |||||||||||||||||||||||||||
-19 | Represents the weighted average contractual interest rate as of September 30, 2013, which varies based on the asset type and characteristics and ranges from one-month LIBOR plus 3.95% to 5.95%. | |||||||||||||||||||||||||||
-20 | Recourse solely with respect to certain types of loans as defined in the governing documents. | |||||||||||||||||||||||||||
-21 | The initial maturity is March 11, 2014, with four one-year extensions. | |||||||||||||||||||||||||||
-22 | Contractual interest rate varies based on collateral type and ranges from one-month LIBOR plus 2.50% to 5.00%. | |||||||||||||||||||||||||||
-23 | Principal amount differs from carrying value on the consolidated balance sheets due to the unamortized discount associated with the equity component of the notes. | |||||||||||||||||||||||||||
-24 | Paid off at par at maturity in June 2013. | |||||||||||||||||||||||||||
-25 | The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2014. | |||||||||||||||||||||||||||
-26 | The holders have repurchase rights which may require the Company to repurchase the notes on March 15, 2016. | |||||||||||||||||||||||||||
-27 | The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2019. | |||||||||||||||||||||||||||
-28 | The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2023 and June 15, 2028. | |||||||||||||||||||||||||||
-29 | Junior subordinated notes Trusts I, II, III and IV have a fixed interest rate for the first ten years after which the interest rate will float and reset quarterly at rates ranging from three-month LIBOR plus 2.50% to 2.90%. | |||||||||||||||||||||||||||
-30 | The change from prior year is the result of deconsolidation of certain N-Star CDOs and the liquidation of N-Star CDO II. Refer to Note 3 for further disclosure. | |||||||||||||||||||||||||||
The following table presents scheduled principal on borrowings, based on final maturity as of September 30, 2013 (dollars in thousands): | ||||||||||||||||||||||||||||
Total | Mortgage | CDO Bonds | Securitization | Credit | Exchangeable | Junior | ||||||||||||||||||||||
and Other Notes | Payable | Bonds Payable | Facilities | Senior Notes(1) | Subordinated | |||||||||||||||||||||||
Payable | Notes | |||||||||||||||||||||||||||
October 1 - December 31, 2013 | $ | 2,565 | $ | 2,565 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
2014 | 67,287 | 45,588 | — | — | 8,744 | 12,955 | — | |||||||||||||||||||||
2015 | 130,437 | 130,437 | — | — | — | — | — | |||||||||||||||||||||
2016 | 298,749 | 126,249 | — | — | — | 172,500 | — | |||||||||||||||||||||
2017 | 278,236 | 278,236 | — | — | — | — | — | |||||||||||||||||||||
Thereafter | 3,652,735 | 1,202,636 | 1,631,195 | 97,937 | 14,850 | 426,000 | 280,117 | |||||||||||||||||||||
Total | $ | 4,430,009 | $ | 1,785,711 | $ | 1,631,195 | $ | 97,937 | $ | 23,594 | $ | 611,455 | $ | 280,117 | ||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||
-1 | The 7.25% Notes, 7.50% Notes, 8.875% Notes and 5.375% Notes have a final maturity date of June 15, 2027, March 15, 2031, June 15, 2032 and June 15, 2033, respectively. The above table reflects the holders' repurchase rights which may require the Company to repurchase the 7.25% Notes, 7.50% Notes, 8.875% Notes and 5.375% Notes on June 15, 2014, March 15, 2016, June 15, 2019 and June 15, 2023, respectively. | |||||||||||||||||||||||||||
Securitization 2012-1 | ||||||||||||||||||||||||||||
In November 2012, the Company entered into a $351.4 million securitization financing transaction ("Securitization 2012-1") collateralized by CRE debt investments originated by the Company and on behalf of NorthStar Income. The Company contributed five CRE debt investments with a $152.2 million aggregate principal amount and retained an equity interest of $54.1 million. A total of $227.5 million of permanent, non-recourse, non-mark-to-market investment grade bonds were issued, of which $98.1 million financed the CRE debt investments contributed by the Company, representing an advance rate of 65% at a weighted average coupon of LIBOR plus 1.63%. The Company used the proceeds to repay $95.1 million of borrowings on its loan facilities. | ||||||||||||||||||||||||||||
The retained equity interests of the Company and NorthStar Income are held by a general partnership and both the Company and NorthStar Income are the general partners ("Financing JV"). The Company evaluated both Securitization 2012-1 and the Financing JV under the VIE model and concluded that both entities were considered voting interest entities. The Company first determined that the retained interests and the issued senior beneficial interests represented variable interests in Securitization 2012-1. The Company then determined that the entities were not VIEs as the equity investors have the characteristics of a controlling financial interest and there is sufficient equity at risk for the entities to finance their activities without additional subordinated financial support from other parties. The power to direct the activities most significant to economic performance is through the special servicer who has the ability to manage the assets that are delinquent or in default. The bondholders have no control rights. Voting rights in both entities are in proportion to the economic interests. The retained interests in Securitization 2012-1 appoint the special servicer, providing the power to the equity investment at risk via voting rights held by the Financing JV. Furthermore, each of the partners retained the economic interests in its own loans as if the loans have been securitized on a stand-alone basis. All distributions on the retained interests occur after the third party bonds have received their contractual principal and interest payments. Shortfalls are borne by the retained interests and any losses will be absorbed first by the respective owner of such loans. Based on the preceding analysis, the Company concluded that the structures did not possess characteristics of a VIE and were voting interest entities. | ||||||||||||||||||||||||||||
The Company is the designated member of the Financing JV. The entities are not consolidated due to the substantive participating and kick-out rights held by NorthStar Income. The transferred debt investments failed sale treatment under U.S. GAAP as the Company maintains effective control of its contributed assets. The Company records its respective CRE debt investments and securitization bonds payable on its consolidated balance sheets. | ||||||||||||||||||||||||||||
N-Star CDOs | ||||||||||||||||||||||||||||
In May 2013, the Company completed the redemption of the outstanding bonds of N-Star CDO II. The Company owned $70.9 million principal amount of bonds in N-Star CDO II that it repurchased in the open market at an aggregate purchase price of $36.0 million. The Company received $70.0 million in connection with the redemption of the repurchased N-Star CDO II bonds. The Company liquidated N-Star CDO II in the second quarter 2013 and recorded a realized gain of $7.0 million. In the third quarter 2013, the Company deconsolidated N-Star CDOs IV, VI, VII and VIII and the CapLease CDO which resulted in the deconsolidation of the respective CDO bonds payable. Refer to Note 3 for further disclosure. | ||||||||||||||||||||||||||||
Exchangeable Senior Notes | ||||||||||||||||||||||||||||
In June 2013, the Operating Partnership issued $300.0 million of 5.375% exchangeable senior notes ("5.375% Notes") which were offered in reliance on Section 4(a)(2) and Rule 144A of the Securities Act of 1933, as amended, for net proceeds of $290.5 million. The 5.375% Notes are senior unsecured obligations of the Operating Partnership. The 5.375% Notes have an initial exchange rate representing an exchange price of approximately $9.74 per share of the Company's common stock, subject to adjustment under certain circumstances. In July 2013, the Company issued an additional $45.0 million of the 5.375% Notes as a result of the full over-allotment option being settled. Net proceeds from the exercise of the over-allotment option was $43.7 million. | ||||||||||||||||||||||||||||
All of the Company's outstanding exchangeable senior notes contain unconditional guarantees by the Company, the Operating Partnership and/or NRFC Sub-REIT Corp., a wholly-owned subsidiary of the Operating Partnership ("Sub-REIT") on an unsecured and unsubordinated basis. | ||||||||||||||||||||||||||||
Credit Facilities | ||||||||||||||||||||||||||||
Loan Facilities | ||||||||||||||||||||||||||||
In November 2011, a subsidiary of the Company entered into a master repurchase and securities contract ("Loan Facility 1") of $100.0 million to finance the origination of CRE first mortgage loans. In connection with Loan Facility 1, the Company, together with the Operating Partnership, entered into a guaranty agreement, under which the Company and the Operating Partnership guarantee certain of the obligations under Loan Facility 1. Additionally, in connection with Loan Facility 1, Sub-REIT provided a pledge and security agreement over its interests in the borrowing subsidiary of the Company. Loan Facility 1 and related agreements contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. The Company has agreed to guarantee certain customary obligations under Loan Facility 1 if the Company or an affiliate of the Company engage in certain customary bad acts. | ||||||||||||||||||||||||||||
Loan Facility 1 and the CMBS Facility (as defined below) contain liquidity covenants that require maintenance of an aggregate of $45.0 million of unrestricted cash to provide credit support for the borrowings. In addition, Loan Facility 1 and the CMBS Facility require the maintenance of a loan-to-collateral value ratio that may require the Company to provide additional collateral or make cash payments. As of September 30, 2013, the Company was not required to post additional collateral or make cash payments to maintain such ratios. | ||||||||||||||||||||||||||||
In July 2012, a subsidiary of the Company entered into a credit and security agreement ("Loan Facility 2") of $40.0 million on a non-recourse basis, subject to certain exceptions, to finance first mortgage loans and senior loan participations secured by commercial real estate. In connection with Loan Facility 2, the Operating Partnership agreed to guarantee interest payments and the customary obligations under Loan Facility 2 if either the Company or its affiliates engage in certain customary bad acts. In addition, the Operating Partnership pledged its interests in the Company's borrowing subsidiary as collateral. Loan Facility 2 and related agreements contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. More specifically, the Operating Partnership must maintain at least $3.75 million and as much as $7.5 million in unrestricted cash, or other eligible investments, at all times during the term of Loan Facility 2. | ||||||||||||||||||||||||||||
In March 2013, a subsidiary of the Company entered into a master repurchase agreement ("Loan Facility 3") of $200.0 million to finance first mortgage loans and senior interests secured by commercial real estate. In connection with Loan Facility 3, the Company and the Operating Partnership entered into a guaranty agreement under which the Company and the Operating Partnership guaranty certain of the obligations under Loan Facility 3. Loan Facility 3 and related agreements contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. More specifically, the Company must maintain at least $20.0 million in unrestricted cash or cash equivalents at all times during the term of Loan Facility 3. In addition, the Company has agreed to guarantee certain customary obligations under Loan Facility 3 if the Company or an affiliate of the Company engage in certain customary bad acts. | ||||||||||||||||||||||||||||
As of September 30, 2013, the Company had $27.0 million principal amount of loans financed with $15.0 million on the loan facilities with $325.0 million of available borrowing under its loan facilities. | ||||||||||||||||||||||||||||
CMBS Facility | ||||||||||||||||||||||||||||
In October 2011, a subsidiary of the Company entered into a master repurchase and securities contract ("CMBS Facility") of $100.0 million to finance the acquisition of AAA/Aaa rated CMBS investments. In connection with the CMBS Facility, the Company, together with the Operating Partnership and the Sub-REIT (collectively, the "CMBS Guarantors"), provided a guaranty agreement under which the CMBS Guarantors guarantee the obligations under the CMBS Facility. The CMBS Facility and its related agreement contains representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of this type. | ||||||||||||||||||||||||||||
As of September 30, 2013, the Company has $9.9 million principal amount of CMBS financed with $8.7 million on the CMBS Facility. The CMBS Facility was repaid in October 2013. | ||||||||||||||||||||||||||||
Summary of Credit Facilities | ||||||||||||||||||||||||||||
During the initial term, all of the credit facilities act as revolving credit facilities that can be paid down as assets payoff and re-drawn upon for new investments. As of September 30, 2013, the Company was in compliance with all of its financial covenants. |
Related_Party_and_Sponsored_Co
Related Party and Sponsored Company Arrangements | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party and Sponsored Company Arrangements | ' |
Related Party and Sponsored Company Arrangements | |
Commission Income and Expense | |
Commission income represents income earned by the Company for selling equity in Sponsored Companies through NorthStar Realty Securities. Pursuant to dealer manager agreements between NorthStar Realty Securities and the Sponsored Companies, the Company receives selling commissions of up to 7% of gross offering proceeds raised. The Company reallows all selling commissions earned to participating broker-dealers. In addition, the Company also receives a dealer manager fee of up to 3% of gross offering proceeds raised, a portion of which may be reallowed to participating broker-dealers. Commission expense represents fees to participating broker-dealers with whom the Company has selling agreements and commissions to employees of NorthStar Realty Securities. For the nine months ended September 30, 2013 and 2012, commission expense was $46.5 million and $25.5 million, respectively, of which $6.4 million and $3.6 million, respectively, related to employees of NorthStar Realty Securities. | |
Advisory and Other Fees | |
The Company has agreements with each of its Sponsored Companies to manage their day-to-day affairs, including identifying, originating and acquiring investments on their behalf and earning fees for its services. For the three months ended September 30, 2013 and 2012, the Company earned $6.8 million and $1.5 million of fees related to these agreements, respectively. For the nine months ended September 30, 2013 and 2012, the Company earned $17.1 million and $4.8 million of fees on these agreements, respectively. In general, the Company may determine to defer fees or seek reimbursement, subject to compliance with applicable policies. From inception through September 30, 2013, the Company deferred $0.5 million of acquisition fees and $0.3 million of disposition fees related to NorthStar Income. | |
Additionally, the Company incurs direct and indirect costs on behalf of its Sponsored Companies which are expected to be reimbursed subsequently to the Company. As of September 30, 2013 and December 31, 2012, the Company had aggregate unreimbursed costs of $16.9 million and $11.6 million, respectively, from its Sponsored Companies. These amounts are recorded as receivables, related parties on the consolidated balance sheets. For the nine months ended September 30, 2013, the Company received $9.7 million of reimbursements from its Sponsored Companies. | |
The Company earns collateral management fees from its CDOs. For the three months ended September 30, 2013 and 2012, the Company earned $3.1 million and $3.5 million in fee income, respectively. For the nine months ended September 30, 2013 and 2012, the Company earned $12.6 million and $11.0 million in fee income, respectively. All amounts were eliminated in consolidation as all of the Company's CDOs were consolidated prior to the third quarter 2013. | |
Sponsored Companies | |
The Company committed to purchase up to $10.0 million in shares of each of its Sponsored Companies common stock during the two year period from when each offering was declared effective, in the event that Sponsored Company's distributions to its stockholders exceeds its modified funds from operations ("MFFO") (as defined in accordance with the current practice guidelines issued by the Investment Program Association). | |
With respect to NorthStar Income, the Company purchased an aggregate of 507,980 shares of NorthStar Income's common stock for $4.6 million from inception of NorthStar Income through the termination of the agreement which ended on July 19, 2013. | |
In connection with the commitment with NorthStar Healthcare, the Company purchased 225,292 shares of its common stock (including 222,223 shares for the satisfaction of the minimum offering amount) for $2.0 million. In August 2013, NorthStar Healthcare was deconsolidated as the Company no longer owns a majority voting interest. The commitment with NorthStar Healthcare ends in August 2014, unless extended by the Company in its discretion. | |
In connection with the commitment with NorthStar Income II, in September 2013, the Company satisfied NorthStar Income II's minimum offering amount as a result of the purchase of 222,223 shares of its common stock for $2.0 million. The Company currently consolidates NorthStar Income II based on its majority voting interest in the entity. The Company expects to deconsolidate NorthStar Income II as additional capital is raised and the Company no longer owns a majority voting interest. The commitment with NorthStar Income II ends in May 2015, unless extended by the Company in its discretion. | |
In 2013, the Company sold an $11.3 million first mortgage loan originated by the Company to NorthStar Healthcare. Subsequent to quarter end, the Company sold a memory care facility acquired by the Company in 2013 to NorthStar Healthcare at cost (refer to Note 4). In the third quarter 2013, the Company sold a $2.0 million pari passu participation in a first mortgage loan originated by the Company to NorthStar Income II. | |
Securitization 2012-1 | |
The Company entered into an agreement with NorthStar Income that provides that both the Company and NorthStar Income receive the economic benefit and bear the economic risk associated with the investments each contributed into Securitization 2012-1. In both cases, the respective retained equity interest of the Company and NorthStar Income is subordinate to interests of the senior bondholders of Securitization 2012-1 and the senior bondholders have no recourse to the general credit of the Company or NorthStar Income. In the event that either the Company or NorthStar Income suffer a complete loss of their retained equity interests in Securitization 2012-1, any additional losses would be borne by the remaining retained equity interests held by the Company or NorthStar Income, as the case may be, prior to the senior bondholders. | |
Securitization 2013-1 | |
In August 2013, the Company bifurcated three first mortgage loans with an aggregate principal amount of $141.7 million into senior loans of $79.1 million and subordinate mortgage interests of $62.6 million to facilitate the financing of the senior loans into Securitization 2013-1, a securitization financing transaction entered into by NorthStar Income. The Company transferred three senior loans at cost to Securitization 2013-1. The Company did not retain any interest in the senior loans and retained the subordinate mortgage interests on an unleveraged basis. The sale of the senior loans obtained sale treatment under U.S. GAAP as the Company no longer maintains effective control of its transferred assets. | |
Legacy Fund | |
The Company has two CRE debt investments with a subsidiary of Legacy Partners Realty Fund I, LLC (the "Legacy Fund"), as borrower. One of the Company's directors, Preston Butcher, is the chairman of the board of directors and chief executive officer and owns a significant interest in Legacy Partners Commercial, LLC, which indirectly owns an equity interest in, and owns the manager of, the Legacy Fund. One loan of $16.4 million matures in March 2014 and has a one-year extension option. The interest rate is one-month LIBOR plus 7.50%, of which one-month LIBOR plus 3.00% is current pay. The other loan of $23.2 million matures in January 2015 and has an interest rate of one-month LIBOR plus 3.50%. For the three months ended September 30, 2013 and 2012, the Company earned an aggregate $0.5 million of interest income for both periods. For the nine months ended September 30, 2013 and 2012, the Company earned an aggregate $1.6 million of interest income for both periods. On September 30, 2013, the Company deconsolidated certain of the N-Star CDOs and as a result no longer records these loans on its consolidated balance sheets (refer to Note 3). | |
Furthermore, in February 2013, NorthStar Income made a $91.0 million loan to the Legacy Fund. In connection with this loan, the Company acting in its capacity as the advisor to NorthStar Income, received a customary 1.0% origination fee and further earns an annual asset management fee of 1.25%. In addition, the Company leases office space in Colorado with an affiliate of the Legacy Fund under an operating lease with annual lease payments of approximately $0.2 million through December 31, 2016. The Company has the option to renew the lease for an additional five years. |
EquityBased_Compensation
Equity-Based Compensation | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Equity-Based Compensation | ' | |||||||||||||
Equity-Based Compensation | ||||||||||||||
Omnibus Stock Incentive Plan | ||||||||||||||
In September 2004, the board of directors of the Company adopted the NorthStar Realty Finance Corp. 2004 Omnibus Stock Incentive Plan and such plan, as amended and restated, was further adopted by the board of directors of the Company on April 17, 2013 and approved by the stockholders on May 29, 2013 (the "Stock Incentive Plan"). The Stock Incentive Plan provides for the issuance of stock-based incentive awards, including incentive stock options, non-qualified stock options, stock appreciation rights, shares of common stock of the Company, in the form of restricted shares and other equity-based awards such as limited partnership interests in the Operating Partnership which are structured as profits interests ("LTIP Units") or any combination of the foregoing. LTIP Unit holders are entitled to dividends on the entire grant beginning on the date of grant. The eligible participants in the Stock Incentive Plan include directors, officers, employees, consultants and advisors of the Company. | ||||||||||||||
An aggregate of 15,599,342 shares of common stock of the Company are currently reserved pursuant to the Stock Incentive Plan, subject to equitable adjustment upon the occurrence of certain corporate events. 9,202,026 LTIP Units have been issued, of which 2,771,974 LTIP Units remain subject to vesting. | ||||||||||||||
The following table presents the status of all LTIP Unit grants as of September 30, 2013 and December 31, 2012 (units in thousands): | ||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||
LTIP Unit | Weighted | LTIP Unit | Weighted | |||||||||||
Grants(2) | Average | Grants | Average | |||||||||||
Grant Price | Grant Price | |||||||||||||
Beginning balance(1) | 6,228 | $ | 7.66 | 4,208 | $ | 7.53 | ||||||||
Granted | 4,332 | 8.1 | 2,306 | 5.59 | ||||||||||
Converted to common stock | (1,326 | ) | 7.91 | (277 | ) | 11.09 | ||||||||
Forfeited | (2 | ) | 5.38 | (9 | ) | 5.38 | ||||||||
Ending Balance/Weighted Average | 9,232 | $ | 7.83 | 6,228 | $ | 7.66 | ||||||||
____________________________________________________________ | ||||||||||||||
-1 | Reflects the balance as of January 1, 2013 and 2012 for the periods ended September 30, 2013 and December 31, 2012, respectively. | |||||||||||||
-2 | Includes 698,142 LTIP Units issued in connection with the NorthStar Realty Finance Corp. 2004 Long-Term Incentive Bonus Plan of which 667,509 LTIP Units have been converted. | |||||||||||||
The Company recognized equity-based compensation expense related to these awards of $2.3 million and $1.1 million for the three months ended September 30, 2013 and 2012, respectively, and equity-based compensation expense of $10.6 million and $4.9 million for the nine months ended September 30, 2013 and 2012, respectively. As of September 30, 2013, the related equity-based compensation expense to be recognized over the remaining vesting period through April 2017 is $15.6 million, provided there are no forfeitures. | ||||||||||||||
Incentive Compensation Plan | ||||||||||||||
The compensation committee of the board of directors (the "Committee") of the Company approved the material terms of the NorthStar Realty Finance Corp. Executive Incentive Bonus Plan for the Company's executive officers and other employees (the "Plan"). Pursuant to the Plan, a potential incentive compensation pool is expected to be established each calendar year. The size of the incentive pool will be calculated as the sum of: (a) 1.75% of the Company's "adjusted equity capital" for the year; and (b) 25% of the Company's adjusted funds from operations, as adjusted, above a 9% return hurdle on adjusted equity capital. Payout from the incentive pool is subject to achievement of additional performance goals summarized below. | ||||||||||||||
The incentive pool is expected to be divided into the following three separate incentive compensation components: (a) an annual cash bonus, tied to annual performance of the Company and paid prior to or shortly after completion of the year-end audit ("Annual Bonus"); (b) a deferred cash bonus, determined based on the same year's performance, but paid 50% following the close of each of the first and second years after such incentive pool is determined, subject to the participant's continued employment through each payment date ("Deferred Cash Bonus"); and (c) a long-term incentive in the form of restricted stock units ("RSUs") and/or LTIP Units. RSUs are subject to the Company achieving cumulative performance hurdles and/or target stock prices established by the Committee for a three- or four-year period, subject to the participant's continued employment through the payment date. Upon the conclusion of the applicable performance period, each executive officer will receive a payout, if any, equal to the value of one share of common stock at the time of such payout, including the dividends paid with respect to a share of common stock following the first year of the applicable performance period, for each RSU actually earned (the "Long-Term Amount Value"). The Long-Term Amount Value, if any, will be paid in the form of shares of common stock or LTIP Units to the extent available under the Company's equity compensation plans or, if all or a portion of such shares or LTIP Units are not available, in cash (the "Long Term Amount Payout"). | ||||||||||||||
The Committee evaluates the Plan on an annual basis and considers alternatives to the foregoing as the Committee deems appropriate and in the best interests of the Company. Performance goals for each component will be set by the Committee at the beginning of each subsequent calendar year for each new cycle. The goals will generally be divided into ranges of performance, each of which will correspond to a payout level equal to a percentage of a participant's pool allocation for such component. | ||||||||||||||
In connection with the 2009 Plan, the Company issued 3,147,454 RSUs to executive officers which vested subject to the Company achieving cumulative performance hurdles and/or target stock prices for the three-year period ended December 31, 2011. The Company determined in 2011 that the performance hurdle was reached which entitled the recipients to 100% of the RSUs granted. The Company did not have a sufficient amount of common stock or LTIP Units available, and as a result, 2,609,074 RSUs were settled in cash in February 2012. 538,380 RSUs were not settled until December 2012, subject to continued employment of certain executive officers through such date. The Company recognized compensation expense of $0.1 million and $0.9 million for the three and nine months, respectively, ended September 30, 2012 and such RSUs were settled in cash for $1.4 million in December 2012. | ||||||||||||||
In connection with the 2010 Plan, the Company issued 2,209,999 RSUs to executive officers which vest subject to the Company achieving cumulative performance hurdles and/or target stock prices for the three-year period ending December 31, 2012. The Company determined in the fourth quarter of 2011 the performance hurdle was reached entitling the recipients to 100% of the RSUs granted, and accordingly recorded a cumulative catch up adjustment of $3.6 million to compensation expense based on the stock price at the grant date. For the three and nine months ended September 30, 2012, the Company recognized equity-based compensation expense of $1.4 million and $4.3 million, respectively, and the award was fully amortized by December 31, 2012. In achievement of the performance hurdles, the Company issued 2,209,999 LTIP Units to executive officers in February 2013. | ||||||||||||||
In connection with the 2011 Plan, the Company issued 1,525,797 RSUs to executive officers which vest subject to the Company achieving target stock prices for the four-year period ending December 31, 2014. The Company does not yet know whether it is probable that such measure will be achieved and that such RSUs will be earned. The fair value of the grant is being amortized into equity-based compensation expense over the performance period. For the three months ended September 30, 2013 and 2012, the Company recognized compensation expense of $0.4 million for both periods. For the nine months ended September 30, 2013 and 2012, the Company recognized compensation expense of $1.1 million and $0.9 million, respectively. Upon conclusion of the applicable performance period, each executive officer will receive the Long Term Amount Payout (if earned). At the same time, the Company granted 1,525,797 LTIP Units to executive officers which vest to the recipient at a rate of four annual installments ending January 29, 2015 and which may not be sold prior to January 1, 2015. The Company also granted 606,257 LTIP Units (net of forfeitures) to certain non-executive employees, which vest quarterly over three years beginning April 2012. | ||||||||||||||
In connection with the 2012 Plan, the Company issued 1,409,682 RSUs to executive officers, subject to the Company achieving target stock prices for the four-year period ending December 31, 2015. The Company does not yet know whether it is probable that such measure will be achieved and that such RSUs will be earned. The fair value of the grant is being amortized into equity-based compensation expense over the performance period. For the three and nine months ended September 30, 2013, the Company recognized compensation expense of $0.8 million and $1.9 million, respectively. Upon conclusion of the applicable performance period, each executive officer will receive the Long Term Amount Payout (if earned). At the same time, the Company granted 1,409,682 LTIP Units to executive officers which vest to the recipient at a rate of four annual installments ending January 29, 2016 and which may not be sold prior to December 31, 2015. The Company also granted 581,607 LTIP Units to certain non-executive employees, which vest quarterly over three years beginning April 2013. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||||||||
Stockholders' Equity | |||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
In February 2013, the Company issued 34.5 million shares of its common stock at a public offering price of $8.39 per share, which includes the full over-allotment option exercised by the underwriters of the offering. The net proceeds to the Company were $280.2 million. | |||||||||||||||||||||||
In August 2013, the Company issued 40.3 million shares of its common stock at a public offering price of $9.60 per share, which includes the full over-allotment option exercised by the underwriter of the offering. The net proceeds to the Company were $376.1 million. | |||||||||||||||||||||||
Preferred Stock Offering | |||||||||||||||||||||||
In April 2013, the Company issued 8.0 million shares of its new 8.50% Series D Cumulative Redeemable Preferred Stock ("Series D Preferred Stock"), including the over-allotment option, for net proceeds of $193.3 million. | |||||||||||||||||||||||
Dividend Reinvestment Plan | |||||||||||||||||||||||
In April 2007, as amended effective January 1, 2012, the Company implemented a Dividend Reinvestment Plan (the "DRP"), pursuant to which it registered with the SEC and reserved for issuance 14,279,846 shares of its common stock. Pursuant to the amended terms of the DRP, stockholders are able to automatically reinvest all or a portion of their dividends for additional shares of the Company's common stock. The Company expects to use the proceeds from the DRP for general corporate purposes. For the nine months ended September 30, 2013, the Company issued 20,438 shares of its common stock pursuant to the DRP for gross sales proceeds of $0.2 million. | |||||||||||||||||||||||
Dividends | |||||||||||||||||||||||
The following table presents dividends declared (on a per share basis) for the nine months ended September 30, 2013: | |||||||||||||||||||||||
Common Stock | Preferred Stock | ||||||||||||||||||||||
Dividend | |||||||||||||||||||||||
Declaration | Dividend | Declaration | Series A | Series B | Series C | Series D | |||||||||||||||||
Date | Date | ||||||||||||||||||||||
February 13 | $ | 0.18 | February 1 | $ | 0.54688 | $ | 0.51563 | $ | 0.76424 | NA | |||||||||||||
May 1 | $ | 0.19 | May 1 | $ | 0.54688 | $ | 0.51563 | $ | 0.55469 | $ | 0.2066 | ||||||||||||
31-Jul | $ | 0.2 | 31-Jul | $ | 0.54688 | $ | 0.51563 | $ | 0.55469 | $ | 0.53125 | ||||||||||||
Earnings Per Share | |||||||||||||||||||||||
The following table presents earnings per share ("EPS") for the three and nine months ended September 30, 2013 and 2012 (dollars and shares in thousands, except per share data): | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders | $ | (151,027 | ) | $ | (149,578 | ) | $ | (127,031 | ) | $ | (261,007 | ) | |||||||||||
Net income (loss) attributable to LTIP Units non-controlling interest | (6,296 | ) | (7,059 | ) | (5,184 | ) | (12,726 | ) | |||||||||||||||
Net income (loss) attributable to common stockholders and LTIP Units(1) | $ | (157,323 | ) | $ | (156,637 | ) | $ | (132,215 | ) | $ | (273,733 | ) | |||||||||||
Denominator:(2) | |||||||||||||||||||||||
Weighted average shares of common stock | 222,206 | 134,272 | 199,410 | 120,491 | |||||||||||||||||||
Weighted average LTIP Units(1) | 9,263 | 6,337 | 9,140 | 5,955 | |||||||||||||||||||
Weighted average shares of common stock and LTIP Units | 231,469 | 140,609 | 208,550 | 126,446 | |||||||||||||||||||
Earnings (loss) per share: | |||||||||||||||||||||||
Basic | $ | (0.68 | ) | $ | (1.11 | ) | $ | (0.63 | ) | $ | (2.16 | ) | |||||||||||
Diluted | $ | (0.68 | ) | $ | (1.11 | ) | $ | (0.63 | ) | $ | (2.16 | ) | |||||||||||
____________________________________________________________ | |||||||||||||||||||||||
-1 | The EPS calculation takes into account LTIP Units which receive non-forfeitable dividends from the date of grant, share equally in the Company's net income (loss) and convert on a one-for-one basis into common stock. | ||||||||||||||||||||||
-2 | Excludes the effect of exchangeable senior notes and certain warrants outstanding and exercisable that were not dilutive as of September 30, 2013. These instruments could potentially impact diluted EPS in future periods, depending on changes in the Company's stock price and other factors. |
Noncontrolling_Interests
Non-controlling Interests | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||||||
Non-controlling Interests | ' | |||||||||||||||
Non-controlling Interests | ||||||||||||||||
Operating Partnership | ||||||||||||||||
Non-controlling interests includes the aggregate LTIP Units held by limited partners (the "Unit Holders") in the Operating Partnership. Net income (loss) attributable to the non-controlling interest is based on the weighted average Unit Holders' ownership percentage of the Operating Partnership for the respective period. The issuance of additional common stock or LTIP Units changes the percentage ownership of both the Unit Holders and the Company. Since a unit is generally redeemable for cash or common stock at the option of the Company, it is deemed to be equivalent to common stock. Therefore, such transactions are treated as capital transactions and result in an allocation between stockholders' equity and non-controlling interests in the accompanying consolidated balance sheets to account for the change in the ownership of the underlying equity in the Operating Partnership. As of September 30, 2013 and December 31, 2012, LTIP Units of 9,232,660 and 6,228,727 were outstanding, respectively, representing a 3.7% non-controlling interest in the Operating Partnership for both periods. Net income (loss) attributable to the Operating Partnership non-controlling interest for the three months ended September 30, 2013 and 2012 was a loss of $6.3 million and $7.1 million, respectively. Net income (loss) attributable to the Operating Partnership non-controlling interest for the nine months ended September 30, 2013 and 2012 was a loss of $5.2 million and $12.7 million, respectively. | ||||||||||||||||
Other | ||||||||||||||||
The Company has non-controlling interests in various real estate investments that represent third-party equity interests in ventures that are consolidated with the Company's financial statements. In addition, through September 30, 2013, NorthStar Income II issued shares of common stock to third-parties, representing a non-controlling interest of 12.5%. The Company currently consolidates NorthStar Income II based on its majority voting interest in the entity. The Company expects to deconsolidate NorthStar Income II as additional capital is raised and the Company no longer owns a majority voting interest. | ||||||||||||||||
Net income (loss) attributable to the other non-controlling interests for the three months ended September 30, 2013 and 2012 was an immaterial amount and $0.6 million, respectively. Net income (loss) attributable to the other non-controlling interests for the nine months ended September 30, 2013 and 2012 was a loss of $0.3 million and $1.2 million, respectively. | ||||||||||||||||
The following table presents net income (loss) attributable to the Company's common stockholders for the three and nine months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Income (loss) from continuing operations | $ | (151,003 | ) | $ | (149,999 | ) | $ | (126,954 | ) | $ | (261,789 | ) | ||||
Income (loss) from discontinued operations | (24 | ) | 393 | (77 | ) | 483 | ||||||||||
Gain on sale from discontinued operations | — | 28 | — | 299 | ||||||||||||
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders | $ | (151,027 | ) | $ | (149,578 | ) | $ | (127,031 | ) | $ | (261,007 | ) |
Fair_Value
Fair Value | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||
Fair Value | ' | |||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||||||||||
The fair value of financial instruments is categorized based on the priority of the inputs to the valuation technique and categorized into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. | ||||||||||||||||||||||||||||
Financial assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: | ||||||||||||||||||||||||||||
Level 1. Quoted prices for identical assets or liabilities in an active market. | ||||||||||||||||||||||||||||
Level 2. Financial assets and liabilities whose values are based on the following: | ||||||||||||||||||||||||||||
(a)Quoted prices for similar assets or liabilities in active markets. | ||||||||||||||||||||||||||||
(b)Quoted prices for identical or similar assets or liabilities in non-active markets. | ||||||||||||||||||||||||||||
(c)Pricing models whose inputs are observable for substantially the full term of the asset or liability. | ||||||||||||||||||||||||||||
(d)Pricing models whose inputs are derived principally from or corroborated by observable market data | ||||||||||||||||||||||||||||
for substantially the full term of the asset or liability. | ||||||||||||||||||||||||||||
Level 3. Prices or valuation techniques based on inputs that are both unobservable and significant to the overall fair value measurement. | ||||||||||||||||||||||||||||
Determination of Fair Value | ||||||||||||||||||||||||||||
The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy. | ||||||||||||||||||||||||||||
Investments in Private Equity Funds | ||||||||||||||||||||||||||||
The Company accounts for PE Investments at fair value which is determined based on a valuation model using assumptions for the timing and amount of expected future cash flow for income and realization events for the underlying assets in the funds and discount rate. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 of the fair value hierarchy. The Company is not using the NAV (practical expedient) of the underlying funds for purposes of determining fair value. | ||||||||||||||||||||||||||||
Real Estate Securities | ||||||||||||||||||||||||||||
CRE securities are generally valued using a third-party pricing service or broker quotations. These quotations are not adjusted and are based on observable inputs that can be validated, and as such, are classified as Level 2 of the fair value hierarchy. Certain CRE securities may be valued based on a single broker quote or an internal price which may have less observable pricing, and as such, would be classified as Level 3 of the fair value hierarchy. Management determines the prices are representative of fair value through a review of available data, including observable inputs, recent transactions as well as its knowledge of and experience in the market. | ||||||||||||||||||||||||||||
N-Star CDO Bonds | ||||||||||||||||||||||||||||
The fair value of subordinate N-Star CDO bonds is determined using an internal price interpolated based on third party prices of the more senior N-Star CDO bonds of the respective CDO. For the remaining N-Star CDO bonds, fair value is determined using quotations from nationally recognized financial institutions that generally acted as underwriter for the transactions. These quotations are not adjusted and are generally based on a valuation model with observable inputs such as interest rate and other unobservable inputs for assumptions related to the timing and amount of expected future cash flow, discount rate, estimated prepayments and projected losses. All N-Star CDO bonds are classified as Level 3 of the fair value hierarchy. | ||||||||||||||||||||||||||||
N-Star CDO Equity | ||||||||||||||||||||||||||||
The fair value of N-Star CDO equity is determined based on a valuation model using assumptions for the timing and amount of expected future cash flow for income and realization events for the underlying collateral of these CDOs and discount rate. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 of the fair value hierarchy. | ||||||||||||||||||||||||||||
Derivative Instruments | ||||||||||||||||||||||||||||
Derivative instruments are valued using a third-party pricing service. These quotations are not adjusted and are generally based on valuation models with observable inputs such as interest rates and contractual cash flow, and as such, are classified as Level 2 of the fair value hierarchy. Derivative instruments are also assessed for credit valuation adjustments due to the risk of non-performance by the Company and derivative counterparties. However, since the majority of derivatives are held in non-recourse CDO financing structures where, by design, the derivative contracts are senior to all the CDO bonds payable, there is no material impact of a credit valuation adjustment. | ||||||||||||||||||||||||||||
CDO Bonds Payable | ||||||||||||||||||||||||||||
CDO bonds payable are valued using quotations from nationally recognized financial institutions that generally acted as underwriter for the transactions. These quotations are not adjusted and are generally based on a valuation model with observable inputs such as interest rate and other unobservable inputs for assumptions related to the timing and amount of expected future cash flow, discount rate, estimated prepayments and projected losses. CDO bonds payable are classified as Level 3 of the fair value hierarchy. | ||||||||||||||||||||||||||||
Junior Subordinated Notes | ||||||||||||||||||||||||||||
Junior subordinated notes are valued using quotations from nationally recognized financial institutions. These quotations are not adjusted and are generally based on a valuation model with observable inputs such as interest rate and other unobservable inputs for assumptions related to the implied credit spread of the Company's other borrowings and the timing and amount of expected future cash flow. Junior subordinated notes are classified as Level 3 of the fair value hierarchy. | ||||||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||||||
Financial assets and liabilities recorded at fair value on a recurring basis are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables present financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 by level within the fair value hierarchy (dollars in thousands): | ||||||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Investments in private equity funds, at fair value | $ | — | $ | — | $ | 624,652 | $ | 624,652 | ||||||||||||||||||||
Real estate securities, available for sale: | ||||||||||||||||||||||||||||
N-Star CDO bonds | — | — | 153,899 | 153,899 | ||||||||||||||||||||||||
N-Star CDO equity | — | — | 129,670 | 129,670 | ||||||||||||||||||||||||
CMBS and other securities | — | 20,919 | 25,560 | 46,479 | ||||||||||||||||||||||||
CRE securities in N-Star CDOs | ||||||||||||||||||||||||||||
CMBS | — | 559,531 | 49,620 | 609,151 | ||||||||||||||||||||||||
Third-party CDO notes | — | 960 | 24,090 | 25,050 | ||||||||||||||||||||||||
Agency debentures | — | 30,770 | — | 30,770 | ||||||||||||||||||||||||
Unsecured REIT debt | — | 9,526 | — | 9,526 | ||||||||||||||||||||||||
Trust preferred securities | — | — | 5,791 | 5,791 | ||||||||||||||||||||||||
Subtotal | — | 621,706 | 388,630 | 1,010,336 | ||||||||||||||||||||||||
Derivative assets | — | 6,393 | — | 6,393 | ||||||||||||||||||||||||
Total assets | $ | — | $ | 628,099 | $ | 1,013,282 | $ | 1,641,381 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
CDO bonds payable | $ | — | $ | — | $ | 866,161 | $ | 866,161 | ||||||||||||||||||||
Junior subordinated notes | — | — | 192,279 | 192,279 | ||||||||||||||||||||||||
Derivative liabilities | — | 68,892 | — | 68,892 | ||||||||||||||||||||||||
Total liabilities | $ | — | $ | 68,892 | $ | 1,058,440 | $ | 1,127,332 | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Real estate securities, available for sale: | ||||||||||||||||||||||||||||
CMBS | $ | — | $ | 703,327 | $ | 280,691 | $ | 984,018 | ||||||||||||||||||||
Third-party CDO notes | — | 420 | 47,816 | 48,236 | ||||||||||||||||||||||||
Unsecured REIT debt | — | 56,246 | 135 | 56,381 | ||||||||||||||||||||||||
Trust preferred securities | — | — | 9,571 | 9,571 | ||||||||||||||||||||||||
Agency debentures | — | 26,462 | — | 26,462 | ||||||||||||||||||||||||
Subtotal | — | 786,455 | 338,213 | 1,124,668 | ||||||||||||||||||||||||
Derivative assets | — | 6,229 | — | 6,229 | ||||||||||||||||||||||||
Total assets | $ | — | $ | 792,684 | $ | 338,213 | $ | 1,130,897 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
CDO bonds payable(1) | $ | — | $ | — | $ | 1,999,470 | $ | 1,999,470 | ||||||||||||||||||||
Junior subordinated notes | — | — | 197,173 | 197,173 | ||||||||||||||||||||||||
Derivative liabilities | — | 170,840 | — | 170,840 | ||||||||||||||||||||||||
Total liabilities | $ | — | $ | 170,840 | $ | 2,196,643 | $ | 2,367,483 | ||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||
-1 | Excludes CapLease CDO bonds payable for which the fair value option was not elected. | |||||||||||||||||||||||||||
The following table presents additional information about financial assets and liabilities which are measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands): | ||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||
Investments | Real Estate | CDO Bonds | Junior | Real Estate | CDO Bonds | Junior | ||||||||||||||||||||||
in Private | Securities | Payable | Subordinated | Securities | Payable | Subordinated | ||||||||||||||||||||||
Equity Funds | Notes | Notes | ||||||||||||||||||||||||||
Beginning balance(1) | $ | — | $ | 338,213 | $ | 1,999,470 | $ | 197,173 | $ | 422,607 | $ | 2,145,239 | $ | 157,168 | ||||||||||||||
Transfers into Level 3(2) | — | — | — | — | 84,871 | — | — | |||||||||||||||||||||
Transfers out of Level 3(2) | — | (133,667 | ) | — | — | (91,161 | ) | — | — | |||||||||||||||||||
Purchases / borrowings / amortization / contributions | 662,052 | 13,663 | 43,983 | — | 59,559 | 99,775 | ||||||||||||||||||||||
Sales | — | (40,509 | ) | — | — | (95,433 | ) | — | — | |||||||||||||||||||
Paydowns / distributions | (89,704 | ) | (35,410 | ) | (518,129 | ) | — | (80,911 | ) | (675,038 | ) | — | ||||||||||||||||
Repurchases | — | — | (32,719 | ) | — | — | (103,118 | ) | — | |||||||||||||||||||
Gains: | ||||||||||||||||||||||||||||
Equity in earnings of unconsolidated ventures | 52,304 | — | — | — | — | — | — | |||||||||||||||||||||
Unrealized gains included in earnings | — | 60,127 | — | (4,894 | ) | 59,048 | — | — | ||||||||||||||||||||
Realized gains included in earnings | — | 13,619 | — | — | 25,431 | — | — | |||||||||||||||||||||
Unrealized gain on real estate securities, available for sale included in OCI | — | 2,221 | — | — | 6,982 | — | — | |||||||||||||||||||||
Deconsolidation of N-Star CDOs(3) | — | 272,107 | (1,157,499 | ) | — | — | — | — | ||||||||||||||||||||
Losses: | ||||||||||||||||||||||||||||
Equity in losses of unconsolidated ventures | — | — | — | — | — | — | — | |||||||||||||||||||||
Unrealized losses included in earnings | — | (19,581 | ) | 105,359 | — | (47,795 | ) | 510,105 | 40,005 | |||||||||||||||||||
Realized losses included in earnings | — | (4,995 | ) | 19,445 | — | (4,416 | ) | 22,507 | — | |||||||||||||||||||
Unrealized losses on real estate securities, available for sale included in OCI | — | (4 | ) | — | — | (569 | ) | — | — | |||||||||||||||||||
Deconsolidation of N-Star CDOs(3) | — | (77,154 | ) | 406,251 | ||||||||||||||||||||||||
Ending balance | $ | 624,652 | $ | 388,630 | $ | 866,161 | $ | 192,279 | $ | 338,213 | $ | 1,999,470 | $ | 197,173 | ||||||||||||||
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held. | $ | — | $ | (9 | ) | $ | (35,530 | ) | $ | 4,894 | $ | 14,481 | $ | (320,134 | ) | $ | (40,005 | ) | ||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||
-1 | Represents the balance as of January 1, 2013 and 2012 for the periods ended September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||
-2 | Transfers between Level 2 and Level 3 represent a fair value measurement from a third-party pricing service or broker quotations that have become more or less observable during the period. Transfers are assumed to occur at the beginning of the year. | |||||||||||||||||||||||||||
-3 | Represents amounts recorded as a result of the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure. | |||||||||||||||||||||||||||
There were no transfers, other than those identified in the table above, during the periods ended September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||
The Company relies on the third-party pricing exception with respect to the requirement to provide quantitative disclosures about significant Level 3 inputs being used to determine fair value measurements related to CRE securities (including N-Star CDO bonds), CDO bonds payable and junior subordinated notes. The Company believes such pricing service or broker quotation for such items may be based on a market transaction of comparable securities, inputs including forecasted market rates, contractual terms, observable discount rates for similar securities and credit (such as credit support and delinquency rates). | ||||||||||||||||||||||||||||
For the nine months ended September 30, 2013, quantitative information about the Company's remaining Level 3 fair value measurements on a recurring basis are as follows: | ||||||||||||||||||||||||||||
Fair Value | Valuation Technique | Key Unobservable Inputs | Range | |||||||||||||||||||||||||
PE Investments | $ | 624,652 | Discounted Cash Flow Model | Discount Rate | 17% - 23% | |||||||||||||||||||||||
N-Star CDO equity | $ | 129,670 | Discounted Cash Flow Model | Discount Rate | 18% - 20% | |||||||||||||||||||||||
For the nine months ended September 30, 2013, non-recurring fair value measurements included one loan for which a provision for loan loss was recorded but is no longer recorded on the consolidated balance sheets due to the deconsolidation of certain N-Star CDOs (refer to Note 3). The key unobservable inputs used to determine the provision for loan loss included a 7.0% discount rate and a 5.0% capitalization rate. Additionally, in connection with the deconsolidation of certain N-Star CDOs, the Company recorded CRE debt investments, CDO bonds payable and a note payable at fair value related to amounts that previously eliminated in consolidation. The fair value was determined under the methodologies disclosed below. | ||||||||||||||||||||||||||||
Significant increases (decreases) in any one of the inputs described above in isolation may result in a significantly different fair value for the financial assets and liabilities utilizing such Level 3 inputs. | ||||||||||||||||||||||||||||
Fair Value Option | ||||||||||||||||||||||||||||
The Company has historically elected to apply the fair value option for the following financial assets and liabilities existing at the time of adoption or at the time the Company recognizes the eligible item for the purpose of consistent accounting application: CRE securities financed in N-Star CDOs; CDO bonds payable; and junior subordinated notes. Given the market volatility in the past few years, the Company has observed that the impact of electing the fair value option would generally result in additional variability to the Company's consolidated statements of operations which management believes is not a useful presentation for such financial assets and liabilities. Therefore, the Company more recently has not elected the fair value option for new investments in CRE securities and securitization financing transactions. The Company may elect the fair value option for certain of its financial assets or liabilities due to the nature of the instrument. In the case of PE Investments and N-Star CDO equity, the Company elected the fair value option because management believes it is a more useful presentation for such investments. The Company determined recording the PE Investments and N-Star CDO equity based on the change in fair value of projected future cash flow from one period to another better represents the underlying economics of the respective investment. | ||||||||||||||||||||||||||||
The following table presents the fair value of financial instruments for which the fair value option was elected as of September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Investments in private equity funds, at fair value | $ | 624,652 | $ | — | ||||||||||||||||||||||||
Real estate securities, available for sale:(1) | ||||||||||||||||||||||||||||
N-Star CDO equity | 129,670 | — | ||||||||||||||||||||||||||
CMBS and other securities | 30,209 | 20,668 | ||||||||||||||||||||||||||
CRE securities in N-Star CDOs | ||||||||||||||||||||||||||||
CMBS | 609,151 | 897,800 | ||||||||||||||||||||||||||
Third-party CDO notes | 25,050 | 25,756 | ||||||||||||||||||||||||||
Agency debentures | 30,770 | 26,462 | ||||||||||||||||||||||||||
Unsecured REIT debt | 9,526 | 56,381 | ||||||||||||||||||||||||||
Trust preferred securities | 5,791 | 9,571 | ||||||||||||||||||||||||||
Subtotal | 840,167 | 1,036,638 | ||||||||||||||||||||||||||
Total assets | $ | 1,464,819 | $ | 1,036,638 | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
CDO bonds payable(2) | $ | 866,161 | $ | 1,999,470 | ||||||||||||||||||||||||
Junior subordinated notes | 192,279 | 197,173 | ||||||||||||||||||||||||||
Total liabilities | $ | 1,058,440 | $ | 2,196,643 | ||||||||||||||||||||||||
___________________________________________________________ | ||||||||||||||||||||||||||||
-1 | September 30, 2013 excludes 32 CRE securities with an aggregate carrying value of $170.2 million for which the fair value option was not elected. December 31, 2012 excludes 21 CRE securities with an aggregate carrying value of $88.0 million for which the fair value option was not elected. | |||||||||||||||||||||||||||
-2 | December 31, 2012 excludes CapLease CDO bonds payable with a carrying value of $113.0 million for which the fair value option was not elected. | |||||||||||||||||||||||||||
The following table presents the difference between the fair value and the aggregate principal amount of liabilities, for which the fair value option has been elected as of September 30, 2013 (dollars in thousands): | ||||||||||||||||||||||||||||
Fair Value | Amount | Difference | ||||||||||||||||||||||||||
Due Upon | ||||||||||||||||||||||||||||
Maturity | ||||||||||||||||||||||||||||
CDO bonds payable | $ | 866,161 | $ | 1,631,195 | $ | (765,034 | ) | |||||||||||||||||||||
Junior subordinated notes | 192,279 | 280,117 | (87,838 | ) | ||||||||||||||||||||||||
Total | $ | 1,058,440 | $ | 1,911,312 | $ | (852,872 | ) | |||||||||||||||||||||
The Company attributes the change in the fair value of floating-rate liabilities to changes in instrument-specific credit spreads. For fixed-rate liabilities, the Company attributes the change in fair value to interest rate-related and instrument-specific credit spread changes. | ||||||||||||||||||||||||||||
Change in Fair Value Recorded in the Statements of Operations | ||||||||||||||||||||||||||||
The following table presents unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities in the consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2013(2) | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Real estate securities, available for sale | $ | (35,924 | ) | $ | 24,109 | $ | 86,344 | $ | 49,048 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
CDO bonds payable | 44,070 | (193,721 | ) | (105,359 | ) | (403,196 | ) | |||||||||||||||||||||
Junior subordinated notes | 28,338 | (20,726 | ) | 4,894 | (24,932 | ) | ||||||||||||||||||||||
Subtotal(1) | 36,484 | (190,338 | ) | (14,121 | ) | (379,080 | ) | |||||||||||||||||||||
Derivatives | (8,540 | ) | 6,871 | 29,661 | 27,166 | |||||||||||||||||||||||
Total | $ | 27,944 | $ | (183,467 | ) | $ | 15,540 | $ | (351,914 | ) | ||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||
-1 | Represents financial assets and liabilities for which the fair value option was elected. | |||||||||||||||||||||||||||
-2 | Includes a reversal of net unrealized gains from the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure. | |||||||||||||||||||||||||||
The remaining amount of unrealized gains (losses) on investments and other in the consolidated statements of operations relates to net cash payments on interest rate swaps (refer to Note 14). | ||||||||||||||||||||||||||||
As the value of the Company's outstanding CDO bonds payable increase towards par through a change in fair value, it generates an unrealized loss which is recorded in the consolidated statements of operations. For the three and nine months ended September 30, 2013, unrealized losses for CDO bonds payable attributable to paydowns at par, including the liquidation of N-Star CDO II and the deconsolidation of certain N-Star CDOs (refer to Notes 3 and 8) and repurchases were $8.5 million and $69.8 million, respectively. The remaining amount relates to the change in fair value. | ||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||||||
In addition to the above disclosures regarding financial assets or liabilities which are recorded at fair value, U.S. GAAP requires disclosure of fair value about all financial instruments. The following disclosure of estimated fair value of financial instruments was determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value. | ||||||||||||||||||||||||||||
The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||
Principal / | Carrying | Fair Value | Principal / | Carrying | Fair Value | |||||||||||||||||||||||
Notional | Value | Notional | Value | |||||||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||||||
Financial assets:(1) | ||||||||||||||||||||||||||||
Real estate debt investments, net | $ | 1,484,697 | $ | 1,177,517 | $ | 1,166,953 | $ | 2,371,464 | $ | 1,832,231 | $ | 1,763,851 | ||||||||||||||||
Real estate securities, available for sale(2) | 2,036,011 | 1,010,336 | 1,010,336 | 2,539,075 | 1,124,668 | 1,124,668 | ||||||||||||||||||||||
Derivative assets(2)(3) | 832,602 | 6,393 | 6,393 | 815,500 | 6,229 | 6,229 | ||||||||||||||||||||||
Financial liabilities:(1) | ||||||||||||||||||||||||||||
Mortgage and other notes payable | $ | 1,785,711 | $ | 1,785,711 | $ | 1,786,755 | $ | 1,015,670 | $ | 1,015,670 | $ | 1,034,428 | ||||||||||||||||
CDO bonds payable(2) | 1,631,195 | 866,161 | 866,161 | 3,371,753 | 2,112,441 | 2,108,817 | ||||||||||||||||||||||
Securitization bonds payable | 97,937 | 97,919 | 98,005 | 98,131 | 98,005 | 98,298 | ||||||||||||||||||||||
Credit facilities | 23,594 | 23,594 | 23,594 | 61,088 | 61,088 | 61,088 | ||||||||||||||||||||||
Secured term loan | — | — | — | 14,664 | 14,664 | 15,276 | ||||||||||||||||||||||
Exchangeable senior notes | 611,455 | 555,432 | 768,653 | 303,165 | 291,031 | 357,627 | ||||||||||||||||||||||
Junior subordinated notes(2) | 280,117 | 192,279 | 192,279 | 280,117 | 197,173 | 197,173 | ||||||||||||||||||||||
Derivative liabilities(2)(3) | 756,513 | 68,892 | 68,892 | 1,392,269 | 170,840 | 170,840 | ||||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||
-1 | The fair value of other financial instruments not included in this table is estimated to approximate their carrying value. | |||||||||||||||||||||||||||
-2 | Refer to the "Determination of Fair Value" above for disclosure of methodologies used to determine fair value. | |||||||||||||||||||||||||||
-3 | Derivative assets and liabilities exclude timing swaps with an aggregate notional amount of $28.0 million and $68.9 million as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||
Disclosure about fair value of financial instruments is based on pertinent information available to management as of the reporting date. Although management is not aware of any factors that would significantly affect fair value, such amounts have not been comprehensively revalued for purposes of these consolidated financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein. | ||||||||||||||||||||||||||||
Real Estate Debt Investments | ||||||||||||||||||||||||||||
For CRE debt investments, fair value was approximated by comparing the current yield to the estimated yield for newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment. Fair value was determined assuming fully-extended maturities regardless of structural or economic tests required to achieve such extended maturities. For any CRE debt investments that are deemed impaired, carrying value approximates fair value. These fair value measurements of CRE debt are generally based on unobservable inputs and, as such, are classified as Level 3 of the fair value hierarchy. | ||||||||||||||||||||||||||||
Mortgage and Other Notes Payable | ||||||||||||||||||||||||||||
For mortgage and other notes payable, the Company primarily uses rates currently available with similar terms and remaining maturities to estimate fair value. These measurements are determined using comparable U.S. Treasury rates as of the end of the reporting period. The fair value of the note payable assumed in deconsolidation of certain N-Star CDOs was determined based on comparing the current rate to the estimated rate for a newly originated mortgage loan with similar credit risk. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy. | ||||||||||||||||||||||||||||
Securitization Bonds Payable | ||||||||||||||||||||||||||||
Securitization bonds payable are valued using quotations from nationally recognized financial institutions that generally acted as underwriter for the transactions. These quotations are not adjusted and are generally based on observable inputs that can be validated, and as such, are classified as Level 2 of the fair value hierarchy. | ||||||||||||||||||||||||||||
Credit Facilities | ||||||||||||||||||||||||||||
The Company has amounts outstanding under one of its four credit facilities. All credit facilities bear floating rates of interest. As of the reporting date, the Company believes the carrying value approximates fair value. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy. | ||||||||||||||||||||||||||||
Secured Term Loan | ||||||||||||||||||||||||||||
Secured term loan represented the Company's Term Asset-Backed Securities Loan Facility borrowing. The estimated fair value was based on interest rates available for issuance of liabilities with similar terms and remaining maturities. This fair value measurement was based on observable inputs, and as such, was classified as Level 2 of the fair value hierarchy. | ||||||||||||||||||||||||||||
Exchangeable Senior Notes | ||||||||||||||||||||||||||||
For the exchangeable senior notes, the Company uses available market information, which includes quoted market prices or recent transactions, if available, to estimate their fair value and are, therefore, based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy. | ||||||||||||||||||||||||||||
The following table presents the exchangeable senior notes as of September 30, 2013 (dollars in thousands): | ||||||||||||||||||||||||||||
Principal | Carrying | Fair | ||||||||||||||||||||||||||
Amount | Value | Value | ||||||||||||||||||||||||||
7.25% Notes | $ | 12,955 | $ | 12,955 | $ | 13,199 | ||||||||||||||||||||||
7.50% Notes | 172,500 | 164,644 | 273,169 | |||||||||||||||||||||||||
8.875% Notes | 81,000 | 79,081 | 128,936 | |||||||||||||||||||||||||
5.375% Notes | 345,000 | 298,752 | 353,349 | |||||||||||||||||||||||||
Total | $ | 611,455 | $ | 555,432 | $ | 768,653 | ||||||||||||||||||||||
Risk_Management_and_Derivative
Risk Management and Derivative Activities | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Risk Management and Derivative Activities | ' | |||||||||||||||||
Risk Management and Derivative Activities | ||||||||||||||||||
Derivatives | ||||||||||||||||||
The Company uses derivative instruments primarily to manage interest rate risk and such derivatives are not considered speculative. These derivative instruments are typically in the form of interest rate swap agreements and the primary objective is to minimize interest rate risks associated with investment and financing activities. The counterparties of these arrangements are major financial institutions with which the Company may also have other financial relationships. The Company is exposed to credit risk in the event of non-performance by these counterparties and it monitors their financial condition; however, the Company currently does not anticipate that any of the counterparties will fail to meet their obligations. | ||||||||||||||||||
The following tables present derivative instruments that were not designated as hedges under U.S. GAAP as of September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||||
Number | Notional | Fair Value | Range of | Range of Maturity | ||||||||||||||
Amount(1) | Net Asset | Fixed LIBOR | ||||||||||||||||
(Liability) | ||||||||||||||||||
As of September 30, 2013: | ||||||||||||||||||
Interest rate swaps | 20 | $ | 756,513 | $ | (68,892 | ) | (2) | 4.55% ‑ 5.31% | May 2014 ‑ October 2019 | |||||||||
Interest rate caps/floors | 5 | 832,602 | 6,393 | 1.64% ‑ 6.00% | December 2013 - June 2018 | |||||||||||||
Total | 25 | $ | 1,589,115 | $ | (62,499 | ) | ||||||||||||
As of December 31, 2012: | ||||||||||||||||||
Interest rate swaps | 34 | $ | 1,392,269 | $ | (170,840 | ) | (2) | 4.55% - 5.63% | May 2013 - October 2019 | |||||||||
Interest rate caps/floors | 5 | 815,500 | 6,229 | 1.64% - 7.00% | January 2013(3) - October 2014 | |||||||||||||
Total | 39 | $ | 2,207,769 | $ | (164,611 | ) | ||||||||||||
____________________________________________________________ | ||||||||||||||||||
-1 | Excludes timing swaps with a notional amount of $28.0 million and $68.9 million as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||
-2 | All of the interest rate swaps were liabilities at period end and are only subject to the credit risks of the respective CDO transaction. As the interest rate swaps are senior to all the liabilities of the respective CDO and the fair value of each of the CDO's investments exceeded the fair value of the CDO's derivative liabilities, a credit valuation adjustment was not recorded. | |||||||||||||||||
-3 | Two floors with a total notional amount of $450.0 million were extended to July 2014. | |||||||||||||||||
The change in number and notional amount of interest rate swaps from December 31, 2012 primarily relates to the deconsolidation of certain N-Star CDOs (refer to Note 3) and contractual notional amortization. The Company had no derivative financial instruments that were designated as hedges in qualifying hedging relationships as of September 30, 2013 and December 31, 2012. | ||||||||||||||||||
The following table presents the fair value of derivative instruments, as well as their classification on the consolidated balance sheets, as of September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||||
Balance Sheet | September 30, | December 31, | ||||||||||||||||
Location | 2013 | 2012 | ||||||||||||||||
Interest rate caps/floors | Derivative assets | $ | 6,393 | $ | 6,229 | |||||||||||||
Interest rate swaps | Derivative liabilities | $ | 68,892 | $ | 170,840 | |||||||||||||
The following table presents the effect of derivative instruments in the consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
Statements of Operations Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Amount of gain (loss) recognized in earnings: | ||||||||||||||||||
Adjustments to fair value interest rate swaps | Unrealized gain (loss) on investment and other | $ | (8,540 | ) | $ | 6,871 | $ | 29,661 | $ | 27,166 | ||||||||
Net cash payment for interest rate swaps | Unrealized gain (loss) on investment and other | $ | (11,379 | ) | $ | (18,552 | ) | $ | (44,053 | ) | $ | (61,159 | ) | |||||
Amount of swap gain (loss) reclassified from OCI into earnings | Interest expense on debt and securities | $ | (1,172 | ) | $ | (1,845 | ) | $ | (4,656 | ) | $ | (5,591 | ) | |||||
Reclassification of swap gain (loss) into gain (loss) from deconsolidation of N-Star CDOs (refer to Note 3) | Gain (loss) from deconsolidation | $ | (15,246 | ) | $ | — | $ | (15,246 | ) | $ | — | |||||||
The Company's counterparties held no cash margin as collateral against the Company's derivative contracts as of September 30, 2013 and December 31, 2012. | ||||||||||||||||||
Credit Risk Concentrations | ||||||||||||||||||
Concentrations of credit risk arise when a number of borrowers, tenants, operators or issuers related to the Company's investments are engaged in similar business activities or located in the same geographic location to be similarly affected by changes in economic conditions. The Company monitors its portfolio to identify potential concentrations of credit risks. The Company has no one borrower, tenant or operator that generates 10% or more of its total revenue. However, two operators in the Company's healthcare portfolio generate 6% and 10% of the Company's rental and escalation income for the nine months ended September 30, 2013, respectively, which represents 2% and 4% of total revenue, respectively. The Company believes the remainder of its real estate portfolio is reasonably well diversified and does not contain any unusual concentrations of credit risks. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
WaMu Matter | |
In 2009, one of the Company's net lease investments comprised of three office buildings totaling 257,000 square feet located in Chatsworth, California and 100% leased to Washington Mutual Bank was foreclosed on by the lender. The lender subsequently filed a complaint against subsidiaries of the Company in the Superior Court of the State of California, County of Los Angeles. In March 2012, the Court of Appeal of the State of California, Second Appellate District, issued a unanimous decision in favor of the Company's subsidiary, overturning the judgment issued by the Superior Court of California for the County of Los Angeles. The ruling directed the Superior Court to enter summary judgment in the Company's favor and reversed the award against the Company. Furthermore, the Court of Appeal awarded the Company costs on appeal. As a result of the ruling, in the first quarter 2012, the Company reversed a $20.0 million loss accrual recorded in other income (loss) in the consolidated statements of operations. | |
Other | |
The Company is involved in various litigation matters arising in the ordinary course of its business. Although the Company is unable to predict with certainty the eventual outcome of any litigation, in the opinion of management, the legal proceedings are not expected to have a material adverse effect on the Company's financial position or results of operations. |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||||||||||||||
Effective January 1, 2013, the Company redefined its segments to conform with its management of such businesses. Accordingly, the Company has reclassified the prior period segment financial results to conform to the current year presentation. The Company currently conducts its business through the following segments: | ||||||||||||||||||||||||||||||||||||
• | The CRE debt business is focused on originating, structuring, acquiring and managing senior and subordinate debt investments secured primarily by commercial and multifamily properties and includes first mortgage loans, subordinate mortgage interests, mezzanine loans, credit tenant and other loans and preferred equity interests. The Company may from time to time take title to collateral in connection with a CRE debt investment as REO which would be included in the CRE debt business. | |||||||||||||||||||||||||||||||||||
• | The real estate business concentrates on various types of investments in commercial real estate located throughout the United States that includes manufactured housing communities, healthcare, net lease and multifamily properties. In addition, the real estate business includes indirect investments in real estate through joint ventures owning limited partnership interests in real estate private equity funds managed by institutional-quality sponsors, diversified by property type and geography. The manufactured housing communities portfolio focuses on owning pad rental sites located throughout the United States. The healthcare properties focus on mid-acuity facilities (i.e., skilled nursing and assisted living), with the highest concentration in assisted living facilities and are typically leased under net leases to healthcare operators. The net lease properties are primarily office, industrial and retail properties typically under net leases to corporate tenants. | |||||||||||||||||||||||||||||||||||
• | The asset management business is focused on commercial real estate related activities such as sponsoring and advising on a fee basis Sponsored Companies. The Company currently manages NorthStar Income, NorthStar Healthcare and NorthStar Income II. NorthStar Income successfully completed its $1.1 billion primary offering on July 1, 2013. The Company is currently raising capital for NorthStar Healthcare, which has a maximum offering amount of $1.1 billion and NorthStar Income II which has a maximum offering amount of $1.65 billion. In connection with the Sponsored Companies, the Company manages the day to day affairs including identifying, originating, acquiring and managing investments on their behalf and earns advisory and other fees for these services, which vary based on the amount of assets under management, investment activity and investment performance. In addition, the Company continues to receive collateral management fees on the Company's CDO financing transactions. | |||||||||||||||||||||||||||||||||||
The Company also historically originated or acquired CRE debt and securities investments that were predominantly financed through permanent, non-recourse CDOs. The Company's consolidated CDO financing transactions are reported as a separate business segment. Additionally, the Company owns N-Star CDO bonds and N-Star CDO equity in deconsolidated CDO financing transactions which are recorded in the CRE securities segment. All of the Company's CDOs are past the reinvestment period and given the nature of these transactions, these CDOs are amortizing over time as the underlying assets paydown or are sold. The Company has been winding down its legacy CDO business and investing in a broad and diverse range of CRE assets. As a result, such legacy business is a significantly smaller portion of its business today than in the past. | ||||||||||||||||||||||||||||||||||||
The Company has the ability to invest in a broad spectrum of commercial real estate assets and as a result, pursues opportunistic investments across its business lines including CRE debt and equity investments. The Company may also invest in opportunistic CRE securities such as an investment in a "B-piece" and AAA/Aaa CMBS. | ||||||||||||||||||||||||||||||||||||
The Company primarily generates revenue from net interest income on the CRE debt and securities portfolios, rental income from its real estate properties and fee income from asset management activities. Additionally, the Company records equity in earnings of unconsolidated ventures, including from PE Investments. The Company's income is primarily derived through the difference between revenue and the cost at which the Company is able to finance its investments. The Company may also acquire investments which generate attractive returns without any leverage. | ||||||||||||||||||||||||||||||||||||
The following tables present segment reporting for the three and nine months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
N-Star CDOs(2) | ||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2013: | CRE | Real | CRE | Asset | CRE | CRE | Corporate(3) | Eliminations(1) | Consolidated | |||||||||||||||||||||||||||
Debt | Estate | Securities | Management(1) | Debt | Securities | Total | ||||||||||||||||||||||||||||||
Net interest income on debt and securities | $ | 13,406 | $ | 234 | $ | 10,613 | $ | — | $ | 10,212 | $ | 21,581 | $ | 8,963 | (4) | $ | — | $ | 65,009 | |||||||||||||||||
Advisory and other fees, related party | — | — | — | 6,816 | — | — | — | — | 6,816 | |||||||||||||||||||||||||||
Other revenues | 260 | 62,600 | — | 4,721 | 11,506 | — | 384 | (3,145 | ) | 76,326 | ||||||||||||||||||||||||||
Expenses | 487 | 70,348 | (5) | 14 | 4,125 | 16,006 | (9,110 | ) | 35,089 | (3,145 | ) | 113,814 | ||||||||||||||||||||||||
Income (loss) from operations | 13,179 | (7,514 | ) | 10,599 | 7,412 | 5,712 | 30,691 | (25,742 | ) | — | 34,337 | |||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated ventures | 1,261 | 29,768 | — | 152 | (168 | ) | — | — | — | 31,013 | ||||||||||||||||||||||||||
Unrealized gain (loss) on investments and other | — | — | 1,862 | — | 10,185 | (23,820 | ) | 28,338 | — | 16,565 | ||||||||||||||||||||||||||
Realized gain (loss) on investments and other | 2,225 | (11 | ) | 32,628 | — | (2,308 | ) | (1,967 | ) | — | — | 30,567 | ||||||||||||||||||||||||
Gain (loss) from deconsolidation of N-Star CDOs | — | — | — | — | (281,488 | ) | 27,282 | — | — | (254,206 | ) | |||||||||||||||||||||||||
Income (loss) from continuing operations | 16,665 | 22,243 | 45,089 | 7,564 | (268,067 | ) | 32,186 | 2,596 | — | (141,724 | ) | |||||||||||||||||||||||||
Income (loss) from discontinued operations | — | — | — | — | (25 | ) | — | — | — | (25 | ) | |||||||||||||||||||||||||
Net income (loss) | $ | 16,665 | $ | 22,243 | $ | 45,089 | $ | 7,564 | $ | (268,092 | ) | $ | 32,186 | $ | 2,596 | $ | — | $ | (141,749 | ) | ||||||||||||||||
N-Star CDOs(2) | ||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2012: | CRE | Real | CRE | Asset | CRE | CRE | Corporate(3) | Eliminations(1) | Consolidated | |||||||||||||||||||||||||||
Debt | Estate | Securities | Management(1) | Debt | Securities | Total | ||||||||||||||||||||||||||||||
Net interest income on debt and securities | $ | 6,846 | $ | 43 | $ | 3,778 | $ | — | $ | 22,419 | $ | 28,532 | $ | 8,636 | (4) | $ | — | $ | 70,254 | |||||||||||||||||
Advisory and other fees, related party | — | — | — | 1,507 | — | — | — | — | 1,507 | |||||||||||||||||||||||||||
Other revenues | — | 21,817 | — | 15,993 | 7,558 | — | (149 | ) | (3,545 | ) | 41,674 | |||||||||||||||||||||||||
Expenses | 424 | 19,423 | (5) | — | 13,872 | 19,043 | 1,953 | 26,939 | (3,545 | ) | 78,109 | |||||||||||||||||||||||||
Income (loss) from operations | 6,422 | 2,437 | 3,778 | 3,628 | 10,934 | 26,579 | (18,452 | ) | — | 35,326 | ||||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated ventures | 358 | (81 | ) | — | 67 | 77 | — | — | — | 421 | ||||||||||||||||||||||||||
Unrealized gain (loss) on investments and other | — | — | (443 | ) | — | (154,255 | ) | (26,595 | ) | (20,726 | ) | — | (202,019 | ) | ||||||||||||||||||||||
Realized gain (loss) on investments and other | 1,215 | 4,913 | (801 | ) | — | (5,769 | ) | 15,663 | — | — | 15,221 | |||||||||||||||||||||||||
Income (loss) from continuing operations | 7,995 | 7,269 | 2,534 | 3,695 | (149,013 | ) | 15,647 | (39,178 | ) | — | (151,051 | ) | ||||||||||||||||||||||||
Income (loss) from discontinued operations | — | — | — | — | 411 | — | — | — | 411 | |||||||||||||||||||||||||||
Gain on sale from discontinued operations | — | — | — | — | 29 | — | — | — | 29 | |||||||||||||||||||||||||||
Net income (loss) | $ | 7,995 | $ | 7,269 | $ | 2,534 | $ | 3,695 | $ | (148,573 | ) | $ | 15,647 | $ | (39,178 | ) | $ | — | $ | (150,611 | ) | |||||||||||||||
_______________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Includes $3.1 million and $3.5 million of collateral management fees related to CDO financing transactions for the three months ended September 30, 2013 and 2012, respectively, that are eliminated in consolidation. These amounts are recorded as other revenue in the asset management segment and as an expense in the N-Star CDO segments. | |||||||||||||||||||||||||||||||||||
-2 | Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. | |||||||||||||||||||||||||||||||||||
-3 | Includes corporate level interest income, interest expense and unallocated general and administrative expenses. | |||||||||||||||||||||||||||||||||||
-4 | Represents income earned from CDO bonds repurchased at a discount, recognized using the effective interest method, that is eliminated in consolidation. The corresponding interest expense is recorded in net interest income in the N-Star CDO segments. | |||||||||||||||||||||||||||||||||||
-5 | Includes depreciation and amortization of $27.9 million and $6.8 million for the three months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||
N-Star CDOs(2) | ||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2013: | CRE | Real | CRE | Asset | CRE | CRE | Corporate(3) | Eliminations(1) | Consolidated | |||||||||||||||||||||||||||
Debt | Estate | Securities | Management(1) | Debt | Securities | Total | ||||||||||||||||||||||||||||||
Net interest income on debt and securities | $ | 29,903 | $ | 1,102 | $ | 23,467 | $ | — | $ | 35,857 | $ | 58,213 | $ | 36,965 | (4) | $ | — | $ | 185,507 | |||||||||||||||||
Advisory and other fees, related party | — | — | — | 17,111 | — | — | — | — | 17,111 | |||||||||||||||||||||||||||
Other revenues | 261 | 147,305 | — | 63,644 | 32,159 | 39 | 865 | (12,589 | ) | 231,684 | ||||||||||||||||||||||||||
Expenses | 999 | 154,973 | (5) | 43 | 55,417 | 51,865 | (5,098 | ) | 100,547 | (12,589 | ) | 346,157 | ||||||||||||||||||||||||
Income (loss) from operations | 29,165 | (6,566 | ) | 23,424 | 25,338 | 16,151 | 63,350 | (62,717 | ) | — | 88,145 | |||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated ventures | 3,027 | 51,499 | — | 291 | (372 | ) | — | — | — | 54,445 | ||||||||||||||||||||||||||
Unrealized gain (loss) on investments and other | — | — | 4,542 | — | (30,576 | ) | (7,373 | ) | 4,894 | — | (28,513 | ) | ||||||||||||||||||||||||
Realized gain (loss) on investments and other | 1,326 | 12,220 | 32,582 | — | (6,508 | ) | 8,027 | (36 | ) | — | 47,611 | |||||||||||||||||||||||||
Gain (loss) from deconsolidation of N-Star CDOs | — | — | — | — | (281,488 | ) | 27,282 | — | — | (254,206 | ) | |||||||||||||||||||||||||
Income (loss) from continuing operations | 33,518 | 57,153 | 60,548 | 25,629 | (302,793 | ) | 91,286 | (57,859 | ) | — | (92,518 | ) | ||||||||||||||||||||||||
Income (loss) from discontinued operations | — | — | — | — | (81 | ) | — | — | — | (81 | ) | |||||||||||||||||||||||||
Net income (loss) | $ | 33,518 | $ | 57,153 | $ | 60,548 | $ | 25,629 | $ | (302,874 | ) | $ | 91,286 | $ | (57,859 | ) | $ | — | $ | (92,599 | ) | |||||||||||||||
N-Star CDOs(2) | ||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2012: | CRE | Real | CRE | Asset | CRE | CRE | Corporate(3) | Eliminations(1) | Consolidated | |||||||||||||||||||||||||||
Debt | Estate | Securities | Management(1) | Debt | Securities | Total | ||||||||||||||||||||||||||||||
Net interest income on debt and securities | $ | 10,033 | $ | 118 | $ | 13,065 | $ | — | $ | 65,211 | $ | 90,463 | $ | 25,908 | (4) | $ | — | $ | 204,798 | |||||||||||||||||
Advisory and other fees, related party | — | — | — | 4,766 | — | — | — | — | 4,766 | |||||||||||||||||||||||||||
Other revenues | — | 63,093 | — | 39,495 | 23,840 | 7 | (35 | ) | (11,037 | ) | 115,363 | |||||||||||||||||||||||||
Expenses | 313 | 60,829 | (5) | — | 33,592 | 65,006 | 2,216 | 74,654 | (11,037 | ) | 225,573 | |||||||||||||||||||||||||
Income (loss) from operations | 9,720 | 2,382 | 13,065 | 10,669 | 24,045 | 88,254 | (48,781 | ) | — | 99,354 | ||||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated ventures | 617 | (1,157 | ) | — | 60 | 64 | — | — | — | (416 | ) | |||||||||||||||||||||||||
Other income (loss) | — | 20,000 | — | — | 258 | — | — | — | 20,258 | |||||||||||||||||||||||||||
Unrealized gain (loss) on investments and other | — | — | 7,347 | — | (185,710 | ) | (209,778 | ) | (24,932 | ) | — | (413,073 | ) | |||||||||||||||||||||||
Realized gain (loss) on investments and other | (414 | ) | 16,147 | (801 | ) | — | (7,562 | ) | 28,367 | 31 | — | 35,768 | ||||||||||||||||||||||||
Income (loss) from continuing operations | 9,923 | 37,372 | 19,611 | 10,729 | (168,905 | ) | (93,157 | ) | (73,682 | ) | — | (258,109 | ) | |||||||||||||||||||||||
Income (loss) from discontinued operations | — | — | — | — | 506 | — | — | — | 506 | |||||||||||||||||||||||||||
Gain on sale from discontinued operations | — | — | — | — | 314 | — | — | — | 314 | |||||||||||||||||||||||||||
Net income (loss) | $ | 9,923 | $ | 37,372 | $ | 19,611 | $ | 10,729 | $ | (168,085 | ) | $ | (93,157 | ) | $ | (73,682 | ) | $ | — | $ | (257,289 | ) | ||||||||||||||
___________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Includes $12.6 million and $11.0 million of collateral management fees related to CDO financing transactions for the nine months ended September 30, 2013 and 2012, respectively, that are eliminated in consolidation. These amounts are recorded as other revenue in the asset management segment and as an expense in the N-Star CDO segments. | |||||||||||||||||||||||||||||||||||
-2 | Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. | |||||||||||||||||||||||||||||||||||
-3 | Includes corporate level interest income, interest expense and unallocated general and administrative expenses. | |||||||||||||||||||||||||||||||||||
-4 | Represents income earned from CDO bonds repurchased at a discount, recognized using the effective interest method, that is eliminated in consolidation. The corresponding interest expense is recorded in net interest income in the N-Star CDO segments. | |||||||||||||||||||||||||||||||||||
-5 | Includes depreciation and amortization of $53.7 million and $20.7 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||
The following table presents total assets by segment as of September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
N-Star CDOs(2) | ||||||||||||||||||||||||||||||||||||
CRE | Real | CRE | Asset | CRE | CRE | Corporate(1) | Consolidated | |||||||||||||||||||||||||||||
Debt | Estate | Securities | Management | Debt | Securities | Total | ||||||||||||||||||||||||||||||
Total Assets as of September 30, 2013 | $ | 897,189 | $ | 3,043,468 | $ | 371,331 | $ | 37,963 | $ | 462,020 | $ | 735,406 | $ | 281,201 | $ | 5,828,578 | ||||||||||||||||||||
Total Assets as of December 31, 2012 | $ | 383,998 | $ | 1,189,193 | $ | 195,803 | $ | 26,750 | $ | 2,290,268 | $ | 1,041,625 | $ | 386,141 | $ | 5,513,778 | ||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Primarily includes cash and cash equivalents. | |||||||||||||||||||||||||||||||||||
-2 | Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. |
Supplemental_Disclosures_of_No
Supplemental Disclosures of Non-cash Investing and Financing Activities | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Supplemental Disclosures of Non-cash Investing and Financing Activities | ' | |||||||
Supplemental Disclosures of Non-cash Investing and Financing Activities | ||||||||
The following table presents non-cash investing and financing activities for the nine months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||
Nine Months Ended September 30, | ||||||||
2013(2) | 2012 | |||||||
Real estate acquisition(1) | $ | 135,361 | $ | 35,304 | ||||
Reduction of CRE debt investments(1) | 135,361 | 35,304 | ||||||
Increase in restricted cash(1) | 6,065 | — | ||||||
Non-cash related to PE Investments | 44,021 | — | ||||||
Reclassification of operating real estate to asset held for sale | — | 1,046 | ||||||
Reclassification of operating real estate to other assets | 60,621 | — | ||||||
Reclassification of operating real estate to deferred costs and intangible assets | 18,375 | — | ||||||
Escrow deposit payable related to CRE debt investments | 62,811 | 38,034 | ||||||
Dividends payable related to RSUs | — | 1,923 | ||||||
Activity in non-controlling interest | — | 2,358 | ||||||
CRE debt investment payoff due from servicer | 15,600 | — | ||||||
Equity component of 8.875% Notes | — | 2,179 | ||||||
Equity component of 5.375% Notes | 45,740 | — | ||||||
Decrease of restricted cash in connection with swap collateral | — | 22,037 | ||||||
Discount on CRE debt investment | — | 2,516 | ||||||
____________________________________________________________ | ||||||||
-1 | Non-cash activity occurred in connection with taking title to collateral. | |||||||
-2 | Refer to Note 3 for non-cash investing and financing activities related to the deconsolidation of certain N-Star CDOs. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Dividends | |
On October 30, 2013, the Company declared a dividend of $0.21 per share of common stock. The common stock dividend will be paid on November 15, 2013 to stockholders of record as of the close of business on November 11, 2013. On October 30, 2013, the Company declared a dividend of $0.54688 per share of Series A preferred stock, $0.51563 per share of Series B preferred stock, $0.55469 per share of Series C preferred stock and $0.53125 per share of Series D Preferred Stock. Dividends will be paid on all series of preferred stock on November 15, 2013, to stockholders of record as of the close of business on November 11, 2013. | |
Liquidation of N-Star CDO VII | |
In October 2013, N-Star CDO VII was liquidated by the holder of the controlling class. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Quarterly Presentation | ' |
Basis of Quarterly Presentation | |
The accompanying unaudited consolidated financial statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the consolidated financial statements prepared under U.S. GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These consolidated financial statements should be read in conjunction with the Company's consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012, which was filed with the Securities and Exchange Commission ("SEC"). | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company, the Operating Partnership and their consolidated subsidiaries. The Company consolidates variable interest entities ("VIE") where the Company is the primary beneficiary and voting interest entities which are generally majority owned or otherwise controlled by the Company. All significant intercompany balances are eliminated in consolidation. | |
Variable Interest Entities | ' |
Variable Interest Entities | |
A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity 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. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. The Company bases its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and its quantitative analysis on the forecasted cash flow of the entity. | |
The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events. | |
A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE's economic performance; and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE's economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE's purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the business activities of the Company and the other interests. The Company reassesses its determination of whether it is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions. | |
The Company evaluates its CRE debt and securities, investments in unconsolidated ventures and securitization financing transactions, such as its collateralized debt obligations ("CDOs"), and its liabilities to subsidiary trusts issuing preferred securities ("junior subordinated notes"), to determine whether they are a VIE. The Company analyzes new investments and financings, as well as reconsideration events for existing investments and financings, which vary depending on type of investment or financing. | |
Voting Interest Entities | ' |
Voting Interest Entities | |
A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity will generally be consolidated. The Company does not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party. | |
The Company performs on-going reassessments of whether entities previously evaluated under the voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework. | |
Investments in and Advances to Unconsolidated Ventures | ' |
Investments in and Advances to Unconsolidated Ventures | |
The Company has non-controlling, unconsolidated ownership interests in entities that may be accounted for using the equity method, at fair value or the cost method. | |
Under the equity method, the investment is adjusted each period for capital contributions and distributions and its share of the entity's net income (loss). Capital contributions, distributions and net income (loss) of such entities are recorded in accordance with the terms of the governing documents. Allocations of net income (loss) may differ from the stated ownership percentage interest in such entities as a result of preferred returns and allocation formulas, if any, as described in such governing documents. | |
The Company may account for an investment in an unconsolidated entity at fair value by electing the fair value option. The Company elected the fair value option for its investments in joint ventures that own limited partnership interests in real estate private equity funds ("PE Investments"). PE Investments are recorded as investments in private equity funds, at fair value on the consolidated balance sheets. The Company records the change in fair value for its share of the projected future cash flow of PE Investments from one period to another in equity in earnings (losses) from unconsolidated ventures in the consolidated statements of operations. Any change in fair value attributed to market related assumptions are considered unrealized gain (loss). | |
The Company may account for investments that do not qualify for equity method accounting or for which the fair value option was not elected using the cost method if the Company determines the investment in the unconsolidated entity is insignificant. Under the cost method, equity in earnings is recorded as dividends are received to the extent they are not considered a return of capital, which is recorded as a reduction of cost of the investment. | |
Non-controlling Interests | ' |
Non-controlling Interests | |
A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. Non-controlling interests are required to be presented as a separate component of equity on the consolidated balance sheets and presented separately as net income (loss) and other comprehensive income (loss) ("OCI") attributable to controlling and non-controlling interests. Allocations to non-controlling interests may differ from the stated ownership percentage interest in such entities as a result of preferred returns and allocation formulas, if any, as described in such governing documents. | |
Estimates | ' |
Estimates | |
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that could affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates and assumptions. | |
Reclassifications | ' |
Reclassifications | |
Certain prior period amounts have been reclassified in the consolidated financial statements to conform to current period presentation. | |
Comprehensive Income (Loss) | ' |
Comprehensive Income (Loss) | |
The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and OCI. The components of OCI principally include: (i) unrealized gain (loss) on real estate securities available for sale for which the fair value option is not elected; and (ii) the reclassification of unrealized gain (loss) on derivative instruments that are or were deemed to be effective hedges. | |
Fair Value Option | ' |
Fair Value Option | |
The fair value option provides an election that allows a company to irrevocably elect fair value for certain financial assets and liabilities on an instrument-by-instrument basis at initial recognition. The Company will generally not elect the fair value option for its assets and liabilities. However, the Company may elect to apply the fair value option for certain investments. Any change in fair value for assets and liabilities for which the election is made is recognized in earnings. | |
Real Estate Debt Investments | ' |
Real Estate Debt Investments | |
CRE debt investments are generally intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan fees, premium, discount and unfunded commitments. CRE debt investments that are deemed to be impaired are carried at amortized cost less a loan loss reserve, if deemed appropriate, which approximates fair value. | |
Operating Real Estate | ' |
Operating Real Estate | |
Operating real estate is carried at historical cost less accumulated depreciation. Costs directly related to an acquisition deemed to be a business combination are expensed and included in transaction costs in the consolidated statements of operations. The Company follows the purchase method for an acquisition of operating real estate, where the purchase price is allocated to tangible assets such as land, building, tenant and land improvements and other identified intangibles. The Company evaluates whether real estate acquired in connection with a foreclosure, UCC/deed in lieu of foreclosure or a consentual modification of a loan (herein collectively referred to as taking title to collateral) ("REO") constitutes a business and whether business combination accounting is appropriate. Any excess upon taking title to collateral between the carrying value of a loan over the estimated fair value of the property is charged to provision for loan losses. | |
Operating real estate, including REO, which has met the criteria to be classified as held for sale, is separately presented on the consolidated balance sheets. Such operating real estate is recorded at the lower of its carrying value or its estimated fair value less the cost to sell. Once a property is determined to be held for sale, depreciation is no longer recorded. In addition, the results of operations are reclassified to income (loss) from discontinued operations in the consolidated statements of operations. | |
Real Estate Securities | ' |
Real Estate Securities | |
The Company classifies its CRE securities investments as available for sale on the acquisition date, which are carried at fair value. The Company has historically elected to apply the fair value option for its CRE securities investments. For those CRE securities for which the fair value option was elected, any unrealized gains (losses) from the change in fair value is recorded in unrealized gains (losses) on investments and other in the consolidated statements of operations. | |
The Company may decide to not elect the fair value option for certain CRE securities due to the nature of the particular instrument. For those CRE securities for which the fair value option was not elected, any unrealized gains (losses) from the change in fair value is recorded as a component of accumulated OCI in the consolidated statements of equity, to the extent impairment losses are considered temporary. | |
Revenue Recognition | ' |
Revenue Recognition | |
Real Estate Debt Investments | |
Interest income is recognized on an accrual basis and any related premium, discount, origination costs and fees are amortized over the life of the investment using the effective interest method. The amortization is reflected as an adjustment to interest income in the consolidated statements of operations. The amortization of a premium or accretion of a discount is discontinued if such loan is reclassified to held for sale. | |
Loans acquired at a discount with deteriorated credit quality are accreted to expected recovery, which takes into consideration the contractual cash flow of the loan, adjusted for the impact of any prepayments, and expected future cash flow the Company expects to receive. The Company continues to estimate the amount of recovery over the life of such loans. A subsequent change in expected future cash flow is recognized as an adjustment to the accretable yield prospectively over the remaining life of such loan. | |
Operating Real Estate | |
Rental and escalation income from operating real estate is derived from leasing of space to various types of tenants and healthcare operators. The leases are for fixed terms of varying length and generally provide for annual rentals and expense reimbursements to be paid in monthly installments. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable on the consolidated balance sheets. Escalation income represents revenue from tenant/operator leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes paid by the Company on behalf of the respective property. This revenue is accrued in the same period as the expenses are incurred. | |
Real Estate Securities | |
Interest income is recognized using the effective interest method with any premium or discount amortized or accreted through earnings based on expected cash flow through the expected maturity date of the security. Changes to expected cash flow may result in a change to the yield which is then applied retrospectively for high-credit quality securities that cannot be prepaid or otherwise settled in such a way that the holder would not recover substantially all of the investment or prospectively for all other securities to recognize interest income. | |
Commission Income | |
Commission income represents income earned from selling equity in sponsored companies through NorthStar Realty Securities, LLC ("NorthStar Realty Securities"), the Company's broker-dealer subsidiary while such companies are raising capital for their primary offering. Commission income is accrued on a trade date basis. The Company is currently raising capital for NorthStar Healthcare Income, Inc. ("NorthStar Healthcare") and NorthStar Real Estate Income II, Inc. ("NorthStar Income II"). NorthStar Real Estate Income Trust, Inc. ("NorthStar Income"), the Company's first sponsored company, successfully completed its primary offering on July 1, 2013. These companies are collectively referred to as Sponsored Companies. | |
Advisory and Other Fees | |
Advisory and other fees include fees earned from the management of Sponsored Companies and are recognized in the period during which the related services are performed and the amounts have been contractually earned. | |
Credit Losses and Impairment on Investments | ' |
Credit Losses and Impairment on Investments | |
Real Estate Debt Investments | |
Loans are considered impaired when based on current information and events, it is probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of loan loss reserves on a quarterly basis, or more frequently as necessary. Significant judgment of the Company is required in this analysis. The Company considers the estimated net recoverable value of the loan as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the loan, a loan loss reserve is recorded with a corresponding charge to provision for loan losses. The loan loss reserve for each loan is maintained at a level that is determined to be adequate by management to absorb probable losses. | |
Income recognition is suspended for a loan at the earlier of the date at which payments become 90-days past due or when, in the opinion of the Company, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged. | |
Operating Real Estate | |
The Company's real estate portfolio is reviewed on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value of its operating real estate may be impaired or that its carrying value may not be recoverable. A property's value is considered impaired if the Company's estimate of the aggregate expected future undiscounted cash flow generated by the property is less than the carrying value. In conducting this review, the Company considers U.S. macroeconomic factors, real estate sector conditions and asset specific and other factors. To the extent an impairment has occurred, the loss is measured as the excess of the carrying value of the property over the estimated fair value and recorded in impairment on operating real estate in the consolidated statements of operations. | |
Allowances for doubtful accounts for tenant/operator receivables are established based on a periodic review of aged receivables resulting from estimated losses due to the inability of tenants/operators to make required rent and other payments contractually due. Additionally, the Company establishes, on a current basis, an allowance for future tenant/operator credit losses on unbilled rent receivable based on an evaluation of the collectability of such amounts. | |
Investments in and Advances to Unconsolidated Ventures | |
The Company reviews its investments in unconsolidated ventures for which the Company did not elect the fair value option on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value may be impaired or that its carrying value may not be recoverable. An investment is considered impaired if the projected net recoverable amount over the expected holding period is less than the carrying value. In conducting this review, the Company considers U.S. macroeconomic factors, including real estate sector conditions, together with asset specific and other factors. To the extent an impairment has occurred and is considered to be other than temporary, the loss is measured as the excess of the carrying value of the investment over the estimated fair value and recorded in provision for loss on equity investment in the consolidated statements of operations. | |
Real Estate Securities | |
CRE securities for which the fair value option is elected are not evaluated for other-than-temporary impairment ("OTTI") as any change in fair value is recorded in the consolidated statements of operations. Realized losses on such securities are reclassified to realized gain (loss) on investments and other as losses occur. | |
CRE securities for which the fair value option is not elected are evaluated for OTTI quarterly. Impairment of a security is considered to be other-than-temporary when: (i) the holder has the intent to sell the impaired security; (ii) it is more likely than not the holder will be required to sell the security; or (iii) the holder does not expect to recover the entire amortized cost of the security. When a CRE security has been deemed to be other-than-temporarily impaired due to (i) or (ii), the security is written down to its fair value and an OTTI is recognized in the consolidated statements of operations. In the case of (iii), the security is written down to its fair value and the amount of OTTI is then bifurcated into: (i) the amount related to expected credit losses; and (ii) the amount related to fair value adjustments in excess of expected credit losses. The portion of OTTI related to expected credit losses is recognized in the consolidated statements of operations. The remaining OTTI related to the valuation adjustment is recognized as a component of accumulated OCI in the consolidated statements of equity. The portion of OTTI recognized through earnings is accreted back to the amortized cost basis of the security through interest income, while amounts recognized through OCI are amortized over the life of the security with no impact on earnings. | |
Troubled Debt Restructuring | ' |
Troubled Debt Restructuring | |
CRE debt investments modified in a troubled debt restructuring ("TDR") are modifications granting a concession to a borrower experiencing financial difficulties where a lender agrees to terms that are more favorable to the borrower than is otherwise available in the current market. Management judgment is necessary to determine whether a loan modification is considered a TDR. Troubled debt that is fully satisfied via taking title to collateral, repossession or other transfers of assets is generally included in the definition of TDR. Loans acquired as a pool with deteriorated credit quality that have been modified are not considered a TDR. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In December 2011, the Financial Accounting Standards Board ("FASB") issued an accounting update that concluded when a parent ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary's non-recourse borrowing, the reporting entity must apply sales accounting to the real estate to determine whether it should derecognize the in substance real estate. The reporting entity is precluded from derecognizing the real estate until legal ownership has been transferred to the lender to satisfy the borrowing. The requirements of the accounting update were effective for the Company in the first quarter 2013 and are applied on a prospective basis. The Company adopted the provisions of the update and it did not have a material impact on the consolidated financial statements. | |
In February 2013, the FASB issued an accounting update to present the reclassification adjustments to OCI by component on the face of the statement of operations or in the notes to the consolidated financial statements. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety into earnings, an entity is required to cross-reference to other disclosures required under U.S. GAAP to provide additional detail about those amounts. The Company adopted the provisions of the update and it did not have a material impact on the consolidated financial statements. |
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Variable interest entities | ' | |||||||||||||||||||
Deconsolidation of Variable Interest Entity | ' | |||||||||||||||||||
The deconsolidation of the N-Star CDOs resulted in a non-cash loss on deconsolidation recorded in the statements of operations for the three and nine months ended September 30, 2013 summarized as follows (dollars in thousands): | ||||||||||||||||||||
Assets of deconsolidated N-Star CDOs | $ | (1,812,921 | ) | |||||||||||||||||
Liabilities of deconsolidated N-Star CDOs | 1,353,672 | |||||||||||||||||||
Subtotal of net assets deconsolidated | (459,249 | ) | ||||||||||||||||||
N-Star CDO bonds(1) | 142,436 | |||||||||||||||||||
N-Star CDO equity(1) | 129,670 | |||||||||||||||||||
Other(2) | (48,438 | ) | ||||||||||||||||||
Subtotal | 223,668 | |||||||||||||||||||
Reclassification of unrealized gain (loss) to gain (loss) from deconsolidation | (3,379 | ) | ||||||||||||||||||
Reclassification from OCI of swap gain (loss) into gain (loss) from deconsolidation | (15,246 | ) | ||||||||||||||||||
Total gain (loss) on deconsolidation of N-Star CDOs | $ | (254,206 | ) | |||||||||||||||||
Unconsolidated VIEs | ' | |||||||||||||||||||
Variable interest entities | ' | |||||||||||||||||||
Schedule of classification and carrying value of assets and liabilities and maximum exposure of VIEs | ' | |||||||||||||||||||
The following table presents the classification, carrying value and maximum exposure of unconsolidated VIEs as of September 30, 2013 (dollars in thousands): | ||||||||||||||||||||
Junior | Real Estate | Real Estate | Total | Maximum | ||||||||||||||||
Subordinated | Debt | Securities, | Exposure | |||||||||||||||||
Notes, at | Investments, | Available | to Loss(1) | |||||||||||||||||
Fair Value | Net | for Sale | ||||||||||||||||||
Real estate debt investments, net | $ | — | $ | 14,325 | $ | — | $ | 14,325 | $ | 14,325 | ||||||||||
Real estate securities, available for sale: | ||||||||||||||||||||
N-Star CDO bonds | — | — | 142,436 | 142,436 | 142,436 | |||||||||||||||
N-Star CDO equity | — | — | 129,670 | 129,670 | 129,670 | |||||||||||||||
CMBS | — | — | 34,704 | 34,704 | 34,704 | |||||||||||||||
Subtotal real estate securities, available for sale | — | — | 306,810 | 306,810 | 306,810 | |||||||||||||||
Total assets | — | 14,325 | 306,810 | 321,135 | 321,135 | |||||||||||||||
Junior subordinated notes, at fair value | 192,279 | — | — | 192,279 | NA | |||||||||||||||
Total liabilities | 192,279 | — | — | 192,279 | NA | |||||||||||||||
Net | $ | (192,279 | ) | $ | 14,325 | $ | 306,810 | $ | 128,856 | NA | ||||||||||
Operating_Real_Estate_Tables
Operating Real Estate (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Operating Real Estate | ' | |||||||||||||||||
Schedule of REO acquired by taking title, in connection with certain CRE debt investments | ' | |||||||||||||||||
The following table presents REO acquired by taking title, in connection with certain CRE debt investments, for the nine months ended September 30, 2013 that are reported on the Company's consolidated balance sheet as of September 30, 2013 (dollars in thousands): | ||||||||||||||||||
Date | Type | Location | Original | Initial | ||||||||||||||
Loan Balance | REO Value(1) | |||||||||||||||||
January | Retail | Sheboygan, WI | $ | 12,500 | $ | 6,877 | ||||||||||||
April | Land | Volusia County, FL | 58,805 | 1,707 | (2) | |||||||||||||
Total | $ | 71,305 | $ | 8,584 | ||||||||||||||
____________________________________________________________ | ||||||||||||||||||
-1 | Initial REO values approximate fair value. | |||||||||||||||||
-2 | Represents a loan acquired with deteriorated credit quality in the CSE CDO. | |||||||||||||||||
Schedule of Real Estate Owned | ' | |||||||||||||||||
The following table presents a rollforward of REO in operating real estate for the nine months ended September 30, 2013 (dollars in thousands): | ||||||||||||||||||
Beginning balance | $ | 342,461 | ||||||||||||||||
Additions(1) | 201,110 | |||||||||||||||||
Deconsolidation of N-Star CDOs | (529,714 | ) | ||||||||||||||||
Capital expenditures | 2,692 | |||||||||||||||||
Depreciation | (9,872 | ) | ||||||||||||||||
Ending balance | $ | 6,677 | ||||||||||||||||
____________________________________________________________ | ||||||||||||||||||
-1 | Represents REO for which the Company took title to for the nine months ended September 30, 2013, of which $8.6 million initial REO value remains as of September 30, 2013, subsequent to the deconsolidation of certain N-Star CDOs (refer to Note 3). | |||||||||||||||||
Summary of the allocation of the purchase price of the assets acquired and related liabilities that continue to be subject to refinement upon receipt of all information | ' | |||||||||||||||||
The following table presents the preliminary allocation of purchase price of the real estate assets acquired or for which the Company took title to collateral and related liabilities (including financings entered into contemporaneous with the acquisition) for acquisitions in 2013 that continue to be subject to refinement upon receipt of all information (dollars in thousands): | ||||||||||||||||||
Multifamily | ||||||||||||||||||
Assets: | ||||||||||||||||||
Land | $ | 45,090 | ||||||||||||||||
Buildings | 267,770 | |||||||||||||||||
Other assets acquired(1) | 22,254 | |||||||||||||||||
Total assets acquired | $ | 335,114 | ||||||||||||||||
Liabilities: | ||||||||||||||||||
Mortgage notes payable | $ | 244,554 | ||||||||||||||||
Other liabilities assumed(2) | 403 | |||||||||||||||||
Total liabilities | 244,957 | |||||||||||||||||
Total NorthStar Realty Finance Corp. stockholders' equity | 83,178 | |||||||||||||||||
Non-controlling interests | 6,979 | |||||||||||||||||
Total equity | 90,157 | |||||||||||||||||
Total liabilities and equity | $ | 335,114 | ||||||||||||||||
____________________________________________________________ | ||||||||||||||||||
-1 | Primarily includes deferred financing costs and restricted cash. | |||||||||||||||||
-2 | Primarily includes prepaid rent and security deposits. | |||||||||||||||||
Summary of income (loss) from discontinued operations | ' | |||||||||||||||||
The following table presents income (loss) from discontinued operations related to such properties for the three and nine months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Revenue | ||||||||||||||||||
Rental and escalation income | $ | — | $ | 865 | $ | — | $ | 2,543 | ||||||||||
Total revenue | — | 865 | — | 2,543 | ||||||||||||||
Expenses | ||||||||||||||||||
Real estate properties—operating expenses | 25 | 354 | 81 | 1,732 | ||||||||||||||
Depreciation and amortization | — | 100 | — | 305 | ||||||||||||||
Total expenses | 25 | 454 | 81 | 2,037 | ||||||||||||||
Income (loss) from discontinued operations | (25 | ) | 411 | (81 | ) | 506 | ||||||||||||
Gain (loss) on sale from discontinued operations | — | 29 | (1) | — | 314 | (1) | ||||||||||||
Total income from discontinued operations | $ | (25 | ) | $ | 440 | $ | (81 | ) | $ | 820 | ||||||||
____________________________________________________________ | ||||||||||||||||||
-1 | Relates to the sale of an office property located in Indiana. | |||||||||||||||||
Pad rental sites | ' | |||||||||||||||||
Operating Real Estate | ' | |||||||||||||||||
Schedule of unaudited consolidated pro forma results of operations | ' | |||||||||||||||||
The unaudited pro forma amounts were prepared for comparative purposes only and are not indicative of what actual consolidated results of operations of the Company would have been, nor are they indicative of the consolidated results of operations in the future, and exclude transaction costs (dollars in thousands, except per share data): | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Pro forma total revenues | $ | 158,283 | $ | 147,930 | $ | 491,402 | $ | 429,800 | ||||||||||
Pro forma net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders | $ | (151,027 | ) | $ | (152,905 | ) | $ | (129,661 | ) | $ | (270,022 | ) | ||||||
Pro forma EPS—Basic | $ | (0.68 | ) | $ | (1.13 | ) | $ | (0.65 | ) | $ | (2.24 | ) | ||||||
Pro forma EPS—Diluted | $ | (0.68 | ) | $ | (1.13 | ) | $ | (0.65 | ) | $ | (2.24 | ) |
Real_Estate_Debt_Investments_T
Real Estate Debt Investments (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule of CRE debt investments | ' | |||||||||||||||||||||||||||||||||||
The following table presents CRE debt investments as of December 31, 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Weighted Average | Floating Rate | |||||||||||||||||||||||||||||||||||
as % of | ||||||||||||||||||||||||||||||||||||
Number | Principal | Carrying | Allocation by | Fixed Rate | Spread | Yield(6) | Principal Amount | |||||||||||||||||||||||||||||
Amount | Value(1)(2) | Investment | Over | |||||||||||||||||||||||||||||||||
Type(3) | LIBOR(4)(5) | |||||||||||||||||||||||||||||||||||
Asset Type: | ||||||||||||||||||||||||||||||||||||
First mortgage loans | 74 | $ | 1,578,872 | $ | 1,205,313 | 66.6 | % | 4.29 | % | 3.25 | % | 6.1 | % | 94.5 | % | |||||||||||||||||||||
Mezzanine loans | 18 | 440,941 | 333,064 | 18.6 | % | 4.34 | % | 1.61 | % | 2.68 | % | 59.9 | % | |||||||||||||||||||||||
Subordinate mortgage interests | 7 | 121,473 | 96,357 | 5.1 | % | 6.4 | % | 3.97 | % | 5.85 | % | 75.7 | % | |||||||||||||||||||||||
Credit tenant loans and other notes | 43 | 124,460 | 118,093 | 5.2 | % | 6.58 | % | — | 7.39 | % | — | |||||||||||||||||||||||||
Term loans | 10 | 105,718 | 79,404 | 4.5 | % | 10.86 | % | 3.5 | % | 11.94 | % | 4.8 | % | |||||||||||||||||||||||
Total/Weighted average | 152 | $ | 2,371,464 | $ | 1,832,231 | 100 | % | 6.26 | % | 3.05 | % | 5.68 | % | 78.2 | % | |||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Certain CRE debt investments serve as collateral for financing transactions including carrying value of $1,478.5 million for CDO financing transactions, $145.6 million for Securitization 2012-1 and $51.2 million for credit facilities. The remainder is unleveraged. | |||||||||||||||||||||||||||||||||||
-2 | Includes seven loans with an aggregate carrying value of $162.5 million on non-accrual status (one of which was a loan acquired with deteriorated credit quality) which were primarily comprised of mezzanine loans. one of these loans was classified as non-performing. Non-accrual excludes $106.4 million carrying value of loans where the Company does not recognize interest income on the accrual rate but does recognize interest income based on the current rate. | |||||||||||||||||||||||||||||||||||
-3 | Based on principal amount. | |||||||||||||||||||||||||||||||||||
-4 | $315.8 million principal amount of the CRE debt investments have a weighted average LIBOR floor of 2.59%. | |||||||||||||||||||||||||||||||||||
-5 | Includes one first mortgage loan with a carrying value of $0.8 million with a spread over prime rate. | |||||||||||||||||||||||||||||||||||
-6 | Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of December 31, 2012, and for CRE debt with a LIBOR floor, using such floor. | |||||||||||||||||||||||||||||||||||
The following table presents CRE debt investments as of September 30, 2013, excluding CRE debt underlying CDOs that are not consolidated (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Weighted Average | Floating Rate | |||||||||||||||||||||||||||||||||||
as % of | ||||||||||||||||||||||||||||||||||||
Number | Principal | Carrying | Allocation by | Fixed Rate | Spread | Yield(6) | Principal Amount | |||||||||||||||||||||||||||||
Amount | Value(3) | Investment | Over | |||||||||||||||||||||||||||||||||
Type(4) | LIBOR(5) | |||||||||||||||||||||||||||||||||||
Asset Type: | ||||||||||||||||||||||||||||||||||||
First mortgage loans | 16 | $ | 473,455 | $ | 436,848 | 31.9 | % | 10.31 | % | 6.66 | % | 9.75 | % | 90.2 | % | |||||||||||||||||||||
Mezzanine loans | 6 | 111,465 | 109,208 | 7.5 | % | 5.45 | % | 11.34 | % | 8.98 | % | 53.2 | % | |||||||||||||||||||||||
Subordinate mortgage interests | 6 | 145,008 | 143,093 | 9.8 | % | 13.08 | % | 12.32 | % | 13.27 | % | 56.6 | % | |||||||||||||||||||||||
Term loans | 2 | 55,178 | 53,195 | 3.7 | % | 13.86 | % | — | 15.1 | % | — | |||||||||||||||||||||||||
Subtotal/Weighted average(1) | 30 | 785,106 | 742,344 | 52.9 | % | 10.85 | % | 7.97 | % | 10.69 | % | 72.4 | % | |||||||||||||||||||||||
CRE debt in N-Star CDOs(2) | ||||||||||||||||||||||||||||||||||||
First mortgage loans | 32 | 617,444 | 362,073 | 41.6 | % | 4.21 | % | 2.83 | % | 8.54 | % | 91.6 | % | |||||||||||||||||||||||
Mezzanine loans | 1 | 11,000 | 11,000 | 0.7 | % | 8 | % | — | 8 | % | — | |||||||||||||||||||||||||
Subordinate mortgage interests | 2 | 28,218 | 28,213 | 1.9 | % | — | 5.97 | % | 6.18 | % | 100 | % | ||||||||||||||||||||||||
Term loans | 8 | 42,929 | 33,887 | 2.9 | % | 7.76 | % | — | 9.83 | % | — | |||||||||||||||||||||||||
Subtotal/Weighted average | 43 | 699,591 | 435,173 | 47.1 | % | 6.05 | % | 2.98 | % | 8.48 | % | 84.9 | % | |||||||||||||||||||||||
Total(7) | 73 | $ | 1,484,697 | $ | 1,177,517 | 100 | % | 9.28 | % | 5.42 | % | 9.87 | % | 78.3 | % | |||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Certain CRE debt investments serve as collateral for financing transactions including carrying value of $132.5 million for Securitization 2012-1 and $26.8 million for credit facilities. The remainder is unleveraged. Assuming that all loans that have future fundings meet the terms to qualify for such funding, the Company's cash requirement on future fundings would be $5.1 million. $449.8 million principal amount has a weighted average LIBOR floor of 0.90%. | |||||||||||||||||||||||||||||||||||
-2 | $138.8 million principal amount has a weighted average LIBOR floor of 3.32%. | |||||||||||||||||||||||||||||||||||
-3 | There is one loan on non-accrual status with a carrying value of $6.6 million that was acquired with deteriorated credit quality. There are no other loans on non-accrual status. Certain loans have an accrual of interest at a specified rate that may be in addition to a current rate. Non-accrual excludes $25.0 million carrying value of loans where the Company does not recognize interest income on the accrual rate but does recognize interest income based on the current rate. | |||||||||||||||||||||||||||||||||||
-4 | Based on principal amount. | |||||||||||||||||||||||||||||||||||
-5 | Includes one first mortgage loan with a carrying value of $3.7 million with a spread over prime rate. | |||||||||||||||||||||||||||||||||||
-6 | Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of September 30, 2013, and for CRE debt with a LIBOR floor, using such floor. | |||||||||||||||||||||||||||||||||||
-7 | The decrease from prior year primarily relates to the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure. | |||||||||||||||||||||||||||||||||||
Schedule of Maturities of CRE debt investments based on principal amount | ' | |||||||||||||||||||||||||||||||||||
The following table presents maturities of CRE debt investments based on principal amount as of September 30, 2013 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Initial | Maturity | |||||||||||||||||||||||||||||||||||
Maturity | Including | |||||||||||||||||||||||||||||||||||
Extensions(1) | ||||||||||||||||||||||||||||||||||||
October 1 - December 31, 2013 | $ | 49,759 | $ | — | ||||||||||||||||||||||||||||||||
Years Ending December 31: | ||||||||||||||||||||||||||||||||||||
2014 | 474,667 | 294,027 | ||||||||||||||||||||||||||||||||||
2015 | 405,641 | 310,325 | ||||||||||||||||||||||||||||||||||
2016 | 262,326 | 204,178 | ||||||||||||||||||||||||||||||||||
2017 | 117,649 | 306,261 | ||||||||||||||||||||||||||||||||||
Thereafter | 174,655 | 369,906 | ||||||||||||||||||||||||||||||||||
Total | $ | 1,484,697 | $ | 1,484,697 | ||||||||||||||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions stipulated in the related debt agreements. | |||||||||||||||||||||||||||||||||||
Schedule of the status of CRE debt investments | ' | |||||||||||||||||||||||||||||||||||
The following table presents the status of CRE debt investments (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Carrying Value as of September 30, 2013 | Carrying Value as of December 31, 2012 | |||||||||||||||||||||||||||||||||||
Number | All Other | Number | Non-Performing | Total | Number | All Other | Number | Non-Performing | Total | |||||||||||||||||||||||||||
Loans | Loans | Loans | Loans | |||||||||||||||||||||||||||||||||
Class of Debt: | ||||||||||||||||||||||||||||||||||||
First mortgage loans | 48 | $ | 800,817 | — | $ | — | $ | 800,817 | 73 | $ | 1,204,626 | 1 | $ | 12,500 | $ | 1,217,126 | ||||||||||||||||||||
Mezzanine loans | 7 | 122,088 | — | — | 122,088 | 18 | 441,100 | — | — | 441,100 | ||||||||||||||||||||||||||
Subordinate mortgage interests | 8 | 171,306 | — | — | 171,306 | 7 | 118,457 | — | — | 118,457 | ||||||||||||||||||||||||||
Credit tenant loans and other notes | — | — | — | — | — | 49 | 122,535 | — | — | 122,535 | ||||||||||||||||||||||||||
Term loans | 10 | 87,082 | — | — | 87,082 | 4 | 89,712 | — | — | 89,712 | ||||||||||||||||||||||||||
Total real estate debt investments | 73 | 1,181,293 | — | — | 1,181,293 | 151 | 1,976,430 | 1 | 12,500 | 1,988,930 | ||||||||||||||||||||||||||
Loan loss reserves | 3 | (3,776 | ) | — | — | (3,776 | ) | 12 | (151,076 | ) | 1 | (5,623 | ) | (156,699 | ) | |||||||||||||||||||||
Total real estate debt investments, net(1) | $ | 1,177,517 | $ | — | $ | 1,177,517 | $ | 1,825,354 | $ | 6,877 | $ | 1,832,231 | ||||||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | The decrease from prior year primarily relates to the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure. | |||||||||||||||||||||||||||||||||||
Schedule of activity in loan loss reserves on CRE debt investments | ' | |||||||||||||||||||||||||||||||||||
The following table presents activity in loan loss reserves on CRE debt investments for the three and nine months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 133,202 | $ | 172,034 | $ | 156,699 | $ | 187,784 | ||||||||||||||||||||||||||||
Provision for (reversal of) loan losses, net | (11,122 | ) | 6,360 | (8,786 | ) | (1) | 19,737 | |||||||||||||||||||||||||||||
Transfers to REO | — | — | (5,623 | ) | — | |||||||||||||||||||||||||||||||
Sales | — | — | — | (667 | ) | |||||||||||||||||||||||||||||||
Write-offs / payoffs | — | (9,735 | ) | (20,210 | ) | (2) | (38,195 | ) | ||||||||||||||||||||||||||||
Deconsolidation of N-Star CDOs(3) | (118,304 | ) | — | (118,304 | ) | — | ||||||||||||||||||||||||||||||
Ending balance | $ | 3,776 | $ | 168,659 | $ | 3,776 | $ | 168,659 | ||||||||||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Includes $15.1 million of reversals of previously recorded provisions for loan losses. | |||||||||||||||||||||||||||||||||||
-2 | Represents a write-off of a previously recorded loan loss reserve upon payoff of a loan. | |||||||||||||||||||||||||||||||||||
-3 | Refer to Note 3 for further disclosure. | |||||||||||||||||||||||||||||||||||
Schedule of the carrying value of CRE debt investments, by credit quality indicator | ' | |||||||||||||||||||||||||||||||||||
The following table presents the carrying value of CRE debt investments, by credit quality indicator, as of each applicable balance sheet date (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Credit Quality Indicator: | September 30, | December 31, | ||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Loans with no loan loss reserve: | ||||||||||||||||||||||||||||||||||||
First mortgage loans | $ | 784,197 | $ | 1,150,636 | ||||||||||||||||||||||||||||||||
Mezzanine loans | 118,323 | 186,131 | ||||||||||||||||||||||||||||||||||
Subordinate mortgage interests | 171,306 | 96,357 | ||||||||||||||||||||||||||||||||||
Credit tenant loans and other notes | — | 118,093 | ||||||||||||||||||||||||||||||||||
Term loans | 87,082 | 57,646 | ||||||||||||||||||||||||||||||||||
Subtotal | 1,160,908 | 1,608,863 | ||||||||||||||||||||||||||||||||||
Other loans with a loan loss reserve/non-accrual status:(1) | ||||||||||||||||||||||||||||||||||||
First mortgage loans | 14,724 | 47,800 | ||||||||||||||||||||||||||||||||||
Mezzanine loans | 1,885 | 146,933 | ||||||||||||||||||||||||||||||||||
Term loans | — | 21,758 | ||||||||||||||||||||||||||||||||||
Subtotal | 16,609 | 216,491 | ||||||||||||||||||||||||||||||||||
Non-performing loans: | ||||||||||||||||||||||||||||||||||||
First mortgage loans | — | 6,877 | ||||||||||||||||||||||||||||||||||
Subtotal | — | 6,877 | ||||||||||||||||||||||||||||||||||
Total(2) | $ | 1,177,517 | $ | 1,832,231 | ||||||||||||||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | December 31, 2012 includes four loans with a 100% loan loss reserve representing an aggregate principal amount of $36.0 million which are not considered NPLs as debt service is currently being received or debt service is not contractually due until maturity. | |||||||||||||||||||||||||||||||||||
-2 | The decrease from prior year primarily relates to the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure. | |||||||||||||||||||||||||||||||||||
Schedule of impaired loans | ' | |||||||||||||||||||||||||||||||||||
The following table presents impaired loans as of September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
September 30, 2013(2) | December 31, 2012(2) | |||||||||||||||||||||||||||||||||||
Number | Principal | Carrying | Loan Loss | Number | Principal | Carrying | Loan Loss | |||||||||||||||||||||||||||||
Amount(1) | Value(1) | Reserve | Amount(1) | Value(1) | Reserve | |||||||||||||||||||||||||||||||
Class of Debt: | ||||||||||||||||||||||||||||||||||||
First mortgage loans | 2 | $ | 16,619 | $ | 14,724 | $ | 1,896 | 6 | $ | 112,774 | $ | 85,887 | $ | 11,813 | ||||||||||||||||||||||
Mezzanine loans | 1 | 3,765 | 1,885 | 1,880 | 9 | 265,225 | 157,178 | 108,036 | ||||||||||||||||||||||||||||
Subordinate mortgage interests | — | — | — | — | 2 | 22,100 | — | 22,100 | ||||||||||||||||||||||||||||
Term loans | — | — | — | — | 1 | 45,550 | 21,758 | 14,750 | ||||||||||||||||||||||||||||
Total(3) | 3 | $ | 20,384 | $ | 16,609 | $ | 3,776 | 18 | $ | 445,649 | $ | 264,823 | $ | 156,699 | ||||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Principal amount differs from carrying value due to unamortized origination fees and costs, unamortized premium or discount and loan loss reserves included in the carrying value of the investment. | |||||||||||||||||||||||||||||||||||
-2 | December 31, 2012 includes five loans, primarily first mortgage loans, considered TDRs with an aggregate carrying value of $41.4 million, all of which do not have loan loss reserves. Excludes one first mortgage loan acquired with deteriorated credit quality with a carrying value of $6.6 million and $13.8 million as of September 30, 2013 and December 31, 2012, respectively, that is on non-accrual status and does have a loan loss reserve. | |||||||||||||||||||||||||||||||||||
-3 | The decrease from prior year primarily relates to the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure. | |||||||||||||||||||||||||||||||||||
Summary of average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired | ' | |||||||||||||||||||||||||||||||||||
The following table presents average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired for the three months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||||||||||||||
Number(1) | Average | Quarter | Number | Average | Quarter | |||||||||||||||||||||||||||||||
Carrying | Ended | Carrying | Ended | |||||||||||||||||||||||||||||||||
Value(1) | Income(1) | Value | Income | |||||||||||||||||||||||||||||||||
Class of Debt: | ||||||||||||||||||||||||||||||||||||
First mortgage loans | 5 | $ | 77,077 | $ | 346 | 9 | $ | 110,961 | $ | 275 | ||||||||||||||||||||||||||
Mezzanine loans | 7 | 105,897 | 136 | 9 | 166,125 | 1,894 | ||||||||||||||||||||||||||||||
Subordinate mortgage interests | 2 | — | 1 | 3 | 375 | 3 | ||||||||||||||||||||||||||||||
Term loans | 1 | 27,068 | 914 | 1 | 21,758 | 914 | ||||||||||||||||||||||||||||||
Total/weighted average | 15 | $ | 210,042 | $ | 1,397 | 22 | $ | 299,219 | $ | 3,086 | ||||||||||||||||||||||||||
___________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Includes impaired loans outstanding during the period which were deconsolidated on September 30, 2013. Refer to Note 3 for further disclosure. | |||||||||||||||||||||||||||||||||||
The following table presents average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired for the nine months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||||||||||||||||||||||
Number(1) | Average | Nine Months | Number | Average | Nine Months | |||||||||||||||||||||||||||||||
Carrying | Ended | Carrying | Ended | |||||||||||||||||||||||||||||||||
Value(1) | Income(1) | Value | Income | |||||||||||||||||||||||||||||||||
Class of Debt: | ||||||||||||||||||||||||||||||||||||
First mortgage loans | 5 | $ | 80,733 | $ | 1,030 | 9 | $ | 100,503 | $ | 942 | ||||||||||||||||||||||||||
Mezzanine loans | 7 | 124,665 | 414 | 9 | 171,942 | 5,909 | ||||||||||||||||||||||||||||||
Subordinate mortgage interests | 2 | — | 3 | 3 | 7,518 | 47 | ||||||||||||||||||||||||||||||
Term loans | 1 | 24,413 | 2,712 | 1 | 24,456 | 2,721 | ||||||||||||||||||||||||||||||
Total/weighted average | 15 | $ | 229,811 | $ | 4,159 | 22 | $ | 304,419 | $ | 9,619 | ||||||||||||||||||||||||||
___________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Includes impaired loans outstanding during the period which were deconsolidated on September 30, 2013. | |||||||||||||||||||||||||||||||||||
Summary of CRE debt investments that were modified and considered a TDR | ' | |||||||||||||||||||||||||||||||||||
The following table presents CRE debt investments that were modified and considered a TDR for the three months ended September 30, 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
September 30, 2012 | ||||||||||||||||||||||||||||||||||||
Number | Carrying | Original | Modified | |||||||||||||||||||||||||||||||||
Value | WA Interest | WA Interest | ||||||||||||||||||||||||||||||||||
Rate | Rate | |||||||||||||||||||||||||||||||||||
Class of Debt: | ||||||||||||||||||||||||||||||||||||
First mortgage loans | 1 | (1) | $ | 9,996 | 4 | % | 1.61 | % | (1) | |||||||||||||||||||||||||||
Mezzanine loans | 1 | 12,681 | 2.5 | % | 0 | % | (2) | |||||||||||||||||||||||||||||
Total/weighted average | 2 | $ | 22,677 | 3.16 | % | 0.72 | % | |||||||||||||||||||||||||||||
___________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | The loan was modified into a first mortgage and mezzanine loan with a modified rate of LIBOR plus 2.50% and LIBOR plus 0.25%, respectively. | |||||||||||||||||||||||||||||||||||
-2 | The loan was modified into a mezzanine loan and preferred equity interest with a modified rate of LIBOR plus 10% and a fixed rate of 7%, respectively, however, interest was deferred until certain hurdles are met. | |||||||||||||||||||||||||||||||||||
The following table presents CRE debt investments that were modified and considered a TDR for the nine months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
30-Sep-13 | September 30, 2012 | |||||||||||||||||||||||||||||||||||
Number | Carrying | Original | Modified | Number | Carrying | Original | Modified | |||||||||||||||||||||||||||||
Value | WA Interest | WA Interest | Value | WA Interest | WA Interest | |||||||||||||||||||||||||||||||
Rate | Rate | Rate | Rate | |||||||||||||||||||||||||||||||||
Class of Debt: | ||||||||||||||||||||||||||||||||||||
First mortgage loans | — | $ | — | — | — | 3 | (2)(3) | $ | 35,241 | 3.52 | % | 2.78 | % | |||||||||||||||||||||||
Mezzanine loans | 1 | (1) | 50,905 | 10.85 | % | 0 | % | 1 | (4) | 12,681 | 2.5 | % | 0 | % | ||||||||||||||||||||||
Subordinate mortgage interests | — | — | — | — | 1 | (5) | — | 3.35 | % | 0.03 | % | |||||||||||||||||||||||||
Total/weighted average | 1 | $ | 50,905 | 10.85 | % | 0 | % | 5 | $ | 47,922 | 2.65 | % | 2.04 | % | ||||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Considered a TDR in the first quarter 2013 and was subsequently modified in the second quarter 2013. On September 30, 2013, the Company deconsolidated certain of the N-Star CDOs, and as a result, no longer records this loan on its consolidated balance sheets. Refer to Note 3 for further disclosure. | |||||||||||||||||||||||||||||||||||
-2 | Excludes one first mortgage loan with a carrying value of $6.0 million considered a TDR in the first quarter 2012 which the Company subsequently took title to the collateral. | |||||||||||||||||||||||||||||||||||
-3 | Includes one loan which was modified into a senior first mortgage and mezzanine loan. | |||||||||||||||||||||||||||||||||||
-4 | The loan was modified into a mezzanine loan and preferred equity interest with a modified rate of LIBOR plus 10% and a fixed rate of 7%, respectively, however, interest was deferred until certain hurdles are met. | |||||||||||||||||||||||||||||||||||
-5 | The carrying value of this loan was zero as of September 30, 2012. |
Real_Estate_Securities_Availab1
Real Estate Securities, Available for Sale (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of CRE securities | ' | ||||||||||||||||||||||||||||||||
The following table presents CRE securities as of September 30, 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||
Cumulative Unrealized | Allocation by | Weighted | Weighted | ||||||||||||||||||||||||||||||
Number | Principal | Amortized | Gains | (Losses) | Fair | Investment | Average | Average Yield(4) | |||||||||||||||||||||||||
Amount(3) | Cost | Value | Type(3) | Coupon | |||||||||||||||||||||||||||||
Asset Type: | |||||||||||||||||||||||||||||||||
N-Star CDO bonds(1) | 27 | $ | 325,723 | $ | 152,919 | $ | 1,407 | $ | (427 | ) | $ | 153,899 | 16 | % | 1.5 | % | 20.82 | % | |||||||||||||||
N-Star CDO equity(5) | 4 | 129,670 | 129,670 | — | — | 129,670 | 6.4 | % | NA | 18 | % | ||||||||||||||||||||||
CMBS and other securities(6) | 17 | 98,651 | 58,604 | 6,488 | (18,613 | ) | 46,479 | 4.8 | % | 3.07 | % | 5.07 | % | ||||||||||||||||||||
Subtotal(2) | 48 | 554,044 | 341,193 | 7,895 | (19,040 | ) | 330,048 | 27.2 | % | 1.86 | % | 17.05 | % | ||||||||||||||||||||
CRE securities in N-Star CDOs(5)(7) | |||||||||||||||||||||||||||||||||
CMBS | 288 | 1,267,362 | 904,253 | 66,489 | (361,591 | ) | 609,151 | 62.2 | % | 3.21 | % | 8.83 | % | ||||||||||||||||||||
Third-party CDO notes | 21 | 112,208 | 101,989 | — | (76,939 | ) | 25,050 | 5.5 | % | 0.34 | % | 1.18 | % | ||||||||||||||||||||
Agency debentures | 8 | 87,172 | 28,704 | 3,728 | (1,662 | ) | 30,770 | 4.3 | % | NA | 4.63 | % | |||||||||||||||||||||
Unsecured REIT debt | 1 | 8,000 | 8,527 | 999 | — | 9,526 | 0.4 | % | 7.5 | % | 6 | % | |||||||||||||||||||||
Trust preferred securities | 2 | 7,225 | 7,225 | — | (1,434 | ) | 5,791 | 0.4 | % | 2.25 | % | 2.25 | % | ||||||||||||||||||||
Subtotal | 320 | 1,481,967 | 1,050,698 | 71,216 | (441,626 | ) | 680,288 | 72.8 | % | 2.82 | % | 7.9 | % | ||||||||||||||||||||
Total | 368 | $ | 2,036,011 | $ | 1,391,891 | $ | 79,111 | $ | (460,666 | ) | $ | 1,010,336 | 100 | % | 2.61 | % | 10.14 | % | |||||||||||||||
____________________________________________________________ | |||||||||||||||||||||||||||||||||
-1 | Excludes $281.8 million principal amount of N-Star CDO bonds payable that are eliminated in consolidation. | ||||||||||||||||||||||||||||||||
-2 | $10.2 million carrying value serves as collateral for the CMBS Facility (refer to Note 8). The remainder is unleveraged. | ||||||||||||||||||||||||||||||||
-3 | Based on fair value for N-Star CDO equity and principal amount for remaining securities. | ||||||||||||||||||||||||||||||||
-4 | Based on expected maturity and for floating-rate securities, calculated using the applicable LIBOR as of September 30, 2013. | ||||||||||||||||||||||||||||||||
-5 | The fair value option was elected for these securities (refer to Note 13). | ||||||||||||||||||||||||||||||||
-6 | The fair value option was elected for $30.2 million carrying value of these securities (refer to Note 13). | ||||||||||||||||||||||||||||||||
-7 | Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments. | ||||||||||||||||||||||||||||||||
The following table presents CRE securities as of December 31, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||
Cumulative Unrealized(2) | Allocation by | Weighted | Weighted | ||||||||||||||||||||||||||||||
Number(1) | Principal | Amortized | Gains | Losses | Fair | Investment | Average | Average | |||||||||||||||||||||||||
Amount | Cost | Value(3) | Type(4) | Coupon | Yield(5) | ||||||||||||||||||||||||||||
Asset Type: | |||||||||||||||||||||||||||||||||
CMBS | 485 | $ | 2,207,067 | $ | 1,551,389 | $ | 84,752 | $ | (652,123 | ) | $ | 984,018 | 86.9 | % | 3.75 | % | 10.43 | % | |||||||||||||||
Third-party CDO notes | 35 | 197,103 | 159,657 | — | (111,421 | ) | 48,236 | 7.8 | % | 0.62 | % | 7.54 | % | ||||||||||||||||||||
Unsecured REIT debt | 11 | 57,180 | 53,585 | 2,898 | (102 | ) | 56,381 | 2.2 | % | 5.5 | % | 1.29 | % | ||||||||||||||||||||
Trust preferred securities | 3 | 14,725 | 10,916 | 1,184 | (2,529 | ) | 9,571 | 0.6 | % | 2.26 | % | 6.8 | % | ||||||||||||||||||||
Agency debentures | 4 | 63,000 | 17,538 | 8,924 | — | 26,462 | 2.5 | % | NA | 3.51 | % | ||||||||||||||||||||||
Total | 538 | $ | 2,539,075 | $ | 1,793,085 | $ | 97,758 | $ | (766,175 | ) | $ | 1,124,668 | 100 | % | 3.45 | % | 9.81 | % | |||||||||||||||
_________________________________________________________ | |||||||||||||||||||||||||||||||||
-1 | Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments. | ||||||||||||||||||||||||||||||||
-2 | Includes 21 CRE securities for which the fair value option was not elected. | ||||||||||||||||||||||||||||||||
-3 | Predominately all CRE securities serve as collateral for financing transactions including carrying value of $1,016.0 million for CDO financing transactions and $35.5 million for the CMBS Facility (refer to Note 8). The remainder is unleveraged. | ||||||||||||||||||||||||||||||||
-4 | Based on principal amount. | ||||||||||||||||||||||||||||||||
-5 | Based on expected maturity and for floating-rate securities, calculated using the applicable LIBOR as of December 31, 2012. |
Borrowings_Tables
Borrowings (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of outstanding borrowings | ' | |||||||||||||||||||||||||||
The following table presents borrowings as of September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||
Recourse vs. | Final | Contractual | Principal | Carrying | Principal | Carrying | ||||||||||||||||||||||
Non-Recourse | Maturity | Interest Rate(1)(2) | Amount | Value(3) | Amount | Value(3) | ||||||||||||||||||||||
Mortgage and other notes payable:(4) | ||||||||||||||||||||||||||||
Manufactured housing communities | ||||||||||||||||||||||||||||
MH 1 Senior Mortgages(5) | Non-recourse | 23-Jan | 4.39% | $ | 236,900 | $ | 236,900 | $ | 236,900 | $ | 236,900 | |||||||||||||||||
MH 2 Senior Mortgages(6) | Non-recourse | 23-May | 4.02% | 639,999 | 639,999 | — | — | |||||||||||||||||||||
Subtotal Manufactured housing communities | 876,899 | 876,899 | 236,900 | 236,900 | ||||||||||||||||||||||||
Healthcare | ||||||||||||||||||||||||||||
Hillsboro, OR | Non-recourse | 14-Jan | 5.94% | 31,288 | 31,288 | 31,650 | 31,650 | |||||||||||||||||||||
Wakefield Portfolio | Non-recourse | 15-Mar | LIBOR + 5.95% | 56,003 | 56,003 | 56,717 | 56,717 | |||||||||||||||||||||
Ohio Portfolio | Non-recourse | 16-Mar | 6.00% | 20,558 | 20,558 | 20,747 | 20,747 | |||||||||||||||||||||
Lancaster, OH | Non-recourse | 16-Mar | LIBOR + 5.00% | 4,412 | 4,412 | 4,453 | 4,453 | |||||||||||||||||||||
Wilkinson Portfolio | Non-recourse | 17-Jan | 6.99% | 153,407 | 153,407 | 155,332 | 155,332 | |||||||||||||||||||||
Tuscola/Harrisburg, IL | Non-recourse | 17-Jan | 7.09% | 7,576 | 7,576 | 7,667 | 7,667 | |||||||||||||||||||||
East Arlington, TX | Non-recourse | 17-May | 5.89% | 3,222 | 3,222 | 3,259 | 3,259 | |||||||||||||||||||||
Minnesota Portfolio | Non-recourse | May-18(7) | LIBOR + 3.00% | 38,249 | 38,249 | — | — | |||||||||||||||||||||
Clinton, CT | Non-recourse | 18-Jun | LIBOR + 2.75% | 7,829 | 7,829 | — | — | |||||||||||||||||||||
Healthcare Preferred(8) | Non-recourse | 21-Jul | LIBOR + 7.75% | 75,000 | 75,000 | — | — | |||||||||||||||||||||
Subtotal Healthcare | 397,544 | 397,544 | 279,825 | 279,825 | ||||||||||||||||||||||||
Net lease | ||||||||||||||||||||||||||||
South Portland, ME | Non-recourse | 14-Jun | 7.34% | 3,879 | 3,879 | 4,051 | 4,051 | |||||||||||||||||||||
Fort Wayne, IN | Non-recourse | 15-Jan | 6.41% | 3,046 | 3,046 | 3,123 | 3,123 | |||||||||||||||||||||
Reading, PA | Non-recourse | 15-Jan | 5.58% | 12,843 | 12,843 | 13,073 | 13,073 | |||||||||||||||||||||
Reading, PA | Non-recourse | 15-Jan | 6.00% | 5,000 | 5,000 | 5,000 | 5,000 | |||||||||||||||||||||
EDS Portfolio | Non-recourse | 15-Oct | 5.37% | 43,912 | 43,912 | 44,575 | 44,575 | |||||||||||||||||||||
Keene, NH | Non-recourse | 16-Feb | 5.85% | 6,269 | 6,269 | 6,353 | 6,353 | |||||||||||||||||||||
Green Pond, NJ | Non-recourse | 16-Apr | 5.68% | 16,167 | 16,167 | 16,374 | 16,374 | |||||||||||||||||||||
Aurora, CO | Non-recourse | 16-Jul | 6.22% | 31,356 | 31,356 | 31,713 | 31,713 | |||||||||||||||||||||
DSG Portfolio | Non-recourse | 16-Oct | 6.17% | 31,875 | 31,875 | 32,296 | 32,296 | |||||||||||||||||||||
Indianapolis, IN | Non-recourse | 17-Feb | 6.06% | 26,708 | 26,708 | 27,022 | 27,022 | |||||||||||||||||||||
Milpitas, CA | Non-recourse | 17-Mar | 5.95% | 20,199 | 20,199 | 20,616 | 20,616 | |||||||||||||||||||||
Fort Mill, SC | Non-recourse | 17-Apr | 5.63% | 27,700 | 27,700 | 27,700 | 27,700 | |||||||||||||||||||||
Fort Mill, SC(9) | Non-recourse | 17-Apr | 6.21% | 1,558 | 1,558 | 1,827 | 1,827 | |||||||||||||||||||||
Salt Lake City, UT | Non-recourse | 17-Sep | 5.16% | 13,812 | 13,812 | 14,133 | 14,133 | |||||||||||||||||||||
Columbus, OH | Non-recourse | 17-Dec | 6.48% | 22,389 | 22,389 | 22,643 | 22,643 | |||||||||||||||||||||
Subtotal Net lease | 266,713 | 266,713 | 270,499 | 270,499 | ||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||
MF 1 Senior Mortgage | Non-recourse | 23-Apr | 4.00% | 39,600 | 39,600 | — | — | |||||||||||||||||||||
MF 2 Senior Mortgages(10) | Non-recourse | May-23/July-23 | 4.03% | 158,417 | 158,417 | — | — | |||||||||||||||||||||
MF 3 Senior Mortgages(11) | Non-recourse | 23-Jul | 4.28% | 46,538 | 46,538 | — | — | |||||||||||||||||||||
Subtotal Multifamily | 244,555 | 244,555 | — | — | ||||||||||||||||||||||||
Subtotal Non-VIE financing | 1,785,711 | 1,785,711 | 787,224 | 787,224 | ||||||||||||||||||||||||
REO | ||||||||||||||||||||||||||||
Phoenix, AZ | — | — | — | — | — | 211,921 | 211,921 | |||||||||||||||||||||
Austin, TX | — | — | — | — | — | 16,525 | 16,525 | |||||||||||||||||||||
Subtotal REO—VIE | — | — | 228,446 | 228,446 | ||||||||||||||||||||||||
Subtotal Mortgage and other notes payable | 1,785,711 | 1,785,711 | 1,015,670 | 1,015,670 | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||
Recourse vs. | Final | Contractual | Principal | Carrying | Principal | Carrying | ||||||||||||||||||||||
Non-Recourse | Maturity | Interest Rate(1)(2) | Amount | Value(3) | Amount | Value(3) | ||||||||||||||||||||||
CDO bonds payable: | ||||||||||||||||||||||||||||
N-Star I | Non-recourse | Aug-38 | LIBOR + 4.26% | 46,409 | 42,338 | 106,648 | 100,429 | |||||||||||||||||||||
N-Star II | — | — | — | — | — | 82,694 | 69,089 | |||||||||||||||||||||
N-Star III | Non-recourse | Jun-40 | LIBOR + 1.66% | 105,653 | 49,211 | 148,232 | 60,806 | |||||||||||||||||||||
N-Star IV | — | — | — | — | — | 181,353 | 149,112 | |||||||||||||||||||||
N-Star V | Non-recourse | Sep-45 | LIBOR + 0.92% | 210,653 | 82,089 | 263,738 | 107,823 | |||||||||||||||||||||
N-Star VI | — | — | — | — | — | 284,623 | 221,306 | |||||||||||||||||||||
N-Star VII | — | — | — | — | — | 240,586 | 93,689 | |||||||||||||||||||||
N-Star VIII | — | — | — | — | — | 562,367 | 413,281 | |||||||||||||||||||||
N-Star IX | Non-recourse | Aug-52 | LIBOR + 0.40% | 660,119 | 236,069 | 674,723 | 244,248 | |||||||||||||||||||||
CSE CDO | Non-recourse | Jan-37 | LIBOR + 0.42% | 608,361 | 456,454 | 694,863 | 539,687 | |||||||||||||||||||||
CapLease CDO | — | — | — | — | — | 131,926 | 112,971 | |||||||||||||||||||||
Subtotal CDO bonds payable—VIE | 1,631,195 | 866,161 | 3,371,753 | 2,112,441 | ||||||||||||||||||||||||
Securitization bonds payable: | ||||||||||||||||||||||||||||
Securitization 2012-1 | Non-recourse | 29-Aug | LIBOR+1.62% (12) | 97,937 | 97,919 | 98,131 | 98,005 | |||||||||||||||||||||
Subtotal Securitization financing transaction | 97,937 | 97,919 | 98,131 | 98,005 | ||||||||||||||||||||||||
Secured term loan: | ||||||||||||||||||||||||||||
Term Asset-Backed Securities Loan Facility | — | — | — | — | — | 14,664 | 14,664 | |||||||||||||||||||||
Subtotal Secured term loan—VIE | — | — | 14,664 | 14,664 | ||||||||||||||||||||||||
Credit facilities: | ||||||||||||||||||||||||||||
CMBS Facility | Recourse | Oct-14(13) | 1.65%(14) | 8,744 | 8,744 | 31,238 | 31,238 | |||||||||||||||||||||
Loan Facility 1 | Partial Recourse(15) | Nov-15(16) | — (17) | — | — | 15,000 | 15,000 | |||||||||||||||||||||
Loan Facility 2 | Non-recourse | Jul-18(18) | 5.19%(19) | 14,850 | 14,850 | 14,850 | 14,850 | |||||||||||||||||||||
Loan Facility 3 | Partial Recourse(20) | Mar-18(21) | — (22) | — | — | — | — | |||||||||||||||||||||
Subtotal Credit facilities | 23,594 | 23,594 | 61,088 | 61,088 | ||||||||||||||||||||||||
Exchangeable senior notes:(23) | ||||||||||||||||||||||||||||
11.50% Notes(24) | — | — | — | — | — | 35,710 | 35,611 | |||||||||||||||||||||
7.25% Notes | Recourse | Jun-27(25) | 7.25% | 12,955 | 12,955 | 12,955 | 12,955 | |||||||||||||||||||||
7.50% Notes | Recourse | Mar-31(26) | 7.50% | 172,500 | 164,644 | 172,500 | 162,596 | |||||||||||||||||||||
8.875% Notes | Recourse | Jun-32(27) | 8.88% | 81,000 | 79,081 | 82,000 | 79,869 | |||||||||||||||||||||
5.375% Notes | Recourse | Jun-33(28) | 5.38% | 345,000 | 298,752 | — | — | |||||||||||||||||||||
Subtotal Exchangeable senior notes | 611,455 | 555,432 | 303,165 | 291,031 | ||||||||||||||||||||||||
Junior subordinated notes:(29) | ||||||||||||||||||||||||||||
Trust I | Recourse | Mar-35 | 8.15% | 41,240 | 30,311 | 41,240 | 31,549 | |||||||||||||||||||||
Trust II | Recourse | Jun-35 | 7.74% | 25,780 | 18,948 | 25,780 | 19,722 | |||||||||||||||||||||
Trust III | Recourse | Jan-36 | 7.81% | 41,238 | 30,310 | 41,238 | 31,547 | |||||||||||||||||||||
Trust IV | Recourse | Jun-36 | 7.95% | 50,100 | 36,824 | 50,100 | 38,326 | |||||||||||||||||||||
Trust V | Recourse | Sep-36 | LIBOR + 2.70% | 30,100 | 18,722 | 30,100 | 18,662 | |||||||||||||||||||||
Trust VI | Recourse | Dec-36 | LIBOR + 2.90% | 25,100 | 16,064 | 25,100 | 16,064 | |||||||||||||||||||||
Trust VII | Recourse | Apr-37 | LIBOR + 2.50% | 31,459 | 19,127 | 31,459 | 19,190 | |||||||||||||||||||||
Trust VIII | Recourse | Jul-37 | LIBOR + 2.70% | 35,100 | 21,973 | 35,100 | 22,113 | |||||||||||||||||||||
Subtotal Junior subordinated notes | 280,117 | 192,279 | 280,117 | 197,173 | ||||||||||||||||||||||||
Grand Total(30) | $ | 4,430,009 | $ | 3,521,096 | $ | 5,144,588 | $ | 3,790,072 | ||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||
-1 | Refer to Note 14 for further disclosure regarding derivative instruments which are used to manage interest rate exposure. | |||||||||||||||||||||||||||
-2 | For borrowings with a contractual interest rate based on LIBOR, represents three-month LIBOR for N-Star CDO I, the CSE CDO and the Wakefield Portfolio and one-month LIBOR for the other borrowings. | |||||||||||||||||||||||||||
-3 | Carrying value represents fair value with respect to CDO bonds payable (excluding CapLease CDO bonds payable for which the fair value option was not elected) and junior subordinated notes due to the election of the fair value option (refer to Note 13) and amortized cost with regards to the other borrowings. | |||||||||||||||||||||||||||
-4 | Mortgage and other notes payable are subject to customary non-recourse carveouts. | |||||||||||||||||||||||||||
-5 | Represents two separate senior mortgage notes both maturing in January 2023 with a weighted average interest rate of 4.387%. | |||||||||||||||||||||||||||
-6 | Represents eight separate senior mortgage notes all maturing in May 2023 with a weighted average interest rate of 4.016%. | |||||||||||||||||||||||||||
-7 | The initial maturity date is May 31, 2016, subject to two one-year extensions at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. | |||||||||||||||||||||||||||
-8 | Represents a preferred equity borrowing previously eliminated in consolidation that was recorded at fair value. | |||||||||||||||||||||||||||
-9 | Represents a mezzanine loan on the net lease property. | |||||||||||||||||||||||||||
-10 | Represents seven separate senior mortgage notes, five maturing in May 2023 and two maturing in July 2023 with a weighted average interest rate of 4.03%. | |||||||||||||||||||||||||||
-11 | Represents two separate senior mortgage notes both maturing in July 2023 with a weighted average interest rate of 4.28%. | |||||||||||||||||||||||||||
-12 | Contractual interest rate represents a weighted average spread. | |||||||||||||||||||||||||||
-13 | The initial maturity date is October 28, 2013, subject to a one-year extension at the option of the Company. The facility was repaid in October 2013. | |||||||||||||||||||||||||||
-14 | Contractual interest rate equals a per annum pricing rate of 1.65%, subject to adjustment. The Company paid an upfront fee of 0.5% based on the total commitment and does not incur any non-utilization fees. | |||||||||||||||||||||||||||
-15 | Recourse solely with respect to 25% of "core" assets and 100% of "flex" assets, which may only represent 25% of the total credit facility, as such terms are defined in the governing documents. | |||||||||||||||||||||||||||
-16 | The initial maturity date is November 22, 2013, subject to two one-year extensions at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. | |||||||||||||||||||||||||||
-17 | The weighted average contractual interest rate varies based on collateral type and ranges from one-month LIBOR plus 2.25% to 3.00%. | |||||||||||||||||||||||||||
-18 | The initial maturity date is July 30, 2015, with three one-year extensions at the Company's option, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents. | |||||||||||||||||||||||||||
-19 | Represents the weighted average contractual interest rate as of September 30, 2013, which varies based on the asset type and characteristics and ranges from one-month LIBOR plus 3.95% to 5.95%. | |||||||||||||||||||||||||||
-20 | Recourse solely with respect to certain types of loans as defined in the governing documents. | |||||||||||||||||||||||||||
-21 | The initial maturity is March 11, 2014, with four one-year extensions. | |||||||||||||||||||||||||||
-22 | Contractual interest rate varies based on collateral type and ranges from one-month LIBOR plus 2.50% to 5.00%. | |||||||||||||||||||||||||||
-23 | Principal amount differs from carrying value on the consolidated balance sheets due to the unamortized discount associated with the equity component of the notes. | |||||||||||||||||||||||||||
-24 | Paid off at par at maturity in June 2013. | |||||||||||||||||||||||||||
-25 | The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2014. | |||||||||||||||||||||||||||
-26 | The holders have repurchase rights which may require the Company to repurchase the notes on March 15, 2016. | |||||||||||||||||||||||||||
-27 | The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2019. | |||||||||||||||||||||||||||
-28 | The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2023 and June 15, 2028. | |||||||||||||||||||||||||||
-29 | Junior subordinated notes Trusts I, II, III and IV have a fixed interest rate for the first ten years after which the interest rate will float and reset quarterly at rates ranging from three-month LIBOR plus 2.50% to 2.90%. | |||||||||||||||||||||||||||
-30 | The change from prior year is the result of deconsolidation of certain N-Star CDOs and the liquidation of N-Star CDO II. Refer to Note 3 for further disclosure. | |||||||||||||||||||||||||||
Schedule of principal amount on the borrowings, based on maturity | ' | |||||||||||||||||||||||||||
The following table presents scheduled principal on borrowings, based on final maturity as of September 30, 2013 (dollars in thousands): | ||||||||||||||||||||||||||||
Total | Mortgage | CDO Bonds | Securitization | Credit | Exchangeable | Junior | ||||||||||||||||||||||
and Other Notes | Payable | Bonds Payable | Facilities | Senior Notes(1) | Subordinated | |||||||||||||||||||||||
Payable | Notes | |||||||||||||||||||||||||||
October 1 - December 31, 2013 | $ | 2,565 | $ | 2,565 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
2014 | 67,287 | 45,588 | — | — | 8,744 | 12,955 | — | |||||||||||||||||||||
2015 | 130,437 | 130,437 | — | — | — | — | — | |||||||||||||||||||||
2016 | 298,749 | 126,249 | — | — | — | 172,500 | — | |||||||||||||||||||||
2017 | 278,236 | 278,236 | — | — | — | — | — | |||||||||||||||||||||
Thereafter | 3,652,735 | 1,202,636 | 1,631,195 | 97,937 | 14,850 | 426,000 | 280,117 | |||||||||||||||||||||
Total | $ | 4,430,009 | $ | 1,785,711 | $ | 1,631,195 | $ | 97,937 | $ | 23,594 | $ | 611,455 | $ | 280,117 | ||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||
-1 | The 7.25% Notes, 7.50% Notes, 8.875% Notes and 5.375% Notes have a final maturity date of June 15, 2027, March 15, 2031, June 15, 2032 and June 15, 2033, respectively. The above table reflects the holders' repurchase rights which may require the Company to repurchase the 7.25% Notes, 7.50% Notes, 8.875% Notes and 5.375% Notes on June 15, 2014, March 15, 2016, June 15, 2019 and June 15, 2023, respectively. |
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Schedule of LTIP Unit grants | ' | |||||||||||||
The following table presents the status of all LTIP Unit grants as of September 30, 2013 and December 31, 2012 (units in thousands): | ||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||
LTIP Unit | Weighted | LTIP Unit | Weighted | |||||||||||
Grants(2) | Average | Grants | Average | |||||||||||
Grant Price | Grant Price | |||||||||||||
Beginning balance(1) | 6,228 | $ | 7.66 | 4,208 | $ | 7.53 | ||||||||
Granted | 4,332 | 8.1 | 2,306 | 5.59 | ||||||||||
Converted to common stock | (1,326 | ) | 7.91 | (277 | ) | 11.09 | ||||||||
Forfeited | (2 | ) | 5.38 | (9 | ) | 5.38 | ||||||||
Ending Balance/Weighted Average | 9,232 | $ | 7.83 | 6,228 | $ | 7.66 | ||||||||
____________________________________________________________ | ||||||||||||||
-1 | Reflects the balance as of January 1, 2013 and 2012 for the periods ended September 30, 2013 and December 31, 2012, respectively. | |||||||||||||
-2 | Includes 698,142 LTIP Units issued in connection with the NorthStar Realty Finance Corp. 2004 Long-Term Incentive Bonus Plan of which 667,509 LTIP Units have been converted. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||||
Summary of dividends declared (on a per share basis) | ' | ||||||||||||||||||||||
The following table presents dividends declared (on a per share basis) for the nine months ended September 30, 2013: | |||||||||||||||||||||||
Common Stock | Preferred Stock | ||||||||||||||||||||||
Dividend | |||||||||||||||||||||||
Declaration | Dividend | Declaration | Series A | Series B | Series C | Series D | |||||||||||||||||
Date | Date | ||||||||||||||||||||||
February 13 | $ | 0.18 | February 1 | $ | 0.54688 | $ | 0.51563 | $ | 0.76424 | NA | |||||||||||||
May 1 | $ | 0.19 | May 1 | $ | 0.54688 | $ | 0.51563 | $ | 0.55469 | $ | 0.2066 | ||||||||||||
31-Jul | $ | 0.2 | 31-Jul | $ | 0.54688 | $ | 0.51563 | $ | 0.55469 | $ | 0.53125 | ||||||||||||
Schedule of calculation of earnings per share | ' | ||||||||||||||||||||||
The following table presents earnings per share ("EPS") for the three and nine months ended September 30, 2013 and 2012 (dollars and shares in thousands, except per share data): | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders | $ | (151,027 | ) | $ | (149,578 | ) | $ | (127,031 | ) | $ | (261,007 | ) | |||||||||||
Net income (loss) attributable to LTIP Units non-controlling interest | (6,296 | ) | (7,059 | ) | (5,184 | ) | (12,726 | ) | |||||||||||||||
Net income (loss) attributable to common stockholders and LTIP Units(1) | $ | (157,323 | ) | $ | (156,637 | ) | $ | (132,215 | ) | $ | (273,733 | ) | |||||||||||
Denominator:(2) | |||||||||||||||||||||||
Weighted average shares of common stock | 222,206 | 134,272 | 199,410 | 120,491 | |||||||||||||||||||
Weighted average LTIP Units(1) | 9,263 | 6,337 | 9,140 | 5,955 | |||||||||||||||||||
Weighted average shares of common stock and LTIP Units | 231,469 | 140,609 | 208,550 | 126,446 | |||||||||||||||||||
Earnings (loss) per share: | |||||||||||||||||||||||
Basic | $ | (0.68 | ) | $ | (1.11 | ) | $ | (0.63 | ) | $ | (2.16 | ) | |||||||||||
Diluted | $ | (0.68 | ) | $ | (1.11 | ) | $ | (0.63 | ) | $ | (2.16 | ) | |||||||||||
____________________________________________________________ | |||||||||||||||||||||||
-1 | The EPS calculation takes into account LTIP Units which receive non-forfeitable dividends from the date of grant, share equally in the Company's net income (loss) and convert on a one-for-one basis into common stock. | ||||||||||||||||||||||
-2 | Excludes the effect of exchangeable senior notes and certain warrants outstanding and exercisable that were not dilutive as of September 30, 2013. These instruments could potentially impact diluted EPS in future periods, depending on changes in the Company's stock price and other factors. |
Noncontrolling_Interests_Table
Non-controlling Interests (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||||||
Schedule of net income (loss) attributable to the Company's common stockholders | ' | |||||||||||||||
The following table presents net income (loss) attributable to the Company's common stockholders for the three and nine months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Income (loss) from continuing operations | $ | (151,003 | ) | $ | (149,999 | ) | $ | (126,954 | ) | $ | (261,789 | ) | ||||
Income (loss) from discontinued operations | (24 | ) | 393 | (77 | ) | 483 | ||||||||||
Gain on sale from discontinued operations | — | 28 | — | 299 | ||||||||||||
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders | $ | (151,027 | ) | $ | (149,578 | ) | $ | (127,031 | ) | $ | (261,007 | ) |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of financial assets and liabilities accounted at fair value on recurring basis by level within fair value hierarchy | ' | |||||||||||||||||||||||||||
The following tables present financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 by level within the fair value hierarchy (dollars in thousands): | ||||||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Investments in private equity funds, at fair value | $ | — | $ | — | $ | 624,652 | $ | 624,652 | ||||||||||||||||||||
Real estate securities, available for sale: | ||||||||||||||||||||||||||||
N-Star CDO bonds | — | — | 153,899 | 153,899 | ||||||||||||||||||||||||
N-Star CDO equity | — | — | 129,670 | 129,670 | ||||||||||||||||||||||||
CMBS and other securities | — | 20,919 | 25,560 | 46,479 | ||||||||||||||||||||||||
CRE securities in N-Star CDOs | ||||||||||||||||||||||||||||
CMBS | — | 559,531 | 49,620 | 609,151 | ||||||||||||||||||||||||
Third-party CDO notes | — | 960 | 24,090 | 25,050 | ||||||||||||||||||||||||
Agency debentures | — | 30,770 | — | 30,770 | ||||||||||||||||||||||||
Unsecured REIT debt | — | 9,526 | — | 9,526 | ||||||||||||||||||||||||
Trust preferred securities | — | — | 5,791 | 5,791 | ||||||||||||||||||||||||
Subtotal | — | 621,706 | 388,630 | 1,010,336 | ||||||||||||||||||||||||
Derivative assets | — | 6,393 | — | 6,393 | ||||||||||||||||||||||||
Total assets | $ | — | $ | 628,099 | $ | 1,013,282 | $ | 1,641,381 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
CDO bonds payable | $ | — | $ | — | $ | 866,161 | $ | 866,161 | ||||||||||||||||||||
Junior subordinated notes | — | — | 192,279 | 192,279 | ||||||||||||||||||||||||
Derivative liabilities | — | 68,892 | — | 68,892 | ||||||||||||||||||||||||
Total liabilities | $ | — | $ | 68,892 | $ | 1,058,440 | $ | 1,127,332 | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Real estate securities, available for sale: | ||||||||||||||||||||||||||||
CMBS | $ | — | $ | 703,327 | $ | 280,691 | $ | 984,018 | ||||||||||||||||||||
Third-party CDO notes | — | 420 | 47,816 | 48,236 | ||||||||||||||||||||||||
Unsecured REIT debt | — | 56,246 | 135 | 56,381 | ||||||||||||||||||||||||
Trust preferred securities | — | — | 9,571 | 9,571 | ||||||||||||||||||||||||
Agency debentures | — | 26,462 | — | 26,462 | ||||||||||||||||||||||||
Subtotal | — | 786,455 | 338,213 | 1,124,668 | ||||||||||||||||||||||||
Derivative assets | — | 6,229 | — | 6,229 | ||||||||||||||||||||||||
Total assets | $ | — | $ | 792,684 | $ | 338,213 | $ | 1,130,897 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
CDO bonds payable(1) | $ | — | $ | — | $ | 1,999,470 | $ | 1,999,470 | ||||||||||||||||||||
Junior subordinated notes | — | — | 197,173 | 197,173 | ||||||||||||||||||||||||
Derivative liabilities | — | 170,840 | — | 170,840 | ||||||||||||||||||||||||
Total liabilities | $ | — | $ | 170,840 | $ | 2,196,643 | $ | 2,367,483 | ||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||
-1 | Excludes CapLease CDO bonds payable for which the fair value option was not elected. | |||||||||||||||||||||||||||
Schedule of additional information about the financial assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||||||||||||||||
The following table presents additional information about financial assets and liabilities which are measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands): | ||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||
Investments | Real Estate | CDO Bonds | Junior | Real Estate | CDO Bonds | Junior | ||||||||||||||||||||||
in Private | Securities | Payable | Subordinated | Securities | Payable | Subordinated | ||||||||||||||||||||||
Equity Funds | Notes | Notes | ||||||||||||||||||||||||||
Beginning balance(1) | $ | — | $ | 338,213 | $ | 1,999,470 | $ | 197,173 | $ | 422,607 | $ | 2,145,239 | $ | 157,168 | ||||||||||||||
Transfers into Level 3(2) | — | — | — | — | 84,871 | — | — | |||||||||||||||||||||
Transfers out of Level 3(2) | — | (133,667 | ) | — | — | (91,161 | ) | — | — | |||||||||||||||||||
Purchases / borrowings / amortization / contributions | 662,052 | 13,663 | 43,983 | — | 59,559 | 99,775 | ||||||||||||||||||||||
Sales | — | (40,509 | ) | — | — | (95,433 | ) | — | — | |||||||||||||||||||
Paydowns / distributions | (89,704 | ) | (35,410 | ) | (518,129 | ) | — | (80,911 | ) | (675,038 | ) | — | ||||||||||||||||
Repurchases | — | — | (32,719 | ) | — | — | (103,118 | ) | — | |||||||||||||||||||
Gains: | ||||||||||||||||||||||||||||
Equity in earnings of unconsolidated ventures | 52,304 | — | — | — | — | — | — | |||||||||||||||||||||
Unrealized gains included in earnings | — | 60,127 | — | (4,894 | ) | 59,048 | — | — | ||||||||||||||||||||
Realized gains included in earnings | — | 13,619 | — | — | 25,431 | — | — | |||||||||||||||||||||
Unrealized gain on real estate securities, available for sale included in OCI | — | 2,221 | — | — | 6,982 | — | — | |||||||||||||||||||||
Deconsolidation of N-Star CDOs(3) | — | 272,107 | (1,157,499 | ) | — | — | — | — | ||||||||||||||||||||
Losses: | ||||||||||||||||||||||||||||
Equity in losses of unconsolidated ventures | — | — | — | — | — | — | — | |||||||||||||||||||||
Unrealized losses included in earnings | — | (19,581 | ) | 105,359 | — | (47,795 | ) | 510,105 | 40,005 | |||||||||||||||||||
Realized losses included in earnings | — | (4,995 | ) | 19,445 | — | (4,416 | ) | 22,507 | — | |||||||||||||||||||
Unrealized losses on real estate securities, available for sale included in OCI | — | (4 | ) | — | — | (569 | ) | — | — | |||||||||||||||||||
Deconsolidation of N-Star CDOs(3) | — | (77,154 | ) | 406,251 | ||||||||||||||||||||||||
Ending balance | $ | 624,652 | $ | 388,630 | $ | 866,161 | $ | 192,279 | $ | 338,213 | $ | 1,999,470 | $ | 197,173 | ||||||||||||||
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held. | $ | — | $ | (9 | ) | $ | (35,530 | ) | $ | 4,894 | $ | 14,481 | $ | (320,134 | ) | $ | (40,005 | ) | ||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||
-1 | Represents the balance as of January 1, 2013 and 2012 for the periods ended September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||
-2 | Transfers between Level 2 and Level 3 represent a fair value measurement from a third-party pricing service or broker quotations that have become more or less observable during the period. Transfers are assumed to occur at the beginning of the year. | |||||||||||||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information | ' | |||||||||||||||||||||||||||
For the nine months ended September 30, 2013, quantitative information about the Company's remaining Level 3 fair value measurements on a recurring basis are as follows: | ||||||||||||||||||||||||||||
Fair Value | Valuation Technique | Key Unobservable Inputs | Range | |||||||||||||||||||||||||
PE Investments | $ | 624,652 | Discounted Cash Flow Model | Discount Rate | 17% - 23% | |||||||||||||||||||||||
N-Star CDO equity | $ | 129,670 | Discounted Cash Flow Model | Discount Rate | 18% - 20% | |||||||||||||||||||||||
Schedule of fair value of financial instruments for which the fair value option was elected | ' | |||||||||||||||||||||||||||
following table presents the fair value of financial instruments for which the fair value option was elected as of September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Investments in private equity funds, at fair value | $ | 624,652 | $ | — | ||||||||||||||||||||||||
Real estate securities, available for sale:(1) | ||||||||||||||||||||||||||||
N-Star CDO equity | 129,670 | — | ||||||||||||||||||||||||||
CMBS and other securities | 30,209 | 20,668 | ||||||||||||||||||||||||||
CRE securities in N-Star CDOs | ||||||||||||||||||||||||||||
CMBS | 609,151 | 897,800 | ||||||||||||||||||||||||||
Third-party CDO notes | 25,050 | 25,756 | ||||||||||||||||||||||||||
Agency debentures | 30,770 | 26,462 | ||||||||||||||||||||||||||
Unsecured REIT debt | 9,526 | 56,381 | ||||||||||||||||||||||||||
Trust preferred securities | 5,791 | 9,571 | ||||||||||||||||||||||||||
Subtotal | 840,167 | 1,036,638 | ||||||||||||||||||||||||||
Total assets | $ | 1,464,819 | $ | 1,036,638 | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
CDO bonds payable(2) | $ | 866,161 | $ | 1,999,470 | ||||||||||||||||||||||||
Junior subordinated notes | 192,279 | 197,173 | ||||||||||||||||||||||||||
Total liabilities | $ | 1,058,440 | $ | 2,196,643 | ||||||||||||||||||||||||
___________________________________________________________ | ||||||||||||||||||||||||||||
-1 | September 30, 2013 excludes 32 CRE securities with an aggregate carrying value of $170.2 million for which the fair value option was not elected. December 31, 2012 excludes 21 CRE securities with an aggregate carrying value of $88.0 million for which the fair value option was not elected. | |||||||||||||||||||||||||||
-2 | December 31, 2012 excludes CapLease CDO bonds payable with a carrying value of $113.0 million for which the fair value option was not elected. | |||||||||||||||||||||||||||
The | ||||||||||||||||||||||||||||
Schedule of difference between the fair value and the aggregate principal amount of liabilities, for which the fair value option has been elected | ' | |||||||||||||||||||||||||||
following table presents the difference between the fair value and the aggregate principal amount of liabilities, for which the fair value option has been elected as of September 30, 2013 (dollars in thousands): | ||||||||||||||||||||||||||||
Fair Value | Amount | Difference | ||||||||||||||||||||||||||
Due Upon | ||||||||||||||||||||||||||||
Maturity | ||||||||||||||||||||||||||||
CDO bonds payable | $ | 866,161 | $ | 1,631,195 | $ | (765,034 | ) | |||||||||||||||||||||
Junior subordinated notes | 192,279 | 280,117 | (87,838 | ) | ||||||||||||||||||||||||
Total | $ | 1,058,440 | $ | 1,911,312 | $ | (852,872 | ) | |||||||||||||||||||||
The | ||||||||||||||||||||||||||||
Schedule of change in fair value of financial assets and liabilities in the consolidated statements of operations | ' | |||||||||||||||||||||||||||
following table presents unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities in the consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2013(2) | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Real estate securities, available for sale | $ | (35,924 | ) | $ | 24,109 | $ | 86,344 | $ | 49,048 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
CDO bonds payable | 44,070 | (193,721 | ) | (105,359 | ) | (403,196 | ) | |||||||||||||||||||||
Junior subordinated notes | 28,338 | (20,726 | ) | 4,894 | (24,932 | ) | ||||||||||||||||||||||
Subtotal(1) | 36,484 | (190,338 | ) | (14,121 | ) | (379,080 | ) | |||||||||||||||||||||
Derivatives | (8,540 | ) | 6,871 | 29,661 | 27,166 | |||||||||||||||||||||||
Total | $ | 27,944 | $ | (183,467 | ) | $ | 15,540 | $ | (351,914 | ) | ||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||
-1 | Represents financial assets and liabilities for which the fair value option was elected. | |||||||||||||||||||||||||||
-2 | ||||||||||||||||||||||||||||
Schedule of principal amount, carrying value and fair value of certain financial assets and liabilities | ' | |||||||||||||||||||||||||||
following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||
Principal / | Carrying | Fair Value | Principal / | Carrying | Fair Value | |||||||||||||||||||||||
Notional | Value | Notional | Value | |||||||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||||||
Financial assets:(1) | ||||||||||||||||||||||||||||
Real estate debt investments, net | $ | 1,484,697 | $ | 1,177,517 | $ | 1,166,953 | $ | 2,371,464 | $ | 1,832,231 | $ | 1,763,851 | ||||||||||||||||
Real estate securities, available for sale(2) | 2,036,011 | 1,010,336 | 1,010,336 | 2,539,075 | 1,124,668 | 1,124,668 | ||||||||||||||||||||||
Derivative assets(2)(3) | 832,602 | 6,393 | 6,393 | 815,500 | 6,229 | 6,229 | ||||||||||||||||||||||
Financial liabilities:(1) | ||||||||||||||||||||||||||||
Mortgage and other notes payable | $ | 1,785,711 | $ | 1,785,711 | $ | 1,786,755 | $ | 1,015,670 | $ | 1,015,670 | $ | 1,034,428 | ||||||||||||||||
CDO bonds payable(2) | 1,631,195 | 866,161 | 866,161 | 3,371,753 | 2,112,441 | 2,108,817 | ||||||||||||||||||||||
Securitization bonds payable | 97,937 | 97,919 | 98,005 | 98,131 | 98,005 | 98,298 | ||||||||||||||||||||||
Credit facilities | 23,594 | 23,594 | 23,594 | 61,088 | 61,088 | 61,088 | ||||||||||||||||||||||
Secured term loan | — | — | — | 14,664 | 14,664 | 15,276 | ||||||||||||||||||||||
Exchangeable senior notes | 611,455 | 555,432 | 768,653 | 303,165 | 291,031 | 357,627 | ||||||||||||||||||||||
Junior subordinated notes(2) | 280,117 | 192,279 | 192,279 | 280,117 | 197,173 | 197,173 | ||||||||||||||||||||||
Derivative liabilities(2)(3) | 756,513 | 68,892 | 68,892 | 1,392,269 | 170,840 | 170,840 | ||||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||
-1 | The fair value of other financial instruments not included in this table is estimated to approximate their carrying value. | |||||||||||||||||||||||||||
-2 | Refer to the "Determination of Fair Value" above for disclosure of methodologies used to determine fair value. | |||||||||||||||||||||||||||
-3 | Derivative assets and liabilities exclude timing swaps with an aggregate notional amount of $28.0 million and $68.9 million as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||
Dis | ||||||||||||||||||||||||||||
Summary of exchangeable senior notes | ' | |||||||||||||||||||||||||||
following table presents the exchangeable senior notes as of September 30, 2013 (dollars in thousands): | ||||||||||||||||||||||||||||
Principal | Carrying | Fair | ||||||||||||||||||||||||||
Amount | Value | Value | ||||||||||||||||||||||||||
7.25% Notes | $ | 12,955 | $ | 12,955 | $ | 13,199 | ||||||||||||||||||||||
7.50% Notes | 172,500 | 164,644 | 273,169 | |||||||||||||||||||||||||
8.875% Notes | 81,000 | 79,081 | 128,936 | |||||||||||||||||||||||||
5.375% Notes | 345,000 | 298,752 | 353,349 | |||||||||||||||||||||||||
Total | $ | 611,455 | $ | 555,432 | $ | 768,653 | ||||||||||||||||||||||
Risk_Management_and_Derivative1
Risk Management and Derivative Activities (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Summary of derivative instruments that were not designated as hedges under U.S. GAAP | ' | |||||||||||||||||
The following tables present derivative instruments that were not designated as hedges under U.S. GAAP as of September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||||
Number | Notional | Fair Value | Range of | Range of Maturity | ||||||||||||||
Amount(1) | Net Asset | Fixed LIBOR | ||||||||||||||||
(Liability) | ||||||||||||||||||
As of September 30, 2013: | ||||||||||||||||||
Interest rate swaps | 20 | $ | 756,513 | $ | (68,892 | ) | (2) | 4.55% ‑ 5.31% | May 2014 ‑ October 2019 | |||||||||
Interest rate caps/floors | 5 | 832,602 | 6,393 | 1.64% ‑ 6.00% | December 2013 - June 2018 | |||||||||||||
Total | 25 | $ | 1,589,115 | $ | (62,499 | ) | ||||||||||||
As of December 31, 2012: | ||||||||||||||||||
Interest rate swaps | 34 | $ | 1,392,269 | $ | (170,840 | ) | (2) | 4.55% - 5.63% | May 2013 - October 2019 | |||||||||
Interest rate caps/floors | 5 | 815,500 | 6,229 | 1.64% - 7.00% | January 2013(3) - October 2014 | |||||||||||||
Total | 39 | $ | 2,207,769 | $ | (164,611 | ) | ||||||||||||
____________________________________________________________ | ||||||||||||||||||
-1 | Excludes timing swaps with a notional amount of $28.0 million and $68.9 million as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||
-2 | All of the interest rate swaps were liabilities at period end and are only subject to the credit risks of the respective CDO transaction. As the interest rate swaps are senior to all the liabilities of the respective CDO and the fair value of each of the CDO's investments exceeded the fair value of the CDO's derivative liabilities, a credit valuation adjustment was not recorded. | |||||||||||||||||
-3 | Two floors with a total notional amount of $450.0 million were extended to July 2014. | |||||||||||||||||
Schedule of fair value of the derivative instruments as well as their classification on consolidated balance sheets | ' | |||||||||||||||||
The following table presents the fair value of derivative instruments, as well as their classification on the consolidated balance sheets, as of September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||||
Balance Sheet | September 30, | December 31, | ||||||||||||||||
Location | 2013 | 2012 | ||||||||||||||||
Interest rate caps/floors | Derivative assets | $ | 6,393 | $ | 6,229 | |||||||||||||
Interest rate swaps | Derivative liabilities | $ | 68,892 | $ | 170,840 | |||||||||||||
Schedule of the effect of the derivative instruments on consolidated statements of operations | ' | |||||||||||||||||
The following table presents the effect of derivative instruments in the consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
Statements of Operations Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Amount of gain (loss) recognized in earnings: | ||||||||||||||||||
Adjustments to fair value interest rate swaps | Unrealized gain (loss) on investment and other | $ | (8,540 | ) | $ | 6,871 | $ | 29,661 | $ | 27,166 | ||||||||
Net cash payment for interest rate swaps | Unrealized gain (loss) on investment and other | $ | (11,379 | ) | $ | (18,552 | ) | $ | (44,053 | ) | $ | (61,159 | ) | |||||
Amount of swap gain (loss) reclassified from OCI into earnings | Interest expense on debt and securities | $ | (1,172 | ) | $ | (1,845 | ) | $ | (4,656 | ) | $ | (5,591 | ) | |||||
Reclassification of swap gain (loss) into gain (loss) from deconsolidation of N-Star CDOs (refer to Note 3) | Gain (loss) from deconsolidation | $ | (15,246 | ) | $ | — | $ | (15,246 | ) | $ | — | |||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule of segment reporting | ' | |||||||||||||||||||||||||||||||||||
The following tables present segment reporting for the three and nine months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
N-Star CDOs(2) | ||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2013: | CRE | Real | CRE | Asset | CRE | CRE | Corporate(3) | Eliminations(1) | Consolidated | |||||||||||||||||||||||||||
Debt | Estate | Securities | Management(1) | Debt | Securities | Total | ||||||||||||||||||||||||||||||
Net interest income on debt and securities | $ | 13,406 | $ | 234 | $ | 10,613 | $ | — | $ | 10,212 | $ | 21,581 | $ | 8,963 | (4) | $ | — | $ | 65,009 | |||||||||||||||||
Advisory and other fees, related party | — | — | — | 6,816 | — | — | — | — | 6,816 | |||||||||||||||||||||||||||
Other revenues | 260 | 62,600 | — | 4,721 | 11,506 | — | 384 | (3,145 | ) | 76,326 | ||||||||||||||||||||||||||
Expenses | 487 | 70,348 | (5) | 14 | 4,125 | 16,006 | (9,110 | ) | 35,089 | (3,145 | ) | 113,814 | ||||||||||||||||||||||||
Income (loss) from operations | 13,179 | (7,514 | ) | 10,599 | 7,412 | 5,712 | 30,691 | (25,742 | ) | — | 34,337 | |||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated ventures | 1,261 | 29,768 | — | 152 | (168 | ) | — | — | — | 31,013 | ||||||||||||||||||||||||||
Unrealized gain (loss) on investments and other | — | — | 1,862 | — | 10,185 | (23,820 | ) | 28,338 | — | 16,565 | ||||||||||||||||||||||||||
Realized gain (loss) on investments and other | 2,225 | (11 | ) | 32,628 | — | (2,308 | ) | (1,967 | ) | — | — | 30,567 | ||||||||||||||||||||||||
Gain (loss) from deconsolidation of N-Star CDOs | — | — | — | — | (281,488 | ) | 27,282 | — | — | (254,206 | ) | |||||||||||||||||||||||||
Income (loss) from continuing operations | 16,665 | 22,243 | 45,089 | 7,564 | (268,067 | ) | 32,186 | 2,596 | — | (141,724 | ) | |||||||||||||||||||||||||
Income (loss) from discontinued operations | — | — | — | — | (25 | ) | — | — | — | (25 | ) | |||||||||||||||||||||||||
Net income (loss) | $ | 16,665 | $ | 22,243 | $ | 45,089 | $ | 7,564 | $ | (268,092 | ) | $ | 32,186 | $ | 2,596 | $ | — | $ | (141,749 | ) | ||||||||||||||||
N-Star CDOs(2) | ||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2012: | CRE | Real | CRE | Asset | CRE | CRE | Corporate(3) | Eliminations(1) | Consolidated | |||||||||||||||||||||||||||
Debt | Estate | Securities | Management(1) | Debt | Securities | Total | ||||||||||||||||||||||||||||||
Net interest income on debt and securities | $ | 6,846 | $ | 43 | $ | 3,778 | $ | — | $ | 22,419 | $ | 28,532 | $ | 8,636 | (4) | $ | — | $ | 70,254 | |||||||||||||||||
Advisory and other fees, related party | — | — | — | 1,507 | — | — | — | — | 1,507 | |||||||||||||||||||||||||||
Other revenues | — | 21,817 | — | 15,993 | 7,558 | — | (149 | ) | (3,545 | ) | 41,674 | |||||||||||||||||||||||||
Expenses | 424 | 19,423 | (5) | — | 13,872 | 19,043 | 1,953 | 26,939 | (3,545 | ) | 78,109 | |||||||||||||||||||||||||
Income (loss) from operations | 6,422 | 2,437 | 3,778 | 3,628 | 10,934 | 26,579 | (18,452 | ) | — | 35,326 | ||||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated ventures | 358 | (81 | ) | — | 67 | 77 | — | — | — | 421 | ||||||||||||||||||||||||||
Unrealized gain (loss) on investments and other | — | — | (443 | ) | — | (154,255 | ) | (26,595 | ) | (20,726 | ) | — | (202,019 | ) | ||||||||||||||||||||||
Realized gain (loss) on investments and other | 1,215 | 4,913 | (801 | ) | — | (5,769 | ) | 15,663 | — | — | 15,221 | |||||||||||||||||||||||||
Income (loss) from continuing operations | 7,995 | 7,269 | 2,534 | 3,695 | (149,013 | ) | 15,647 | (39,178 | ) | — | (151,051 | ) | ||||||||||||||||||||||||
Income (loss) from discontinued operations | — | — | — | — | 411 | — | — | — | 411 | |||||||||||||||||||||||||||
Gain on sale from discontinued operations | — | — | — | — | 29 | — | — | — | 29 | |||||||||||||||||||||||||||
Net income (loss) | $ | 7,995 | $ | 7,269 | $ | 2,534 | $ | 3,695 | $ | (148,573 | ) | $ | 15,647 | $ | (39,178 | ) | $ | — | $ | (150,611 | ) | |||||||||||||||
_______________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Includes $3.1 million and $3.5 million of collateral management fees related to CDO financing transactions for the three months ended September 30, 2013 and 2012, respectively, that are eliminated in consolidation. These amounts are recorded as other revenue in the asset management segment and as an expense in the N-Star CDO segments. | |||||||||||||||||||||||||||||||||||
-2 | Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. | |||||||||||||||||||||||||||||||||||
-3 | Includes corporate level interest income, interest expense and unallocated general and administrative expenses. | |||||||||||||||||||||||||||||||||||
-4 | Represents income earned from CDO bonds repurchased at a discount, recognized using the effective interest method, that is eliminated in consolidation. The corresponding interest expense is recorded in net interest income in the N-Star CDO segments. | |||||||||||||||||||||||||||||||||||
-5 | Includes depreciation and amortization of $27.9 million and $6.8 million for the three months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||
N-Star CDOs(2) | ||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2013: | CRE | Real | CRE | Asset | CRE | CRE | Corporate(3) | Eliminations(1) | Consolidated | |||||||||||||||||||||||||||
Debt | Estate | Securities | Management(1) | Debt | Securities | Total | ||||||||||||||||||||||||||||||
Net interest income on debt and securities | $ | 29,903 | $ | 1,102 | $ | 23,467 | $ | — | $ | 35,857 | $ | 58,213 | $ | 36,965 | (4) | $ | — | $ | 185,507 | |||||||||||||||||
Advisory and other fees, related party | — | — | — | 17,111 | — | — | — | — | 17,111 | |||||||||||||||||||||||||||
Other revenues | 261 | 147,305 | — | 63,644 | 32,159 | 39 | 865 | (12,589 | ) | 231,684 | ||||||||||||||||||||||||||
Expenses | 999 | 154,973 | (5) | 43 | 55,417 | 51,865 | (5,098 | ) | 100,547 | (12,589 | ) | 346,157 | ||||||||||||||||||||||||
Income (loss) from operations | 29,165 | (6,566 | ) | 23,424 | 25,338 | 16,151 | 63,350 | (62,717 | ) | — | 88,145 | |||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated ventures | 3,027 | 51,499 | — | 291 | (372 | ) | — | — | — | 54,445 | ||||||||||||||||||||||||||
Unrealized gain (loss) on investments and other | — | — | 4,542 | — | (30,576 | ) | (7,373 | ) | 4,894 | — | (28,513 | ) | ||||||||||||||||||||||||
Realized gain (loss) on investments and other | 1,326 | 12,220 | 32,582 | — | (6,508 | ) | 8,027 | (36 | ) | — | 47,611 | |||||||||||||||||||||||||
Gain (loss) from deconsolidation of N-Star CDOs | — | — | — | — | (281,488 | ) | 27,282 | — | — | (254,206 | ) | |||||||||||||||||||||||||
Income (loss) from continuing operations | 33,518 | 57,153 | 60,548 | 25,629 | (302,793 | ) | 91,286 | (57,859 | ) | — | (92,518 | ) | ||||||||||||||||||||||||
Income (loss) from discontinued operations | — | — | — | — | (81 | ) | — | — | — | (81 | ) | |||||||||||||||||||||||||
Net income (loss) | $ | 33,518 | $ | 57,153 | $ | 60,548 | $ | 25,629 | $ | (302,874 | ) | $ | 91,286 | $ | (57,859 | ) | $ | — | $ | (92,599 | ) | |||||||||||||||
N-Star CDOs(2) | ||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2012: | CRE | Real | CRE | Asset | CRE | CRE | Corporate(3) | Eliminations(1) | Consolidated | |||||||||||||||||||||||||||
Debt | Estate | Securities | Management(1) | Debt | Securities | Total | ||||||||||||||||||||||||||||||
Net interest income on debt and securities | $ | 10,033 | $ | 118 | $ | 13,065 | $ | — | $ | 65,211 | $ | 90,463 | $ | 25,908 | (4) | $ | — | $ | 204,798 | |||||||||||||||||
Advisory and other fees, related party | — | — | — | 4,766 | — | — | — | — | 4,766 | |||||||||||||||||||||||||||
Other revenues | — | 63,093 | — | 39,495 | 23,840 | 7 | (35 | ) | (11,037 | ) | 115,363 | |||||||||||||||||||||||||
Expenses | 313 | 60,829 | (5) | — | 33,592 | 65,006 | 2,216 | 74,654 | (11,037 | ) | 225,573 | |||||||||||||||||||||||||
Income (loss) from operations | 9,720 | 2,382 | 13,065 | 10,669 | 24,045 | 88,254 | (48,781 | ) | — | 99,354 | ||||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated ventures | 617 | (1,157 | ) | — | 60 | 64 | — | — | — | (416 | ) | |||||||||||||||||||||||||
Other income (loss) | — | 20,000 | — | — | 258 | — | — | — | 20,258 | |||||||||||||||||||||||||||
Unrealized gain (loss) on investments and other | — | — | 7,347 | — | (185,710 | ) | (209,778 | ) | (24,932 | ) | — | (413,073 | ) | |||||||||||||||||||||||
Realized gain (loss) on investments and other | (414 | ) | 16,147 | (801 | ) | — | (7,562 | ) | 28,367 | 31 | — | 35,768 | ||||||||||||||||||||||||
Income (loss) from continuing operations | 9,923 | 37,372 | 19,611 | 10,729 | (168,905 | ) | (93,157 | ) | (73,682 | ) | — | (258,109 | ) | |||||||||||||||||||||||
Income (loss) from discontinued operations | — | — | — | — | 506 | — | — | — | 506 | |||||||||||||||||||||||||||
Gain on sale from discontinued operations | — | — | — | — | 314 | — | — | — | 314 | |||||||||||||||||||||||||||
Net income (loss) | $ | 9,923 | $ | 37,372 | $ | 19,611 | $ | 10,729 | $ | (168,085 | ) | $ | (93,157 | ) | $ | (73,682 | ) | $ | — | $ | (257,289 | ) | ||||||||||||||
___________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Includes $12.6 million and $11.0 million of collateral management fees related to CDO financing transactions for the nine months ended September 30, 2013 and 2012, respectively, that are eliminated in consolidation. These amounts are recorded as other revenue in the asset management segment and as an expense in the N-Star CDO segments. | |||||||||||||||||||||||||||||||||||
-2 | Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. | |||||||||||||||||||||||||||||||||||
-3 | Includes corporate level interest income, interest expense and unallocated general and administrative expenses. | |||||||||||||||||||||||||||||||||||
-4 | Represents income earned from CDO bonds repurchased at a discount, recognized using the effective interest method, that is eliminated in consolidation. The corresponding interest expense is recorded in net interest income in the N-Star CDO segments. | |||||||||||||||||||||||||||||||||||
-5 | Includes depreciation and amortization of $53.7 million and $20.7 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||
Summary of total assets by segment | ' | |||||||||||||||||||||||||||||||||||
The following table presents total assets by segment as of September 30, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
N-Star CDOs(2) | ||||||||||||||||||||||||||||||||||||
CRE | Real | CRE | Asset | CRE | CRE | Corporate(1) | Consolidated | |||||||||||||||||||||||||||||
Debt | Estate | Securities | Management | Debt | Securities | Total | ||||||||||||||||||||||||||||||
Total Assets as of September 30, 2013 | $ | 897,189 | $ | 3,043,468 | $ | 371,331 | $ | 37,963 | $ | 462,020 | $ | 735,406 | $ | 281,201 | $ | 5,828,578 | ||||||||||||||||||||
Total Assets as of December 31, 2012 | $ | 383,998 | $ | 1,189,193 | $ | 195,803 | $ | 26,750 | $ | 2,290,268 | $ | 1,041,625 | $ | 386,141 | $ | 5,513,778 | ||||||||||||||||||||
____________________________________________________________ | ||||||||||||||||||||||||||||||||||||
-1 | Primarily includes cash and cash equivalents. | |||||||||||||||||||||||||||||||||||
-2 | Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. |
Supplemental_Disclosures_of_No1
Supplemental Disclosures of Non-cash Investing and Financing Activities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Summary of non-cash investing and financing activities | ' | |||||||
The following table presents non-cash investing and financing activities for the nine months ended September 30, 2013 and 2012 (dollars in thousands): | ||||||||
Nine Months Ended September 30, | ||||||||
2013(2) | 2012 | |||||||
Real estate acquisition(1) | $ | 135,361 | $ | 35,304 | ||||
Reduction of CRE debt investments(1) | 135,361 | 35,304 | ||||||
Increase in restricted cash(1) | 6,065 | — | ||||||
Non-cash related to PE Investments | 44,021 | — | ||||||
Reclassification of operating real estate to asset held for sale | — | 1,046 | ||||||
Reclassification of operating real estate to other assets | 60,621 | — | ||||||
Reclassification of operating real estate to deferred costs and intangible assets | 18,375 | — | ||||||
Escrow deposit payable related to CRE debt investments | 62,811 | 38,034 | ||||||
Dividends payable related to RSUs | — | 1,923 | ||||||
Activity in non-controlling interest | — | 2,358 | ||||||
CRE debt investment payoff due from servicer | 15,600 | — | ||||||
Equity component of 8.875% Notes | — | 2,179 | ||||||
Equity component of 5.375% Notes | 45,740 | — | ||||||
Decrease of restricted cash in connection with swap collateral | — | 22,037 | ||||||
Discount on CRE debt investment | — | 2,516 | ||||||
____________________________________________________________ | ||||||||
-1 | Non-cash activity occurred in connection with taking title to collateral. | |||||||
-2 | Refer to Note 3 for non-cash investing and financing activities related to the deconsolidation of certain N-Star CDOs. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Credit Losses and Impairment on Investments | ' |
Period past due for suspension of income recognition | '90 days |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 28, 2013 | |
CMBS | Consolidated VIEs | Unconsolidated VIEs | Unconsolidated VIEs | Unconsolidated VIEs | Unconsolidated VIEs | Unconsolidated VIEs | Unconsolidated VIEs | Unconsolidated VIEs | Unconsolidated VIEs | B-piece | ||||||
cdo | Real estate debt investments, net | Junior Subordinated Notes, at Fair Value | N-Star CDO Bonds | N-Star CDO Equity | CMBS | CRE Securities | Real Estate Securities, Available for Sale | NorthStar Income | ||||||||
entity | entity | |||||||||||||||
Securitization | ||||||||||||||||
Variable interest entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of sponsored CDOs | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Sponsored Collateralized Debt Obligations Collateralized By CRE Debt | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Sponsored Collateralized Debt Obligations Collateralized By CRE Securities | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of CDOs in which equity interests were acquired | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unconsolidated VIEs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of variable interest entities in which company is not primary beneficiary | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | 6 | ' |
Fair value of variable interest in VIEs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $34,704,000 | ' | ' | ' |
Number of VIE securitizations for which the company was appointed as a special servicer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' |
Value of the entity acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000,000 |
Carrying value and maximum exposure of unconsolidated VIEs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate securities, available for sale | 1,010,336,000 | ' | 1,010,336,000 | ' | 1,124,668,000 | 984,018,000 | ' | ' | ' | ' | 142,436,000 | 129,670,000 | ' | ' | ' | ' |
Total assets | ' | ' | ' | ' | ' | ' | ' | 321,135,000 | 14,325,000 | ' | 142,436,000 | 129,670,000 | 34,704,000 | 306,810,000 | 306,810,000 | ' |
Junior subordinated notes, at fair value | 192,279,000 | ' | 192,279,000 | ' | 197,173,000 | ' | ' | ' | ' | 192,279,000 | ' | ' | ' | ' | ' | ' |
Total liabilities | ' | ' | ' | ' | ' | ' | ' | 192,279,000 | ' | 192,279,000 | ' | ' | ' | ' | ' | ' |
Net | ' | ' | ' | ' | ' | ' | ' | 128,856,000 | 14,325,000 | -192,279,000 | ' | ' | ' | ' | 306,810,000 | ' |
Maximum Exposure to Loss | ' | ' | ' | ' | ' | ' | ' | 321,135,000 | 14,325,000 | ' | 142,436,000 | 129,670,000 | 34,704,000 | 306,810,000 | ' | ' |
Decrease In Assets From Deconsolidation Of VIE | ' | ' | -1,812,921,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in Liabilities From Deconsolidation Of VIE | ' | ' | 1,353,672,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Assets Increased From Deconsolidation of VIE | ' | ' | -459,249,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase In Collateralized Debt Obligations Bonds From Deconsolidation of VIE | ' | ' | 142,436,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase In Collateralized Debt Obligations Equity From Deconsolidation of VIE | ' | ' | 129,670,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase In Other Assets From Deconsolidation Of VIE | ' | ' | -48,438,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in Net Assets From Deconsolidation | ' | ' | 223,668,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of Unrealized Gain Loss to Gain Loss From Deconsolidation | ' | ' | -3,379,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of Swap Gain Loss Into Gain Loss From Deconsolidation | ' | ' | -15,246,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on deconsolidation | ($254,206,000) | $0 | ($254,206,000) | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating_Real_Estate_Details
Operating Real Estate (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Apr. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Multifamily Property 1 | Multifamily Properties 2 | Multifamily Properties 2 | Multifamily Properties 3 | Multifamily Properties 3 | Assisted living facilities located in Minnesota | Assisted living facilities located in Minnesota | Memory care facility located in Connecticut | Memory care facility located in Connecticut | Sheboygan, Wisconsin | Volusia County, Florida | Weighted Average | Pad rental sites | Pad rental sites | Pad rental sites | Pad rental sites | Pad rental sites | Pad rental sites | REO | Multifamily | ||||||
unit | property | note | unit | LIBOR | LIBOR | Multifamily Properties 2 | property | Weighted Average | |||||||||||||||||
note | unit | extension | community | ||||||||||||||||||||||
unit | property | note | |||||||||||||||||||||||
state | |||||||||||||||||||||||||
Operating Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of manufactured housing communities acquired as a portfolio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71 | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties acquired as a portfolio | ' | ' | ' | ' | ' | ' | 8 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | 17,000 | ' | ' | ' | ' | ' | ' | ' |
Number of states in which real estate properties are located | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase price of properties to be acquired, including all costs, escrows and reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $865,300,000 | ' | ' | ' | ' | ' | ' | ' |
Number of non-recourse mortgage notes | ' | ' | ' | ' | ' | ' | 7 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' |
Term of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' |
Acquisition of real estate properties financed through issuance of non-recourse mortgage notes | ' | ' | ' | ' | ' | 39,600,000 | 158,400,000 | ' | 46,500,000 | ' | 38,200,000 | ' | 7,900,000 | ' | ' | ' | ' | 640,000,000 | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity interest | ' | ' | ' | ' | ' | 90.00% | 95.00% | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | 98.00% | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,100,000 | ' | 43,100,000 | ' | ' | ' | ' |
Net income (loss) | 141,749,000 | 150,611,000 | 92,599,000 | 257,289,000 | 273,089,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,800,000 | ' | 7,100,000 | ' | ' | ' | ' |
Unaudited consolidated pro forma results of operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158,283,000 | 147,930,000 | 491,402,000 | 429,800,000 | ' | ' | ' |
Pro forma net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -151,027,000 | -152,905,000 | -129,661,000 | -270,022,000 | ' | ' | ' |
Pro forma EPS - Basic (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.68) | ($1.13) | ($0.65) | ($2.24) | ' | ' | ' |
Pro forma EPS - Diluted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.68) | ($1.13) | ($0.65) | ($2.24) | ' | ' | ' |
Number of units within a facility acquired | ' | ' | ' | ' | ' | 972 | 2,418 | ' | 626 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate (as a percent) | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.28% | ' | ' | ' | ' | ' | ' | 4.03% | ' | ' | ' | ' | ' | 4.02% | ' | ' |
Business Combination Consideration Transferred Excluding Amount Financed By Debt | ' | ' | ' | ' | ' | 12,900,000 | ' | 55,300,000 | 15,000,000 | ' | 14,600,000 | ' | 3,000,000 | ' | ' | ' | ' | 214,900,000 | ' | ' | ' | ' | ' | ' | ' |
Number of assisted living communities acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition cost | ' | ' | ' | ' | ' | 49,200,000 | 202,100,000 | ' | 61,500,000 | ' | 51,000,000 | ' | 10,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate added to variable rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage Loans on Real Estate Number of Extension Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage Loans on Real Estate Duration of Extension Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REO acquired by taking title, in connection with certain CRE debt investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original Loan Balance | 1,484,697,000 | ' | 1,484,697,000 | ' | 2,371,464,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,500,000 | 58,805,000 | ' | ' | ' | ' | ' | ' | ' | 71,305,000 | ' |
Initial REO Value | 2,145,223,000 | ' | 2,145,223,000 | ' | 1,401,658,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,877,000 | 1,707,000 | ' | ' | ' | ' | ' | ' | ' | 8,584,000 | ' |
Real Estate Owned Rollforward [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | 342,461,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additions | ' | ' | 201,110,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deconsolidation of N-Star CDOs | ' | ' | -529,714,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | 2,692,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation | ' | ' | -9,872,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | 6,677,000 | ' | 6,677,000 | ' | 342,461,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real Estate Owned initial value remaining after deconsoldiation | 8,600,000 | ' | 8,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,090,000 |
Buildings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 267,770,000 |
Other assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,254,000 |
Total assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 335,114,000 |
Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 244,554,000 |
Other liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 403,000 |
Total liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 244,957,000 |
Total NorthStar Realty Finance Corp. stockholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 83,178,000 |
Non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,979,000 |
Total equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,157,000 |
Total liabilities and equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $335,114,000 |
Operating_Real_Estate_Details_
Operating Real Estate (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Real Estate Sales and Discontinued Operations | ' | ' | ' | ' |
Sales proceeds | ' | ' | ($7,277,000) | ($17,349,000) |
Revenue | ' | ' | ' | ' |
Rental and escalation income | 0 | 865,000 | 0 | 2,543,000 |
Total revenue | 0 | 865,000 | 0 | 2,543,000 |
Expenses | ' | ' | ' | ' |
Real estate properties - operating expenses | 25,000 | 354,000 | 81,000 | 1,732,000 |
Depreciation and amortization | 0 | 100,000 | 0 | 305,000 |
Total expenses | 25,000 | 454,000 | 81,000 | 2,037,000 |
Income (loss) from discontinued operations | -25,000 | 411,000 | -81,000 | 506,000 |
Gain on sale from discontinued operations | 0 | 29,000 | 0 | 314,000 |
Gain (loss) on sale from discontinued operations | -25,000 | 440,000 | -81,000 | 820,000 |
Timeshare ownership member | ' | ' | ' | ' |
Real Estate Sales and Discontinued Operations | ' | ' | ' | ' |
Number of timeshare units sold | 4 | ' | 26 | ' |
Sales proceeds | 300,000 | ' | 17,300,000 | ' |
Net realized gain | 300,000 | ' | 12,000,000 | ' |
Amount financed by seller for sale of units | ' | ' | 600,000 | ' |
Manufactured homes | ' | ' | ' | ' |
Real Estate Sales and Discontinued Operations | ' | ' | ' | ' |
Sales proceeds | 2,000,000 | ' | 3,400,000 | ' |
Amount financed by seller for sale of units | $1,000,000 | ' | $2,400,000 | ' |
Number of manufactured homes sold | 118 | ' | 197 | ' |
Real_Estate_Debt_Investments_D
Real Estate Debt Investments (Details) (USD $) | 9 Months Ended | 10 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Nov. 01, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Sep. 30, 2013 | Apr. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | 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 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Apr. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 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, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
loan | loan | loan | Milford Plaza hotel | Milford Plaza hotel | Milford Plaza hotel | Non-accrual status | Non-accrual status | Non-accrual status | CDO financing transactions | Securitization Bonds Payable | Securitization Bonds Payable | Loan Facility | Loan Facility | LIBOR | Weighted Average | Weighted Average | Weighted Average | Weighted Average | Weighted Average | Weighted Average | First mortgage loans | First mortgage loans | First mortgage loans | First mortgage loans | First mortgage loans | First mortgage loans | First mortgage loans | First mortgage loans | First mortgage loans | First mortgage loans | Mezzanine loans | Mezzanine loans | Mezzanine loans | Mezzanine loans | Mezzanine loans | Subordinate mortgage interests | Subordinate mortgage interests | Subordinate mortgage interests | Subordinate mortgage interests | Subordinate mortgage interests | Credit tenant loans and other notes | Credit tenant loans and other notes | Credit tenant loans and other notes | Credit tenant loans and other notes | Term loans | Term loans | Term loans | Term loans | Term loans | Consolidated Entity Excluding Variable Interest Entities (VIE) | Consolidated Entity Excluding Variable Interest Entities (VIE) | Consolidated Entity Excluding Variable Interest Entities (VIE) | Consolidated Entity Excluding Variable Interest Entities (VIE) | Consolidated Entity Excluding Variable Interest Entities (VIE) | Consolidated Entity Excluding Variable Interest Entities (VIE) | Consolidated Entity Excluding Variable Interest Entities (VIE) | Consolidated Entity Excluding Variable Interest Entities (VIE) | Consolidated Entity Excluding Variable Interest Entities (VIE) | Consolidated Entity Excluding Variable Interest Entities (VIE) | Consolidated Entity Excluding Variable Interest Entities (VIE) | Consolidated Entity Excluding Variable Interest Entities (VIE) | Consolidated Entity Excluding Variable Interest Entities (VIE) | Consolidated Entity Excluding Variable Interest Entities (VIE) | Consolidated Entity Excluding Variable Interest Entities (VIE) | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | |
room | NorthStar Real Estate Income Trust Inc | loan | LIBOR | LIBOR | Prime | Prime | loan | Milford Plaza hotel | Non-accrual status | Non-accrual status | Weighted Average | Weighted Average | Weighted Average | Weighted Average | Weighted Average | loan | Weighted Average | Weighted Average | Weighted Average | loan | Milford Plaza hotel | Weighted Average | Weighted Average | Weighted Average | loan | Weighted Average | Weighted Average | Weighted Average | loan | Weighted Average | Weighted Average | Weighted Average | loan | LIBOR | Weighted Average | Weighted Average | First mortgage loans | First mortgage loans | First mortgage loans | Mezzanine loans | Mezzanine loans | Mezzanine loans | Subordinate mortgage interests | Subordinate mortgage interests | Subordinate mortgage interests | Term loans | Term loans | loan | LIBOR | Weighted Average | Weighted Average | Weighted Average | First mortgage loans | First mortgage loans | First mortgage loans | Mezzanine loans | Mezzanine loans | Mezzanine loans | Subordinate mortgage interests | Subordinate mortgage interests | Subordinate mortgage interests | Term loans | Term loans | |||||||||||||||||||
LIBOR | LIBOR | Prime | Prime | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | loan | Weighted Average | Weighted Average | loan | Weighted Average | Weighted Average | loan | Weighted Average | Weighted Average | loan | Weighted Average | Collateralized Debt Obligations | LIBOR | LIBOR | loan | Weighted Average | Weighted Average | loan | Weighted Average | Weighted Average | loan | Weighted Average | Weighted Average | loan | Weighted Average | |||||||||||||||||||||||||||||||||||||||||||||
LIBOR | LIBOR | LIBOR | Collateralized Debt Obligations | LIBOR | LIBOR | LIBOR | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRE debt investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number | 73 | ' | 152 | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' | ' | ' | 7 | ' | ' | ' | ' | 43 | ' | ' | ' | 10 | ' | ' | ' | ' | 30 | ' | ' | ' | 16 | ' | ' | 6 | ' | ' | 6 | ' | ' | 2 | ' | 43 | ' | ' | ' | ' | ' | 32 | ' | ' | 1 | ' | ' | 2 | ' | ' | 8 | ' |
Principal Amount | $1,484,697,000 | ' | $2,371,464,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,578,872,000 | $27,000,000 | $104,000,000 | ' | ' | ' | ' | ' | $3,700,000 | $800,000 | $440,941,000 | ' | ' | ' | ' | $121,473,000 | $61,700,000 | ' | ' | ' | $124,460,000 | ' | ' | ' | $105,718,000 | ' | ' | ' | ' | $785,106,000 | ' | ' | ' | $473,455,000 | ' | ' | $111,465,000 | ' | ' | $145,008,000 | ' | ' | $55,178,000 | ' | $699,591,000 | ' | ' | ' | ' | ' | $617,444,000 | ' | ' | $11,000,000 | ' | ' | $28,218,000 | ' | ' | $42,929,000 | ' |
Carrying Value | 1,177,517,000 | ' | 1,832,231,000 | ' | ' | ' | 162,500,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,205,313,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 333,064,000 | ' | ' | ' | ' | 96,357,000 | ' | ' | ' | ' | 118,093,000 | ' | ' | ' | 79,404,000 | ' | ' | ' | ' | 742,344,000 | ' | ' | ' | 436,848,000 | ' | ' | 109,208,000 | ' | ' | 143,093,000 | ' | ' | 53,195,000 | ' | 435,173,000 | 1,478,503,000 | ' | ' | ' | ' | 362,073,000 | ' | ' | 11,000,000 | ' | ' | 28,213,000 | ' | ' | 33,887,000 | ' |
Allocation by Investment Type (as a percent) | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.60% | ' | ' | ' | ' | 5.10% | ' | ' | ' | ' | 5.20% | ' | ' | ' | 4.50% | ' | ' | ' | ' | 52.90% | ' | ' | ' | 31.90% | ' | ' | 7.50% | ' | ' | 9.80% | ' | ' | 3.70% | ' | 47.10% | ' | ' | ' | ' | ' | 41.60% | ' | ' | 0.70% | ' | ' | 1.90% | ' | ' | 2.90% | ' |
Fixed Rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.28% | 6.26% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.29% | ' | ' | ' | ' | ' | ' | 4.34% | ' | ' | ' | ' | 6.40% | ' | ' | ' | 6.58% | ' | ' | ' | ' | 10.86% | ' | ' | ' | ' | 10.85% | ' | ' | 10.31% | ' | ' | 5.45% | ' | ' | 13.08% | ' | ' | 13.86% | ' | ' | ' | 6.05% | ' | ' | ' | 4.21% | ' | ' | 8.00% | ' | ' | 0.00% | ' | ' | 7.76% |
Description of variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | 'Prime | 'Prime | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | 'Prime | 'Prime | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Spread over floating interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.42% | 3.05% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | 1.61% | ' | ' | ' | ' | 3.97% | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | 7.97% | ' | ' | 6.66% | ' | ' | 11.34% | ' | ' | 12.32% | ' | ' | ' | ' | ' | ' | 2.98% | ' | ' | ' | 2.83% | ' | ' | 0.00% | ' | ' | 5.97% | ' | ' |
Yield (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.87% | 5.68% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.10% | ' | ' | ' | ' | ' | ' | 2.68% | ' | ' | ' | ' | 5.85% | ' | ' | ' | 7.39% | ' | ' | ' | ' | 11.94% | ' | ' | ' | ' | 10.69% | ' | ' | 9.75% | ' | ' | 8.98% | ' | ' | 13.27% | ' | ' | 15.10% | ' | ' | ' | 8.48% | ' | ' | ' | 8.54% | ' | ' | 8.00% | ' | ' | 6.18% | ' | ' | 9.83% |
Floating Rate as % of Principal Amount | 78.30% | ' | 78.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 94.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59.90% | ' | ' | ' | ' | 75.70% | ' | ' | ' | ' | ' | ' | ' | ' | 4.80% | ' | ' | ' | ' | 72.40% | ' | ' | ' | 90.20% | ' | ' | 53.20% | ' | ' | 56.60% | ' | ' | ' | ' | 84.90% | ' | ' | ' | ' | ' | 91.60% | ' | ' | 0.00% | ' | ' | 100.00% | ' | ' | ' | ' |
Carrying value served as collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,478,500,000 | 132,500,000 | 145,600,000 | 26,800,000 | 51,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash requirement on future fundings | 5,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of the Company's CRE debt investments having weighted average LIBOR floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 315,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 449,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 138,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR floor (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.59% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.32% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Acquired with Deteriorated Credit Quality, Number of Loans | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of consolidated debt investments with deteriorated credit quality | 16,609,000 | ' | 264,823,000 | ' | ' | ' | ' | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,887,000 | 14,724,000 | ' | 6,600,000 | 13,800,000 | ' | ' | ' | ' | ' | 157,178,000 | 1,885,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,758,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of loans where interest income is recognized based on current rate | 25,000,000 | ' | 106,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of loans originated | ' | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loans on real estate, number of loans acquired | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of loans originated and acquired, including interests owned through joint ventures | ' | 486,000,000 | ' | 165,700,000 | ' | 89,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of loans originated with NorthStar Income | ' | ' | ' | 255,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of rooms | ' | ' | ' | 1,331 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity interest | ' | ' | ' | 35.00% | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Senior Mortgage Loan Interest in Real Estate Debt Investments | ' | ' | ' | ' | 57,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Subordinate Mortgage Interest Retained in Real Estate Debt Investments Contributed | ' | ' | ' | ' | $46,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_Debt_Investments_D1
Real Estate Debt Investments (Details 2) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
CRE debt investments | ' | ' |
Total | $1,484,697,000 | $2,371,464,000 |
Unamortized discounts and origination fees | ' | ' |
Unamortized discounts | 295,500,000 | ' |
Unamortized origination fees and costs | 7,900,000 | ' |
Principal amount of consolidated debt investments with deteriorated credit quality | 20,384,000 | 445,649,000 |
Carrying amount of consolidated debt investments with deteriorated credit quality | 16,609,000 | 264,823,000 |
Weighted average maturity including extensions of CRE debt investments | '3 years 4 months 18 days | ' |
CSE CDO | ' | ' |
Unamortized discounts and origination fees | ' | ' |
Unamortized discounts | 246,400,000 | ' |
Principal amount of consolidated debt investments with deteriorated credit quality | 206,200,000 | ' |
Carrying amount of consolidated debt investments with deteriorated credit quality | 41,900,000 | ' |
Remaining discount that will be accreted | 44,900,000 | ' |
Initial Maturity | ' | ' |
CRE debt investments | ' | ' |
October 1 - December 31, 2013 | 49,759,000 | ' |
2014 | 474,667,000 | ' |
2015 | 405,641,000 | ' |
2016 | 262,326,000 | ' |
2017 | 117,649,000 | ' |
Thereafter | 174,655,000 | ' |
Total | 1,484,697,000 | ' |
Maturity Including Extensions | ' | ' |
CRE debt investments | ' | ' |
October 1 - December 31, 2013 | 0 | ' |
2014 | 294,027,000 | ' |
2015 | 310,325,000 | ' |
2016 | 204,178,000 | ' |
2017 | 306,261,000 | ' |
Thereafter | 369,906,000 | ' |
Total | $1,484,697,000 | ' |
Real_Estate_Debt_Investments_D2
Real Estate Debt Investments (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 36 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 36 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 36 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 36 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 36 Months Ended | 9 Months Ended | 12 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, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | 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 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
loan | loan | loan | loan | loan | loan | All Other Loans | All Other Loans | Non-Performing Loans | Non-accrual loans | Non-accrual loans | Non-accrual loans | First mortgage loans | First mortgage loans | First mortgage loans | First mortgage loans | First mortgage loans | First mortgage loans | First mortgage loans | First mortgage loans | First mortgage loans | First mortgage loans | First mortgage loans | Mezzanine loans | Mezzanine loans | Mezzanine loans | Mezzanine loans | Mezzanine loans | Mezzanine loans | Mezzanine loans | Mezzanine loans | Subordinate mortgage interests | Subordinate mortgage interests | Subordinate mortgage interests | Subordinate mortgage interests | Subordinate mortgage interests | Subordinate mortgage interests | Subordinate mortgage interests | Subordinate mortgage interests | Credit tenant loans and other notes | Credit tenant loans and other notes | Credit tenant loans and other notes | Credit tenant loans and other notes | Term loans | Term loans | Term loans | Term loans | Term loans | Term loans | Term loans | Term loans | Loan loss reserves | Loan loss reserves | Loan loss reserves | Nonperforming Financing Receivable [Member] | |||
loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | All Other Loans | All Other Loans | Non-Performing Loans | Non-accrual loans | Non-accrual loans | loan | loan | loan | loan | loan | loan | All Other Loans | All Other Loans | loan | loan | loan | loan | loan | loan | All Other Loans | All Other Loans | loan | All Other Loans | All Other Loans | loan | loan | loan | loan | loan | loan | All Other Loans | All Other Loans | All Other Loans | All Other Loans | Non-accrual loans | Non-accrual loans | ||||||||||||
loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | |||||||||||||||||||||||||||||||||||||||||
Status of loan portfolio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number | ' | ' | 73 | ' | 152 | ' | ' | ' | 73 | 151 | 1 | 7 | ' | ' | ' | ' | ' | ' | 74 | ' | 48 | 73 | 1 | ' | ' | ' | ' | ' | ' | 18 | ' | 7 | 18 | ' | ' | ' | ' | 7 | ' | 8 | 7 | 43 | ' | 0 | 49 | ' | ' | ' | ' | 10 | ' | 10 | 4 | 3 | 12 | 1 | 1 |
Total real estate debt investments | $1,181,293,000 | ' | $1,181,293,000 | ' | $1,988,930,000 | $1,988,930,000 | ' | ' | $1,181,293,000 | $1,976,430,000 | $12,500,000 | ' | ' | ' | $800,817,000 | ' | $800,817,000 | ' | $1,217,126,000 | $1,217,126,000 | $800,817,000 | $1,204,626,000 | $12,500,000 | ' | ' | $122,088,000 | ' | $122,088,000 | ' | $441,100,000 | $441,100,000 | $122,088,000 | $441,100,000 | $171,306,000 | ' | $171,306,000 | ' | $118,457,000 | $118,457,000 | $171,306,000 | $118,457,000 | $122,535,000 | $0 | $0 | $122,535,000 | $87,082,000 | ' | $87,082,000 | ' | $89,712,000 | $89,712,000 | $87,082,000 | $89,712,000 | ' | ' | ' | ' |
Loan loss reserves | -3,776,000 | ' | -3,776,000 | ' | -156,699,000 | -156,699,000 | -133,202,000 | -172,034,000 | -3,776,000 | -151,076,000 | -5,623,000 | ' | ' | ' | -1,896,000 | ' | -1,896,000 | ' | -11,813,000 | -11,813,000 | ' | ' | ' | ' | ' | -1,880,000 | ' | -1,880,000 | ' | -108,036,000 | -108,036,000 | ' | ' | 0 | ' | 0 | ' | -22,100,000 | -22,100,000 | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | -14,750,000 | -14,750,000 | ' | ' | ' | ' | ' | ' |
Total real estate debt investments, net | 1,177,517,000 | ' | 1,177,517,000 | ' | 1,832,231,000 | 1,832,231,000 | ' | ' | 1,177,517,000 | 1,825,354,000 | 6,877,000 | 162,500,000 | ' | 0 | ' | ' | ' | ' | 1,205,313,000 | 1,205,313,000 | ' | ' | 6,877,000 | ' | ' | ' | ' | ' | ' | 333,064,000 | 333,064,000 | ' | ' | ' | ' | ' | ' | 96,357,000 | 96,357,000 | ' | ' | 118,093,000 | ' | ' | ' | ' | ' | ' | ' | 79,404,000 | 79,404,000 | ' | ' | ' | ' | ' | ' |
Amount of maximum additional exposure to loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan Loss Reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | 168,659,000 | 156,699,000 | 187,784,000 | 187,784,000 | ' | 133,202,000 | 172,034,000 | 151,076,000 | ' | ' | ' | ' | ' | ' | ' | 11,813,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108,036,000 | ' | ' | ' | ' | ' | ' | ' | 22,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for loan losses, net | -11,122,000 | 6,360,000 | -8,786,000 | 19,737,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | 0 | ' | -667,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers to REO | ' | ' | -5,623,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-offs / payoffs | 0 | -9,735,000 | -20,210,000 | -38,195,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Leases Losses, Deconsolidation of Loans | -118,304,000 | 0 | -118,304,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | 3,776,000 | ' | 3,776,000 | ' | 156,699,000 | 156,699,000 | 133,202,000 | 172,034,000 | 3,776,000 | 151,076,000 | 5,623,000 | ' | ' | ' | 1,896,000 | ' | 1,896,000 | ' | 11,813,000 | 11,813,000 | ' | ' | ' | ' | ' | 1,880,000 | ' | 1,880,000 | ' | 108,036,000 | 108,036,000 | ' | ' | 0 | ' | 0 | ' | 22,100,000 | 22,100,000 | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 14,750,000 | 14,750,000 | ' | ' | ' | ' | ' | ' |
Reversal of previously recorded provision for loan loss | ' | ' | 15,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Days of Default or Past Due for Loans to be Categorized as Nonperforming | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage Loans on Real Estate Number of Impaired Loans | 15 | 22 | 15 | 22 | ' | 18 | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 9 | 5 | 9 | ' | 6 | ' | ' | ' | ' | ' | 7 | 9 | 7 | 9 | ' | 9 | ' | ' | 2 | 3 | 2 | 3 | ' | 2 | ' | ' | ' | ' | ' | ' | 1 | 1 | 1 | 1 | ' | 1 | ' | ' | ' | ' | ' | ' |
Carrying amount of loans acquired with deteriorated credit quality | 16,609,000 | ' | 16,609,000 | ' | 264,823,000 | 264,823,000 | ' | ' | ' | ' | ' | ' | 6,600,000 | ' | 14,724,000 | ' | 14,724,000 | ' | 85,887,000 | 85,887,000 | ' | ' | ' | 6,600,000 | 13,800,000 | 1,885,000 | ' | 1,885,000 | ' | 157,178,000 | 157,178,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 21,758,000 | 21,758,000 | ' | ' | ' | ' | ' | ' |
Number of TDRs that do not have loan loss reserves | ' | ' | ' | ' | 5 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of TDRs that do not have loan loss reserves | $41,400,000 | ' | $41,400,000 | ' | $41,400,000 | $41,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of loans acquired with deteriorated credit quality that do not have loan loss reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage Loans on Real Estate, Number of Loans Acquired With Deteriorated Credit Quality | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_Debt_Investments_D3
Real Estate Debt Investments (Details 4) (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Sep. 30, 2013 | |
loan | ||
Credit quality indicator | ' | ' |
Total | $1,832,231,000 | $1,177,517,000 |
Number of loans with 100% loan loss reserve | 4 | ' |
Loan loss reserve, percentage | 100.00% | ' |
Aggregate principal amount of loans with 100% loan loss reserve | 36,000,000 | ' |
First mortgage loans | ' | ' |
Credit quality indicator | ' | ' |
Total | 1,205,313,000 | ' |
Mezzanine loans | ' | ' |
Credit quality indicator | ' | ' |
Total | 333,064,000 | ' |
Subordinate mortgage interests | ' | ' |
Credit quality indicator | ' | ' |
Total | 96,357,000 | ' |
Credit tenant loans and other notes | ' | ' |
Credit quality indicator | ' | ' |
Total | 118,093,000 | ' |
Term loans | ' | ' |
Credit quality indicator | ' | ' |
Total | 79,404,000 | ' |
Loans with no loan loss reserve | ' | ' |
Credit quality indicator | ' | ' |
Total | 1,608,863,000 | 1,160,908,000 |
Loans with no loan loss reserve | First mortgage loans | ' | ' |
Credit quality indicator | ' | ' |
Total | 1,150,636,000 | 784,197,000 |
Loans with no loan loss reserve | Mezzanine loans | ' | ' |
Credit quality indicator | ' | ' |
Total | 186,131,000 | 118,323,000 |
Loans with no loan loss reserve | Subordinate mortgage interests | ' | ' |
Credit quality indicator | ' | ' |
Total | 96,357,000 | 171,306,000 |
Loans with no loan loss reserve | Credit tenant loans and other notes | ' | ' |
Credit quality indicator | ' | ' |
Total | 118,093,000 | 0 |
Loans with no loan loss reserve | Term loans | ' | ' |
Credit quality indicator | ' | ' |
Total | 57,646,000 | 87,082,000 |
Other loans with a loan loss reserve/non-accrual status | ' | ' |
Credit quality indicator | ' | ' |
Total | 216,491,000 | 16,609,000 |
Other loans with a loan loss reserve/non-accrual status | First mortgage loans | ' | ' |
Credit quality indicator | ' | ' |
Total | 47,800,000 | 14,724,000 |
Other loans with a loan loss reserve/non-accrual status | Mezzanine loans | ' | ' |
Credit quality indicator | ' | ' |
Total | 146,933,000 | 1,885,000 |
Other loans with a loan loss reserve/non-accrual status | Term loans | ' | ' |
Credit quality indicator | ' | ' |
Total | 21,758,000 | 0 |
Non-performing | ' | ' |
Credit quality indicator | ' | ' |
Total | 6,877,000 | ' |
Non-performing | First mortgage loans | ' | ' |
Credit quality indicator | ' | ' |
Total | $6,877,000 | ' |
Real_Estate_Debt_Investments_D4
Real Estate Debt Investments (Details 5) (USD $) | 3 Months Ended | 9 Months Ended | 36 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 36 Months Ended | 3 Months Ended | 9 Months Ended | 36 Months Ended | 3 Months Ended | 9 Months Ended | 36 Months Ended | 3 Months Ended | 9 Months Ended | 36 Months Ended | ||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
loan | loan | loan | loan | loan | First mortgage loans | First mortgage loans | First mortgage loans | First mortgage loans | First mortgage loans | First mortgage loans | Mezzanine loans | Mezzanine loans | Mezzanine loans | Mezzanine loans | Mezzanine loans | Subordinate mortgage interests | Subordinate mortgage interests | Subordinate mortgage interests | Subordinate mortgage interests | Subordinate mortgage interests | Term loans | Term loans | Term loans | Term loans | Term loans | |||||
loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | loan | ||||||||||
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' |
Impaired Financing Receivable Principal Amount Acquired with Deteriorated Credit Quality | $20,384,000 | ' | $20,384,000 | ' | $445,649,000 | ' | ' | ' | ' | $16,619,000 | ' | $16,619,000 | ' | $112,774,000 | $112,774,000 | $3,765,000 | ' | $3,765,000 | ' | $265,225,000 | $0 | ' | $0 | ' | $22,100,000 | $0 | ' | $0 | ' | $45,550,000 |
Carrying amount of consolidated debt investments with deteriorated credit quality | 16,609,000 | ' | 16,609,000 | ' | 264,823,000 | ' | ' | ' | ' | 14,724,000 | ' | 14,724,000 | ' | 85,887,000 | 85,887,000 | 1,885,000 | ' | 1,885,000 | ' | 157,178,000 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 21,758,000 |
Allowance for Loan and Lease Losses, Real Estate | 3,776,000 | ' | 3,776,000 | ' | 156,699,000 | 133,202,000 | 168,659,000 | 172,034,000 | 187,784,000 | 1,896,000 | ' | 1,896,000 | ' | 11,813,000 | 11,813,000 | 1,880,000 | ' | 1,880,000 | ' | 108,036,000 | 0 | ' | 0 | ' | 22,100,000 | 0 | ' | 0 | ' | 14,750,000 |
Mortgage Loans on Real Estate Number of Impaired Loans | 15 | 22 | 15 | 22 | 18 | ' | ' | ' | ' | 5 | 9 | 5 | 9 | ' | 6 | 7 | 9 | 7 | 9 | 9 | 2 | 3 | 2 | 3 | 2 | 1 | 1 | 1 | 1 | 1 |
Financing Receivable Modifications, Number of Contracts with No Related Allowance | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Acquired with Deteriorated Credit Quality, Number of Loans | 1 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average Carrying Value | 210,042,000 | 299,219,000 | 229,811,000 | 304,419,000 | ' | ' | ' | ' | ' | 77,077,000 | 110,961,000 | 80,733,000 | 100,503,000 | ' | ' | 105,897,000 | 166,125,000 | 124,665,000 | 171,942,000 | ' | ' | 375,000 | ' | 7,518,000 | ' | 27,068,000 | 21,758,000 | 24,413,000 | 24,456,000 | ' |
Impaired Financing Receivable, Interest Income, Accrual Method | 1,397,000 | 3,086,000 | 4,159,000 | 9,619,000 | ' | ' | ' | ' | ' | 346,000 | 275,000 | 1,030,000 | 942,000 | ' | ' | 136,000 | 1,894,000 | 414,000 | 5,909,000 | ' | 1,000 | 3,000 | 3,000 | 47,000 | ' | 914,000 | 914,000 | 2,712,000 | 2,721,000 | ' |
Number of receivables past due greater than 90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables past due greater than 90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,500,000 | $12,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_Debt_Investments_D5
Real Estate Debt Investments (Details 6) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | |
loan | loan | loan | loan | First mortgage loans | First mortgage loans | First mortgage loans | First mortgage loans | First mortgage loans | Mezzanine loans | Mezzanine loans | Mezzanine loans | Mezzanine loans | Mezzanine loans | Subordinate mortgage interests | |
loan | loan | loan | Modified into senior note [Member] | Modified into subordinate note [Member] | loan | loan | loan | Modified into mezzanine loan [Member] | Modified into subordinate mortgage interest [Member] | loan | |||||
Troubled Debt Restructurings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of loans modified during the period | 0 | 2 | 1 | 5 | 1 | ' | 3 | ' | ' | 1 | 1 | 1 | ' | ' | 1 |
Carrying value of loans modified during the period | ' | $22,677,000 | $50,905,000 | $47,922,000 | $9,996,000 | ' | $35,241,000 | ' | ' | $12,681,000 | $50,905,000 | $12,681,000 | ' | ' | $0 |
Original W A Interest Rate (as a percent) | ' | 3.16% | 10.85% | 2.65% | 4.00% | ' | 3.52% | ' | ' | 2.50% | 10.85% | 2.50% | ' | ' | 3.35% |
Modified W A Interest Rate (as a percent) | ' | 0.72% | 0.00% | 2.04% | 1.61% | ' | 2.78% | ' | ' | 0.00% | 0.00% | 0.00% | ' | ' | 0.03% |
Loans Receivable, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | 2.50% | 0.25% | ' | ' | ' | 10.00% | 7.00% | ' |
Number of loan modifications considered TDRs | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of loan considered to be TDR at the time of taking title | ' | ' | ' | ' | ' | $6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments_in_and_Advances_to1
Investments in and Advances to Unconsolidated Ventures (Details) (USD $) | 3 Months Ended | 9 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 | 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 | 1 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 30, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | 31-May-12 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Apr. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 28, 2013 | Dec. 31, 2012 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Milford Plaza hotel | Milford Plaza hotel | Milford Plaza hotel | Multifamily | Multifamily | Multifamily | Meadowlands Two LLC [Member] | Meadowlands Two LLC [Member] | Meadowlands Two LLC [Member] | Meadowlands Two LLC [Member] | Meadowlands Two LLC [Member] | Meadowlands Two LLC [Member] | LandCap | LandCap | LandCap | LandCap | LandCap | CS/Federal | CS/Federal | CS/Federal | CS/Federal | CS/Federal | CS/Federal | CS/Federal | NorthStar Real Estate Income Trust Inc | NorthStar Real Estate Income Trust Inc | Other | Other | Other | Other | Other | Other | Other | NorthStar Healthcare | NorthStar Healthcare | Other joint venture one | Other joint venture one | Other joint venture one | NorthStar Income | NorthStar Income I | NorthStar Income I | NorthStar Income I | NorthStar Income I | NorthStar Income I | Joint venture that owns two office buildings in Chicago | Joint venture that owns two office buildings in Chicago | PE Investment I | PE Investment I | PE Investment I | PE Investment I | PE Investment I | PE Investment I | PE Investment I | PE Investment I | PE Investment I | PE Investment I | PE Investment I | PE Investment I | PE Investment II | PE Investment II | PE Investment II | PE Investment II | PE Investment II | PE Investment II | ||||||
property | Meadowlands One, LLC | note | Non-recourse mortgage note bearing 5.51% interest | Non-recourse mortgage note bearing 5.46% interest | CSE CDO | CSE CDO | Milford Plaza hotel | building | fund | NorthStar Real Estate Income Trust Inc | NorthStar Real Estate Income Trust Inc | NorthStar Income I | NorthStar Income I | Class B Partner | Class B Partner | Class B Partner | Class B Partner | fund | Vintage Funds | NorthStar Real Estate Income Trust Inc | |||||||||||||||||||||||||||||||||||||||||||||||||
property | Cash distribution until NorthStar Entities receives a 1.5x multiple on all of their invested capital | Remaining cash distribution | Cash distribution until NorthStar Entities receives a 1.5x multiple on all of their invested capital | Cash Distributions To Prior Owner Of Funds Interests Until NorthStar Receipt Of One And Half Of Invested Capital [Member] | Cash distribution until return of then remaining June 30, 2012 capital of Class B Partner | Remaining cash distribution | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in and advances to unconsolidated ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Private Equity Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,300,000 | $37,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,000,000 | ' | ' | ' | ' | ' |
Amount funded at initial closing of real estate private equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 282,100,000 | ' | 118,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate ownership interest held by the entity together with NorthStar Income (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in amount funded (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.50% | ' | 29.50% | ' | ' | ' | ' | ' | ' | 70.00% | 70.00% | ' | ' | 15.00% | 15.00% |
Number of real estate private equity funds contributed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | ' | ' | ' |
Cash distribution to the NorthStar Entities (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 85.00% | 49.00% | ' | ' | ' | ' | ' | ' |
Multiplier factor for cash distribution to the NorthStar Entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash distribution to the Class B Partner (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | 51.00% | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in private equity funds, at fair value (refer to Note 6) | 624,652,000 | ' | 624,652,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of investment | ' | ' | ' | ' | ' | 100,000 | 100,000 | ' | 10,400,000 | ' | ' | ' | ' | ' | ' | 64,800,000 | ' | 13,800,000 | ' | 13,800,000 | ' | 13,500,000 | 5,500,000 | ' | 5,500,000 | ' | 5,400,000 | ' | ' | ' | ' | 5,700,000 | ' | 5,700,000 | ' | 5,700,000 | ' | ' | 2,100,000 | 6,100,000 | ' | ' | ' | ' | 6,100,000 | ' | 6,100,000 | ' | ' | ' | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings and losses recognized | -31,013,000 | -421,000 | -54,445,000 | 416,000 | ' | 800,000 | 1,100,000 | ' | ' | 600,000 | 600,000 | 100,000 | 400,000 | 800,000 | 1,200,000 | ' | ' | -100,000 | -100,000 | -300,000 | 600,000 | ' | -100,000 | -200,000 | -200,000 | -600,000 | ' | ' | ' | ' | ' | -400,000 | -100,000 | -1,100,000 | -400,000 | ' | ' | ' | ' | ' | -1,600,000 | -2,800,000 | ' | ' | -200,000 | -100,000 | -300,000 | -200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net distributions received | ' | ' | 11,491,000 | 450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,100,000 | ' | ' | ' | ' | ' |
Payments to Acquire Private Equity Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,400,000 | ' | ' | ' | ' | ' |
Private Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 263,400,000 | 263,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 361,300,000 | 361,300,000 | ' | ' | ' | ' |
Estimated future capital commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,000,000 | ' | ' | ' | ' |
Amount deposited in connection with subscription agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | 11,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate reported net asset value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 925,400,000 | ' | ' |
Amount to be paid to seller for all of the fund interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 509,900,000 | ' | ' | ' | ' |
Percentage of September 30, 2012 NAV paid as initial amount to seller for all of the fund interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55.00% | ' | ' | ' | ' |
Deferred amount paid to seller for remaining of the fund interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 415,500,000 | ' | ' | ' | ' |
Percentage of September 30, 2012 NAV paid as deferred amount to seller for all of the fund interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% | ' | ' | ' | ' |
Entity's share in initial amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 356,900,000 | ' | ' | ' | ' |
Entity's share in deferred amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 290,900,000 | ' | ' | ' | ' |
Period in which distribution will be made on priority basis since beginning, on the first day of the fiscal quarter following the closing date of each fund interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' |
Percentage of distribution to PE Investment II | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' |
Percentage of distribution to Seller | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' |
Reduction in deferred amount as a percentage of amortization amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' |
Distribution period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' |
Percentage of distributions receivable by funds following the payment of the Deferred Amount (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Number of Units in Real Estate Property Acquired | ' | ' | ' | ' | ' | ' | ' | ' | 498 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity interest | ' | ' | ' | ' | ' | ' | ' | 35.00% | 90.00% | ' | ' | 22.00% | ' | 22.00% | ' | ' | ' | 49.00% | ' | 49.00% | ' | 49.00% | 50.00% | ' | 50.00% | ' | ' | ' | ' | 0.60% | 1.10% | ' | ' | ' | ' | ' | ' | 9.80% | 12.60% | ' | ' | ' | 33.30% | ' | ' | ' | ' | ' | 35.00% | 9.99% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment Ownership Breakdown Of Total Ownership | 65.00% | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate debt investments, net | 1,177,517,000 | ' | 1,177,517,000 | ' | 1,832,231,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction costs | 298,000 | 0 | 10,801,000 | 2,433,000 | ' | ' | ' | ' | ' | 800,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,000,000 | ' | 27,000,000 | ' | 30,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of adjacent class A office/flex buildings located in Colorado Springs acquired as a portfolio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of portfolio of the real estate properties acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of non-recourse mortgage notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of real estate properties financed through issuance of non-recourse mortgage notes | ' | ' | ' | ' | ' | ' | ' | ' | 29,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 3.69% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.51% | 5.46% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount contributed in the joint venture | ' | ' | $22,546,000 | $20,294,000 | ' | ' | ' | ' | $41,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of office buildings owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_Securities_Availab2
Real Estate Securities, Available for Sale (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 | |
security | security | security | |||
loan | loan | ||||
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Number | 368 | ' | 368 | ' | 538 |
Principal Amount | ' | ' | ' | ' | $2,539,075,000 |
Amortized Cost | 1,391,891,000 | ' | 1,391,891,000 | ' | 1,793,085,000 |
Available For Sale Debt Securities Gross Unrealized Gain Accumulated In Investments | ' | ' | ' | ' | 97,758,000 |
Available For Sale Debt Securities Gross Unrealized Loss Accumulated In Investments | ' | ' | ' | ' | -766,175,000 |
Available for Sale Securities Gross Unrealized Gain Accumulated in Investments | 79,111,000 | ' | 79,111,000 | ' | ' |
Available for Sale Securities Gross Unrealized Loss Accumulated in Investments | -460,666,000 | ' | -460,666,000 | ' | ' |
Fair Value | 1,010,336,000 | ' | 1,010,336,000 | ' | 1,124,668,000 |
Allocation Investment Type (as a percent) | ' | ' | 100.00% | ' | 100.00% |
Weighted Average Coupon (as a percent) | 2.61% | ' | 2.61% | ' | 3.45% |
Weighted Average Yield (as a percent) | ' | ' | 10.14% | ' | 9.81% |
Weighted average expected maturity | ' | ' | '3 years 8 months 0 days | ' | ' |
Number of CRE securities for which the fair value option was not elected | ' | ' | 32 | ' | 21 |
Proceeds from the sale of CRE securities | 36,200,000 | 58,500,000 | 206,380,000 | 258,748,000 | ' |
Net realized gain (loss) of CRE securities investments | 2,500,000 | 10,100,000 | 31,000,000 | 26,000,000 | ' |
Carrying value of items for which the fair value option was not elected | 170,200,000 | ' | 170,200,000 | ' | ' |
Accumulated net unrealized gains included in OCI | ' | ' | 1,300,000 | ' | ' |
Number of securities under unrealized loss position | 3 | ' | 3 | ' | ' |
Aggregate carrying value of securities in an unrealized loss position for a period of less than 12 months | 4,600,000 | ' | 4,600,000 | ' | ' |
Unrealized loss on securities with an unrealized loss position for a period of less than 12 months | 400,000 | ' | 400,000 | ' | ' |
OTTI recognized | ' | ' | 0 | ' | ' |
CDO financing transactions | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Carrying value of securities served as collateral for the company's financing transactions | ' | ' | ' | ' | 1,016,000,000 |
CMBS Facility | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Carrying value of securities served as collateral for the company's financing transactions | ' | ' | ' | ' | 35,500,000 |
Minimum | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Contractual maturities of the CRE securities portfolio | ' | ' | '4 months | ' | ' |
Maximum | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Contractual maturities of the CRE securities portfolio | ' | ' | '39 years | ' | ' |
Period of unrealized loss of securities | ' | ' | '12 months | ' | ' |
Variable Interest Entity, Not Primary Beneficiary | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Number | 48 | ' | 48 | ' | ' |
Principal Amount | 554,044,000 | ' | 554,044,000 | ' | ' |
Amortized Cost | 341,193,000 | ' | 341,193,000 | ' | ' |
Available for Sale Securities Gross Unrealized Gain Accumulated in Investments | 7,895,000 | ' | 7,895,000 | ' | ' |
Available for Sale Securities Gross Unrealized Loss Accumulated in Investments | -19,040,000 | ' | -19,040,000 | ' | ' |
Allocation Investment Type (as a percent) | ' | ' | 27.20% | ' | ' |
Weighted Average Coupon (as a percent) | 1.86% | ' | 1.86% | ' | ' |
Weighted Average Yield (as a percent) | ' | ' | 17.05% | ' | ' |
Available-for-sale Securities Pledged as Collateral | 10,200,000 | ' | 10,200,000 | ' | ' |
Variable Interest Entity, Primary Beneficiary | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Number | 320 | ' | 320 | ' | ' |
Principal Amount | 1,481,967,000 | ' | 1,481,967,000 | ' | ' |
Amortized Cost | 1,050,698,000 | ' | 1,050,698,000 | ' | ' |
Available For Sale Debt Securities Gross Unrealized Gain Accumulated In Investments | 71,216,000 | ' | 71,216,000 | ' | ' |
Available For Sale Debt Securities Gross Unrealized Loss Accumulated In Investments | -441,626,000 | ' | -441,626,000 | ' | ' |
Allocation Investment Type (as a percent) | ' | ' | 72.80% | ' | ' |
Weighted Average Coupon (as a percent) | 2.82% | ' | 2.82% | ' | ' |
Weighted Average Yield (as a percent) | ' | ' | 7.90% | ' | ' |
N-Star CDO Bonds | Variable Interest Entity, Not Primary Beneficiary | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Number | 27 | ' | 27 | ' | ' |
Principal Amount | 325,723,000 | ' | 325,723,000 | ' | ' |
Amortized Cost | 152,919,000 | ' | 152,919,000 | ' | ' |
Available For Sale Debt Securities Gross Unrealized Gain Accumulated In Investments | 1,407,000 | ' | 1,407,000 | ' | ' |
Available For Sale Debt Securities Gross Unrealized Loss Accumulated In Investments | -427,000 | ' | -427,000 | ' | ' |
Fair Value | 142,436,000 | ' | 142,436,000 | ' | ' |
Allocation Investment Type (as a percent) | ' | ' | 16.00% | ' | ' |
Weighted Average Coupon (as a percent) | 1.50% | ' | 1.50% | ' | ' |
Weighted Average Yield (as a percent) | ' | ' | 20.82% | ' | ' |
Principal Amount Eliminated In Consolidation | 281,800,000 | ' | 281,800,000 | ' | ' |
N-Star CDO Equity | Variable Interest Entity, Not Primary Beneficiary | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Number | 4 | ' | 4 | ' | ' |
Principal Amount | 129,670,000 | ' | 129,670,000 | ' | ' |
Amortized Cost | 129,670,000 | ' | 129,670,000 | ' | ' |
Available For Sale Equity Securities Gross Unrealized Gain Accumulated In Investments | 0 | ' | 0 | ' | ' |
Available For Sale Equity Securities Gross Unrealized Loss Accumulated In Investments | 0 | ' | 0 | ' | ' |
Fair Value | 129,670,000 | ' | 129,670,000 | ' | ' |
Allocation Investment Type (as a percent) | ' | ' | 6.40% | ' | ' |
Weighted Average Yield (as a percent) | ' | ' | 18.00% | ' | ' |
CMBS | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Number | ' | ' | ' | ' | 485 |
Principal Amount | ' | ' | ' | ' | 2,207,067,000 |
Amortized Cost | ' | ' | ' | ' | 1,551,389,000 |
Available For Sale Debt Securities Gross Unrealized Gain Accumulated In Investments | ' | ' | ' | ' | 84,752,000 |
Available For Sale Debt Securities Gross Unrealized Loss Accumulated In Investments | ' | ' | ' | ' | -652,123,000 |
Fair Value | ' | ' | ' | ' | 984,018,000 |
Allocation Investment Type (as a percent) | ' | ' | ' | ' | 86.90% |
Weighted Average Coupon (as a percent) | ' | ' | ' | ' | 3.75% |
Weighted Average Yield (as a percent) | ' | ' | ' | ' | 10.43% |
CMBS | Variable Interest Entity, Not Primary Beneficiary | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Number | 17 | ' | 17 | ' | ' |
Principal Amount | 98,651,000 | ' | 98,651,000 | ' | ' |
Amortized Cost | 58,604,000 | ' | 58,604,000 | ' | ' |
Available For Sale Debt Securities Gross Unrealized Gain Accumulated In Investments | 6,488,000 | ' | 6,488,000 | ' | ' |
Available For Sale Debt Securities Gross Unrealized Loss Accumulated In Investments | -18,613,000 | ' | -18,613,000 | ' | ' |
Allocation Investment Type (as a percent) | ' | ' | 4.80% | ' | ' |
Weighted Average Coupon (as a percent) | 3.07% | ' | 3.07% | ' | ' |
Weighted Average Yield (as a percent) | ' | ' | 5.07% | ' | ' |
CMBS | Variable Interest Entity, Primary Beneficiary | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Number | 288 | ' | 288 | ' | ' |
Principal Amount | 1,267,362,000 | ' | 1,267,362,000 | ' | ' |
Amortized Cost | 904,253,000 | ' | 904,253,000 | ' | ' |
Available For Sale Debt Securities Gross Unrealized Gain Accumulated In Investments | 66,489,000 | ' | 66,489,000 | ' | ' |
Available For Sale Debt Securities Gross Unrealized Loss Accumulated In Investments | -361,591,000 | ' | -361,591,000 | ' | ' |
Allocation Investment Type (as a percent) | ' | ' | 62.20% | ' | ' |
Weighted Average Coupon (as a percent) | 3.21% | ' | 3.21% | ' | ' |
Weighted Average Yield (as a percent) | ' | ' | 8.83% | ' | ' |
Collateralized Debt Obligations | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Number | 21 | ' | 21 | ' | 35 |
Principal Amount | 112,208,000 | ' | 112,208,000 | ' | 197,103,000 |
Amortized Cost | ' | ' | ' | ' | 159,657,000 |
Available For Sale Debt Securities Gross Unrealized Gain Accumulated In Investments | 0 | ' | 0 | ' | 0 |
Available For Sale Debt Securities Gross Unrealized Loss Accumulated In Investments | -76,939,000 | ' | -76,939,000 | ' | -111,421,000 |
Fair Value | ' | ' | ' | ' | 48,236,000 |
Allocation Investment Type (as a percent) | ' | ' | 5.50% | ' | 7.80% |
Weighted Average Coupon (as a percent) | 0.34% | ' | 0.34% | ' | 0.62% |
Weighted Average Yield (as a percent) | ' | ' | 1.18% | ' | 7.54% |
Collateralized Debt Obligations | Variable Interest Entity, Primary Beneficiary | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Amortized Cost | 101,989,000 | ' | 101,989,000 | ' | ' |
Unsecured REIT debt | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Number | ' | ' | ' | ' | 11 |
Principal Amount | ' | ' | ' | ' | 57,180,000 |
Amortized Cost | ' | ' | ' | ' | 53,585,000 |
Available For Sale Debt Securities Gross Unrealized Gain Accumulated In Investments | ' | ' | ' | ' | 2,898,000 |
Available For Sale Debt Securities Gross Unrealized Loss Accumulated In Investments | ' | ' | ' | ' | -102,000 |
Fair Value | ' | ' | ' | ' | 56,381,000 |
Allocation Investment Type (as a percent) | ' | ' | ' | ' | 2.20% |
Weighted Average Coupon (as a percent) | ' | ' | ' | ' | 5.50% |
Weighted Average Yield (as a percent) | ' | ' | ' | ' | 1.29% |
Unsecured REIT debt | Variable Interest Entity, Primary Beneficiary | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Number | 1 | ' | 1 | ' | ' |
Principal Amount | 8,000,000 | ' | 8,000,000 | ' | ' |
Amortized Cost | 8,527,000 | ' | 8,527,000 | ' | ' |
Available For Sale Debt Securities Gross Unrealized Gain Accumulated In Investments | 999,000 | ' | 999,000 | ' | ' |
Available For Sale Debt Securities Gross Unrealized Loss Accumulated In Investments | 0 | ' | 0 | ' | ' |
Allocation Investment Type (as a percent) | ' | ' | 0.40% | ' | ' |
Weighted Average Coupon (as a percent) | 7.50% | ' | 7.50% | ' | ' |
Weighted Average Yield (as a percent) | ' | ' | 6.00% | ' | ' |
Trust preferred securities | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Number | ' | ' | ' | ' | 3 |
Principal Amount | ' | ' | ' | ' | 14,725,000 |
Amortized Cost | ' | ' | ' | ' | 10,916,000 |
Available For Sale Debt Securities Gross Unrealized Gain Accumulated In Investments | ' | ' | ' | ' | 1,184,000 |
Available For Sale Debt Securities Gross Unrealized Loss Accumulated In Investments | ' | ' | ' | ' | -2,529,000 |
Fair Value | ' | ' | ' | ' | 9,571,000 |
Allocation Investment Type (as a percent) | ' | ' | ' | ' | 0.60% |
Weighted Average Coupon (as a percent) | ' | ' | ' | ' | 2.26% |
Weighted Average Yield (as a percent) | ' | ' | ' | ' | 6.80% |
Trust preferred securities | Variable Interest Entity, Primary Beneficiary | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Number | 2 | ' | 2 | ' | ' |
Principal Amount | 7,225,000 | ' | 7,225,000 | ' | ' |
Amortized Cost | 7,225,000 | ' | 7,225,000 | ' | ' |
Available For Sale Debt Securities Gross Unrealized Gain Accumulated In Investments | 0 | ' | 0 | ' | ' |
Available For Sale Debt Securities Gross Unrealized Loss Accumulated In Investments | -1,434,000 | ' | -1,434,000 | ' | ' |
Allocation Investment Type (as a percent) | ' | ' | 0.40% | ' | ' |
Weighted Average Coupon (as a percent) | 2.25% | ' | 2.25% | ' | ' |
Weighted Average Yield (as a percent) | ' | ' | 2.25% | ' | ' |
Agency debentures | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Number | 8 | ' | 8 | ' | 4 |
Principal Amount | 87,172,000 | ' | 87,172,000 | ' | 63,000,000 |
Amortized Cost | ' | ' | ' | ' | 17,538,000 |
Available For Sale Debt Securities Gross Unrealized Gain Accumulated In Investments | 3,728,000 | ' | 3,728,000 | ' | 8,924,000 |
Available For Sale Debt Securities Gross Unrealized Loss Accumulated In Investments | -1,662,000 | ' | -1,662,000 | ' | 0 |
Fair Value | ' | ' | ' | ' | 26,462,000 |
Allocation Investment Type (as a percent) | ' | ' | 4.30% | ' | 2.50% |
Weighted Average Yield (as a percent) | ' | ' | 4.63% | ' | 3.51% |
Agency debentures | Variable Interest Entity, Primary Beneficiary | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Amortized Cost | 28,704,000 | ' | 28,704,000 | ' | ' |
Fair value option | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Fair Value | 1,010,336,000 | ' | 1,010,336,000 | ' | ' |
Fair value option | Variable Interest Entity, Not Primary Beneficiary | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Fair Value | 330,048,000 | ' | 330,048,000 | ' | ' |
Fair value option | Variable Interest Entity, Primary Beneficiary | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Fair Value | 680,288,000 | ' | 680,288,000 | ' | ' |
Fair value option | N-Star CDO Bonds | Variable Interest Entity, Not Primary Beneficiary | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Fair Value | 153,899,000 | ' | 153,899,000 | ' | ' |
Fair value option | N-Star CDO Equity | Variable Interest Entity, Not Primary Beneficiary | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Fair Value | 129,670,000 | ' | 129,670,000 | ' | ' |
Fair value option | CMBS | Variable Interest Entity, Not Primary Beneficiary | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Fair Value | 46,479,000 | ' | 46,479,000 | ' | ' |
Fair value option | Collateralized Debt Obligations | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Fair Value | 25,050,000 | ' | 25,050,000 | ' | ' |
Fair value option | Agency debentures | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Fair Value | 30,770,000 | ' | 30,770,000 | ' | ' |
Principal / Notional Amount | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Principal Amount | 2,036,011,000 | ' | 2,036,011,000 | ' | ' |
Fair Value | ' | ' | ' | ' | 2,539,075,000 |
Trust preferred securities | Fair value option | Variable Interest Entity, Primary Beneficiary | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Fair Value | 5,791,000 | ' | 5,791,000 | ' | 9,571,000 |
Trust preferred securities | Fair value option | Trust preferred securities | Variable Interest Entity, Primary Beneficiary | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Fair Value | 5,791,000 | ' | 5,791,000 | ' | ' |
Collateralized Debt Obligations | Fair value option | Unsecured REIT debt | Variable Interest Entity, Primary Beneficiary | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Fair Value | 9,526,000 | ' | 9,526,000 | ' | ' |
CMBS | Fair value option | Variable Interest Entity, Primary Beneficiary | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Fair Value | 609,151,000 | ' | 609,151,000 | ' | ' |
Available-for-sale Securities, Equity Securities, Noncurrent | 609,151,000 | ' | 609,151,000 | ' | 897,800,000 |
CMBS | Fair value option | Consolidated Entity Excluding Variable Interest Entities (VIE) | ' | ' | ' | ' | ' |
Real estate securities, available for sale | ' | ' | ' | ' | ' |
Available-for-sale Securities, Equity Securities, Noncurrent | $30,209,000 | ' | $30,209,000 | ' | $20,668,000 |
Borrowings_Details
Borrowings (Details) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | 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 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 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 | 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 | 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 | 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 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | 31-May-13 | 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 | Dec. 31, 2012 | Nov. 30, 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 | Oct. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 31, 2012 | Sep. 30, 2013 | Jul. 31, 2012 | Sep. 30, 2013 | Jul. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 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 | Jul. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | 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 | |
Consolidated Entity Excluding Variable Interest Entities (VIE) | Manufactured housing communities | REO | MH 1 Senior Mortgage | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | Mortgage notes payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | CDO Bonds Payable | Securitization bonds payable | Securitization bonds payable | Securitization bonds payable | Securitization bonds payable | Securitization bonds payable | Secured term loans | Secured term loans | Secured term loans | Secured term loans | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Exchangeable senior notes | Exchangeable senior notes | Exchangeable senior notes | Exchangeable senior notes | Exchangeable senior notes | Exchangeable senior notes | Exchangeable senior notes | Exchangeable senior notes | Exchangeable senior notes | Exchangeable senior notes | Exchangeable senior notes | Exchangeable senior notes | Exchangeable senior notes | Exchangeable senior notes | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | Junior Subordinated Notes | First mortgage loans | First mortgage loans | First mortgage loans | ||||
Manufactured housing communities | Non-VIE financing | Non-VIE financing | Manufactured housing communities | Healthcare | Healthcare | Healthcare | Healthcare | Healthcare | Healthcare | Healthcare | Net lease | Net lease | Multifamily | Multifamily | REO | REO | REO | REO | REO | REO | MH 1 Senior Mortgage | MH 2 Senior Mortgage | MH 2 Senior Mortgage | 5.94% Non-recourse Note Payable, Due January 14 | 5.94% Non-recourse Note Payable, Due January 14 | LIBOR Plus 5.95% Non-recourse Note Payable, Due March 15 | LIBOR Plus 5.95% Non-recourse Note Payable, Due March 15 | 6.00% Non-recourse Note Payable, Due March 16 | 6.00% Non-recourse Note Payable, Due March 16 | LIBOR Plus 5.00% Non-recourse Note Payable, Due March 16 | LIBOR Plus 5.00% Non-recourse Note Payable, Due March 16 | 6.99% Non-recourse Note Payable, Due January 17 | 6.99% Non-recourse Note Payable, Due January 17 | 7.09% Non-recourse Note Payable, Due January 17 | 7.09% Non-recourse Note Payable, Due January 17 | 5.89% Non-recourse Note Payable, Due May 17 | 5.89% Non-recourse Note Payable, Due May 17 | LIBOR Plus 3.00% Non-recourse Note Payable, Due May 18 | LIBOR Plus 3.00% Non-recourse Note Payable, Due May 18 | LIBOR Plus 2.75% Non-recourse Note Payable, Due June 18 | LIBOR Plus 2.75% Non-recourse Note Payable, Due June 18 | LIBOR Plus 7.75% Percent Non-recourse Note Payable, Due July 21 | LIBOR Plus 7.75% Percent Non-recourse Note Payable, Due July 21 | 7.34% Non-recourse Note Payable, Due June 14 | 7.34% Non-recourse Note Payable, Due June 14 | 6.41% Non-recourse Note Payable, Due January 15 | 6.41% Non-recourse Note Payable, Due January 15 | 5.85% Non-recourse Note Payable, Due January 15 | 5.85% Non-recourse Note Payable, Due January 15 | 6.00% Non-recourse Note Payable, Due January 15 | 6.00% Non-recourse Note Payable, Due January 15 | 5.37% Non-recourse Note Payable, Due October 15 | 5.37% Non-recourse Note Payable, Due October 15 | 5.85% Non-recourse Note Payable, Due February 16 | 5.85% Non-recourse Note Payable, Due February 16 | 5.68% Non-recourse Note Payable, Due April 16 | 5.68% Non-recourse Note Payable, Due April 16 | 6.22% Non-recourse Note Payable, Due July 16 | 6.22% Non-recourse Note Payable, Due July 16 | 6.17% Non-recourse Note Payable, Due October 16 | 6.17% Non-recourse Note Payable, Due October 16 | 6.06% Non-recourse Note Payable, Due February 17 | 6.06% Non-recourse Note Payable, Due February 17 | 5.95% Non-recourse Note Payable, Due March 17 | 5.95% Non-recourse Note Payable, Due March 17 | 5.63% Non-recourse Note Payable, Due April 17 | 5.63% Non-recourse Note Payable, Due April 17 | 6.21% Non-recourse Note Payable, Due April 17 | 6.21% Non-recourse Note Payable, Due April 17 | 5.16% Non-recourse Note Payable, Due September 17 | 5.16% Non-recourse Note Payable, Due September 17 | 6.48% Non-recourse Note Payable, Due December 17 | 6.48% Non-recourse Note Payable, Due December 17 | MF Property 1 Senior Mortgage | MF Property 1 Senior Mortgage | MF Properties 2 Senior Mortgage | MF Properties 2 Senior Mortgage | MF Properties 2 Senior Mortgage - maturing in May 2023 | MF Properties 2 Senior Mortgage - maturing in July 2023 | MF Properties 3 Senior Mortgage | MF Properties 3 Senior Mortgage | CMBS Facility | N-Star I | N-Star I | N-Star II | N-Star II | N-Star II | N-Star III | N-Star III | N-Star IV | N-Star IV | N-Star V | N-Star V | N-Star VI | N-Star VI | N-Star VII | N-Star VII | N-Star VIII | N-Star VIII | N-Star IX | N-Star IX | CSE CDO | CSE CDO | Cap Lease CDO | Cap Lease CDO | Securitization 2012-1 | Securitization 2012-1 | Securitization 2012-1 | Term Asset-Backed Securities Loan Facility | Term Asset-Backed Securities Loan Facility | CMBS Facility | CMBS Facility | CMBS Facility | Loan Facility 1 | Loan Facility 1 | Loan Facility 1 | Loan Facility 1 | Loan Facility 1 | Loan Facility 2 | Loan Facility 2 | Loan Facility 2 | Loan Facility 2 | Loan Facility 2 | Loan Facility 2 | Loan Facility 2 | Loan Facility 3 | Loan Facility 3 | Loan Facility 3 | Loan Facility 3 | Loan Facility 3 | 11.50% Notes | 11.50% Notes | 7.25% Notes | 7.25% Notes | 7.50% Notes | 7.50% Notes | 8.875% Notes | 8.875% Notes | 5.375% Notes | 5.375% Notes | 5.375% Notes | 5.375% Notes | Minimum | Maximum | Trust I | Trust I | Trust II | Trust II | Trust III | Trust III | Trust IV | Trust IV | Trust V | Trust V | Trust VI | Trust VI | Trust VII | Trust VII | Trust VIII | Trust VIII | Consolidated Entity Excluding Variable Interest Entities (VIE) | |||||||||||||||||||||||
Wakefield Portfolio | Lancaster, OH | Minnesota Portfolio | Clinton, CT | Healthcare Preferred | Phoenix, AZ | Phoenix, AZ | Austin, TX | Austin, TX | Manufactured housing communities | Manufactured housing communities | Manufactured housing communities | Healthcare | Healthcare | Healthcare | Healthcare | Healthcare | Healthcare | Healthcare | Healthcare | Healthcare | Healthcare | Healthcare | Healthcare | Healthcare | Healthcare | Healthcare | Healthcare | Healthcare | Healthcare | Healthcare | Healthcare | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Net lease | Multifamily | Multifamily | Multifamily | Multifamily | Multifamily | Multifamily | Multifamily | Multifamily | investment | Subsidiary | extension | NRFC WF | Minimum | Maximum | extension | Subsidiary two | Minimum | Minimum | Maximum | Maximum | extension | Subsidiary | Minimum | Maximum | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
note | note | Hillsboro, OR | Hillsboro, OR | Wakefield Portfolio | Wakefield Portfolio | Ohio Portfolio | Ohio Portfolio | Lancaster, OH | Lancaster, OH | Wilkinson Portfolio | Wilkinson Portfolio | Tuscola/Harrisburg | Tuscola/Harrisburg | East Arlington, TX | East Arlington, TX | Minnesota Portfolio | Minnesota Portfolio | Clinton, CT | Clinton, CT | Healthcare Preferred | Healthcare Preferred | South Portland, ME | South Portland, ME | Fort Wayne, IN | Fort Wayne, IN | Reading, PA 1 | Reading, PA 1 | Reading, PA 2 | Reading, PA 2 | EDS Portfolio | EDS Portfolio | Keene, NH | Keene, NH | Green Pond, NJ | Green Pond, NJ | Aurora, CO | Aurora, CO | DSG Portfolio | DSG Portfolio | Indianapolis, IN | Indianapolis, IN | Milpitas, CA | Milpitas, CA | Fort Mill, SC 1 | Fort Mill, SC 1 | Fort Mill, SC 2 | Fort Mill, SC 2 | Salt Lake City, UT | Salt Lake City, UT | Columbus, OH | Columbus, OH | note | note | note | note | Subsidiary two | Subsidiary two | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
extension | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | 0.00% | ' | 4.39% | 4.02% | ' | 5.94% | ' | ' | ' | 6.00% | ' | ' | ' | 6.99% | ' | 7.09% | ' | 5.89% | ' | ' | ' | ' | ' | ' | ' | 7.34% | ' | 6.41% | ' | 5.58% | ' | 6.00% | ' | 5.37% | ' | 5.85% | ' | 5.68% | ' | 6.22% | ' | 6.17% | ' | 6.06% | ' | 5.95% | ' | 5.63% | ' | 6.21% | ' | 5.16% | ' | 6.48% | ' | 4.00% | ' | 4.03% | ' | ' | ' | 4.28% | ' | 1.65% | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | 0.00% | ' | ' | ' | 0.00% | ' | 0.00% | ' | 0.00% | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | 1.65% | ' | ' | 0.00% | ' | ' | ' | ' | 5.19% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | 7.25% | ' | 7.50% | ' | 8.88% | ' | ' | ' | 5.38% | ' | ' | ' | ' | ' | 8.15% | ' | 7.74% | ' | 7.81% | ' | 7.95% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'three-month LIBOR | 'one-month LIBOR | 'LIBOR | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'three-month LIBOR | ' | ' | ' | ' | 'one-month LIBOR | ' | ' | ' | 'one-month LIBOR | ' | ' | ' | ' | ' | ' | ' | 'one-month LIBOR | ' | 'one-month LIBOR | ' | ' | ' | ' | ' | ' | 'one-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one-month LIBOR | ' | ' | ' | ' | 'one-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'three-month LIBOR | ' | 'three-month LIBOR | ' | 'three-month LIBOR | ' | 'three-month LIBOR | ' | 'LIBOR | ' | 'LIBOR | ' | 'LIBOR | ' | 'LIBOR | ' | ' | ' | ' |
Interest rate added to variable rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.95% | 5.00% | 3.00% | 2.75% | 7.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.26% | ' | ' | ' | ' | 1.66% | ' | ' | ' | 0.92% | ' | ' | ' | ' | ' | ' | ' | 0.40% | ' | 0.42% | ' | ' | ' | ' | ' | 1.63% | 1.62% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | 3.00% | ' | ' | ' | 3.95% | ' | 5.95% | ' | ' | ' | ' | 2.50% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 2.90% | ' | ' | ' | ' | ' | ' | ' | ' | 2.70% | ' | 2.90% | ' | 2.50% | ' | 2.70% | ' | ' | ' | ' |
Principal amount | $4,430,009,000 | ' | $5,144,588,000 | ' | $876,899,000 | ' | $236,900,000 | $1,785,711,000 | $1,015,670,000 | $1,785,711,000 | $787,224,000 | $236,900,000 | $397,544,000 | $279,825,000 | ' | ' | ' | ' | ' | $266,713,000 | $270,499,000 | $244,555,000 | $0 | $0 | $228,446,000 | $0 | $211,921,000 | $0 | $16,525,000 | $236,900,000 | $639,999,000 | $0 | $31,288,000 | $31,650,000 | $56,003,000 | $56,717,000 | $20,558,000 | $20,747,000 | $4,412,000 | $4,453,000 | $153,407,000 | $155,332,000 | $7,576,000 | $7,667,000 | $3,222,000 | $3,259,000 | $38,249,000 | $0 | $7,829,000 | $0 | $75,000,000 | $0 | $3,879,000 | $4,051,000 | $3,046,000 | $3,123,000 | $12,843,000 | $13,073,000 | $5,000,000 | $5,000,000 | $43,912,000 | $44,575,000 | $6,269,000 | $6,353,000 | $16,167,000 | $16,374,000 | $31,356,000 | $31,713,000 | $31,875,000 | $32,296,000 | $26,708,000 | $27,022,000 | $20,199,000 | $20,616,000 | $27,700,000 | $27,700,000 | $1,558,000 | $1,827,000 | $13,812,000 | $14,133,000 | $22,389,000 | $22,643,000 | $39,600,000 | $0 | $158,417,000 | $0 | ' | ' | $46,538,000 | $0 | ' | $1,631,195,000 | $3,371,753,000 | $46,409,000 | $106,648,000 | ' | $0 | $82,694,000 | $105,653,000 | $148,232,000 | $0 | $181,353,000 | $210,653,000 | $263,738,000 | $0 | $284,623,000 | $0 | $240,586,000 | $0 | $562,367,000 | $660,119,000 | $674,723,000 | $608,361,000 | $694,863,000 | $0 | $131,926,000 | $97,937,000 | $98,131,000 | ' | $97,937,000 | $98,131,000 | $0 | $14,664,000 | $0 | $14,664,000 | $23,594,000 | $61,088,000 | $8,744,000 | $31,238,000 | ' | $0 | $15,000,000 | ' | ' | ' | $14,850,000 | $14,850,000 | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | $611,455,000 | $303,165,000 | $0 | $35,710,000 | $12,955,000 | $12,955,000 | $172,500,000 | $172,500,000 | $81,000,000 | $82,000,000 | ' | $300,000,000 | $345,000,000 | $0 | $280,117,000 | $280,117,000 | ' | ' | $41,240,000 | $41,240,000 | $25,780,000 | $25,780,000 | $41,238,000 | $41,238,000 | $50,100,000 | $50,100,000 | $30,100,000 | $30,100,000 | $25,100,000 | $25,100,000 | $31,459,000 | $31,459,000 | $35,100,000 | $35,100,000 | ' | ' | ' |
Carrying Value | 3,521,096,000 | ' | 3,790,072,000 | ' | 876,899,000 | ' | 236,900,000 | 1,785,711,000 | 1,015,670,000 | 1,785,711,000 | 787,224,000 | 236,900,000 | 397,544,000 | 279,825,000 | ' | ' | ' | ' | ' | 266,713,000 | 270,499,000 | 244,555,000 | 0 | 0 | 228,446,000 | 0 | 211,921,000 | 0 | 16,525,000 | 236,900,000 | 639,999,000 | 0 | 31,288,000 | 31,650,000 | 56,003,000 | 56,717,000 | 20,558,000 | 20,747,000 | 4,412,000 | 4,453,000 | 153,407,000 | 155,332,000 | 7,576,000 | 7,667,000 | 3,222,000 | 3,259,000 | 38,249,000 | 0 | 7,829,000 | 0 | 75,000,000 | 0 | 3,879,000 | 4,051,000 | 3,046,000 | 3,123,000 | 12,843,000 | 13,073,000 | 5,000,000 | 5,000,000 | 43,912,000 | 44,575,000 | 6,269,000 | 6,353,000 | 16,167,000 | 16,374,000 | 31,356,000 | 31,713,000 | 31,875,000 | 32,296,000 | 26,708,000 | 27,022,000 | 20,199,000 | 20,616,000 | 27,700,000 | 27,700,000 | 1,558,000 | 1,827,000 | 13,812,000 | 14,133,000 | 22,389,000 | 22,643,000 | 39,600,000 | 0 | 158,417,000 | 0 | ' | ' | 46,538,000 | 0 | ' | 866,161,000 | 2,112,441,000 | 42,338,000 | 100,429,000 | ' | 0 | 69,089,000 | 49,211,000 | 60,806,000 | 0 | 149,112,000 | 82,089,000 | 107,823,000 | 0 | 221,306,000 | 0 | 93,689,000 | 0 | 413,281,000 | 236,069,000 | 244,248,000 | 456,454,000 | 539,687,000 | 0 | 112,971,000 | 97,919,000 | 98,005,000 | ' | 97,919,000 | 98,005,000 | 0 | 14,664,000 | 0 | 14,664,000 | 23,594,000 | 61,088,000 | 8,744,000 | 31,238,000 | ' | 0 | 15,000,000 | ' | ' | ' | 14,850,000 | 14,850,000 | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 555,432,000 | 291,031,000 | 0 | 35,611,000 | 12,955,000 | 12,955,000 | 164,644,000 | 162,596,000 | 79,081,000 | 79,869,000 | ' | ' | 298,752,000 | 0 | 192,279,000 | 197,173,000 | ' | ' | 30,311,000 | 31,549,000 | 18,948,000 | 19,722,000 | 30,310,000 | 31,547,000 | 36,824,000 | 38,326,000 | 18,722,000 | 18,662,000 | 16,064,000 | 16,064,000 | 19,127,000 | 19,190,000 | 21,973,000 | 22,113,000 | ' | ' | ' |
Number of non-recourse mortgage notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | 5 | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average financing cost (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.39% | 4.02% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.03% | ' | ' | ' | 4.28% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of optional extensions to initial term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Optional extension period of initial maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | '1 year | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Upfront fee paid based on the total commitment (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of core assets for which recourse available | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of flex assets for which recourse available | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of line of credit for which recourse is available | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Scheduled principal amount based on stated maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
July 1 - December 31, 2013 | 2,565,000 | ' | ' | ' | ' | ' | ' | 2,565,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 67,287,000 | ' | ' | ' | ' | ' | ' | 45,588,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 8,744,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,955,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 130,437,000 | ' | ' | ' | ' | ' | ' | 130,437,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 298,749,000 | ' | ' | ' | ' | ' | ' | 126,249,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 172,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 278,236,000 | ' | ' | ' | ' | ' | ' | 278,236,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 3,652,735,000 | ' | ' | ' | ' | ' | ' | 1,202,636,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,631,195,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,937,000 | ' | ' | ' | ' | ' | ' | ' | ' | 14,850,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 426,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 280,117,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | 4,430,009,000 | ' | 5,144,588,000 | ' | 876,899,000 | ' | 236,900,000 | 1,785,711,000 | 1,015,670,000 | 1,785,711,000 | 787,224,000 | 236,900,000 | 397,544,000 | 279,825,000 | ' | ' | ' | ' | ' | 266,713,000 | 270,499,000 | 244,555,000 | 0 | 0 | 228,446,000 | 0 | 211,921,000 | 0 | 16,525,000 | 236,900,000 | 639,999,000 | 0 | 31,288,000 | 31,650,000 | 56,003,000 | 56,717,000 | 20,558,000 | 20,747,000 | 4,412,000 | 4,453,000 | 153,407,000 | 155,332,000 | 7,576,000 | 7,667,000 | 3,222,000 | 3,259,000 | 38,249,000 | 0 | 7,829,000 | 0 | 75,000,000 | 0 | 3,879,000 | 4,051,000 | 3,046,000 | 3,123,000 | 12,843,000 | 13,073,000 | 5,000,000 | 5,000,000 | 43,912,000 | 44,575,000 | 6,269,000 | 6,353,000 | 16,167,000 | 16,374,000 | 31,356,000 | 31,713,000 | 31,875,000 | 32,296,000 | 26,708,000 | 27,022,000 | 20,199,000 | 20,616,000 | 27,700,000 | 27,700,000 | 1,558,000 | 1,827,000 | 13,812,000 | 14,133,000 | 22,389,000 | 22,643,000 | 39,600,000 | 0 | 158,417,000 | 0 | ' | ' | 46,538,000 | 0 | ' | 1,631,195,000 | 3,371,753,000 | 46,409,000 | 106,648,000 | ' | 0 | 82,694,000 | 105,653,000 | 148,232,000 | 0 | 181,353,000 | 210,653,000 | 263,738,000 | 0 | 284,623,000 | 0 | 240,586,000 | 0 | 562,367,000 | 660,119,000 | 674,723,000 | 608,361,000 | 694,863,000 | 0 | 131,926,000 | 97,937,000 | 98,131,000 | ' | 97,937,000 | 98,131,000 | 0 | 14,664,000 | 0 | 14,664,000 | 23,594,000 | 61,088,000 | 8,744,000 | 31,238,000 | ' | 0 | 15,000,000 | ' | ' | ' | 14,850,000 | 14,850,000 | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 611,455,000 | 303,165,000 | 0 | 35,710,000 | 12,955,000 | 12,955,000 | 172,500,000 | 172,500,000 | 81,000,000 | 82,000,000 | ' | 300,000,000 | 345,000,000 | 0 | 280,117,000 | 280,117,000 | ' | ' | 41,240,000 | 41,240,000 | 25,780,000 | 25,780,000 | 41,238,000 | 41,238,000 | 50,100,000 | 50,100,000 | 30,100,000 | 30,100,000 | 25,100,000 | 25,100,000 | 31,459,000 | 31,459,000 | 35,100,000 | 35,100,000 | ' | ' | ' |
Amount of financing transaction collateralized by CRE debt investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 351,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate debt investments contributed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of real estate debt investment contributed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity interest retained in real estate debt investments contributed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount borrowed as per borrowing agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 227,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 290,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of debt financing the CRE debt investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advance rates (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount repaid on borrowings | 130,054,000 | 33,888,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of debt previously repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of bonds redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from redemption of the repurchased bonds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized gain on deconsolidation of CDO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchange price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.74 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Additional Borrowing Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | 100,000,000 | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of CMBS held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount initially financed under the facility | 92,560,000 | 119,775,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate amount of unrestricted cash required to provide credit support for the borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' | ' | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 3,750,000 | ' | 7,500,000 | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate debt investments, net | 1,484,697,000 | ' | 2,371,464,000 | 785,106,000 | ' | 71,305,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,000,000 | 1,578,872,000 | 473,455,000 |
Amount outstanding under its loan facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available borrowing under its loan facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $325,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_and_Sponsored_Co1
Related Party and Sponsored Company Arrangements (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||||||||||
Aug. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jul. 19, 2013 | Sep. 30, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 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, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
loan | loan | loan | First mortgage loans | N-Star CDOs and the CSE and CapLease CDOs financing transactions | N-Star CDOs and the CSE and CapLease CDOs financing transactions | N-Star CDOs and the CSE and CapLease CDOs financing transactions | N-Star CDOs and the CSE and CapLease CDOs financing transactions | Sponsored Companies | Sponsored Companies | Sponsored Companies | Sponsored Companies | NorthStar Real Estate Income Trust Inc | NorthStar Healthcare | NorthStar Healthcare | NorthStar Healthcare | NorthStar Real Estate Income II, Inc. | NorthStar Real Estate Income II, Inc. | NorthStar Income | NorthStar Realty Securities | NorthStar Realty Securities | Legacy Fund | Legacy Fund | Legacy Fund | Legacy Fund | Legacy Fund | Legacy Fund | Legacy Fund | Senior Loans | Subordinate Mortgage Interests | ||||
loan | Maximum | Maximum | First mortgage loans | First mortgage loans | investment | Loan maturing in March 2014 | Loan maturing in January 2015 | NorthStar Real Estate Income Trust Inc | |||||||||||||||||||||||||
Related party and sponsored company arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling commissions (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dealer manager fee (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commission expense | ' | $1,629,000 | $11,070,000 | $46,504,000 | $25,538,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,400,000 | $3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advisory fee income | ' | 6,816,000 | 1,507,000 | 17,111,000 | 4,766,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of acquisition fees deferred since inception | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of disposition fees deferred since inception | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate unreimbursed costs | ' | 19,633,000 | ' | 19,633,000 | ' | 23,706,000 | ' | ' | ' | ' | ' | 16,900,000 | 11,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from revenue reimbursement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset management services fee income | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | 3,500,000 | 12,600,000 | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of shares of common stock committed to be purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period during which the company has committed to purchase the shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares purchased since inception | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 507,980 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments made since inception to acquire shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 222,223 | 225,292 | ' | 222,223 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions made | ' | ' | ' | 617,692,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Sale of Loans Held-for-sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,300,000 | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of mortgage loans which are structured | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument principal amount bifurcated into separate debt instruments | ' | ' | ' | 141,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument debt created from bifurcation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79,100,000 | 62,600,000 |
Number of CRE debt investments | ' | ' | ' | 73 | ' | 152 | 74 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Loan amount | ' | 1,177,517,000 | ' | 1,177,517,000 | ' | 1,832,231,000 | 1,205,313,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,400,000 | 23,200,000 | ' | ' | ' |
Duration of extension options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' |
Interest, base rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one-month LIBOR | 'one-month LIBOR | ' | ' | ' |
Interest, base rate margin (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.50% | 3.50% | ' | ' | ' |
Current pay, base rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one-month LIBOR | ' | ' | ' | ' |
Current pay, base rate margin (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' |
Aggregate interest income earned | ' | 75,141,000 | 82,558,000 | 218,624,000 | 243,367,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 500,000 | 1,600,000 | 1,600,000 | ' | ' | ' | ' | ' |
Loan made by the related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,000,000 | ' | ' |
Origination fee (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' |
Asset management fee (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' |
Annual lease payments under operating lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000 | ' | ' | ' | ' | ' | ' |
Renewal term for lease of office space in Colorado | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' |
EquityBased_Compensation_Detai
Equity-Based Compensation (Details) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | |||||||||||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 29, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Incentive Compensation Plan | 2009 Plan | 2010 Plan | 2011 Plan | 2012 Plan | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | RSUs | RSUs | RSUs | RSUs | RSUs | RSUs | RSUs | RSUs | RSUs | RSUs | RSUs | RSUs | RSUs | RSUs | RSUs | RSUs | RSUs | RSUs | RSUs | RSUs | RSUs | |
component | Stock Incentive Plan | Stock Incentive Plan | Stock Incentive Plan | Stock Incentive Plan | 2004 Long-Term Incentive Plan | Executive officers | Executive officers | Executive officers | Executive officers | Non-executive employees | Non-executive employees | Incentive Compensation Plan | 2009 Plan | 2009 Plan | 2009 Plan | 2009 Plan | 2009 Plan | 2010 Plan | 2010 Plan | 2010 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2012 Plan | 2012 Plan | Executive officers | Executive officers | Executive officers | Executive officers | Minimum | Maximum | |||||||
2010 Plan | 2011 Plan | 2011 Plan | 2012 Plan | 2011 Plan | 2012 Plan | 2009 Plan | 2010 Plan | 2011 Plan | 2012 Plan | Incentive Compensation Plan | Incentive Compensation Plan | ||||||||||||||||||||||||||||
installment | installment | ||||||||||||||||||||||||||||||||||||||
Equity-Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate shares of common stock reserved under the Plan | ' | ' | ' | ' | ' | ' | ' | 15,599,342 | ' | 15,599,342 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate number of units issued | ' | ' | ' | ' | ' | ' | ' | 9,202,026 | ' | 9,202,026 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units subject to vesting | ' | ' | ' | ' | ' | ' | ' | 2,771,974 | ' | 2,771,974 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LTIP Grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance (in units) | ' | ' | ' | ' | ' | 6,228,000 | 4,208,000 | ' | ' | ' | ' | 698,142 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in units) | ' | ' | ' | ' | ' | 4,332,000 | 2,306,000 | ' | ' | ' | ' | ' | ' | ' | 1,525,797 | 1,409,682 | ' | 581,607 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,525,797 | 1,409,682 | ' | ' |
Converted to common stock (in units) | ' | ' | ' | ' | ' | -1,326,000 | -277,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in units) | ' | ' | ' | ' | ' | -2,000 | -9,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance/Weighted Average (in units) | ' | ' | ' | ' | ' | 9,232,000 | 6,228,000 | ' | ' | ' | ' | 698,142 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Grant Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance (in dollars per share) | ' | ' | ' | ' | ' | $7.66 | $7.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | ' | $8.10 | $5.59 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Converted to common stock (in dollars per share) | ' | ' | ' | ' | ' | $7.91 | $11.09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per share) | ' | ' | ' | ' | ' | $5.38 | $5.38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance/Weighted Average (in dollars per share) | ' | ' | ' | ' | ' | $7.83 | $7.66 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units redeemed for common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 667,509 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized equity-based compensation expenses | ' | ' | ' | ' | ' | ' | ' | $2.30 | $1.10 | $10.60 | $4.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | $0.90 | ' | ' | $1.40 | ' | $4.30 | $0.40 | $0.40 | $1.10 | $0.90 | $0.80 | $1.90 | ' | ' | ' | ' | ' | ' |
Related compensation expense to be recognized over the remaining vesting period | ' | ' | ' | ' | ' | ' | ' | 15.6 | ' | 15.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards settled in cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of adjusted equity capital used in calculating size of incentive pool | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of adjusted funds from operations used in calculating size of incentive pool | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of return hurdle on adjusted equity capital | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of incentive compensation components into which the incentive pool is expected to be divided | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of deferred cash bonus | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period considered for achieving cumulative performance goals or target stock prices under the Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '4 years |
Number of shares of common stock given as payout | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,209,999 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,147,454 | 2,209,999 | ' | ' | ' | ' |
Period following which employee will receive payout subject to conditions under the Plan | ' | '3 years | '3 years | '4 years | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of grants entitled for vesting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RSU's settled in cash (in units) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,609,074 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance of RSUs not settled (in units) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 538,380 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative catch up adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of equal annual installments in which units vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units granted, net of forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 606,257 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jan. 02, 2012 | Apr. 30, 2013 | Jul. 31, 2013 | 2-May-13 | Feb. 13, 2013 | Aug. 31, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 31, 2013 | 2-May-13 | Feb. 02, 2013 | Jul. 31, 2013 | 2-May-13 | Feb. 02, 2013 | Jul. 31, 2013 | 2-May-13 | Feb. 02, 2013 | Jul. 31, 2013 | 2-May-13 |
Series D Preferred Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | |||||||
Series A preferred stock | Series A preferred stock | Series A preferred stock | Series B preferred stock | Series B preferred stock | Series B preferred stock | Series C Preferred Stock | Series C Preferred Stock | Series C Preferred Stock | Series D Preferred Stock | Series D Preferred Stock | |||||||||||||||
Stockholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | 40,300,000 | 34,500,000 | 74,750,000 | 67,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issue price per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.60 | $8.39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from the issuance of stock | ' | ' | $656,319 | ' | $382,809 | ' | $193,300 | ' | ' | ' | $376,100 | $280,200 | $748 | $673 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend yield (as a percent) | ' | ' | ' | ' | ' | ' | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DRP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock reserved for issuance under DRP | ' | ' | ' | ' | ' | 14,279,846 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares issued pursuant to the DRP | ' | ' | 20,438 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross sales price from shares issued pursuant to the DRP | ' | ' | 187 | ' | 203 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends per share of common stock | $0.21 | $0.17 | $0.60 | $0.48 | ' | ' | ' | $0.20 | $0.19 | $0.18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared per share of preferred stock (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.55 | $0.55 | $0.55 | $0.52 | $0.52 | $0.52 | $0.55 | $0.55 | $0.76 | $0.53 | $0.21 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders | -151,027 | -149,578 | -127,031 | -261,007 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) allocated to LTIP Units non-controlling interest | -6,296 | -7,059 | -5,184 | -12,726 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) available to common stockholders and LTIP Units | ($157,323) | ($156,637) | ($132,215) | ($273,733) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares of common stock | 222,206,091 | 134,272,289 | 199,409,945 | 120,491,186 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average LTIP Units (in shares) | 9,263,000 | 6,337,000 | 9,140,000 | 5,955,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares of common stock and LTIP Units (in shares) | 231,469,091 | 140,609,289 | 208,549,945 | 126,446,186 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | ($0.68) | ($1.11) | ($0.63) | ($2.16) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted (in dollars per share) | ($0.68) | ($1.11) | ($0.63) | ($2.16) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of LTIP Units into common shares, ratio | 1 | 1 | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling_Interests_Detai
Non-controlling Interests (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Non-controlling interests | ' | ' | ' | ' | ' |
Net income (loss) allocated to the non-controlling interest | ($6,296,000) | ($7,059,000) | ($5,184,000) | ($12,726,000) | ' |
Income (loss) from continuing operations | -151,003,000 | -149,999,000 | -126,954,000 | -261,789,000 | ' |
Income (loss) from discontinued operations | -24,000 | 393,000 | -77,000 | 483,000 | ' |
Gain on sale from discontinued operations | 0 | 28,000 | 0 | 299,000 | ' |
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders | -151,027,000 | -149,578,000 | -127,031,000 | -261,007,000 | ' |
Operating Partnership | ' | ' | ' | ' | ' |
Non-controlling interests | ' | ' | ' | ' | ' |
Aggregate limited partnership units (in shares) | 9,232,660 | ' | 9,232,660 | ' | 6,228,727 |
Non-controlling interests, ownership percentage | 3.70% | ' | 3.70% | ' | 3.70% |
Net income (loss) allocated to the non-controlling interest | 6,300,000 | 7,100,000 | 5,200,000 | 12,700,000 | ' |
NorthStar Realty Healthcare, LLC | ' | ' | ' | ' | ' |
Non-controlling interests | ' | ' | ' | ' | ' |
Non-controlling interests, ownership percentage | 12.50% | ' | 12.50% | ' | ' |
Other non-controlling interests | ' | ' | ' | ' | ' |
Non-controlling interests | ' | ' | ' | ' | ' |
Net income (loss) allocated to other non-controlling interests | ' | $600,000 | $300,000 | $1,200,000 | ' |
Fair_Value_Details
Fair Value (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Investments in private equity funds, at fair value | $624,652 | $0 |
Real estate securities, available for sale | 1,010,336 | 1,124,668 |
Derivative assets, at fair value | 6,393 | 6,229 |
Liabilities: | ' | ' |
CDO bonds payable | 866,161 | 2,112,441 |
Derivative liabilities | 68,892 | 170,840 |
CMBS | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | ' | 984,018 |
Collateralized Debt Obligations | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | ' | 48,236 |
Trust preferred securities | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | ' | 9,571 |
Agency debentures | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | ' | 26,462 |
Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Bonds | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 142,436 | ' |
Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Equity | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 129,670 | ' |
Recurring basis | ' | ' |
Assets: | ' | ' |
Investments in private equity funds, at fair value | 624,652 | ' |
Liabilities: | ' | ' |
CDO bonds payable | 866,161 | ' |
Recurring basis | Level 1 | ' | ' |
Assets: | ' | ' |
Total assets | 0 | ' |
Recurring basis | Level 2 | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | ' | 786,455 |
Derivative assets(2)(3) | 6,393 | 6,229 |
Total assets | 628,099 | 792,684 |
Liabilities: | ' | ' |
Derivative liabilities | ' | 170,840 |
Total liabilities | 68,892 | 170,840 |
Recurring basis | Level 2 | CMBS | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | ' | 703,327 |
Recurring basis | Level 2 | Collateralized Debt Obligations | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | ' | 420 |
Recurring basis | Level 2 | Unsecured REIT debt | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | ' | 56,246 |
Recurring basis | Level 2 | Agency debentures | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | ' | 26,462 |
Recurring basis | Level 2 | Consolidated Entity Excluding Variable Interest Entities (VIE) | ' | ' |
Assets: | ' | ' |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 20,919 | ' |
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | ' | ' |
Assets: | ' | ' |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 559,531 | ' |
Third-party CDO notes | 0 | ' |
Total assets | 621,706 | ' |
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Collateralized Debt Obligations | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 960 | ' |
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 9,526 | ' |
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Agency debentures | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 30,770 | ' |
Recurring basis | Level 3 | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | ' | 338,213 |
Total assets | 1,013,282 | 338,213 |
Liabilities: | ' | ' |
CDO bonds payable | ' | 1,999,470 |
Junior subordinated notes | ' | 197,173 |
Total liabilities | 1,058,440 | 2,196,643 |
Recurring basis | Level 3 | CMBS | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | ' | 280,691 |
Recurring basis | Level 3 | Collateralized Debt Obligations | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | ' | 47,816 |
Recurring basis | Level 3 | Unsecured REIT debt | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | ' | 135 |
Recurring basis | Level 3 | Trust preferred securities | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | ' | 9,571 |
Recurring basis | Level 3 | Consolidated Entity Excluding Variable Interest Entities (VIE) | ' | ' |
Assets: | ' | ' |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 25,560 | ' |
Recurring basis | Level 3 | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Bonds | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 153,899 | ' |
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | ' | ' |
Assets: | ' | ' |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 49,620 | ' |
Third-party CDO notes | 5,791 | ' |
Total assets | 388,630 | ' |
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | Collateralized Debt Obligations | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 24,090 | ' |
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 0 | ' |
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | Agency debentures | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 0 | ' |
Recurring basis | Total | ' | ' |
Assets: | ' | ' |
Investments in private equity funds, at fair value | 624,652 | ' |
Real estate securities, available for sale | ' | 1,124,668 |
Derivative assets(2)(3) | 6,393 | 6,229 |
Total assets | 1,641,381 | 1,130,897 |
Liabilities: | ' | ' |
CDO bonds payable | 866,161 | 1,999,470 |
Junior subordinated notes | 192,279 | 197,173 |
Derivative liabilities | 68,892 | 170,840 |
Total liabilities | 1,127,332 | 2,367,483 |
Recurring basis | Total | CMBS | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | ' | 984,018 |
Recurring basis | Total | Collateralized Debt Obligations | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | ' | 48,236 |
Recurring basis | Total | Unsecured REIT debt | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | ' | 56,381 |
Recurring basis | Total | Trust preferred securities | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | ' | 9,571 |
Recurring basis | Total | Agency debentures | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | ' | 26,462 |
Recurring basis | Total | Consolidated Entity Excluding Variable Interest Entities (VIE) | ' | ' |
Assets: | ' | ' |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 46,479 | ' |
Recurring basis | Total | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Bonds | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 153,899 | ' |
Recurring basis | Total | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Equity | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 129,670 | ' |
Recurring basis | Total | Variable Interest Entity, Primary Beneficiary | ' | ' |
Assets: | ' | ' |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 609,151 | ' |
Third-party CDO notes | 5,791 | ' |
Total assets | 1,010,336 | ' |
Recurring basis | Total | Variable Interest Entity, Primary Beneficiary | Collateralized Debt Obligations | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 25,050 | ' |
Recurring basis | Total | Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 9,526 | ' |
Recurring basis | Total | Variable Interest Entity, Primary Beneficiary | Agency debentures | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 30,770 | ' |
Fair value option | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 1,010,336 | ' |
Total assets | 1,464,819 | 1,036,638 |
Liabilities: | ' | ' |
Total liabilities | 1,058,440 | 2,196,643 |
Fair value option | Collateralized Debt Obligations | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 25,050 | ' |
Fair value option | Agency debentures | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 30,770 | ' |
Fair value option | Variable Interest Entity, Not Primary Beneficiary | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 330,048 | ' |
Fair value option | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Bonds | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 153,899 | ' |
Fair value option | Variable Interest Entity, Not Primary Beneficiary | CMBS | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 46,479 | ' |
Fair value option | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Equity | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 129,670 | ' |
Fair value option | Variable Interest Entity, Primary Beneficiary | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 680,288 | ' |
Available for Sale Securities Excluding Private Equity Funds | 840,167 | 1,036,638 |
Fair value option | N-Star CDO Equity | Variable Interest Entity, Not Primary Beneficiary | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 129,670 | ' |
Fair value option | CDO Bonds Payable | ' | ' |
Liabilities: | ' | ' |
CDO bonds payable | 866,161 | 1,999,470 |
Fair value option | Trust preferred securities | Variable Interest Entity, Primary Beneficiary | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 5,791 | 9,571 |
Fair value option | Trust preferred securities | Variable Interest Entity, Primary Beneficiary | Trust preferred securities | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 5,791 | ' |
Fair value option | Unsecured REIT debt | Variable Interest Entity, Primary Beneficiary | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 9,526 | 56,381 |
Fair value option | Agency debentures | Variable Interest Entity, Primary Beneficiary | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 30,770 | 26,462 |
Fair value option | Collateralized Debt Obligations | Variable Interest Entity, Primary Beneficiary | ' | ' |
Assets: | ' | ' |
Third-party CDO notes | 25,050 | 25,756 |
Fair value option | CMBS | Consolidated Entity Excluding Variable Interest Entities (VIE) | ' | ' |
Assets: | ' | ' |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 30,209 | 20,668 |
Fair value option | CMBS | Variable Interest Entity, Primary Beneficiary | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 609,151 | ' |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 609,151 | 897,800 |
Fair value option | Investments in Private Equity Funds | ' | ' |
Assets: | ' | ' |
Real estate securities, available for sale | 624,652 | ' |
Fair value option | Junior Subordinated Notes, at Fair Value | ' | ' |
Liabilities: | ' | ' |
Junior subordinated notes | $192,279 | $197,173 |
Fair_Value_Details_2
Fair Value (Details 2) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Additional information about the company's CDO bonds payable and junior subordinated notes measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value | ' | ' |
Purchases / borrowings / amortization | $0 | $0 |
CDO Bonds Payable | ' | ' |
Gains: | ' | ' |
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Realized Gains From Deconsolidation Of N Star CDOs | -1,157,499,000 | ' |
Additional information about the company's CDO bonds payable and junior subordinated notes measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value | ' | ' |
Beginning balance | 1,999,470,000 | 2,145,239,000 |
Purchases / borrowings / amortization | 43,983,000 | 99,775,000 |
Paydowns | -518,129,000 | -675,038,000 |
Repurchases | -32,719,000 | -103,118,000 |
Losses: | ' | ' |
Unrealized losses included in earnings | 105,359,000 | 510,105,000 |
Realized losses included in earnings | 19,445,000 | 22,507,000 |
Ending balance | 866,161,000 | 1,999,470,000 |
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held | -35,530,000 | -320,134,000 |
Unobservable Inputs Reconciliation Recurring Basis Realized Losses From Deconsolidation Of N Star CDOs | 406,251,000 | ' |
Junior Subordinated Notes | ' | ' |
Gains: | ' | ' |
Unrealized gains included in earnings | -4,894,000 | ' |
Additional information about the company's CDO bonds payable and junior subordinated notes measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value | ' | ' |
Beginning balance | 197,173,000 | 157,168,000 |
Losses: | ' | ' |
Unrealized losses included in earnings | 0 | 40,005,000 |
Ending balance | 192,279,000 | 197,173,000 |
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held | 4,894,000 | -40,005,000 |
Investments in Private Equity Funds | ' | ' |
Additional information about the company's CRE securities measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value | ' | ' |
Purchases / borrowings / amortization / contributions | 662,052,000 | ' |
Paydowns / distributions | -89,704,000 | ' |
Gains: | ' | ' |
Equity in earnings of unconsolidated ventures | 52,304,000 | ' |
Losses: | ' | ' |
Ending balance | 624,652,000 | ' |
Real Estate Securities | ' | ' |
Additional information about the company's CRE securities measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value | ' | ' |
Beginning balance | 338,213,000 | 422,607,000 |
Transfers into Level 3 | 0 | 84,871,000 |
Transfers out of Level 3 | -133,667,000 | -91,161,000 |
Purchases / borrowings / amortization / contributions | 13,663,000 | 59,559,000 |
Sales | -40,509,000 | -95,433,000 |
Paydowns / distributions | -35,410,000 | -80,911,000 |
Gains: | ' | ' |
Unrealized gains included in earnings | 60,127,000 | 59,048,000 |
Realized gains included in earnings | 13,619,000 | 25,431,000 |
Unrealized gain on real estate securities, available for sale included in OCI | 2,221,000 | 6,982,000 |
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Realized Gains From Deconsolidation Of N Star CDOs | -272,107,000 | ' |
Losses: | ' | ' |
Unrealized losses included in earnings | -19,581,000 | -47,795,000 |
Realized losses included in earnings | -4,995,000 | -4,416,000 |
Unrealized losses on real estate securities, available for sale included in OCI | -4,000 | -569,000 |
Ending balance | 388,630,000 | 338,213,000 |
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held | -9,000 | 14,481,000 |
Losses: | ' | ' |
Unobservable Inputs Reconciliation Recurring Basis Realized Losses From Deconsolidation Of N Star CDOs | ($77,154,000) | ' |
Fair_Value_Details_3
Fair Value (Details 3) (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 | |
security | security | ||||
Fair Value Option | ' | ' | ' | ' | ' |
Number of CRE securities for which the fair value option was not elected | ' | ' | 32 | ' | 21 |
Carrying value of items for which the fair value option was not elected | $170,200,000 | ' | $170,200,000 | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Investments in private equity funds, at fair value | 624,652,000 | ' | 624,652,000 | ' | 0 |
Subtotal | 1,010,336,000 | ' | 1,010,336,000 | ' | 1,124,668,000 |
Amount Due Upon Maturity | ' | ' | ' | ' | ' |
Total liabilities | 1,911,312,000 | ' | 1,911,312,000 | ' | ' |
Difference | ' | ' | ' | ' | ' |
Total liabilities | -852,872,000 | ' | -852,872,000 | ' | ' |
Junior subordinated notes, at fair value | 192,279,000 | ' | 192,279,000 | ' | 197,173,000 |
Debt Instrument, Face Amount | 4,430,009,000 | ' | 4,430,009,000 | ' | 5,144,588,000 |
Change in fair value of assets and liabilities for which fair value option was elected | ' | ' | ' | ' | ' |
Net unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities for which the fair value option was elected | 27,944,000 | -183,467,000 | 15,540,000 | -351,914,000 | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | ' | ' | 0 | ' | 0 |
Real Estate Securities | ' | ' | ' | ' | ' |
Fair Value Option | ' | ' | ' | ' | ' |
Number of CRE securities for which the fair value option was not elected | ' | ' | ' | ' | 21 |
Carrying value of items for which the fair value option was not elected | ' | ' | ' | ' | 88,000,000 |
CDO Bonds Payable | ' | ' | ' | ' | ' |
Fair Value Option | ' | ' | ' | ' | ' |
Carrying value of items for which the fair value option was not elected | ' | ' | ' | ' | 113,000,000 |
Liabilities: | ' | ' | ' | ' | ' |
CDO bonds payable | 866,161,000 | ' | 866,161,000 | ' | ' |
Difference | ' | ' | ' | ' | ' |
Total liabilities | -765,034,000 | ' | -765,034,000 | ' | ' |
Change in fair value of assets and liabilities for which fair value option was elected | ' | ' | ' | ' | ' |
Unrealized losses for bonds attributable to paydowns at par, including redemption and repurchases | 8,500,000 | ' | 69,800,000 | ' | ' |
Junior Subordinated Notes | ' | ' | ' | ' | ' |
Difference | ' | ' | ' | ' | ' |
Total liabilities | -87,838,000 | ' | -87,838,000 | ' | ' |
Derivatives | ' | ' | ' | ' | ' |
Change in fair value of assets and liabilities for which fair value option was elected | ' | ' | ' | ' | ' |
Unrealized gains (losses) on derivatives related to the change in fair value | -8,540,000 | 6,871,000 | 29,661,000 | 27,166,000 | ' |
Fair value option | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Subtotal | 1,010,336,000 | ' | 1,010,336,000 | ' | ' |
Total assets | 1,464,819,000 | ' | 1,464,819,000 | ' | 1,036,638,000 |
Liabilities: | ' | ' | ' | ' | ' |
Total liabilities | 1,058,440,000 | ' | 1,058,440,000 | ' | 2,196,643,000 |
Change in fair value of assets and liabilities for which fair value option was elected | ' | ' | ' | ' | ' |
Unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities for which the fair value option was elected | 36,484,000 | -190,338,000 | -14,121,000 | -379,080,000 | ' |
Fair value option | Private Equity Funds | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Subtotal | 624,652,000 | ' | 624,652,000 | ' | ' |
Fair value option | Real Estate Securities | ' | ' | ' | ' | ' |
Change in fair value of assets and liabilities for which fair value option was elected | ' | ' | ' | ' | ' |
Unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities for which the fair value option was elected | -35,924,000 | 24,109,000 | 86,344,000 | 49,048,000 | ' |
Fair value option | CDO Bonds Payable | ' | ' | ' | ' | ' |
Change in fair value of assets and liabilities for which fair value option was elected | ' | ' | ' | ' | ' |
Unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities for which the fair value option was elected | 44,070,000 | -193,721,000 | -105,359,000 | -403,196,000 | ' |
Fair value option | Junior Subordinated Notes | ' | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' |
Junior subordinated notes | 192,279,000 | ' | 192,279,000 | ' | 197,173,000 |
Change in fair value of assets and liabilities for which fair value option was elected | ' | ' | ' | ' | ' |
Unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities for which the fair value option was elected | 28,338,000 | -20,726,000 | 4,894,000 | -24,932,000 | ' |
Private Equity Funds | ' | ' | ' | ' | ' |
Fair Value Option | ' | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 624,652,000 | ' | 624,652,000 | ' | ' |
Minimum | N-Star CDO Equity | ' | ' | ' | ' | ' |
Fair Value Option | ' | ' | ' | ' | ' |
Fair Value Inputs, Discount Rate | ' | ' | 18.00% | ' | ' |
Minimum | Private Equity Funds | ' | ' | ' | ' | ' |
Fair Value Option | ' | ' | ' | ' | ' |
Fair Value Inputs, Discount Rate | ' | ' | 17.00% | ' | ' |
Maximum | N-Star CDO Equity | ' | ' | ' | ' | ' |
Fair Value Option | ' | ' | ' | ' | ' |
Fair Value Inputs, Discount Rate | ' | ' | 20.00% | ' | ' |
Maximum | Private Equity Funds | ' | ' | ' | ' | ' |
Fair Value Option | ' | ' | ' | ' | ' |
Fair Value Inputs, Discount Rate | ' | ' | 23.00% | ' | ' |
Variable Interest Entity, Not Primary Beneficiary | Fair value option | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Subtotal | 330,048,000 | ' | 330,048,000 | ' | ' |
Variable Interest Entity, Not Primary Beneficiary | Fair value option | N-Star CDO Equity | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Subtotal | 129,670,000 | ' | 129,670,000 | ' | ' |
Consolidated Entity Excluding Variable Interest Entities (VIE) | Fair value option | CMBS | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 30,209,000 | ' | 30,209,000 | ' | 20,668,000 |
Variable Interest Entity, Primary Beneficiary | Fair value option | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Subtotal | 680,288,000 | ' | 680,288,000 | ' | ' |
Available for Sale Securities Excluding Private Equity Funds | 840,167,000 | ' | 840,167,000 | ' | 1,036,638,000 |
Variable Interest Entity, Primary Beneficiary | Fair value option | CMBS | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 609,151,000 | ' | 609,151,000 | ' | 897,800,000 |
Subtotal | 609,151,000 | ' | 609,151,000 | ' | ' |
Variable Interest Entity, Primary Beneficiary | Fair value option | Third-party CDO notes | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Third-party CDO notes | 25,050,000 | ' | 25,050,000 | ' | 25,756,000 |
Variable Interest Entity, Primary Beneficiary | Fair value option | Unsecured REIT debt | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Subtotal | 9,526,000 | ' | 9,526,000 | ' | 56,381,000 |
Variable Interest Entity, Primary Beneficiary | Fair value option | Trust preferred securities | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Subtotal | 5,791,000 | ' | 5,791,000 | ' | 9,571,000 |
Variable Interest Entity, Primary Beneficiary | Fair value option | Agency debentures | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Subtotal | 30,770,000 | ' | 30,770,000 | ' | 26,462,000 |
Recurring basis | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Investments in private equity funds, at fair value | 624,652,000 | ' | 624,652,000 | ' | ' |
Fair Value, Inputs, Level 3 | Recurring basis | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Subtotal | ' | ' | ' | ' | 338,213,000 |
Total assets | 1,013,282,000 | ' | 1,013,282,000 | ' | 338,213,000 |
Liabilities: | ' | ' | ' | ' | ' |
Junior subordinated notes | ' | ' | ' | ' | 197,173,000 |
Total liabilities | 1,058,440,000 | ' | 1,058,440,000 | ' | 2,196,643,000 |
Fair Value, Inputs, Level 3 | Recurring basis | Variable Interest Entity, Primary Beneficiary | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 49,620,000 | ' | 49,620,000 | ' | ' |
Third-party CDO notes | 5,791,000 | ' | 5,791,000 | ' | ' |
Total assets | 388,630,000 | ' | 388,630,000 | ' | ' |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | ' | ' | ' | ' | ' |
Fair Value Option | ' | ' | ' | ' | ' |
Loans With Provision For Loan Loss Deconsolidated | 1 | ' | 1 | ' | ' |
Fair Value Inputs, Discount Rate | ' | ' | 7.00% | ' | ' |
Change in fair value of assets and liabilities for which fair value option was elected | ' | ' | ' | ' | ' |
Fair Value Inputs, Cap Rate | ' | ' | 5.00% | ' | ' |
Level 2 | Recurring basis | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Subtotal | ' | ' | ' | ' | 786,455,000 |
Total assets | 628,099,000 | ' | 628,099,000 | ' | 792,684,000 |
Liabilities: | ' | ' | ' | ' | ' |
Total liabilities | 68,892,000 | ' | 68,892,000 | ' | 170,840,000 |
Level 2 | Recurring basis | Variable Interest Entity, Primary Beneficiary | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 559,531,000 | ' | 559,531,000 | ' | ' |
Third-party CDO notes | 0 | ' | 0 | ' | ' |
Total assets | $621,706,000 | ' | $621,706,000 | ' | ' |
Fair_Value_Details_4
Fair Value (Details 4) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | 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 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 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 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | creditfacility | Timing swaps | Timing swaps | Interest Rate Swap | Secured Debt | Secured Debt | Line of Credit | Line of Credit | Exchangeable senior notes | Exchangeable senior notes | 8.875% Notes | 8.875% Notes | 5.375% Notes | 5.375% Notes | Junior Subordinated Notes | Junior Subordinated Notes | Principal / Notional Amount | Principal / Notional Amount | Principal / Notional Amount | Principal / Notional Amount | Principal / Notional Amount | Principal / Notional Amount | Principal / Notional Amount | Principal / Notional Amount | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair value option | Fair value option | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Secured Debt | Secured Debt | Secured Debt | Junior Subordinated Notes | Junior Subordinated Notes | Variable Interest Entity, Not Primary Beneficiary | Variable Interest Entity, Not Primary Beneficiary | Variable Interest Entity, Not Primary Beneficiary | Variable Interest Entity, Not Primary Beneficiary | |
Secured Debt | Commercial Mortgage Backed Security 2012 Bonds Payable | 7.25% Notes | 7.50% Notes | 8.875% Notes | 5.375% Notes | Interest Rate Swap | Secured Debt | Commercial Mortgage Backed Security 2012 Bonds Payable | Line of Credit | Exchangeable senior notes | 7.25% Notes | 7.50% Notes | 8.875% Notes | 5.375% Notes | 7.25% Notes | 7.50% Notes | 8.875% Notes | 5.375% Notes | Interest Rate, Caps Floors | Interest Rate, Caps Floors | Interest Rate Swap | Interest Rate Swap | Principal / Notional Amount | Principal / Notional Amount | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair value option | Fair value option | Principal / Notional Amount | Junior Subordinated Notes | Carrying Value | Fair value option | ||||||||||||||||||||||||||||||||
Interest Rate, Caps Floors | Interest Rate Swap | Junior Subordinated Notes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CDO bonds payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $866,161 | ' | ' | ' | ' | ' | ' | $192,279 | ' |
Financial assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate debt investments, net | 1,484,697 | 2,371,464 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate debt investments, net | 1,177,517 | 1,832,231 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,371,464 | ' | ' | ' | ' | ' | ' | 1,177,517 | 1,832,231 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,166,953 | 1,763,851 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate securities, available for sale(2) | ' | 2,539,075 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,036,011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 554,044 | ' | ' | ' |
Real estate securities, available for sale | 1,010,336 | 1,124,668 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,539,075 | ' | ' | ' | ' | ' | ' | 1,010,336 | 1,124,668 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,010,336 | 1,124,668 | ' | ' | ' | ' | 1,010,336 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 786,455 | ' | ' | ' | ' | ' | ' | ' | ' | 330,048 |
Derivative assets(2)(3) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 815,500 | ' | ' | ' | ' | ' | ' | ' | 6,229 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,393 | 6,229 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,393 | 6,229 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage and other notes payable | 1,785,711 | 1,015,670 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,785,711 | 1,015,670 | ' | ' | ' | ' | ' | ' | ' | 1,015,670 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,786,755 | 1,034,428 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CDO bonds payable | 866,161 | 2,112,441 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,371,753 | ' | ' | ' | ' | ' | ' | ' | 2,112,441 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 866,161 | 2,108,817 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 866,161 | ' | ' | ' | 866,161 | 1,999,470 | ' | ' | ' | ' | ' | ' |
Securitization bonds payable | 97,919 | 98,005 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98,131 | ' | ' | ' | ' | ' | ' | ' | 98,005 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98,005 | 98,298 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured term loan | 0 | 14,664 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 14,664 | ' | ' | ' | ' | ' | ' | 0 | 14,664 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 15,276 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facilities | 23,594 | 61,088 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,088 | ' | ' | ' | ' | ' | ' | ' | 61,088 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,594 | 61,088 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchangeable senior notes | 555,432 | 291,031 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 303,165 | ' | ' | ' | ' | ' | ' | ' | 291,031 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 768,653 | 357,627 | 13,199 | 273,169 | 128,936 | 353,349 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Junior subordinated notes | 192,279 | 197,173 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 280,117 | ' | ' | ' | ' | ' | ' | ' | 197,173 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 192,279 | 197,173 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 192,279 | ' | ' |
Derivative liabilities | 68,892 | 170,840 | ' | ' | 68,892 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,392,269 | ' | ' | ' | ' | ' | ' | ' | 170,840 | 68,892 | ' | ' | ' | ' | ' | ' | ' | ' | 68,892 | 170,840 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170,840 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative assets and liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | ' | ' | 28,000 | 68,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,589,115 | 2,207,769 | 832,602 | 815,500 | 756,513 | 1,392,269 | 832,602 | 756,513 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative assets, at fair value | 6,393 | 6,229 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,393 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchangeable Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.88% | 8.88% | 5.38% | 5.38% | ' | ' | ' | ' | ' | ' | 7.25% | 7.50% | 8.88% | 5.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of term credit facilities under which amounts are outstanding | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | 4,430,009 | 5,144,588 | ' | ' | ' | 1,631,195 | 3,371,753 | 23,594 | 61,088 | 611,455 | 303,165 | ' | ' | ' | ' | 280,117 | 280,117 | 611,455 | ' | 1,631,195 | 97,937 | 12,955 | 172,500 | 81,000 | 345,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 280,117 | ' | ' | ' | ' |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 192,279 | 192,279 | 192,279 | ' |
Total liabilities | -852,872 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -765,034 | ' | ' | -87,838 | ' | ' | ' | ' | ' |
Long-term Debt, Gross | 3,521,096 | 3,790,072 | ' | ' | ' | 866,161 | 2,112,441 | 23,594 | 61,088 | 555,432 | 291,031 | ' | ' | ' | ' | 192,279 | 197,173 | ' | ' | ' | ' | ' | ' | ' | ' | 555,432 | ' | ' | 866,161 | 97,919 | 23,594 | 555,432 | 12,955 | 164,644 | 79,081 | 298,752 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility Number of Credit Facilities | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,058,440 | $2,196,643 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $68,892 | $170,840 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk_Management_and_Derivative2
Risk Management and Derivative Activities (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 | Jan. 31, 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 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Not designated as hedges | Not designated as hedges | Designated as hedge | Designated as hedge | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate caps/floors | Interest rate caps/floors | Interest rate caps/floors | Interest rate caps/floors | Timing swaps | Timing swaps | Interest rate floor | Unrealized Gain (Loss) on Investment and Other | Unrealized Gain (Loss) on Investment and Other | Unrealized Gain (Loss) on Investment and Other | Unrealized Gain (Loss) on Investment and Other | Interest Expense on Debt and Securities | Interest Expense on Debt and Securities | Interest Expense on Debt and Securities | Interest Expense on Debt and Securities | Gain (Loss) from Deconsolidation | Gain (Loss) from Deconsolidation | Gain (Loss) from Deconsolidation | Gain (Loss) from Deconsolidation | |||
instrument | instrument | instrument | instrument | Not designated as hedges | Not designated as hedges | Not designated as hedges | Not designated as hedges | instrument | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | |||||||||
instrument | instrument | instrument | instrument | ||||||||||||||||||||||||||
Derivative instruments not designated as hedges under U.S. GAAP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number | ' | ' | 25 | 39 | 0 | 0 | ' | ' | 20 | 34 | ' | ' | 5 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | ' | ' | $1,589,115,000 | $2,207,769,000 | ' | ' | ' | ' | $756,513,000 | $1,392,269,000 | ' | ' | $832,602,000 | $815,500,000 | $28,000,000 | $68,900,000 | $450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Net Asset (Liability) | ' | ' | -62,499,000 | -164,611,000 | ' | ' | ' | ' | -68,892,000 | -170,840,000 | ' | ' | 6,393,000 | 6,229,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lower Range of Fixed LIBOR (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 4.55% | 4.55% | ' | ' | 1.64% | 1.64% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Higher Range of Fixed LIBOR (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 5.31% | 5.63% | ' | ' | 6.00% | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of instruments whose term was extended | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate caps/floors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,393,000 | 6,229,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swaps | ' | ' | ' | ' | ' | ' | 68,892,000 | 170,840,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-hedge derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of gain (loss) recognized in earnings: adjustments to fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,540,000 | 6,871,000 | 29,661,000 | 27,166,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of gain (loss) recognized in earnings: Net cash payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,379,000 | -18,552,000 | -44,053,000 | -61,159,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of swap gain (loss) reclassified from OCI into earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,172,000 | -1,845,000 | -4,656,000 | -5,591,000 | -15,246,000 | 0 | -15,246,000 | 0 |
Cash margin held by counterparties as collateral | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk_Management_and_Derivative3
Risk Management and Derivative Activities (Details 2) | 9 Months Ended |
Sep. 30, 2013 | |
operator | |
Credit risk concentrations | ' |
Number of operators considered in concentration risk percentage | 2 |
Rental and escalation income | Customer concentration | Operator one | ' |
Credit risk concentrations | ' |
Concentration risk percentage | 6.00% |
Rental and escalation income | Customer concentration | Operator two | ' |
Credit risk concentrations | ' |
Concentration risk percentage | 10.00% |
Total revenue | Customer concentration | Operator one | ' |
Credit risk concentrations | ' |
Concentration risk percentage | 2.00% |
Total revenue | Customer concentration | Operator two | ' |
Credit risk concentrations | ' |
Concentration risk percentage | 4.00% |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2009 | Mar. 31, 2012 |
Chatsworth, California | NNN Holdings | |
NetLeaseInvestment | ||
sqft | ||
building | ||
Commitments and Contingencies | ' | ' |
Number of net lease investments foreclosed on by lender | 1 | ' |
Number of office buildings in one of the net lease investments | 3 | ' |
Total square feet of office buildings | 257,000 | ' |
Percentage of property leased WaMu | 100.00% | ' |
Loss accrual reversed as a result of ruling | ' | $20 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 0 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 | 3 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, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 02, 2013 | Jul. 02, 2013 | Jul. 02, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
NorthStar Real Estate Income Trust Inc | NorthStar Real Estate Income Trust Inc | NorthStar Real Estate Income Trust Inc | NorthStar Real Estate Income Trust Inc | NorthStar Real Estate Income Trust Inc | NorthStar Healthcare | NorthStar Real Estate Income II, Inc. | Non Legacy Investments CRE Debt | Non Legacy Investments CRE Debt | Non Legacy Investments CRE Debt | Non Legacy Investments CRE Debt | Non Legacy Investments CRE Debt | Non Legacy Investments CRE Securities | Non Legacy Investments CRE Securities | Non Legacy Investments CRE Securities | Non Legacy Investments CRE Securities | Non Legacy Investments CRE Securities | Real Estate | Real Estate | Real Estate | Real Estate | Real Estate | Asset Management | Asset Management | Asset Management | Asset Management | Asset Management | Legacy Investments CRE Debt | Legacy Investments CRE Debt | Legacy Investments CRE Debt | Legacy Investments CRE Debt | Legacy Investments CRE Debt | Legacy Investments CRE Securities | Legacy Investments CRE Securities | Legacy Investments CRE Securities | Legacy Investments CRE Securities | Legacy Investments CRE Securities | Corporate | Corporate | Corporate | Corporate | Corporate | Eliminations | Eliminations | Eliminations | Eliminations | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | |||||||||
Maximum | Maximum | Maximum | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net proceeds from the issuance of stock | ' | ' | $656,319,000 | ' | $382,809,000 | ' | ' | ' | ' | $1,100,000,000 | $1,100,000,000 | $1,650,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net interest income on debt and securities | 65,009,000 | 70,254,000 | 185,507,000 | 204,798,000 | ' | ' | ' | ' | ' | ' | ' | ' | 13,406,000 | 6,846,000 | 29,903,000 | 10,033,000 | ' | 10,613,000 | 3,778,000 | 23,467,000 | 13,065,000 | ' | 234,000 | 43,000 | 1,102,000 | 118,000 | ' | ' | ' | ' | 0 | ' | 10,212,000 | 22,419,000 | 35,857,000 | 65,211,000 | ' | 21,581,000 | 28,532,000 | 58,213,000 | 90,463,000 | ' | 8,963,000 | 8,636,000 | 36,965,000 | 25,908,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | |||
Advisory and other fees, related party | 6,816,000 | 1,507,000 | 17,111,000 | 4,766,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | 6,816,000 | 1,507,000 | 17,111,000 | 4,766,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | |||
Other revenues | 76,326,000 | 41,674,000 | 231,684,000 | 115,363,000 | ' | ' | ' | ' | ' | ' | ' | ' | 260,000 | ' | 261,000 | 0 | ' | ' | ' | ' | 0 | ' | 62,600,000 | 21,817,000 | 147,305,000 | 63,093,000 | ' | 4,721,000 | 15,993,000 | 63,644,000 | 39,495,000 | ' | 11,506,000 | 7,558,000 | 32,159,000 | 23,840,000 | ' | ' | ' | 39,000 | 7,000 | ' | 384,000 | -149,000 | 865,000 | -35,000 | ' | -3,145,000 | -3,545,000 | -12,589,000 | -11,037,000 | ' | ' | ' | ' | |||
Expenses | 113,814,000 | 78,109,000 | 346,157,000 | 225,573,000 | ' | ' | ' | ' | ' | ' | ' | ' | 487,000 | 424,000 | 999,000 | 313,000 | ' | 14,000 | ' | 43,000 | ' | ' | 70,348,000 | 19,423,000 | 154,973,000 | 60,829,000 | ' | 4,125,000 | 13,872,000 | 55,417,000 | 33,592,000 | ' | 16,006,000 | 19,043,000 | 51,865,000 | 65,006,000 | ' | -9,110,000 | 1,953,000 | -5,098,000 | 2,216,000 | ' | 35,089,000 | 26,939,000 | 100,547,000 | 74,654,000 | ' | -3,145,000 | -3,545,000 | -12,589,000 | -11,037,000 | ' | ' | ' | ' | |||
Income (loss) from operations | 34,337,000 | 35,326,000 | 88,145,000 | 99,354,000 | ' | ' | ' | ' | ' | ' | ' | ' | 13,179,000 | 6,422,000 | 29,165,000 | 9,720,000 | ' | 10,599,000 | 3,778,000 | 23,424,000 | 13,065,000 | ' | -7,514,000 | 2,437,000 | -6,566,000 | 2,382,000 | ' | 7,412,000 | 3,628,000 | 25,338,000 | 10,669,000 | ' | 5,712,000 | 10,934,000 | 16,151,000 | 24,045,000 | ' | 30,691,000 | 26,579,000 | 63,350,000 | 88,254,000 | ' | -25,742,000 | -18,452,000 | -62,717,000 | -48,781,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity in earnings (losses) of unconsolidated ventures | 31,013,000 | 421,000 | 54,445,000 | -416,000 | ' | 200,000 | 100,000 | 300,000 | 200,000 | ' | ' | ' | 1,261,000 | 358,000 | 3,027,000 | 617,000 | ' | ' | ' | ' | 0 | ' | 29,768,000 | -81,000 | 51,499,000 | -1,157,000 | ' | 152,000 | 67,000 | 291,000 | 60,000 | ' | -168,000 | 77,000 | -372,000 | 64,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | |||
Other income (loss) | 0 | 0 | 0 | 20,258,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 258,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | |||
Unrealized gain (loss) on investments and other | 16,565,000 | -202,019,000 | -28,513,000 | -413,073,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 1,862,000 | -443,000 | 4,542,000 | 7,347,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | 10,185,000 | -154,255,000 | -30,576,000 | -185,710,000 | ' | -23,820,000 | -26,595,000 | -7,373,000 | -209,778,000 | ' | 28,338,000 | -20,726,000 | 4,894,000 | -24,932,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | |||
Realized gain (loss) on investments and other | 30,567,000 | 15,221,000 | 47,611,000 | 35,768,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,225,000 | 1,215,000 | 1,326,000 | -414,000 | ' | 32,628,000 | -801,000 | 32,582,000 | -801,000 | ' | -11,000 | 4,913,000 | 12,220,000 | 16,147,000 | ' | ' | ' | ' | 0 | ' | -2,308,000 | -5,769,000 | -6,508,000 | -7,562,000 | ' | -1,967,000 | 15,663,000 | 8,027,000 | 28,367,000 | ' | ' | ' | -36,000 | 31,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | |||
Gain (loss) from deconsolidation of N-Star CDOs (refer to Note 3) | -254,206,000 | 0 | -254,206,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -281,488,000 | ' | -281,488,000 | ' | ' | 27,282,000 | ' | 27,282,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income (loss) from continuing operations | -141,724,000 | -151,051,000 | -92,518,000 | -258,109,000 | ' | ' | ' | ' | ' | ' | ' | ' | 16,665,000 | 7,995,000 | 33,518,000 | 9,923,000 | ' | 45,089,000 | 2,534,000 | 60,548,000 | 19,611,000 | ' | 22,243,000 | 7,269,000 | 57,153,000 | 37,372,000 | ' | 7,564,000 | 3,695,000 | 25,629,000 | 10,729,000 | ' | -268,067,000 | -149,013,000 | -302,793,000 | -168,905,000 | ' | 32,186,000 | 15,647,000 | 91,286,000 | -93,157,000 | ' | 2,596,000 | -39,178,000 | -57,859,000 | -73,682,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income (loss) from discontinued operations | -25,000 | 411,000 | -81,000 | 506,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | -25,000 | 411,000 | -81,000 | 506,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | |||
Gain on sale from discontinued operations | 0 | 29,000 | 0 | 314,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | 29,000 | ' | 314,000 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | |||
Net income (loss) | -141,749,000 | -150,611,000 | -92,599,000 | -257,289,000 | -273,089,000 | ' | ' | ' | ' | ' | ' | ' | 16,665,000 | 7,995,000 | 33,518,000 | 9,923,000 | ' | 45,089,000 | 2,534,000 | 60,548,000 | 19,611,000 | ' | 22,243,000 | 7,269,000 | 57,153,000 | 37,372,000 | ' | 7,564,000 | 3,695,000 | 25,629,000 | 10,729,000 | ' | -268,092,000 | -148,573,000 | -302,874,000 | -168,085,000 | ' | 32,186,000 | 15,647,000 | 91,286,000 | -93,157,000 | ' | 2,596,000 | -39,178,000 | -57,859,000 | -73,682,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Asset management services fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | 3,500,000 | 12,600,000 | 11,000,000 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,900,000 | 6,800,000 | 53,700,000 | 20,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total Assets | $5,828,578,000 | [1] | ' | $5,828,578,000 | [1] | ' | $5,513,778,000 | [1] | ' | ' | ' | ' | ' | ' | ' | $897,189,000 | ' | $897,189,000 | ' | $383,998,000 | $371,331,000 | ' | $371,331,000 | ' | $195,803,000 | $3,043,468,000 | ' | $3,043,468,000 | ' | $1,189,193,000 | $37,963,000 | ' | $37,963,000 | ' | $26,750,000 | $462,020,000 | ' | $462,020,000 | ' | $2,290,268,000 | $735,406,000 | ' | $735,406,000 | ' | $1,041,625,000 | $281,201,000 | ' | $281,201,000 | ' | $386,141,000 | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | •Restricted cash: September 30, 2013 $63,375 ; December 31, 2012: $320,815•Operating real estate, net: September 30, 2013: $6,677 ; December 31, 2012: $342,461•Real estate debt investments, net: September 30, 2013: $435,173 ; December 31, 2012: $1,478,503•Investments in and advances to unconsolidated ventures: September 30, 2013: $0 ; December 31, 2012: $59,939•Real estate securities, available for sale: September 30, 2013: $680, 288 ; December 31, 2012: $1,015,972•Receivables, net of allowance: September 30, 2013: $8,526 ; December 31, 2012: $16,609•Unbilled rent receivable: September 30, 2013: $0 ; December 31, 2012: $2,125•Deferred costs and intangible assets, net: September 30, 2013: $0 ; December 31, 2012: $37,753•Assets of properties held for sale: September 30, 2013: $1,595 ; December 31, 2012: $1,595•Other assets: September 30, 2013: $1,157 ; December 31, 2012: $12,689•Total assets of consolidated VIEs: September 30, 2013: $1,196,791 ; December 31, 2012: $3,288,461 |
Supplemental_Disclosures_of_No2
Supplemental Disclosures of Non-cash Investing and Financing Activities (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Debt Instrument [Line Items] | ' | ' |
Real estate acquisition | $135,361 | $35,304 |
Reduction of CRE debt investments | 135,361 | 35,304 |
Increase in restricted cash | 6,065 | ' |
Non-cash related to PE Investments | 44,021 | 0 |
Reclassification of operating real estate to asset held for sale | 0 | 1,046 |
Reclassification of operating real estate to other assets | 60,621 | 0 |
Reclassification of operating real estate to deferred costs and intangible assets | 18,375 | 0 |
Escrow deposit payable related to CRE debt investments | 62,811 | 38,034 |
Noncash Dividends Payable, Current and Noncurrent | 0 | 1,923 |
Activity in non-controlling interest | 0 | 2,358 |
Investment Payoff Due from Service Provider | 15,600 | 0 |
Increase (Decrease) of Restricted Cash in Connection of Swap Collateral | 0 | 22,037 |
Mortgage Loans on Real Estate Discount on Debt Investment | 0 | 2,516 |
8.875% Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate (as a percent) | 8.88% | 8.88% |
Debt Instrument, Exchangeable Notes, Discount Allocated to Equity Component | 0 | 2,179 |
5.375% Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate (as a percent) | 5.38% | 5.38% |
Debt Instrument, Exchangeable Notes, Discount Allocated to Equity Component | $45,740 | $0 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2013 | 2-May-13 | Feb. 13, 2013 | Jul. 31, 2013 | 2-May-13 | Feb. 02, 2013 | Jul. 31, 2013 | 2-May-13 | Feb. 02, 2013 | Jul. 31, 2013 | 2-May-13 | Feb. 02, 2013 | Jul. 31, 2013 | 2-May-13 | Oct. 30, 2013 | Oct. 30, 2013 | Oct. 30, 2013 | Oct. 30, 2013 | Oct. 30, 2013 | |
Common Stock | Common Stock | Common Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Subsequent events | Subsequent events | Subsequent events | Subsequent events | Subsequent events | |||||
Series A preferred stock | Series A preferred stock | Series A preferred stock | Series B preferred stock | Series B preferred stock | Series B preferred stock | Series C preferred Stock | Series C preferred Stock | Series C preferred Stock | Series D Preferred Stock | Series D Preferred Stock | Common Stock | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | ||||||||
Series A preferred stock | Series B preferred stock | Series C preferred Stock | Series D Preferred Stock | ||||||||||||||||||||
Subsequent Events | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends per share of common stock | $0.21 | $0.17 | $0.60 | $0.48 | $0.20 | $0.19 | $0.18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.21 | ' | ' | ' | ' |
Dividends declared per share of preferred stock (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $0.55 | $0.55 | $0.55 | $0.52 | $0.52 | $0.52 | $0.55 | $0.55 | $0.76 | $0.53 | $0.21 | ' | $0.55 | $0.52 | $0.55 | $0.53 |