Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Document Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'ARI | ' |
Entity Registrant Name | 'Apollo Commercial Real Estate Finance, Inc. | ' |
Entity Central Index Key | '0001467760 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 36,883,467 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash | $86,824 | $108,619 |
Restricted cash | 15,794 | ' |
Securities available-for-sale, at estimated fair value | 37,559 | 67,079 |
Securities, at estimated fair value | 250,660 | 211,809 |
Commercial mortgage loans, held for investment | 160,893 | 142,921 |
Subordinate loans, held for investment | 394,554 | 246,246 |
Repurchase agreements, held for investment | ' | 6,598 |
Interest receivable | 5,673 | 4,277 |
Deferred financing costs, net | 794 | 678 |
Other assets | ' | 203 |
Total Assets | 952,751 | 788,430 |
Liabilities: | ' | ' |
Borrowings under repurchase agreements | 227,167 | 225,158 |
Investments purchased, not yet settled | 21,299 | ' |
Derivative instruments, net | ' | 155 |
Accounts payable and accrued expenses | 1,719 | 1,265 |
Payable to related party | 2,656 | 2,037 |
Dividends payable | 17,023 | 12,891 |
Total Liabilities | 269,864 | 241,506 |
Commitments and Contingencies (see Note 13) | ' | ' |
Stockholders’ Equity: | ' | ' |
Preferred stock, $0.01 par value, 50,000,000 shares authorized and 3,450,000 shares issued and outstanding in 2013 and 2012 | 35 | 35 |
Common stock, $0.01 par value, 450,000,000 shares authorized, 36,883,467 and 28,044,106 shares issued and outstanding in 2013 and 2012, respectively | 369 | 280 |
Additional paid-in-capital | 696,337 | 546,065 |
Retained earnings (accumulated deficit) | -13,235 | 574 |
Accumulated other comprehensive loss | -619 | -30 |
Total Stockholders’ Equity | 682,887 | 546,924 |
Total Liabilities and Stockholders’ Equity | $952,751 | $788,430 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 3,450,000 | 3,450,000 |
Preferred stock, shares outstanding | 3,450,000 | 3,450,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 36,883,467 | 28,044,106 |
Common stock, shares outstanding | 36,883,467 | 28,044,106 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statement 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 from securities | $2,533 | $3,674 | $8,634 | $12,227 |
Interest income from commercial mortgage loans | 4,954 | 2,825 | 12,222 | 7,851 |
Interest income from subordinate loans | 12,184 | 6,144 | 35,137 | 17,316 |
Interest income from repurchase agreements | ' | 2,361 | 2 | 5,920 |
Interest expense | -885 | -1,768 | -2,909 | -6,939 |
Net interest income | 18,786 | 13,236 | 53,086 | 36,375 |
Operating expenses: | ' | ' | ' | ' |
General and administrative expenses (includes $784 and $2,095 of equity based compensation in 2013 and $1,276 and $3,244 in 2012, respectively) | -1,793 | -2,430 | -5,126 | -7,229 |
Management fees to related party | -2,625 | -1,518 | -7,384 | -4,099 |
Total operating expenses | -4,418 | -3,948 | -12,510 | -11,328 |
Interest income from cash balances | 3 | ' | 19 | 1 |
Realized gain on sale of securities | ' | ' | ' | 262 |
Unrealized gain (loss) on securities | -1,472 | 3,010 | -3,973 | 6,473 |
Loss on derivative instruments (includes $25 and $155 of unrealized gains in 2013 and $40 and $228 of unrealized gains in 2012, respectively) | 1 | -87 | -1 | -569 |
Net income | 12,900 | 12,211 | 36,621 | 31,214 |
Preferred dividends | -1,859 | -1,219 | -5,580 | -1,219 |
Net income available to common stockholders | $11,041 | $10,992 | $31,041 | $29,995 |
Basic and diluted net income per share of common stock | $0.29 | $0.52 | $0.88 | $1.43 |
Basic weighted average shares of common stock outstanding | 36,883,002 | 20,571,478 | 34,647,941 | 20,567,772 |
Diluted weighted average shares of common stock outstanding | 37,379,469 | 20,992,312 | 35,103,285 | 20,983,429 |
Dividend declared per share of common stock | $0.40 | $0.40 | $1.20 | $1.20 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement 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] | ' | ' | ' | ' |
General and administrative expenses, equity based compensation | $784 | $1,276 | $2,095 | $3,244 |
Unrealized gain on derivative instruments | ($25) | ($40) | ($155) | ($228) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income available to common stockholders | $11,041 | $10,992 | $31,041 | $29,995 |
Change in net unrealized gain (loss) on securities available-for-sale | 43 | -876 | -589 | -464 |
Comprehensive income | $11,084 | $10,116 | $30,452 | $29,531 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Changes in Stockholders Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid In Capital [Member] | Returned Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income [Member] | |
In Thousands, except Share data, unless otherwise specified | |||||||
Beginning balance at Dec. 31, 2012 | $546,924 | $35 | $280 | $546,065 | $574 | ($30) | |
Beginning balance, Shares at Dec. 31, 2012 | ' | 3,450,000 | 28,044,106 | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | |
Capital increase related to Equity Incentive Plan | 2,065 | ' | ' | 2,065 | ' | ' | |
Issuance of restricted common stock | [1] | 0 | ' | 0 | ' | ' | ' |
Issuance of restricted common stock, Shares | ' | ' | 34,361 | ' | ' | ' | |
Issuance of common stock | 148,804 | ' | 89 | 148,715 | ' | ' | |
Issuance of common stock, Shares | ' | ' | 8,805,000 | ' | ' | ' | |
Offering costs | -508 | ' | ' | -508 | ' | ' | |
Net income | 36,621 | ' | ' | ' | 36,621 | ' | |
Change in net unrealized gain on securities available-for-sale | -589 | ' | ' | ' | ' | -589 | |
Dividends on common stock | -44,850 | ' | ' | ' | -44,850 | ' | |
Dividends on preferred stock | -5,580 | ' | ' | ' | -5,580 | ' | |
Ending balance at Sep. 30, 2013 | $682,887 | $35 | $369 | $696,337 | ($13,235) | ($619) | |
Ending balance, Shares at Sep. 30, 2013 | ' | 3,450,000 | 36,883,467 | ' | ' | ' | |
[1] | Rounds to zero. |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statement of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows provided by operating activities: | ' | ' |
Net income | $36,621 | $31,214 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Premium amortization and (discount accretion), net | -4,181 | 569 |
Amortization of deferred financing costs | 639 | 1,551 |
Equity-based compensation | 2,095 | 3,244 |
Unrealized (gain) loss on securities | 3,973 | -6,473 |
Unrealized gain on derivative instruments | -155 | -228 |
Realized gain on sale of security | ' | -262 |
Changes in operating assets and liabilities: | ' | ' |
Accrued interest receivable, less purchased interest | -6,441 | 2,608 |
Other assets | 203 | -190 |
Accounts payable and accrued expenses | 509 | 405 |
Payable to related party | 588 | 222 |
Net cash provided by operating activities | 33,851 | 32,660 |
Cash flows used in investing activities: | ' | ' |
Proceeds from sale of securities available-for-sale | ' | 121,338 |
Proceeds from sale of securities at estimated fair value | ' | 16,918 |
Fees received from commercial mortgage loans | 280 | ' |
Funding of securities at estimated fair value | -70,490 | -70,676 |
Funding of commercial mortgage loans | -32,643 | -17,883 |
Funding of subordinate loans | -213,515 | -46,180 |
Principal payments received on securities available-for-sale | 28,485 | 99,191 |
Principal payments received on securities at estimated fair value | 49,164 | 92,009 |
Principal payments received on commercial mortgage loans | 17,898 | 24,541 |
Principal payments received on subordinate loans | 71,173 | 26 |
Principal payments received on repurchase agreements | 6,598 | 36,464 |
Net cash provided by (used in) investing activities | -143,050 | 255,748 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of preferred stock | ' | 86,250 |
Proceeds from issuance of common stock | 148,804 | ' |
Payment of offering costs | -814 | -3,083 |
Repayments of TALF borrowings | ' | -251,327 |
Proceeds from repurchase agreement borrowings | 70,195 | 313,860 |
Repayments of repurchase agreement borrowings | -68,187 | -361,590 |
Increase in restricted cash related to financing activities | -15,794 | ' |
Deferred financing costs | -504 | -1,097 |
Dividends on common stock | -40,717 | -24,995 |
Dividends on preferred stock | -5,579 | ' |
Net cash provided by (used in) financing activities | 87,404 | -241,982 |
Net increase (decrease) in cash and cash equivalents | -21,795 | 46,426 |
Cash and cash equivalents, beginning of period | 108,619 | 21,568 |
Cash and cash equivalents, end of period | 86,824 | 67,994 |
Supplemental disclosure of cash flow information: | ' | ' |
Interest paid | 2,335 | 5,872 |
Supplemental disclosure of non-cash financing activities: | ' | ' |
Dividend declared, not yet paid | 17,023 | 10,114 |
Deferred financing costs, not yet paid | 250 | ' |
Offering costs payable | ' | $338 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Organization | ' |
Organization | |
Apollo Commercial Real Estate Finance, Inc. (together with its consolidated subsidiaries, is referred to throughout this report as the “Company,” “ARI,” “we,” “us” and “our”) is a real estate investment trust (“REIT”) that primarily originates, acquires, invests in and manages performing commercial first mortgage loans, commercial mortgage-backed securities (“CMBS”), subordinate financings and other commercial real estate-related debt investments in the United States. These asset classes are referred to as the Company’s target assets. |
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 Presentation | |
The accompanying consolidated financial statements include the Company’s accounts and those of its consolidated subsidiaries. All significant intercompany amounts have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s most significant estimates include the fair value of financial instruments and loan loss reserve. Actual results could differ from those estimates. | |
These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the Securities and Exchange Commission (the “SEC”). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been included. | |
The Company currently operates in one business segment. | |
Recent Accounting Pronouncements | |
In January 2013, the Financial Accounting Standards Board (the “FASB”) issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (Topic 210), Balance Sheet. The update addresses implementation issues about ASU 2011-11 and applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with ASC 210-20-45 or ASC 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. The guidance is effective January 1, 2013 and is to be applied retrospectively. This guidance does not amend when the Company currently offsets its derivative positions. As a result, the update did not have a material impact on the Company’s consolidated financial statements. | |
In February 2013, the FASB issued an update which includes amendments that require an entity to report the effect of significant reclassifications out of accumulated other comprehensive income ("OCI") on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other required disclosures that provide additional detail about those amounts. The new requirement presents information on amounts reclassified out of accumulated OCI and their corresponding effect on net income in one place or in some cases, provides for cross-references to related footnote disclosures. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. During the three and nine months ended September 30, 2013, the Company had no amounts reclassified into or out of OCI. | |
In June 2013, the FASB issued guidance to change the assessment of whether an entity is an investment company by developing a new two-tiered approach that requires an entity to possess certain fundamental characteristics while allowing judgment in assessing certain typical characteristics. The fundamental characteristics that an investment company is required to have include the following: (1) it obtains funds from one or more investors and provides the investor(s) with investment management services; (2) it commits to its investor(s) that its business purpose and only substantive activities are investing the funds solely for returns from capital appreciation, investment income or both; and (3) it does not obtain returns or benefits from an investee or its affiliates that are not normally attributable to ownership interests. The typical characteristics of an investment company that an entity should consider before concluding whether it is an investment company include the following: (1) it has more than one investment; (2) it has more than one investor; (3) it has investors that are not related parties of the parent or the investment manager; (4) it has ownership interests in the form of equity or partnership interests; and (5) it manages substantially all of its investments on a fair value basis. The new approach requires an entity to assess all of the characteristics of an investment company and consider its purpose and design to determine whether it is an investment company. The guidance includes disclosure requirements about an entity's status as an investment company and financial support provided or contractually required to be provided by an investment company to its investees. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2013. Earlier application is prohibited. The ASU prohibits REITs from qualifying for investment company accounting under ASC 946, as such, we have determined that we will not meet the definition of an investment company under this ASU when adopted. |
Fair_Value_Disclosure
Fair Value Disclosure | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Disclosure | ' | |||||||||||||||
Fair Value Disclosure | ||||||||||||||||
GAAP establishes a hierarchy of valuation techniques based on observable inputs utilized in measuring financial instruments at fair values. Market based or observable inputs are the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: | ||||||||||||||||
Level I — Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level II — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. | ||||||||||||||||
Level III — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. | ||||||||||||||||
While the Company anticipates that its valuation methods will be appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The Company will use inputs that are current as of the measurement date, which may include periods of market dislocation, during which price transparency may be reduced. | ||||||||||||||||
The estimated fair value of the CMBS portfolio is determined by reference to market prices provided by certain dealers who make a market in these financial instruments. Broker quotes are only indicative of fair value and may not necessarily represent what the Company would receive in an actual trade for the applicable instrument. Management performs additional analysis on prices received based on broker quotes to validate the prices and adjustments are made as deemed necessary by management to capture current market information. The estimated fair values of the Company’s securities are based on observable market parameters and are classified as Level II in the fair value hierarchy. | ||||||||||||||||
The estimated fair values of the Company’s derivative instruments are determined using a discounted cash flow analysis on the expected cash flows of each derivative. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The fair values of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected cash flows are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company’s derivative instruments are classified as Level II in the fair value hierarchy. | ||||||||||||||||
The following table summarizes the levels in the fair value hierarchy into which the Company’s financial instruments were categorized as of September 30, 2013: | ||||||||||||||||
Fair Value as of September 30, 2013 | ||||||||||||||||
Level I | Level II | Level III | Total | |||||||||||||
CMBS (Available-for-Sale) | $ | — | $ | 37,559 | $ | — | $ | 37,559 | ||||||||
CMBS (Fair Value Option) | — | 179,978 | — | 179,978 | ||||||||||||
CMBS – Hilton (Fair Value Option) * | — | 70,682 | — | 70,682 | ||||||||||||
Total | $ | — | $ | 288,219 | $ | — | $ | 288,219 | ||||||||
*The obligors are certain special purpose entities formed in 2010 to hold substantially all of the assets of Hilton Worldwide, Inc. (the “Hilton CMBS”). | ||||||||||||||||
The following table summarizes the levels in the fair value hierarchy into which the Company’s financial instruments were categorized as of December 31, 2012: | ||||||||||||||||
Fair Value as of December 31, 2012 | ||||||||||||||||
Level I | Level II | Level III | Total | |||||||||||||
CMBS (Available-for-Sale) | $ | — | $ | 67,079 | $ | — | $ | 67,079 | ||||||||
CMBS (Fair Value Option) | — | 138,248 | — | 138,248 | ||||||||||||
CMBS – Hilton (Fair Value Option) | — | 73,561 | — | 73,561 | ||||||||||||
Interest rate swaps | — | (156 | ) | — | (156 | ) | ||||||||||
Interest rate caps | — | 1 | — | 1 | ||||||||||||
Total | $ | — | $ | 278,733 | $ | — | $ | 278,733 | ||||||||
Debt_Securities
Debt Securities | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||
Debt Securities | ' | |||||||||||||||||||
Debt Securities | ||||||||||||||||||||
At September 30, 2013, all of the Company's CMBS were pledged to secure borrowings under the Company’s master repurchase agreements with Wells Fargo Bank, N.A. (“Wells Fargo”) (the “Wells Facility”) and UBS AG, London Branch ("UBS") (the "UBS Facility"). (See Note 8 for a description of these facilities). | ||||||||||||||||||||
During 2013, the Company purchased CMBS with an aggregate face amount of $92,279 and an aggregate purchase price of $91,391. The CMBS were financed under the UBS Facility and the Company elected the Fair Value Option for these securities. | ||||||||||||||||||||
The amortized cost and estimated fair value of the Company’s debt securities at September 30, 2013 are summarized as follows: | ||||||||||||||||||||
Security Description | Face | Amortized | Gross | Gross | Estimated | |||||||||||||||
Amount | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||
Gain | Loss | Value | ||||||||||||||||||
CMBS (Available-for-Sale) | $ | 36,925 | $ | 38,178 | $ | — | $ | (619 | ) | $ | 37,559 | |||||||||
CMBS (Fair Value Option) | 180,365 | 179,841 | 372 | (235 | ) | 179,978 | ||||||||||||||
CMBS – Hilton (Fair Value Option) | 70,682 | 69,587 | 1,095 | — | 70,682 | |||||||||||||||
Total | $ | 287,972 | $ | 287,606 | $ | 1,467 | $ | (854 | ) | $ | 288,219 | |||||||||
The gross unrealized loss related to the available-for-sale securities results from the fair value of the securities falling below the amortized cost basis. The unrealized losses are primarily the result of market factors other than credit impairment and the Company believes the carrying value of the securities are fully recoverable over their expected holding period. Management does not intend to sell or expect to be forced to sell the securities prior to the Company recovering the amortized cost. As such, management does not believe any of the securities are other than temporarily impaired. | ||||||||||||||||||||
The amortized cost and estimated fair value of the Company’s debt securities at December 31, 2012 are summarized as follows: | ||||||||||||||||||||
Security Description | Face | Amortized | Gross | Gross | Estimated | |||||||||||||||
Amount | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||
Gain | Loss | Value | ||||||||||||||||||
CMBS (Available-for-Sale) | $ | 65,410 | $ | 67,109 | $ | 249 | $ | (279 | ) | $ | 67,079 | |||||||||
CMBS (Fair Value Option) | 134,694 | 136,354 | 2,061 | (167 | ) | 138,248 | ||||||||||||||
CMBS – Hilton (Fair Value Option) | 73,239 | 70,250 | 3,311 | — | 73,561 | |||||||||||||||
Total | $ | 273,343 | $ | 273,713 | $ | 5,621 | $ | (446 | ) | $ | 278,888 | |||||||||
The Hilton CMBS has a current interest rate of one-month London InterBank Offered Rate (“LIBOR”)+2.30%, which increases to LIBOR+3.30% on November 12, 2013 and LIBOR+3.80% on November 12, 2014. The Hilton CMBS receives principal repayments according to a schedule that is approximately equivalent to a 16-year amortization schedule and has a yield of 5.6%. | ||||||||||||||||||||
The overall statistics for the Company’s CMBS investments (excluding the Hilton CMBS) calculated on a weighted average basis assuming no early prepayments or defaults as of September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||
Credit Ratings * | AAA-CCC | AAA | ||||||||||||||||||
Coupon | 5.8 | % | 5.6 | % | ||||||||||||||||
Yield | 5.3 | % | 4.1 | % | ||||||||||||||||
Weighted Average Life | 2.2 years | 1.8 years | ||||||||||||||||||
* | Ratings per Fitch Ratings, Moody’s Investors Service or Standard & Poor's. | |||||||||||||||||||
The percentage vintage, property type and location of the collateral securing the Company’s CMBS investments (excluding the Hilton CMBS) calculated on a weighted average basis as of September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||||||
Vintage | September 30, 2013 | December 31, 2012 | ||||||||||||||||||
2006 | — | % | 1 | % | ||||||||||||||||
2007 | 100 | 99 | ||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||
Property Type | September 30, 2013 | December 31, 2012 | ||||||||||||||||||
Office | 40 | % | 40.5 | % | ||||||||||||||||
Retail | 22.1 | 23.2 | ||||||||||||||||||
Hotel | 13 | 10.5 | ||||||||||||||||||
Multifamily | 12.3 | 12.9 | ||||||||||||||||||
Other * | 12.6 | 12.9 | ||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||
* No other individual category comprises more than 10% of the total. | ||||||||||||||||||||
Location | September 30, 2013 | December 31, 2012 | ||||||||||||||||||
Middle Atlantic | 22.9 | % | 21.4 | % | ||||||||||||||||
Pacific | 21.7 | 23.8 | ||||||||||||||||||
South Atlantic | 21.1 | 21.8 | ||||||||||||||||||
Other * | 34.3 | 33 | ||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||
* No other individual category comprises more than 10% of the total. |
Commercial_Mortgage_Loans
Commercial Mortgage Loans | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||
Commercial Mortgage Loans | ' | ||||||||||||||||||||
Commercial Mortgage Loans | |||||||||||||||||||||
The Company’s commercial mortgage loan portfolio was comprised of the following at September 30, 2013: | |||||||||||||||||||||
Description | Date of | Maturity | Original | Current | Carrying | Coupon | Property Size | ||||||||||||||
Investment | Date | Face | Face | Value | |||||||||||||||||
Amount | Amount | ||||||||||||||||||||
Hotel - NY, NY | 10-Jan | 15-Feb | $ | 32,000 | $ | 31,385 | $ | 31,385 | Fixed | 151 rooms | |||||||||||
Office Condo (Headquarters) - NY, NY | 10-Feb | 15-Feb | 28,000 | 27,235 | 27,235 | Fixed | 73,419 sq. ft. | ||||||||||||||
Hotel - Silver Spring, MD | 10-Mar | 15-Apr | 26,000 | 25,033 | 24,840 | Fixed | 263 rooms | ||||||||||||||
Condo Conversion – NY, NY (1) | 12-Dec | 15-Jan | 45,000 | 45,000 | 44,732 | Floating | 119,000 sq. ft. | ||||||||||||||
Condo Conversion – NY, NY (2) | 13-Aug | 15-Sep | 33,000 | 33,000 | 32,701 | Floating | 40,000 sq. ft. | ||||||||||||||
Total/Weighted Average | $ | 164,000 | $ | 161,653 | $ | 160,893 | 8.83 | % | |||||||||||||
-1 | This loan includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. | ||||||||||||||||||||
-2 | This loan includes a one-year extension option subject to certain conditions and the payment of a fee. | ||||||||||||||||||||
During March 2013, the Company consented to the transfer of the controlling ownership of the borrower under the Silver Spring, Maryland loan. In conjunction with its consent, the Company received a $280 fee, which will be recognized over the remaining life of the loan. | |||||||||||||||||||||
During September 2013, two senior sub-participation interests in a first mortgage loan which was secured by over 20 acres of land in South Boston, Massachusetts were repaid at par. The senior sub-participation interests were purchased at 78% of par (including a 3% brokerage fee). Upon the repayment, the Company realized an internal rate of return ("IRR") of 25% on its investment. For a description of how the IRR is calculated, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Financial Conditions and Results of Operations—Investments”. | |||||||||||||||||||||
The Company’s commercial mortgage loan portfolio was comprised of the following at December 31, 2012: | |||||||||||||||||||||
Description | Date of | Maturity | Original | Current | Carrying | Coupon | Property Size | ||||||||||||||
Investment | Date | Face | Face | Value | |||||||||||||||||
Amount | Amount | ||||||||||||||||||||
Hotel - NY, NY | 10-Jan | 15-Feb | $ | 32,000 | $ | 31,571 | $ | 31,571 | Fixed | 151 rooms | |||||||||||
Office Condo (Headquarters) - NY, NY | 10-Feb | 15-Feb | 28,000 | 27,419 | 27,419 | Fixed | 73,419 sq. ft. | ||||||||||||||
Hotel - Silver Spring, MD | 10-Mar | 15-Apr | 26,000 | 25,273 | 25,273 | Fixed | 263 rooms | ||||||||||||||
Mixed Use – South Boston, MA (1) | 12-Apr | 13-Dec | 23,844 | 17,287 | 14,105 | Floating | 20 acres | ||||||||||||||
Condo Conversion – NY, NY (2) | 12-Dec | 15-Jan | 45,000 | 45,000 | 44,553 | Fixed | 119,000 sq. ft. | ||||||||||||||
Total/Weighted Average | $ | 154,844 | $ | 146,550 | $ | 142,921 | 7.82 | % | |||||||||||||
-1 | This loan is a senior sub-participation interest in a $120,000 first mortgage. In December 2012, the borrower exercised a one-year extension option which was subject to repayment of $33,000 of the entire first mortgage loan (of which the Company received its pro rata portion) and the payment of a fee on the outstanding balance of the entire first mortgage loan. | ||||||||||||||||||||
-2 | This loan includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. | ||||||||||||||||||||
The Company evaluates its loans for possible impairment on a quarterly basis. The Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations are sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector and geographic sub-market in which the borrower operates. Such loan loss analyses are completed and reviewed by asset management and finance personnel who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections and (iii) current credit spreads and discussions with market participants. An allowance for loan loss is established when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. The Company has determined that an allowance for loan losses was not necessary at September 30, 2013 and December 31, 2012. |
Subordinate_Loans
Subordinate Loans | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Mortgage Loans on Real Estate [Abstract] | ' | ||||||||||||||||||
Subordinate Loans | ' | ||||||||||||||||||
Subordinate Loans | |||||||||||||||||||
The Company’s subordinate loan portfolio was comprised of the following at September 30, 2013: | |||||||||||||||||||
Description | Date of | Maturity | Original | Current | Carrying | Coupon | |||||||||||||
Investment | Date | Face | Face | Value | |||||||||||||||
Amount | Amount | ||||||||||||||||||
Office - Michigan | 10-May | 20-Jun | $ | 9,000 | $ | 8,879 | $ | 8,879 | Fixed | ||||||||||
Ski Resort - California | 11-Apr | 17-May | 40,000 | 40,000 | 39,812 | Fixed | |||||||||||||
Hotel Portfolio – New York (1) | 11-Aug | 14-Jul | 25,000 | 25,000 | 25,000 | Floating | |||||||||||||
Retail Center – Virginia (2) | 11-Oct | 14-Oct | 25,000 | 22,216 | 22,216 | Fixed | |||||||||||||
Hotel– New York (3) | 12-Jan | 14-Feb | 15,000 | 15,000 | 15,156 | Fixed | |||||||||||||
Mixed Use – North Carolina | 12-Jul | 22-Jul | 6,525 | 6,525 | 6,525 | Fixed | |||||||||||||
Office Complex - Missouri | 12-Sep | 22-Oct | 10,000 | 9,883 | 9,883 | Fixed | |||||||||||||
Hotel Portfolio – Various (3) | 12-Nov | 15-Nov | 50,000 | 48,697 | 48,616 | Floating | |||||||||||||
Condo Conversion – NY, NY (4) | 12-Dec | 15-Jan | 350 | 350 | — | Floating | |||||||||||||
Condo Construction – NY, NY (3) | 13-Jan | 17-Jul | 60,000 | 64,612 | 64,094 | Fixed | |||||||||||||
Multifamily Conversion – NY, NY (3) | 13-Jan | 14-Dec | 18,000 | 18,000 | 17,889 | Floating | |||||||||||||
Hotel Portfolio – Rochester, MN | 13-Jan | 18-Feb | 25,000 | 24,840 | 24,840 | Fixed | |||||||||||||
Warehouse Portfolio - Various | 13-May | 23-May | 32,000 | 32,000 | 32,000 | Fixed | |||||||||||||
Multifamily Conversion – NY, NY (5) | 13-May | 14-Jun | 44,000 | 44,000 | 43,781 | Floating | |||||||||||||
Office Condo - NY, NY | 13-Jul | 22-Jul | 14,000 | 14,000 | 13,557 | Fixed | |||||||||||||
Condo Conversion – NY, NY (6) | 13-Aug | 15-Sep | 294 | 294 | — | Floating | |||||||||||||
Mixed Use - Pittsburgh, PA (7) | 13-Aug | 16-Aug | 22,500 | 22,500 | 22,306 | Floating | |||||||||||||
Total/Weighted Average | $ | 396,669 | $ | 396,796 | $ | 394,554 | 12.04 | % | |||||||||||
-1 | Includes two one-year extension options subject to certain conditions and the payment of a fee for the fourth and fifth year extensions. | ||||||||||||||||||
-2 | Includes two one-year extension options subject to certain conditions. | ||||||||||||||||||
-3 | Includes a one-year extension option subject to certain conditions and the payment of an extension fee. | ||||||||||||||||||
-4 | Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. As of September 30, 2013, the Company had $34,650 of unfunded loan commitments related to this loan. | ||||||||||||||||||
-5 | Includes a three-month extension option subject to certain conditions and the payment of an extension fee. | ||||||||||||||||||
-6 | Includes a one-year extension option subject to certain conditions and the payment of an extension fee. As of September 30, 2013, the Company had $29,106 of unfunded loan commitments related to this loan. | ||||||||||||||||||
-7 | Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. | ||||||||||||||||||
In February 2013, the Company received principal repayment on two mezzanine loans totaling $50,000 secured by a portfolio of retail shopping centers located throughout the United States. In connection with the repayment, the Company received a yield maintenance payment totaling $2,500. With the yield maintenance payment, the Company realized a 15% IRR on its mezzanine loan investment. For a description of how the IRR is calculated, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Financial Condition and Results of Operations – Investments”. | |||||||||||||||||||
In June 2013, the Company received the repayment of a $15,000 mezzanine loan secured by a hotel in New York City. In connection with the repayment, the Company received a yield maintenance payment totaling $1,233. With the yield maintenance payment, the Company realized a 19% IRR on its mezzanine loan investment. For a description of how the IRR is calculated, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Financial Condition and Results of Operations – Investments”. | |||||||||||||||||||
The Company’s subordinate loan portfolio was comprised of the following at December 31, 2012: | |||||||||||||||||||
Description | Date of | Maturity | Original | Current | Carrying | Coupon | |||||||||||||
Investment | Date | Face | Face | Value | |||||||||||||||
Amount | Amount | ||||||||||||||||||
Senior Mezz - Retail - Various | 9-Dec | 19-Dec | $ | 30,000 | $ | 30,000 | $ | 30,000 | Fixed | ||||||||||
Junior Mezz - Retail - Various | 9-Dec | 19-Dec | 20,000 | 20,000 | 20,000 | Fixed | |||||||||||||
Office - Michigan | 10-May | 20-Jun | 9,000 | 8,912 | 8,912 | Fixed | |||||||||||||
Ski Resort - California | 11-Apr | 17-May | 40,000 | 40,000 | 39,831 | Fixed | |||||||||||||
Hotel Portfolio – New York (1) | 11-Aug | 13-Jul | 25,000 | 25,000 | 25,000 | Floating | |||||||||||||
Retail Center – Virginia (2) | 11-Oct | 14-Oct | 25,000 | 26,243 | 26,243 | Fixed | |||||||||||||
Hotel– New York (3) | 12-Jan | 14-Feb | 15,000 | 15,000 | 15,013 | Fixed | |||||||||||||
Hotel– New York (4) | 12-Mar | 14-Mar | 15,000 | 15,000 | 15,000 | Floating | |||||||||||||
Mixed Use – North Carolina | 12-Jul | 22-Jul | 6,525 | 6,525 | 6,525 | Fixed | |||||||||||||
Office Complex - Missouri | 12-Sep | 22-Oct | 10,000 | 9,979 | 9,979 | Fixed | |||||||||||||
Hotel Portfolio - Various (5) | 12-Nov | 15-Nov | 50,000 | 49,950 | 49,743 | Floating | |||||||||||||
Condo Conversion – NY, NY (6) | 12-Dec | 15-Jan | 350 | 350 | — | Floating | |||||||||||||
Total/Weighted Average | $ | 245,875 | $ | 246,959 | $ | 246,246 | 12.46 | % | |||||||||||
-1 | Includes three one-year extension options subject to certain conditions and the payment of a fee for the fourth and fifth year extensions. | ||||||||||||||||||
-2 | Includes two one-year extension options subject to certain conditions. | ||||||||||||||||||
-3 | Includes a one-year extension option subject to certain conditions and the payment of an extension fee. | ||||||||||||||||||
-4 | Includes two one-year extension options subject to certain conditions and the payment of a fee for the second extension. | ||||||||||||||||||
-5 | Includes a one-year extension option subject to certain conditions and the payment of an extension fee. | ||||||||||||||||||
-6 | Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. As of December 31, 2012, the Company had $34,650 of unfunded loan commitments related to this loan. | ||||||||||||||||||
The Company evaluates its loans for possible impairment on a quarterly basis. See “Note 5 – Commercial Mortgage Loans” for a summary of the metrics reviewed. The Company has determined that an allowance for loan loss was not necessary at September 30, 2013 and December 31, 2012. |
Repurchase_Agreement
Repurchase Agreement | 9 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | ' |
Repurchase Agreement | ' |
Repurchase Agreement | |
During 2011, the Company funded a $47,439 investment structured in the form of a repurchase facility secured by a Class A-2 collateralized debt obligation (“CDO”) bond. The $47,439 of borrowings provided under the facility financed the purchase of a CDO bond with an aggregate face amount of $68,726, representing an advance rate of 69% on the CDO bond’s face amount. The CDO was comprised of 58 senior and subordinate commercial real estate debt positions and commercial real estate securities with the majority of the debt and securities underlying the CDO being first mortgages. | |
The repurchase facility had an interest rate of 13.0% (10.0% current pay with a 3.0% accrual) on amounts outstanding and had an initial term of 18 months with three six-month extensions options available to the borrower. Any principal repayments that occurred prior to the 21st month were subject to a make-whole provision at the full 13.0% interest rate. | |
In January 2013, the repurchase agreement was repaid in full. Upon the repayment, the Company realized a 17% IRR on its investment. For a description of how the IRR is calculated, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Financial Conditions and Results of Operations—Investments”. |
Borrowings
Borrowings | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||
Borrowings | ' | |||||||||||||||||||
Borrowings | ||||||||||||||||||||
At September 30, 2013 and December 31, 2012, the Company had borrowings outstanding under the Company’s master repurchase agreement with JPMorgan Chase Bank, N.A. (“JPMorgan”) (the “JPMorgan Facility”), the Wells Facility and the UBS Facility. | ||||||||||||||||||||
At September 30, 2013 and December 31, 2012, the Company’s borrowings had the following debt balances, weighted average maturities and interest rates: | ||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||
Debt | Weighted | Weighted | Debt | Weighted | Weighted | |||||||||||||||
Balance | Average | Average | Balance | Average | Average | |||||||||||||||
Remaining | Rate | Remaining | Rate | |||||||||||||||||
Maturity | Maturity | |||||||||||||||||||
Wells Facility borrowings | $ | 156,969 | 0.9 years | 1.4 | % | $ | 225,155 | 1.1 years | * | 1.8 | % | ** | ||||||||
UBS Facility borrowings | 70,195 | 5.0 years | * | 2.9 | % | n/a | n/a | n/a | Fixed | |||||||||||
JPMorgan Facility borrowings | 3 | 1.3 years | * | 2.7 | % | 3 | 0.0 years | 2.7 | % | L+250 | ||||||||||
Total borrowings | $ | 227,167 | 2.2 years | 1.9 | % | $ | 225,158 | 1.1 years | 1.8 | % | ||||||||||
* | Assumes extension options are exercised. | |||||||||||||||||||
** | At December 31, 2012, borrowings outstanding under the Wells Facility bore interest at LIBOR plus 125 basis points, 150 basis points or 235 basis points depending on the collateral pledged. At September 30, 2013, borrowings outstanding under the Wells Facility bore interest at LIBOR plus 105 basis points or 175 basis points depending on the collateral pledged. | |||||||||||||||||||
At September 30, 2013, the Company’s borrowings had the following remaining maturities: | ||||||||||||||||||||
Less than | 1 to 3 | 3 to 5 | More than | Total | ||||||||||||||||
1 year | years | years | 5 years | |||||||||||||||||
Wells Facility borrowings | $ | 156,969 | $ | — | $ | — | $ | — | $ | 156,969 | ||||||||||
UBS Facility borrowings * | — | — | 70,195 | — | 70,195 | |||||||||||||||
JPMorgan Facility borrowings * | — | 3 | — | — | 3 | |||||||||||||||
Total | $ | 156,969 | $ | 3 | $ | 70,195 | $ | — | $ | 227,167 | ||||||||||
* | Assumes extension options are exercised. | |||||||||||||||||||
At September 30, 2013, the Company’s collateralized financings were comprised of borrowings outstanding under the JPMorgan Facility, the UBS Facility and the Wells Facility. The table below summarizes the outstanding balances at September 30, 2013, as well as the maximum and average balances for the nine months ended September 30, 2013. | ||||||||||||||||||||
For the nine months ended September 30, 2013 | ||||||||||||||||||||
Balance at September 30, 2013 | Maximum Month-End | Average Month-End | ||||||||||||||||||
Balance | Balance | |||||||||||||||||||
Wells Facility borrowings | $ | 156,969 | $ | 225,156 | $ | 197,146 | ||||||||||||||
UBS Facility borrowings | 70,195 | 70,195 | 7,020 | |||||||||||||||||
JPMorgan Facility borrowings | 3 | 3 | 3 | |||||||||||||||||
Total | $ | 227,167 | ||||||||||||||||||
During September 2013, the Company through an indirect wholly-owned subsidiary entered into the UBS Facility with UBS pursuant to which the Company may borrow up to $133,333 in order to finance the acquisition of CMBS. The UBS Facility has a term of four years, with a one-year extension available at our option, subject to certain restrictions. Advances under the UBS Facility accrue interest at a per annum pricing rate equal to a spread of 1.55% per annum over the rate implied by the fixed rate bid under a fixed for floating interest rate swap for the receipt of payments indexed to six-month US Dollar LIBOR. The Company borrows 100% of the estimated fair value of the collateral pledged and posts margin equal to 22.5% of that borrowing amount in cash. The margin posted is classified as restricted cash on the Company's condensed consolidated balance sheets. Additionally, beginning on the 121st day following the closing date and depending on the utilization rate of the facility, a portion of the undrawn amount may be subject to non-use fees. The UBS Facility contains customary terms and conditions for repurchase facilities of this type and financial covenants to be met by the Company, including a minimum net asset value covenant (which shall not be less than an amount equal to $500,000 and a maximum total debt to consolidated tangible net worth covenant (3:1)). The Company has agreed to provide a full guarantee of the obligations of its indirect wholly-owned subsidiary under the UBS Facility. | ||||||||||||||||||||
In February 2013, the Company, through two of the Company’s subsidiaries, entered into a Second Amended and Restated Master Repurchase Agreement with JPMorgan (the “Amended JPMorgan Master Repurchase Agreement”). The Amended JPMorgan Master Repurchase Agreement extended the maturity date of the JPMorgan Facility to January 31, 2014, with an option to further extend the maturity date for 364 days, subject to the Company’s satisfaction of certain customary conditions. The interest rate on the JPMorgan Facility is LIBOR+2.5%. The Company paid JPMorgan an upfront structuring fee of 0.50% of the facility amount for the first year of the term and, if the 364-day extension option is exercised, it will be required to pay an extension fee of 0.25% of the facility amount. The Company has agreed to provide a full guarantee of the obligations of its borrower subsidiaries under the Amended JPMorgan Master Repurchase Agreement. | ||||||||||||||||||||
In February 2013, the Company amended the Wells Facility to reduce the interest rate as follows: (i) with respect to the outstanding borrowings used to provide financing for the AAA-rated CMBS, the interest rate was reduced to LIBOR+1.05% from LIBOR+1.25%-1.50% (depending on the collateral pledged); and (ii) with respect to the outstanding borrowings used to provide financing for the Hilton CMBS, the interest rate was reduced to LIBOR+1.75% from LIBOR+2.35%. In addition, the maturity date of the Wells Facility with respect to the outstanding borrowings used to provide financing for the AAA-rated CMBS was extended to March 2014 and the Maximum Amount (as defined in the Wells Facility) was reduced to the outstanding balance of $212,343. The portion available to finance the Hilton CMBS matures in November 2014 and may be extended for an additional year upon the payment of an extension fee equal to 0.50% on the then aggregate outstanding repurchase price for all such assets. | ||||||||||||||||||||
The Company was in compliance with the financial covenants under its repurchase agreements at September 30, 2013 and December 31, 2012. |
Derivative_instruments
Derivative instruments | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Derivative instruments | ' | |||||||||||||||||
Derivative Instruments | ||||||||||||||||||
From time to time, the Company uses interest rate swaps and caps to manage exposure to variable cash flows on portions of its borrowings under repurchase agreements. Some of the Company’s repurchase agreements bear interest at a LIBOR-based variable rate and increases in LIBOR could negatively impact earnings. Interest rate swap and cap agreements allow the Company to receive a variable rate cash flow based on LIBOR and pay a fixed rate cash flow, mitigating the impact of this exposure. | ||||||||||||||||||
The Company entered into interest rate swaps and forward-starting caps in an effort to economically hedge a portion of its floating-rate interest payments due under the Wells Facility as well as potential extensions of the collateral securing the Wells Facility borrowings. All of the Company's derivative instruments matured during the third quarter of 2013. The Company’s derivative instruments consist of the following at December 31, 2012: | ||||||||||||||||||
December 31, 2012 | ||||||||||||||||||
Balance Sheet Location | Notional | Estimated | ||||||||||||||||
Value | Fair Value | |||||||||||||||||
Interest rate swaps | Derivative instruments | $ | 80,881 | $ | (156 | ) | ||||||||||||
Interest rate caps | Derivative instruments | 203,248 | * | 1 | ||||||||||||||
Total derivative instruments | $ | (155 | ) | |||||||||||||||
* | Represents the notional values at December 31, 2012, but does not include forward-starting notionals. | |||||||||||||||||
The Company has an agreement with its derivative counterparty that contains a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. | ||||||||||||||||||
The following table summarizes the amounts recognized on the consolidated statements of operations related to the Company’s derivatives for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
Location of Loss Recognized in Income | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest rate swaps | Loss on derivative instruments – realized * | $ | (24 | ) | $ | (127 | ) | $ | (156 | ) | $ | (796 | ) | |||||
Interest rate swaps | Gain on derivative instruments – unrealized | 25 | 50 | 155 | 414 | |||||||||||||
Interest rate caps | Loss on derivative instruments - unrealized | — | (10 | ) | — | (187 | ) | |||||||||||
Total | $ | 1 | $ | (87 | ) | $ | (1 | ) | $ | (569 | ) | |||||||
* | Realized losses represent net amounts accrued for the Company’s derivative instruments during the period. | |||||||||||||||||
The following table summarizes the gross asset and liability amounts related to the Company’s derivatives at December 31, 2012. | ||||||||||||||||||
December 31, 2012 | ||||||||||||||||||
Gross | Gross | Net Amounts | ||||||||||||||||
Amount of | Amounts | of Liabilities | ||||||||||||||||
Assets | Offset in the | Presented in | ||||||||||||||||
Recognized | Statement | the Statement | ||||||||||||||||
as | of Financial | of Financial | ||||||||||||||||
Liabilities | Position | Position | ||||||||||||||||
Interest rate swaps | $ | — | $ | (156 | ) | $ | (156 | ) | ||||||||||
Interest rate caps | 1 | — | 1 | |||||||||||||||
Total derivative instruments | $ | 1 | $ | (156 | ) | $ | (155 | ) | ||||||||||
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
Management Agreement | |
In connection with the Company’s initial public offering in September 2009, the Company entered into a management agreement (the “Management Agreement”) with ACREFI Management, LLC (the “Manager”), which describes the services to be provided by the Manager and its compensation for those services. The Manager is responsible for managing the Company’s day-to-day operations, subject to the direction and oversight of the Company’s board of directors. | |
Pursuant to the terms of the Management Agreement, the Manager is paid a base management fee equal to 1.5% per annum of the Company’s stockholders’ equity (as defined in the Management Agreement), calculated and payable (in cash) quarterly in arrears. | |
The current term of the Management Agreement expires on September 29, 2014 and shall be automatically renewed for successive one-year terms on each anniversary thereafter. The Management Agreement may be terminated upon expiration of the one-year extension term only upon the affirmative vote of at least two-thirds of the Company’s independent directors, based upon (1) unsatisfactory performance by the Manager that is materially detrimental to the Company or (2) a determination that the management fee payable to the Manager is not fair, subject to the Manager’s right to prevent such a termination based on unfair fees by accepting a mutually acceptable reduction of management fees agreed to by at least two-thirds of the Company’s independent directors. The Manager must be provided with written notice of any such termination at least 180 days prior to the expiration of the then existing term and will be paid a termination fee equal to three times the sum of the average annual base management fee during the 24-month period immediately preceding the date of termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination. Following a meeting by the Company’s independent directors on March 12, 2013 with respect to the Management Agreement, which included a discussion of the Manager’s performance and the level of the management fees thereunder, the Company determined not to seek termination of the Management Agreement. | |
For the three and nine months ended September 30, 2013, respectively, the Company incurred approximately $2,625 and $7,384 in base management fees. For the three and nine months ended September 30, 2012, respectively, the Company incurred approximately $1,518 and $4,099 in base management fees. In addition to the base management fee, the Company is also responsible for reimbursing the Manager for certain expenses paid by the Manager on behalf of the Company or for certain services provided by the Manager to the Company. For the three and nine months ended September 30, 2013, respectively, the Company recorded expenses totaling $208 and $542 related to reimbursements for certain expenses paid by the Manager on behalf of the Company. For the three and nine months ended September 30, 2012, respectively, the Company recorded expenses totaling $203 and $721 related to reimbursements for certain expenses paid by the Manager on behalf of the Company. Expenses incurred by the Manager and reimbursed by the Company are reflected in the respective consolidated statement of operations expense category or the consolidated balance sheet based on the nature of the item. | |
Included in payable to related party on the consolidated balance sheet at September 30, 2013 is approximately $2,625 for base management fees incurred but not yet paid and $31 related to a payment due to the Manager in connection with a restricted stock unit ("RSU") delivery during 2013. Included in payable to related party on the consolidated balance sheet at December 31, 2012 is approximately $2,037 for base management fees incurred but not yet paid. | |
KBC Bank Deutschland AG | |
In September 2013, the Company announced that it has entered into an agreement to invest up to approximately €38,000 ($50,000) in a limited partnership (the "KBCD Partnership"), a wholly-owned subsidiary of which has agreed to acquire, alongside certain third party purchasers, in aggregate all of the shares of KBC Bank Deutschland AG (“KBCD”), the German subsidiary of Belgian KBC Group NV. The general partner and the other limited partners in the KBCD Partnership are indirect subsidiaries of or are indirectly managed by Apollo Global Management, LLC (“Apollo”), the indirect parent company of the Company's external manager, ACREFI Management, LLC. The acquisition is subject to antitrust and regulatory approval, which is expected to take approximately nine months. Consequently, there is no assurance that the acquisition will close. | |
As of December 31, 2012, KBCD had total assets of approximately €2,607,000. KBCD specializes in corporate banking and financial services for medium-sized German companies. KBCD also is active in real estate financing, acquisition finance, institutional cash, interest and currency management and private wealth management for German high net worth individuals. KBCD’s existing real estate loan portfolio is focused on development and investment financing, primarily in Germany, across a number of property sectors. | |
The Company's limited partnership interest in the KBCD Partnership is expected to represent approximately 21% of the indirect ownership of KBCD. Upon closing of the KBCD acquisition it is expected that the KBCD Partnership will incur a structuring fee payable to an indirect subsidiary of Apollo equal to approximately 1.62% of the equity commitments to the KBCD Partnership. In addition, a subsidiary of the KBCD Partnership will be entitled to acquire additional shares in KBCD representing up to 10% of KBCD in connection with certain exit events, based on the achievement of certain rates of return on the investments by the KBCD Partnership and the other direct and indirect acquirers of KBCD; the Company’s indirect interest in KBCD will be diluted in connection with any such acquisition. |
ShareBased_Payments
Share-Based Payments | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Share-Based Payments | ' | |||||||||||||||
Share-Based Payments | ||||||||||||||||
On September 23, 2009, the Company’s board of directors approved the Apollo Commercial Real Estate Finance, Inc., 2009 Equity Incentive Plan (the “LTIP”). The LTIP provides for grants of restricted common stock, RSUs and other equity-based awards up to an aggregate of 7.5% of the issued and outstanding shares of the Company’s common stock (on a fully diluted basis). The LTIP is administered by the compensation committee of the Company’s board of directors (the “Compensation Committee”) and all grants under the LTIP must be approved by the Compensation Committee. | ||||||||||||||||
The Company recognized stock-based compensation expense of $784 and $2,095 for the three and nine months ended September 30, 2013, respectively, related to restricted stock and RSU vesting. The Company recognized stock-based compensation expense of $1,276 and $3,244 for the three and nine months ended September 30, 2012, respectively, related to restricted stock and RSU vesting. The following table summarizes the grants of restricted common stock and RSUs during the nine months ended September 30, 2013: | ||||||||||||||||
Type | Date | Restricted Stock | RSUs | Estimate Fair Value | Initial Vesting | Final Vesting | ||||||||||
on Grant Date | ||||||||||||||||
Grant | February 2013 | 20,000 | — | $ | 352 | Dec-13 | Dec-15 | |||||||||
Grant | Feb-13 | — | 180,000 | 3,166 | Dec-13 | Dec-15 | ||||||||||
Grant | Apr-13 | 11,304 | — | 200 | Jul-13 | Apr-16 | ||||||||||
Grant | May-13 | — | 15,000 | 261 | Dec-13 | Dec-15 | ||||||||||
Forfeiture * | Jun-13 | — | (5,000 | ) | n/a | n/a | n/a | |||||||||
Grant | Sep-13 | — | 10,000 | 153 | Sep-13 | Sep-13 | ||||||||||
Total | 31,304 | 200,000 | ||||||||||||||
* Represents RSUs forfeited by a former employee of the Manager in connection with such employee’s resignation from the | ||||||||||||||||
Manager. | ||||||||||||||||
Below is a summary of expected restricted common stock and RSU vesting dates as of September 30, 2013. | ||||||||||||||||
Vesting Date | Shares Vesting | RSU Vesting | Total Awards | |||||||||||||
Oct-13 | 2,925 | 416 | 3,341 | |||||||||||||
Dec-13 | 6,664 | 63,327 | 69,991 | |||||||||||||
Jan-14 | 2,504 | 93,335 | 95,839 | |||||||||||||
Mar-14 | — | 6,667 | 6,667 | |||||||||||||
Apr-14 | 2,508 | 417 | 2,925 | |||||||||||||
Jul-14 | 1,740 | — | 1,740 | |||||||||||||
Jul-14 | 500 | — | 500 | |||||||||||||
Oct-14 | 1,736 | — | 1,736 | |||||||||||||
Dec-14 | 6,668 | 63,332 | 70,000 | |||||||||||||
Jan-15 | 1,744 | — | 1,744 | |||||||||||||
Mar-15 | — | 6,667 | 6,667 | |||||||||||||
Apr-15 | 1,744 | — | 1,744 | |||||||||||||
Jul-15 | 944 | — | 944 | |||||||||||||
Jul-15 | 500 | — | 500 | |||||||||||||
Oct-15 | 944 | — | 944 | |||||||||||||
Dec-15 | 6,668 | 63,341 | 70,009 | |||||||||||||
Jan-16 | 944 | — | 944 | |||||||||||||
Apr-16 | 944 | — | 944 | |||||||||||||
39,677 | 297,502 | 337,179 | ||||||||||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Equity [Abstract] | ' | |||||
Stockholders' Equity | ' | |||||
Stockholders’ Equity | ||||||
Dividends. For 2013, the Company declared the following dividends on its common stock: | ||||||
Declaration Date | Record Date | Payment Date | Amount | |||
February 27, 2013 | March 28, 2013 | April 12, 2013 | $ | 0.4 | ||
May 1, 2013 | June 28, 2013 | July 12, 2013 | $ | 0.4 | ||
July 31, 2013 | September 30, 2013 | October 11, 2013 | $ | 0.4 | ||
For 2013, the Company declared the following dividends on its 8.625% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”): | ||||||
Declaration Date | Record Date | Payment Date | Amount | |||
March 15, 2013 | March 28, 2013 | April 15, 2013 | $ | 0.5391 | ||
June 12, 2013 | June 28, 2013 | July 15, 2013 | $ | 0.5391 | ||
September 16, 2013 | September 30, 2013 | October 15, 2013 | $ | 0.5391 | ||
Common Offering. During March 2013, the Company completed a follow-on public offering of 8,805,000 shares of its common stock, including the partial exercise of the underwriters’ option to purchase additional shares, at a price of $16.90 per share. The aggregate net proceeds from the offering, including proceeds from the sale of the additional shares, were approximately $148,333 after deducting estimated offering expenses payable by the Company. | ||||||
ATM Program. In May 2013, the Company entered into an ATM Equity Offering Sales Agreement with Merrill Lynch, Pierce, Fenner & Smith Incorporated and JMP Securities LLC (the "Agents"), relating to shares of the Company's common stock. In accordance with the terms of the agreement, the Company may offer and sell shares of common stock having an aggregate offering price of up to $100,000 from time to time through the Agents. Sales of the shares, if any, will be made by means of ordinary brokers' transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, or as otherwise agreed with the applicable Agent. To date, the Company has not directed the Agents to sell any shares. | ||||||
Stock Repurchase Program. In July 2013, the Company's board of directors approved a stock repurchase program to authorize the Company to repurchase up to an aggregate of $50,000 of its shares of common stock. To date, the Company has not repurchased any shares pursuant to the stock repurchase program. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
KBC Bank Deutschland AG. In September 2013, the Company, together with other affiliates of Apollo, reached an agreement to make an investment in an entity that has agreed to acquire a minority participation in KBCD. The Company committed to invest up to approximately $50,000 (€38,000), representing approximately 21% of the ownership in KBCD. The acquisition is subject to antitrust and regulatory approval, which is expected to take approximately nine months. Consequently, there is no assurance that the acquisition will close. | |
Loan Commitments. As described in Note 6, at September 30, 2013 and December 31, 2012, the Company had $34,650 of unfunded loan commitments related to the condominium conversion loan that closed in December 2012. At September 30, 2013, the Company had $29,106 of unfunded loan commitments related to the condominium conversion loan that closed in August 2013. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Investments, All Other Investments [Abstract] | ' | |||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheet at September 30, 2013 and December 31, 2012: | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Cash and cash equivalents | $ | 86,824 | $ | 86,824 | $ | 108,619 | $ | 108,619 | ||||||||
Restricted cash | 15,794 | 15,794 | — | — | ||||||||||||
Commercial first mortgage loans | 160,893 | 165,063 | 142,921 | 150,144 | ||||||||||||
Subordinate loans | 394,554 | 400,099 | 246,246 | 250,520 | ||||||||||||
Repurchase agreements | — | — | 6,598 | 6,598 | ||||||||||||
Borrowings under repurchase agreements | (227,167 | ) | (227,175 | ) | (225,158 | ) | (225,158 | ) | ||||||||
To determine estimated fair values of the financial instruments listed above, market rates of interest, which include credit assumptions, are used to discount contractual cash flows. The estimated fair values are not necessarily indicative of the amount the Company could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts. The Company’s commercial first mortgage loans, subordinate loans and repurchase agreements are carried at amortized cost on the condensed consolidated financial statements and are classified as Level III in the fair value hierarchy. |
Net_Income_per_Share
Net Income per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Net Income per Share | ' | |||||||||||||||
Net Income per Share | ||||||||||||||||
GAAP requires use of the two-class method of computing earnings per share for all periods presented for each class of common stock and participating security as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for dividends declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for dividends declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. | ||||||||||||||||
The remaining earnings are allocated to common stockholders and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Each total is then divided by the applicable number of shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and all potential shares of common stock assumed issued if they are dilutive. The numerator is adjusted for any changes in income or loss that would result from the assumed conversion of these potential shares of common stock. | ||||||||||||||||
The table below presents basic and diluted net (loss) income per share of common stock using the two-class method for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
For the three | For the nine | |||||||||||||||
months ended | months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 12,900 | $ | 12,211 | $ | 36,621 | $ | 31,214 | ||||||||
Preferred dividends | (1,859 | ) | (1,219 | ) | (5,580 | ) | (1,219 | ) | ||||||||
Net income available to common stockholders | 11,041 | 10,992 | 31,041 | 29,995 | ||||||||||||
Dividends declared on common stock | (14,753 | ) | (8,228 | ) | (44,253 | ) | (16,453 | ) | ||||||||
Dividends on participating securities | (202 | ) | (168 | ) | (596 | ) | (337 | ) | ||||||||
Net income (loss) attributable to common stockholders | $ | (3,914 | ) | $ | 2,596 | $ | (13,808 | ) | $ | 13,205 | ||||||
Denominator: | ||||||||||||||||
Basic weighted average shares of common stock outstanding | 36,883,002 | 20,571,478 | 34,647,941 | 20,567,772 | ||||||||||||
Diluted weighted average shares of common stock outstanding | 37,379,469 | 20,992,312 | 35,103,285 | 20,983,429 | ||||||||||||
Basic and diluted net income (loss) per weighted average share of common stock | ||||||||||||||||
Distributable Earnings | $ | 0.4 | $ | 0.4 | $ | 1.28 | $ | 0.8 | ||||||||
Undistributed income (loss) | $ | (0.11 | ) | $ | 0.12 | $ | (0.40 | ) | $ | 0.63 | ||||||
Basic and diluted net income per share of common stock | $ | 0.29 | $ | 0.52 | $ | 0.88 | $ | 1.43 | ||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Dividends. On November 4, 2013, the Company declared a dividend of $0.40 per share of common stock, which is payable on January 13, 2014 to common stockholders of record on December 31, 2013. | |
Investment Activity. During October 2013, the Company purchased $47,000 of mezzanine participations secured by a pledge of the equity interests in a borrower that owns a healthcare portfolio consisting of 193 skilled nursing facilities, long-term acute care hospitals and senior housing facilities. The mezzanine participations, which the Company purchased at par, have a remaining nine-month term and are part of a $92,000 floating-rate senior mezzanine loan. The Company’s loan basis, inclusive of cash held for collateral, represents an underwritten loan-to-value ("LTV") of 58%. The mezzanine participations were underwritten to generate an IRR of approximately 12%. For a description of how the IRR is calculated, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Financial Conditions and Results of Operations—Investments”. | |
During fourth quarter of 2013, the Company fully funded the $34,650 remaining commitment related to the condominium conversion loan that closed in December 2012. | |
During the fourth quarter of 2013, the Company deployed $4,049 of equity to acquire additional legacy CMBS originally rated AAA, with an aggregate purchase price of $17,994 and a weighted average life of approximately 3.6 years. To finance the purchase of the CMBS, the Company used $17,994 of borrowings under the UBS Facility and pledged $4,049 of cash. | |
Loan Repayment. During October 2013, the Company received a full principal repayment from a $25,000 mezzanine loan secured by a portfolio of hotels in New York City. The Company realized a 12% IRR on its investment. | |
Election of Director - On November 4, 2013, the Board of Directors elected Scott Prince as an independent director of the Board. Mr. Prince also was elected as a member of the Audit Committee of the Board. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying consolidated financial statements include the Company’s accounts and those of its consolidated subsidiaries. All significant intercompany amounts have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s most significant estimates include the fair value of financial instruments and loan loss reserve. Actual results could differ from those estimates. | |
These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the Securities and Exchange Commission (the “SEC”). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been included. | |
The Company currently operates in one business segment. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In January 2013, the Financial Accounting Standards Board (the “FASB”) issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (Topic 210), Balance Sheet. The update addresses implementation issues about ASU 2011-11 and applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with ASC 210-20-45 or ASC 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. The guidance is effective January 1, 2013 and is to be applied retrospectively. This guidance does not amend when the Company currently offsets its derivative positions. As a result, the update did not have a material impact on the Company’s consolidated financial statements. | |
In February 2013, the FASB issued an update which includes amendments that require an entity to report the effect of significant reclassifications out of accumulated other comprehensive income ("OCI") on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other required disclosures that provide additional detail about those amounts. The new requirement presents information on amounts reclassified out of accumulated OCI and their corresponding effect on net income in one place or in some cases, provides for cross-references to related footnote disclosures. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. During the three and nine months ended September 30, 2013, the Company had no amounts reclassified into or out of OCI. | |
In June 2013, the FASB issued guidance to change the assessment of whether an entity is an investment company by developing a new two-tiered approach that requires an entity to possess certain fundamental characteristics while allowing judgment in assessing certain typical characteristics. The fundamental characteristics that an investment company is required to have include the following: (1) it obtains funds from one or more investors and provides the investor(s) with investment management services; (2) it commits to its investor(s) that its business purpose and only substantive activities are investing the funds solely for returns from capital appreciation, investment income or both; and (3) it does not obtain returns or benefits from an investee or its affiliates that are not normally attributable to ownership interests. The typical characteristics of an investment company that an entity should consider before concluding whether it is an investment company include the following: (1) it has more than one investment; (2) it has more than one investor; (3) it has investors that are not related parties of the parent or the investment manager; (4) it has ownership interests in the form of equity or partnership interests; and (5) it manages substantially all of its investments on a fair value basis. The new approach requires an entity to assess all of the characteristics of an investment company and consider its purpose and design to determine whether it is an investment company. The guidance includes disclosure requirements about an entity's status as an investment company and financial support provided or contractually required to be provided by an investment company to its investees. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2013. Earlier application is prohibited. The ASU prohibits REITs from qualifying for investment company accounting under ASC 946, as such, we have determined that we will not meet the definition of an investment company under this ASU when adopted. |
Fair_Value_Disclosure_Tables
Fair Value Disclosure (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Summarizes Levels in Fair Value Hierarchy of Financial Instruments | ' | |||||||||||||||
The following table summarizes the levels in the fair value hierarchy into which the Company’s financial instruments were categorized as of September 30, 2013: | ||||||||||||||||
Fair Value as of September 30, 2013 | ||||||||||||||||
Level I | Level II | Level III | Total | |||||||||||||
CMBS (Available-for-Sale) | $ | — | $ | 37,559 | $ | — | $ | 37,559 | ||||||||
CMBS (Fair Value Option) | — | 179,978 | — | 179,978 | ||||||||||||
CMBS – Hilton (Fair Value Option) * | — | 70,682 | — | 70,682 | ||||||||||||
Total | $ | — | $ | 288,219 | $ | — | $ | 288,219 | ||||||||
*The obligors are certain special purpose entities formed in 2010 to hold substantially all of the assets of Hilton Worldwide, Inc. (the “Hilton CMBS”). | ||||||||||||||||
The following table summarizes the levels in the fair value hierarchy into which the Company’s financial instruments were categorized as of December 31, 2012: | ||||||||||||||||
Fair Value as of December 31, 2012 | ||||||||||||||||
Level I | Level II | Level III | Total | |||||||||||||
CMBS (Available-for-Sale) | $ | — | $ | 67,079 | $ | — | $ | 67,079 | ||||||||
CMBS (Fair Value Option) | — | 138,248 | — | 138,248 | ||||||||||||
CMBS – Hilton (Fair Value Option) | — | 73,561 | — | 73,561 | ||||||||||||
Interest rate swaps | — | (156 | ) | — | (156 | ) | ||||||||||
Interest rate caps | — | 1 | — | 1 | ||||||||||||
Total | $ | — | $ | 278,733 | $ | — | $ | 278,733 | ||||||||
Debt_Securities_Tables
Debt Securities (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||
Amortized Cost and Estimated Fair Value | ' | |||||||||||||||||||
The amortized cost and estimated fair value of the Company’s debt securities at September 30, 2013 are summarized as follows: | ||||||||||||||||||||
Security Description | Face | Amortized | Gross | Gross | Estimated | |||||||||||||||
Amount | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||
Gain | Loss | Value | ||||||||||||||||||
CMBS (Available-for-Sale) | $ | 36,925 | $ | 38,178 | $ | — | $ | (619 | ) | $ | 37,559 | |||||||||
CMBS (Fair Value Option) | 180,365 | 179,841 | 372 | (235 | ) | 179,978 | ||||||||||||||
CMBS – Hilton (Fair Value Option) | 70,682 | 69,587 | 1,095 | — | 70,682 | |||||||||||||||
Total | $ | 287,972 | $ | 287,606 | $ | 1,467 | $ | (854 | ) | $ | 288,219 | |||||||||
The amortized cost and estimated fair value of the Company’s debt securities at December 31, 2012 are summarized as follows: | ||||||||||||||||||||
Security Description | Face | Amortized | Gross | Gross | Estimated | |||||||||||||||
Amount | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||
Gain | Loss | Value | ||||||||||||||||||
CMBS (Available-for-Sale) | $ | 65,410 | $ | 67,109 | $ | 249 | $ | (279 | ) | $ | 67,079 | |||||||||
CMBS (Fair Value Option) | 134,694 | 136,354 | 2,061 | (167 | ) | 138,248 | ||||||||||||||
CMBS – Hilton (Fair Value Option) | 73,239 | 70,250 | 3,311 | — | 73,561 | |||||||||||||||
Total | $ | 273,343 | $ | 273,713 | $ | 5,621 | $ | (446 | ) | $ | 278,888 | |||||||||
Overall Statistics for Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis | ' | |||||||||||||||||||
The overall statistics for the Company’s CMBS investments (excluding the Hilton CMBS) calculated on a weighted average basis assuming no early prepayments or defaults as of September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||
Credit Ratings * | AAA-CCC | AAA | ||||||||||||||||||
Coupon | 5.8 | % | 5.6 | % | ||||||||||||||||
Yield | 5.3 | % | 4.1 | % | ||||||||||||||||
Weighted Average Life | 2.2 years | 1.8 years | ||||||||||||||||||
* | Ratings per Fitch Ratings, Moody’s Investors Service or Standard & Poor's. | |||||||||||||||||||
Percentage Vintage, Property Type, and Location of Collateral Securing Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis | ' | |||||||||||||||||||
The percentage vintage, property type and location of the collateral securing the Company’s CMBS investments (excluding the Hilton CMBS) calculated on a weighted average basis as of September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||||||
Vintage | September 30, 2013 | December 31, 2012 | ||||||||||||||||||
2006 | — | % | 1 | % | ||||||||||||||||
2007 | 100 | 99 | ||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||
Property Type | September 30, 2013 | December 31, 2012 | ||||||||||||||||||
Office | 40 | % | 40.5 | % | ||||||||||||||||
Retail | 22.1 | 23.2 | ||||||||||||||||||
Hotel | 13 | 10.5 | ||||||||||||||||||
Multifamily | 12.3 | 12.9 | ||||||||||||||||||
Other * | 12.6 | 12.9 | ||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||
* No other individual category comprises more than 10% of the total. | ||||||||||||||||||||
Location | September 30, 2013 | December 31, 2012 | ||||||||||||||||||
Middle Atlantic | 22.9 | % | 21.4 | % | ||||||||||||||||
Pacific | 21.7 | 23.8 | ||||||||||||||||||
South Atlantic | 21.1 | 21.8 | ||||||||||||||||||
Other * | 34.3 | 33 | ||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||
* No other individual category comprises more than 10% of the total. |
Commercial_Mortgage_Loans_Tabl
Commercial Mortgage Loans (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||
Commercial Mortgage Loan Portfolio | ' | ||||||||||||||||||||
The Company’s commercial mortgage loan portfolio was comprised of the following at December 31, 2012: | |||||||||||||||||||||
Description | Date of | Maturity | Original | Current | Carrying | Coupon | Property Size | ||||||||||||||
Investment | Date | Face | Face | Value | |||||||||||||||||
Amount | Amount | ||||||||||||||||||||
Hotel - NY, NY | 10-Jan | 15-Feb | $ | 32,000 | $ | 31,571 | $ | 31,571 | Fixed | 151 rooms | |||||||||||
Office Condo (Headquarters) - NY, NY | 10-Feb | 15-Feb | 28,000 | 27,419 | 27,419 | Fixed | 73,419 sq. ft. | ||||||||||||||
Hotel - Silver Spring, MD | 10-Mar | 15-Apr | 26,000 | 25,273 | 25,273 | Fixed | 263 rooms | ||||||||||||||
Mixed Use – South Boston, MA (1) | 12-Apr | 13-Dec | 23,844 | 17,287 | 14,105 | Floating | 20 acres | ||||||||||||||
Condo Conversion – NY, NY (2) | 12-Dec | 15-Jan | 45,000 | 45,000 | 44,553 | Fixed | 119,000 sq. ft. | ||||||||||||||
Total/Weighted Average | $ | 154,844 | $ | 146,550 | $ | 142,921 | 7.82 | % | |||||||||||||
-1 | This loan is a senior sub-participation interest in a $120,000 first mortgage. In December 2012, the borrower exercised a one-year extension option which was subject to repayment of $33,000 of the entire first mortgage loan (of which the Company received its pro rata portion) and the payment of a fee on the outstanding balance of the entire first mortgage loan. | ||||||||||||||||||||
-2 | This loan includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. | ||||||||||||||||||||
The Company’s commercial mortgage loan portfolio was comprised of the following at September 30, 2013: | |||||||||||||||||||||
Description | Date of | Maturity | Original | Current | Carrying | Coupon | Property Size | ||||||||||||||
Investment | Date | Face | Face | Value | |||||||||||||||||
Amount | Amount | ||||||||||||||||||||
Hotel - NY, NY | 10-Jan | 15-Feb | $ | 32,000 | $ | 31,385 | $ | 31,385 | Fixed | 151 rooms | |||||||||||
Office Condo (Headquarters) - NY, NY | 10-Feb | 15-Feb | 28,000 | 27,235 | 27,235 | Fixed | 73,419 sq. ft. | ||||||||||||||
Hotel - Silver Spring, MD | 10-Mar | 15-Apr | 26,000 | 25,033 | 24,840 | Fixed | 263 rooms | ||||||||||||||
Condo Conversion – NY, NY (1) | 12-Dec | 15-Jan | 45,000 | 45,000 | 44,732 | Floating | 119,000 sq. ft. | ||||||||||||||
Condo Conversion – NY, NY (2) | 13-Aug | 15-Sep | 33,000 | 33,000 | 32,701 | Floating | 40,000 sq. ft. | ||||||||||||||
Total/Weighted Average | $ | 164,000 | $ | 161,653 | $ | 160,893 | 8.83 | % | |||||||||||||
-1 | This loan includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. | ||||||||||||||||||||
-2 | This loan includes a one-year extension option subject to certain conditions and the payment of a fee. |
Subordinate_Loans_Tables
Subordinate Loans (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Mortgage Loans on Real Estate [Abstract] | ' | ||||||||||||||||||
Company's Subordinate Loan Portfolio | ' | ||||||||||||||||||
The Company’s subordinate loan portfolio was comprised of the following at December 31, 2012: | |||||||||||||||||||
Description | Date of | Maturity | Original | Current | Carrying | Coupon | |||||||||||||
Investment | Date | Face | Face | Value | |||||||||||||||
Amount | Amount | ||||||||||||||||||
Senior Mezz - Retail - Various | 9-Dec | 19-Dec | $ | 30,000 | $ | 30,000 | $ | 30,000 | Fixed | ||||||||||
Junior Mezz - Retail - Various | 9-Dec | 19-Dec | 20,000 | 20,000 | 20,000 | Fixed | |||||||||||||
Office - Michigan | 10-May | 20-Jun | 9,000 | 8,912 | 8,912 | Fixed | |||||||||||||
Ski Resort - California | 11-Apr | 17-May | 40,000 | 40,000 | 39,831 | Fixed | |||||||||||||
Hotel Portfolio – New York (1) | 11-Aug | 13-Jul | 25,000 | 25,000 | 25,000 | Floating | |||||||||||||
Retail Center – Virginia (2) | 11-Oct | 14-Oct | 25,000 | 26,243 | 26,243 | Fixed | |||||||||||||
Hotel– New York (3) | 12-Jan | 14-Feb | 15,000 | 15,000 | 15,013 | Fixed | |||||||||||||
Hotel– New York (4) | 12-Mar | 14-Mar | 15,000 | 15,000 | 15,000 | Floating | |||||||||||||
Mixed Use – North Carolina | 12-Jul | 22-Jul | 6,525 | 6,525 | 6,525 | Fixed | |||||||||||||
Office Complex - Missouri | 12-Sep | 22-Oct | 10,000 | 9,979 | 9,979 | Fixed | |||||||||||||
Hotel Portfolio - Various (5) | 12-Nov | 15-Nov | 50,000 | 49,950 | 49,743 | Floating | |||||||||||||
Condo Conversion – NY, NY (6) | 12-Dec | 15-Jan | 350 | 350 | — | Floating | |||||||||||||
Total/Weighted Average | $ | 245,875 | $ | 246,959 | $ | 246,246 | 12.46 | % | |||||||||||
-1 | Includes three one-year extension options subject to certain conditions and the payment of a fee for the fourth and fifth year extensions. | ||||||||||||||||||
-2 | Includes two one-year extension options subject to certain conditions. | ||||||||||||||||||
-3 | Includes a one-year extension option subject to certain conditions and the payment of an extension fee. | ||||||||||||||||||
-4 | Includes two one-year extension options subject to certain conditions and the payment of a fee for the second extension. | ||||||||||||||||||
-5 | Includes a one-year extension option subject to certain conditions and the payment of an extension fee. | ||||||||||||||||||
-6 | Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. As of December 31, 2012, the Company had $34,650 of unfunded loan commitments related to this loan. | ||||||||||||||||||
The Company’s subordinate loan portfolio was comprised of the following at September 30, 2013: | |||||||||||||||||||
Description | Date of | Maturity | Original | Current | Carrying | Coupon | |||||||||||||
Investment | Date | Face | Face | Value | |||||||||||||||
Amount | Amount | ||||||||||||||||||
Office - Michigan | 10-May | 20-Jun | $ | 9,000 | $ | 8,879 | $ | 8,879 | Fixed | ||||||||||
Ski Resort - California | 11-Apr | 17-May | 40,000 | 40,000 | 39,812 | Fixed | |||||||||||||
Hotel Portfolio – New York (1) | 11-Aug | 14-Jul | 25,000 | 25,000 | 25,000 | Floating | |||||||||||||
Retail Center – Virginia (2) | 11-Oct | 14-Oct | 25,000 | 22,216 | 22,216 | Fixed | |||||||||||||
Hotel– New York (3) | 12-Jan | 14-Feb | 15,000 | 15,000 | 15,156 | Fixed | |||||||||||||
Mixed Use – North Carolina | 12-Jul | 22-Jul | 6,525 | 6,525 | 6,525 | Fixed | |||||||||||||
Office Complex - Missouri | 12-Sep | 22-Oct | 10,000 | 9,883 | 9,883 | Fixed | |||||||||||||
Hotel Portfolio – Various (3) | 12-Nov | 15-Nov | 50,000 | 48,697 | 48,616 | Floating | |||||||||||||
Condo Conversion – NY, NY (4) | 12-Dec | 15-Jan | 350 | 350 | — | Floating | |||||||||||||
Condo Construction – NY, NY (3) | 13-Jan | 17-Jul | 60,000 | 64,612 | 64,094 | Fixed | |||||||||||||
Multifamily Conversion – NY, NY (3) | 13-Jan | 14-Dec | 18,000 | 18,000 | 17,889 | Floating | |||||||||||||
Hotel Portfolio – Rochester, MN | 13-Jan | 18-Feb | 25,000 | 24,840 | 24,840 | Fixed | |||||||||||||
Warehouse Portfolio - Various | 13-May | 23-May | 32,000 | 32,000 | 32,000 | Fixed | |||||||||||||
Multifamily Conversion – NY, NY (5) | 13-May | 14-Jun | 44,000 | 44,000 | 43,781 | Floating | |||||||||||||
Office Condo - NY, NY | 13-Jul | 22-Jul | 14,000 | 14,000 | 13,557 | Fixed | |||||||||||||
Condo Conversion – NY, NY (6) | 13-Aug | 15-Sep | 294 | 294 | — | Floating | |||||||||||||
Mixed Use - Pittsburgh, PA (7) | 13-Aug | 16-Aug | 22,500 | 22,500 | 22,306 | Floating | |||||||||||||
Total/Weighted Average | $ | 396,669 | $ | 396,796 | $ | 394,554 | 12.04 | % | |||||||||||
-1 | Includes two one-year extension options subject to certain conditions and the payment of a fee for the fourth and fifth year extensions. | ||||||||||||||||||
-2 | Includes two one-year extension options subject to certain conditions. | ||||||||||||||||||
-3 | Includes a one-year extension option subject to certain conditions and the payment of an extension fee. | ||||||||||||||||||
-4 | Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. As of September 30, 2013, the Company had $34,650 of unfunded loan commitments related to this loan. | ||||||||||||||||||
-5 | Includes a three-month extension option subject to certain conditions and the payment of an extension fee. | ||||||||||||||||||
-6 | Includes a one-year extension option subject to certain conditions and the payment of an extension fee. As of September 30, 2013, the Company had $29,106 of unfunded loan commitments related to this loan. | ||||||||||||||||||
-7 | Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. |
Borrowings_Tables
Borrowings (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||
Weighted Average Maturities and Interest Rates of Borrowings | ' | |||||||||||||||||||
At September 30, 2013 and December 31, 2012, the Company’s borrowings had the following debt balances, weighted average maturities and interest rates: | ||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||
Debt | Weighted | Weighted | Debt | Weighted | Weighted | |||||||||||||||
Balance | Average | Average | Balance | Average | Average | |||||||||||||||
Remaining | Rate | Remaining | Rate | |||||||||||||||||
Maturity | Maturity | |||||||||||||||||||
Wells Facility borrowings | $ | 156,969 | 0.9 years | 1.4 | % | $ | 225,155 | 1.1 years | * | 1.8 | % | ** | ||||||||
UBS Facility borrowings | 70,195 | 5.0 years | * | 2.9 | % | n/a | n/a | n/a | Fixed | |||||||||||
JPMorgan Facility borrowings | 3 | 1.3 years | * | 2.7 | % | 3 | 0.0 years | 2.7 | % | L+250 | ||||||||||
Total borrowings | $ | 227,167 | 2.2 years | 1.9 | % | $ | 225,158 | 1.1 years | 1.8 | % | ||||||||||
* | Assumes extension options are exercised. | |||||||||||||||||||
** | At December 31, 2012, borrowings outstanding under the Wells Facility bore interest at LIBOR plus 125 basis points, 150 basis points or 235 basis points depending on the collateral pledged. At September 30, 2013, borrowings outstanding under the Wells Facility bore interest at LIBOR plus 105 basis points or 175 basis points depending on the collateral pledged. | |||||||||||||||||||
Remaining Maturities of Borrowings | ' | |||||||||||||||||||
At September 30, 2013, the Company’s borrowings had the following remaining maturities: | ||||||||||||||||||||
Less than | 1 to 3 | 3 to 5 | More than | Total | ||||||||||||||||
1 year | years | years | 5 years | |||||||||||||||||
Wells Facility borrowings | $ | 156,969 | $ | — | $ | — | $ | — | $ | 156,969 | ||||||||||
UBS Facility borrowings * | — | — | 70,195 | — | 70,195 | |||||||||||||||
JPMorgan Facility borrowings * | — | 3 | — | — | 3 | |||||||||||||||
Total | $ | 156,969 | $ | 3 | $ | 70,195 | $ | — | $ | 227,167 | ||||||||||
* | ||||||||||||||||||||
Summary of Outstanding Balances, Maximum and Average Balances of Borrowings | ' | |||||||||||||||||||
The table below summarizes the outstanding balances at September 30, 2013, as well as the maximum and average balances for the nine months ended September 30, 2013. | ||||||||||||||||||||
For the nine months ended September 30, 2013 | ||||||||||||||||||||
Balance at September 30, 2013 | Maximum Month-End | Average Month-End | ||||||||||||||||||
Balance | Balance | |||||||||||||||||||
Wells Facility borrowings | $ | 156,969 | $ | 225,156 | $ | 197,146 | ||||||||||||||
UBS Facility borrowings | 70,195 | 70,195 | 7,020 | |||||||||||||||||
JPMorgan Facility borrowings | 3 | 3 | 3 | |||||||||||||||||
Total | $ | 227,167 | ||||||||||||||||||
Derivative_instruments_Tables
Derivative instruments (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Company's Derivative Instruments, Weighted Average Maturities and Interest Rates | ' | |||||||||||||||||
The Company’s derivative instruments consist of the following at December 31, 2012: | ||||||||||||||||||
December 31, 2012 | ||||||||||||||||||
Balance Sheet Location | Notional | Estimated | ||||||||||||||||
Value | Fair Value | |||||||||||||||||
Interest rate swaps | Derivative instruments | $ | 80,881 | $ | (156 | ) | ||||||||||||
Interest rate caps | Derivative instruments | 203,248 | * | 1 | ||||||||||||||
Total derivative instruments | $ | (155 | ) | |||||||||||||||
* | Represents the notional values at December 31, 2012, but does not include forward-starting notionals. | |||||||||||||||||
Summary of Amounts Recognized on Consolidated Statements of Operations Related to Company's Derivatives | ' | |||||||||||||||||
The following table summarizes the amounts recognized on the consolidated statements of operations related to the Company’s derivatives for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
Location of Loss Recognized in Income | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest rate swaps | Loss on derivative instruments – realized * | $ | (24 | ) | $ | (127 | ) | $ | (156 | ) | $ | (796 | ) | |||||
Interest rate swaps | Gain on derivative instruments – unrealized | 25 | 50 | 155 | 414 | |||||||||||||
Interest rate caps | Loss on derivative instruments - unrealized | — | (10 | ) | — | (187 | ) | |||||||||||
Total | $ | 1 | $ | (87 | ) | $ | (1 | ) | $ | (569 | ) | |||||||
* | Realized losses represent net amounts accrued for the Company’s derivative instruments during the period. | |||||||||||||||||
Summarizes Gross Asset and Liability Amounts Related to Derivatives | ' | |||||||||||||||||
The following table summarizes the gross asset and liability amounts related to the Company’s derivatives at December 31, 2012. | ||||||||||||||||||
December 31, 2012 | ||||||||||||||||||
Gross | Gross | Net Amounts | ||||||||||||||||
Amount of | Amounts | of Liabilities | ||||||||||||||||
Assets | Offset in the | Presented in | ||||||||||||||||
Recognized | Statement | the Statement | ||||||||||||||||
as | of Financial | of Financial | ||||||||||||||||
Liabilities | Position | Position | ||||||||||||||||
Interest rate swaps | $ | — | $ | (156 | ) | $ | (156 | ) | ||||||||||
Interest rate caps | 1 | — | 1 | |||||||||||||||
Total derivative instruments | $ | 1 | $ | (156 | ) | $ | (155 | ) | ||||||||||
ShareBased_Payments_Tables
Share-Based Payments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Summary of Grants of RSUs | ' | |||||||||||||||
The following table summarizes the grants of restricted common stock and RSUs during the nine months ended September 30, 2013: | ||||||||||||||||
Type | Date | Restricted Stock | RSUs | Estimate Fair Value | Initial Vesting | Final Vesting | ||||||||||
on Grant Date | ||||||||||||||||
Grant | February 2013 | 20,000 | — | $ | 352 | Dec-13 | Dec-15 | |||||||||
Grant | Feb-13 | — | 180,000 | 3,166 | Dec-13 | Dec-15 | ||||||||||
Grant | Apr-13 | 11,304 | — | 200 | Jul-13 | Apr-16 | ||||||||||
Grant | May-13 | — | 15,000 | 261 | Dec-13 | Dec-15 | ||||||||||
Forfeiture * | Jun-13 | — | (5,000 | ) | n/a | n/a | n/a | |||||||||
Grant | Sep-13 | — | 10,000 | 153 | Sep-13 | Sep-13 | ||||||||||
Total | 31,304 | 200,000 | ||||||||||||||
* Represents RSUs forfeited by a former employee of the Manager in connection with such employee’s resignation from the | ||||||||||||||||
Manager. | ||||||||||||||||
Summary of Expected Restricted Common Stock and RSU Vesting Dates | ' | |||||||||||||||
Below is a summary of expected restricted common stock and RSU vesting dates as of September 30, 2013. | ||||||||||||||||
Vesting Date | Shares Vesting | RSU Vesting | Total Awards | |||||||||||||
Oct-13 | 2,925 | 416 | 3,341 | |||||||||||||
Dec-13 | 6,664 | 63,327 | 69,991 | |||||||||||||
Jan-14 | 2,504 | 93,335 | 95,839 | |||||||||||||
Mar-14 | — | 6,667 | 6,667 | |||||||||||||
Apr-14 | 2,508 | 417 | 2,925 | |||||||||||||
Jul-14 | 1,740 | — | 1,740 | |||||||||||||
Jul-14 | 500 | — | 500 | |||||||||||||
Oct-14 | 1,736 | — | 1,736 | |||||||||||||
Dec-14 | 6,668 | 63,332 | 70,000 | |||||||||||||
Jan-15 | 1,744 | — | 1,744 | |||||||||||||
Mar-15 | — | 6,667 | 6,667 | |||||||||||||
Apr-15 | 1,744 | — | 1,744 | |||||||||||||
Jul-15 | 944 | — | 944 | |||||||||||||
Jul-15 | 500 | — | 500 | |||||||||||||
Oct-15 | 944 | — | 944 | |||||||||||||
Dec-15 | 6,668 | 63,341 | 70,009 | |||||||||||||
Jan-16 | 944 | — | 944 | |||||||||||||
Apr-16 | 944 | — | 944 | |||||||||||||
39,677 | 297,502 | 337,179 | ||||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Common Stock [Member] | ' | |||||
Stockholders' Equity | ' | |||||
For 2013, the Company declared the following dividends on its common stock: | ||||||
Declaration Date | Record Date | Payment Date | Amount | |||
February 27, 2013 | March 28, 2013 | April 12, 2013 | $ | 0.4 | ||
May 1, 2013 | June 28, 2013 | July 12, 2013 | $ | 0.4 | ||
July 31, 2013 | September 30, 2013 | October 11, 2013 | $ | 0.4 | ||
8.625% Series A Cumulative Redeemable Preferred Stock [Member] | ' | |||||
Stockholders' Equity | ' | |||||
For 2013, the Company declared the following dividends on its 8.625% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”): | ||||||
Declaration Date | Record Date | Payment Date | Amount | |||
March 15, 2013 | March 28, 2013 | April 15, 2013 | $ | 0.5391 | ||
June 12, 2013 | June 28, 2013 | July 15, 2013 | $ | 0.5391 | ||
September 16, 2013 | September 30, 2013 | October 15, 2013 | $ | 0.5391 | ||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Investments, All Other Investments [Abstract] | ' | |||||||||||||||
Carrying Value and Estimated Fair Value of Company's Financial Instruments | ' | |||||||||||||||
The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheet at September 30, 2013 and December 31, 2012: | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Cash and cash equivalents | $ | 86,824 | $ | 86,824 | $ | 108,619 | $ | 108,619 | ||||||||
Restricted cash | 15,794 | 15,794 | — | — | ||||||||||||
Commercial first mortgage loans | 160,893 | 165,063 | 142,921 | 150,144 | ||||||||||||
Subordinate loans | 394,554 | 400,099 | 246,246 | 250,520 | ||||||||||||
Repurchase agreements | — | — | 6,598 | 6,598 | ||||||||||||
Borrowings under repurchase agreements | (227,167 | ) | (227,175 | ) | (225,158 | ) | (225,158 | ) |
Net_Income_per_Share_Tables
Net Income per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Basic and Diluted Net (Loss) Income per Share of Common Stock Using Two-Class Method | ' | |||||||||||||||
The table below presents basic and diluted net (loss) income per share of common stock using the two-class method for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
For the three | For the nine | |||||||||||||||
months ended | months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 12,900 | $ | 12,211 | $ | 36,621 | $ | 31,214 | ||||||||
Preferred dividends | (1,859 | ) | (1,219 | ) | (5,580 | ) | (1,219 | ) | ||||||||
Net income available to common stockholders | 11,041 | 10,992 | 31,041 | 29,995 | ||||||||||||
Dividends declared on common stock | (14,753 | ) | (8,228 | ) | (44,253 | ) | (16,453 | ) | ||||||||
Dividends on participating securities | (202 | ) | (168 | ) | (596 | ) | (337 | ) | ||||||||
Net income (loss) attributable to common stockholders | $ | (3,914 | ) | $ | 2,596 | $ | (13,808 | ) | $ | 13,205 | ||||||
Denominator: | ||||||||||||||||
Basic weighted average shares of common stock outstanding | 36,883,002 | 20,571,478 | 34,647,941 | 20,567,772 | ||||||||||||
Diluted weighted average shares of common stock outstanding | 37,379,469 | 20,992,312 | 35,103,285 | 20,983,429 | ||||||||||||
Basic and diluted net income (loss) per weighted average share of common stock | ||||||||||||||||
Distributable Earnings | $ | 0.4 | $ | 0.4 | $ | 1.28 | $ | 0.8 | ||||||||
Undistributed income (loss) | $ | (0.11 | ) | $ | 0.12 | $ | (0.40 | ) | $ | 0.63 | ||||||
Basic and diluted net income per share of common stock | $ | 0.29 | $ | 0.52 | $ | 0.88 | $ | 1.43 | ||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2013 | |
segment | |
Accounting Policies [Abstract] | ' |
Number of business segment | 1 |
Fair_Value_Disclosure_Summariz
Fair Value Disclosure - Summarizes Levels in Fair Value Hierarchy of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | $288,219 | $278,733 | |
CMBS (Available-for-Sale) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | 37,559 | 67,079 | |
CMBS (Fair Value Option) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | 179,978 | 138,248 | |
CMBS - Hilton (Fair Value Option) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | 70,682 | [1] | 73,561 |
Interest rate swaps [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | ' | -156 | |
Interest rate caps [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | ' | 1 | |
Level 1 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | ' | ' | |
Level 1 [Member] | CMBS (Available-for-Sale) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | ' | ' | |
Level 1 [Member] | CMBS (Fair Value Option) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | ' | ' | |
Level 1 [Member] | CMBS - Hilton (Fair Value Option) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | ' | [1] | ' |
Level 1 [Member] | Interest rate swaps [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | ' | ' | |
Level 1 [Member] | Interest rate caps [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | ' | ' | |
Level 2 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | 288,219 | 278,733 | |
Level 2 [Member] | CMBS (Available-for-Sale) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | 37,559 | 67,079 | |
Level 2 [Member] | CMBS (Fair Value Option) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | 179,978 | 138,248 | |
Level 2 [Member] | CMBS - Hilton (Fair Value Option) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | 70,682 | [1] | 73,561 |
Level 2 [Member] | Interest rate swaps [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | ' | -156 | |
Level 2 [Member] | Interest rate caps [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | ' | 1 | |
Level 3 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | ' | ' | |
Level 3 [Member] | CMBS (Available-for-Sale) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | ' | ' | |
Level 3 [Member] | CMBS (Fair Value Option) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | ' | ' | |
Level 3 [Member] | CMBS - Hilton (Fair Value Option) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | ' | [1] | ' |
Level 3 [Member] | Interest rate swaps [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | ' | ' | |
Level 3 [Member] | Interest rate caps [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
CMBS and Interest rate, Total | ' | ' | |
[1] | The obligors are certain special purpose entities formed in 2010 to hold substantially all of the assets of Hilton Worldwide, Inc. (the “Hilton CMBSâ€). |
Debt_Securities_Additional_Inf
Debt Securities - Additional Information (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Weighted average interest rate | 1.90% | 1.80% |
Debt Securities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Aggregate face value of CMBS | 287,972 | 273,343 |
Aggregate purchase price of CMBS | 288,219 | 278,888 |
Debt Securities [Member] | CMBS - Hilton (Fair Value Option) [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Aggregate face value of CMBS | 70,682 | 73,239 |
Aggregate purchase price of CMBS | 70,682 | 73,561 |
Weighted average interest rate | 5.60% | ' |
Debt Securities [Member] | CMBS - Hilton (Fair Value Option) [Member] | London Interbank Offered Rate (LIBOR) [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate of CMBS | 2.30% | ' |
Variable rate basis future period | 3.30% | ' |
Variable rate basis future period | 3.80% | ' |
Debt Securities [Member] | CMBS - UBS [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Aggregate face value of CMBS | 92,279 | ' |
Aggregate purchase price of CMBS | 91,391 | ' |
Debt_Securities_Amortized_Cost
Debt Securities - Amortized Cost and Estimated Fair Value (Details) (Debt Securities [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Face amount of loan | $287,972 | $273,343 |
Amortized Cost | 287,606 | 273,713 |
Gross Unrealized Gain | 1,467 | 5,621 |
Gross Unrealized Loss | -854 | -446 |
Estimated Fair Value | 288,219 | 278,888 |
CMBS (Available-for-Sale) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Face amount of loan | 36,925 | 65,410 |
Amortized Cost | 38,178 | 67,109 |
Gross Unrealized Gain | ' | 249 |
Gross Unrealized Loss | -619 | -279 |
Estimated Fair Value | 37,559 | 67,079 |
CMBS (Fair Value Option) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Face amount of loan | 180,365 | 134,694 |
Amortized Cost | 179,841 | 136,354 |
Gross Unrealized Gain | 372 | 2,061 |
Gross Unrealized Loss | -235 | -167 |
Estimated Fair Value | 179,978 | 138,248 |
CMBS - Hilton (Fair Value Option) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Face amount of loan | 70,682 | 73,239 |
Amortized Cost | 69,587 | 70,250 |
Gross Unrealized Gain | 1,095 | 3,311 |
Gross Unrealized Loss | ' | ' |
Estimated Fair Value | $70,682 | $73,561 |
Debt_Securities_Overall_Statis
Debt Securities - Overall Statistics for Company's AAA-rated CMBS Investments Calculated on Weighted Average Basis (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Coupon | 5.80% | 5.60% |
Yield | 5.30% | 4.10% |
Weighted Average Life | '2 years 2 months 12 days | '1 year 9 months 18 days |
Debt_Securities_Percentage_Vin
Debt Securities - Percentage Vintage, Property Type, and Location of Collateral Securing Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis (Details) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | |||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Percentage Vintage | 100.00% | 100.00% | ||
Middle Atlantic [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Percentage Vintage | 22.90% | 21.40% | ||
Pacific [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Percentage Vintage | 21.70% | 23.80% | ||
South Atlantic [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Percentage Vintage | 21.10% | 21.80% | ||
Other [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Percentage Vintage | 34.30% | [1] | 33.00% | [1] |
Office Complex - Missouri | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Percentage Vintage | 40.00% | 40.50% | ||
Retail [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Percentage Vintage | 22.10% | 23.20% | ||
Hotel [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Percentage Vintage | 13.00% | 10.50% | ||
Multifamily [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Percentage Vintage | 12.30% | 12.90% | ||
Other [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Percentage Vintage | 12.60% | [1] | 12.90% | [1] |
2006 [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Percentage Vintage | 0.00% | 1.00% | ||
2007 [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Percentage Vintage | 100.00% | 99.00% | ||
[1] | No other individual category comprises more than 10% of the total. |
Commercial_Mortgage_Loans_Comm
Commercial Mortgage Loans - Commercial Mortgage Loan Portfolio (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Original Face Amount | $164,000 | $154,844 | ||
Current Face Amount | 161,653 | 146,550 | ||
Carrying Value | 160,893 | 142,921 | ||
Coupon | 8.83% | 7.82% | ||
Hotel [Member] | New York [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Date of Investment | 'Jan-10 | 'Jan-10 | ||
Maturity Date | 'Feb-15 | 'Feb-15 | ||
Original Face Amount | 32,000 | 32,000 | ||
Current Face Amount | 31,385 | 31,571 | ||
Carrying Value | 31,385 | 31,571 | ||
Coupon | 'Fixed | 'Fixed | ||
Number of hotel rooms | 151 | 151 | ||
Hotel [Member] | Maryland [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Date of Investment | 'Mar-10 | 'Mar-10 | ||
Maturity Date | 'Apr-15 | 'Apr-15 | ||
Original Face Amount | 26,000 | 26,000 | ||
Current Face Amount | 25,033 | 25,273 | ||
Carrying Value | 24,840 | 25,273 | ||
Coupon | 'Fixed | 'Fixed | ||
Number of hotel rooms | 263 | 263 | ||
Office Condo (Headquarters) - NY, NY | New York [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Date of Investment | 'Feb-10 | 'Feb-10 | ||
Maturity Date | 'Feb-15 | 'Feb-15 | ||
Original Face Amount | 28,000 | 28,000 | ||
Current Face Amount | 27,235 | 27,419 | ||
Carrying Value | 27,235 | 27,419 | ||
Coupon | 'Fixed | 'Fixed | ||
Area of building (in square feet) | 73,419 | 73,419 | ||
Mixed Use [Member] | Massachusetts [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Area of property (in acres) | 20 | [1] | 20 | [1] |
Mixed Use [Member] | Massachusetts [Member] | First Mortgage [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Original first mortgage | ' | 120,000 | ||
Repayment of first mortgage | ' | 33,000 | ||
Option to extend loan agreement, term | ' | '1 year | ||
Mixed Use [Member] | Massachusetts [Member] | First Mortgage [Member] | Senior Sub-participation Interest [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Date of Investment | ' | 'Apr-12 | [2] | |
Maturity Date | ' | 'Dec-13 | [2] | |
Original Face Amount | ' | 23,844 | [2] | |
Current Face Amount | ' | 17,287 | [2] | |
Carrying Value | ' | 14,105 | [2] | |
Coupon | ' | 'Floating | [2] | |
Condo Conversion [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Extension options | 'Two one-year | 'Two one-year | ||
Condo Conversion [Member] | New York [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Date of Investment | 'Dec-12 | [3] | 'Dec-12 | [1] |
Maturity Date | 'Jan-15 | [3] | 'Jan-15 | [1] |
Original Face Amount | 45,000 | [3] | 45,000 | [1] |
Current Face Amount | 45,000 | [3] | 45,000 | [1] |
Carrying Value | 44,732 | [3] | 44,553 | [1] |
Coupon | 'Floating | [3] | 'Fixed | [1] |
Area of building (in square feet) | 119,000 | [3] | 119,000 | [3] |
Option to extend loan agreement, term | '1 year | '1 year | ||
Number of options to extend loan agreement | 2 | 2 | ||
Extension options | 'Two one-year | 'Two one-year | ||
Condo Conversion1 [Member] | New York [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Date of Investment | 'Aug-13 | [3] | ' | |
Maturity Date | 'Sept-15 | [3] | ' | |
Original Face Amount | 33,000 | [3] | ' | |
Current Face Amount | 33,000 | [3] | ' | |
Carrying Value | $32,701 | [3] | ' | |
Coupon | 'Floating | [3] | ' | |
Area of building (in square feet) | 40,000 | [3] | 40,000 | [3] |
Option to extend loan agreement, term | '1 year | ' | ||
[1] | This loan includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. | |||
[2] | This loan is a senior sub-participation interest in a $120,000 first mortgage. In December 2012, the borrower exercised a one-year extension option which was subject to repayment of $33,000 of the entire first mortgage loan (of which the Company received its pro rata portion) and the payment of a fee on the outstanding balance of the entire first mortgage loan. | |||
[3] | This loan includes a one-year extension option subject to certain conditions and the payment of a fee. |
Commercial_Mortgage_Loans_Addi
Commercial Mortgage Loans - Additional Information (Details) (USD $) | 1 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | ||
participation_interest | Hotel [Member] | Mixed Use [Member] | Mixed Use [Member] | |||
Maryland [Member] | Massachusetts [Member] | Massachusetts [Member] | ||||
acre | acre | |||||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ||
Fees received on transfer of controlling ownership | ' | $280 | ' | ' | ||
Senior Sub-Participation Interests | 2 | ' | ' | ' | ||
Area of property (in acres) | ' | ' | 20 | [1] | 20 | [1] |
Sub-participation percentage of par | 78.00% | ' | ' | ' | ||
Sub-participation brokerage fee | 3.00% | ' | ' | ' | ||
Internal rate of return | 25.00% | ' | ' | ' | ||
[1] | This loan includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. |
Subordinate_Loans_Companys_Sub
Subordinate Loans - Company's Subordinate Loan Portfolio (Details) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||||||||||||||
Jan. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | 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 | 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 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Feb. 28, 2013 | ||||||||||||
Senior Mezz - Retail - Various | Junior Mezz - Retail - Various | Office - Michigan | Office - Michigan | Ski Resort - California | Ski Resort - California | Hotel Portfolio – New York | Hotel Portfolio – New York | Retail Center – Virginia | Retail Center – Virginia | Hotel– New York | Hotel– New York | Hotel– New York | Mixed Use – North Carolina | Mixed Use – North Carolina | Office Complex - Missouri | Office Complex - Missouri | Hotel Portfolio – Various | Hotel Portfolio – Various | Multifamily Conversion – NY, NY; One-year Extension Option | Hotel Portfolio – Rochester, MN | Condo Conversion – NY, NY | Condo Conversion – NY, NY | Condo Construction - NY, NY | Condo Construction - NY, NY | Warehouse Portfolio - Various | Multifamily Conversion – NY, NY; Three-month Extension Option | Office Condo - NY, NY [Member] | Condo Conversion - NY, NY | Mixed Use - Pittsburgh, PN [Member] | Mezzanine loans [Member] | Mezzanine loans [Member] | |||||||||||||||
option | option | option | option | option | option | option | option | loan | ||||||||||||||||||||||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Date of Investment | ' | ' | ' | 'Dec-09 | 'Dec-09 | 'May-10 | 'May-10 | 'Apr-11 | 'Apr-11 | 'Aug-11 | [1] | 'Aug-11 | 'Oct-11 | [2] | 'Oct-11 | 'Jan-12 | [3] | 'Jan-12 | 'Mar-12 | 'Jul-12 | 'Jul-12 | 'Sept-12 | 'Sept-12 | 'Nov-12 | [4] | 'Nov-12 | 'Jan-13 | [5] | 'Jan-13 | 'Dec-12 | [6] | 'Dec-12 | 'Jan-13 | [7] | ' | 'May-13 | 'May-13 | [8] | 'Jul-13 | 'Aug-13 | 'Aug-13 | ' | ' | |||
Maturity Date | ' | ' | ' | 'Dec-19 | 'Dec-19 | 'Jun-20 | 'Jun-20 | 'May-17 | 'May-17 | 'July-14 | [1] | 'July-13 | 'Oct-14 | [2] | 'Oct-14 | 'Feb-14 | [3] | 'Feb-14 | 'Mar-14 | 'Jul-22 | 'Jul-22 | 'Oct-22 | 'Oct-22 | 'Nov-15 | [4] | 'Nov-15 | 'Dec-14 | [5] | 'Feb-18 | 'Jan-15 | [6] | 'Jan-15 | 'Jul-17 | [7] | ' | 'May-23 | 'Jun-14 | [8] | 'Jul-22 | 'Sept-15 | 'Aug-16 | ' | ' | |||
Original Face Amount | ' | $396,669,000 | $245,875,000 | $30,000,000 | $20,000,000 | $9,000,000 | $9,000,000 | $40,000,000 | $40,000,000 | $25,000,000 | [1] | $25,000,000 | $25,000,000 | [2] | $25,000,000 | $15,000,000 | [3] | $15,000,000 | $15,000,000 | $6,525,000 | $6,525,000 | $10,000,000 | $10,000,000 | $50,000,000 | [4] | $50,000,000 | $18,000,000 | [5] | $25,000,000 | $350,000 | [6] | $350,000 | $60,000,000 | [7] | ' | $32,000,000 | $44,000,000 | [8] | $14,000,000 | [8] | $294,000 | [8] | $22,500,000 | [8] | ' | ' |
Current Face Amount | ' | 396,796,000 | 246,959,000 | 30,000,000 | 20,000,000 | 8,879,000 | 8,912,000 | 40,000,000 | 40,000,000 | 25,000,000 | [1] | 25,000,000 | 22,216,000 | [2] | 26,243,000 | 15,000,000 | [3] | 15,000,000 | 15,000,000 | 6,525,000 | 6,525,000 | 9,883,000 | 9,979,000 | 48,697,000 | [4] | 49,950,000 | 18,000,000 | [5] | 24,840,000 | 350,000 | [6] | 350,000 | 64,612,000 | [7] | ' | 32,000,000 | 44,000,000 | [8] | 14,000,000 | [8] | 294,000 | [8] | 22,500,000 | [8] | ' | ' |
Carrying Value | ' | 394,554,000 | 246,246,000 | 30,000,000 | 20,000,000 | 8,879,000 | 8,912,000 | 39,812,000 | 39,831,000 | 25,000,000 | [1] | 25,000,000 | 22,216,000 | [2] | 26,243,000 | 15,156,000 | [3] | 15,013,000 | 15,000,000 | 6,525,000 | 6,525,000 | 9,883,000 | 9,979,000 | 48,616,000 | [4] | 49,743,000 | 17,889,000 | [5] | 24,840,000 | ' | [6] | ' | 64,094,000 | [7] | ' | 32,000,000 | 43,781,000 | [8] | 13,557,000 | [8] | ' | [8] | 22,306,000 | [8] | ' | ' |
Coupon | ' | ' | ' | 'Fixed | 'Fixed | 'Fixed | 'Fixed | 'Fixed | 'Fixed | 'Floating | [1] | 'Floating | 'Fixed | [2] | 'Fixed | 'Fixed | [3] | 'Fixed | 'Floating | 'Fixed | 'Fixed | 'Fixed | 'Fixed | 'Floating | [4] | 'Floating | 'Floating | [5] | 'Fixed | 'Floating | [6] | 'Floating | 'Fixed | [7] | ' | 'Fixed | 'Floating | [8] | 'Fixed | 'Floating | 'Floating | ' | ' | |||
Coupon | ' | 12.04% | 12.46% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Number of options to extend loan agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 3 | 2 | 2 | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | 2 | ' | ' | ' | ' | 2 | ' | ' | |||||||||||
Option to extend loan agreement, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '1 year | '1 year | '1 year | '1 year | '1 year | '1 year | ' | ' | ' | ' | ' | '1 year | ' | ' | '1 year | ' | ' | '1 year | ' | '3 months | ' | '1 year | '1 year | ' | ' | |||||||||||
Unfunded loan commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,650,000 | ' | ' | 34,650,000 | ' | ' | ' | 29,106,000 | ' | ' | ' | |||||||||||
Number of loans for which principal amount received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | |||||||||||
Principal Prepayment On Mortgage Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | 50,000,000 | |||||||||||
Yield maintenance payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,233,000 | $2,500,000 | |||||||||||
IRR on loan investment | 17.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19.00% | 15.00% | |||||||||||
[1] | Includes two one-year extension options subject to certain conditions and the payment of a fee for the fourth and fifth year extensions. | |||||||||||||||||||||||||||||||||||||||||||||
[2] | Includes two one-year extension options subject to certain conditions. | |||||||||||||||||||||||||||||||||||||||||||||
[3] | Includes a one-year extension option subject to certain conditions and the payment of an extension fee. | |||||||||||||||||||||||||||||||||||||||||||||
[4] | (4)Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. As of September 30, 2013, the Company had $34,650 of unfunded loan commitments related to this loan. | |||||||||||||||||||||||||||||||||||||||||||||
[5] | (7)Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. | |||||||||||||||||||||||||||||||||||||||||||||
[6] | Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. As of September 30, 2013, the Company had $34,650 of unfunded loan commitments related to this loan. | |||||||||||||||||||||||||||||||||||||||||||||
[7] | (6)Includes a one-year extension option subject to certain conditions and the payment of an extension fee. As of September 30, 2013, the Company had $29,106 of unfunded loan commitments related to this loan. | |||||||||||||||||||||||||||||||||||||||||||||
[8] | Includes a three-month extension option subject to certain conditions and the payment of an extension fee. |
Repurchase_Agreement_Additiona
Repurchase Agreement - Additional Information (Details) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jan. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
debt_positions_and_securities | option | ||
Text Block [Abstract] | ' | ' | ' |
Investment in the form of repurchase facility secured by Class A-2 CDO bond | ' | $47,439 | ' |
Total balance of the Company's investment in the repurchase facility | ' | 47,439 | ' |
Aggregate face amount of borrowings under repurchase facility | ' | $68,726 | ' |
Advance rate on CDO bond's face amount in percentage | ' | 69.00% | ' |
Number of senior and subordinate commercial real estate debt positions and commercial real estate securities included in CDO | ' | 58 | ' |
Interest rate for repurchase facility | ' | 13.00% | ' |
Current pay interest rate | ' | 10.00% | ' |
Accrual interest rate | ' | 3.00% | ' |
Initial term for repurchase facility | ' | '18 months | ' |
Number of options to extend repurchase agreement | ' | ' | 3 |
Option to extend repurchase agreement, term | ' | ' | '6 months |
Interest rate for principal repayments that occur prior to the 21st month are subject to a make-whole provision | ' | 13.00% | ' |
IRR on loan investment | 17.00% | ' | ' |
Borrowings_Weighted_Average_Ma
Borrowings - Weighted Average Maturities and Interest Rates of Borrowings (Details) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Balance | ' | $227,167 | $225,158 | ||
Weighted Average Remaining Maturity | ' | '2 years 2 months 12 days | '1 year 1 month 6 days | ||
Weighted average interest rate | ' | 1.90% | 1.80% | ||
Wells Facility borrowings [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Balance | ' | 156,969 | [1] | 225,155 | [1] |
Weighted Average Remaining Maturity | ' | '10 months 24 days | [1],[2] | '1 year 1 month 6 days | [1],[2] |
Weighted average interest rate | ' | 1.40% | [1] | 1.80% | [1] |
Variable rate basis | ' | 'LIBOR | 'LIBOR | ||
Basis points | ' | ' | 1.50% | ||
Wells Facility borrowings [Member] | Minimum [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Basis points | ' | 1.05% | 1.25% | ||
Wells Facility borrowings [Member] | Maximum [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Basis points | ' | 1.75% | 2.35% | ||
UBS Facility borrowings [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Balance | ' | 70,195 | ' | ||
Weighted Average Remaining Maturity | ' | '5 years | ' | ||
Weighted average interest rate | ' | 2.90% | ' | ||
Basis points | ' | 1.55% | ' | ||
JPMorgan Facility borrowings [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Debt Balance | ' | $3 | $3 | ||
Weighted Average Remaining Maturity | ' | '1 year 3 months 18 days | [2] | '5 days | |
Weighted average interest rate | ' | 2.70% | 2.70% | ||
Variable rate basis | 'LIBOR | 'LIBOR | 'LIBOR | ||
Basis points | 2.50% | 2.50% | 2.50% | ||
[1] | At December 31, 2012, borrowings outstanding under the Wells Facility bore interest at LIBOR plus 125 basis points, 150 basis points or 235 basis points depending on the collateral pledged. At September 30, 2013, borrowings outstanding under the Wells Facility bore interest at LIBOR plus 105 basis points or 175 basis points depending on the collateral pledged. | ||||
[2] | Assumes extension options are exercised. |
Borrowings_Additional_Informat
Borrowings - Additional Information (Details) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Feb. 28, 2013 | Jan. 31, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jan. 31, 2013 |
UBS Facility borrowings [Member] | JPMorgan Facility borrowings [Member] | JPMorgan Facility borrowings [Member] | JPMorgan Facility borrowings [Member] | JPMorgan Facility borrowings [Member] | JPMorgan Facility borrowings [Member] | Wells Facility borrowings [Member] | Wells Facility borrowings [Member] | Wells Facility borrowings [Member] | Wells Facility borrowings [Member] | Wells Facility borrowings [Member] | Wells Facility borrowings [Member] | Wells Facility borrowings [Member] | Wells Facility borrowings [Member] | Wells Facility borrowings [Member] | Wells Facility borrowings [Member] | Wells Facility borrowings [Member] | Wells Facility borrowings [Member] | Wells Facility borrowings [Member] | |
First Year [Member] | Second Year [Member] | AAA-rated CMBS [Member] | AAA-rated CMBS [Member] | Hilton CMBS [Member] | Hilton CMBS [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||||||||
AAA-rated CMBS [Member] | AAA-rated CMBS [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option to extend loan agreement, term | ' | '364 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | 'LIBOR | 'LIBOR | 'LIBOR | ' | ' | ' | 'LIBOR | 'LIBOR | 'LIBOR | 'LIBOR | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | 1.55% | 2.50% | 2.50% | 2.50% | ' | ' | ' | ' | 1.50% | ' | 1.05% | 2.35% | 1.75% | 1.05% | 1.25% | 1.25% | 1.75% | 2.35% | 1.50% |
Percent of Pledged Collateral Borrowed | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of Collateral in Cash | 22.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Covenant, Minimum Asset Value | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan extension fees | ' | ' | ' | ' | 0.50% | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing under facility | $133,333 | ' | ' | ' | ' | ' | $212,343 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extension fee on outstanding repurchase price | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings_Remaining_Maturitie
Borrowings - Remaining Maturities of Borrowings (Details) (USD $) | Sep. 30, 2013 | |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | |
Less than 1 year | $156,969 | |
1 to 3 years | 3 | |
3 to 5 years | 70,195 | |
More than 5 years | ' | |
Total | 227,167 | |
Wells Facility borrowings [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Less than 1 year | 156,969 | [1] |
1 to 3 years | ' | [1] |
3 to 5 years | ' | [1] |
More than 5 years | ' | [1] |
Total | 156,969 | [1] |
UBS Facility borrowings [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Less than 1 year | ' | [1] |
1 to 3 years | ' | [1] |
3 to 5 years | 70,195 | [1] |
More than 5 years | ' | [1] |
Total | 70,195 | [1] |
JPMorgan Facility borrowings [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Less than 1 year | ' | |
1 to 3 years | 3 | |
3 to 5 years | ' | |
More than 5 years | ' | |
Total | $3 | |
[1] | Assumes extension options are exercised. |
Borrowings_Summary_of_Outstand
Borrowings - Summary of Outstanding Balances, Maximum and Average Balances of Borrowings (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | ' | ' | ||
Balance | $227,167 | $225,158 | ||
Wells Facility borrowings [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Balance | 156,969 | [1] | 225,155 | [1] |
Maximum Month-End Balance | 225,156 | ' | ||
Average Month-End Balance | 197,146 | ' | ||
UBS Facility borrowings [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Balance | 70,195 | ' | ||
Maximum Month-End Balance | 70,195 | ' | ||
Average Month-End Balance | 7,020 | ' | ||
JPMorgan Facility borrowings [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Balance | 3 | 3 | ||
Maximum Month-End Balance | 3 | ' | ||
Average Month-End Balance | $3 | ' | ||
[1] | At December 31, 2012, borrowings outstanding under the Wells Facility bore interest at LIBOR plus 125 basis points, 150 basis points or 235 basis points depending on the collateral pledged. At September 30, 2013, borrowings outstanding under the Wells Facility bore interest at LIBOR plus 105 basis points or 175 basis points depending on the collateral pledged. |
Derivative_instruments_Company
Derivative instruments - Company's Derivative Instruments, Weighted Average Maturities and Interest Rates (Details) (USD $) | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Estimated Fair Value | ($155) | |
Interest rate swaps [Member] | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Notional Value | 80,881 | |
Estimated Fair Value | -156 | |
Interest rate caps [Member] | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | |
Notional Value | 203,248 | [1] |
Estimated Fair Value | $1 | |
[1] | Represents the notional values at December 31, 2012, but does not include forward-starting notionals. |
Derivative_instruments_Summary
Derivative instruments - Summary of Amounts Recognized on Consolidated Statements of Operations Related to Company's Derivatives (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Total | $1 | ($87) | ($1) | ($569) | ||||
Interest rate swaps [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Loss on derivative instruments-realized | -24 | [1] | -127 | [1] | -156 | [1] | -796 | [1] |
Gain on derivative instruments - unrealized | 25 | 50 | 155 | 414 | ||||
Interest rate caps [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Loss on derivative instruments-unrealized | ' | ($10) | ' | ($187) | ||||
[1] | Realized losses represent net amounts accrued for the Company’s derivative instruments during the period. |
Derivative_instruments_Summari
Derivative instruments - Summarizes Gross Asset and Liability Amounts Related to Derivatives (Details) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Derivatives, Fair Value [Line Items] | ' |
Gross Amount of Assets Recognized as Liabilities | $1 |
Gross Amounts Offset in the Statement of Financial Position | -156 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | -155 |
Interest rate swaps [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Gross Amount of Assets Recognized as Liabilities | ' |
Gross Amounts Offset in the Statement of Financial Position | -156 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | -156 |
Interest rate caps [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Gross Amount of Assets Recognized as Liabilities | 1 |
Gross Amounts Offset in the Statement of Financial Position | ' |
Net Amounts of Liabilities Presented in the Statement of Financial Position | $1 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Details) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Management [Member] | Management [Member] | Management [Member] | Management [Member] | Management [Member] | RSU to Manager [Member] | KBCD Partnership [Member] | KBCD Partnership [Member] | KBCD [Member] | KBCD [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | |||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate of management fees | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' |
Period of termination | ' | ' | ' | ' | ' | ' | ' | '180 days | ' | ' | ' | ' | ' | ' | ' |
Period to be considered, for average annual base management fee | ' | ' | ' | ' | ' | ' | ' | '24 months | ' | ' | ' | ' | ' | ' | ' |
Base management fees | $2,625 | $1,518 | $7,384 | $4,099 | ' | $2,625 | $1,518 | $7,384 | $4,099 | ' | ' | ' | ' | ' | ' |
Total expenses related to reimbursements | ' | ' | ' | ' | ' | 208 | 203 | 542 | 721 | ' | ' | ' | ' | ' | ' |
Base management fees incurred but not yet paid | 2,656 | ' | 2,656 | ' | 2,037 | 2,625 | ' | 2,625 | ' | 2,037 | 31 | ' | ' | ' | ' |
Maximum limited partnership investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | 38,000 | ' | ' |
Total assets of acquiree | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | € 2,607,000 |
Indirect ownership interest from limited partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21.00% | ' |
Structure fee of limited partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.62% | 1.62% | ' | ' |
Additional ownership interest from limited partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' |
ShareBased_Payments_Additional
Share-Based Payments - Additional Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 23, 2009 |
Compensation Related Costs [Abstract] | ' | ' | ' | ' | ' |
Percentage of issued and outstanding shares of common stock provides for grants of restricted common stock, restricted stock units and other equity-based awards | ' | ' | ' | ' | 7.50% |
Recognized stock-based compensation expense | $784 | $1,276 | $2,095 | $3,244 | ' |
ShareBased_Payments_Summary_of
Share-Based Payments - Summary of Grants of RSUs (Details) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Apr. 30, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | 31-May-13 | Feb. 28, 2013 | Sep. 30, 2013 | ||
Shares Vesting [Member] | Shares Vesting [Member] | Shares Vesting [Member] | RSU Vesting [Member] | RSU Vesting [Member] | RSU Vesting [Member] | RSU Vesting [Member] | RSU Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Date | ' | 'April 2013 | 'February 2013 | ' | 'September 2013 | 'June 2013 | [1] | 'May 2013 | 'February 2013 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 10,000 | 11,304 | 20,000 | 31,304 | ' | 5,000 | [1] | 15,000 | 180,000 | 200,000 |
Estimated Fair Value on Grant Date | $153,000 | $200,000 | $352,000 | ' | ' | ' | $261,000 | $3,166,000 | ' | |
Initial Vesting | 1-Sep-13 | 1-Jul-13 | 1-Dec-13 | ' | ' | ' | 1-Dec-13 | 1-Dec-13 | ' | |
Final Vesting | 1-Sep-13 | 1-Apr-16 | 1-Dec-15 | ' | ' | ' | 1-Dec-15 | 1-Dec-15 | ' | |
[1] | Represents RSUs forfeited by a former employee of the Manager in connection with such employee’s resignation from theManager. |
ShareBased_Payments_Summary_of1
Share-Based Payments - Summary of Expected Restricted Common Stock and RSU Vesting Dates (Details) | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 337,179 |
October 2013 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 3,341 |
December 2013 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 69,991 |
January 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 95,839 |
March 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 6,667 |
April 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 2,925 |
July 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 1,740 |
July 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 500 |
October 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 1,736 |
December 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 70,000 |
January 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 1,744 |
March 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 6,667 |
April 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 1,744 |
July 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 944 |
July 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 500 |
October 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 944 |
December 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 70,009 |
January 2016 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 944 |
April 2016 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 944 |
Shares Vesting [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 39,677 |
Shares Vesting [Member] | October 2013 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 2,925 |
Shares Vesting [Member] | December 2013 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 6,664 |
Shares Vesting [Member] | January 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 2,504 |
Shares Vesting [Member] | March 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | ' |
Shares Vesting [Member] | April 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 2,508 |
Shares Vesting [Member] | July 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 1,740 |
Shares Vesting [Member] | July 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 500 |
Shares Vesting [Member] | October 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 1,736 |
Shares Vesting [Member] | December 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 6,668 |
Shares Vesting [Member] | January 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 1,744 |
Shares Vesting [Member] | March 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | ' |
Shares Vesting [Member] | April 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 1,744 |
Shares Vesting [Member] | July 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 944 |
Shares Vesting [Member] | July 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 500 |
Shares Vesting [Member] | October 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 944 |
Shares Vesting [Member] | December 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 6,668 |
Shares Vesting [Member] | January 2016 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 944 |
Shares Vesting [Member] | April 2016 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 944 |
RSU Vesting [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 297,502 |
RSU Vesting [Member] | October 2013 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 416 |
RSU Vesting [Member] | December 2013 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 63,327 |
RSU Vesting [Member] | January 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 93,335 |
RSU Vesting [Member] | March 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 6,667 |
RSU Vesting [Member] | April 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 417 |
RSU Vesting [Member] | July 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | ' |
RSU Vesting [Member] | July 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | ' |
RSU Vesting [Member] | October 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | ' |
RSU Vesting [Member] | December 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 63,332 |
RSU Vesting [Member] | January 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | ' |
RSU Vesting [Member] | March 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 6,667 |
RSU Vesting [Member] | April 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | ' |
RSU Vesting [Member] | July 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | ' |
RSU Vesting [Member] | July 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | ' |
RSU Vesting [Member] | October 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | ' |
RSU Vesting [Member] | December 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | 63,341 |
RSU Vesting [Member] | January 2016 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | ' |
RSU Vesting [Member] | April 2016 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards Vesting | ' |
Stockholders_Equity_Stockholde
Stockholders' Equity - Stockholders' Equity Common Stock (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Class of Stock [Line Items] | ' | ' | ' | ' |
Dividend Amount (in dollars per share) | ($0.40) | ($0.40) | ($1.20) | ($1.20) |
Dividend One [Member] | Common Stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Declaration Date | ' | ' | 27-Feb-13 | ' |
Record Date | ' | ' | 28-Mar-13 | ' |
Payment Date | ' | ' | 12-Apr-13 | ' |
Dividend Amount (in dollars per share) | ' | ' | $0.40 | ' |
Dividend Two [Member] | Common Stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Declaration Date | ' | ' | 1-May-13 | ' |
Record Date | ' | ' | 28-Jun-13 | ' |
Payment Date | ' | ' | 12-Jul-13 | ' |
Dividend Amount (in dollars per share) | ' | ' | $0.40 | ' |
Dividend Three [Member] | Common Stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Declaration Date | ' | ' | 31-Jul-13 | ' |
Record Date | ' | ' | 30-Sep-13 | ' |
Payment Date | ' | ' | 11-Oct-13 | ' |
Dividend Amount (in dollars per share) | ' | ' | $0.40 | ' |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Details) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | ||
31-May-13 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Jul. 31, 2013 | |
Follow-on public offering [Member] | Common Stock [Member] | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Dividend rate of Series A cumulative redeemable preferred stock | ' | 8.63% | ' | ' | ' |
Common stock, shares issued | ' | 36,883,467 | 28,044,106 | 8,805,000 | ' |
Common stock, offering price per share | ' | ' | ' | $16.90 | ' |
Net proceeds from the offering | ' | ' | ' | $148,333,000 | ' |
ATM Equity Offering, maximum authorized amount | 100,000,000 | ' | ' | ' | ' |
Stock repurchase program, authorized amount | ' | ' | ' | ' | $50,000,000 |
Stockholders_Equity_Stockholde1
Stockholders' Equity - Stockholders' Equity Preferred Stock (Details) (Preferred Stock [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Dividend One [Member] | ' |
Class of Stock [Line Items] | ' |
Declaration Date | 15-Mar-13 |
Record Date | 28-Mar-13 |
Payment Date | 15-Apr-13 |
Dividend Amount (in dollars per share) | $0.54 |
Dividend Two [Member] | ' |
Class of Stock [Line Items] | ' |
Declaration Date | 12-Jun-13 |
Record Date | 28-Jun-13 |
Payment Date | 15-Jul-13 |
Dividend Amount (in dollars per share) | $0.54 |
Dividend Three [Member] | ' |
Class of Stock [Line Items] | ' |
Declaration Date | 16-Sep-13 |
Record Date | 30-Sep-13 |
Payment Date | 15-Oct-13 |
Dividend Amount (in dollars per share) | $0.54 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Condominium conversion loan [Member] | Condominium construction loan [Member] | KBCD Partnership [Member] | KBCD Partnership [Member] | KBCD [Member] |
USD ($) | USD ($) | USD ($) | EUR (€) | ||
Contingencies And Commitments [Line Items] | ' | ' | ' | ' | ' |
Maximum limited partnership investment | ' | ' | $50,000 | € 38,000 | ' |
Indirect ownership interest from limited partnership | ' | ' | ' | ' | 21.00% |
Unfunded loan commitments | $34,650 | $29,106 | ' | ' | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Company's Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, at carrying value | $86,824 | $108,619 | $67,994 | $21,568 |
Restricted cash, at carrying value | 15,794 | ' | ' | ' |
Commercial first mortgage loans, at carrying value | 160,893 | 142,921 | ' | ' |
Subordinate loans, at carrying value | 394,554 | 246,246 | ' | ' |
Repurchase agreements, at carrying value | ' | 6,598 | ' | ' |
Borrowings under repurchase agreements, at carrying value | -227,167 | -225,158 | ' | ' |
Cash and cash equivalents, estimated fair value | 86,824 | 108,619 | ' | ' |
Restricted cash, estimated fair value | 15,794 | ' | ' | ' |
Commercial first mortgage loans, estimated fair value | 165,063 | 150,144 | ' | ' |
Repurchase agreements, estimated fair value | ' | 6,598 | ' | ' |
Borrowings under repurchase agreements, estimated fair value | -227,175 | -225,158 | ' | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Subordinate loans, estimated fair value | $400,099 | $250,520 | ' | ' |
Net_Income_per_Share_Basic_and
Net Income per Share - Basic and Diluted Net Income (Loss) per Share of Common Stock Using Two-Class Method (Details) (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 |
Numerator: | ' | ' | ' | ' |
Net income | $12,900 | $12,211 | $36,621 | $31,214 |
Preferred dividends | -1,859 | -1,219 | -5,580 | -1,219 |
Net income available to common stockholders | 11,041 | 10,992 | 31,041 | 29,995 |
Dividends declared on common stock | -14,753 | -8,228 | -44,253 | -16,453 |
Dividends on participating securities | -202 | -168 | -596 | -337 |
Net income (loss) attributable to common stockholders | ($3,914) | $2,596 | ($13,808) | $13,205 |
Denominator: | ' | ' | ' | ' |
Basic weighted average shares of common stock outstanding | 36,883,002 | 20,571,478 | 34,647,941 | 20,567,772 |
Diluted weighted average shares of common stock outstanding | 37,379,469 | 20,992,312 | 35,103,285 | 20,983,429 |
Basic and diluted net income (loss) per weighted average share of common stock | ' | ' | ' | ' |
Distributable Earnings | $0.40 | $0.40 | $1.28 | $0.80 |
Undistributed income (loss) | ($0.11) | $0.12 | ($0.40) | $0.63 |
Basic and diluted net income (loss) per share of common stock (in dollars per share) | $0.29 | $0.52 | $0.88 | $1.43 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Nov. 06, 2013 | Nov. 04, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Nov. 04, 2013 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||
Condo Conversion – NY, NY | AAA-rated CMBS [Member] | AAA-rated CMBS [Member] | Mezzanine loans [Member] | Dividend Declared [Member] | |||||||
nursing_facility | |||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Declaration Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4-Nov-13 |
Dividend declared per share of common stock | ' | ($0.40) | ($0.40) | ($1.20) | ($1.20) | ' | ' | ' | ' | ' | $0.40 |
Payment Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13-Jan-14 |
Record Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-13 |
Participating Mortgage Loans, Participation Liabilities, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $47,000 | ' |
Number of Nursing Facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 193 | ' |
Participating Mortgage Loans, Mortgage Obligations, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92,000 | ' |
Loans and Leases Receivable, Loan To Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58.00% | ' |
IRR on loan investment | 17.00% | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' |
Fully Funded Loan Commitments | ' | ' | ' | ' | ' | ' | 34,650 | ' | ' | ' | ' |
Stock Issued During Period, Value, To Acquire Securities | ' | ' | ' | ' | ' | ' | ' | ' | 4,049 | ' | ' |
Mortgage Backed Securities Face Amount | ' | ' | ' | ' | ' | ' | ' | 17,994 | ' | ' | ' |
Weighted Average Life | ' | ' | ' | '2 years 2 months 12 days | ' | '1 year 9 months 18 days | ' | '3 years 7 months 6 days | ' | ' | ' |
Borrowings To Finance Mortgage Backed Securities | ' | ' | ' | ' | ' | ' | ' | 17,994 | ' | ' | ' |
Cash Pledged as Collateral | ' | ' | ' | ' | ' | ' | ' | 4,049 | ' | ' | ' |
Proceeds from Collection of Loans Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000 | ' |