Apollo Commercial Real Estate Finance (ARI) 10-Q 30 Apr 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 29, 2014
Document Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
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	'	37,137,675

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:	'	'
Cash	$126,473	$20,096
Restricted cash	30,127	30,127
Securities available-for-sale, at estimated fair value	25,477	33,362
Securities, at estimated fair value	151,134	158,086
Interest receivable	6,220	6,022
Deferred financing costs, net	5,135	628
Other assets	550	600
Total Assets	1,015,611	907,504
Liabilities:	'	'
Borrowings under repurchase agreements	166,994	202,033
Convertible senior notes, net	139,163	0
Accounts payable and accrued expenses	2,289	2,660
Payable to related party	2,565	2,628
Dividends payable	16,688	17,227
Total Liabilities	327,699	224,548
Commitments and Contingencies (see Note 14)	'	'
Stockholders’ Equity:	'	'
Preferred stock, $0.01 par value, 50,000,000 shares authorized and 3,450,000 shares issued and outstanding in 2014 and 2013	35	35
Common stock, $0.01 par value, 450,000,000 shares authorized, 37,125,475 and 36,888,467 shares issued and outstanding in 2014 and 2013, respectively	371	369
Additional paid-in-capital	701,797	697,610
Retained earnings (accumulated deficit)	-13,404	-14,188
Accumulated other comprehensive loss	-887	-870
Total Stockholders’ Equity	687,912	682,956
Total Liabilities and Stockholders’ Equity	1,015,611	907,504
Commercial mortgage loans [Member]	'	'
Assets:	'	'
Loans, held for investment	185,516	161,099
Subordinate Loans [Member]	'	'
Assets:	'	'
Loans, held for investment	$484,979	$497,484

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Preferred stock, par value (in dollars per share)	$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 (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	37,125,475	36,888,467
Common stock, shares outstanding	37,125,475	36,888,467

Condensed_Consolidated_Stateme

Condensed Consolidated Statement of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Net interest income:	'	'
Interest income from securities	$2,419	$3,087
Interest income from commercial mortgage loans	4,011	3,592
Interest income from subordinate loans	14,730	11,454
Interest income from repurchase agreements	0	2
Interest expense	-1,757	-1,068
Net interest income	19,403	17,067
Operating expenses:	'	'
General and administrative expenses (includes $426 and $883 of equity based compensation in 2014 and 2013, respectively)	-1,442	-1,895
Management fees to related party	-2,565	-2,160
Total operating expenses	-4,007	-4,055
Unrealized gain (loss) on securities	2,184	-1,080
Loss on derivative instruments (includes $72 of unrealized gains in 2013)	0	0
Net income	17,580	11,932
Preferred dividends	-1,860	-1,860
Net income available to common stockholders	$15,720	$10,072
Basic and diluted net income per share of common stock	$0.42	$0.33
Basic weighted average shares of common stock outstanding	37,122,842	30,105,939
Diluted weighted average shares of common stock outstanding	37,341,050	30,480,689
Dividend declared per share of common stock	$0.40	$0.40

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Operations (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Income Statement [Abstract]	'	'
General and administrative expenses, equity-based compensation	$426	$883
Unrealized gains (losses) on derivative instruments	$0	$72

Condensed_Consolidated_Stateme2

Condensed Consolidated Statement of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement of Comprehensive Income [Abstract]	'	'
Net income available to common stockholders	$15,720	$10,072
Change in net unrealized gain (loss) on securities available-for-sale	-17	-158
Comprehensive income	$15,703	$9,914

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements 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 Loss [Member]
In Thousands, except Share data, unless otherwise specified
Beginning balance at Dec. 31, 2013	$682,956	$35	$369	$697,610	($14,188)	($870)
Beginning balance, Shares at Dec. 31, 2013	'	3,450,000	36,888,467	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'
Capital decrease related to Equity Incentive Plan (in shares)	'	'	237,008	'	'	'
Capital increase related to Equity Incentive Plan	-419	'	2	-421	'	'
Issuance of stock, Shares	'	'	0	'	'	'
Issuance of stock	0	'	0	0	'	'
Offering costs	-9	'	'	-9	'	'
Convertible senior notes	4,617	'	'	4,617	'	'
Net income	17,580	'	'	'	17,580	'
Change in net unrealized gain on securities available-for-sale	-17	'	'	'	'	-17
Dividends on common stock	-14,936	'	'	'	-14,936	'
Dividends on preferred stock	-1,860	'	'	'	-1,860	'
Ending balance at Mar. 31, 2014	$687,912	$35	$371	$701,797	($13,404)	($887)
Ending balance, Shares at Mar. 31, 2014	'	3,450,000	37,125,475	'	'	'

Condensed_Consolidated_Stateme4

Condensed Consolidated Statement of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows provided by operating activities:	'	'
Net income	$17,580	$11,932
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Premium amortization and (discount accretion), net	-256	-938
Amortization of deferred financing costs	190	193
Equity-based compensation	-421	883
Unrealized (gain) loss on securities	-2,184	1,080
Unrealized gain on derivative instruments	0	-72
Changes in operating assets and liabilities:	'	'
Accrued interest receivable, less purchased interest	-3,125	-1,401
Other assets	50	203
Accounts payable and accrued expenses	-363	-85
Payable to related party	-63	123
Net cash provided by operating activities	11,408	11,918
Cash flows used in investing activities:	'	'
Fees received from commercial mortgage loans	0	280
Funding of commercial mortgage loans	-24,178	0
Funding of subordinate loans	0	-91,297
Principal payments received on securities available-for-sale	7,785	2,544
Principal payments received on securities at estimated fair value	9,080	12,429
Principal payments received on commercial mortgage loans	243	623
Principal payments received on subordinate loans	15,407	52,305
Principal payments received on repurchase agreements	0	6,598
Net cash provided by (used in) investing activities	8,337	-16,518
Cash flows from financing activities:	'	'
Proceeds from issuance of common stock	0	148,804
Payment of offering costs	-117	-308
Proceeds from repurchase agreement borrowings	12,000	0
Repayments of repurchase agreement borrowings	-47,039	-13,214
Proceeds from issuance of convertible senior notes	143,750	0
Payment of deferred financing costs	-4,627	-500
Dividends on common stock	-15,475	-11,218
Dividends on preferred stock	-1,860	-1,860
Net cash provided by (used in) financing activities	86,632	121,704
Net increase (decrease) in cash and cash equivalents	106,377	117,104
Cash and cash equivalents, beginning of period	20,096	108,619
Cash and cash equivalents, end of period	126,473	225,723
Supplemental disclosure of cash flow information:	'	'
Interest paid	1,958	916
Supplemental disclosure of non-cash financing activities:	'	'
Dividend declared, not yet paid	16,688	16,616
Deferred financing costs, not yet paid	412	254
Offering costs payable	$0	$395

Organization

Organization	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [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, subordinate financings, commercial mortgage-backed securities (“CMBS”) and other commercial real estate-related debt investments. These asset classes are referred to as the Company’s target assets.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
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, 2013, 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 June 2013, the Financial Accounting Standards Board (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 Accounting Standards Update ("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.

Fair_Value_Disclosure

Fair Value Disclosure	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014 and December 31, 2013:
		Fair Value as of March 31, 2014								Fair Value as of December 31, 2013
		Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
	CMBS (Available-for-Sale)	$	—	$	25,477	$	—	$	25,477	$	—	$	33,362	$	—	$	33,362
	CMBS (Fair Value Option)	—		151,134		—		151,134		—		158,086		—		158,086
	Total	$	—	$	176,611	$	—	$	176,611	$	—	$	191,448	$	—	$	191,448

Debt_Securities

Debt Securities	3 Months Ended
	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]	'
Debt Securities	'
	Debt Securities
	At March 31, 2014, 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).
	The amortized cost and estimated fair value of the Company’s debt securities at March 31, 2014 are summarized as follows:
	Security Description	Face			Amortized		Gross		Gross			Estimated
		Amount			Cost		Unrealized		Unrealized			Fair
							Gain		Loss			Value
	CMBS (Available-for-Sale)	$	25,281		$	26,364	$	—	$	(887	)	$	25,477
	CMBS (Fair Value Option)	146,497			146,810		4,432		(108		)	151,134
	Total	$	171,778		$	173,174	$	4,432	$	(995	)	$	176,611
	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, 2013 are summarized as follows:
	Security Description	Face			Amortized		Gross		Gross			Estimated
		Amount			Cost		Unrealized		Unrealized			Fair
							Gain		Loss			Value
	CMBS (Available-for-Sale)	$	33,066		$	34,232	$	—	$	(870	)	$	33,362
	CMBS (Fair Value Option)	155,577			155,946		2,313		(173		)	158,086
	Total	$	188,643		$	190,178	$	2,313	$	(1,043	)	$	191,448
	The overall statistics for the Company’s CMBS investments calculated on a weighted average basis assuming no early prepayments or defaults as of March 31, 2014 and December 31, 2013 are as follows:
		March 31, 2014		December 31, 2013
	Credit Ratings *	AAA-CCC		AAA-CCC
	Coupon	5.8	%	5.8	%
	Yield	5.4	%	5.3	%
	Weighted Average Life	3.1 years		3.1 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 March 31, 2014 and December 31, 2013 are as follows:
	Vintage	March 31, 2014		December 31, 2013
	2006	3	%	3	%
	2007	97		97
	Total	100	%	100	%
	Property Type	March 31, 2014		December 31, 2013
	Office	36	%	35.5	%
	Retail	24		24.1
	Hotel	13.8		13.7
	Multifamily	12.1		12.7
	Other *	14.1		14
	Total	100	%	100	%
	*    No other individual category comprises more than 10% of the total.
	Location	March 31, 2014		December 31, 2013
	South Atlantic	23.8	%	23.4	%
	Middle Atlantic	23		22.8
	Pacific	17		17.6
	East North Central	10.3		—
	Other *	25.9		36.2
	Total	100	%	100	%
	*    No other individual category comprises more than 10% of the total.

Commercial_Mortgage_Loans

Commercial Mortgage Loans (Commercial mortgage loans [Member])

3 Months Ended

Mar. 31, 2014

Commercial mortgage loans [Member]

'

Mortgage Loans on Real Estate [Line Items]

'

Commercial Mortgage Loans

'

Commercial Mortgage Loans

The Company’s commercial mortgage loan portfolio was comprised of the following at March 31, 2014:

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

$

31,242

$

31,242

Fixed

151 rooms

Office Condo (Headquarters) - NY, NY

10-Feb

15-Feb

28,000

27,095

27,095

Fixed

73,419 sq. ft.

Hotel - Silver Spring, MD

10-Mar

15-Apr

26,000

24,853

24,722

Fixed

263 rooms

Condo Conversion – NY, NY (1)

12-Dec

15-Jan

45,000

45,000

45,002

Floating

119,000 sq. ft.

Condo Conversion – NY, NY (2)

13-Aug

15-Sep

33,000

33,333

33,220

Floating

40,000 sq. ft.

Condo Construction - Potomac, MD (3)

14-Feb

16-Sep

25,000

25,000

24,235

Floating

50 units

Total/Weighted Average

$

189,000

$

186,523

$

185,516

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.

-3

This loan includes a six month extension option subject to certain conditions and the payment of a fee.

The Company’s commercial mortgage loan portfolio was comprised of the following at December 31, 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

$

31,317

$

31,317

Fixed

151 rooms

Office Condo (Headquarters) - NY, NY

10-Feb

15-Feb

28,000

27,169

27,169

Fixed

73,419 sq. ft.

Hotel - Silver Spring, MD

10-Mar

15-Apr

26,000

24,947

24,785

Fixed

263 rooms

Condo Conversion – NY, NY (1)

12-Dec

15-Jan

45,000

45,000

44,867

Floating

119,000 sq. ft.

Condo Conversion – NY, NY (2)

13-Aug

15-Sep

33,000

33,167

32,961

Floating

40,000 sq. ft.

Total/Weighted Average

$

164,000

$

161,600

$

161,099

8.82

%

-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.

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 March 31, 2014 and December 31, 2013.

Subordinate_Loans

Subordinate Loans (Subordinate Loans [Member])	3 Months Ended
	Mar. 31, 2014
Subordinate Loans [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Subordinate Loans	'
	Subordinate Loans
	The Company’s subordinate loan portfolio was comprised of the following at March 31, 2014:
	Description	Date of	Maturity	Original		Current		Carrying		Coupon
		Investment	Date	Face		Face		Value
				Amount		Amount
	Office - Michigan	10-May	20-Jun	$	9,000	$	8,849	$	8,849	Fixed
	Ski Resort - California	11-Apr	17-May	40,000		40,000		39,632		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		9,814		9,814		Fixed
	Hotel Portfolio – Various (1)	12-Nov	15-Nov	50,000		48,271		48,277		Floating
	Condo Conversion – NY, NY (2)	12-Dec	15-Jan	35,000		35,000		34,878		Floating
	Condo Construction – NY, NY (1)	13-Jan	17-Jul	60,000		69,035		68,565		Fixed
	Multifamily Conversion – NY, NY (1)	13-Jan	14-Dec	18,000		18,000		17,932		Floating
	Hotel Portfolio – Rochester, MN	13-Jan	18-Feb	25,000		24,696		24,696		Fixed
	Warehouse Portfolio - Various	13-May	23-May	32,000		32,000		32,000		Fixed
	Multifamily Conversion – NY, NY (3)	13-May	14-Jun	44,000		44,000		43,937		Floating
	Office Condo - NY, NY	13-Jul	22-Jul	14,000		14,000		13,572		Fixed
	Condo Conversion – NY, NY (4)	13-Aug	15-Sep	294		297		1		Floating
	Mixed Use - Pittsburgh, PA (1)	13-Aug	16-Aug	22,500		22,500		22,378		Floating
	Healthcare Portfolio - Various	13-Oct	14-Jun	47,000		47,000		47,000		Floating
	Mixed Use - Florida (2)	13-Nov	18-Oct	50,000		50,000		49,611		Floating
	Mixed Use - Various (2)	13-Dec	18-Dec	17,000		17,500		17,312		Fixed
	Total/Weighted Average			$	480,319	$	487,487	$	484,979	11.6	%
	-1	Includes a one-year extension option subject to certain conditions and the payment of an extension fee.
	-2	Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.
	-3	Includes a three-month extension option subject to certain conditions and the payment of an extension fee.
	-4	Includes a one-year extension option subject to certain conditions and the payment of an extension fee. As of March 31, 2014, the Company had $29,106 of unfunded loan commitments related to this loan.
	In January 2014, the Company received a $15,000 principal repayment from a subordinate loan secured by a pledge of the equity interests in the owner of a New York City hotel. The Company realized a 14% IRR on this subordinate loan.
	The Company’s subordinate loan portfolio was comprised of the following at December 31, 2013:
	Description	Date of	Maturity	Original		Current		Carrying		Coupon
		Investment	Date	Face		Face		Value
				Amount		Amount
	Office - Michigan	10-May	20-Jun	$	9,000	$	8,866	$	8,866	Fixed
	Ski Resort - California	11-Apr	17-May	40,000		40,000		39,781		Fixed
	Hotel– New York (1)	12-Jan	14-Feb	15,000		15,000		15,207		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		9,849		9,849		Fixed
	Hotel Portfolio – Various (1)	12-Nov	15-Nov	50,000		48,431		48,397		Floating
	Condo Conversion – NY, NY (2)	12-Dec	15-Jan	35,000		35,000		34,734		Floating
	Condo Construction – NY, NY (1)	13-Jan	17-Jul	60,000		66,800		66,340		Fixed
	Multifamily Conversion – NY, NY (1)	13-Jan	14-Dec	18,000		18,000		17,906		Floating
	Hotel Portfolio – Rochester, MN	13-Jan	18-Feb	25,000		24,771		24,771		Fixed
	Warehouse Portfolio - Various	13-May	23-May	32,000		32,000		32,000		Fixed
	Multifamily Conversion – NY, NY (3)	13-May	14-Jun	44,000		44,000		43,859		Floating
	Office Condo - NY, NY	13-Jul	22-Jul	14,000		14,000		13,565		Fixed
	Condo Conversion – NY, NY (4)	13-Aug	15-Sep	294		295		2		Floating
	Mixed Use - Pittsburgh, PA (1)	13-Aug	16-Aug	22,500		22,500		22,342		Floating
	Healthcare Portfolio - Various	13-Oct	14-Jun	47,000		47,000		47,000		Floating
	Mixed Use - Florida (2)	13-Nov	18-Oct	50,000		50,000		49,535		Floating
	Mixed Use - Various (2)	13-Dec	18-Dec	17,000		17,000		16,805		Fixed
	Total/Weighted Average			$	495,319	$	500,037	$	497,484	11.6	%
	-1	Includes a one-year extension option subject to certain conditions and the payment of an extension fee.
	-2	Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.
	-3	Includes a three-month extension option subject to certain conditions and the payment of an extension fee.
	-4	Includes a one-year extension option subject to certain conditions and the payment of an extension fee. As of December 31, 2013, the Company had $29,106 of unfunded loan commitments related to this loan.
	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% internal rate of return ("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 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 March 31, 2014 and December 31, 2013.

Repurchase_Agreement

Repurchase Agreement	3 Months Ended
	Mar. 31, 2014
Investment Repurchase Agreement Disclosure [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_Under_Repurchase_Ag

Borrowings Under Repurchase Agreements	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Borrowings Under Repurchase Agreements	'
	Borrowings Under Repurchase Agreements
	At March 31, 2014 and December 31, 2013, 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 March 31, 2014 and December 31, 2013, the Company’s borrowings had the following debt balances, weighted average maturities and interest rates:
		31-Mar-14							31-Dec-13
		Debt		Weighted		Weighted			Debt			Weighted		Weighted
		Balance		Average		Average			Balance			Average		Average
				Remaining		Rate						Remaining		Rate
				Maturity								Maturity
	Wells Facility borrowings	$	33,092	0.9 years		1	%		$	47,751		0.2 years	*	1.2	%		**
	UBS Facility borrowings	133,899		4.5 years	*	2.8	%		133,899			4.7 years		2.8	%		Fixed
	JPMorgan Facility borrowings	3		0.8 years		2.7	%		20,383			1.1 years		2.7	%		L+250
	Total borrowings	$	166,994	3.8 years		2.4	%		$	202,033		3.3 years		2.4	%
	*Assumes extension options are exercised.
	**At December 31, 2013, borrowings outstanding under the Wells Facility bore interest at LIBOR plus 105 basis points. At March 31, 2014, borrowings outstanding under the Wells Facility bore interest at LIBOR plus 80 basis points.
	At March 31, 2014, 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	$	33,092	$	—			$	—		$	—			$	33,092
	UBS Facility borrowings *	—		5,004				128,895			—				133,899
	JPMorgan Facility borrowings	3						—			—				3
	Total	$	33,095	$	5,004			$	128,895		$	—			$	166,994
	*Assumes extension option is exercised.
	At March 31, 2014, 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 March 31, 2014, as well as the maximum and average balances for the three months ended March 31, 2014.
				For the three months ended March 31, 2014
		Balance at March 31, 2014		Maximum Month-End				Average Month-End
				Balance				Balance
	Wells Facility borrowings	$	33,092	$	47,751			$	38,564
	UBS Facility borrowings	133,899		133,899				133,899
	JPMorgan Facility borrowings	3		32,383				21,277
	Total	$	166,994
	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. During December 2013, the UBS Facility was amended to increase the
	maximum amount to $133,899.
	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 extension option was exercised during January 2014. 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 an extension fee of 0.25% for the January 2014 extension. 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. In February 2014, the maturity date of the Wells Facility was extended to March 2015. In addition, the Company reduced the interest rate to LIBOR plus 80 basis points from LIBOR plus 105 basis points.
	The Company was in compliance with the financial covenants under its repurchase agreements at March 31, 2014 and December 31, 2013.

Convertible_Senior_Notes

Convertible Senior Notes	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Convertible Senior Notes	'
	Convertible Senior Notes
	On March 17, 2014, the Company issued $143,750 aggregate principal amount of 5.50% Convertible Senior Notes due 2019 (the "2019 Notes"), for which the Company received net proceeds, after deducting the underwriting discount and estimated offering expense payable by the Company of approximately $134,405. The following table summarizes the terms of the 2019 Notes.
		Principal Amount		Coupon Rate		Effective Rate (1)		Conversion Rate (2)	Maturity Date	Remaining Period of Amortization
	2019 Notes	$	143,750	5.5	%	6.25	%	55.3649	3/15/19	4.76 years
	-1	Effective rate includes the effect of the adjustment for the conversion option, the value of which reduced the initial liability and was recorded in additional paid-in-capital.
	-2	The Company has the option to settle any conversions in cash, shares of common stock or a combination thereof.  The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of 2019 Notes converted.  The if-converted value of the 2019 Notes does not exceed their principal amount at March 31, 2014 since the closing market price of the Company’s common stock of $16.63 per share does not exceed the implicit conversion prices of $18.06 for the 2019 Notes .
	GAAP requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. ASC 470-20 requires that the initial proceeds from the sale of the 2019 Notes be allocated between a liability component and an equity component in a manner that reflects interest expense at the interest rate of similar nonconvertible debt that could have been issued by the Company at such time. The Company measured the fair value of the debt components of the 2019 Notes as of their issuance date based on effective interest rates of 6.25%.  As a result, the Company attributed approximately $4,617 of the proceeds to the equity component of the 2019 Notes, which represents the excess proceeds received over the fair value of the liability component of the 2019 Notes at the date of issuance. The equity component of the 2019 Notes have been reflected within additional paid-in capital in the condensed consolidated balance sheet as of March 31, 2014. The resulting debt discount is being amortized over the period during which the 2019 Notes are expected to be outstanding (the maturity date) as additional non-cash interest expense. The additional non-cash interest expense attributable to each of the 2019 Notes will increase in subsequent reporting periods through the maturity date as the 2019 Notes accrete to their par value over the same period. The aggregate contractual interest expense was approximately $307 for the three months ended March 31, 2014.  With respect to the amortization of the discount on the liability component of the 2019 Notes as well as the amortization of deferred financing costs, the Company reported additional non-cash interest expense of approximately $61 for the three months ended March 31, 2014.
	As of March 31, 2014 potential shares of common stock contingently issuable upon the conversion of the 2019 Notes were excluded from the calculation of diluted income per share because we expect to settle the obligation in cash.

Derivative_Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative Instruments	'
	Derivative Instruments
	The Company used 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.
	All of the Company's derivative instruments matured during the third quarter of 2013. The following table summarizes the amounts recognized on the consolidated statements of operations related to the Company’s derivatives for the three months ended March 31, 2014 and 2013.
			Three months ended March 31,
		Location of Loss Recognized in Income	2014		2013
	Interest rate swaps	Loss on derivative instruments – realized *	$	—	$	(72	)
	Interest rate swaps	Gain on derivative instruments – unrealized	—		72
	Interest rate caps	Loss on derivative instruments - unrealized	—		—
	Total		$	—	$	—
	*	Realized losses represent net amounts accrued for the Company’s derivative instruments during the period.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2014
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 in February 2014, 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 months ended March 31, 2014 and 2013, respectively, the Company incurred approximately $2,565 and $2,160 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 months ended March 31, 2014 and 2013, respectively, the Company recorded expenses totaling $107 and $226 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 March 31, 2014 and December 31, 2013, respectively is approximately $2,565 and $2,628 for base management fees incurred but not yet paid.

ShareBased_Payments

Share-Based Payments	3 Months Ended
	Mar. 31, 2014
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, restricted stock units ("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 $426 and $883 for the three months ended March 31, 2014 and 2013, respectively, related to restricted stock and RSU vesting. The following table summarizes the grants, exchanges and forfeitures of restricted common stock and RSUs during the three months ended March 31, 2014:
		Type	Date	Restricted Stock	RSUs		Estimate Fair Value	Initial Vesting	Final Vesting
							on Grant Date
	Outstanding at December 31, 2013			208,416	503,750
		Canceled upon delivery	Jan-14	—	(288,750	)	n/a	n/a	n/a
	Outstanding at March 31, 2014			208,416	215,000
	Below is a summary of expected restricted common stock and RSU vesting dates as of March 31, 2014.
	Vesting Date	Shares Vesting		RSU Vesting	Total Awards
	Apr-14	2,925		417	3,342
	Jul-14	2,157		—	2,157
	Jul-14	500		—	500
	Oct-14	2,153		—	2,153
	Dec-14	6,668		63,332	70,000
	Jan-15	2,160		—	2,160
	Mar-15	—		6,667	6,667
	Apr-15	2,161		—	2,161
	Jul-15	1,361		—	1,361
	Jul-15	500		—	500
	Oct-15	1,361		—	1,361
	Dec-15	6,668		63,341	70,009
	Jan-16	1,360		—	1,360
	Apr-16	1,361		—	1,361
	Jul-16	417		—	417
	Oct-16	416		—	416
		32,168		133,757	165,925
	At March 31, 2014, the Company had unrecognized compensation expense of approximately $482 and $2,135, respectively, related to the vesting of restricted stock awards and RSUs noted in the table above.
	RSU Deliveries
	During the three months ended March 31, 2014, the Company delivered 237,008 shares of common stock for 288,750 vested RSUs. The Company allows RSU participants to settle their tax liabilities with a reduction of their share delivery from the originally granted and vested RSUs. The amount, when agreed to by the participant, results in a cash payment to the Manager related to this tax liability and a corresponding adjustment to additional paid in capital on the consolidated statement of changes in stockholders' equity. The adjustment was $847 for three months ended March 31, 2014, and is included as a component of the capital decrease related to the Company's equity incentive plan in the consolidated statement of changes in stockholders’ equity.

Stockholders_Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2014
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity	'
	Stockholders’ Equity
	Dividends. For 2014, the Company declared the following dividends on its common stock:
	Declaration Date	Record Date	Payment Date	Amount
	February 26, 2014	March 31, 2014	April 15, 2014	$	0.4
	For 2014, the Company declared the following dividends on its 8.625% Series A Cumulative Redeemable Perpetual Preferred Stock (the “Series A Preferred Stock”):
	Declaration Date	Record Date	Payment Date	Amount
	March 17, 2014	March 31, 2014	April 15, 2014	$	0.5391

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
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 KBC Bank Deutschland AG
	(“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 March 31, 2014 and December 31, 2013, respectively, the Company had $29,106 and $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	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [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 March 31, 2014 and December 31, 2013:
		March 31, 2014						December 31, 2013
		Carrying			Estimated			Carrying			Estimated
		Value			Fair Value			Value			Fair Value
	Cash and cash equivalents	$	126,473		$	126,473		$	20,096		$	20,096
	Restricted cash	30,127			30,127			30,127			30,127
	Commercial first mortgage loans	185,516			188,708			161,099			164,405
	Subordinate loans	484,979			490,564			497,484			503,267
	Borrowings under repurchase agreements	(166,994		)	(165,223		)	(202,033		)	(202,148		)
	Convertible senior notes, net	(139,163		)	(146,050		)	—			—
	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	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Net Income (Loss) 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 months ended March 31, 2014 and 2013:
		For the three
		months ended
		March 31,
		2014			2013
	Numerator:
	Net income	$	17,580		$	11,932
	Preferred dividends	(1,860		)	(1,860		)
	Net income available to common stockholders	15,720			10,072
	Dividends declared on common stock	(14,850		)	(14,748		)
	Dividends on participating securities	(86		)	(195		)
	Net income (loss) attributable to common stockholders	$	784		$	(4,871	)
	Denominator:
	Basic weighted average shares of common stock outstanding	37,122,842			30,105,939
	Diluted weighted average shares of common stock outstanding	37,341,050			30,480,689
	Basic and diluted net income (loss) per weighted average share of common stock
	Distributable Earnings	$	0.4		$	0.49
	Undistributed income (loss)	$	0.02		$	(0.16	)
	Basic and diluted net income per share of common stock	$	0.42		$	0.33

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	Dividends. On April 29, 2014, the Company declared a dividend of $0.40 per share of common stock, which is payable on July 15, 2014 to common stockholders of record on June 30, 2014.
	Investment Activity. During April 2014, the Company closed a $210,000 fixed-rate, five-year first mortgage loan secured by a portfolio of 229 single-family and condominium homes located across North and Central America, the Caribbean and England. Simultaneous with closing, the Company syndicated $104,000 of the first mortgage to other funds managed by affiliates of Apollo Global Management, LLC and retained $106,000. The first mortgage loan has an appraised loan-to-value of approximately 49% and was underwritten to generate an IRR of approximately 8.2% on an unlevered basis. The Company anticipates financing the loan and on a levered basis, the loan was underwritten to generate an IRR of approximately 15%.
	During April 2014, the Company closed a $53,954 (£32,100) fixed rate, nine-month mezzanine loan in connection with the purchase of an existing commercial building that is expected to be re-developed into a 173,000 salable square foot residential condominium in Central London. The mezzanine loan is part of a $126,060 (£75,000) pre-development loan comprised of a $72,106 (£42,900) first mortgage and the Company's $53,954 (£32,100) mezzanine loan. The Company will have the option, but not the obligation, to participate in the development financing. The Company’s loan basis represents a 78% appraised loan-to-value and the mezzanine loan has been underwritten to generate an IRR of approximately 12%.
	During the second quarter of 2014, the Company deployed $24,676 of equity to acquire legacy CMBS originally rated AAA with an aggregate purchase price of $123,378. The Company financed the CMBS utilizing $98,702 of borrowings under a new $100 million term repurchase facility. The CMBS have a weighted average life of 3.2 years and have been underwritten to generate an IRR of 17%.
	Repurchase agreements. During April 2014, the Company through an indirect wholly-owned subsidiary entered into a master repurchase agreement (the "DB Facility") with Deutsche Bank AG ("DB") pursuant to which the Company may borrow up to $100,000 in order to finance the acquisition of CMBS. The DB Facility has a term of four years, subject to certain restrictions. Advances under the DB Facility accrue interest at a per annum pricing rate based on the rate implied by the fixed rate bid under a fixed for floating interest rate swap for the receipt of payments indexed to three-month US Dollar LIBOR, plus a financing spread ranging from 1.80% to 2.32% based on the rating of the collateral pledged. The Company borrows an amount equal to the product of the estimated fair value of the collateral pledged divided by a margin ratio ranging from 125.00% to 181.82% depending on the collateral pledged
	Additionally, beginning on August 1, 2014 and depending on the utilization rate of the facility, a portion of the undrawn amount may be subject to non-use fees. The DB Facility contains customary terms and conditions for repurchase facilities of this type and financial covenants to be met by the Company, including minimum shareholder's equity of 50% of the gross capital proceeds of its initial public offering and any subsequent public or private offerings.
	On April 25, 2014, the Company, through two subsidiaries, entered into a letter agreement to temporarily waive, for a period of up to 30 days, compliance with the minimum liquidity covenant under the JPMorgan Facility that requires the Company to maintain minimum liquidity of the greater of 10% of total consolidated recourse indebtedness and $12,500. The waiver was granted in connection with the Company's proposed funding of certain assets, to provide the parties additional time to modify the JPMorgan Facility and may be revoked by JPMorgan at any time. There can be no assurance of when or if the Company will be able to accomplish such modification, or on what terms such modification, if any, would be.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
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, 2013, 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 June 2013, the Financial Accounting Standards Board (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 Accounting Standards Update ("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.

Fair_Value_Disclosure_Tables

Fair Value Disclosure (Tables)	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014 and December 31, 2013:
		Fair Value as of March 31, 2014								Fair Value as of December 31, 2013
		Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
	CMBS (Available-for-Sale)	$	—	$	25,477	$	—	$	25,477	$	—	$	33,362	$	—	$	33,362
	CMBS (Fair Value Option)	—		151,134		—		151,134		—		158,086		—		158,086
	Total	$	—	$	176,611	$	—	$	176,611	$	—	$	191,448	$	—	$	191,448

Debt_Securities_Tables

Debt Securities (Tables)	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014 are summarized as follows:
	Security Description	Face			Amortized		Gross		Gross			Estimated
		Amount			Cost		Unrealized		Unrealized			Fair
							Gain		Loss			Value
	CMBS (Available-for-Sale)	$	25,281		$	26,364	$	—	$	(887	)	$	25,477
	CMBS (Fair Value Option)	146,497			146,810		4,432		(108		)	151,134
	Total	$	171,778		$	173,174	$	4,432	$	(995	)	$	176,611
	The amortized cost and estimated fair value of the Company’s debt securities at December 31, 2013 are summarized as follows:
	Security Description	Face			Amortized		Gross		Gross			Estimated
		Amount			Cost		Unrealized		Unrealized			Fair
							Gain		Loss			Value
	CMBS (Available-for-Sale)	$	33,066		$	34,232	$	—	$	(870	)	$	33,362
	CMBS (Fair Value Option)	155,577			155,946		2,313		(173		)	158,086
	Total	$	188,643		$	190,178	$	2,313	$	(1,043	)	$	191,448
Overall Statistics for Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis	'
	The overall statistics for the Company’s CMBS investments calculated on a weighted average basis assuming no early prepayments or defaults as of March 31, 2014 and December 31, 2013 are as follows:
		March 31, 2014		December 31, 2013
	Credit Ratings *	AAA-CCC		AAA-CCC
	Coupon	5.8	%	5.8	%
	Yield	5.4	%	5.3	%
	Weighted Average Life	3.1 years		3.1 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 March 31, 2014 and December 31, 2013 are as follows:
	Vintage	March 31, 2014		December 31, 2013
	2006	3	%	3	%
	2007	97		97
	Total	100	%	100	%
	Property Type	March 31, 2014		December 31, 2013
	Office	36	%	35.5	%
	Retail	24		24.1
	Hotel	13.8		13.7
	Multifamily	12.1		12.7
	Other *	14.1		14
	Total	100	%	100	%
	*    No other individual category comprises more than 10% of the total.
	Location	March 31, 2014		December 31, 2013
	South Atlantic	23.8	%	23.4	%
	Middle Atlantic	23		22.8
	Pacific	17		17.6
	East North Central	10.3		—
	Other *	25.9		36.2
	Total	100	%	100	%
	*    No other individual category comprises more than 10% of the total.

Commercial_Mortgage_Loans_Tabl

Commercial Mortgage Loans (Tables) (Commercial mortgage loans [Member])

3 Months Ended

Mar. 31, 2014

Commercial mortgage loans [Member]

'

Mortgage Loans on Real Estate [Line Items]

'

Schedule of Mortgage Loans on Real Estate

'

The Company’s commercial mortgage loan portfolio was comprised of the following at December 31, 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

$

31,317

$

31,317

Fixed

151 rooms

Office Condo (Headquarters) - NY, NY

10-Feb

15-Feb

28,000

27,169

27,169

Fixed

73,419 sq. ft.

Hotel - Silver Spring, MD

10-Mar

15-Apr

26,000

24,947

24,785

Fixed

263 rooms

Condo Conversion – NY, NY (1)

12-Dec

15-Jan

45,000

45,000

44,867

Floating

119,000 sq. ft.

Condo Conversion – NY, NY (2)

13-Aug

15-Sep

33,000

33,167

32,961

Floating

40,000 sq. ft.

Total/Weighted Average

$

164,000

$

161,600

$

161,099

8.82

%

-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.

The Company’s commercial mortgage loan portfolio was comprised of the following at March 31, 2014:

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

$

31,242

$

31,242

Fixed

151 rooms

Office Condo (Headquarters) - NY, NY

10-Feb

15-Feb

28,000

27,095

27,095

Fixed

73,419 sq. ft.

Hotel - Silver Spring, MD

10-Mar

15-Apr

26,000

24,853

24,722

Fixed

263 rooms

Condo Conversion – NY, NY (1)

12-Dec

15-Jan

45,000

45,000

45,002

Floating

119,000 sq. ft.

Condo Conversion – NY, NY (2)

13-Aug

15-Sep

33,000

33,333

33,220

Floating

40,000 sq. ft.

Condo Construction - Potomac, MD (3)

14-Feb

16-Sep

25,000

25,000

24,235

Floating

50 units

Total/Weighted Average

$

189,000

$

186,523

$

185,516

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.

-3

This loan includes a six month extension option subject to certain conditions and the payment of a fee.

Subordinate_Loans_Tables

Subordinate Loans (Tables) (Subordinate Loans [Member])	3 Months Ended
	Mar. 31, 2014
Subordinate Loans [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Schedule of Mortgage Loans on Real Estate	'
	The Company’s subordinate loan portfolio was comprised of the following at March 31, 2014:
	Description	Date of	Maturity	Original		Current		Carrying		Coupon
		Investment	Date	Face		Face		Value
				Amount		Amount
	Office - Michigan	10-May	20-Jun	$	9,000	$	8,849	$	8,849	Fixed
	Ski Resort - California	11-Apr	17-May	40,000		40,000		39,632		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		9,814		9,814		Fixed
	Hotel Portfolio – Various (1)	12-Nov	15-Nov	50,000		48,271		48,277		Floating
	Condo Conversion – NY, NY (2)	12-Dec	15-Jan	35,000		35,000		34,878		Floating
	Condo Construction – NY, NY (1)	13-Jan	17-Jul	60,000		69,035		68,565		Fixed
	Multifamily Conversion – NY, NY (1)	13-Jan	14-Dec	18,000		18,000		17,932		Floating
	Hotel Portfolio – Rochester, MN	13-Jan	18-Feb	25,000		24,696		24,696		Fixed
	Warehouse Portfolio - Various	13-May	23-May	32,000		32,000		32,000		Fixed
	Multifamily Conversion – NY, NY (3)	13-May	14-Jun	44,000		44,000		43,937		Floating
	Office Condo - NY, NY	13-Jul	22-Jul	14,000		14,000		13,572		Fixed
	Condo Conversion – NY, NY (4)	13-Aug	15-Sep	294		297		1		Floating
	Mixed Use - Pittsburgh, PA (1)	13-Aug	16-Aug	22,500		22,500		22,378		Floating
	Healthcare Portfolio - Various	13-Oct	14-Jun	47,000		47,000		47,000		Floating
	Mixed Use - Florida (2)	13-Nov	18-Oct	50,000		50,000		49,611		Floating
	Mixed Use - Various (2)	13-Dec	18-Dec	17,000		17,500		17,312		Fixed
	Total/Weighted Average			$	480,319	$	487,487	$	484,979	11.6	%
	-1	Includes a one-year extension option subject to certain conditions and the payment of an extension fee.
	-2	Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.
	-3	Includes a three-month extension option subject to certain conditions and the payment of an extension fee.
	-4	Includes a one-year extension option subject to certain conditions and the payment of an extension fee. As of March 31, 2014, the Company had $29,106 of unfunded loan commitments related to this loan.
	The Company’s subordinate loan portfolio was comprised of the following at December 31, 2013:
	Description	Date of	Maturity	Original		Current		Carrying		Coupon
		Investment	Date	Face		Face		Value
				Amount		Amount
	Office - Michigan	10-May	20-Jun	$	9,000	$	8,866	$	8,866	Fixed
	Ski Resort - California	11-Apr	17-May	40,000		40,000		39,781		Fixed
	Hotel– New York (1)	12-Jan	14-Feb	15,000		15,000		15,207		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		9,849		9,849		Fixed
	Hotel Portfolio – Various (1)	12-Nov	15-Nov	50,000		48,431		48,397		Floating
	Condo Conversion – NY, NY (2)	12-Dec	15-Jan	35,000		35,000		34,734		Floating
	Condo Construction – NY, NY (1)	13-Jan	17-Jul	60,000		66,800		66,340		Fixed
	Multifamily Conversion – NY, NY (1)	13-Jan	14-Dec	18,000		18,000		17,906		Floating
	Hotel Portfolio – Rochester, MN	13-Jan	18-Feb	25,000		24,771		24,771		Fixed
	Warehouse Portfolio - Various	13-May	23-May	32,000		32,000		32,000		Fixed
	Multifamily Conversion – NY, NY (3)	13-May	14-Jun	44,000		44,000		43,859		Floating
	Office Condo - NY, NY	13-Jul	22-Jul	14,000		14,000		13,565		Fixed
	Condo Conversion – NY, NY (4)	13-Aug	15-Sep	294		295		2		Floating
	Mixed Use - Pittsburgh, PA (1)	13-Aug	16-Aug	22,500		22,500		22,342		Floating
	Healthcare Portfolio - Various	13-Oct	14-Jun	47,000		47,000		47,000		Floating
	Mixed Use - Florida (2)	13-Nov	18-Oct	50,000		50,000		49,535		Floating
	Mixed Use - Various (2)	13-Dec	18-Dec	17,000		17,000		16,805		Fixed
	Total/Weighted Average			$	495,319	$	500,037	$	497,484	11.6	%
	-1	Includes a one-year extension option subject to certain conditions and the payment of an extension fee.
	-2	Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.
	-3	Includes a three-month extension option subject to certain conditions and the payment of an extension fee.
	-4	Includes a one-year extension option subject to certain conditions and the payment of an extension fee. As of December 31, 2013, the Company had $29,106 of unfunded loan commitments related to this loan.

Borrowings_Under_Repurchase_Ag1

Borrowings Under Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Weighted Average Maturities and Interest Rates of Borrowings	'
	At March 31, 2014 and December 31, 2013, the Company’s borrowings had the following debt balances, weighted average maturities and interest rates:
		31-Mar-14							31-Dec-13
		Debt		Weighted		Weighted			Debt			Weighted		Weighted
		Balance		Average		Average			Balance			Average		Average
				Remaining		Rate						Remaining		Rate
				Maturity								Maturity
	Wells Facility borrowings	$	33,092	0.9 years		1	%		$	47,751		0.2 years	*	1.2	%		**
	UBS Facility borrowings	133,899		4.5 years	*	2.8	%		133,899			4.7 years		2.8	%		Fixed
	JPMorgan Facility borrowings	3		0.8 years		2.7	%		20,383			1.1 years		2.7	%		L+250
	Total borrowings	$	166,994	3.8 years		2.4	%		$	202,033		3.3 years		2.4	%
	*Assumes extension options are exercised.
	**At December 31, 2013, borrowings outstanding under the Wells Facility bore interest at LIBOR plus 105 basis points. At March 31, 2014, borrowings outstanding under the Wells Facility bore interest at LIBOR plus 80 basis points.
Remaining Maturities of Borrowings	'
	At March 31, 2014, 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	$	33,092	$	—			$	—		$	—			$	33,092
	UBS Facility borrowings *	—		5,004				128,895			—				133,899
	JPMorgan Facility borrowings	3						—			—				3
	Total	$	33,095	$	5,004			$	128,895		$	—			$	166,994
	*Assumes extension option is exercised.
Schedule of Outstanding, Maximum and Average Balances of Debt	'
	The table below summarizes the outstanding balances at March 31, 2014, as well as the maximum and average balances for the three months ended March 31, 2014.
				For the three months ended March 31, 2014
		Balance at March 31, 2014		Maximum Month-End				Average Month-End
				Balance				Balance
	Wells Facility borrowings	$	33,092	$	47,751			$	38,564
	UBS Facility borrowings	133,899		133,899				133,899
	JPMorgan Facility borrowings	3		32,383				21,277
	Total	$	166,994

Convertible_Senior_Notes_Table

Convertible Senior Notes (Tables)	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Schedule of Convertible Senior Notes	'
	The following table summarizes the terms of the 2019 Notes.
		Principal Amount		Coupon Rate		Effective Rate (1)		Conversion Rate (2)	Maturity Date	Remaining Period of Amortization
	2019 Notes	$	143,750	5.5	%	6.25	%	55.3649	3/15/19	4.76 years
	-1	Effective rate includes the effect of the adjustment for the conversion option, the value of which reduced the initial liability and was recorded in additional paid-in-capital.
	-2	The Company has the option to settle any conversions in cash, shares of common stock or a combination thereof.  The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of 2019 Notes converted.  The if-converted value of the 2019 Notes does not exceed their principal amount at March 31, 2014 since the closing market price of the Company’s common stock of $16.63 per share does not exceed the implicit conversion prices of $18.06 for the 2019 Notes .

Derivative_Instruments_Tables

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
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 months ended March 31, 2014 and 2013.
			Three months ended March 31,
		Location of Loss Recognized in Income	2014		2013
	Interest rate swaps	Loss on derivative instruments – realized *	$	—	$	(72	)
	Interest rate swaps	Gain on derivative instruments – unrealized	—		72
	Interest rate caps	Loss on derivative instruments - unrealized	—		—
	Total		$	—	$	—
	*	Realized losses represent net amounts accrued for the Company’s derivative instruments during the period.

ShareBased_Payments_Tables

Share-Based Payments (Tables)	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	'
	The following table summarizes the grants, exchanges and forfeitures of restricted common stock and RSUs during the three months ended March 31, 2014:
		Type	Date	Restricted Stock	RSUs		Estimate Fair Value	Initial Vesting	Final Vesting
							on Grant Date
	Outstanding at December 31, 2013			208,416	503,750
		Canceled upon delivery	Jan-14	—	(288,750	)	n/a	n/a	n/a
	Outstanding at March 31, 2014			208,416	215,000
Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs	'
	The following table summarizes the grants, exchanges and forfeitures of restricted common stock and RSUs during the three months ended March 31, 2014:
		Type	Date	Restricted Stock	RSUs		Estimate Fair Value	Initial Vesting	Final Vesting
							on Grant Date
	Outstanding at December 31, 2013			208,416	503,750
		Canceled upon delivery	Jan-14	—	(288,750	)	n/a	n/a	n/a
	Outstanding at March 31, 2014			208,416	215,000
	Below is a summary of expected restricted common stock and RSU vesting dates as of March 31, 2014.
	Vesting Date	Shares Vesting		RSU Vesting	Total Awards
	Apr-14	2,925		417	3,342
	Jul-14	2,157		—	2,157
	Jul-14	500		—	500
	Oct-14	2,153		—	2,153
	Dec-14	6,668		63,332	70,000
	Jan-15	2,160		—	2,160
	Mar-15	—		6,667	6,667
	Apr-15	2,161		—	2,161
	Jul-15	1,361		—	1,361
	Jul-15	500		—	500
	Oct-15	1,361		—	1,361
	Dec-15	6,668		63,341	70,009
	Jan-16	1,360		—	1,360
	Apr-16	1,361		—	1,361
	Jul-16	417		—	417
	Oct-16	416		—	416
		32,168		133,757	165,925

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2014
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity	'
	Dividends. For 2014, the Company declared the following dividends on its common stock:
	Declaration Date	Record Date	Payment Date	Amount
	February 26, 2014	March 31, 2014	April 15, 2014	$	0.4
	For 2014, the Company declared the following dividends on its 8.625% Series A Cumulative Redeemable Perpetual Preferred Stock (the “Series A Preferred Stock”):
	Declaration Date	Record Date	Payment Date	Amount
	March 17, 2014	March 31, 2014	April 15, 2014	$	0.5391

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [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 March 31, 2014 and December 31, 2013:
		March 31, 2014						December 31, 2013
		Carrying			Estimated			Carrying			Estimated
		Value			Fair Value			Value			Fair Value
	Cash and cash equivalents	$	126,473		$	126,473		$	20,096		$	20,096
	Restricted cash	30,127			30,127			30,127			30,127
	Commercial first mortgage loans	185,516			188,708			161,099			164,405
	Subordinate loans	484,979			490,564			497,484			503,267
	Borrowings under repurchase agreements	(166,994		)	(165,223		)	(202,033		)	(202,148		)
	Convertible senior notes, net	(139,163		)	(146,050		)	—			—

Net_Income_per_Share_Tables

Net Income per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Basic and Diluted Net 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 months ended March 31, 2014 and 2013:
		For the three
		months ended
		March 31,
		2014			2013
	Numerator:
	Net income	$	17,580		$	11,932
	Preferred dividends	(1,860		)	(1,860		)
	Net income available to common stockholders	15,720			10,072
	Dividends declared on common stock	(14,850		)	(14,748		)
	Dividends on participating securities	(86		)	(195		)
	Net income (loss) attributable to common stockholders	$	784		$	(4,871	)
	Denominator:
	Basic weighted average shares of common stock outstanding	37,122,842			30,105,939
	Diluted weighted average shares of common stock outstanding	37,341,050			30,480,689
	Basic and diluted net income (loss) per weighted average share of common stock
	Distributable Earnings	$	0.4		$	0.49
	Undistributed income (loss)	$	0.02		$	(0.16	)
	Basic and diluted net income per share of common stock	$	0.42		$	0.33

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Detail)	3 Months Ended
	Mar. 31, 2014
	Segment
Accounting Policies [Abstract]	'
Number of business segment	1

Fair_Value_Disclosure_Detail

Fair Value Disclosure (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Aggregate purchase price of CMBS	$25,477	$33,362
Fair Value, Net Asset (Liability)	176,611	191,448
Level 2 [Member] | AAA Commercial Mortage Backed Securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Aggregate purchase price of CMBS	151,134	158,086
Estimated Fair Value [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Aggregate purchase price of CMBS	25,477	33,362
Fair Value, Net Asset (Liability)	176,611	191,448
Estimated Fair Value [Member] | AAA Commercial Mortage Backed Securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Aggregate purchase price of CMBS	$151,134	$158,086

Debt_Securities_Amortized_Cost

Debt Securities - Amortized Cost and Estimated Fair Value (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]	'	'
Face Amount	$171,778	$188,643
Amortized cost	173,174	190,178
Gross Unrealized Gain	4,432	2,313
Gross Unrealized Loss	-995	-1,043
Securities available-for-sale, at estimated fair value	176,611	191,448
Commercial Mortgage Backed Securities [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Face Amount	25,281	33,066
Amortized cost	26,364	34,232
Gross Unrealized Gain	0	0
Gross Unrealized Loss	-887	-870
Securities available-for-sale, at estimated fair value	25,477	33,362
Commercial Mortgage Backed Securities [Member] | Available-for-sale Securities [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Face Amount	146,497	155,577
Amortized cost	146,810	155,946
Gross Unrealized Gain	4,432	2,313
Gross Unrealized Loss	-108	-173
Securities available-for-sale, at estimated fair value	$151,134	$158,086

Debt_Securities_Overall_Statis

Debt Securities - Overall Statistics for Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis (Detail) (Commercial Mortgage Backed Securities [Member])	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
	AAA-CCC Rated CMBS [Member]	AAA Rated CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]	'	'
Coupon	5.80%	5.80%
Yield	5.40%	5.30%
Weighted Average Life	'3 years 1 month 12 days	'3 years 1 month 12 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 (Detail)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Mortgage Loans on Real Estate [Line Items]	'	'
Percentage Vintage	100.00%	100.00%
Available-for-sale Securities [Member] | Vintage Concentration Risk [Member] | Vintage 2006 [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Percentage Vintage	3.00%	3.00%
Available-for-sale Securities [Member] | Vintage Concentration Risk [Member] | Vintage 2007 [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Percentage Vintage	97.00%	97.00%
Available-for-sale Securities [Member] | Product Concentration Risk [Member] | Office [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Percentage Vintage	36.00%	35.50%
Available-for-sale Securities [Member] | Product Concentration Risk [Member] | Retail [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Percentage Vintage	24.00%	24.10%
Available-for-sale Securities [Member] | Product Concentration Risk [Member] | Hotel [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Percentage Vintage	13.80%	13.70%
Available-for-sale Securities [Member] | Product Concentration Risk [Member] | Multifamily [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Percentage Vintage	12.10%	12.70%
Available-for-sale Securities [Member] | Product Concentration Risk [Member] | Other [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Percentage Vintage	14.10%	14.00%
Available-for-sale Securities [Member] | Geographic Concentration Risk [Member] | South Atlantic [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Percentage Vintage	23.80%	23.40%
Available-for-sale Securities [Member] | Geographic Concentration Risk [Member] | Middle Atlantic [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Percentage Vintage	23.00%	22.80%
Available-for-sale Securities [Member] | Geographic Concentration Risk [Member] | Pacific [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Percentage Vintage	17.00%	17.60%
Available-for-sale Securities [Member] | Geographic Concentration Risk [Member] | East North Central [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Percentage Vintage	10.30%	0.00%
Available-for-sale Securities [Member] | Geographic Concentration Risk [Member] | Other [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Percentage Vintage	25.90%	36.20%

Commercial_Mortgage_Loan_Portf

Commercial Mortgage Loan Portfolio (Detail) (Commercial mortgage loans [Member], USD $)

3 Months Ended

3 Months Ended

In Thousands, unless otherwise specified

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Hotel [Member]

Hotel [Member]

Hotel [Member]

Hotel [Member]

Office Condo [Member]

Office Condo [Member]

Condo Conversion [Member]

Condo Conversion [Member]

Condo Conversion [Member]

Condo Conversion [Member]

Condo Construction [Member]

Hotel - NY, NY [Member]

Hotel - NY, NY [Member]

Hotel - Silver Spring, MD [Member]

Hotel - Silver Spring, MD [Member]

Office Condo (Headquarters) - NY, NY [Member]

Office Condo (Headquarters) - NY, NY [Member]

Condo Conversion - NY, NY December 2012 [Member]

Condo Conversion - NY, NY December 2012 [Member]

Condo Conversion - NY, NY August 2013 [Member]

Condo Conversion - NY, NY August 2013 [Member]

Condo Construction Potomac, MD [Member]

room

room

room

room

sqft

sqft

sqft

sqft

sqft

sqft

unit

Mortgage Loans on Real Estate [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Original Face Amount

$189,000

'

$164,000

$32,000

$32,000

$26,000

$26,000

$28,000

$28,000

$45,000

$45,000

$33,000

$33,000

$25,000

Current Face Amount

186,523

'

161,600

31,242

31,317

24,853

24,947

27,095

27,169

45,000

45,000

33,333

33,167

25,000

Carrying Value

$185,516

'

$161,099

$31,242

$31,317

$24,722

$24,785

$27,095

$27,169

$45,002

$44,867

$33,220

$32,961

$24,235

Coupon rate of loan

8.83%

8.82%

'

'

'

'

'

'

'

'

'

'

'

'

Property Size, Area

'

'

'

'

'

'

'

73,419

73,419

119,000

119,000

40,000

40,000

'

Property Size, Number of Units

'

'

'

151

151

263

263

'

'

'

'

'

'

50

Commercial_Mortgage_Loan_Portf1

Commercial Mortgage Loan Portfolio (Parenthetical) (Detail) (Commercial mortgage loans [Member], Condo Conversion [Member])	3 Months Ended
	Mar. 31, 2014
	option
Condo Conversion - NY, NY December 2012 [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Number of options to extend loan agreement	2
Option to extend loan agreement, term	'1 year
Condo Conversion - NY, NY August 2013 [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Option to extend loan agreement, term	'1 year

Commercial_Mortgage_Loans_Addi

Commercial Mortgage Loans - Additional Information (Detail) (Commercial mortgage loans [Member], Hotel [Member], Hotel - Silver Spring, MD [Member], USD $)	Mar. 31, 2013
In Thousands, unless otherwise specified
Commercial mortgage loans [Member] | Hotel [Member] | Hotel - Silver Spring, MD [Member]	'
Mortgage Loans on Real Estate [Line Items]	'
Fees Received On Loan Transfer	$280

Subordinate_Loan_Portfolio_Det

Subordinate Loan Portfolio (Detail) (Subordinate Loans [Member], USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2012	Dec. 31, 2013
Mortgage Loans on Real Estate [Line Items]	'	'	'
Original Face Amount	$480,319	'	$495,319
Current Face Amount	487,487	'	500,037
Carrying Value	484,979	'	497,484
Coupon rate of loan	11.60%	11.60%	'
Office [Member] | Office - Michigan [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Original Face Amount	9,000	'	9,000
Current Face Amount	8,849	'	8,866
Carrying Value	8,849	'	8,866
Office [Member] | Office Complex - Missouri [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Original Face Amount	10,000	'	10,000
Current Face Amount	9,814	'	9,849
Carrying Value	9,814	'	9,849
Office [Member] | Office Condo - NY, NY [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Original Face Amount	14,000	'	14,000
Current Face Amount	14,000	'	14,000
Carrying Value	13,572	'	13,565
Ski Resort [Member] | Ski Resort - California [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Original Face Amount	40,000	'	40,000
Current Face Amount	40,000	'	40,000
Carrying Value	39,632	'	39,781
Hotel [Member] | Hotel - New York [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Original Face Amount	'	'	15,000
Current Face Amount	'	'	15,000
Carrying Value	'	'	15,207
Hotel [Member] | Hotel Portfolio - Various [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Original Face Amount	50,000	'	50,000
Current Face Amount	48,271	'	48,431
Carrying Value	48,277	'	48,397
Hotel [Member] | Hotel Portfolio - Rochester, MN [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Original Face Amount	25,000	'	25,000
Current Face Amount	24,696	'	24,771
Carrying Value	24,696	'	24,771
Mixed Use [Member] | Mixed Use - North Carolina [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Original Face Amount	6,525	'	6,525
Current Face Amount	6,525	'	6,525
Carrying Value	6,525	'	6,525
Mixed Use [Member] | Mixed Use - Pittsburgh, PA [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Original Face Amount	22,500	'	22,500
Current Face Amount	22,500	'	22,500
Carrying Value	22,378	'	22,342
Mixed Use [Member] | Mixed Use - Florida [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Original Face Amount	50,000	'	50,000
Current Face Amount	50,000	'	50,000
Carrying Value	49,611	'	49,535
Mixed Use [Member] | Mixed Use - Various [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Original Face Amount	17,000	'	17,000
Current Face Amount	17,500	'	17,000
Carrying Value	17,312	'	16,805
Condo Conversion [Member] | Condo Conversion - NY, NY [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Original Face Amount	35,000	'	35,000
Current Face Amount	35,000	'	35,000
Carrying Value	34,878	'	34,734
Condo Conversion [Member] | Condo Conversion - NY, NY September 2015 [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Original Face Amount	294	'	294
Current Face Amount	297	'	295
Carrying Value	1	'	2
Condo Construction [Member] | Condo Construction - NY, NY [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Original Face Amount	60,000	'	60,000
Current Face Amount	69,035	'	66,800
Carrying Value	68,565	'	66,340
Multifamily Conversion [Member] | Multifamily Conversion - NY, NY December 2014 [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Original Face Amount	18,000	'	18,000
Current Face Amount	18,000	'	18,000
Carrying Value	17,932	'	17,906
Multifamily Conversion [Member] | Multifamily Conversion - NY, NY June 2014 [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Original Face Amount	44,000	'	44,000
Current Face Amount	44,000	'	44,000
Carrying Value	43,937	'	43,859
Warehouse [Member] | Warehouse Portfolio - Various [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Original Face Amount	32,000	'	32,000
Current Face Amount	32,000	'	32,000
Carrying Value	32,000	'	32,000
Healthcare [Member] | Healthcare Portfolio - Various [Member]	'	'	'
Mortgage Loans on Real Estate [Line Items]	'	'	'
Original Face Amount	47,000	'	47,000
Current Face Amount	47,000	'	47,000
Carrying Value	$47,000	'	$47,000

Subordinate_Loan_Portfolio_Par

Subordinate Loan Portfolio (Parenthetical) (Detail) (Subordinate Loans [Member], USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Hotel, Condo Construction, Multifamily Conversion, and Mixed Use [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Option to extend loan agreement, term	'1 year	'1 year
Condo Conversion and Mixed Use [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Option to extend loan agreement, term	'1 year	'1 year
Number of options to extend loan agreement	2	2
Multifamily Conversion [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Option to extend loan agreement, term	'3 months	'3 months
Condo Conversion [Member]	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Option to extend loan agreement, term	'1 year	'1 year
Unfunded loan commitments	29,106	29,106

Subordinate_Loans_Additional_I

Subordinate Loans - Additional Information (Detail) (Subordinate Loans [Member], USD $)	1 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2013	Jan. 31, 2014
	Retail [Member]	Hotel [Member]
	loan
Mortgage Loans on Real Estate [Line Items]	'	'
Number of loans	2	'
Proceeds from Collection of Loans Receivable	$50,000	$15,000
Proceeds from Collection of Loans Receivable, Yield Maintenance Payment	$2,500	'
Mortgage loan IRR	15.00%	14.00%

Repurchase_Agreement_Detail

Repurchase Agreement (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2011	Mar. 31, 2014	Dec. 31, 2011
In Thousands, unless otherwise specified		CDO Bond [Member]	Repurchase Facility [Member]	Repurchase Facility [Member]
		Securities	extension
Line of Credit Facility [Line Items]	'	'	'	'
Line of credit, amount outstanding	$166,994	'	'	$47,439
Investment, Face Amount	'	$68,726	'	'
Advance rate on face amount	'	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%	'
Expiration period	'	'	'18 months	'
Number of extensions	'	'	3	'
Option to extend, term	'	'	'6 months	'
Internal rate of return	'	17.00%	'	'

Borrowings_Under_Repurchase_Ag2

Borrowings Under Repurchase Agreements - Weighted Average Maturities and Interest Rates of Borrowings (Detail) (USD $)

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 22, 2011

Feb. 28, 2013

Aug. 31, 2010

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Feb. 28, 2013

Mar. 31, 2014

In Thousands, unless otherwise specified

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Wells Fargo [Member]

Wells Fargo [Member]

Wells Fargo [Member]

Wells Fargo [Member]

Wells Fargo [Member]

Wells Fargo [Member]

Wells Fargo [Member]

UBS [Member]

UBS [Member]

UBS [Member]

JP Morgan Chase [Member]

JP Morgan Chase [Member]

JP Morgan Chase [Member]

JP Morgan Chase [Member]

One Month LIBOR [Member]

One Month LIBOR [Member]

One Month LIBOR [Member]

One Month LIBOR [Member]

One Month LIBOR [Member]

One Month LIBOR [Member]

One Month LIBOR [Member]

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Balance

$166,994

$166,994

$202,033

$33,092

$47,751

'

'

'

'

'

'

$133,899

$133,899

$3

$20,383

'

'

Weighted Average Remaining Maturity

'

'3 years 9 months 18 days

'3 years 3 months 12 days

'10 months 24 days

'2 months 12 days

'

'

'

'

'

'4 years

'4 years 6 months

'4 years 8 months 12 days

'9 months 18 days

'1 year 1 month 6 days

'

'

Weighted Average Rate

'

2.40%

2.40%

1.00%

1.20%

'

'

'

'

'

'

2.80%

2.80%

2.70%

2.70%

'

'

Basis point

'

'

'

'

'

1.50%

1.05%

1.25%

0.80%

1.05%

'

'

'

'

'

2.50%

2.50%

Borrowings_Under_Repurchase_Ag3

Borrowings Under Repurchase Agreements - Remaining Maturities of Borrowings (Detail) (Line of Credit [Member], USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Line of Credit Facility [Line Items]	'
Less than 1 year	$33,095
1 to 3 years	5,004
3 to 5 years	128,895
More than 5 years	0
Total	166,994
Wells Fargo [Member]	'
Line of Credit Facility [Line Items]	'
Less than 1 year	33,092
1 to 3 years	0
3 to 5 years	0
More than 5 years	0
Total	33,092
UBS [Member]	'
Line of Credit Facility [Line Items]	'
Less than 1 year	0
1 to 3 years	5,004
3 to 5 years	128,895
More than 5 years	0
Total	133,899
JP Morgan Chase [Member]	'
Line of Credit Facility [Line Items]	'
Less than 1 year	3
1 to 3 years	'
3 to 5 years	0
More than 5 years	0
Total	$3

Borrowings_Under_Repurchase_Ag4

Borrowings Under Repurchase Agreements - Summary of Outstanding Balances, Maximum and Average Balances of Borrowings (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Line of Credit Facility [Line Items]	'	'
Line of credit, amount outstanding	$166,994	'
Line of Credit [Member]	'	'
Line of Credit Facility [Line Items]	'	'
Line of credit, amount outstanding	166,994	202,033
Wells Fargo [Member] | Line of Credit [Member]	'	'
Line of Credit Facility [Line Items]	'	'
Line of credit, amount outstanding	33,092	47,751
Maximum Month-End Balance	47,751	'
Average Month-End Balance	38,564	'
UBS [Member] | Line of Credit [Member]	'	'
Line of Credit Facility [Line Items]	'	'
Line of credit, amount outstanding	133,899	133,899
Maximum Month-End Balance	133,899	'
Average Month-End Balance	133,899	'
JP Morgan Chase [Member] | Line of Credit [Member]	'	'
Line of Credit Facility [Line Items]	'	'
Line of credit, amount outstanding	3	20,383
Maximum Month-End Balance	32,383	'
Average Month-End Balance	$21,277	'

Borrowings_Under_Repurchase_Ag5

Borrowings Under Repurchase Agreements - Additional Information (Detail) (Line of Credit [Member], USD $)

3 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Feb. 28, 2013

Mar. 31, 2014

Dec. 31, 2013

Feb. 28, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Dec. 22, 2011

Feb. 28, 2013

Aug. 31, 2010

Mar. 31, 2014

Dec. 31, 2013

Feb. 28, 2013

Jun. 30, 2012

UBS [Member]

UBS [Member]

UBS [Member]

UBS [Member]

JP Morgan Chase [Member]

JP Morgan Chase [Member]

JP Morgan Chase [Member]

JP Morgan Chase [Member]

JP Morgan Chase [Member]

Wells Fargo [Member]

Wells Fargo [Member]

Wells Fargo [Member]

Wells Fargo [Member]

Wells Fargo [Member]

Wells Fargo [Member]

Wells Fargo [Member]

Wells Fargo [Member]

Wells Fargo [Member]

Six Month LIBOR [Member]

One Month LIBOR [Member]

One Month LIBOR [Member]

One Month LIBOR [Member]

One Month LIBOR [Member]

One Month LIBOR [Member]

One Month LIBOR [Member]

One Month LIBOR [Member]

One Month LIBOR [Member]

One Month LIBOR [Member]

Commercial Mortgage Backed Securities [Member]

Commercial Mortgage Backed Securities [Member]

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum borrowing under facility

'

'

$133,333,000

'

$133,899,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Expiration period

'3 years 9 months 18 days

'3 years 3 months 12 days

'4 years

'4 years 6 months

'4 years 8 months 12 days

'

'

'9 months 18 days

'1 year 1 month 6 days

'

'

'10 months 24 days

'2 months 12 days

'

'

'

'

'

'

'

Line of Credit Facility, Period of Potential Extension

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Basis point

'

'

'

'

'

1.55%

'

'

'

2.50%

2.50%

'

'

1.50%

1.05%

1.25%

0.80%

1.05%

1.75%

2.35%

Line of Credit Facility, Estimated Fair Value of Collateral Pledged Percentage

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Margin of Cash Borrowed, Percentage

'

'

22.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit, Covenant, Minimum Net Asset Value

'

'

500,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit, Covenant, Maximum Debt to Tangible Net Worth Ratio

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Threshold Amount for Margin Calls

'

'

'

'

'

'

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Loan Extension Fee Percentage

'

'

'

'

'

'

0.25%

'

'

'

'

'

'

'

'

'

'

'

'

'

Convertible_Senior_Notes_Detai

Convertible Senior Notes (Details) (USD $)	3 Months Ended		0 Months Ended	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 17, 2014	Mar. 31, 2014
			Convertible Debt [Member]	Convertible Debt [Member]
			2019 Notes [Member]	2019 Notes [Member]
Debt Instrument [Line Items]	'	'	'	'
Principal amount	'	'	$143,750	'
Proceeds from issuance of convertible senior notes	143,750	0	134,405	'
Coupon rate	'	'	5.50%	'
Effective rate	'	'	6.25%	6.25%
Conversion Rate	'	'	55.3649	'
Remaining period of amortization	'	'	'4 years 9 months 4 days	'
Share Price	'	'	'	$16.63
Conversion price	'	'	'	$18.06
Equity component of the notes	4,617	'	'	4,617
Interest Expense, Debt	'	'	'	307
Interest Expense, Debt, Non-cash	'	'	'	$61

Derivative_Instruments_Detail

Derivative Instruments (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Unrealized gains (losses) on derivative instruments	$0	$72
Total	0	0
Interest Rate Swap [Member] | Gain (Loss) on Derivative Instruments [Member]	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Loss on derivative instruments-realized	0	-72
Unrealized gains (losses) on derivative instruments	0	72
Interest Rate Cap [Member] | Gain (Loss) on Derivative Instruments [Member]	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Unrealized gains (losses) on derivative instruments	$0	$0

Related_Party_Transactions_Det

Related Party Transactions (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'	'
Related party expenses	$2,565	$2,160	'
Base management fees incurred but not yet paid	2,565	'	2,628
Limited Liability Company [Member]	'	'	'
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	3	'	'
Limited Liability Company [Member] | Management Fees [Member]	'	'	'
Related Party Transaction [Line Items]	'	'	'
Related party expenses	2,565	2,160	'
Base management fees incurred but not yet paid	2,565	'	2,628
Limited Liability Company [Member] | Reimbursements [Member]	'	'	'
Related Party Transaction [Line Items]	'	'	'
Related party expenses	$107	$226	'

ShareBased_Payments_Additional

Share-Based Payments - Additional Information (Detail) (USD $)	3 Months Ended			3 Months Ended			3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Sep. 23, 2009	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2014
			LTIP [Member]	LTIP [Member]	LTIP [Member]	LTIP [Member]	LTIP [Member]
				Restricted Stock and Restricted Stock Units [Member]	Restricted Stock and Restricted Stock Units [Member]	Restricted Stock [Member]	RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'	'
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	$426	$883	'	$426	$883	'	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	'	'	'	'	'	482	2,135
Common stock, shares delivered	'	'	'	'	'	'	237,008
Stock units vested	'	'	'	'	'	'	288,750
Adjustment to additional paid in capital, tax liability	'	'	'	'	'	'	$847

ShareBased_Payments_Summary_of

Share-Based Payments Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs (Detail) (LTIP [Member])	3 Months Ended
	Mar. 31, 2014
Restricted Stock [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]	'
Outstanding, beginning of period	208,416
Canceled upon delivery	0
Outstnading, end of period	208,416
RSUs [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]	'
Outstanding, beginning of period	503,750
Canceled upon delivery	-288,750
Outstnading, end of period	215,000

ShareBased_Payments_Summary_of1

Share-Based Payments Summary of Restricted Stock and RSU Vesting Dates (Detail) (LTIP [Member])	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	165,925
April 2014 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	3,342
July 2014 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	2,157
July 2014 (2) [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	500
October 2014 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	2,153
December 2014 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	70,000
January 2015 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	2,160
March 2015 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	6,667
April 2015 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	2,161
July 2015 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	1,361
July 2015 (2) [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	500
October 2015 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	1,361
December 2015 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	70,009
January 2016 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	1,360
April 2016 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	1,361
July 2016 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	417
October 2016 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	416
Shares Vesting [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	32,168
Shares Vesting [Member] | April 2014 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	2,925
Shares Vesting [Member] | July 2014 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	2,157
Shares Vesting [Member] | July 2014 (2) [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	500
Shares Vesting [Member] | October 2014 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	2,153
Shares Vesting [Member] | December 2014 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	6,668
Shares Vesting [Member] | January 2015 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	2,160
Shares Vesting [Member] | March 2015 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	0
Shares Vesting [Member] | April 2015 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	2,161
Shares Vesting [Member] | July 2015 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	1,361
Shares Vesting [Member] | July 2015 (2) [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	500
Shares Vesting [Member] | October 2015 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	1,361
Shares Vesting [Member] | December 2015 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	6,668
Shares Vesting [Member] | January 2016 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	1,360
Shares Vesting [Member] | April 2016 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	1,361
Shares Vesting [Member] | July 2016 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	417
Shares Vesting [Member] | October 2016 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	416
RSU Vesting [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	133,757
RSU Vesting [Member] | April 2014 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	417
RSU Vesting [Member] | July 2014 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	0
RSU Vesting [Member] | July 2014 (2) [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	0
RSU Vesting [Member] | October 2014 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	0
RSU Vesting [Member] | December 2014 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	63,332
RSU Vesting [Member] | January 2015 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	0
RSU Vesting [Member] | March 2015 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	6,667
RSU Vesting [Member] | April 2015 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	0
RSU Vesting [Member] | July 2015 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	0
RSU Vesting [Member] | July 2015 (2) [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	0
RSU Vesting [Member] | October 2015 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	0
RSU Vesting [Member] | December 2015 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	63,341
RSU Vesting [Member] | January 2016 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	0
RSU Vesting [Member] | April 2016 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	0
RSU Vesting [Member] | July 2016 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	0
RSU Vesting [Member] | October 2016 [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of shares vesting	0

Stockholders_Equity_Detail

Stockholders' Equity (Detail) (USD $)	3 Months Ended		0 Months Ended		3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Feb. 27, 2013	Mar. 15, 2013	Mar. 31, 2014
			Common Stock [Member]	Series A Preferred Stock [Member]	Series A Preferred Stock [Member]
Class of Stock [Line Items]	'	'	'	'	'
Dividend declared per share of common stock	$0.40	$0.40	$0.40	'	'
Dividend rate, preferred stock	'	'	'	'	8.63%
Dividend declared per share of preferred stock	'	'	'	$0.54	'

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2014
In Thousands, unless otherwise specified	Subordinate Loans [Member]	Subordinate Loans [Member]	Condo Conversion - NY, NY September 2015 [Member]	Condo Conversion - NY, NY September 2015 [Member]	KBCD Partnership [Member]	KBCD Partnership [Member]
	Condo Conversion [Member]	Condo Conversion [Member]	Subordinate Loans [Member]	Subordinate Loans [Member]	Scenario, Forecast [Member]	Scenario, Forecast [Member]
	USD ($)	USD ($)	Condo Conversion [Member]	Condo Conversion [Member]	USD ($)	EUR (€)
			USD ($)	USD ($)
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'	'
Maximum limited partnership investment	'	'	'	'	$50,000	€ 38,000
Indirect ownership interest from limited partnership	'	'	'	'	21.00%	21.00%
Unfunded loan commitments	$29,106	$29,106	$29,106	$29,106	'	'

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Restricted cash	$30,127	$30,127
Carrying Value [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Cash and cash equivalents	126,473	20,096
Restricted cash	30,127	30,127
Borrowings under repurchase agreements	-166,994	-202,033
Convertible senior notes, net	-139,163	0
Carrying Value [Member] | Level 3 [Member] | Commercial mortgage loans [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Commercial first mortgage and Subordinate loans	185,516	161,099
Carrying Value [Member] | Level 3 [Member] | Subordinate Loans [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Commercial first mortgage and Subordinate loans	484,979	497,484
Estimated Fair Value [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Cash and cash equivalents	126,473	20,096
Restricted cash	30,127	30,127
Borrowings under repurchase agreements	-165,223	-202,148
Convertible senior notes, net	-146,050	0
Estimated Fair Value [Member] | Level 3 [Member] | Commercial mortgage loans [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Commercial first mortgage and Subordinate loans	188,708	164,405
Estimated Fair Value [Member] | Level 3 [Member] | Subordinate Loans [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Commercial first mortgage and Subordinate loans	$490,564	$503,267

Net_Income_per_Share_Detail

Net Income per Share (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Numerator:	'	'
Net income	$17,580	$11,932
Preferred dividends	-1,860	-1,860
Net income available to common stockholders	15,720	10,072
Dividends declared on common stock	-14,850	-14,748
Dividends on participating securities	-86	-195
Net income (loss) attributable to common stockholders	$784	($4,871)
Denominator:	'	'
Basic weighted average shares of common stock outstanding	37,122,842	30,105,939
Diluted weighted average shares of common stock outstanding	37,341,050	30,480,689
Basic and diluted net income (loss) per weighted average share of common stock	'	'
Distributable Earnings	$0.40	$0.49
Undistributed income (loss)	$0.02	($0.16)
Basic and diluted net income (loss) per share of common stock (in dollars per share)	$0.42	$0.33

Subsequent_Events_Detail

Subsequent Events (Detail)

3 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

In Thousands, except Per Share data, unless otherwise specified

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Feb. 28, 2013

Mar. 31, 2014

Dec. 31, 2013

Apr. 28, 2014

Apr. 28, 2014

Apr. 29, 2014

Apr. 28, 2014

Apr. 28, 2014

Apr. 25, 2014

Apr. 28, 2014

Apr. 29, 2014

Apr. 29, 2014

Apr. 29, 2014

Apr. 28, 2014

Apr. 29, 2014

Apr. 29, 2014

Apr. 29, 2014

Apr. 28, 2014

Apr. 29, 2014

Apr. 29, 2014

USD ($)

USD ($)

Minimum [Member]

Maximum [Member]

Line of Credit [Member]

Commercial mortgage loans [Member]

Commercial mortgage loans [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

JP Morgan Chase [Member]

USD ($)

USD ($)

USD ($)

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Commercial Mortgage Backed Securities [Member]

Commercial Mortgage Backed Securities [Member]

Commercial mortgage loans [Member]

Commercial mortgage loans [Member]

First Mortgage [Member]

First Mortgage [Member]

First Mortgage [Member]

First Mortgage [Member]

Mezzanine Loan [Member]

Mezzanine Loan [Member]

Mezzanine Loan [Member]

USD ($)

Deutsche Bank AG [Member]

Deutsche Bank AG [Member]

Deutsche Bank AG [Member]

Deutsche Bank AG [Member]

JP Morgan Chase [Member]

USD ($)

USD ($)

Office Building [Member]

Office Building [Member]

Commercial mortgage loans [Member]

Commercial mortgage loans [Member]

Commercial mortgage loans [Member]

Commercial mortgage loans [Member]

Commercial mortgage loans [Member]

Commercial mortgage loans [Member]

Commercial mortgage loans [Member]

USD ($)

USD ($)

Three Month LIBOR [Member]

Three Month LIBOR [Member]

subsidiary

USD ($)

GBP (£)

Single Family and Condominium [Member]

Single Family and Condominium [Member]

Office Building [Member]

Office Building [Member]

Office Building [Member]

Office Building [Member]

Office Building [Member]

Minimum [Member]

Maximum [Member]

USD ($)

USD ($)

GBP (£)

sqft

USD ($)

GBP (£)

home

Stock Transactions, Parenthetical Disclosures [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividend declared per share of common stock

$0.40

$0.40

'

'

'

'

'

$0.40

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage Loans on Real Estate [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage loan, face amount

'

'

'

'

'

$189,000

$164,000

'

'

'

'

'

'

'

'

$126,060

£ 75,000

'

$210,000

$72,106

£ 42,900

'

$53,954

£ 32,100

Mortgage loan, terms

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'5 years

'

'

'

'

'

'

Number of homes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

229

'

'

'

'

'

Mortgage loan, syndicated amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

104,000

'

'

'

'

'

Mortgage loan, retained amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

106,000

'

'

'

'

'

Mortgage loan, loan to value ratio

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

49.00%

'

'

'

78.00%

'

'

Mortgage loan, IRR on unlevered basis

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8.20%

'

'

'

'

'

'

Mortgage loan, IRR on levered basis

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15.00%

'

'

'

'

'

'

Real estate property expected redevelopment are (in square feet)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

173,000

'

'

Mortgage loan IRR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

12.00%

'

'

Equity deployed to acquire CMBS

'

'

'

'

'

'

'

'

'

'

'

'

'

'

24,676

'

'

'

'

'

'

'

'

'

Aggregate purchase price of CMBS

'

'

'

'

'

'

'

'

'

'

'

'

'

123,378

'

'

'

'

'

'

'

'

'

'

Borrowings under term repurchase facility

'

'

'

'

'

'

'

'

98,702

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Life

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years 2 months 12 days

'

'

'

'

'

'

'

'

'

'

Internal rate of return

'

'

'

'

'

'

'

'

'

'

'

'

'

17.00%

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase agreement, current borrowing capacity

'

'

'

'

'

'

'

'

'

100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase agreement, term

'

'

'

'

'

'

'

'

'4 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase agreement, basis point

'

'

'

'

'

'

'

'

'

'

1.80%

2.32%

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase agreement, margin ratio

'

'

125.00%

181.82%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase agreement, covenant, shareholder's equity of gross capital proceeds, percentage

'

'

'

'

'

'

'

'

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of subsidiaries subject to letter agreement

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

Temporary waiver term

'

'

'

'

'

'

'

'

'

'

'

'

'30 days

'

'

'

'

'

'

'

'

'

'

'

Liquidity ratio, percentage

'

'

'

'

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Consolidated recourse indebtedness covenant

'

'

'

'

$12,500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'