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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |