Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 30, 2014 | |
Document Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
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 | ' | 46,848,675 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash | $63,335 | $20,096 |
Restricted cash | 30,127 | 30,127 |
Securities available-for-sale, at estimated fair value | 23,281 | 33,362 |
Securities, at estimated fair value | 324,724 | 158,086 |
Interest receivable | 15,183 | 6,022 |
Deferred financing costs, net | 5,088 | 628 |
Other assets | 975 | 600 |
Total Assets | 1,554,750 | 907,504 |
Liabilities: | ' | ' |
Borrowings under repurchase agreements | 446,224 | 202,033 |
Convertible senior notes, net | 139,362 | 0 |
Participations sold | 89,182 | 0 |
Derivative instrument | 1,093 | 0 |
Accounts payable and accrued expenses | 5,260 | 2,660 |
Payable to related party | 2,966 | 2,628 |
Dividends payable | 20,665 | 17,227 |
Total Liabilities | 704,752 | 224,548 |
Commitments and Contingencies (see Note 15) | ' | ' |
Stockholders’ Equity: | ' | ' |
Preferred stock, $0.01 par value, 50,000,000 shares authorized, 3,450,000 shares issued and outstanding ($86,250 aggregate liquidation preference) | 35 | 35 |
Common stock, $0.01 par value, 450,000,000 shares authorized, 46,848,675 and 36,888,467 shares issued and outstanding, respectively | 468 | 369 |
Additional paid-in-capital | 860,421 | 697,610 |
Retained earnings (accumulated deficit) | -10,132 | -14,188 |
Accumulated other comprehensive loss | -794 | -870 |
Total Stockholders’ Equity | 849,998 | 682,956 |
Total Liabilities and Stockholders’ Equity | 1,554,750 | 907,504 |
Commercial mortgage loans [Member] | ' | ' |
Assets: | ' | ' |
Loans, held for investment | 343,810 | 161,099 |
Subordinate loans [Member] | ' | ' |
Assets: | ' | ' |
Loans, held for investment | $748,227 | $497,484 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 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 |
Preferred stock, aggregate liquidation preference, value | $86,250,000 | $86,250,000 |
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 | 46,848,675 | 36,888,467 |
Common stock, shares outstanding | 46,848,675 | 36,888,467 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statement of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net interest income: | ' | ' | ' | ' |
Interest income from securities | $4,366 | $3,014 | $6,785 | $6,101 |
Interest income from commercial mortgage loans | 6,438 | 3,676 | 10,449 | 7,268 |
Interest income from subordinate loans | 18,238 | 11,498 | 32,968 | 22,953 |
Interest income from repurchase agreements | 0 | 0 | 0 | 2 |
Interest expense | -5,258 | -955 | -7,015 | -2,024 |
Net interest income | 23,784 | 17,233 | 43,187 | 34,300 |
Operating expenses: | ' | ' | ' | ' |
General and administrative expenses (includes $362 and $788 of equity based compensation in 2014 and $428 and $1,311 in 2013, respectively) | -1,479 | -1,437 | -2,921 | -3,333 |
Management fees to related party | -2,966 | -2,600 | -5,531 | -4,759 |
Total operating expenses | -4,445 | -4,037 | -8,452 | -8,092 |
Interest income from cash balances | 4 | 16 | 4 | 16 |
Unrealized gain (loss) on securities | 4,749 | -1,421 | 6,934 | -2,500 |
Foreign currency gain | 959 | 0 | 959 | 0 |
Loss on derivative instruments (includes $1,093 and $1,093 of unrealized losses in 2014 and $57 and $130 of unrealized gains in 2013, respectively) | -1,093 | -2 | -1,093 | -3 |
Net income | 23,958 | 11,789 | 41,539 | 23,721 |
Preferred dividends | -1,860 | -1,860 | -3,720 | -3,720 |
Net income available to common stockholders | $22,098 | $9,929 | $37,819 | $20,001 |
Basic and diluted net income per share of common stock (dollars per share) | $0.51 | $0.27 | $0.94 | $0.59 |
Basic weighted average shares of common stock outstanding (shares) | 42,888,747 | 36,880,410 | 40,021,722 | 33,511,889 |
Diluted weighted average shares of common stock outstanding (shares) | 43,099,354 | 37,373,885 | 40,236,109 | 33,946,329 |
Dividend declared per share of common stock (dollars per share) | $0.40 | $0.40 | $0.80 | $0.80 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Operations (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
General and administrative expenses, equity-based compensation | $362 | $428 | $788 | $1,311 |
Unrealized gains (losses) on derivative instruments | ($1,093) | $57 | ($1,093) | $130 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income available to common stockholders | $22,098 | $9,929 | $37,819 | $20,001 |
Change in net unrealized gain (loss) on securities available-for-sale | 93 | -474 | 76 | -632 |
Comprehensive income | $22,191 | $9,455 | $37,895 | $19,369 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid In Capital [Member] | Returned Earnings/ (Accumulated Deficit) [Member] | Accumulated Other Comprehensive 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) | ' | ' | 240,277 | ' | ' | ' |
Capital increase related to Equity Incentive Plan | -88 | ' | 2 | -90 | ' | ' |
Issuance of restricted common stock (in shares) | ' | ' | 13,931 | ' | ' | ' |
Issuance of stock (in shares) | ' | ' | 9,706,000 | ' | ' | ' |
Issuance of stock | 158,693 | ' | 97 | 158,596 | ' | ' |
Offering costs | -312 | ' | ' | -312 | ' | ' |
Convertible senior notes | 4,617 | ' | ' | 4,617 | ' | ' |
Net income | 41,539 | ' | ' | ' | 41,539 | ' |
Change in net unrealized gain on securities available-for-sale | 76 | ' | ' | ' | ' | 76 |
Dividends on common stock | -33,763 | ' | ' | ' | -33,763 | ' |
Dividends on preferred stock | -3,720 | ' | ' | ' | -3,720 | ' |
Ending balance at Jun. 30, 2014 | $849,998 | $35 | $468 | $860,421 | ($10,132) | ($794) |
Ending balance, Shares at Jun. 30, 2014 | ' | 3,450,000 | 46,848,675 | ' | ' | ' |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statement of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows provided by operating activities: | ' | ' |
Net income | $41,539 | $23,721 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Premium amortization and (discount accretion), net | -1,285 | -1,995 |
Amortization of deferred financing costs | 662 | 415 |
Equity-based compensation | -88 | 1,311 |
Unrealized (gain) loss on securities | -6,934 | 2,500 |
Foreign currency gain | -959 | 0 |
Unrealized gain on derivative instruments | 1,093 | -130 |
Changes in operating assets and liabilities: | ' | ' |
Accrued interest receivable, less purchased interest | -10,459 | -3,474 |
Other assets | 416 | 203 |
Accounts payable and accrued expenses | 2,809 | 110 |
Payable to related party | 338 | 563 |
Net cash provided by operating activities | 27,132 | 23,224 |
Cash flows used in investing activities: | ' | ' |
Fees received from commercial mortgage loans | 0 | 280 |
Funding of securities at estimated fair value | -173,969 | 0 |
Funding of commercial mortgage loans | -181,590 | 0 |
Funding of subordinate loans | -318,922 | -174,190 |
Funding of other assets | -1,256 | 0 |
Principal payments received on securities available-for-sale | 9,969 | 13,267 |
Principal payments received on securities at estimated fair value | 14,009 | 25,415 |
Principal payments received on commercial mortgage loans | 452 | 813 |
Principal payments received on subordinate loans | 71,434 | 68,779 |
Principal payments received on other assets | 21 | 0 |
Principal payments received on repurchase agreements | 0 | 6,598 |
Net cash used in investing activities | -579,852 | -59,038 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of common stock | 158,693 | 148,804 |
Payment of offering costs | -208 | -776 |
Proceeds from repurchase agreement borrowings | 297,665 | 0 |
Repayments of repurchase agreement borrowings | -53,475 | -33,846 |
Proceeds from issuance of convertible senior notes | 143,750 | 0 |
Participations sold | 89,012 | 0 |
Payment of deferred financing costs | -5,433 | -505 |
Dividends on common stock | -30,325 | -25,965 |
Dividends on preferred stock | -3,720 | -3,720 |
Net cash provided by financing activities | 595,959 | 83,992 |
Net increase in cash and cash equivalents | 43,239 | 48,178 |
Cash and cash equivalents, beginning of period | 20,096 | 108,619 |
Cash and cash equivalents, end of period | 63,335 | 156,797 |
Supplemental disclosure of cash flow information: | ' | ' |
Interest paid | 2,998 | 916 |
Supplemental disclosure of non-cash financing activities: | ' | ' |
Dividend declared, not yet paid | 20,665 | 16,821 |
Deferred financing costs, not yet paid | 0 | 250 |
Offering costs payable | $212 | $47 |
Organization
Organization | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 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. | |
Significant Accounting Policies | |
Foreign Currency. The Company may enter into transactions not denominated in United States, or U.S., dollars. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in the Company's consolidated statements of operations. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the prevailing exchange rate on the dates that they were recorded. | |
Participations Sold. Participations sold represent interests in certain loans that the Company originated and subsequently sold. In certain instances, the Company presents these participations sold as both assets and non-recourse liabilities because these arrangements do not qualify as sales under GAAP. Generally, participations sold are recorded as assets and liabilities in equal amounts on the Company's consolidated balance sheets, and an equivalent amount of interest income and interest expense is recorded on the Company's consolidated statements of operations. | |
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. | |
In June 2014, the FASB issued guidance which amends the accounting guidance for repurchase-to-maturity transactions and repurchase agreements executed as repurchase financings, and requires additional disclosure about certain transactions by the transferor. The guidance is effective for certain transactions that qualify for sales treatment for the first interim or annual period beginning after December 15, 2014. The new disclosure requirements for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that qualify for secured borrowing treatment is effective for annual periods beginning after December 15, 2014 and for interim periods beginning after March 15, 2014. The Company currently records repurchase arrangements as secured borrowings and does not anticipate this guidance will have an impact on the Company's consolidated financial statements. | |
In May 2014, the FASB issued guidance which broadly amends the accounting guidance for revenue recognition. This guidance is effective for the first interim or annual period beginning after December 15, 2016, and is to be applied prospectively. The Company does not anticipate that the adoption of this guidance will have a material impact on the Company's consolidated financial statements. |
Fair_Value_Disclosure
Fair Value Disclosure | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 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 June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||
Fair Value as of June 30, 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) | $ | — | $ | 23,281 | $ | — | $ | 23,281 | $ | — | $ | 33,362 | $ | — | $ | 33,362 | ||||||||||||||||
CMBS (Fair Value Option) | — | 324,724 | — | 324,724 | — | 158,086 | — | 158,086 | ||||||||||||||||||||||||
Total | $ | — | $ | 348,005 | $ | — | $ | 348,005 | $ | — | $ | 191,448 | $ | — | $ | 191,448 | ||||||||||||||||
Debt_Securities
Debt Securities | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||
Debt Securities | ' | |||||||||||||||||||
Debt Securities | ||||||||||||||||||||
At June 30, 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”), UBS AG, London Branch ("UBS") (the "UBS Facility") and Deutsche Bank AG ("DB") (the "DB Facility"). (See Note 8 for a description of these facilities). | ||||||||||||||||||||
The amortized cost and estimated fair value of the Company’s debt securities at June 30, 2014 are summarized as follows: | ||||||||||||||||||||
Security Description | Face | Amortized | Gross | Gross | Estimated | |||||||||||||||
Amount | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||
Gain | Loss | Value | ||||||||||||||||||
CMBS (Available-for-Sale) | $ | 23,097 | $ | 24,074 | $ | — | $ | (793 | ) | $ | 23,281 | |||||||||
CMBS (Fair Value Option) | 320,499 | 315,650 | 9,143 | (69 | ) | 324,724 | ||||||||||||||
Total | $ | 343,596 | $ | 339,724 | $ | 9,143 | $ | (862 | ) | $ | 348,005 | |||||||||
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 June 30, 2014 and December 31, 2013 are as follows: | ||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||
Credit Ratings * | AAA - CC | AAA - CCC | ||||||||||||||||||
Coupon | 5.8 | % | 5.8 | % | ||||||||||||||||
Yield | 6.3 | % | 5.3 | % | ||||||||||||||||
Weighted Average Life | 2.8 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 calculated on a weighted average basis as of June 30, 2014 and December 31, 2013 are as follows: | ||||||||||||||||||||
Vintage | June 30, 2014 | December 31, 2013 | ||||||||||||||||||
2005 | 13 | % | — | % | ||||||||||||||||
2006 | 15 | 3 | ||||||||||||||||||
2007 | 71 | 97 | ||||||||||||||||||
2008 | 1 | — | ||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||
Property Type | June 30, 2014 | December 31, 2013 | ||||||||||||||||||
Office | 36.6 | % | 35.5 | % | ||||||||||||||||
Retail | 24.3 | 24.1 | ||||||||||||||||||
Hotel | 14.2 | 13.7 | ||||||||||||||||||
Multifamily | 11.4 | 12.7 | ||||||||||||||||||
Other * | 13.5 | 14 | ||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||
* No other individual category comprises more than 10% of the total. | ||||||||||||||||||||
Location | June 30, 2014 | December 31, 2013 | ||||||||||||||||||
South Atlantic | 24 | % | 23.4 | % | ||||||||||||||||
Middle Atlantic | 20.3 | 22.8 | ||||||||||||||||||
Pacific | 17.7 | 17.6 | ||||||||||||||||||
East North Central | 11 | — | ||||||||||||||||||
Other * | 27 | 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]) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 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 June 30, 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 | $ | 31,179 | $ | 31,179 | Fixed | 151 rooms | |||||||||||
Office Condo (Headquarters) - NY, NY | 10-Feb | 15-Feb | 28,000 | 27,032 | 27,032 | Fixed | 73,419 sq. ft. | ||||||||||||||
Hotel - Silver Spring, MD | 10-Mar | 15-Apr | 26,000 | 24,770 | 24,670 | Fixed | 263 rooms | ||||||||||||||
Condo Conversion – NY, NY (1) | 12-Dec | 15-Jan | 45,000 | 45,000 | 45,142 | Floating | 119,000 sq. ft. | ||||||||||||||
Condo Conversion – NY, NY (2) | 13-Aug | 15-Sep | 33,000 | 33,504 | 33,442 | Floating | 40,000 sq. ft. | ||||||||||||||
Condo Construction - Potomac, MD (3) | 14-Feb | 16-Sep | 25,000 | 25,000 | 24,320 | Floating | 50 units | ||||||||||||||
Vacation Home Portfolio - Various | 14-Apr | 19-Apr | 106,000 | 106,000 | 104,953 | Fixed | 229 properties | ||||||||||||||
Hotel - Philadelphia, PA (1) | 14-May | 17-May | 34,000 | 34,000 | 33,698 | Floating | 301 rooms | ||||||||||||||
Condo Construction - Bethesda, MD (4) | 14-Jun | 16-Dec | 20,000 | 20,000 | 19,374 | Floating | 40 units | ||||||||||||||
Total/Weighted Average | $ | 349,000 | $ | 346,485 | $ | 343,810 | 8.64 | % | |||||||||||||
-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. As of June 30, 2014, the Company had $55,000 of unfunded loan commitments related to this loan. | ||||||||||||||||||||
-4 | This loan includes a six-month extension option subject to certain conditions and the payment of a fee. As of June 30, 2014, the Company had $45,100 of unfunded loan commitments related to this loan. | ||||||||||||||||||||
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 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 June 30, 2014 and December 31, 2013. |
Subordinate_Loans
Subordinate Loans (Subordinate loans [Member]) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 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 June 30, 2014: | |||||||||||||||||||
Description | Date of | Maturity | Original | Current | Carrying | Coupon | |||||||||||||
Investment | Date | Face | Face | Value | |||||||||||||||
Amount | Amount | ||||||||||||||||||
Office - Michigan | 10-May | 20-Jun | $ | 9,000 | $ | 8,839 | $ | 8,839 | Fixed | ||||||||||
Ski Resort - California | 11-Apr | 17-May | 40,000 | 40,000 | 39,660 | 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 | 9,781 | 9,781 | Fixed | |||||||||||||
Hotel Portfolio – Various (1) | 12-Nov | 15-Nov | 50,000 | 47,717 | 47,767 | Floating | |||||||||||||
Condo Conversion – NY, NY (2) | 12-Dec | 15-Jan | 35,000 | 35,000 | 35,026 | Floating | |||||||||||||
Condo Construction – NY, NY (1) | 13-Jan | 17-Jul | 60,000 | 71,399 | 70,969 | Fixed | |||||||||||||
Multifamily Conversion – NY, NY (1) | 13-Jan | 14-Dec | 18,000 | 14,608 | 14,592 | Floating | |||||||||||||
Hotel Portfolio – Rochester, MN | 13-Jan | 18-Feb | 25,000 | 24,628 | 24,628 | Fixed | |||||||||||||
Warehouse Portfolio - Various | 13-May | 23-May | 32,000 | 32,000 | 32,000 | Fixed | |||||||||||||
Multifamily Conversion – NY, NY (3) | 13-May | 14-Sep | 44,000 | 44,000 | 43,917 | Floating | |||||||||||||
Office Condo - NY, NY | 13-Jul | 22-Jul | 14,000 | 14,000 | 13,579 | Fixed | |||||||||||||
Condo Conversion – NY, NY (4) | 13-Aug | 15-Sep | 29,400 | 29,451 | 29,240 | Floating | |||||||||||||
Mixed Use - Pittsburgh, PA (1) | 13-Aug | 16-Aug | 22,500 | 22,500 | 22,411 | Floating | |||||||||||||
Mixed Use - Florida (2) | 13-Nov | 18-Oct | 50,000 | 44,910 | 44,581 | Floating | |||||||||||||
Mixed Use - Various (2) | 13-Dec | 18-Dec | 17,000 | 18,134 | 17,945 | Fixed | |||||||||||||
Mixed Use - London, England | 14-Apr | 15-Jan | 54,926 | 54,926 | 54,926 | Fixed | |||||||||||||
Hotel - Aruba (2) | 14-May | 17-May | 155,000 | 155,000 | 153,591 | Floating | |||||||||||||
Hotel - NY, NY | 14-Jun | 14-Dec | 28,250 | 28,250 | 28,250 | Fixed | |||||||||||||
Healthcare Portfolio - Various (5) | 14-Jun | 16-Jun | 50,000 | 50,000 | 50,000 | Floating | |||||||||||||
Total/Weighted Average | $ | 750,601 | $ | 751,668 | $ | 748,227 | 10.3 | % | |||||||||||
-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. | ||||||||||||||||||
-5 | Includes three one-year extensions options subject to certain conditions and the payment of a fee for each extension. | ||||||||||||||||||
During 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% internal rate of return ("IRR") on this subordinate loan. See below for a description of how the IRR is calculated. | |||||||||||||||||||
During June 2014, the Company received a $47,000 principal repayment from a mezzanine loan secured by a pledge of the equity interests in a portfolio of skilled nursing facilities. The Company realized a 12% IRR on this mezzanine loan. | |||||||||||||||||||
IRR is the annualized effective compounded return rate that accounts for the time-value of money and represents the rate of return on an investment over a holding period expressed as a percentage of the investment. It is the discount rate that makes the net present value of all cash outflows (the costs of investment) equal to the net present value of cash inflows (returns on investment). It is derived from the negative and positive cash flows resulting from or produced by each transaction (or for a transaction involving more than one investment, cash flows resulting from or produced by each of the investments), whether positive, such as investment returns, or negative, such as transaction expenses or other costs of investment, taking into account the dates on which such cash flows occurred or are expected to occur, and compounding interest accordingly. | |||||||||||||||||||
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. | ||||||||||||||||||
During February 2013, the Company received principal repayment on two mezzanine loans totaling $50,000 secured by a portfolio of retail shopping centers located throughout the United States. In connection with the repayment, the Company received a yield maintenance payment totaling $2,500. With the yield maintenance payment, the Company realized a 15% IRR on its mezzanine loan investment. | |||||||||||||||||||
During June 2013, the Company received the repayment of a $15,000 mezzanine loan secured by a hotel in New York City. In connection with the repayment, the Company received a yield maintenance payment totaling $1,233. With the yield maintenance payment, the Company realized a 19% IRR on its mezzanine loan investment. | |||||||||||||||||||
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 June 30, 2014 and December 31, 2013. |
Repurchase_Agreement
Repurchase Agreement | 6 Months Ended |
Jun. 30, 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. |
Borrowings_Under_Repurchase_Ag
Borrowings Under Repurchase Agreements | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||
Borrowings Under Repurchase Agreements | ' | |||||||||||||||||||
Borrowings Under Repurchase Agreements | ||||||||||||||||||||
At June 30, 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, the UBS Facility and the DB Facility. | ||||||||||||||||||||
At June 30, 2014 and December 31, 2013, the Company’s borrowings had the following debt balances, weighted average maturities and interest rates: | ||||||||||||||||||||
30-Jun-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 | $ | 26,774 | 0.7 years | 1 | % | $ | 47,751 | 0.2 years | * | 1.2 | % | ** | ||||||||
UBS Facility borrowings | 133,899 | 4.2 years | * | 2.8 | % | 133,899 | 4.7 years | 2.8 | % | Fixed | ||||||||||
DB Facility borrowings | 138,853 | 3.8 years | 3.8 | % | — | 0.0 years | — | % | *** | |||||||||||
JPMorgan Facility borrowings | 146,698 | 0.6 years | 2.7 | % | 20,383 | 1.1 years | 2.7 | % | L+250 | |||||||||||
Total borrowings | $ | 446,224 | 2.7 years | 2.9 | % | $ | 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 June 30, 2014, borrowings outstanding under the Wells Facility bore interest at LIBOR plus 80 basis points. | ||||||||||||||||||||
*** 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 U.S. dollar LIBOR, plus a financing spread ranging from 1.80% to 2.32% based on the rating of the collateral pledged. | ||||||||||||||||||||
At June 30, 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 | $ | 26,774 | $ | — | $ | — | $ | — | $ | 26,774 | ||||||||||
UBS Facility borrowings * | — | 55,046 | 78,853 | — | 133,899 | |||||||||||||||
DB Facility borrowings | — | 90,790 | 48,063 | — | 138,853 | |||||||||||||||
JPMorgan Facility borrowings | 146,698 | — | — | — | 146,698 | |||||||||||||||
Total | $ | 173,472 | $ | 145,836 | $ | 126,916 | $ | — | $ | 446,224 | ||||||||||
*Assumes extension option is exercised. | ||||||||||||||||||||
At June 30, 2014, the Company’s collateralized financings were comprised of borrowings outstanding under the Wells Facility, the UBS Facility, the DB Facility and the JPMorgan Facility. The table below summarizes the outstanding balances at June 30, 2014, as well as the maximum and average balances for the six months ended June 30, 2014. | ||||||||||||||||||||
For the six months ended June 30, 2014 | ||||||||||||||||||||
Balance at June 30, 2014 | Maximum Month-End | Average Month-End | ||||||||||||||||||
Balance | Balance | |||||||||||||||||||
Wells Facility borrowings | $ | 26,774 | $ | 47,751 | $ | 34,322 | ||||||||||||||
UBS Facility borrowings | 133,899 | 133,899 | 133,899 | |||||||||||||||||
DB Facility borrowings | 138,853 | 138,853 | 50,512 | |||||||||||||||||
JPMorgan Facility borrowings | 146,698 | 146,741 | 65,635 | |||||||||||||||||
Total | $ | 446,224 | ||||||||||||||||||
DB Facility. During April 2014, the Company through an indirect wholly-owned subsidiary entered into the DB Facility with DB pursuant to which the Company may borrow up to $100,000 in order to finance the acquisition of CMBS. The DB Facility was amended in May 2014 to permit the Company to borrow up to $200,000, which maximum may be increased one further time at the Company's request by $100,000. 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 U.S. 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. | ||||||||||||||||||||
JPMorgan Facility. On April 25, 2014, the Company, through two subsidiaries (the "Funding 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. | ||||||||||||||||||||
On May 9, 2014, the Company and the Funding Subsidiaries entered into an amendment letter to temporarily increase the maximum permitted borrowing under the JPMorgan Facility from $100,000 to approximately $146,814 and amends the terms of the JPMorgan Facility in order to finance the acquisition of certain mezzanine real estate loans. This letter expired on May 23, 2014. | ||||||||||||||||||||
On May 22, 2014, the Company and the Funding Subsidiaries entered into an amendment letter to extend, until June 6, 2014, (i) the temporary increase of the maximum permitted borrowing under the JPMorgan Facility from $100,000 to approximately $146,814 and (ii) the waiver of compliance with the minimum liquidity covenant under the JPMorgan Facility that was previously granted on April 25, 2014. | ||||||||||||||||||||
On June 6, 2014, the Company and the Funding Subsidiaries entered into amendment letters to extend, as applicable, (i) until June 12, 2014, the temporary increase of the maximum permitted borrowing under the JPMorgan Facility from $100,000 to approximately $146,814, and (ii) until July 1, 2014, the waiver of compliance with the minimum liquidity covenant under the JPMorgan Facility that was previously granted on April 25, 2014. | ||||||||||||||||||||
On June 12, 2014, the Company and the Funding Subsidiaries entered into a third amendment and restatement of the JP Morgan Facility (the “Third Amendment and Restatement”) with JPMorgan. The Third Amendment and Restatement amended the JPMorgan Facility to facilitate the financing of mezzanine loans under the JPMorgan Facility and increased the maximum permitted borrowing to $175,000. In connection with the Third Amendment and Restatement, the guarantee provided by the Company for the obligations of the Funding Subsidiaries was also amended to require the Company to hold minimum liquidity equal to the greater of 5% of its total recourse indebtedness and $15,000. The Third Amendment and Restatement contains affirmative and negative covenants and provisions regarding events of default that are customary for similar repurchase facilities. The Third Amendment and Restatement expires in January 2015. | ||||||||||||||||||||
Wells Facility. 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 June 30, 2014 and December 31, 2013. |
Convertible_Senior_Notes
Convertible Senior Notes | 6 Months Ended | |||||||||||
Jun. 30, 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 $139,037. At June 30, 2014, the 2019 Notes have a carrying value of $139,362 and an unamortized discount of $4,388. 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 June 30, 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 and has a value of $4,388 as of June 30, 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 $1,977 and $2,284 for the three and six months ended June 30, 2014, respectively. 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 $199 and $230 for the three and six months ended June 30, 2014. | ||||||||||||
As of June 30, 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 it is management's intent and ability to settle the obligation in cash. |
Participations_Sold
Participations Sold (Participating Mortgages [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
Participating Mortgages [Member] | ' |
Mortgage Loans on Real Estate [Line Items] | ' |
Participations Sold | ' |
Participations Sold | |
During May 2014, the Company closed a $155,000 floating-rate whole loan secured by the first mortgage and equity interests in an entity that owns a resort hotel in Aruba. During June 2014, the Company syndicated a $90,000 senior participation in the loan and retained a $65,000 junior participation in the loan. | |
Participations sold represent the interest in the Aruba loan the Company originated and subsequently sold. The Company presents the participation sold as both assets and non-recourse liabilities because the participation does not qualify as a sale according to GAAP. At June 30, 2014, the Company had one such participation sold with a face amount of $90,000 and a carrying amount of $89,182. The participation sold has a cash coupon of LIBOR plus 440 basis points. The income earned on the participation sold is recorded as interest income and an identical amount is recorded as interest expense on the Company's consolidated statements of operations. |
Derivative_Instruments
Derivative Instruments | 6 Months Ended | ||||||||||||||||
Jun. 30, 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. 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 interest rate swaps and caps matured during the third quarter of 2013. | |||||||||||||||||
During April 2014, the Company entered into a forward contract whereby it agreed to sell £34,389 in exchange for $57,631 in January 2015. The forward contract was executed to economically fix the U.S. dollar amounts of foreign denominated cash flows expected to be received related to a foreign denominated loan investment which closed in the second quarter of 2014. | |||||||||||||||||
The Company has not designated any of its derivative instruments as hedges under GAAP and therefore, changes in the fair value of the Company's derivatives are recorded directly in earnings. The following table summarizes the amounts recognized on the consolidated statements of operations related to the Company’s derivatives for the three and six months ended June 30, 2014 and 2013. | |||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
Location of Loss Recognized in Income | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest rate swaps | Loss on derivative instruments – realized * | $ | — | $ | (59 | ) | $ | — | $ | (133 | ) | ||||||
Interest rate swaps | Gain on derivative instruments – unrealized | — | 58 | — | 131 | ||||||||||||
Forward currency contract | Loss on derivative instruments - unrealized | (1,093 | ) | — | (1,093 | ) | — | ||||||||||
Interest rate caps | Loss on derivative instruments - unrealized | — | (1 | ) | — | (1 | ) | ||||||||||
Total | $ | (1,093 | ) | $ | (2 | ) | $ | (1,093 | ) | $ | (3 | ) | |||||
* | Realized losses represent net amounts accrued for the Company’s derivative instruments during the period. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2014, respectively, the Company incurred approximately $2,966 and $5,531 in base management fees. For the three and six months ended June 30, 2013, respectively, the Company incurred approximately $2,600 and $4,759 in base management fees. In addition to the base management fee, the Company is also responsible for reimbursing the Manager for certain expenses paid by the Manager on behalf of the Company or for certain services provided by the Manager to the Company. For the three and six months ended June 30, 2014, respectively, the Company recorded expenses totaling $185 and $292 related to reimbursements for certain expenses paid by the Manager on behalf of the Company. For the three and six months ended June 30, 2013, respectively, the Company recorded expenses totaling $108 and $334 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 June 30, 2014 and December 31, 2013, respectively is approximately $2,966 and $2,628 for base management fees incurred but not yet paid. |
ShareBased_Payments
Share-Based Payments | 6 Months Ended | ||||||||||||||
Jun. 30, 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 $362 and $788 for the three and six months ended June 30, 2014, respectively, related to restricted stock and RSU vesting. The Company recognized stock-based compensation expense of $428 and $1,311 for the three and six months ended June 30, 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 six months ended June 30, 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 | ||||||||
Grant | Apr-14 | 13,931 | — | $235 | Jul-14 | Apr-17 | |||||||||
Canceled upon delivery | Apr-14 | — | (5,000 | ) | n/a | n/a | n/a | ||||||||
Grant | Jun-14 | — | 10,254 | $169 | Dec-14 | Dec-16 | |||||||||
Outstanding at June 30, 2014 | 222,347 | 220,254 | |||||||||||||
Below is a summary of expected restricted common stock and RSU vesting dates as of June 30, 2014. | |||||||||||||||
Vesting Date | Shares Vesting | RSU Vesting | Total Awards | ||||||||||||
Jul-14 | 3,317 | — | 3,317 | ||||||||||||
Jul-14 | 500 | — | 500 | ||||||||||||
Oct-14 | 3,313 | — | 3,313 | ||||||||||||
Dec-14 | 6,668 | 66,750 | 73,418 | ||||||||||||
Jan-15 | 3,320 | — | 3,320 | ||||||||||||
Mar-15 | — | 6,667 | 6,667 | ||||||||||||
Apr-15 | 3,321 | — | 3,321 | ||||||||||||
Jul-15 | 2,522 | — | 2,522 | ||||||||||||
Jul-15 | 500 | — | 500 | ||||||||||||
Oct-15 | 2,522 | — | 2,522 | ||||||||||||
Dec-15 | 6,668 | 66,759 | 73,427 | ||||||||||||
Jan-16 | 2,521 | — | 2,521 | ||||||||||||
Apr-16 | 2,522 | — | 2,522 | ||||||||||||
Jul-16 | 1,578 | — | 1,578 | ||||||||||||
Oct-16 | 1,577 | — | 1,577 | ||||||||||||
Dec-16 | — | 3,418 | 3,418 | ||||||||||||
Jan-17 | 1,161 | — | 1,161 | ||||||||||||
Apr-17 | 1,164 | — | 1,164 | ||||||||||||
43,174 | 143,594 | 186,768 | |||||||||||||
At June 30, 2014, the Company had unrecognized compensation expense of approximately $630 and $1,996, respectively, related to the vesting of restricted stock awards and RSUs noted in the table above. | |||||||||||||||
RSU Deliveries | |||||||||||||||
During the three months ended June 30, 2014, the Company delivered 240,277 shares of common stock for 283,750 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 $876 for six months ended June 30, 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 | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Stockholders' Equity Note [Abstract] | ' | |||||
Stockholders' Equity | ' | |||||
Stockholders’ Equity | ||||||
Common Stock Offering. During the second quarter of 2014, the Company completed a follow-on public offering of 9,706,000 shares of its common stock, including the partial exercise of the underwriters’ option to purchase additional shares, at a price of $16.35 per share. The aggregate net proceeds from the offering, including proceeds from the sale of the additional shares, were approximately $158,398 after deducting estimated offering expenses payable by the Company. | ||||||
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 | ||
April 29, 2014 | June 30, 2014 | July 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 | ||
June 9, 2014 | June 30, 2014 | July 15, 2014 | $ | 0.5391 | ||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 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 regulatory approval, which is expected to conclude during the second half of 2014. Consequently, there is no assurance that the acquisition will close. | |
Loan Commitments. As described in Note 5, at June 30, 2014, the Company had $100,100 of unfunded loan commitments. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | |||||||||||||||
Jun. 30, 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 June 30, 2014 and December 31, 2013: | ||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Cash and cash equivalents | $ | 63,335 | $ | 63,335 | $ | 20,096 | $ | 20,096 | ||||||||
Restricted cash | 30,127 | 30,127 | 30,127 | 30,127 | ||||||||||||
Commercial first mortgage loans | 343,810 | 348,043 | 161,099 | 164,405 | ||||||||||||
Subordinate loans | 748,227 | 664,661 | 497,484 | 503,267 | ||||||||||||
Borrowings under repurchase agreements | (446,224 | ) | (444,975 | ) | (202,033 | ) | (202,148 | ) | ||||||||
Convertible senior notes, net | (139,362 | ) | (151,218 | ) | — | — | ||||||||||
Participations sold | (89,182 | ) | (89,974 | ) | — | — | ||||||||||
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 | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Net Income per Share | ' | |||||||||||||||
Net Income per Share | ||||||||||||||||
GAAP requires use of the two-class method of computing earnings per share for all periods presented for each class of common stock and participating security as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for dividends declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for dividends declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. | ||||||||||||||||
The remaining earnings are allocated to common stockholders and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Each total is then divided by the applicable number of shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and all potential shares of common stock assumed issued if they are dilutive. The numerator is adjusted for any changes in income or loss that would result from the assumed conversion of these potential shares of common stock. | ||||||||||||||||
The table below presents basic and diluted net (loss) income per share of common stock using the two-class method for the three and six months ended June 30, 2014 and 2013: | ||||||||||||||||
For the three | For the six | |||||||||||||||
months ended | months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 23,958 | $ | 11,789 | $ | 41,539 | $ | 23,721 | ||||||||
Preferred dividends | (1,860 | ) | (1,860 | ) | (3,720 | ) | (3,720 | ) | ||||||||
Net income available to common stockholders | 22,098 | 9,929 | 37,819 | 20,001 | ||||||||||||
Dividends declared on common stock | (18,739 | ) | (14,752 | ) | (33,590 | ) | (29,500 | ) | ||||||||
Dividends on participating securities | (88 | ) | (200 | ) | (174 | ) | (395 | ) | ||||||||
Net income (loss) attributable to common stockholders | $ | 3,271 | $ | (5,023 | ) | $ | 4,055 | $ | (9,894 | ) | ||||||
Denominator: | ||||||||||||||||
Basic weighted average shares of common stock outstanding | 42,888,747 | 36,880,410 | 40,021,722 | 33,511,889 | ||||||||||||
Diluted weighted average shares of common stock outstanding | 43,099,354 | 37,373,885 | 40,236,109 | 33,946,329 | ||||||||||||
Basic and diluted net income per weighted average share of common stock | ||||||||||||||||
Distributable Earnings | $ | 0.44 | $ | 0.4 | $ | 0.84 | $ | 0.88 | ||||||||
Undistributed income (loss) | $ | 0.07 | $ | (0.13 | ) | $ | 0.1 | $ | (0.29 | ) | ||||||
Basic and diluted net income per share of common stock | $ | 0.51 | $ | 0.27 | $ | 0.94 | $ | 0.59 | ||||||||
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Dividends. On July 28, 2014, the Company declared a dividend of $0.40 per share of common stock, which is payable on October 15, 2014 to common stockholders of record on September 30, 2014. | |
Investment Activity. During July 2014, the Company closed a $20,000 floating-rate mezzanine loan secured by the equity interest in a 280-key hotel in the Chelsea neighborhood of New York City. The mezzanine loan has a two-year initial term and three one-year extension options and an appraised loan-to-value ("LTV") of 61%. The mezzanine loan was underwritten to generate an IRR of approximately 12%. | |
During July 2014, the Company closed a $34,500 ($30,000 of which was funded at closing) floating-rate, first mortgage loan secured by a newly constructed, Class-A, 63-unit multifamily property located in Brooklyn, New York, which also includes approximately 7,300 square feet of retail space and 31 parking spaces. The first mortgage loan has a two-year initial term with three one-year extension options and an appraised LTV of 70% on a fully funded basis. The Company anticipates financing the loan, and on a levered basis, the loan was underwritten to generate an IRR of approximately 12%. | |
During the third quarter of 2014, the Company deployed $6,369 of equity to acquire legacy CMBS with an aggregate purchase price of $31,844. The Company financed the CMBS utilizing $25,475 of borrowings under the DB Facility. The CMBS have a weighted average life of 2.1 years and have been underwritten to generate an IRR of 16%. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 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. | |
Foreign Currency | ' |
Foreign Currency. The Company may enter into transactions not denominated in United States, or U.S., dollars. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in the Company's consolidated statements of operations. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the prevailing exchange rate on the dates that they were recorded. | |
Participations Sold | ' |
Participations Sold. Participations sold represent interests in certain loans that the Company originated and subsequently sold. In certain instances, the Company presents these participations sold as both assets and non-recourse liabilities because these arrangements do not qualify as sales under GAAP. Generally, participations sold are recorded as assets and liabilities in equal amounts on the Company's consolidated balance sheets, and an equivalent amount of interest income and interest expense is recorded on the Company's consolidated statements of operations. | |
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. | |
In June 2014, the FASB issued guidance which amends the accounting guidance for repurchase-to-maturity transactions and repurchase agreements executed as repurchase financings, and requires additional disclosure about certain transactions by the transferor. The guidance is effective for certain transactions that qualify for sales treatment for the first interim or annual period beginning after December 15, 2014. The new disclosure requirements for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that qualify for secured borrowing treatment is effective for annual periods beginning after December 15, 2014 and for interim periods beginning after March 15, 2014. The Company currently records repurchase arrangements as secured borrowings and does not anticipate this guidance will have an impact on the Company's consolidated financial statements. | |
In May 2014, the FASB issued guidance which broadly amends the accounting guidance for revenue recognition. This guidance is effective for the first interim or annual period beginning after December 15, 2016, and is to be applied prospectively. The Company does not anticipate that the adoption of this guidance will have a material impact on the Company's consolidated financial statements. |
Fair_Value_Disclosure_Tables
Fair Value Disclosure (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 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 June 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||
Fair Value as of June 30, 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) | $ | — | $ | 23,281 | $ | — | $ | 23,281 | $ | — | $ | 33,362 | $ | — | $ | 33,362 | ||||||||||||||||
CMBS (Fair Value Option) | — | 324,724 | — | 324,724 | — | 158,086 | — | 158,086 | ||||||||||||||||||||||||
Total | $ | — | $ | 348,005 | $ | — | $ | 348,005 | $ | — | $ | 191,448 | $ | — | $ | 191,448 | ||||||||||||||||
Debt_Securities_Tables
Debt Securities (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 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 June 30, 2014 are summarized as follows: | ||||||||||||||||||||
Security Description | Face | Amortized | Gross | Gross | Estimated | |||||||||||||||
Amount | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||
Gain | Loss | Value | ||||||||||||||||||
CMBS (Available-for-Sale) | $ | 23,097 | $ | 24,074 | $ | — | $ | (793 | ) | $ | 23,281 | |||||||||
CMBS (Fair Value Option) | 320,499 | 315,650 | 9,143 | (69 | ) | 324,724 | ||||||||||||||
Total | $ | 343,596 | $ | 339,724 | $ | 9,143 | $ | (862 | ) | $ | 348,005 | |||||||||
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 June 30, 2014 and December 31, 2013 are as follows: | ||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||
Credit Ratings * | AAA - CC | AAA - CCC | ||||||||||||||||||
Coupon | 5.8 | % | 5.8 | % | ||||||||||||||||
Yield | 6.3 | % | 5.3 | % | ||||||||||||||||
Weighted Average Life | 2.8 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 calculated on a weighted average basis as of June 30, 2014 and December 31, 2013 are as follows: | ||||||||||||||||||||
Vintage | June 30, 2014 | December 31, 2013 | ||||||||||||||||||
2005 | 13 | % | — | % | ||||||||||||||||
2006 | 15 | 3 | ||||||||||||||||||
2007 | 71 | 97 | ||||||||||||||||||
2008 | 1 | — | ||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||
Property Type | June 30, 2014 | December 31, 2013 | ||||||||||||||||||
Office | 36.6 | % | 35.5 | % | ||||||||||||||||
Retail | 24.3 | 24.1 | ||||||||||||||||||
Hotel | 14.2 | 13.7 | ||||||||||||||||||
Multifamily | 11.4 | 12.7 | ||||||||||||||||||
Other * | 13.5 | 14 | ||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||
* No other individual category comprises more than 10% of the total. | ||||||||||||||||||||
Location | June 30, 2014 | December 31, 2013 | ||||||||||||||||||
South Atlantic | 24 | % | 23.4 | % | ||||||||||||||||
Middle Atlantic | 20.3 | 22.8 | ||||||||||||||||||
Pacific | 17.7 | 17.6 | ||||||||||||||||||
East North Central | 11 | — | ||||||||||||||||||
Other * | 27 | 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]) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 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 June 30, 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 | $ | 31,179 | $ | 31,179 | Fixed | 151 rooms | |||||||||||
Office Condo (Headquarters) - NY, NY | 10-Feb | 15-Feb | 28,000 | 27,032 | 27,032 | Fixed | 73,419 sq. ft. | ||||||||||||||
Hotel - Silver Spring, MD | 10-Mar | 15-Apr | 26,000 | 24,770 | 24,670 | Fixed | 263 rooms | ||||||||||||||
Condo Conversion – NY, NY (1) | 12-Dec | 15-Jan | 45,000 | 45,000 | 45,142 | Floating | 119,000 sq. ft. | ||||||||||||||
Condo Conversion – NY, NY (2) | 13-Aug | 15-Sep | 33,000 | 33,504 | 33,442 | Floating | 40,000 sq. ft. | ||||||||||||||
Condo Construction - Potomac, MD (3) | 14-Feb | 16-Sep | 25,000 | 25,000 | 24,320 | Floating | 50 units | ||||||||||||||
Vacation Home Portfolio - Various | 14-Apr | 19-Apr | 106,000 | 106,000 | 104,953 | Fixed | 229 properties | ||||||||||||||
Hotel - Philadelphia, PA (1) | 14-May | 17-May | 34,000 | 34,000 | 33,698 | Floating | 301 rooms | ||||||||||||||
Condo Construction - Bethesda, MD (4) | 14-Jun | 16-Dec | 20,000 | 20,000 | 19,374 | Floating | 40 units | ||||||||||||||
Total/Weighted Average | $ | 349,000 | $ | 346,485 | $ | 343,810 | 8.64 | % | |||||||||||||
-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. As of June 30, 2014, the Company had $55,000 of unfunded loan commitments related to this loan. | ||||||||||||||||||||
-4 | This loan includes a six-month extension option subject to certain conditions and the payment of a fee. As of June 30, 2014, the Company had $45,100 of unfunded loan commitments related to this loan. |
Subordinate_Loans_Tables
Subordinate Loans (Tables) (Subordinate loans [Member]) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 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 June 30, 2014: | |||||||||||||||||||
Description | Date of | Maturity | Original | Current | Carrying | Coupon | |||||||||||||
Investment | Date | Face | Face | Value | |||||||||||||||
Amount | Amount | ||||||||||||||||||
Office - Michigan | 10-May | 20-Jun | $ | 9,000 | $ | 8,839 | $ | 8,839 | Fixed | ||||||||||
Ski Resort - California | 11-Apr | 17-May | 40,000 | 40,000 | 39,660 | 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 | 9,781 | 9,781 | Fixed | |||||||||||||
Hotel Portfolio – Various (1) | 12-Nov | 15-Nov | 50,000 | 47,717 | 47,767 | Floating | |||||||||||||
Condo Conversion – NY, NY (2) | 12-Dec | 15-Jan | 35,000 | 35,000 | 35,026 | Floating | |||||||||||||
Condo Construction – NY, NY (1) | 13-Jan | 17-Jul | 60,000 | 71,399 | 70,969 | Fixed | |||||||||||||
Multifamily Conversion – NY, NY (1) | 13-Jan | 14-Dec | 18,000 | 14,608 | 14,592 | Floating | |||||||||||||
Hotel Portfolio – Rochester, MN | 13-Jan | 18-Feb | 25,000 | 24,628 | 24,628 | Fixed | |||||||||||||
Warehouse Portfolio - Various | 13-May | 23-May | 32,000 | 32,000 | 32,000 | Fixed | |||||||||||||
Multifamily Conversion – NY, NY (3) | 13-May | 14-Sep | 44,000 | 44,000 | 43,917 | Floating | |||||||||||||
Office Condo - NY, NY | 13-Jul | 22-Jul | 14,000 | 14,000 | 13,579 | Fixed | |||||||||||||
Condo Conversion – NY, NY (4) | 13-Aug | 15-Sep | 29,400 | 29,451 | 29,240 | Floating | |||||||||||||
Mixed Use - Pittsburgh, PA (1) | 13-Aug | 16-Aug | 22,500 | 22,500 | 22,411 | Floating | |||||||||||||
Mixed Use - Florida (2) | 13-Nov | 18-Oct | 50,000 | 44,910 | 44,581 | Floating | |||||||||||||
Mixed Use - Various (2) | 13-Dec | 18-Dec | 17,000 | 18,134 | 17,945 | Fixed | |||||||||||||
Mixed Use - London, England | 14-Apr | 15-Jan | 54,926 | 54,926 | 54,926 | Fixed | |||||||||||||
Hotel - Aruba (2) | 14-May | 17-May | 155,000 | 155,000 | 153,591 | Floating | |||||||||||||
Hotel - NY, NY | 14-Jun | 14-Dec | 28,250 | 28,250 | 28,250 | Fixed | |||||||||||||
Healthcare Portfolio - Various (5) | 14-Jun | 16-Jun | 50,000 | 50,000 | 50,000 | Floating | |||||||||||||
Total/Weighted Average | $ | 750,601 | $ | 751,668 | $ | 748,227 | 10.3 | % | |||||||||||
-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. | ||||||||||||||||||
-5 | Includes three one-year extensions options subject to certain conditions and the payment of a fee for each extension. | ||||||||||||||||||
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) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||
Weighted Average Maturities and Interest Rates of Borrowings | ' | |||||||||||||||||||
At June 30, 2014 and December 31, 2013, the Company’s borrowings had the following debt balances, weighted average maturities and interest rates: | ||||||||||||||||||||
30-Jun-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 | $ | 26,774 | 0.7 years | 1 | % | $ | 47,751 | 0.2 years | * | 1.2 | % | ** | ||||||||
UBS Facility borrowings | 133,899 | 4.2 years | * | 2.8 | % | 133,899 | 4.7 years | 2.8 | % | Fixed | ||||||||||
DB Facility borrowings | 138,853 | 3.8 years | 3.8 | % | — | 0.0 years | — | % | *** | |||||||||||
JPMorgan Facility borrowings | 146,698 | 0.6 years | 2.7 | % | 20,383 | 1.1 years | 2.7 | % | L+250 | |||||||||||
Total borrowings | $ | 446,224 | 2.7 years | 2.9 | % | $ | 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 June 30, 2014, borrowings outstanding under the Wells Facility bore interest at LIBOR plus 80 basis points. | ||||||||||||||||||||
*** 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 U.S. dollar LIBOR, plus a financing spread ranging from 1.80% to 2.32% based on the rating of the collateral pledged. | ||||||||||||||||||||
Remaining Maturities of Borrowings | ' | |||||||||||||||||||
At June 30, 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 | $ | 26,774 | $ | — | $ | — | $ | — | $ | 26,774 | ||||||||||
UBS Facility borrowings * | — | 55,046 | 78,853 | — | 133,899 | |||||||||||||||
DB Facility borrowings | — | 90,790 | 48,063 | — | 138,853 | |||||||||||||||
JPMorgan Facility borrowings | 146,698 | — | — | — | 146,698 | |||||||||||||||
Total | $ | 173,472 | $ | 145,836 | $ | 126,916 | $ | — | $ | 446,224 | ||||||||||
*Assumes extension option is exercised. | ||||||||||||||||||||
Schedule of Outstanding, Maximum and Average Balances of Debt | ' | |||||||||||||||||||
The table below summarizes the outstanding balances at June 30, 2014, as well as the maximum and average balances for the six months ended June 30, 2014. | ||||||||||||||||||||
For the six months ended June 30, 2014 | ||||||||||||||||||||
Balance at June 30, 2014 | Maximum Month-End | Average Month-End | ||||||||||||||||||
Balance | Balance | |||||||||||||||||||
Wells Facility borrowings | $ | 26,774 | $ | 47,751 | $ | 34,322 | ||||||||||||||
UBS Facility borrowings | 133,899 | 133,899 | 133,899 | |||||||||||||||||
DB Facility borrowings | 138,853 | 138,853 | 50,512 | |||||||||||||||||
JPMorgan Facility borrowings | 146,698 | 146,741 | 65,635 | |||||||||||||||||
Total | $ | 446,224 | ||||||||||||||||||
Convertible_Senior_Notes_Table
Convertible Senior Notes (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 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 June 30, 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) | 6 Months Ended | ||||||||||||||||
Jun. 30, 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 and six months ended June 30, 2014 and 2013. | |||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
Location of Loss Recognized in Income | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest rate swaps | Loss on derivative instruments – realized * | $ | — | $ | (59 | ) | $ | — | $ | (133 | ) | ||||||
Interest rate swaps | Gain on derivative instruments – unrealized | — | 58 | — | 131 | ||||||||||||
Forward currency contract | Loss on derivative instruments - unrealized | (1,093 | ) | — | (1,093 | ) | — | ||||||||||
Interest rate caps | Loss on derivative instruments - unrealized | — | (1 | ) | — | (1 | ) | ||||||||||
Total | $ | (1,093 | ) | $ | (2 | ) | $ | (1,093 | ) | $ | (3 | ) | |||||
* | Realized losses represent net amounts accrued for the Company’s derivative instruments during the period. |
ShareBased_Payments_Tables
Share-Based Payments (Tables) | 6 Months Ended | ||||||||||||||
Jun. 30, 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 six months ended June 30, 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 | ||||||||
Grant | Apr-14 | 13,931 | — | $235 | Jul-14 | Apr-17 | |||||||||
Canceled upon delivery | Apr-14 | — | (5,000 | ) | n/a | n/a | n/a | ||||||||
Grant | Jun-14 | — | 10,254 | $169 | Dec-14 | Dec-16 | |||||||||
Outstanding at June 30, 2014 | 222,347 | 220,254 | |||||||||||||
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 six months ended June 30, 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 | ||||||||
Grant | Apr-14 | 13,931 | — | $235 | Jul-14 | Apr-17 | |||||||||
Canceled upon delivery | Apr-14 | — | (5,000 | ) | n/a | n/a | n/a | ||||||||
Grant | Jun-14 | — | 10,254 | $169 | Dec-14 | Dec-16 | |||||||||
Outstanding at June 30, 2014 | 222,347 | 220,254 | |||||||||||||
Below is a summary of expected restricted common stock and RSU vesting dates as of June 30, 2014. | |||||||||||||||
Vesting Date | Shares Vesting | RSU Vesting | Total Awards | ||||||||||||
Jul-14 | 3,317 | — | 3,317 | ||||||||||||
Jul-14 | 500 | — | 500 | ||||||||||||
Oct-14 | 3,313 | — | 3,313 | ||||||||||||
Dec-14 | 6,668 | 66,750 | 73,418 | ||||||||||||
Jan-15 | 3,320 | — | 3,320 | ||||||||||||
Mar-15 | — | 6,667 | 6,667 | ||||||||||||
Apr-15 | 3,321 | — | 3,321 | ||||||||||||
Jul-15 | 2,522 | — | 2,522 | ||||||||||||
Jul-15 | 500 | — | 500 | ||||||||||||
Oct-15 | 2,522 | — | 2,522 | ||||||||||||
Dec-15 | 6,668 | 66,759 | 73,427 | ||||||||||||
Jan-16 | 2,521 | — | 2,521 | ||||||||||||
Apr-16 | 2,522 | — | 2,522 | ||||||||||||
Jul-16 | 1,578 | — | 1,578 | ||||||||||||
Oct-16 | 1,577 | — | 1,577 | ||||||||||||
Dec-16 | — | 3,418 | 3,418 | ||||||||||||
Jan-17 | 1,161 | — | 1,161 | ||||||||||||
Apr-17 | 1,164 | — | 1,164 | ||||||||||||
43,174 | 143,594 | 186,768 | |||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 6 Months Ended | |||||
Jun. 30, 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 | ||
April 29, 2014 | June 30, 2014 | July 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 | ||
June 9, 2014 | June 30, 2014 | July 15, 2014 | $ | 0.5391 | ||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 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 June 30, 2014 and December 31, 2013: | ||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Cash and cash equivalents | $ | 63,335 | $ | 63,335 | $ | 20,096 | $ | 20,096 | ||||||||
Restricted cash | 30,127 | 30,127 | 30,127 | 30,127 | ||||||||||||
Commercial first mortgage loans | 343,810 | 348,043 | 161,099 | 164,405 | ||||||||||||
Subordinate loans | 748,227 | 664,661 | 497,484 | 503,267 | ||||||||||||
Borrowings under repurchase agreements | (446,224 | ) | (444,975 | ) | (202,033 | ) | (202,148 | ) | ||||||||
Convertible senior notes, net | (139,362 | ) | (151,218 | ) | — | — | ||||||||||
Participations sold | (89,182 | ) | (89,974 | ) | — | — | ||||||||||
Net_Income_per_Share_Tables
Net Income per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 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 and six months ended June 30, 2014 and 2013: | ||||||||||||||||
For the three | For the six | |||||||||||||||
months ended | months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 23,958 | $ | 11,789 | $ | 41,539 | $ | 23,721 | ||||||||
Preferred dividends | (1,860 | ) | (1,860 | ) | (3,720 | ) | (3,720 | ) | ||||||||
Net income available to common stockholders | 22,098 | 9,929 | 37,819 | 20,001 | ||||||||||||
Dividends declared on common stock | (18,739 | ) | (14,752 | ) | (33,590 | ) | (29,500 | ) | ||||||||
Dividends on participating securities | (88 | ) | (200 | ) | (174 | ) | (395 | ) | ||||||||
Net income (loss) attributable to common stockholders | $ | 3,271 | $ | (5,023 | ) | $ | 4,055 | $ | (9,894 | ) | ||||||
Denominator: | ||||||||||||||||
Basic weighted average shares of common stock outstanding | 42,888,747 | 36,880,410 | 40,021,722 | 33,511,889 | ||||||||||||
Diluted weighted average shares of common stock outstanding | 43,099,354 | 37,373,885 | 40,236,109 | 33,946,329 | ||||||||||||
Basic and diluted net income per weighted average share of common stock | ||||||||||||||||
Distributable Earnings | $ | 0.44 | $ | 0.4 | $ | 0.84 | $ | 0.88 | ||||||||
Undistributed income (loss) | $ | 0.07 | $ | (0.13 | ) | $ | 0.1 | $ | (0.29 | ) | ||||||
Basic and diluted net income per share of common stock | $ | 0.51 | $ | 0.27 | $ | 0.94 | $ | 0.59 | ||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Segment | |
Accounting Policies [Abstract] | ' |
Number of business segment | 1 |
Fair_Value_Disclosure_Detail
Fair Value Disclosure (Detail) (USD $) | Jun. 30, 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 | $23,281 | $33,362 |
Total Fair Value | 348,005 | 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 | 324,724 | 158,086 |
Estimated Fair Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Aggregate purchase price of CMBS | 23,281 | 33,362 |
Total Fair Value | 348,005 | 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 | $324,724 | $158,086 |
Debt_Securities_Amortized_Cost
Debt Securities - Amortized Cost and Estimated Fair Value (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Face Amount | $343,596 | $188,643 |
Amortized cost | 339,724 | 190,178 |
Gross Unrealized Gain | 9,143 | 2,313 |
Gross Unrealized Loss | -862 | -1,043 |
Securities available-for-sale, at estimated fair value | 348,005 | 191,448 |
Commercial Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Face Amount | 23,097 | 33,066 |
Amortized cost | 24,074 | 34,232 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | -793 | -870 |
Securities available-for-sale, at estimated fair value | 23,281 | 33,362 |
Commercial Mortgage Backed Securities [Member] | Available-for-sale Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Face Amount | 320,499 | 155,577 |
Amortized cost | 315,650 | 155,946 |
Gross Unrealized Gain | 9,143 | 2,313 |
Gross Unrealized Loss | -69 | -173 |
Securities available-for-sale, at estimated fair value | $324,724 | $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]) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 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 | 6.30% | 5.30% |
Weighted Average Life | '2 years 9 months 18 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) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 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 2005 [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Percentage Vintage | 13.00% | 0.00% |
Available-for-sale Securities [Member] | Vintage Concentration Risk [Member] | Vintage 2006 [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Percentage Vintage | 15.00% | 3.00% |
Available-for-sale Securities [Member] | Vintage Concentration Risk [Member] | Vintage 2007 [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Percentage Vintage | 71.00% | 97.00% |
Available-for-sale Securities [Member] | Vintage Concentration Risk [Member] | Vintage 2008 [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Percentage Vintage | 1.00% | 0.00% |
Available-for-sale Securities [Member] | Product Concentration Risk [Member] | Office [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Percentage Vintage | 36.60% | 35.50% |
Available-for-sale Securities [Member] | Product Concentration Risk [Member] | Retail [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Percentage Vintage | 24.30% | 24.10% |
Available-for-sale Securities [Member] | Product Concentration Risk [Member] | Hotel [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Percentage Vintage | 14.20% | 13.70% |
Available-for-sale Securities [Member] | Product Concentration Risk [Member] | Multifamily [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Percentage Vintage | 11.40% | 12.70% |
Available-for-sale Securities [Member] | Product Concentration Risk [Member] | Other [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Percentage Vintage | 13.50% | 14.00% |
Available-for-sale Securities [Member] | Geographic Concentration Risk [Member] | South Atlantic [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Percentage Vintage | 24.00% | 23.40% |
Available-for-sale Securities [Member] | Geographic Concentration Risk [Member] | Middle Atlantic [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Percentage Vintage | 20.30% | 22.80% |
Available-for-sale Securities [Member] | Geographic Concentration Risk [Member] | Pacific [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Percentage Vintage | 17.70% | 17.60% |
Available-for-sale Securities [Member] | Geographic Concentration Risk [Member] | East North Central [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Percentage Vintage | 11.00% | 0.00% |
Available-for-sale Securities [Member] | Geographic Concentration Risk [Member] | Other [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Percentage Vintage | 27.00% | 36.20% |
Commercial_Mortgage_Loan_Portf
Commercial Mortgage Loan Portfolio (Detail) (Commercial mortgage loans [Member], USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Original Face Amount | $349,000 | $164,000 |
Current Face Amount | 346,485 | 161,600 |
Carrying Value | 343,810 | 161,099 |
Coupon rate of loan | 8.64% | 8.82% |
Hotel [Member] | Hotel - NY, NY [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Original Face Amount | 32,000 | 32,000 |
Current Face Amount | 31,179 | 31,317 |
Carrying Value | 31,179 | 31,317 |
Property Size, Number of Units/Rooms | 151 | 151 |
Hotel [Member] | Hotel - Silver Spring, MD [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Original Face Amount | 26,000 | 26,000 |
Current Face Amount | 24,770 | 24,947 |
Carrying Value | 24,670 | 24,785 |
Property Size, Number of Units/Rooms | 263 | 263 |
Hotel [Member] | Hotel - Philadelphia, PA [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Original Face Amount | 34,000 | ' |
Current Face Amount | 34,000 | ' |
Carrying Value | 33,698 | ' |
Property Size, Number of Units/Rooms | 301 | ' |
Office Condo [Member] | Office Condo (Headquarters) - NY, NY [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Original Face Amount | 28,000 | 28,000 |
Current Face Amount | 27,032 | 27,169 |
Carrying Value | 27,032 | 27,169 |
Property Size, Area | 73,419 | 73,419 |
Condo Conversion [Member] | Condo Conversion - NY, NY December 2012 [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Original Face Amount | 45,000 | 45,000 |
Current Face Amount | 45,000 | 45,000 |
Carrying Value | 45,142 | 44,867 |
Property Size, Area | 119,000 | 119,000 |
Condo Conversion [Member] | Condo Conversion - NY, NY August 2013 [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Original Face Amount | 33,000 | 33,000 |
Current Face Amount | 33,504 | 33,167 |
Carrying Value | 33,442 | 32,961 |
Property Size, Area | 40,000 | 40,000 |
Condo Construction [Member] | Condo Construction Potomac, MD [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Original Face Amount | 25,000 | ' |
Current Face Amount | 25,000 | ' |
Carrying Value | 24,320 | ' |
Property Size, Number of Units/Rooms | 50 | ' |
Condo Construction [Member] | Vacation Home Portfolio - Various [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Original Face Amount | 106,000 | ' |
Current Face Amount | 106,000 | ' |
Carrying Value | 104,953 | ' |
Number of properties | 229 | ' |
Condo Construction [Member] | Condo Construction Bethesda, MD [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Original Face Amount | 20,000 | ' |
Current Face Amount | 20,000 | ' |
Carrying Value | $19,374 | ' |
Property Size, Number of Units/Rooms | 40 | ' |
Commercial_Mortgage_Loan_Portf1
Commercial Mortgage Loan Portfolio (Parenthetical) (Detail) (Commercial mortgage loans [Member], USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
option | |
Condo Conversion [Member] | 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 [Member] | Condo Conversion - NY, NY August 2013 [Member] | ' |
Mortgage Loans on Real Estate [Line Items] | ' |
Option to extend loan agreement, term | '1 year |
Condo Construction [Member] | Condo Construction Potomac, MD [Member] | ' |
Mortgage Loans on Real Estate [Line Items] | ' |
Option to extend loan agreement, term | '6 months |
Unfunded loan commitments | 55,000 |
Condo Construction [Member] | Condo Construction Bethesda, MD [Member] | ' |
Mortgage Loans on Real Estate [Line Items] | ' |
Option to extend loan agreement, term | '6 months |
Unfunded loan commitments | 45,100 |
Subordinate_Loan_Portfolio_Det
Subordinate Loan Portfolio (Detail) (Subordinate loans [Member], USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Original Face Amount | $750,601 | $495,319 |
Current Face Amount | 751,668 | 500,037 |
Carrying Value | 748,227 | 497,484 |
Coupon rate of loan | 10.30% | 11.60% |
Office [Member] | Office - Michigan [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Original Face Amount | 9,000 | 9,000 |
Current Face Amount | 8,839 | 8,866 |
Carrying Value | 8,839 | 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 | 9,781 | 9,849 |
Carrying Value | 9,781 | 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 | 13,579 | 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 | 39,660 | 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 | 47,717 | 48,431 |
Carrying Value | 47,767 | 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 | 24,628 | 24,771 |
Carrying Value | 24,628 | 24,771 |
Hotel [Member] | Hotel - Aruba [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Original Face Amount | 155,000 | ' |
Current Face Amount | 155,000 | ' |
Carrying Value | 153,591 | ' |
Hotel [Member] | Hotel - NY, NY [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Original Face Amount | 28,250 | ' |
Current Face Amount | 28,250 | ' |
Carrying Value | 28,250 | ' |
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 | 22,411 | 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 | 44,910 | 50,000 |
Carrying Value | 44,581 | 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 | 18,134 | 17,000 |
Carrying Value | 17,945 | 16,805 |
Mixed Use [Member] | Mixed Use - London, England [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Original Face Amount | 54,926 | ' |
Current Face Amount | 54,926 | ' |
Carrying Value | 54,926 | ' |
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 | 35,026 | 34,734 |
Condo Conversion [Member] | Condo Conversion - NY, NY September 2015 [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Original Face Amount | 29,400 | 294 |
Current Face Amount | 29,451 | 295 |
Carrying Value | 29,240 | 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 | 71,399 | 66,800 |
Carrying Value | 70,969 | 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 | 14,608 | 18,000 |
Carrying Value | 14,592 | 17,906 |
Multifamily Conversion [Member] | Multifamily Conversion - NY, NY June 2014 [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Original Face Amount | ' | 44,000 |
Current Face Amount | ' | 44,000 |
Carrying Value | ' | 43,859 |
Multifamily Conversion [Member] | Multifamily Conversion - NY, NY September 2014 [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Original Face Amount | 44,000 | ' |
Current Face Amount | 44,000 | ' |
Carrying Value | 43,917 | ' |
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 | 50,000 | 47,000 |
Current Face Amount | 50,000 | 47,000 |
Carrying Value | $50,000 | $47,000 |
Subordinate_Loan_Portfolio_Par
Subordinate Loan Portfolio (Parenthetical) (Detail) (Subordinate loans [Member], USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 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 |
Healthcare Portfolio [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Option to extend loan agreement, term | '1 year | ' |
Number of options to extend loan agreement | 3 | ' |
Subordinate_Loans_Additional_I
Subordinate Loans - Additional Information (Detail) (USD $) | 1 Months Ended | |||
In Thousands, unless otherwise specified | Feb. 28, 2013 | Jan. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 |
Subordinate loans [Member] | Subordinate loans [Member] | Mezzanine Loan [Member] | Mezzanine Loan [Member] | |
Retail [Member] | Hotel [Member] | Hotel [Member] | Nursing Facility [Member] | |
loan | ||||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' |
Number of loans | 2 | ' | ' | ' |
Proceeds from collection of loans receivable | $50,000 | $15,000 | $15,000 | $47,000 |
Proceeds from collection of loans receivable, yield maintenance payment | $2,500 | ' | $1,233 | ' |
Mortgage loan IRR | 15.00% | 14.00% | 19.00% | 12.00% |
Repurchase_Agreement_Detail
Repurchase Agreement (Detail) (USD $) | Jun. 30, 2014 | Jan. 31, 2013 | Dec. 31, 2011 | Jun. 30, 2014 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | CDO Bond [Member] | CDO Bond [Member] | Repurchase Facility [Member] | Repurchase Facility [Member] | |
Security | extension | ||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Line of credit, amount outstanding | $446,224 | ' | ' | ' | $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 $) | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Feb. 28, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 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] | Minimum [Member] | Maximum [Member] | |
DB Facility [Member] | Wells Fargo [Member] | Wells Fargo [Member] | Wells Fargo [Member] | Wells Fargo [Member] | UBS [Member] | UBS [Member] | DB [Member] | DB [Member] | JP Morgan Chase [Member] | JP Morgan Chase [Member] | JP Morgan Chase [Member] | Line of Credit [Member] | Line of Credit [Member] | ||||
One Month LIBOR [Member] | One Month LIBOR [Member] | One Month LIBOR [Member] | DB Facility [Member] | DB Facility [Member] | |||||||||||||
Three Month LIBOR [Member] | Three Month LIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Balance | $446,224 | $446,224 | $202,033 | $138,853 | $26,774 | $47,751 | ' | ' | $133,899 | $133,899 | $138,853 | $0 | $146,698 | $20,383 | ' | ' | ' |
Weighted Average Remaining Maturity | ' | '2 years 8 months 12 days | '3 years 3 months 12 days | ' | '8 months 12 days | '2 months 12 days | ' | ' | '4 years 2 months 12 days | '4 years 8 months 12 days | '3 years 9 months 18 days | '0 years | '7 months 6 days | '1 year 1 month 6 days | ' | ' | ' |
Weighted Average Rate | ' | 2.90% | 2.40% | ' | 1.00% | 1.20% | ' | ' | 2.80% | 2.80% | 3.80% | 0.00% | 2.70% | 2.70% | ' | ' | ' |
Basis point | ' | ' | ' | ' | ' | ' | 0.80% | 1.05% | ' | ' | ' | ' | ' | ' | 2.50% | 1.80% | 2.32% |
Borrowings_Under_Repurchase_Ag3
Borrowings Under Repurchase Agreements - Remaining Maturities of Borrowings (Detail) (Line of Credit [Member], USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Line of Credit Facility [Line Items] | ' |
Less than 1 year | $173,472 |
1 to 3 years | 145,836 |
3 to 5 years | 126,916 |
More than 5 years | 0 |
Total | 446,224 |
Wells Fargo [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Less than 1 year | 26,774 |
1 to 3 years | 0 |
3 to 5 years | 0 |
More than 5 years | 0 |
Total | 26,774 |
UBS [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Less than 1 year | 0 |
1 to 3 years | 55,046 |
3 to 5 years | 78,853 |
More than 5 years | 0 |
Total | 133,899 |
DB Facility [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Less than 1 year | 0 |
1 to 3 years | 90,790 |
3 to 5 years | 48,063 |
More than 5 years | 0 |
Total | 138,853 |
JP Morgan Chase [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Less than 1 year | 146,698 |
1 to 3 years | 0 |
3 to 5 years | 0 |
More than 5 years | 0 |
Total | $146,698 |
Borrowings_Under_Repurchase_Ag4
Borrowings Under Repurchase Agreements - Summary of Outstanding Balances, Maximum and Average Balances of Borrowings (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit, amount outstanding | $446,224 | ' |
Line of Credit [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit, amount outstanding | 446,224 | 202,033 |
Wells Fargo [Member] | Line of Credit [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit, amount outstanding | 26,774 | 47,751 |
Maximum Month-End Balance | 47,751 | ' |
Average Month-End Balance | 34,322 | ' |
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 | ' |
DB Facility [Member] | Line of Credit [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit, amount outstanding | 138,853 | ' |
Maximum Month-End Balance | 138,853 | ' |
Average Month-End Balance | 50,512 | ' |
JP Morgan Chase [Member] | Line of Credit [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit, amount outstanding | 146,698 | 20,383 |
Maximum Month-End Balance | 146,741 | ' |
Average Month-End Balance | $65,635 | ' |
Borrowings_Under_Repurchase_Ag5
Borrowings Under Repurchase Agreements - Additional Information (Detail) (Line of Credit [Member], USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | Jun. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | 31-May-14 | Apr. 25, 2014 | Jun. 06, 2014 | 22-May-14 | 9-May-14 | Apr. 25, 2014 | Jun. 06, 2014 | 22-May-14 | 9-May-14 | Jun. 12, 2014 | |
Deutsche Bank AG [Member] | JP Morgan Chase [Member] | JP Morgan Chase [Member] | Wells Fargo [Member] | Wells Fargo [Member] | Minimum [Member] | DB Facility [Member] | DB Facility [Member] | DB Facility [Member] | DB Facility [Member] | DB Facility [Member] | Amended DB Facility [Member] | JP Morgan Facility [Member] | JP Morgan Facility [Member] | JP Morgan Facility [Member] | JP Morgan Facility [Member] | JP Morgan Facility [Member] | JP Morgan Amendment Letter [Member] | JP Morgan Amendment Letter [Member] | JP Morgan Amendment Letter [Member] | JP Morgan, Third Amendment and Restatement [Member] | |||
Deutsche Bank AG [Member] | Deutsche Bank AG [Member] | Deutsche Bank AG [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Deutsche Bank AG [Member] | JP Morgan Chase [Member] | JP Morgan Chase [Member] | JP Morgan Chase [Member] | JP Morgan Chase [Member] | Maximum [Member] | JP Morgan Chase [Member] | JP Morgan Chase [Member] | JP Morgan Chase [Member] | JP Morgan Chase [Member] | ||||||||
Three Month LIBOR [Member] | Deutsche Bank AG [Member] | Deutsche Bank AG [Member] | Deutsche Bank AG [Member] | JP Morgan Chase [Member] | |||||||||||||||||||
Three Month LIBOR [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing under facility | ' | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000,000 | ' | $100,000,000 | $100,000,000 | $100,000,000 | ' | $146,814,000 | $146,814,000 | $146,814,000 | $175,000,000 |
Borrowing capacity increase, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration period | '2 years 8 months 12 days | '3 years 3 months 12 days | ' | '7 months 6 days | '1 year 1 month 6 days | '8 months 12 days | '2 months 12 days | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis point | ' | ' | ' | ' | ' | ' | ' | 1.80% | ' | ' | ' | ' | 2.32% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Margin ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125.00% | 181.82% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, covenant terms, minimum shareholder's equity of gross capital proceeds (percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Temporary waiver term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, covenant terms, total consolidated indebtedness, percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | 5.00% |
Line of credit facility, covenant terms, total consolidated indebtedness, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,500,000 | ' | ' | ' | $15,000,000 |
Convertible_Senior_Notes_Detai
Convertible Senior Notes (Detail) (USD $) | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Mar. 17, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 17, 2014 |
Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | ||||
2019 Notes [Member] | 2019 Notes [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 | ' | 139,037 | ' | ' | ' |
Convertible senior notes, carrying value | 139,362 | ' | 0 | ' | ' | ' | ' |
Unamortized discount | ' | ' | ' | ' | 4,388 | 4,388 | ' |
Coupon rate | ' | ' | ' | ' | ' | ' | 5.50% |
Effective rate | ' | ' | ' | ' | 6.25% | 6.25% | 6.25% |
Conversion Rate | ' | ' | ' | 55.3649 | ' | ' | ' |
Remaining period of amortization | ' | ' | ' | '4 years 9 months 4 days | ' | ' | ' |
Share Price | ' | ' | ' | ' | $16.63 | $16.63 | ' |
Conversion price | ' | ' | ' | ' | $18.06 | $18.06 | ' |
Equity component of the notes | 4,617 | ' | ' | ' | ' | 4,617 | ' |
Interest Expense, Debt | ' | ' | ' | ' | 1,977 | 2,284 | ' |
Interest Expense, Debt, Non-cash | ' | ' | ' | ' | $199 | $230 | ' |
Participations_Sold_Details
Participations Sold (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | 31-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | Subordinate loans [Member] | Subordinate loans [Member] | Hotel [Member] | Hotel [Member] | Senior Participation [Member] | Junior Participation [Member] | Participating Mortgages [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Hotel - Aruba [Member] | Hotel - Aruba [Member] | Hotel [Member] | Hotel [Member] | Subordinate loans [Member] | ||||||
Subordinate loans [Member] | Subordinate loans [Member] | Hotel - Aruba [Member] | Hotel - Aruba [Member] | |||||||
First Mortgage [Member] | Subordinate loans [Member] | Subordinate loans [Member] | ||||||||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan, face amount | ' | ' | $750,601 | $495,319 | $155,000 | $155,000 | ' | ' | $90,000 | ' |
Participating Mortgage Loans, Mortgage Obligations, Amount | ' | ' | ' | ' | ' | ' | 90,000 | 65,000 | ' | ' |
Carrying amount of mortgage loan | $89,182 | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Basis point | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.40% |
Derivative_Instruments_Detail
Derivative Instruments (Detail) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2014 |
USD ($) | USD ($) | USD ($) | USD ($) | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Forward Contracts [Member] | Short [Member] | |
Gain (Loss) on Derivative Instruments [Member] | Gain (Loss) on Derivative Instruments [Member] | Gain (Loss) on Derivative Instruments [Member] | Gain (Loss) on Derivative Instruments [Member] | Gain (Loss) on Derivative Instruments [Member] | Gain (Loss) on Derivative Instruments [Member] | Gain (Loss) on Derivative Instruments [Member] | Gain (Loss) on Derivative Instruments [Member] | Gain (Loss) on Derivative Instruments [Member] | Gain (Loss) on Derivative Instruments [Member] | Gain (Loss) on Derivative Instruments [Member] | Gain (Loss) on Derivative Instruments [Member] | USD ($) | Forward Contracts [Member] | |||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $57,631 | £ 34,389 |
Loss on derivative instruments-realized | ' | ' | ' | ' | 0 | -59 | 0 | -133 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gains (losses) on derivative instruments | -1,093 | 57 | -1,093 | 130 | 0 | 58 | 0 | 131 | -1,093 | 0 | -1,093 | 0 | 0 | -1 | 0 | -1 | ' | ' |
Total | ($1,093) | ($2) | ($1,093) | ($3) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Related party expenses | $2,966 | $2,600 | $5,531 | $4,759 | ' |
Base management fees incurred but not yet paid | 2,966 | ' | 2,966 | ' | 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 | 2,966 | 2,600 | 5,531 | 4,759 | ' |
Base management fees incurred but not yet paid | 2,966 | ' | 2,966 | ' | 2,628 |
Limited Liability Company [Member] | Reimbursements [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Related party expenses | $185 | $108 | $292 | $334 | ' |
ShareBased_Payments_Additional
Share-Based Payments - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 23, 2009 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
LTIP [Member] | LTIP [Member] | LTIP [Member] | 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 and Restricted Stock Units [Member] | Restricted Stock and Restricted Stock Units [Member] | Restricted Stock [Member] | RSUs [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 | $362 | $428 | $788 | $1,311 | ' | $362 | $428 | $788 | $1,311 | ' | ' | ' |
Unrecognized compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 630 | 1,996 | 1,996 |
Common stock, shares delivered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 240,277 | ' |
Stock units vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 283,750 | ' |
Adjustment to additional paid in capital, tax liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $876 |
ShareBased_Payments_Summary_of
Share-Based Payments Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs (Detail) (LTIP [Member], USD $) | 1 Months Ended | ||
Jun. 30, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Estimated Fair Value on Grant Date | 169,000 | 235,000 | ' |
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 (in shares) | ' | ' | 208,416 |
Canceled upon delivery (in shares) | ' | 0 | 0 |
Grant (in shares) | 0 | 13,931 | ' |
Outstanding, end of period (in shares) | 222,347 | ' | ' |
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 (in shares) | ' | ' | 503,750 |
Canceled upon delivery (in shares) | ' | -5,000 | -288,750 |
Grant (in shares) | 10,254 | 0 | ' |
Outstanding, end of period (in shares) | 220,254 | ' | ' |
ShareBased_Payments_Summary_of1
Share-Based Payments Summary of Restricted Stock and RSU Vesting Dates (Detail) (LTIP [Member]) | Jun. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 186,768 |
July 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 3,317 |
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 | 3,313 |
December 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 73,418 |
January 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 3,320 |
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 | 3,321 |
July 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 2,522 |
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 | 2,522 |
December 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 73,427 |
January 2016 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 2,521 |
April 2016 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 2,522 |
July 2016 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 1,578 |
October 2016 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 1,577 |
December 2016 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 3,418 |
January 2017 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 1,161 |
April 2017 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 1,164 |
Shares Vesting [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 43,174 |
Shares Vesting [Member] | July 2014 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 3,317 |
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 | 3,313 |
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 | 3,320 |
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 | 3,321 |
Shares Vesting [Member] | July 2015 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 2,522 |
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 | 2,522 |
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 | 2,521 |
Shares Vesting [Member] | April 2016 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 2,522 |
Shares Vesting [Member] | July 2016 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 1,578 |
Shares Vesting [Member] | October 2016 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 1,577 |
Shares Vesting [Member] | December 2016 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 0 |
Shares Vesting [Member] | January 2017 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 1,161 |
Shares Vesting [Member] | April 2017 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 1,164 |
RSU Vesting [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 143,594 |
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 | 66,750 |
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 | 66,759 |
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 |
RSU Vesting [Member] | December 2016 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 3,418 |
RSU Vesting [Member] | January 2017 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares vesting | 0 |
RSU Vesting [Member] | April 2017 [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 | 6 Months Ended | 0 Months Ended | 6 Months Ended | 3 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 29, 2014 | Feb. 26, 2014 | Jun. 09, 2014 | Mar. 17, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Common Stock [Member] | Common Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Follow-on Public Offering [Member] | |||||
Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock after completion of follow-on public offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,706,000 |
Price per share of newly issued common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16.35 |
Proceeds from issuance of common stock as a result of follow-on public offering | $158,398 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend declared per share of common stock | $0.40 | $0.40 | $0.80 | $0.80 | $0.40 | $0.40 | ' | ' | ' | ' |
Dividend rate, preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | 8.63% | ' |
Dividend declared per share of preferred stock | ' | ' | ' | ' | ' | ' | $0.54 | $0.54 | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | Subordinate loans [Member] | Condo Conversion - NY, NY September 2015 [Member] | KBCD Partnership [Member] | KBCD Partnership [Member] |
Condo Conversion [Member] | Subordinate loans [Member] | USD ($) | EUR (€) | |
USD ($) | Condo Conversion [Member] | |||
USD ($) | ||||
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 | $100,100 | ' | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Detail) (USD $) | Jun. 30, 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 | 63,335 | 20,096 |
Restricted cash | 30,127 | 30,127 |
Borrowings under repurchase agreements | -446,224 | -202,033 |
Convertible senior notes, net | -139,362 | 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 | 343,810 | 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 | 748,227 | 497,484 |
Estimated Fair Value [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Cash and cash equivalents | 63,335 | 20,096 |
Restricted cash | 30,127 | 30,127 |
Borrowings under repurchase agreements | -444,975 | -202,148 |
Convertible senior notes, net | -151,218 | 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 | 348,043 | 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 | 664,661 | 503,267 |
Participating Mortgages [Member] | Carrying Value [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Participations sold | -89,182 | 0 |
Participating Mortgages [Member] | Estimated Fair Value [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Participations sold | ($89,974) | $0 |
Net_Income_per_Share_Detail
Net Income per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income | $23,958 | $11,789 | $41,539 | $23,721 |
Preferred dividends | -1,860 | -1,860 | -3,720 | -3,720 |
Net income available to common stockholders | 22,098 | 9,929 | 37,819 | 20,001 |
Dividends declared on common stock | -18,739 | -14,752 | -33,590 | -29,500 |
Dividends on participating securities | -88 | -200 | -174 | -395 |
Net income (loss) attributable to common stockholders | $3,271 | ($5,023) | $4,055 | ($9,894) |
Denominator: | ' | ' | ' | ' |
Basic weighted average shares of common stock outstanding (shares) | 42,888,747 | 36,880,410 | 40,021,722 | 33,511,889 |
Diluted weighted average shares of common stock outstanding (shares) | 43,099,354 | 37,373,885 | 40,236,109 | 33,946,329 |
Basic and diluted net income per weighted average share of common stock | ' | ' | ' | ' |
Distributable Earnings (dollars per share) | $0.44 | $0.40 | $0.84 | $0.88 |
Undistributed income (loss) (dollars per share) | $0.07 | ($0.13) | $0.10 | ($0.29) |
Basic and diluted net income per share of common stock (in dollars per share) | $0.51 | $0.27 | $0.94 | $0.59 |
Subsequent_Events_Detail
Subsequent Events (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jul. 28, 2014 | Jul. 30, 2014 | Jul. 30, 2014 | Jul. 30, 2014 | Jul. 30, 2014 | Jul. 30, 2014 |
Commercial mortgage loans [Member] | Commercial mortgage loans [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Commercial Mortgage Backed Securities [Member] | Deutsche Bank AG [Member] | Hotel, Chelsea, New York City - 280 Key [Member] | |||||
First Mortgage [Member] | First Mortgage [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||||
Commercial mortgage loans [Member] | Commercial mortgage loans [Member] | Mezzanine Loan [Member] | ||||||||||
Hotel [Member] | Single Family and Condominium [Member] | Commercial mortgage loans [Member] | ||||||||||
option | Hotel [Member] | |||||||||||
sqft | option | |||||||||||
parking_space | key | |||||||||||
unit | ||||||||||||
Stock Transactions, Parenthetical Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend declared per share of common stock | $0.40 | $0.40 | $0.80 | $0.80 | ' | ' | $0.40 | ' | ' | ' | ' | ' |
Mortgage Loans on Real Estate [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan, face amount | ' | ' | ' | ' | $349,000 | $164,000 | ' | ' | $34,500 | ' | ' | $20,000 |
Amount funded at closing | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' |
Number of units | ' | ' | ' | ' | ' | ' | ' | ' | 63 | ' | ' | 280 |
Initial loan period | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | '2 years |
Area included with property used for retail space (square feet) | ' | ' | ' | ' | ' | ' | ' | ' | 7,300 | ' | ' | ' |
Number of parking spaces included with property | ' | ' | ' | ' | ' | ' | ' | ' | 31 | ' | ' | ' |
Number of options to extend loan agreement | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | 3 |
Option to extend loan agreement, term | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | '1 year |
Mortgage loan, loan to value ratio | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | 61.00% |
Mortgage loan IRR, target | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% |
Mortgage loan, IRR on levered basis | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' |
Equity deployed to acquire CMBS | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,369 | ' | ' |
Aggregate purchase price of CMBS | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,844 | ' | ' |
Borrowings under term repurchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,475 | ' |
Weighted Average Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 1 month 6 days | ' | ' |
Internal rate of return | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.00% | ' | ' |