Apollo Commercial Real Estate Finance (ARI) 10-K 26 Feb 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Feb. 24, 2015	Jun. 30, 2014
Entity Information [Line Items]
Document Type	10-K
Amendment Flag	FALSE
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Trading Symbol	ARI
Entity Registrant Name	Apollo Commercial Real Estate Finance, Inc.
Entity Central Index Key	1467760
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		46,900,442
Entity Public Float			$765,229,053

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:
Cash	$40,641		$20,096
Restricted cash	30,127		30,127
Securities available-for-sale, at estimated fair value	17,105		33,362
Securities, at estimated fair value	522,730		158,086
Securities, held-to-maturity			0
Investment in unconsolidated joint venture	37,016		0
Derivative instrument	4,070		0
Interest receivable	10,829		6,022
Deferred financing costs, net	7,444		628
Other assets	1,200		600
Total Assets	1,845,147		907,504
Liabilities:
Borrowings under repurchase agreements	622,194		202,033
Convertible senior notes, net	246,464		0
Participations sold	89,584		0
Accounts payable and accrued expenses	7,578		2,660
Payable to related party	3,240		2,628
Dividends payable	21,018		17,227
Total Liabilities	990,078		224,548
Commitments and Contingencies (see Note 16)
Stockholders’ Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized and 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, 46,900,442 and 36,888,467 shares issued and outstanding in 2014 and 2013, respectively	469		369
Additional paid-in-capital	868,035		697,610
Retained earnings (accumulated deficit)	-10,485		-14,188
Accumulated other comprehensive loss	-2,985		-870
Total Stockholders’ Equity	855,069		682,956
Total Liabilities and Stockholders’ Equity	1,845,147		907,504
Commercial mortgage loans [Member]
Assets:
Loans, held for investment	458,520		161,099
Subordinate Loans [Member]
Assets:
Loans, held for investment	$561,182	[1]	$497,484
[1]	Subject to prior liens.

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
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	$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	46,900,442	36,888,467
Common stock, shares outstanding	46,900,442	36,888,467

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net interest income:
Interest income from securities	$8,275	$6,129	$4,366	$2,419	$3,633	$2,533	$3,014	$3,087	$21,189	$12,267	$15,347
Interest income from securities, held to maturity	3,165	1,448	0	0	0	0	0	0	4,613	0	0
Interest income from commercial mortgage loans	9,328	8,025	6,438	4,011	3,812	4,954	3,676	3,592	27,802	16,034	10,780
Interest income from subordinate loans	17,021	19,754	18,238	14,730	14,026	12,184	11,498	11,454	69,743	49,162	24,666
Interest income from repurchase agreements	0	0	0	0	0	0	0	2	0	0	6,286
Interest expense	-10,740	-8,786	-5,258	-1,757	-1,450	-885	-955	-1,068	-26,541	-4,356	-8,402
Net interest income	27,049	26,570	23,784	19,403	20,021	18,786	17,233	17,067	96,806	73,107	48,677
Operating expenses:
General and administrative expenses (includes equity-based compensation of $1,576 in 2014, $3,488 in 2013 and $3,624 in 2012)	-1,796	-1,434	-1,479	-1,442	-2,438	-1,793	-1,437	-1,895	-6,151	-7,563	-8,543
Management fees to related party	-3,236	-3,193	-2,966	-2,565	-2,627	-2,625	-2,600	-2,160	-11,960	-10,012	-6,139
Total operating expenses	-5,032	-4,627	-4,445	-4,007	-5,065	-4,418	-4,037	-4,055	-18,111	-17,575	-14,682
Income from unconsolidated joint venture	-69	-88	0	0	0	0	0	0	-157	0	0
Interest income from cash balances	9	21	4	0	1	3	16	0	34	20	7
Realized gain on sale of securities									0	0	262
Unrealized gain (loss) on securities	-639	-2,147	4,749	2,184	908	-1,472	-1,421	-1,080	4,147	-3,065	6,489
Foreign currency gain (loss)	-1,413	-3,596	959	0	0	0	0	0	-4,050
Gain (loss) on derivative instruments (includes unrealized gains (losses) of $4,070 in 2014, $155 in 2013 and $323 in 2012)	2,137	3,026	-1,093	0	-1	1	-2	0	4,070	-2	-572
Net income	22,042	19,159	23,958	17,580	15,864	12,900	11,789	11,932	82,739	52,485	40,181
Preferred dividends									-7,440	-7,440	-3,079
Net income available to common stockholders	$20,182	$17,299	$22,098	$15,720	$14,004	$11,040	$9,929	$10,072	$75,299	$45,045	$37,102
Basic and diluted net income per share of common stock (in dollars per share)	$0.43	$0.37	$0.51	$0.42	$0.37	$0.30	$0.27	$0.33	$1.72	$1.26	$1.64
Basic weighted average shares of common stock outstanding	46,852,646	46,848,675	42,888,747	37,122,842	36,886,619	36,883,002	36,880,410	30,105,939	43,464,255	35,212,211	22,259,386
Diluted weighted average shares of common stock outstanding	47,085,617	47,068,929	43,099,354	37,341,050	37,390,369	37,379,469	37,373,885	30,480,689	43,684,805	35,679,755	22,648,819

Consolidated_Statements_of_Ope1

Consolidated Statements of Operations (Parenthetical) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Statement [Abstract]
General and administrative expenses, equity-based compensation	$1,576	$3,488	$3,624
Unrealized gains (losses) on derivative instruments	$4,070	$155	$323

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
Net income available to common stockholders	$75,299	$45,045	$37,102
Change in net unrealized gain (loss) on securities available-for-sale	192	-840	-593
Foreign currency translation adjustment	-2,307	0	0
Comprehensive income	$73,184	$44,205	$36,509

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Stockholders Equity (USD $)		Total	Preferred Class A [Member]	Common Stock [Member]	Preferred Stock [Member]	Preferred Stock [Member]	Common Stock [Member]	Common Stock [Member]	Additional Paid In Capital [Member]	Additional Paid In Capital [Member]	Additional Paid In Capital [Member]	Returned Earnings/ (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Loss [Member]
In Thousands, except Share data, unless otherwise specified						Preferred Class A [Member]				Preferred Class A [Member]	Common Stock [Member]
Beginning balance at Dec. 31, 2011		$336,978					$206		$336,209			$0	$563
Beginning balance, Shares at Dec. 31, 2011							20,561,032
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital increase related to Equity Incentive Plan		2,845							2,845
Issuance of restricted stock		0					0
Issuance of restricted stock, Shares							11,080
Issuance of stock			86,250	124,472		35		74		86,215	124,398
Issuance of stock, Shares						3,450,000		7,471,994
Offering costs		-3,602							-3,602
Net income		40,181										40,181
Change in other comprehensive income		-593											-593
Dividends on preferred stock		-3,079										-3,079
Dividends on common stock		-36,528										-36,528
Ending balance at Dec. 31, 2012		546,924			35		280		546,065			574	-30
Ending balance, Shares at Dec. 31, 2012					3,450,000		28,044,106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital increase related to Equity Incentive Plan		3,457							3,457
Issuance of restricted stock	[1]						0
Issuance of restricted stock, Shares							36,304
Issuance of stock				148,804				89			148,715
Issuance of stock, Shares								8,808,057
Offering costs		-627							-627
Net income		52,485										52,485
Change in other comprehensive income		-840											-840
Dividends on preferred stock		-7,440										-7,440
Dividends on common stock		-59,807										-59,807
Ending balance at Dec. 31, 2013		682,956			35		369		697,610			-14,188	-870
Ending balance, Shares at Dec. 31, 2013					3,450,000		36,888,467
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital increase related to Equity Incentive Plan		698					2		696
Issuance of restricted stock		1					1
Issuance of restricted stock, Shares							65,698
Issuance of stock				158,693				97			158,596
Issuance of stock, Shares							240,277	9,706,000
Offering costs		-312							-312
Convertible senior notes		11,445							11,445
Net income		82,739										82,739
Change in other comprehensive income		-2,115											-2,115
Dividends on preferred stock		-7,440										-7,440
Dividends on common stock		-71,596										-71,596
Ending balance at Dec. 31, 2014		$855,069			$35		$469		$868,035			($10,485)	($2,985)
Ending balance, Shares at Dec. 31, 2014					3,450,000		46,900,442
[1]	Rounds to zero.

Consolidated_Statements_of_Cha1

Consolidated Statements of Changes in Stockholders Equity (Parenthetical) (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013		Dec. 31, 2012
Issuance of restricted stock	$1			$0
Common stock, dividends per share (in USD per share)	$1.60	$1.60		$1.60
Common Stock [Member]
Issuance of restricted stock	$1	$0	[1]	$0
[1]	Rounds to zero.

Consolidated_Statement_of_Cash

Consolidated Statement of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows provided by operating activities:
Net income	$82,739	$52,485	$40,181
Adjustments to reconcile net income to net cash provided by operating activities:
Premium amortization and (discount accretion), net	-4,221	-5,721	-399
Amortization of deferred financing costs	1,979	866	1,962
Equity-based compensation	698	3,457	2,845
Unrealized gain (loss) on securities	-4,147	3,065	-6,489
Income (Loss) from Equity Method Investments	157	0	0
Foreign Currency Transaction Gain (Loss), Realized	4,038	0	0
Unrealized gain (loss) on derivative instruments	-4,070	-155	-323
Realized loss on sale of security	0	0	-262
Changes in operating assets and liabilities:
Accrued interest receivable, less purchased interest	-16,453	-9,488	2,296
Other assets	500	-397	-186
Accounts payable and accrued expenses	5,205	1,280	-260
Payable to related party	612	591	739
Net cash provided by operating activities	67,037	45,983	40,104
Cash flows used in investing activities:
Proceeds from sale of securities available-for-sale	0	0	121,338
Proceeds from sale of securities at estimated fair value	0	0	16,918
Fees received from commercial mortgage loans	0	280	0
Funding of securities at estimated fair value	-375,833	-134,389	-70,676
Funding of commercial mortgage loans	-403,983	-32,643	-62,490
Funding of subordinate loans	-402,336	-361,035	-96,023
Funding of unconsolidated joint venture	-39,477	0	0
Funding of other assets	-1,258	0	0
Principal payments received on securities available-for-sale	16,053	186,138	113,216
Principal payments received on securities at estimated fair value	15,500	32,344	98,401
Principal payments received on commercial mortgage loans	105,501	18,117	31,300
Principal payments received on subordinate loans	194,050	118,771	108
Principal payments received on other assets	145	0	0
Principal payments received on repurchase agreements	0	6,598	40,841
Proceeds from sale of commercial mortgage loan	4,950	0	0
Net cash provided by (used in) investing activities	-886,688	-165,819	192,933
Cash flows from financing activities:
Proceeds from issuance of common stock	158,693	148,804	124,472
Proceeds from issuance of preferred stock	0	0	86,250
Payment of offering costs	-389	-824	-3,324
Repayments of TALF borrowings	0	0	-251,327
Proceeds from repurchase agreement borrowings	567,192	182,218	313,860
Repayments of repurchase agreement borrowings	-147,032	-205,343	-379,401
Proceeds from issuance of convertible senior notes	256,970	0	0
Participations sold	89,012	0	0
Increase in restricted cash related to financing activities	0	-30,127	0
Deferred financing costs	-9,006	-504	-1,097
Dividends on common stock	-67,804	-55,471	-33,890
Dividends on preferred stock	-7,440	-7,440	-1,529
Net cash provided by (used in) financing activities	840,196	31,313	-145,986
Net increase (decrease) in cash and cash equivalents	20,545	-88,523	87,051
Cash and cash equivalents, beginning of period	20,096	108,619	21,568
Cash and cash equivalents, end of period	40,641	20,096	108,619
Supplemental disclosure of cash flow information:
Interest paid	18,132	2,809	6,926
Supplemental disclosure of non-cash financing activities:
Offering costs payable	100	109	306
Dividend declared, not yet paid	21,018	17,227	12,891
Deferred financing costs, not yet paid	33	312	0
Securities, held-to-maturity	$154,283	$0	$0

Organization

Organization	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization
	Apollo Commercial Real Estate Finance, Inc. (together with its consolidated subsidiaries, is referred to throughout this report as the “Company,” “ARI,” “we,” “us” and “our”) is a real estate investment trust (“REIT”) that primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings, commercial mortgage-backed securities (“CMBS”) and other commercial real estate-related debt investments in the United States. These asset classes are referred to as the Company’s target assets.
	The Company, organized in Maryland on June 29, 2009, commenced operations on September 29, 2009 and is externally managed and advised by ACREFI Management, LLC (the “Manager”), an indirect subsidiary of Apollo Global Management, LLC.
	The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2009. To maintain its tax qualification as a REIT, the Company is required to distribute at least 90% of its net income, excluding net capital gains, to stockholders and meet certain other asset, income, and ownership tests.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies
	Basis of Presentation
	The accompanying consolidated financial statements include the Company’s accounts and those of its consolidated subsidiaries. All 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.
	The Company currently operates in one business segment.
	Restricted Cash
	Restricted cash represents cash held by the Company's counterparties as collateral against repurchase agreement borrowings. Restricted cash is not available for general corporate purposes but may be applied against amounts due to counterparties under repurchase agreement borrowings, or returned to the Company when collateral requirements are exceeded or at the maturity of the repurchase agreement.
	Classification of Investments and Valuations of Financial Instruments
	The Company’s investments consist primarily of commercial mortgage loans, subordinate loans, CMBS and other real estate related assets that are classified as either available-for-sale or held-to-maturity. The Company has also elected the fair value option for certain CMBS.
	Classification of Loans
	Loans held-for-investment are stated at the principal amount outstanding, net of deferred loan fees and costs in accordance with GAAP.
	Loan Impairment
	The Company’s loans are typically collateralized by commercial real estate. As a result, the Company regularly evaluates the extent and impact of any credit migration 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 impairment 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.
	For loans classified as held-for-investment, the Company evaluates the loans for possible impairment on a quarterly basis. Impairment occurs 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. Impairment is then measured based on the present value of expected future cash flows discounted at the loan’s effective rate or the fair value of the collateral, if the loan is collateral dependent. Upon measurement of impairment, the Company records an allowance to reduce the carrying value of the loan with a corresponding charge to net income. Significant judgments are required in determining impairment, including making assumptions regarding the value of the loan, the value of the underlying collateral and other provisions such as guarantees. The Company has determined that it is likely that it will receive contractual payments and a loan loss reserve was not necessary at December 31, 2014 and 2013.
	Fair Value Election
	Securities at estimated fair value consist of CMBS which are pledged 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"). In accordance with GAAP, the Company elects the fair value option for these securities at the date of purchase in order to allow the Company to measure these securities at fair value with the change in estimated fair value included as a component of earnings in order to reflect the performance of investment in a timely manner.
	Securities Available-for-sale
	The Company has designated investments in certain mortgage-backed securities as available-for-sale because the Company may dispose of them prior to maturity and does not hold them principally for the purpose of selling them in the near term. Securities available-for-sale are carried at estimated fair value with the net unrealized gains or losses reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Unrealized losses on securities that reflect a decline in value that is judged by management to be other than temporary, if any, are charged to earnings.
	When the estimated fair value of a security is less than amortized cost, the Company considers whether there is an other-than-temporary impairment (“OTTI”) in the value of the security. An impairment is deemed an OTTI if (i) the Company intends to sell the security, (ii) it is more likely than not that the Company will be required to sell the security before recovering its cost basis, or (iii) the Company does not expect to recover the entire amortized cost basis of the security even if the Company does not intend to sell the security or believes it is more likely than not that the Company will be required to sell the security before recovering its cost basis. If the impairment is deemed to be an OTTI, the resulting accounting treatment depends on the factors causing the OTTI. If the OTTI has resulted from (i) the Company’s intention to sell the security, or (ii) its judgment that it is more likely than not that it will be required to sell the security before recovering its cost basis, an impairment loss is recognized in current earnings equal to the difference between its amortized cost basis and fair value. Whereas, if the OTTI has resulted from the Company’s conclusion that it will not recover its cost basis even if the Company does not intend to sell the security or believes it is more likely than not that the Company will be required to sell the security before recovering its cost basis, the credit loss portion of the impairment is recorded in current earnings and the portion of the loss related to other factors, such as changes in interest rates, continues to be recognized in accumulated other comprehensive income. Determining whether there is an OTTI may require management to exercise significant judgment and make significant assumptions, including, but not limited to, estimated cash flows, estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses could differ from reported amounts. Such judgments and assumptions are based upon a number of factors, including (i) credit of the issuer or the borrower, (ii) credit rating of the security, (iii) key terms of the security, (iv) performance of the loan or underlying loans, including debt service coverage and loan-to-value ratios, (v) the value of the collateral for the loan or underlying loans, (vi) the effect of local, industry, and broader economic factors, and (vii) the historical and anticipated trends in defaults and loss severities for similar securities.
	Securities, held-to-maturity
	GAAP requires that at the time of purchase, we designate investment securities as held-to-maturity, available-for-sale, or trading depending on our investment strategy and ability to hold such securities to maturity. Held-to-maturity securities where we have not elected to apply the fair value option are stated at cost plus any premiums or discounts, which are amortized or accreted through the consolidated statements of operations using the effective interest method.
	Investments in unconsolidated joint venture
	Investments are accounted for under the equity method when the requirements for consolidation are not met, and the Company has significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for the Company's share of net income or loss and cash contributions and distributions each period.  Investments in unconsolidated joint ventures are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results.
	Interest Income Recognition
	Interest income on commercial mortgage loans is accrued based on the actual coupon rate and the outstanding principal balance adjusted for accretion of any purchase discounts, the amortization of any purchase premiums and the accretion of any deferred fees. Purchase premiums, purchase discounts and deferred fees are accreted into income using the effective yield method, adjusted for prepayments.
	Interest income on CMBS is accrued using the effective yield method, which includes the accretion of purchase discounts and the amortization of purchase premiums and the stated coupon interest payments.
	Interest income on securities rated below AA by a nationally recognized statistical rating organization is recognized based on the effective yield method. The effective yield on these securities is based on the projected cash flows from each security, which are estimated based on the Manager’s observation of current information and events and may include assumptions related to prepayment rates and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to cash flow projections.
	Deferred Financing Costs
	Costs incurred in connection with collateralized financings are capitalized and amortized over the respective financing terms and are reflected on the accompanying consolidated statement of operations as a component of interest expense. At December 31, 2014 and 2013, respectively, the Company had approximately $7,444 and $628 of capitalized financing costs, net of amortization included in other assets on the consolidated balance sheets.
	Earnings 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.
	Hedging Instruments and Hedging Activities
	Consistent with maintaining its qualification as a REIT, in the normal course of business, the Company uses a variety of derivative financial instruments to manage, or hedge, interest rate and foreign currency risk. Derivatives are used for hedging purposes rather than speculation. The Company determines their fair value and obtains quotations from a third party to facilitate the process in determining these fair values. If the Company’s hedging activities do not achieve the desired results, reported earnings may be adversely affected.
	GAAP requires an entity to recognize all derivatives as either assets or liabilities in the balance sheets and to measure those instruments at fair value. To the extent the instrument qualifies for hedge accounting, the fair value adjustments will be recorded as a component of other comprehensive income in stockholders’ equity until the hedged item is recognized in earnings. Whenever the Company decides not to pursue hedge accounting, the fair value adjustments will be recorded in earnings immediately based on changes in the fair market value of those instruments.
	In order to mitigate interest rate risk resulting from the Company’s floating-rate borrowings under the Wells Facility, the Company entered into interest rate swaps and caps with an aggregate notional equal to the borrowings outstanding under the Wells Facility during 2010. The interest rate swaps were used to hedge the floating-rate borrowings through the expected maturity of the underlying collateral and the interest rate caps were used to hedge the floating-rate borrowings related to the potential extension of the underlying collateral. All of the Company's interest rate swaps and caps have matured as of December 31, 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.
	Repurchase Agreements
	Securities sold under repurchase agreements will be treated as collateralized financing transactions, unless they meet sales treatment. Securities financed through a repurchase agreement will remain on the Company’s consolidated balance sheet as an asset and cash received from the purchaser will be recorded on the Company’s consolidated balance sheet as a liability. Interest paid in accordance with repurchase agreements will be recorded in interest expense.
	Share-based Payments
	The Company accounts for share-based compensation to its independent directors and to the Manager and to employees of the Manager and its affiliates using the fair value based methodology prescribed by GAAP. Compensation cost related to restricted common stock issued to the Company’s independent directors is measured at its estimated fair value at the grant date, and amortized into expense over the vesting period on a straight-line basis. Compensation cost related to restricted common stock issued to the Manager and to employees of the Manager and its affiliates will initially be measured at estimated fair value at the grant date, and remeasured on subsequent dates to the extent the awards are unvested. To amortize compensation expense for the restricted common stock granted to the Manager and to employees of the Manager and its affiliates, the Company uses the graded vesting attribution method.
	Income Taxes
	The Company has elected to be taxed as a REIT under Sections 856-859 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding net capital gains and determined without regard to the dividends paid deduction, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders.
	The Company has elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to U.S. federal and state income tax at regular corporate tax rates.
	The Company’s major tax jurisdictions are U.S. federal, New York State and New York City and the statute of limitations is open for all jurisdictions for the years 2011 through 2014. The Company does not have any unrecognized tax benefits and does not expect a change in its position for unrecognized tax benefits in the next 12 months. The Company has a net operating loss carryforward of approximately $1,400 which expires in the year 2029.
	Foreign Currency
	The Company may enter into transactions not denominated in 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.
	Principles of Consolidation
	We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all variable interest entities ("VIE") of which we are considered the primarily beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE.
	Securitization/Sale and Financing Arrangements
	We periodically sell our financial assets, such as commercial mortgage loans, CMBS and other assets. In connection with these transactions, we may retain or acquire senior or subordinated interests in the related assets. Gains and losses on such transactions are recognized using the guidance in Accounting Standards Codification (“ASC”) Topic 860, Transfers and Servicing, which is based on a financial components approach that focuses on control. Under this approach, after a transfer of financial assets that meets the criteria for treatment as a sale-legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint, and transferred control-an entity recognizes the financial assets it retains and any liabilities it has incurred, derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished. We determine the gain or loss on sale of the assets by allocating the carrying value of the sold asset between the sold asset and the interests retained based on their relative fair values, as applicable. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the sold asset. If the sold asset is being accounted for pursuant to the fair value option, there is no gain or loss.
	When a transfer of a financial asset meets the criteria for treatment as a sale (legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint, and transferred control) the Company recognizes the financial assets it retains and any liabilities it has incurred, derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished. The gain or loss on sale of the assets is determined by allocating the carrying value of the sold asset between the sold asset and the interests retained based on their relative fair values, as applicable. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the sold asset. If the sold asset is being accounted for pursuant to the fair value option, there is no gain or loss.
	Recent Accounting Pronouncements
	In January 2013, the Financial Accounting Standards Board (the “FASB”) issued guidance to clarify the scope of disclosures about offsetting assets and liabilities. The amendments clarify that the scope of guidance issued in December 2011 to enhance disclosures around financial instruments and derivative instruments that are either (1) offset, or (2) subject to a master netting arrangement or similar agreement, irrespective of whether they are offset, applies to derivatives, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or subject to an enforceable master netting arrangement or similar agreement. The amendments are effective for interim and annual periods beginning on or after January 1, 2013. As the amendments are limited to disclosure only, the adoption of this guidance did not have a material impact on the consolidated financial statements of the Company’s consolidated financial statements.
	In February 2013, the FASB issued an update which includes amendments that require an entity to report the effect of significant reclassifications out of accumulated other comprehensive income ("OCI") on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other required disclosures that provide additional detail about those amounts. The new requirement presents information on amounts reclassified out of accumulated OCI and their corresponding effect on net income in one place or in some cases, provides for cross-references to related footnote disclosures. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. During 2014, 2013 and 2012, the Company had no amounts reclassified into or out of OCI.
	In June 2013, the FASB issued guidance to change the assessment of whether an entity is an investment company by developing a new two-tiered approach that requires an entity to possess certain fundamental characteristics while allowing judgment in assessing certain typical characteristics. The fundamental characteristics that an investment company is required to have include the following: (1) it obtains funds from one or more investors and provides the investor(s) with investment management services; (2) it commits to its investor(s) that its business purpose and only substantive activities are investing the funds solely for returns from capital appreciation, investment income or both; and (3) it does not obtain returns or benefits from an investee or its affiliates that are not normally attributable to ownership interests. The typical characteristics of an investment company that an entity should consider before concluding whether it is an investment company include the following: (1) it has more than one investment; (2) it has more than one investor; (3) it has investors that are not related parties of the parent or the investment manager; (4) it has ownership interests in the form of equity or partnership interests; and (5) it manages substantially all of its investments on a fair value basis. The new approach requires an entity to assess all of the characteristics of an investment company and consider its purpose and design to determine whether it is an investment company. The guidance includes disclosure requirements about an entity’s status as an investment company and financial support provided or contractually required to be provided by an investment company to its investees. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2013. Earlier application is prohibited. The guidance prohibits REITs from qualifying for investment company accounting and, as such, the Company has determined that it will not meet the definition of an investment company under this ASU.
	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.
	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 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 August 2014, the FASB issued guidance regarding management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The new guidance requires that management evaluate each annual and interim reporting period whether conditions exist that give rise to substantial doubt about the entity’s ability to continue as a going concern within one year from the financial statement issuance date, and if so, provide related disclosures. Disclosures are only required if conditions give rise to substantial doubt, whether or not the substantial doubt is alleviated by management’s plans. No disclosures are required specific to going concern uncertainties if an assessment of the conditions does not give rise to substantial doubt. Substantial doubt exists when conditions and events, considered in the aggregate, indicate that it is probable that a company will be unable to meet its obligations as they become due within one year after the financial statement issuance date. If substantial doubt is alleviated as a result of the consideration of management’s plans, a company should disclose information that enables users of financial statements to understand all of the following (or refer to similar information disclosed elsewhere in the footnotes): (1) principal conditions that initially give rise to substantial doubt, (2) management’s evaluation of the significance of those conditions in relation to the company’s ability to meet its obligations, and (3) management’s plans that alleviated substantial doubt. If substantial doubt is not alleviated after considering management’s plans, disclosures should enable investors to understand the underlying conditions, and include the following: (1) a statement indicating that there is substantial doubt about the company’s ability to continue as a going concern within one year after the issuance date, (2) the principal conditions that give rise to substantial doubt, (3) management’s evaluation of the significance of those conditions in relation to the company’s ability to meet its obligations, and (4) management's plans that are intended to mitigate the adverse conditions. The new guidance applies to all companies. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. Early adoption is permitted. 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	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value Disclosure	Fair Value Disclosure
	GAAP establishes a hierarchy of valuation techniques based on observable inputs utilized in measuring financial instruments at fair values. Market based or observable inputs are the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below:
	Level I — Quoted prices in active markets for identical assets or liabilities.
	Level II — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
	Level III — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used.
	While the Company anticipates that its valuation methods will be appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The Company will use inputs that are current as of the measurement date, which may include periods of market dislocation, during which price transparency may be reduced.
	The estimated fair value of the CMBS portfolio is determined by reference to market prices provided by certain dealers who make a market in these financial instruments. Broker quotes are only indicative of fair value and may not necessarily represent what the Company would receive in an actual trade for the applicable instrument. Management performs additional analysis on prices received based on broker quotes to validate the prices and adjustments are made as deemed necessary by management to capture current market information. The estimated fair values of the Company’s securities are based on observable market parameters and are classified as Level II in the fair value hierarchy.
	The estimated fair values of the Company’s derivative instruments are determined using a discounted cash flow analysis on the expected cash flows of each derivative. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The fair values of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected cash flows are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The fair values of FX forwards are determined by comparing the contracted forward exchange rate to the current market exchange rate.  The current market exchange rates are determined by using market spot rates, forward rates and interest rate curves for the underlying countries.   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 December 31, 2014 and 2013:
		Fair Value as of December 31, 2014								Fair Value as of December 31, 2013
		Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
	CMBS (Available-for-Sale)	$	—	$	17,105	$	—	$	17,105	$	—	$	33,362	$	—	$	33,362
	CMBS (Fair Value Option)	—		522,730		—		522,730		—		158,086		—		158,086
	Derivative instruments	—		4,070		—		4,070		—		—		—		—
	Total	$	—	$	543,905	$	—	$	543,905	$	—	$	191,448	$	—	$	191,448

Debt_Securities

Debt Securities	12 Months Ended
	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Debt Securities	Debt Securities
	At December 31, 2014, all of the Company's CMBS (Available-for-Sale) and CMBS (Fair Value Option) 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 9 for a description of these facilities).
	CMBS (Held-to-Maturity) represents a loan the Company closed during May 2014 that was subsequently contributed to a securitization during August 2014. 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. The property consists of 442 hotels rooms,114 timeshare units, two casinos and approximately 131,500 square feet of retail space. During June 2014, the Company syndicated a $90,000 senior participation in the loan and retained a $65,000 junior participation. The Company evaluated this transaction and concluded due to our continuing involvement it should not be accounted for as a sale. During August 2014, both the $90,000 senior participation and the Company's $65,000 junior participation were contributed to a CMBS securitization. In exchange for contributing its $65,000 junior participation, the Company received a CMBS secured solely by the $65,000 junior participation. The whole loan has a three-year term with two one-year extension options and an appraised loan-to-value ("LTV") of approximately 60%.
	During 2014, the Company purchased CMBS with an aggregate face amount of $387,100 and an aggregate purchase price of $375,006. The CMBS were financed under the DB Facility and the Company elected the fair value option for these securities.
	The amortized cost and estimated fair value of the Company’s debt securities at December 31, 2014 are summarized as follows:
	Security Description	Face			Amortized			Gross		Gross			Estimated
		Amount			Cost			Unrealized		Unrealized			Fair Value
								Gain		Loss
	CMBS (Available-for-Sale)	$	17,013		$	17,783		$	—	$	(678	)	$	17,105
	CMBS (Fair Value Option)	527,177			516,443			7,322		(1,035		)	522,730
	Total	$	544,190		$	534,226		$	7,322	$	(1,713	)	$	539,835
	The following table presents information about the Company's debt securities that were in an unrealized loss position at December 31, 2014:
		Unrealized Loss Position for Less than 12 months						Unrealized Loss Position for 12 months or More
	Security Description	Fair Value			Unrealized Loss			Fair Value		Unrealized Loss
	CMBS (Available-for-Sale)	$	—		$	—		$	17,105	$	(678	)
	CMBS (Fair Value Option)	130,435			(1,019		)	6,315		(16		)
	Total	$	130,435		$	(1,019	)	$	23,420	$	(694	)
	The gross unrealized losses on the available-for-sale securities results from the fair value of the securities falling below the amortized cost basis. These 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 Value
								Gain		Loss
	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 temporary impairment of the available-for-sale securities results from the fair value of the securities falling below the amortized cost basis. These 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. Additionally, all unrealized losses on securities available-for-sale at December 31, 2013 have existed for less than twelve months. As such, management does not believe any of the securities are other than temporarily impaired.
	The overall statistics for the Company’s CMBS (Available-for-Sale) and CMBS (Fair Value Option) calculated on a weighted average basis as of December 31, 2014 and 2013 are as follows:
		December 31,		December 31,
		2014		2013
	Credit Ratings *	AAA-CCC-		AAA-CCC
	Coupon	5.9	%	5.8	%
	Yield	6.4	%	5.3	%
	Weighted Average Life	2.3 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 (Available-for-Sale) and CMBS (Fair Value Option) calculated on a weighted average basis as of December 31, 2014 and 2013 are as follows:
	Vintage	December 31,		December 31,
		2014		2013
	2005	9	%	—	%
	2006	19		3
	2007	63		97
	2008	9		—
	Total	100	%	100	%
	Property Type	December 31,		December 31,
		2014		2013
	Office	33.4	%	33.2	%
	Retail	29.1		25.1
	Multifamily	13.3		15.3
	Hotel	9.2		12
	Other *	15		14.4
	Total	100	%	100	%
	*	No other individual category comprises more than 10% of the total.
	Location	December 31,		December 31,
		2014		2013
	South Atlantic	23.2	%	23.4	%
	Middle Atlantic	21.1		22.8
	Pacific	17		17.6
	East North Central	11		—
	Other *	27.7		36.2
	Total	100	%	100	%
	*	No other individual category comprises more than 10% of the total.

Commercial_Mortgage_Loans

Commercial Mortgage Loans	12 Months Ended
	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Loans
	Property Type	Location		Interest			Final		Periodic		Face			Carrying
				Rate			Extended Maturity		Payment Terms		amount of			amount of
							Date				loans			loans
	Commercial mortgage loans
	Hotel	Maryland		9	%		Apr -15				24,590			24,557
	Condo Conversion	New York		9.67	%		Sept - 16		Interest only		33,846			33,961
	Condo Construction	Maryland		10.5	%		17-Mar		Interest only		28,000			27,520
	Vacation Home Portfolio	Various		7.5	%		19-Apr				100,046			99,086
	Hotel	Pennsylvania		4.71	%		19-May		Interest only		34,000			33,842
	Condo Construction	Maryland		10.75	%		17-Jun		Interest only		20,000			19,616
	Multifamily	New York		4.41	%		19-Aug		Interest only		30,000			30,110
	Mixed Use	Ohio		9.25	%		20-May				20,000			18,309
	Condo Conversion	New York		3.75	%		16-Jun		Interest only		67,300			64,714
	Multifamily	North Dakota		5.15	%		19-Nov				57,792			57,297
	Vacation Home Portfolio	Various US cities		7	%		21-Nov		Interest only		50,000			49,508
	Total commercial mortgage loans										465,574			458,520
	Subordinate loans (1)
	Office	Michigan		13	%		Jun - 20				8,813			8,813
	Ski Resort	California		13.25	%		May - 17		Interest only		40,000			39,771
	Mixed Use	North Carolina		11.1	%		Aug - 22		Interest only		6,525			6,525
	Office Complex	Missouri		11.75	%		Oct - 22				9,711			9,711
	Hotel Portfolio	Various US cities		11.07	%		Nov - 16				34,042			33,995
	Condo Construction	New York		13.25	%		July - 18		Interest only		76,344			76,005
	Multifamily Conversion	New York		10.23	%		Dec - 15		Interest only		14,608			14,703
	Hotel Portfolio	Minnesota		11	%		Feb - 18				24,486			24,486
	Warehouse Portfolio	Various US cities		11.5	%		May - 23		Interest only		32,000			32,000
	Multifamily Conversion	New York		12.25	%		Feb - 15		Interest only		44,000			43,989
	Office Condo	New York		11.25	%		Jul - 22		Interest only		14,000			13,596
	Condo Conversion	New York		9.67	%		Sept - 16		Interest only		29,751			29,762
	Mixed Use	Pennsylvania		9.42	%		Aug - 18		Interest only		22,500			22,473
	Mixed Use	Various US cities		14	%		Dec - 18		Interest only		19,464			19,294
	Mixed Use	England		9.25	%		15-Jan		Interest only		52,355			52,355
	Healthcare Portfolio	Various US		9.43	%		19-Jun		Interest only		50,000			50,000
	Hotel	New York		10.25	%		19-Jul		Interest only		20,000			19,870
	Ski Resort	Montana		14	%		20-Sep		Interest only		15,000			14,861
	Mixed Use	New York		10.66	%		19-Dec				50,000			48,973
	Total subordinate loans										563,599			561,182
	Total										$	1,029,173		$	1,019,702	(2)
	-1	Subject to prior liens.
	-2	The aggregate cost for federal income tax purposes is $1,019,702.
	The following table summarizes the changes in the carrying amounts of mortgage loans during 2014 and 2013.
	Reconciliation of Carrying Amount of Loans
		2014				2013
	Balance at beginning of year	$	658,583			$	389,167
	New loans	802,664				401,912
	Sales	(4,950		)		—
	Collections of principal	(299,551		)		(137,168		)
	Discount accretion	4,316				4,672
	Foreign currency loss	(4,095		)		—
	Payment-in-kind	16,570				—
	Exchange for CMBS (held-to-maturity)	(153,835		)		—
	Balance at the close of year	$	1,019,702			$	658,583
Commercial mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Loans	Commercial Mortgage Loans
	The Company’s commercial mortgage loan portfolio was comprised of the following at December 31, 2014:
	Description	Date of		Maturity		Original				Current			Carrying			Coupon		Property Size
		Investment		Date		Face				Face			Value
						Amount				Amount
	Hotel - Silver Spring, MD (1)	10-Mar		15-Apr		$	26,000			$	24,590		$	24,557		Fixed		263 rooms
	Condo Conversion – NY, NY (1)(2)	13-Aug		15-Sep		33,000				33,846			33,961			Floating		40,000 sq. ft.
	Condo Construction - Potomac, MD (3)	14-Feb		16-Sep		28,000				28,000			27,520			Floating		50 units
	Vacation Home Portfolio - Various	14-Apr		19-Apr		101,000				100,046			99,086			Fixed		229 properties
	Hotel - Philadelphia, PA (1)(4)	14-May		17-May		34,000				34,000			33,842			Floating		301 rooms
	Condo Construction - Bethesda, MD (5)	14-Jun		16-Dec		20,000				20,000			19,616			Floating		40 units
	Multifamily - Brooklyn, NY (1)(6)	14-Jul		16-Aug		30,000				30,000			30,110			Floating		63 units
	Mixed Use - Cincinnati, Ohio (7)	14-Nov		18-May		20,000				20,000			18,309			Floating		65 acres
	Condo Conversion - NY, NY (1)(8)	14-Nov		15-Dec		67,300				67,300			64,714			Floating		86,000 sq. ft.
	Multifamily - Williston, North Dakota (1)(4)	14-Nov		17-Nov		58,000				57,792			57,297			Floating		366 units/homes
	Vacation Home Portfolio - Various U.S. (4)	14-Nov		19-Nov		50,000				50,000			49,508			Fixed		24 properties
	Total/Weighted Average					$	467,300			$	465,574		$	458,520		6.84	%
	-1	At December 31, 2014, this loan was pledged to secure borrowings under the Company’s master repurchase facility entered into with JPMorgan Chase Bank, N.A. (the “JPMorgan Facility”). See Note 9 – Borrowings for a description of this facility.
	-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 December 31, 2014, the Company had $52,000 of unfunded loan commitments related to this loan.
	-4	This loan includes two one-year extension options subject to certain conditions and the payment of a fee.
	-5	This loan includes a six-month extension option subject to certain conditions and the payment of a fee. As of December 31, 2014, the Company had $45,100 of unfunded loan commitments related to this loan.
	-6	This loan includes three one-year extension options subject to certain conditions and the payment of a fee for each extension. As of December 31, 2014, the Company had $4,500 of unfunded loan commitments related to this loan.
	-7	This loan includes two one-year extension options subject to certain conditions and the payment of a fee. As of December 31, 2014, the Company had $145,000 of unfunded loan commitments related to this loan.
	-8	This loan includes a six-month extension option subject to certain conditions and the payment of a fee.
	During November 2014, the Company received the full repayment from a whole loan secured by an office condominium in New York City as well as a hotel in New York City.
	During the fourth quarter of 2014, the Company received the full repayment from a whole loan secured by a condominium conversion project in New York City.
	The Company’s commercial mortgage loan portfolio was comprised of the following as of December 31, 2013:
	Description	Date of		Maturity		Original				Current			Carrying			Coupon		Property Size
		Investment		Date		Face				Face			Value
						Amount				Amount
	Hotel - NY, NY (1)	10-Jan		15-Feb		$	32,000			$	31,317		$	31,317		Fixed		151 rooms
	Office Condo (Headquarters) - NY, NY (1)	10-Feb		15-Feb		28,000				27,169			27,169			Fixed		73,419 sq. ft.
	Hotel - Silver Spring, MD (1)	10-Mar		15-Apr		26,000				24,947			24,785			Fixed		263 rooms
	Condo Conversion – NY, NY (2)	12-Dec		15-Jan		45,000				45,000			44,867			Floating		119,000 sq. ft.
	Condo Conversion – NY, NY (3)	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	At December 31, 2013, this loan was pledged to secure borrowings under the JPMorgan Facility. See Note 9 – Borrowings for a description of this facility.
	-2	This loan includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.
	-3	This loan includes a one-year extension option subject to certain conditions and the payment of a fee.
	During March 2013, the Company consented to the transfer of the controlling ownership of the borrower under the Silver Spring, Maryland loan. In conjunction with its consent, the Company received a $280 fee, which will be recognized over the remaining life of the loan.
	During September 2013, two senior sub-participation interests in a first mortgage loan which was secured by over 20 acres of land in South Boston, Massachusetts were repaid at par. The senior sub-participation interests were purchased at 78% of par (including a 3% brokerage fee).
	The Company evaluates each loan 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 December 31, 2014 and 2013.

Subordinate_Loans

Subordinate Loans	12 Months Ended
	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Loans
	Property Type	Location		Interest			Final		Periodic		Face			Carrying
				Rate			Extended Maturity		Payment Terms		amount of			amount of
							Date				loans			loans
	Commercial mortgage loans
	Hotel	Maryland		9	%		Apr -15				24,590			24,557
	Condo Conversion	New York		9.67	%		Sept - 16		Interest only		33,846			33,961
	Condo Construction	Maryland		10.5	%		17-Mar		Interest only		28,000			27,520
	Vacation Home Portfolio	Various		7.5	%		19-Apr				100,046			99,086
	Hotel	Pennsylvania		4.71	%		19-May		Interest only		34,000			33,842
	Condo Construction	Maryland		10.75	%		17-Jun		Interest only		20,000			19,616
	Multifamily	New York		4.41	%		19-Aug		Interest only		30,000			30,110
	Mixed Use	Ohio		9.25	%		20-May				20,000			18,309
	Condo Conversion	New York		3.75	%		16-Jun		Interest only		67,300			64,714
	Multifamily	North Dakota		5.15	%		19-Nov				57,792			57,297
	Vacation Home Portfolio	Various US cities		7	%		21-Nov		Interest only		50,000			49,508
	Total commercial mortgage loans										465,574			458,520
	Subordinate loans (1)
	Office	Michigan		13	%		Jun - 20				8,813			8,813
	Ski Resort	California		13.25	%		May - 17		Interest only		40,000			39,771
	Mixed Use	North Carolina		11.1	%		Aug - 22		Interest only		6,525			6,525
	Office Complex	Missouri		11.75	%		Oct - 22				9,711			9,711
	Hotel Portfolio	Various US cities		11.07	%		Nov - 16				34,042			33,995
	Condo Construction	New York		13.25	%		July - 18		Interest only		76,344			76,005
	Multifamily Conversion	New York		10.23	%		Dec - 15		Interest only		14,608			14,703
	Hotel Portfolio	Minnesota		11	%		Feb - 18				24,486			24,486
	Warehouse Portfolio	Various US cities		11.5	%		May - 23		Interest only		32,000			32,000
	Multifamily Conversion	New York		12.25	%		Feb - 15		Interest only		44,000			43,989
	Office Condo	New York		11.25	%		Jul - 22		Interest only		14,000			13,596
	Condo Conversion	New York		9.67	%		Sept - 16		Interest only		29,751			29,762
	Mixed Use	Pennsylvania		9.42	%		Aug - 18		Interest only		22,500			22,473
	Mixed Use	Various US cities		14	%		Dec - 18		Interest only		19,464			19,294
	Mixed Use	England		9.25	%		15-Jan		Interest only		52,355			52,355
	Healthcare Portfolio	Various US		9.43	%		19-Jun		Interest only		50,000			50,000
	Hotel	New York		10.25	%		19-Jul		Interest only		20,000			19,870
	Ski Resort	Montana		14	%		20-Sep		Interest only		15,000			14,861
	Mixed Use	New York		10.66	%		19-Dec				50,000			48,973
	Total subordinate loans										563,599			561,182
	Total										$	1,029,173		$	1,019,702	(2)
	-1	Subject to prior liens.
	-2	The aggregate cost for federal income tax purposes is $1,019,702.
	The following table summarizes the changes in the carrying amounts of mortgage loans during 2014 and 2013.
	Reconciliation of Carrying Amount of Loans
		2014				2013
	Balance at beginning of year	$	658,583			$	389,167
	New loans	802,664				401,912
	Sales	(4,950		)		—
	Collections of principal	(299,551		)		(137,168		)
	Discount accretion	4,316				4,672
	Foreign currency loss	(4,095		)		—
	Payment-in-kind	16,570				—
	Exchange for CMBS (held-to-maturity)	(153,835		)		—
	Balance at the close of year	$	1,019,702			$	658,583
Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Loans	Subordinate Loans
	The Company’s subordinate loan portfolio was comprised of the following as of December 31, 2014:
	Description	Date of		Maturity		Original				Current			Carrying			Coupon
		Investment		Date		Face				Face			Value
						Amount				Amount
	Office - Michigan	10-May		20-Jun		$	9,000			$	8,813		$	8,813		Fixed
	Ski Resort - California	11-Apr		17-May		40,000				40,000			39,771			Fixed
	Mixed Use – North Carolina	12-Jul		22-Aug		6,525				6,525			6,525			Fixed
	Office Complex - Missouri	12-Sep		22-Oct		10,000				9,711			9,711			Fixed
	Hotel Portfolio – Various (1)	12-Nov		15-Nov		50,000				34,042			33,995			Floating
	Condo Construction – NY, NY (1)	13-Jan		17-Jul		60,000				76,344			76,005			Fixed
	Multifamily Conversion – NY, NY (1)	13-Jan		15-Dec		18,000				14,608			14,703			Floating
	Hotel Portfolio – Rochester, MN	13-Jan		18-Feb		25,000				24,486			24,486			Fixed
	Warehouse Portfolio - Various	13-May		23-May		32,000				32,000			32,000			Fixed
	Multifamily Conversion – NY, NY (2)	13-May		15-Feb		44,000				44,000			43,989			Floating
	Office Condo - NY, NY	13-Jul		22-Jul		14,000				14,000			13,596			Fixed
	Condo Conversion – NY, NY (1)	13-Aug		15-Sep		29,400				29,751			29,762			Floating
	Mixed Use - Pittsburgh, PA (3)	13-Aug		16-Aug		22,500				22,500			22,473			Floating
	Mixed Use - Various (3)	13-Dec		16-Dec		17,000				19,464			19,294			Fixed
	Mixed Use - London, England	14-Apr		15-Jan		50,009				52,355			52,355			Fixed
	Healthcare Portfolio - Various (4)	14-Jun		16-Jun		50,000				50,000			50,000			Floating
	Hotel - NY, NY (4)	14-Jul		16-Jul		20,000				20,000			19,870			Floating
	Ski Resort - Big Sky, Montana	14-Aug		20-Sep		15,000				15,000			14,861			Fixed
	Mixed Use - New York, NY (5)	14-Dec		17-Dec		50,000				50,000			48,973			Floating
	Total/Weighted Average					$	562,434			$	563,599		$	561,182		11.34	%
	-1	Includes a one-year extension option subject to certain conditions and the payment of an extension fee.
	-2	Includes a three-month extension option subject to certain conditions and the payment of an extension fee.
	-3	Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.
	-4	Includes three one-year extension options subject to certain conditions and the payment of an extension fee.
	-5	Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension. As of December 31, 2014, the Company had $32,500 of unfunded loan commitments related to this loan.
	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.
	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.
	During August 2014, the Company received the final repayment from a $50,000 mezzanine loan secured by a pledge of the equity interests in a borrower that owns a portfolio of seven office parks throughout Florida.
	During November 2014, the Company received the final repayment from a $28,250 mezzanine loan secured by a pledge of the equity interests in a borrower that owns the leasehold interest in a hotel in New York City.
	During the fourth quarter of 2014, the Company received the full repayment from a subordinate loan secured by a condominium conversion project in New York City.
	The Company’s subordinate loan portfolio was comprised of the following as of December 31, 2013:
	Description	Date of		Maturity		Original				Current			Carrying			Coupon
		Investment		Date		Face				Face			Value
						Amount				Amount
	Office - Michigan	10-May		20-Jun		$	9,000			$	8,866		$	8,866		Fixed
	Ski Resort - California	11-Apr		17-May		40,000				40,000			39,781			Fixed
	Hotel– New York (1)	12-Jan		14-Feb		15,000				15,000			15,207			Fixed
	Mixed Use – North Carolina	12-Jul		22-Jul		6,525				6,525			6,525			Fixed
	Office Complex - Missouri	12-Sep		22-Oct		10,000				9,849			9,849			Fixed
	Hotel Portfolio – Various (1)	12-Nov		15-Nov		50,000				48,431			48,397			Floating
	Condo Conversion – NY, NY (2)	12-Dec		15-Jan		35,000				35,000			34,734			Floating
	Condo Construction – NY, NY (1)	13-Jan		17-Jul		60,000				66,800			66,340			Fixed
	Multifamily Conversion – NY, NY (1)	13-Jan		14-Dec		18,000				18,000			17,906			Floating
	Hotel Portfolio – Rochester, MN	13-Jan		18-Feb		25,000				24,771			24,771			Fixed
	Warehouse Portfolio - Various	13-May		23-May		32,000				32,000			32,000			Fixed
	Multifamily Conversion – NY, NY (3)	13-May		14-Jun		44,000				44,000			43,859			Floating
	Office Condo - NY, NY	13-Jul		22-Jul		14,000				14,000			13,565			Fixed
	Condo Conversion – NY, NY (4)	13-Aug		15-Sep		294				295			2			Floating
	Mixed Use - Pittsburgh, PA (1)	13-Aug		16-Aug		22,500				22,500			22,342			Floating
	Healthcare Portfolio - Various	13-Oct		14-Jun		47,000				47,000			47,000			Floating
	Mixed Use - Florida (2)	13-Nov		18-Oct		50,000				50,000			49,535			Floating
	Mixed Use - Various (2)	13-Dec		18-Dec		17,000				17,000			16,805			Fixed
	Total/Weighted Average					$	495,319			$	500,037		$	497,484		11.6	%
	-1	Includes a one-year extension option subject to certain conditions and the payment of an extension fee.
	-2	Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.
	-3	Includes a three-month extension option subject to certain conditions and the payment of an extension fee.
	-4	Includes a one-year extension option subject to certain conditions and the payment of an extension fee. As of December 31, 2013, the Company had $29,106 of unfunded loan commitments related to this loan.
	In February 2013, the Company received principal repayments 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 .
	In June 2013, the Company received the repayment of a $15,000 mezzanine loan secured by a hotel in New York City. In connection with the repayment, the Company received a yield maintenance payment totaling $1,233.
During October 2013, the Company received a full principal repayment from a $25,000 mezzanine loan secured by a portfolio of hotels in New York City.
During 2013, the Company received a full principal repayment from a $25,000 subordinate financing secured by a retail center in Woodbridge, Virginia.
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 December 31, 2014 and December 31, 2013.

Unconsolidated_Joint_Venture

Unconsolidated Joint Venture	12 Months Ended
	Dec. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]
Unconsolidated Joint Venture	Unconsolidated Joint Venture
	In September 2014, the Company, through a wholly owned subsidiary, acquired a 59% ownership interest in Champ Limited Partnership (“Champ LP”) following which a wholly-owned subsidiary of Champ LP then acquired a 35% ownership interest in KBC Bank Deutschland AG ("KBC Bank"), the German subsidiary of Belgian KBC Group NV. The Company acquired its ownership interest in Champ LP for an initial purchase price paid at closing of approximately €30,724 ($39,477). The Company committed to invest up to approximately €38,000 ($50,000). Through its interest in Champ LP, the Company holds an indirect ownership interest in KBC Bank of approximately 21%. The Company together with other affiliated investors, in aggregate, own 100% of Champ LP. Champ LP together with certain unaffiliated third party investors, in aggregate, own 100% of KBC Bank.
	KBC Bank specializes in corporate banking and financial services for medium-sized German companies. It also provides professional real estate financing, acquisition finance, institutional asset management and private wealth management services for German high-net-worth individuals. Following the closing of the transaction, KBC Bank was renamed Bremer Kreditbank AG and will operate under the name BKB Bank.
	The Company determined that Champ LP met the definition of a VIE and that it was not the primary beneficiary; therefore, we did not consolidate the assets and liabilities of the partnership.  Additionally, Champ LP is an Investment Company under GAAP, and is therefore reflected at fair value.  Our investment in Champ LP is accounted for as an equity method investment and therefore we record our proportionate share of the net asset value.

Repurchase_Agreement

Repurchase Agreement	12 Months Ended
	Dec. 31, 2014
Investment Repurchase Agreement Disclosure [Abstract]
Repurchase Agreement	Repurchase Agreement
	During 2011, the Company funded a $47,439 investment structured in the form of a repurchase facility secured by a Class A-2 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 Class A-2 CDO bond, originally rated AAA/Aaa, is currently rated A-/Baa1. The CDO is 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 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 occured 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

Borrowings	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Borrowings	Borrowings
	At December 31, 2014 and 2013, the Company had borrowings outstanding under the JPMorgan Facility, the Wells Facility, the UBS Facility and the DB Facility. At December 31, 2014 and 2013, the Company’s borrowings had the following debt balances, weighted average maturities and interest rates:
		December 31, 2014							31-Dec-13
		Debt		Weighted		Weighted			Debt			Weighted	Weighted
		Balance		Average		Average			Balance			Average	Average
				Remaining		Rate						Remaining	Rate
				Maturity								Maturity
	Wells Facility borrowings	$	20,166	0.2 years		1	%		$	47,751		0.2 years	1.2	%	**
	UBS Facility borrowings	133,899		3.7 years	*	2.8	%		133,899			4.7 years	2.8	%	Fixed
	DB Facility borrowings	300,005		3.3 years		3.7	%		—			0.0 years	—	%	***
	JPMorgan Facility borrowings	168,124		0.1 years		2.7	%		20,383			1.1 years	2.7	%	L+250
	Total borrowings	$	622,194	3.2 years		3.2	%		$	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 December 31, 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 December 31, 2014, the Company’s borrowings had the following remaining maturities:
		Less than		1 to 3				3 to 5			More than			Total
		1 year		years				years			5 years
	Wells Facility borrowings	$	20,166	$	—			$	—		$	—		$	20,166
	UBS Facility borrowings *	—		133,899				—			—			133,899
	DB Facility borrowings	40,476		213,654				45,875			—			300,005
	JPMorgan Facility borrowings	168,124		—				—			—			168,124
	Total	$	228,766	$	347,553			$	45,875		$	—		$	622,194
	*	Assumes extension options are exercised.
	The table below summarizes the outstanding balances, as well as the maximum and average balances as of December 31, 2014 and 2013.
				2014										2013
		Balance at		Maximum Month-End				Average Month-End			Balance at			Maximum Month-End		Average Month-End
		December 31,		Balance				Balance			December 31,			Balance		Balance
		2014									2013
	Wells Facility borrowings	$	20,166	$	47,751			$	28,921		$	47,751		$	225,156	$	168,747
	UBS Facility borrowings	133,899		133,899				133,899			133,899			133,899		31,728
	DB Facility borrowings	300,005		300,005				145,856			$	—		$	—	$	—
	JPMorgan Facility borrowings	168,124		169,066				105,366			$	20,383		$	20,383	$	3,138
	Total	$	622,194								$	202,033
	Repurchase Agreements
	Wells Facility
	In August 2010, the Company, through an indirect wholly owned subsidiary, entered into the Wells Facility. The Wells Facility currently provides for borrowings of up to $506,000 in order to finance the acquisition of AAA-rated CMBS. The term of the Wells Facility expires in March 2015. The purchase price of the CMBS is determined on a per asset basis by applying an advance rate schedule agreed upon by the Company and Wells Fargo. Amounts borrowed under the Wells Facility bear interest at a rate of LIBOR + 0.80%. Advance rates under the Wells Facility typically range from 85%-90% on the face amount of the underlying collateral depending on the weighted average life of the collateral pledged. Margin calls will occur any time the outstanding loan balance exceeds the lender’s required advance in accordance with agreed upon advance rates by more than $250. The Wells Facility contains, among others, the following restrictive covenants: (1) negative covenants intended to restrict the Company from failing to qualify as a REIT and (2) financial covenants to be met by the Company, including a minimum net asset value covenant (which shall not be less than an amount equal to (i) $100,000, (ii) 75% of the greatest net asset value during the prior calendar quarter and (iii) 65% of the greatest net asset value during the prior calendar year), a maximum total debt to consolidated tangible net worth covenant (8:1), a minimum liquidity covenant ($2,500) and a minimum EBITDA to interest expense covenant (1.5:1). The Company has agreed to provide a limited guarantee of up to 15%, or a maximum of $37,500, of the obligations of its indirect wholly-owned subsidiary under the Wells Facility.
	The pricing margin for all assets financed under the Wells Facility is 1.50%. The Company is required to maintain at all times an amount in Repo Liquidity (as generally defined to include all amounts held in the collection account established under the Wells Facility for the benefit of Wells Fargo, cash, cash equivalents, super-senior CMBS rated AAA by at least two rating agencies, and total amounts immediately and unconditionally available on an unrestricted basis under all outstanding capital commitments, subscription facilities and secured revolving credit or repurchase facilities) no less than the greater of 10% of the total consolidated recourse indebtedness of the Company and $12,500. Advances under the Wells Facility accrue interest at a per annum pricing rate equal to the sum of (i) 30 day LIBOR and (ii) the applicable pricing margin.
	UBS Facility
	In September 2013, the Company through an indirect wholly-owned subsidiary entered into the UBS Facility, which currently provides that the Company may borrow up to $133,899 in order to finance the acquisition of CMBS. The UBS Facility has a term of four years, with a one-year extension available at the Company's option, subject to certain restrictions. Advances under the UBS Facility accrue interest at a per annum pricing rate equal to a spread of 1.55% per annum over the rate implied by the fixed rate bid under a fixed-for-floating interest rate swap for the receipt of payments indexed to six-month U.S. dollar LIBOR. The Company borrows 100% of the estimated fair value of the collateral pledged and posts margin equal to 22.5% of that borrowing amount in cash. The margin posted is classified as restricted cash on the Company's consolidated balance sheets. Additionally, beginning on the 121st day following the closing date and depending on the utilization rate of the facility, a portion of the undrawn amount may be subject to non-use fees. The UBS Facility contains customary terms and conditions for repurchase facilities of this type and financial covenants to be met by the Company, including a minimum net asset value covenant (which shall not be less than an amount equal to $500,000 and a maximum total debt to consolidated tangible net worth covenant (3:1). The Company has agreed to provide a full guarantee of the obligations of its indirect wholly-owned subsidiary under the UBS Facility.
	DB Facility
	In April 2014, the Company, through an indirect wholly-owned subsidiary, entered into the DB Facility, which currently provides that the Company may borrow up to $300,005 in order to finance the acquisition of CMBS. The DB Facility matures in April 2018, 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, since December 7, 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
	In January 2010, the Company, through two indirect wholly owned subsidiaries, entered into the JPMorgan Facility. As of December 31, 2014 the JPMorgan Facility provided that the Company may borrow up to $175,000 in order to finance the origination and acquisition of commercial first mortgage loans and AAA-rated CMBS. Amounts borrowed under the JPMorgan Facility bore interest at a rate of LIBOR+2.5%. Advance rates under the JPMorgan Facility typically range from 65%-90% on the estimated fair value of the pledged collateral depending on its LTV. Margin calls will occur any time the outstanding loan balance exceeds the lender’s required advance in accordance with agreed upon advance rates by more than $250. The Company has agreed to provide a full guarantee for the obligations of its borrower subsidiaries under the JPMorgan Facility and is requires to hold minimum liquidity equal to the greater of 5% of its total recourse indebtedness and $15,000. The JPMorgan Facility contains, among others, the following restrictive covenants: (1) negative covenants relating to restrictions on the Company’s operations that would cease to allow the Company to qualify as a REIT and (2) financial covenants to be met by the Company when the repurchase facility is being utilized, including a minimum consolidated tangible net worth covenant ($125,000), maximum total debt to consolidated tangible net worth covenant (3:1), a minimum liquidity covenant (the greater of 10% of total consolidated recourse indebtedness and $12,500) and a minimum net income covenant (one U.S. dollar during any four consecutive fiscal quarters). The Company agreed to provide a limited guarantee of the obligations of its indirect wholly-owned subsidiaries under the Amended and Restated JPMorgan Facility.
	The Company was in compliance with the financial covenants under its repurchase agreements at December 31, 2014 and December 31, 2013.

Convertible_Senior_Notes

Convertible Senior Notes	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Convertible Senior Notes	Convertible Senior Notes
	On March 17, 2014, the Company issued $143,750 aggregate principal amount of 5.50% Convertible Senior Notes due 2019 (the "March 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 December 31, 2014, the March 2019 Notes had a carrying value of $139,769 and an unamortized discount of $3,980.
	On August 18, 2014, the Company issued an additional $111,000 aggregate principal amount of 5.50% Convertible Senior Notes due 2019 (the "August 2019 Notes," and together with the March 2019 Notes, 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 $109,615. At December 31, 2014, the August 2019 Notes had a carrying value of $106,695 and an unamortized discount of $4,305.
	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
	March 2019 Notes	$	143,750	5.5	%	6.25	%	55.3649	3/15/19	4.21 years
	August 2019 Notes	$	111,000	5.5	%	6.5	%	55.3649	3/15/19	4.21 years
	-1	Effective rate includes the effect of the adjustment for the conversion option (See footnote (2) below), 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 December 31, 2014 since the closing market price of the Company’s common stock of $16.36 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. GAAP 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.  As a result, the Company attributed approximately $11,445 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 has been reflected within additional paid-in capital in the consolidated balance sheet as of December 31, 2014. The resulting debt discount is being amortized over the period during which the 2019 Notes are expected to be outstanding (the maturity date) as additional non-cash interest expense. The additional non-cash interest expense attributable to each of the 2019 Notes will increase in subsequent reporting periods through the maturity date as the 2019 Notes accrete to their par value over the same period. The aggregate contractual interest expense was approximately $8,493 for the year ended December 31, 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 $1,973 for the year ended December 31, 2014.
	As of December 31, 2014 potential shares of common stock contingently issuable upon the conversion of the 2019 Notes were excluded from the calculation of diluted income per share because it is management's intent and ability to settle the obligation in cash.

Participations_Sold

Participations Sold	12 Months Ended
	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Participations Sold
	Property Type	Location		Interest			Final		Periodic	Face		Carrying
				Rate			Extended Maturity		Payment Terms	amount of		amount of
							Date			loans		loans
	Commercial mortgage loans
	Hotel	Maryland		9	%		Apr -15			24,590		24,557
	Condo Conversion	New York		9.67	%		Sept - 16		Interest only	33,846		33,961
	Condo Construction	Maryland		10.5	%		17-Mar		Interest only	28,000		27,520
	Vacation Home Portfolio	Various		7.5	%		19-Apr			100,046		99,086
	Hotel	Pennsylvania		4.71	%		19-May		Interest only	34,000		33,842
	Condo Construction	Maryland		10.75	%		17-Jun		Interest only	20,000		19,616
	Multifamily	New York		4.41	%		19-Aug		Interest only	30,000		30,110
	Mixed Use	Ohio		9.25	%		20-May			20,000		18,309
	Condo Conversion	New York		3.75	%		16-Jun		Interest only	67,300		64,714
	Multifamily	North Dakota		5.15	%		19-Nov			57,792		57,297
	Vacation Home Portfolio	Various US cities		7	%		21-Nov		Interest only	50,000		49,508
	Total commercial mortgage loans									465,574		458,520
	Subordinate loans (1)
	Office	Michigan		13	%		Jun - 20			8,813		8,813
	Ski Resort	California		13.25	%		May - 17		Interest only	40,000		39,771
	Mixed Use	North Carolina		11.1	%		Aug - 22		Interest only	6,525		6,525
	Office Complex	Missouri		11.75	%		Oct - 22			9,711		9,711
	Hotel Portfolio	Various US cities		11.07	%		Nov - 16			34,042		33,995
	Condo Construction	New York		13.25	%		July - 18		Interest only	76,344		76,005
	Multifamily Conversion	New York		10.23	%		Dec - 15		Interest only	14,608		14,703
	Hotel Portfolio	Minnesota		11	%		Feb - 18			24,486		24,486
	Warehouse Portfolio	Various US cities		11.5	%		May - 23		Interest only	32,000		32,000
	Multifamily Conversion	New York		12.25	%		Feb - 15		Interest only	44,000		43,989
	Office Condo	New York		11.25	%		Jul - 22		Interest only	14,000		13,596
	Condo Conversion	New York		9.67	%		Sept - 16		Interest only	29,751		29,762
	Mixed Use	Pennsylvania		9.42	%		Aug - 18		Interest only	22,500		22,473
	Mixed Use	Various US cities		14	%		Dec - 18		Interest only	19,464		19,294
	Mixed Use	England		9.25	%		15-Jan		Interest only	52,355		52,355
	Healthcare Portfolio	Various US		9.43	%		19-Jun		Interest only	50,000		50,000
	Hotel	New York		10.25	%		19-Jul		Interest only	20,000		19,870
	Ski Resort	Montana		14	%		20-Sep		Interest only	15,000		14,861
	Mixed Use	New York		10.66	%		19-Dec			50,000		48,973
	Total subordinate loans									563,599		561,182
	Total									$	1,029,173	$	1,019,702	(2)
	-1	Subject to prior liens.
	-2	The aggregate cost for federal income tax purposes is $1,019,702.
	The following table summarizes the changes in the carrying amounts of mortgage loans during 2014 and 2013.
	Reconciliation of Carrying Amount of Loans
		2014				2013
	Balance at beginning of year	$	658,583			$	389,167
	New loans	802,664				401,912
	Sales	(4,950		)		—
	Collections of principal	(299,551		)		(137,168		)
	Discount accretion	4,316				4,672
	Foreign currency loss	(4,095		)		—
	Payment-in-kind	16,570				—
	Exchange for CMBS (held-to-maturity)	(153,835		)		—
	Balance at the close of year	$	1,019,702			$	658,583
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. During August 2014, both the $90,000 senior participation and the Company's $65,000 junior participation were contributed to a CMBS securitization. In exchange for contributing its $65,000 junior participation, the Company received a CMBS secured solely by the $65,000 junior participation and classified it as CMBS (held-to-maturity) on its consolidated financial statements.
	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 December 31, 2014, the Company had one such participation sold with a face amount of $90,000 and a carrying amount of $89,584. 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	12 Months Ended
	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments
	The Company uses 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 years ended December 31, 2014, 2013 and 2012.
				Amount of loss
				recognized in
				income
		Location of Loss Recognized in Income		2014				2013				2012
	Interest rate swaps	Loss on derivative instruments – realized *		$	—			$	(157	)		$	(895	)
	Interest rate swaps	Gain on derivative instruments – unrealized		—				$	156			$	510
	Interest rate caps	Loss on derivative instruments - unrealized		—				(1		)		(187		)
	Forward currency contract	Gain on derivative instruments - unrealized		4,070				—				—
	Total			$	4,070			$	(2	)		$	(572	)
	*	Realized losses represent net amounts accrued for the Company’s derivative instruments during the period.
	The following table summarizes the gross asset and liability amounts related to the Company’s derivatives at December 31, 2014 and 2013.
		December 31, 2014												December 31, 2013
		Gross				Gross				Net Amounts				Gross		Gross			Net Amounts
		Amount of				Amounts				of Assets				Amount of		Amounts			of Liabilities
		Assets				Offset in the				Presented in				Assets		Offset in the			Presented in
		Recognized				Statement				the Statement				Recognized		Statement			the Statement
		as				of Financial				of Financial				as		of Financial			of Financial
		Assets				Position				Position				Liabilities		Position			Position
	Interest rate swaps	$	—			$	—			$	—			$	—	$	(156	)	$	(156	)
	Interest rate caps	—				—				—				1		—			1
	Forward currency contract	$	4,070			$	—			$	4,070			$	—	$	—		$	—
	Total derivative instruments	$	4,070			$	—			$	4,070			$	1	$	(156	)	$	(155	)

Related_Party_Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions
	Management Agreement
	In connection with the Company’s initial public offering (“IPO”) 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, 2015, and is automatically renewed for successive one-year terms on each anniversary thereafter. The Management Agreement may be terminated upon expiration of the one-year terms 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 2015, 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 2014, 2013 and 2012, respectively, the Company incurred approximately $11,960, $10,012 and $6,139 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 2014, 2013 and 2012, respectively, the Company recorded expenses totaling $985, $745 and $987 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 December 31, 2014 and December 31, 2013, respectively, is approximately $3,240 and $2,628 for base management fees incurred but not yet paid.
	Unconsolidated Joint Venture
	In September 2014, the Company, through a wholly owned subsidiary, acquired a 59% ownership interest in Champ LP following which a wholly-owned subsidiary of Champ LP then acquired a 35% ownership interest in KBC Bank, the German subsidiary of Belgian KBC Group NV. The Company acquired its ownership interest in Champ LP for an initial purchase price paid at closing of approximately €30,724 ($39,477). The Company committed to invest up to approximately €38,000 ($50,000). Through its interest in Champ LP, the Company holds an indirect ownership interest in KBC Bank of approximately 21%. The Company together with other affiliated investors, in aggregate, own 100% of Champ LP. Champ LP together with certain unaffiliated third party investors, in aggregate, own 100% of KBC Bank.

ShareBased_Payments

Share-Based Payments	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Payments	Share-Based Payments
	On September 23, 2009, the Company’s board of directors approved the Apollo Commercial Real Estate Finance, Inc., 2009 Equity Incentive Plan (the “LTIP”). The LTIP provides for grants of restricted common stock, restricted stock units (“RSUs”) and other equity-based awards up to an aggregate of 7.5% of the issued and outstanding shares of the Company’s common stock (on a fully diluted basis). The LTIP is administered by the compensation committee of the Company’s board of directors (the “Compensation Committee”) and all grants under the LTIP must be approved by the Compensation Committee.
	The Company recognized stock-based compensation expense of $1,576, $3,488 and $3,624 during 2014, 2013 and 2012, respectively, related to restricted stock and RSU vesting. The fair value of restricted stock that vested during 2014, 2013 and 2012 was $445, $293 and $717, respectively. The fair value of RSUs that vested during 2014, 2013 and 2012 was $2,729, $2,854 and $1,916, respectively.
	The following table summarizes the grants, exchanges and forfeitures of restricted common stock and RSUs during 2014, 2013 and 2012:
		Type	Date	Restricted Stock	RSUs		Estimate Fair Value	Initial Vesting	Final Vesting
							on Grant Date
	Outstanding at January 1, 2012			161,032	402,709
		Forfeiture	Feb-12	—	(1,875	)	n/a	n/a	n/a
		Grant	Mar-12	—	20,000		310	Mar-13	Mar-15
		Grant	Apr-12	9,584	—		150	Jul-12	Apr-15
		Grant	Aug-12	1,496	—		25	Jul-13	Jul-15
		Canceled upon delivery	Oct-12	—	(112,084	)	n/a	n/a	n/a
		Grant	February 2013	20,000	—		352	Dec-13	Dec-15
		Grant	Feb-13	—	180,000		3,166	Dec-13	Dec-15
		Grant	Apr-13	11,304	—		200	Jul-13	Apr-16
		Grant	May-13	—	15,000		264	Dec-13	Dec-15
		Forfeiture	Jun-13	—	(5,000	)	n/a	n/a	n/a
		Canceled upon delivery	Jul-13	—	(5,000	)	n/a	n/a	n/a
		Grant	Sep-13	—	10,000		154	Sep-13	Sep-13
		Grant	Nov-13	5,000	—		81	Dec-13	Oct-16
		Canceled upon delivery	Jan-14	—	(288,750	)	n/a	n/a	n/a
		Grant	Apr-14	8,931	—		150	Jul-14	Apr-17
		Grant	Apr-14	5,000	—		85	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
		Grant	Dec-14	51,767	—		855	Dec-15	Dec-17
		Grant	Dec-14	—	390,000		6,474	Dec-15	Dec-17
	Outstanding at December 31, 2014			274,114	610,254
	Below is a summary of restricted stock and RSU vesting dates as of December 31, 2014.
	Vesting Date	Shares Vesting		RSU Vesting	Total Awards
	Jan-15	3,698		—	3,698
	Mar-15	—		6,667	6,667
	Apr-15	3,699		—	3,699
	Jul-15	3,300		—	3,300
	Jul-15	250		—	250
	Oct-15	3,300		—	3,300
	Dec-15	15,588		196,752	212,340
	Jan-16	3,299		—	3,299
	Apr-16	3,300		—	3,300
	Jul-16	2,828		—	2,828
	Oct-16	2,827		—	2,827
	Dec-16	12,255		133,417	145,672
	Jan-17	2,411		—	2,411
	Apr-17	2,414		—	2,414
	Jul-17	1,250		—	1,250
	Oct-17	1,250		—	1,250
	Dec-17	12,258		130,008	142,266
		73,927		466,844	540,771
	At December 31, 2014, the Company had unrecognized compensation expense of approximately $1,301 and $7,735, respectively, related to the vesting of restricted stock awards and RSUs noted in the table above.
	RSU Deliveries
	During 2014, 2013 and 2012, respectively, the Company delivered 240,277, 3,057 and 67,354 shares of common stock for 283,750, 5,000 and 112,084 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 adjustments were $876, $31 and $779 in 2014, 2013 and 2012, respectively, and are included as reductions of capital increase related to the Company's equity incentive plan in the consolidated statement of changes in shareholders’ equity.

Stockholders_Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity
	The Company’s authorized capital stock consists of 450,000,000 shares of common stock, $0.01 par value per share and 50,000,000 shares of preferred stock, $0.01 par value per share. As of December 31, 2014, 46,900,442 shares of common stock were issued and outstanding and there were 3,450,000 shares of preferred stock issued and outstanding.
	Dividends.    During 2014 and 2013, the Company has declared the following dividends on its common stock:
	Declaration Date	Record Date	Payment Date	Amount
	February 27, 2013	March 28, 2013	April 12, 2013	$	0.4
	May 1, 2013	June 28, 2013	July 12, 2013	$	0.4
	July 31, 2013	September 30, 2013	October 11, 2013	$	0.4
	11/4/13	December 31, 2013	January 13, 2014	$	0.4
	February 26, 2014	March 31, 2014	April 15, 2014	$	0.4
	April 29, 2014	June 30, 2014	July 15, 2014	$	0.4
	July 28, 2014	September 30, 2014	October 15, 2014	$	0.4
	October 28, 2014	December 31, 2014	1/15/15	$	0.4
	During 2014 and 2013, the Company declared the following dividends on its Series A Preferred Stock:
	Declaration Date	Record Date	Payment Date	Amount
	March 15, 2013	March 28, 2013	April 15, 2013	$	0.5391
	June 12, 2013	June 28, 2013	July 15, 2013	$	0.5391
	September 16, 2013	September 30, 2013	October 15, 2013	$	0.5391
	December 9, 2013	December 30, 2013	January 15, 2014	$	0.5391
	March 17, 2014	March 31, 2014	April 15, 2014	$	0.5391
	June 9, 2014	June 30, 2014	July 15, 2014	$	0.5391
	September 8, 2014	September 30, 2014	October 15, 2014	$	0.5391
	December 16, 2014	December 31, 2014	January 15, 2015	$	0.5391
	Common Stock Offerings. 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 $158,439 after deducting estimated offering expenses payable by the Company.
	During March 2013, the Company completed a follow-on public offering of 8,805,000 shares of its common stock, including the partial exercise of the underwriters’ option to purchase additional shares, at a price of $16.90 per share. The aggregate net proceeds from the offering, including proceeds from the sale of the additional shares, were approximately $148,333 after deducting estimated offering expenses payable by the Company.
	ATM Program. In May 2013, the Company entered into an ATM Equity Offering Sales Agreement with Merrill Lynch, Pierce, Fenner & Smith Incorporated and JMP Securities LLC (the "Agents"), relating to shares of the Company's common stock. In accordance with the terms of the agreement, the Company may offer and sell shares of common stock having an aggregate offering price of up to $100,000 from time to time through the Agents. Sales of the shares, if any, will be made by means of ordinary brokers' transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, or as otherwise agreed with the applicable Agent. To date, the Company has not directed the Agents to sell any shares.
	Stock Repurchase Program. In July 2013, the Company's board of directors approved a stock repurchase program to authorize the Company to repurchase up to an aggregate of $50,000 of its shares of common stock. To date, the Company has not repurchased any shares pursuant to the stock repurchase program.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies
	KBC Bank Deutschland AG. In September 2013, the Company, together with other affiliates of Apollo, reached an agreement to make an investment in an entity that has agreed to acquire a minority participation in KBC Bank. The Company committed to invest up to approximately €38,000 ($50,000), representing approximately 21% of the ownership in KBC Bank. The acquisition closed during September 2014 and the Company funded an initial investment of €30,724 ($39,477).
	Loan Commitments.    As described in Note 5, the Company had $246,600 of unfunded loan commitments related to its commercial mortgage loan portfolio as of December 31, 2014.
	As described in Note 6, the Company had $32,500 of unfunded loan commitments related to its subordinate loan portfolio as of December 31, 2014.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2014
Financial Instruments Disclosure [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 December 31, 2014 and 2013:
		December 31, 2014						December 31, 2013
		Carrying			Estimated			Carrying			Estimated
		Value			Fair Value			Value			Fair Value
	Cash and cash equivalents	$	40,641		$	40,641		$	20,096		$	20,096
	Restricted cash	30,127			30,127			30,127			30,127
	Securities, held-to-maturity	154,283			154,980			—			—
	Commercial first mortgage loans	458,520			465,510			161,099			164,405
	Subordinate loans	561,182			566,385			497,484			503,267
	Borrowings under repurchase agreements	(622,194		)	(621,269		)	(202,033		)	(202,148		)
	Convertible senior notes, net	(246,464		)	(254,605		)	—			—
	Participations sold	(89,584		)	(89,995		)	—			—
	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 securities, held-to-maturity, commercial first mortgage loans, subordinate loans, borrowings under repurchase agreements, convertible senior notes and participations sold are carried at amortized cost on the consolidated financial statements and are classified as Level III in the fair value hierarchy.

Net_Income_Loss_per_Share

Net Income (Loss) per Share	12 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Net Income (Loss) per Share	Net Income (Loss) 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 income per share of common stock using the two-class method for the years ended December 31, 2014, 2013 and 2012:
		For the year ended December 31,
		2014			2013			2012
	Numerator:
	Net income	$	82,739		$	52,485		$	40,181
	Preferred dividends	(7,440		)	(7,440		)	(3,079		)
	Net income available to common stockholders	75,299			45,045			37,102
	Dividends declared on common stock	(71,089		)	(59,008		)	(35,899		)
	Dividends on participating securities	(506		)	(798		)	(628		)
	Net income (loss) attributable to common stockholders	$	3,704		$	(14,761	)	$	575
	Denominator:
	Basic weighted average shares of common stock outstanding	43,464,255			35,212,211			22,259,386
	Diluted weighted average shares of common stock outstanding	43,684,805			35,679,755			22,648,819
	Basic and diluted net income (loss) per weighted average share of common stock
	Distributable Earnings	$	1.64		$	1.68		$	1.61
	Undistributed income (loss)	0.08			$	(0.42	)	$	0.03
	Basic and diluted net income per share of common stock	$	1.72		$	1.26		$	1.64
	For 2013, 467,544 unvested RSUs were excluded from the calculation of diluted net loss per share because the effect was anti-dilutive.

Summarized_Quarterly_Results_U

Summarized Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Summarized Quarterly Results (Unaudited)	Summarized Quarterly Results (Unaudited)
		March 31,						June 30,						September 30,						December 31,
		2014			2013			2014			2013			2014			2013			2014			2013
	Net interest income:
	Interest income from securities	$	2,419		$	3,087		$	4,366		$	3,014		$	6,129		$	2,533		$	8,275		$	3,633
	Interest income from securities, held to maturity	—			—			—			—			1,448			—			3,165			—
	Interest income from commercial mortgage loans	4,011			3,592			6,438			3,676			8,025			4,954			9,328			3,812
	Interest income from subordinate loans	14,730			11,454			18,238			11,498			19,754			12,184			17,021			14,026
	Interest income from repurchase agreements	—			2			—			—			—			—			—			—
	Interest expense	(1,757		)	(1,068		)	(5,258		)	(955		)	(8,786		)	(885		)	(10,740		)	(1,450		)
	Net interest income	19,403			17,067			23,784			17,233			26,570			18,786			27,049			20,021
	Operating expenses:
	General and administrative expenses	(1,442		)	(1,895		)	(1,479		)	(1,437		)	(1,434		)	(1,793		)	(1,796		)	(2,438		)
	Management fees to related party	(2,565		)	(2,160		)	(2,966		)	(2,600		)	(3,193		)	(2,625		)	(3,236		)	(2,627		)
	Total operating expenses	(4,007		)	(4,055		)	(4,445		)	(4,037		)	(4,627		)	(4,418		)	(5,032		)	(5,065		)
	Income from unconsolidated joint venture	—			—			—			—			(88		)	—			(69		)	—
	Interest income from cash balances	—			—			4			16			21			3			9			1
	Unrealized gain (loss) on securities	2,184			(1,080		)	4,749			(1,421		)	(2,147		)	(1,472		)	(639		)	908
	Foreign currency gain (loss)	—			—			959			—			(3,596		)	—			(1,413		)	—
	Gain (loss) on derivative instruments	—			—			(1,093		)	(2		)	3,026			1			2,137			(1		)
	Net income	17,580			11,932			23,958			11,789			19,159			12,900			22,042			15,864
	Preferred dividends	(1,860		)	(1,860		)	(1,860		)	(1,860		)	(1,860		)	(1,860		)	(1,860		)	(1,860		)
	Net income available to common stockholders	$	15,720		$	10,072		$	22,098		$	9,929		17,299			$	11,040		$	20,182		$	14,004
	Basic and diluted net income per share of common stock	$	0.42		$	0.33		$	0.51		$	0.27		$	0.37		$	0.3		$	0.43		$	0.37
	Basic weighted average shares of common stock outstanding	37,122,842			30,105,939			42,888,747			36,880,410			46,848,675			36,883,002			46,852,646			36,886,619
	Diluted weighted average shares of common stock outstanding	37,341,050			30,480,689			43,099,354			37,373,885			47,068,929			37,379,469			47,085,617			37,390,369
	Dividend declared per share of common stock	$	0.4		$	0.4		$	0.4		$	0.4		$	0.4		$	0.4		$	0.4		$	0.4

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events
	Investment activity.  In January 2015, the Company closed a £35,000 (approximately $52,000) mezzanine loan secured by a portfolio of 44 senior housing facilities located throughout the United Kingdom. The five-year, floating-rate mezzanine loan is part of a £223,800 whole loan, which includes a £164,100 first mortgage loan and a £59,700 mezzanine loan. The remaining £24,700 of the mezzanine loan was acquired by investment funds affiliated with Apollo Global Management, LLC. The mezzanine loan has an appraised loan-to-value of 70% and was underwritten to generate an IRR of approximately 10%.
	In February 2015, the Company closed a $20,000 mezzanine loan secured by a 488-key full service hotel located in Burbank, California. The five-year, fixed rate mezzanine loan is part of a $90,000 financing which consists of a $70,000 first mortgage loan and the Company's $20,000 mezzanine loan. The mezzanine loan has an appraised loan-to-value of 74% and has been underwritten to generate an IRR of approximately 11%.
	In February 2015, the Company closed a $92,500 ($72,500 of which was funded at closing) first mortgage loan for the predevelopment of a mixed-use multifamily and retail development aggregating approximately 330,000 square feet in downtown Brooklyn, New York. The two-year, floating-rate first mortgage loan has an appraised LTV of 57% and has been underwritten to generate an IRR of approximately 21% on a levered basis.
	During the first quarter of 2015, the Company funded an additional investment of €3,331 (or $3,929) related to its investment in Champ LP. Additionally, the Company funded an additional investments of $3,000 related to its investment in floating rate first mortgage loan for the development of a 50-unit luxury residential condominium in Montgomery County, Maryland and $4,194 related to its investment in a $82,500 mezzanine loan for the development of a mixed-use property on the Upper West Side neighborhood of New York City.
	In February 2015, the Company sold approximately 48% of its ownership interest in Champ LP at cost to an account managed by Apollo for approximately $20,794, reducing its unfunded commitment to Champ LP to €3,229.  Through its interest in Champ LP, the Company now holds an indirect ownership interest of approximately 11% in Bremer Kreditbank AG, which operates under the name BKB Bank.  The Company together with certain other affiliated investors and unaffiliated third party investors, in aggregate, own 100% of BKB Bank.
	Repurchase Facilities.    On January 26, 2015, the Company, through an indirect wholly-owned subsidiary, entered into a repurchase agreement with Goldman Sachs Bank USA (the “Goldman Loan”). The Goldman Loan provides for a purchase price of $52,524 and a repurchase date of the earliest of: (1) April 30, 2019, (2) an early repurchase date as a result of repayment or sale of the purchased loan, or (3) an accelerated repurchase date as a result of certain events of default. Subject to the terms and conditions thereof, the Goldman Loan provides for the purchase and sale of certain participation interests in a mortgage loan secured by single-family and condominium properties. Prior to an event of default, amounts borrowed under the Goldman Loan bear interest at a spread of 3.5% plus one-month LIBOR. In addition, the Goldman Loan provides that margin calls may occur during the continuance of certain credit events if the market value of the mortgaged properties drop below an agreed upon percentage. The Goldman Loan contains affirmative and negative covenants and provisions regarding events of default that are normal and customary for similar repurchase agreements. The Company has agreed to the following restrictive covenants, among others: (1) continuing to operate in a manner that allows the Company to qualify as a REIT and (2) financial covenants, including (A) a minimum consolidated tangible net worth covenant ($750,000), (B) maximum total indebtedness to consolidated tangible net worth (3:1), (C) minimum liquidity ($15,000), (D) minimum sum of (i) cash liquidity and (ii) “near cash liquidity” (5.0% of the Company’s total recourse indebtedness), (E) minimum net income (one U.S. dollar during any four consecutive fiscal quarters) and (F) a minimum ratio of EBITDA to interest expense (1.5 to 1.0). The Company has also agreed to provide a guarantee of the obligations under the Goldman Loan.
	On January 29, 2015, the Company, through indirect wholly-owned subsidiaries, entered into a Fourth Amended and Restated Master Repurchase Agreement (the “Amended and Restated JPMorgan Facility”) with JPMorgan Chase Bank, National Association. The Amended and Restated JPMorgan Facility provides for a maximum aggregate purchase price of $300,000 and has a two-year term plus a one-year extension option, exercisable at the option of the Sellers, subject to satisfaction of certain conditions. Subject to the terms and conditions thereof, the Amended and Restated JPMorgan Facility provides for the purchase, sale and repurchase of eligible senior commercial or multifamily mortgage loans, junior commercial or multifamily mortgage loans, mezzanine loans and participation interests therein that are secured by properties located in the United States, England or Wales. Amounts borrowed under the Amended and Restated JPMorgan Facility bear interest at spreads ranging from 2.25% to 4.75% over one-month LIBOR. Maximum advance rates under the Amended and Restated JPMorgan Facility range from 25% to 80% on the estimated fair value of the pledged collateral depending on its loan-to-value ratio. Margin calls may occur any time the aggregate repurchase price exceeds the agreed upon advance rate multiplied by the market value of the assets by more than $250. The Amended and Restated JPMorgan Facility contains affirmative and negative covenants and provisions regarding events of default that are normal and customary for similar repurchase facilities. The Company has agreed to the following restrictive covenants, among others: (1) continuing to operate in a manner that allows the Company to qualify as a REIT and (2) financial covenants, including (A) a minimum consolidated tangible net worth covenant ($750,000 plus 75% of the net cash proceeds of any equity issuance by the Company), (B) maximum total indebtedness to consolidated tangible net worth (3:1), or (C) minimum liquidity (the greater of 5% of the Company’s total recourse indebtedness or $15,000). The Company has agreed to provide a limited guarantee of the obligations under the Amended and Restated JPMorgan Facility.
	Dividends.    On February 25, 2015, the Company’s board of directors declared a dividend of $0.44 per share of common stock which is payable on April 15, 2015 to common stockholders of record on March 31, 2015.
	Management Agreement.  Following a meeting by the Company’s independent directors in February 2015, which included a discussion of the Manager’s performance and the level of the management fees thereunder, the Company determined not to terminate the Management Agreement.

Schedule_IV_Mortgage_Loans_on_

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2014
Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate
	Property Type	Location		Interest			Final		Periodic	Face		Carrying
				Rate			Extended Maturity		Payment Terms	amount of		amount of
							Date			loans		loans
	Commercial mortgage loans
	Hotel	Maryland		9	%		Apr -15			24,590		24,557
	Condo Conversion	New York		9.67	%		Sept - 16		Interest only	33,846		33,961
	Condo Construction	Maryland		10.5	%		17-Mar		Interest only	28,000		27,520
	Vacation Home Portfolio	Various		7.5	%		19-Apr			100,046		99,086
	Hotel	Pennsylvania		4.71	%		19-May		Interest only	34,000		33,842
	Condo Construction	Maryland		10.75	%		17-Jun		Interest only	20,000		19,616
	Multifamily	New York		4.41	%		19-Aug		Interest only	30,000		30,110
	Mixed Use	Ohio		9.25	%		20-May			20,000		18,309
	Condo Conversion	New York		3.75	%		16-Jun		Interest only	67,300		64,714
	Multifamily	North Dakota		5.15	%		19-Nov			57,792		57,297
	Vacation Home Portfolio	Various US cities		7	%		21-Nov		Interest only	50,000		49,508
	Total commercial mortgage loans									465,574		458,520
	Subordinate loans (1)
	Office	Michigan		13	%		Jun - 20			8,813		8,813
	Ski Resort	California		13.25	%		May - 17		Interest only	40,000		39,771
	Mixed Use	North Carolina		11.1	%		Aug - 22		Interest only	6,525		6,525
	Office Complex	Missouri		11.75	%		Oct - 22			9,711		9,711
	Hotel Portfolio	Various US cities		11.07	%		Nov - 16			34,042		33,995
	Condo Construction	New York		13.25	%		July - 18		Interest only	76,344		76,005
	Multifamily Conversion	New York		10.23	%		Dec - 15		Interest only	14,608		14,703
	Hotel Portfolio	Minnesota		11	%		Feb - 18			24,486		24,486
	Warehouse Portfolio	Various US cities		11.5	%		May - 23		Interest only	32,000		32,000
	Multifamily Conversion	New York		12.25	%		Feb - 15		Interest only	44,000		43,989
	Office Condo	New York		11.25	%		Jul - 22		Interest only	14,000		13,596
	Condo Conversion	New York		9.67	%		Sept - 16		Interest only	29,751		29,762
	Mixed Use	Pennsylvania		9.42	%		Aug - 18		Interest only	22,500		22,473
	Mixed Use	Various US cities		14	%		Dec - 18		Interest only	19,464		19,294
	Mixed Use	England		9.25	%		15-Jan		Interest only	52,355		52,355
	Healthcare Portfolio	Various US		9.43	%		19-Jun		Interest only	50,000		50,000
	Hotel	New York		10.25	%		19-Jul		Interest only	20,000		19,870
	Ski Resort	Montana		14	%		20-Sep		Interest only	15,000		14,861
	Mixed Use	New York		10.66	%		19-Dec			50,000		48,973
	Total subordinate loans									563,599		561,182
	Total									$	1,029,173	$	1,019,702	(2)
	-1	Subject to prior liens.
	-2	The aggregate cost for federal income tax purposes is $1,019,702.
	The following table summarizes the changes in the carrying amounts of mortgage loans during 2014 and 2013.
	Reconciliation of Carrying Amount of Loans
		2014				2013
	Balance at beginning of year	$	658,583			$	389,167
	New loans	802,664				401,912
	Sales	(4,950		)		—
	Collections of principal	(299,551		)		(137,168		)
	Discount accretion	4,316				4,672
	Foreign currency loss	(4,095		)		—
	Payment-in-kind	16,570				—
	Exchange for CMBS (held-to-maturity)	(153,835		)		—
	Balance at the close of year	$	1,019,702			$	658,583

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
	The accompanying consolidated financial statements include the Company’s accounts and those of its consolidated subsidiaries. All 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.
Classification of Investments and Valuations of Financial Instruments	Classification of Investments and Valuations of Financial Instruments
	The Company’s investments consist primarily of commercial mortgage loans, subordinate loans, CMBS and other real estate related assets that are classified as either available-for-sale or held-to-maturity. The Company has also elected the fair value option for certain CMBS.
Classification of Loans and Loan Impairment	Classification of Loans
	Loans held-for-investment are stated at the principal amount outstanding, net of deferred loan fees and costs in accordance with GAAP.
	Loan Impairment
	The Company’s loans are typically collateralized by commercial real estate. As a result, the Company regularly evaluates the extent and impact of any credit migration 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 impairment 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.
	For loans classified as held-for-investment, the Company evaluates the loans for possible impairment on a quarterly basis. Impairment occurs 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. Impairment is then measured based on the present value of expected future cash flows discounted at the loan’s effective rate or the fair value of the collateral, if the loan is collateral dependent. Upon measurement of impairment, the Company records an allowance to reduce the carrying value of the loan with a corresponding charge to net income. Significant judgments are required in determining impairment, including making assumptions regarding the value of the loan, the value of the underlying collateral and other provisions such as guarantees. The Company has determined that it is likely that it will receive contractual payments and a loan loss reserve was not necessary at December 31, 2014 and 2013.
Fair Value Election	Fair Value Election
	Securities at estimated fair value consist of CMBS which are pledged 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"). In accordance with GAAP, the Company elects the fair value option for these securities at the date of purchase in order to allow the Company to measure these securities at fair value with the change in estimated fair value included as a component of earnings in order to reflect the performance of investment in a timely manner.
Securities Available-for-sale	Securities Available-for-sale
	The Company has designated investments in certain mortgage-backed securities as available-for-sale because the Company may dispose of them prior to maturity and does not hold them principally for the purpose of selling them in the near term. Securities available-for-sale are carried at estimated fair value with the net unrealized gains or losses reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Unrealized losses on securities that reflect a decline in value that is judged by management to be other than temporary, if any, are charged to earnings.
	When the estimated fair value of a security is less than amortized cost, the Company considers whether there is an other-than-temporary impairment (“OTTI”) in the value of the security. An impairment is deemed an OTTI if (i) the Company intends to sell the security, (ii) it is more likely than not that the Company will be required to sell the security before recovering its cost basis, or (iii) the Company does not expect to recover the entire amortized cost basis of the security even if the Company does not intend to sell the security or believes it is more likely than not that the Company will be required to sell the security before recovering its cost basis. If the impairment is deemed to be an OTTI, the resulting accounting treatment depends on the factors causing the OTTI. If the OTTI has resulted from (i) the Company’s intention to sell the security, or (ii) its judgment that it is more likely than not that it will be required to sell the security before recovering its cost basis, an impairment loss is recognized in current earnings equal to the difference between its amortized cost basis and fair value. Whereas, if the OTTI has resulted from the Company’s conclusion that it will not recover its cost basis even if the Company does not intend to sell the security or believes it is more likely than not that the Company will be required to sell the security before recovering its cost basis, the credit loss portion of the impairment is recorded in current earnings and the portion of the loss related to other factors, such as changes in interest rates, continues to be recognized in accumulated other comprehensive income. Determining whether there is an OTTI may require management to exercise significant judgment and make significant assumptions, including, but not limited to, estimated cash flows, estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses could differ from reported amounts. Such judgments and assumptions are based upon a number of factors, including (i) credit of the issuer or the borrower, (ii) credit rating of the security, (iii) key terms of the security, (iv) performance of the loan or underlying loans, including debt service coverage and loan-to-value ratios, (v) the value of the collateral for the loan or underlying loans, (vi) the effect of local, industry, and broader economic factors, and (vii) the historical and anticipated trends in defaults and loss severities for similar securities.
Securities, held-to-maturity	Securities, held-to-maturity
	GAAP requires that at the time of purchase, we designate investment securities as held-to-maturity, available-for-sale, or trading depending on our investment strategy and ability to hold such securities to maturity. Held-to-maturity securities where we have not elected to apply the fair value option are stated at cost plus any premiums or discounts, which are amortized or accreted through the consolidated statements of operations using the effective interest method.
Investments in unconsolidated joint venture	Investments in unconsolidated joint venture
	Investments are accounted for under the equity method when the requirements for consolidation are not met, and the Company has significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for the Company's share of net income or loss and cash contributions and distributions each period.  Investments in unconsolidated joint ventures are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results.
Interest Income Recognition	Interest Income Recognition
	Interest income on commercial mortgage loans is accrued based on the actual coupon rate and the outstanding principal balance adjusted for accretion of any purchase discounts, the amortization of any purchase premiums and the accretion of any deferred fees. Purchase premiums, purchase discounts and deferred fees are accreted into income using the effective yield method, adjusted for prepayments.
	Interest income on CMBS is accrued using the effective yield method, which includes the accretion of purchase discounts and the amortization of purchase premiums and the stated coupon interest payments.
	Interest income on securities rated below AA by a nationally recognized statistical rating organization is recognized based on the effective yield method. The effective yield on these securities is based on the projected cash flows from each security, which are estimated based on the Manager’s observation of current information and events and may include assumptions related to prepayment rates and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to cash flow projections.
Deferred Financing Costs	Deferred Financing Costs
	Costs incurred in connection with collateralized financings are capitalized and amortized over the respective financing terms and are reflected on the accompanying consolidated statement of operations as a component of interest expense.
Earnings per Share	Earnings 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.
Hedging Instruments and Hedging Activities	Hedging Instruments and Hedging Activities
	Consistent with maintaining its qualification as a REIT, in the normal course of business, the Company uses a variety of derivative financial instruments to manage, or hedge, interest rate and foreign currency risk. Derivatives are used for hedging purposes rather than speculation. The Company determines their fair value and obtains quotations from a third party to facilitate the process in determining these fair values. If the Company’s hedging activities do not achieve the desired results, reported earnings may be adversely affected.
	GAAP requires an entity to recognize all derivatives as either assets or liabilities in the balance sheets and to measure those instruments at fair value. To the extent the instrument qualifies for hedge accounting, the fair value adjustments will be recorded as a component of other comprehensive income in stockholders’ equity until the hedged item is recognized in earnings. Whenever the Company decides not to pursue hedge accounting, the fair value adjustments will be recorded in earnings immediately based on changes in the fair market value of those instruments.
	In order to mitigate interest rate risk resulting from the Company’s floating-rate borrowings under the Wells Facility, the Company entered into interest rate swaps and caps with an aggregate notional equal to the borrowings outstanding under the Wells Facility during 2010. The interest rate swaps were used to hedge the floating-rate borrowings through the expected maturity of the underlying collateral and the interest rate caps were used to hedge the floating-rate borrowings related to the potential extension of the underlying collateral. All of the Company's interest rate swaps and caps have matured as of December 31, 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.
Repurchase Agreements	Repurchase Agreements
	Securities sold under repurchase agreements will be treated as collateralized financing transactions, unless they meet sales treatment. Securities financed through a repurchase agreement will remain on the Company’s consolidated balance sheet as an asset and cash received from the purchaser will be recorded on the Company’s consolidated balance sheet as a liability. Interest paid in accordance with repurchase agreements will be recorded in interest expense.
Share-based Payments	Share-based Payments
	The Company accounts for share-based compensation to its independent directors and to the Manager and to employees of the Manager and its affiliates using the fair value based methodology prescribed by GAAP. Compensation cost related to restricted common stock issued to the Company’s independent directors is measured at its estimated fair value at the grant date, and amortized into expense over the vesting period on a straight-line basis. Compensation cost related to restricted common stock issued to the Manager and to employees of the Manager and its affiliates will initially be measured at estimated fair value at the grant date, and remeasured on subsequent dates to the extent the awards are unvested. To amortize compensation expense for the restricted common stock granted to the Manager and to employees of the Manager and its affiliates, the Company uses the graded vesting attribution method.
Income Taxes	Income Taxes
	The Company has elected to be taxed as a REIT under Sections 856-859 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding net capital gains and determined without regard to the dividends paid deduction, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders.
	The Company has elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to U.S. federal and state income tax at regular corporate tax rates.
Foreign Currency	Foreign Currency
	The Company may enter into transactions not denominated in 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.
Principles of Consolidation	Principles of Consolidation
	We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all variable interest entities ("VIE") of which we are considered the primarily beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE.
Securitization/Sale and Financing Arrangements	Securitization/Sale and Financing Arrangements
	We periodically sell our financial assets, such as commercial mortgage loans, CMBS and other assets. In connection with these transactions, we may retain or acquire senior or subordinated interests in the related assets. Gains and losses on such transactions are recognized using the guidance in Accounting Standards Codification (“ASC”) Topic 860, Transfers and Servicing, which is based on a financial components approach that focuses on control. Under this approach, after a transfer of financial assets that meets the criteria for treatment as a sale-legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint, and transferred control-an entity recognizes the financial assets it retains and any liabilities it has incurred, derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished. We determine the gain or loss on sale of the assets by allocating the carrying value of the sold asset between the sold asset and the interests retained based on their relative fair values, as applicable. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the sold asset. If the sold asset is being accounted for pursuant to the fair value option, there is no gain or loss.
	When a transfer of a financial asset meets the criteria for treatment as a sale (legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint, and transferred control) the Company recognizes the financial assets it retains and any liabilities it has incurred, derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished. The gain or loss on sale of the assets is determined by allocating the carrying value of the sold asset between the sold asset and the interests retained based on their relative fair values, as applicable. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the sold asset. If the sold asset is being accounted for pursuant to the fair value option, there is no gain or loss.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	In January 2013, the Financial Accounting Standards Board (the “FASB”) issued guidance to clarify the scope of disclosures about offsetting assets and liabilities. The amendments clarify that the scope of guidance issued in December 2011 to enhance disclosures around financial instruments and derivative instruments that are either (1) offset, or (2) subject to a master netting arrangement or similar agreement, irrespective of whether they are offset, applies to derivatives, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or subject to an enforceable master netting arrangement or similar agreement. The amendments are effective for interim and annual periods beginning on or after January 1, 2013. As the amendments are limited to disclosure only, the adoption of this guidance did not have a material impact on the consolidated financial statements of the Company’s consolidated financial statements.
	In February 2013, the FASB issued an update which includes amendments that require an entity to report the effect of significant reclassifications out of accumulated other comprehensive income ("OCI") on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other required disclosures that provide additional detail about those amounts. The new requirement presents information on amounts reclassified out of accumulated OCI and their corresponding effect on net income in one place or in some cases, provides for cross-references to related footnote disclosures. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. During 2014, 2013 and 2012, the Company had no amounts reclassified into or out of OCI.
	In June 2013, the FASB issued guidance to change the assessment of whether an entity is an investment company by developing a new two-tiered approach that requires an entity to possess certain fundamental characteristics while allowing judgment in assessing certain typical characteristics. The fundamental characteristics that an investment company is required to have include the following: (1) it obtains funds from one or more investors and provides the investor(s) with investment management services; (2) it commits to its investor(s) that its business purpose and only substantive activities are investing the funds solely for returns from capital appreciation, investment income or both; and (3) it does not obtain returns or benefits from an investee or its affiliates that are not normally attributable to ownership interests. The typical characteristics of an investment company that an entity should consider before concluding whether it is an investment company include the following: (1) it has more than one investment; (2) it has more than one investor; (3) it has investors that are not related parties of the parent or the investment manager; (4) it has ownership interests in the form of equity or partnership interests; and (5) it manages substantially all of its investments on a fair value basis. The new approach requires an entity to assess all of the characteristics of an investment company and consider its purpose and design to determine whether it is an investment company. The guidance includes disclosure requirements about an entity’s status as an investment company and financial support provided or contractually required to be provided by an investment company to its investees. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2013. Earlier application is prohibited. The guidance prohibits REITs from qualifying for investment company accounting and, as such, the Company has determined that it will not meet the definition of an investment company under this ASU.
	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.
	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 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 August 2014, the FASB issued guidance regarding management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The new guidance requires that management evaluate each annual and interim reporting period whether conditions exist that give rise to substantial doubt about the entity’s ability to continue as a going concern within one year from the financial statement issuance date, and if so, provide related disclosures. Disclosures are only required if conditions give rise to substantial doubt, whether or not the substantial doubt is alleviated by management’s plans. No disclosures are required specific to going concern uncertainties if an assessment of the conditions does not give rise to substantial doubt. Substantial doubt exists when conditions and events, considered in the aggregate, indicate that it is probable that a company will be unable to meet its obligations as they become due within one year after the financial statement issuance date. If substantial doubt is alleviated as a result of the consideration of management’s plans, a company should disclose information that enables users of financial statements to understand all of the following (or refer to similar information disclosed elsewhere in the footnotes): (1) principal conditions that initially give rise to substantial doubt, (2) management’s evaluation of the significance of those conditions in relation to the company’s ability to meet its obligations, and (3) management’s plans that alleviated substantial doubt. If substantial doubt is not alleviated after considering management’s plans, disclosures should enable investors to understand the underlying conditions, and include the following: (1) a statement indicating that there is substantial doubt about the company’s ability to continue as a going concern within one year after the issuance date, (2) the principal conditions that give rise to substantial doubt, (3) management’s evaluation of the significance of those conditions in relation to the company’s ability to meet its obligations, and (4) management's plans that are intended to mitigate the adverse conditions. The new guidance applies to all companies. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. Early adoption is permitted. 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)	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Summarizes Levels in Fair Value Hierarchy of Financial Instruments	The following table summarizes the levels in the fair value hierarchy into which the Company’s financial instruments were categorized as of December 31, 2014 and 2013:
		Fair Value as of December 31, 2014								Fair Value as of December 31, 2013
		Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
	CMBS (Available-for-Sale)	$	—	$	17,105	$	—	$	17,105	$	—	$	33,362	$	—	$	33,362
	CMBS (Fair Value Option)	—		522,730		—		522,730		—		158,086		—		158,086
	Derivative instruments	—		4,070		—		4,070		—		—		—		—
	Total	$	—	$	543,905	$	—	$	543,905	$	—	$	191,448	$	—	$	191,448

Debt_Securities_Tables

Debt Securities (Tables)	12 Months Ended
	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Amortized Cost and Estimated Fair Value	The amortized cost and estimated fair value of the Company’s debt securities at December 31, 2014 are summarized as follows:
	Security Description	Face			Amortized			Gross		Gross			Estimated
		Amount			Cost			Unrealized		Unrealized			Fair Value
								Gain		Loss
	CMBS (Available-for-Sale)	$	17,013		$	17,783		$	—	$	(678	)	$	17,105
	CMBS (Fair Value Option)	527,177			516,443			7,322		(1,035		)	522,730
	Total	$	544,190		$	534,226		$	7,322	$	(1,713	)	$	539,835
	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 Value
								Gain		Loss
	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
Schedule of Continuous Unrealized Loss Position, Debt Securities	The following table presents information about the Company's debt securities that were in an unrealized loss position at December 31, 2014:
		Unrealized Loss Position for Less than 12 months						Unrealized Loss Position for 12 months or More
	Security Description	Fair Value			Unrealized Loss			Fair Value		Unrealized Loss
	CMBS (Available-for-Sale)	$	—		$	—		$	17,105	$	(678	)
	CMBS (Fair Value Option)	130,435			(1,019		)	6,315		(16		)
	Total	$	130,435		$	(1,019	)	$	23,420	$	(694	)
Overall Statistics for Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis	The overall statistics for the Company’s CMBS (Available-for-Sale) and CMBS (Fair Value Option) calculated on a weighted average basis as of December 31, 2014 and 2013 are as follows:
		December 31,		December 31,
		2014		2013
	Credit Ratings *	AAA-CCC-		AAA-CCC
	Coupon	5.9	%	5.8	%
	Yield	6.4	%	5.3	%
	Weighted Average Life	2.3 years		3.1 years
	*	Ratings per Fitch Ratings, Moody’s Investors Service or Standard &P
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 (Available-for-Sale) and CMBS (Fair Value Option) calculated on a weighted average basis as of December 31, 2014 and 2013 are as follows:
	Vintage	December 31,		December 31,
		2014		2013
	2005	9	%	—	%
	2006	19		3
	2007	63		97
	2008	9		—
	Total	100	%	100	%
	Property Type	December 31,		December 31,
		2014		2013
	Office	33.4	%	33.2	%
	Retail	29.1		25.1
	Multifamily	13.3		15.3
	Hotel	9.2		12
	Other *	15		14.4
	Total	100	%	100	%
	*	No other individual category comprises more than 10% of the total.
	Location	December 31,		December 31,
		2014		2013
	South Atlantic	23.2	%	23.4	%
	Middle Atlantic	21.1		22.8
	Pacific	17		17.6
	East North Central	11		—
	Other *	27.7		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])

12 Months Ended

Dec. 31, 2014

Commercial mortgage loans [Member]

Mortgage Loans on Real Estate [Line Items]

Schedule of Mortgage Loans on Real Estate

Company’s commercial mortgage loan portfolio was comprised of the following as of December 31, 2013:

Description

Date of

Maturity

Original

Current

Carrying

Coupon

Property Size

Investment

Date

Face

Face

Value

Amount

Amount

Hotel - NY, NY (1)

10-Jan

15-Feb

$

32,000

$

31,317

$

31,317

Fixed

151 rooms

Office Condo (Headquarters) - NY, NY (1)

10-Feb

15-Feb

28,000

27,169

27,169

Fixed

73,419 sq. ft.

Hotel - Silver Spring, MD (1)

10-Mar

15-Apr

26,000

24,947

24,785

Fixed

263 rooms

Condo Conversion – NY, NY (2)

12-Dec

15-Jan

45,000

45,000

44,867

Floating

119,000 sq. ft.

Condo Conversion – NY, NY (3)

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

At December 31, 2013, this loan was pledged to secure borrowings under the JPMorgan Facility. See Note 9 – Borrowings for a description of this facility.

-2

This loan includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.

-3

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 December 31, 2014:

Description

Date of

Maturity

Original

Current

Carrying

Coupon

Property Size

Investment

Date

Face

Face

Value

Amount

Amount

Hotel - Silver Spring, MD (1)

10-Mar

15-Apr

$

26,000

$

24,590

$

24,557

Fixed

263 rooms

Condo Conversion – NY, NY (1)(2)

13-Aug

15-Sep

33,000

33,846

33,961

Floating

40,000 sq. ft.

Condo Construction - Potomac, MD (3)

14-Feb

16-Sep

28,000

28,000

27,520

Floating

50 units

Vacation Home Portfolio - Various

14-Apr

19-Apr

101,000

100,046

99,086

Fixed

229 properties

Hotel - Philadelphia, PA (1)(4)

14-May

17-May

34,000

34,000

33,842

Floating

301 rooms

Condo Construction - Bethesda, MD (5)

14-Jun

16-Dec

20,000

20,000

19,616

Floating

40 units

Multifamily - Brooklyn, NY (1)(6)

14-Jul

16-Aug

30,000

30,000

30,110

Floating

63 units

Mixed Use - Cincinnati, Ohio (7)

14-Nov

18-May

20,000

20,000

18,309

Floating

65 acres

Condo Conversion - NY, NY (1)(8)

14-Nov

15-Dec

67,300

67,300

64,714

Floating

86,000 sq. ft.

Multifamily - Williston, North Dakota (1)(4)

14-Nov

17-Nov

58,000

57,792

57,297

Floating

366 units/homes

Vacation Home Portfolio - Various U.S. (4)

14-Nov

19-Nov

50,000

50,000

49,508

Fixed

24 properties

Total/Weighted Average

$

467,300

$

465,574

$

458,520

6.84

%

-1

At December 31, 2014, this loan was pledged to secure borrowings under the Company’s master repurchase facility entered into with JPMorgan Chase Bank, N.A. (the “JPMorgan Facility”). See Note 9 – Borrowings for a description of this facility.

-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 December 31, 2014, the Company had $52,000 of unfunded loan commitments related to this loan.

-4

This loan includes two one-year extension options subject to certain conditions and the payment of a fee.

-5

This loan includes a six-month extension option subject to certain conditions and the payment of a fee. As of December 31, 2014, the Company had $45,100 of unfunded loan commitments related to this loan.

-6

This loan includes three one-year extension options subject to certain conditions and the payment of a fee for each extension. As of December 31, 2014, the Company had $4,500 of unfunded loan commitments related to this loan.

-7

This loan includes two one-year extension options subject to certain conditions and the payment of a fee. As of December 31, 2014, the Company had $145,000 of unfunded loan commitments related to this loan.

-8

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

Subordinate_Loans_Tables

Subordinate Loans (Tables) (Subordinate Loans [Member])	12 Months Ended
	Dec. 31, 2014
Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Schedule of Mortgage Loans on Real Estate	The Company’s subordinate loan portfolio was comprised of the following as of 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.
	The Company’s subordinate loan portfolio was comprised of the following as of December 31, 2014:
	Description	Date of	Maturity	Original		Current		Carrying		Coupon
		Investment	Date	Face		Face		Value
				Amount		Amount
	Office - Michigan	10-May	20-Jun	$	9,000	$	8,813	$	8,813	Fixed
	Ski Resort - California	11-Apr	17-May	40,000		40,000		39,771		Fixed
	Mixed Use – North Carolina	12-Jul	22-Aug	6,525		6,525		6,525		Fixed
	Office Complex - Missouri	12-Sep	22-Oct	10,000		9,711		9,711		Fixed
	Hotel Portfolio – Various (1)	12-Nov	15-Nov	50,000		34,042		33,995		Floating
	Condo Construction – NY, NY (1)	13-Jan	17-Jul	60,000		76,344		76,005		Fixed
	Multifamily Conversion – NY, NY (1)	13-Jan	15-Dec	18,000		14,608		14,703		Floating
	Hotel Portfolio – Rochester, MN	13-Jan	18-Feb	25,000		24,486		24,486		Fixed
	Warehouse Portfolio - Various	13-May	23-May	32,000		32,000		32,000		Fixed
	Multifamily Conversion – NY, NY (2)	13-May	15-Feb	44,000		44,000		43,989		Floating
	Office Condo - NY, NY	13-Jul	22-Jul	14,000		14,000		13,596		Fixed
	Condo Conversion – NY, NY (1)	13-Aug	15-Sep	29,400		29,751		29,762		Floating
	Mixed Use - Pittsburgh, PA (3)	13-Aug	16-Aug	22,500		22,500		22,473		Floating
	Mixed Use - Various (3)	13-Dec	16-Dec	17,000		19,464		19,294		Fixed
	Mixed Use - London, England	14-Apr	15-Jan	50,009		52,355		52,355		Fixed
	Healthcare Portfolio - Various (4)	14-Jun	16-Jun	50,000		50,000		50,000		Floating
	Hotel - NY, NY (4)	14-Jul	16-Jul	20,000		20,000		19,870		Floating
	Ski Resort - Big Sky, Montana	14-Aug	20-Sep	15,000		15,000		14,861		Fixed
	Mixed Use - New York, NY (5)	14-Dec	17-Dec	50,000		50,000		48,973		Floating
	Total/Weighted Average			$	562,434	$	563,599	$	561,182	11.34	%
	-1	Includes a one-year extension option subject to certain conditions and the payment of an extension fee.
	-2	Includes a three-month extension option subject to certain conditions and the payment of an extension fee.
	-3	Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.
	-4	Includes three one-year extension options subject to certain conditions and the payment of an extension fee.
	-5	Includes two one-year extension options subject to certain conditions and the payment of a fee for each extension.

Borrowings_Tables

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Weighted Average Maturities and Interest Rates of Borrowings	At December 31, 2014 and 2013, the Company’s borrowings had the following debt balances, weighted average maturities and interest rates:
		December 31, 2014							31-Dec-13
		Debt		Weighted		Weighted			Debt			Weighted	Weighted
		Balance		Average		Average			Balance			Average	Average
				Remaining		Rate						Remaining	Rate
				Maturity								Maturity
	Wells Facility borrowings	$	20,166	0.2 years		1	%		$	47,751		0.2 years	1.2	%	**
	UBS Facility borrowings	133,899		3.7 years	*	2.8	%		133,899			4.7 years	2.8	%	Fixed
	DB Facility borrowings	300,005		3.3 years		3.7	%		—			0.0 years	—	%	***
	JPMorgan Facility borrowings	168,124		0.1 years		2.7	%		20,383			1.1 years	2.7	%	L+250
	Total borrowings	$	622,194	3.2 years		3.2	%		$	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 December 31, 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 December 31, 2014, the Company’s borrowings had the following remaining maturities:
		Less than		1 to 3				3 to 5			More than			Total
		1 year		years				years			5 years
	Wells Facility borrowings	$	20,166	$	—			$	—		$	—		$	20,166
	UBS Facility borrowings *	—		133,899				—			—			133,899
	DB Facility borrowings	40,476		213,654				45,875			—			300,005
	JPMorgan Facility borrowings	168,124		—				—			—			168,124
	Total	$	228,766	$	347,553			$	45,875		$	—		$	622,194
	*	Assumes extension options are exercised.
Schedule of Outstanding, Maximum and Average Balances of Debt	The table below summarizes the outstanding balances, as well as the maximum and average balances as of December 31, 2014 and 2013.
				2014										2013
		Balance at		Maximum Month-End				Average Month-End			Balance at			Maximum Month-End		Average Month-End
		December 31,		Balance				Balance			December 31,			Balance		Balance
		2014									2013
	Wells Facility borrowings	$	20,166	$	47,751			$	28,921		$	47,751		$	225,156	$	168,747
	UBS Facility borrowings	133,899		133,899				133,899			133,899			133,899		31,728
	DB Facility borrowings	300,005		300,005				145,856			$	—		$	—	$	—
	JPMorgan Facility borrowings	168,124		169,066				105,366			$	20,383		$	20,383	$	3,138
	Total	$	622,194								$	202,033

Convertible_Senior_NotesTables

Convertible Senior Notes(Tables)	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Schedule of Convertible Senior Notes	The following table summarizes the terms of the 2019 Notes.
		Principal Amount		Coupon Rate		Effective Rate (1)		Conversion Rate (2)	Maturity Date	Remaining Period of Amortization
	March 2019 Notes	$	143,750	5.5	%	6.25	%	55.3649	3/15/19	4.21 years
	August 2019 Notes	$	111,000	5.5	%	6.5	%	55.3649	3/15/19	4.21 years

Derivative_Instruments_Tables

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Amounts Recognized on Consolidated Statements of Operations Related to Company's Derivatives	The following table summarizes the amounts recognized on the consolidated statements of operations related to the Company’s derivatives for the years ended December 31, 2014, 2013 and 2012.
				Amount of loss
				recognized in
				income
		Location of Loss Recognized in Income		2014				2013				2012
	Interest rate swaps	Loss on derivative instruments – realized *		$	—			$	(157	)		$	(895	)
	Interest rate swaps	Gain on derivative instruments – unrealized		—				$	156			$	510
	Interest rate caps	Loss on derivative instruments - unrealized		—				(1		)		(187		)
	Forward currency contract	Gain on derivative instruments - unrealized		4,070				—				—
	Total			$	4,070			$	(2	)		$	(572	)
	*	Realized losses represent net amounts accrued for the Company’s derivative instruments during the period.
Summarizes Gross Asset and Liability Amounts Related to Derivatives	The following table summarizes the gross asset and liability amounts related to the Company’s derivatives at December 31, 2014 and 2013.
		December 31, 2014												December 31, 2013
		Gross				Gross				Net Amounts				Gross		Gross			Net Amounts
		Amount of				Amounts				of Assets				Amount of		Amounts			of Liabilities
		Assets				Offset in the				Presented in				Assets		Offset in the			Presented in
		Recognized				Statement				the Statement				Recognized		Statement			the Statement
		as				of Financial				of Financial				as		of Financial			of Financial
		Assets				Position				Position				Liabilities		Position			Position
	Interest rate swaps	$	—			$	—			$	—			$	—	$	(156	)	$	(156	)
	Interest rate caps	—				—				—				1		—			1
	Forward currency contract	$	4,070			$	—			$	4,070			$	—	$	—		$	—
	Total derivative instruments	$	4,070			$	—			$	4,070			$	1	$	(156	)	$	(155	)

ShareBased_Payments_Tables

Share-Based Payments (Tables)	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
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 2014, 2013 and 2012:
		Type	Date	Restricted Stock	RSUs		Estimate Fair Value	Initial Vesting	Final Vesting
							on Grant Date
	Outstanding at January 1, 2012			161,032	402,709
		Forfeiture	Feb-12	—	(1,875	)	n/a	n/a	n/a
		Grant	Mar-12	—	20,000		310	Mar-13	Mar-15
		Grant	Apr-12	9,584	—		150	Jul-12	Apr-15
		Grant	Aug-12	1,496	—		25	Jul-13	Jul-15
		Canceled upon delivery	Oct-12	—	(112,084	)	n/a	n/a	n/a
		Grant	February 2013	20,000	—		352	Dec-13	Dec-15
		Grant	Feb-13	—	180,000		3,166	Dec-13	Dec-15
		Grant	Apr-13	11,304	—		200	Jul-13	Apr-16
		Grant	May-13	—	15,000		264	Dec-13	Dec-15
		Forfeiture	Jun-13	—	(5,000	)	n/a	n/a	n/a
		Canceled upon delivery	Jul-13	—	(5,000	)	n/a	n/a	n/a
		Grant	Sep-13	—	10,000		154	Sep-13	Sep-13
		Grant	Nov-13	5,000	—		81	Dec-13	Oct-16
		Canceled upon delivery	Jan-14	—	(288,750	)	n/a	n/a	n/a
		Grant	Apr-14	8,931	—		150	Jul-14	Apr-17
		Grant	Apr-14	5,000	—		85	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
		Grant	Dec-14	51,767	—		855	Dec-15	Dec-17
		Grant	Dec-14	—	390,000		6,474	Dec-15	Dec-17
	Outstanding at December 31, 2014			274,114	610,254
	Below is a summary of restricted stock and RSU vesting dates as of December 31, 2014.
	Vesting Date	Shares Vesting		RSU Vesting	Total Awards
	Jan-15	3,698		—	3,698
	Mar-15	—		6,667	6,667
	Apr-15	3,699		—	3,699
	Jul-15	3,300		—	3,300
	Jul-15	250		—	250
	Oct-15	3,300		—	3,300
	Dec-15	15,588		196,752	212,340
	Jan-16	3,299		—	3,299
	Apr-16	3,300		—	3,300
	Jul-16	2,828		—	2,828
	Oct-16	2,827		—	2,827
	Dec-16	12,255		133,417	145,672
	Jan-17	2,411		—	2,411
	Apr-17	2,414		—	2,414
	Jul-17	1,250		—	1,250
	Oct-17	1,250		—	1,250
	Dec-17	12,258		130,008	142,266
		73,927		466,844	540,771

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Stockholders' Equity	During 2014 and 2013, the Company has declared the following dividends on its common stock:
	Declaration Date	Record Date	Payment Date	Amount
	February 27, 2013	March 28, 2013	April 12, 2013	$	0.4
	May 1, 2013	June 28, 2013	July 12, 2013	$	0.4
	July 31, 2013	September 30, 2013	October 11, 2013	$	0.4
	11/4/13	December 31, 2013	January 13, 2014	$	0.4
	February 26, 2014	March 31, 2014	April 15, 2014	$	0.4
	April 29, 2014	June 30, 2014	July 15, 2014	$	0.4
	July 28, 2014	September 30, 2014	October 15, 2014	$	0.4
	October 28, 2014	December 31, 2014	1/15/15	$	0.4
	During 2014 and 2013, the Company declared the following dividends on its Series A Preferred Stock:
	Declaration Date	Record Date	Payment Date	Amount
	March 15, 2013	March 28, 2013	April 15, 2013	$	0.5391
	June 12, 2013	June 28, 2013	July 15, 2013	$	0.5391
	September 16, 2013	September 30, 2013	October 15, 2013	$	0.5391
	December 9, 2013	December 30, 2013	January 15, 2014	$	0.5391
	March 17, 2014	March 31, 2014	April 15, 2014	$	0.5391
	June 9, 2014	June 30, 2014	July 15, 2014	$	0.5391
	September 8, 2014	September 30, 2014	October 15, 2014	$	0.5391
	December 16, 2014	December 31, 2014	January 15, 2015	$	0.5391

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2014
Financial Instruments Disclosure [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 December 31, 2014 and 2013:
		December 31, 2014						December 31, 2013
		Carrying			Estimated			Carrying			Estimated
		Value			Fair Value			Value			Fair Value
	Cash and cash equivalents	$	40,641		$	40,641		$	20,096		$	20,096
	Restricted cash	30,127			30,127			30,127			30,127
	Securities, held-to-maturity	154,283			154,980			—			—
	Commercial first mortgage loans	458,520			465,510			161,099			164,405
	Subordinate loans	561,182			566,385			497,484			503,267
	Borrowings under repurchase agreements	(622,194		)	(621,269		)	(202,033		)	(202,148		)
	Convertible senior notes, net	(246,464		)	(254,605		)	—			—
	Participations sold	(89,584		)	(89,995		)	—			—

Net_Income_Loss_per_Share_Tabl

Net Income (Loss) per Share (Tables)	12 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Basic and Diluted Net Income per Share of Common Stock Using Two-Class Method	The table below presents basic and diluted net income per share of common stock using the two-class method for the years ended December 31, 2014, 2013 and 2012:
		For the year ended December 31,
		2014			2013			2012
	Numerator:
	Net income	$	82,739		$	52,485		$	40,181
	Preferred dividends	(7,440		)	(7,440		)	(3,079		)
	Net income available to common stockholders	75,299			45,045			37,102
	Dividends declared on common stock	(71,089		)	(59,008		)	(35,899		)
	Dividends on participating securities	(506		)	(798		)	(628		)
	Net income (loss) attributable to common stockholders	$	3,704		$	(14,761	)	$	575
	Denominator:
	Basic weighted average shares of common stock outstanding	43,464,255			35,212,211			22,259,386
	Diluted weighted average shares of common stock outstanding	43,684,805			35,679,755			22,648,819
	Basic and diluted net income (loss) per weighted average share of common stock
	Distributable Earnings	$	1.64		$	1.68		$	1.61
	Undistributed income (loss)	0.08			$	(0.42	)	$	0.03
	Basic and diluted net income per share of common stock	$	1.72		$	1.26		$	1.64

Summarized_Quarterly_Results_U1

Summarized Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Schedule of Summarized Quarterly Results
		March 31,						June 30,						September 30,						December 31,
		2014			2013			2014			2013			2014			2013			2014			2013
	Net interest income:
	Interest income from securities	$	2,419		$	3,087		$	4,366		$	3,014		$	6,129		$	2,533		$	8,275		$	3,633
	Interest income from securities, held to maturity	—			—			—			—			1,448			—			3,165			—
	Interest income from commercial mortgage loans	4,011			3,592			6,438			3,676			8,025			4,954			9,328			3,812
	Interest income from subordinate loans	14,730			11,454			18,238			11,498			19,754			12,184			17,021			14,026
	Interest income from repurchase agreements	—			2			—			—			—			—			—			—
	Interest expense	(1,757		)	(1,068		)	(5,258		)	(955		)	(8,786		)	(885		)	(10,740		)	(1,450		)
	Net interest income	19,403			17,067			23,784			17,233			26,570			18,786			27,049			20,021
	Operating expenses:
	General and administrative expenses	(1,442		)	(1,895		)	(1,479		)	(1,437		)	(1,434		)	(1,793		)	(1,796		)	(2,438		)
	Management fees to related party	(2,565		)	(2,160		)	(2,966		)	(2,600		)	(3,193		)	(2,625		)	(3,236		)	(2,627		)
	Total operating expenses	(4,007		)	(4,055		)	(4,445		)	(4,037		)	(4,627		)	(4,418		)	(5,032		)	(5,065		)
	Income from unconsolidated joint venture	—			—			—			—			(88		)	—			(69		)	—
	Interest income from cash balances	—			—			4			16			21			3			9			1
	Unrealized gain (loss) on securities	2,184			(1,080		)	4,749			(1,421		)	(2,147		)	(1,472		)	(639		)	908
	Foreign currency gain (loss)	—			—			959			—			(3,596		)	—			(1,413		)	—
	Gain (loss) on derivative instruments	—			—			(1,093		)	(2		)	3,026			1			2,137			(1		)
	Net income	17,580			11,932			23,958			11,789			19,159			12,900			22,042			15,864
	Preferred dividends	(1,860		)	(1,860		)	(1,860		)	(1,860		)	(1,860		)	(1,860		)	(1,860		)	(1,860		)
	Net income available to common stockholders	$	15,720		$	10,072		$	22,098		$	9,929		17,299			$	11,040		$	20,182		$	14,004
	Basic and diluted net income per share of common stock	$	0.42		$	0.33		$	0.51		$	0.27		$	0.37		$	0.3		$	0.43		$	0.37
	Basic weighted average shares of common stock outstanding	37,122,842			30,105,939			42,888,747			36,880,410			46,848,675			36,883,002			46,852,646			36,886,619
	Diluted weighted average shares of common stock outstanding	37,341,050			30,480,689			43,099,354			37,373,885			47,068,929			37,379,469			47,085,617			37,390,369
	Dividend declared per share of common stock	$	0.4		$	0.4		$	0.4		$	0.4		$	0.4		$	0.4		$	0.4		$	0.4

Summary_of_Significant_Account2

Summary of Significant Accounting Policies - Additional Information (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
	Segment
Accounting Policies [Abstract]
Number of business segments	1
Summary Of Significant Accounting Policies [Line Items]
Capitalized financing costs	$7,444	$628
Operating loss carryforward	1,400
Other Assets [Member]
Summary Of Significant Accounting Policies [Line Items]
Capitalized financing costs	$7,444	$628

Fair_Value_Disclosure_Fair_Val

Fair Value Disclosure Fair Value Disclosure - Summarizes Levels in Fair Value Hierarchy of Financial Instruments (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instrument	$4,070	$0
Fair Value, Total	543,905	191,448
AAA Commercial Mortage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate purchase price of CMBS	17,105	33,362
Estimate of Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instrument	4,070	0
Estimate of 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	522,730	158,086
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Total	543,905	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	17,105	33,362
Level 2 [Member] | Estimate of Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instrument	4,070	0
Level 2 [Member] | Estimate of 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	$522,730	$158,086

Debt_Securities_Additional_Inf

Debt Securities - Additional Information (Details) (USD $)	1 Months Ended	12 Months Ended
	31-May-14	Dec. 31, 2014	Dec. 31, 2013	Aug. 31, 2014	Jun. 30, 2014
	room	option
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, face amount		544,190,000	$188,643,000
Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, face amount		17,013,000	33,066,000
Commercial Mortgage Backed Securities [Member] | CMBS - UBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, face amount		387,100,000
Aggregate purchase price of CMBS		375,006,000
Subordinate Loans [Member]
Schedule of Available-for-sale Securities [Line Items]
Original Face Amount		562,434,000	495,319,000
Subordinate Loans [Member] | Hotel [Member] | Hotel - Aruba [Member]
Schedule of Available-for-sale Securities [Line Items]
Property Size, Number of Units/Rooms	442
Property Size, Area	131,500
Term of loan		3 years
Number of options to extend loan agreement		2
Option to extend loan agreement, term		1 year
Appraised loan to value ratio		60.00%
Subordinate Loans [Member] | Hotel [Member] | Hotel - Aruba [Member] | First Mortgage [Member]
Schedule of Available-for-sale Securities [Line Items]
Original Face Amount	155,000,000
Senior Participation [Member] | Subordinate Loans [Member] | Hotel [Member] | Hotel - Aruba [Member]
Schedule of Available-for-sale Securities [Line Items]
Participating mortgage loans, amount				90,000,000	90,000,000
Junior Participation [Member] | Subordinate Loans [Member] | Hotel [Member] | Hotel - Aruba [Member]
Schedule of Available-for-sale Securities [Line Items]
Participating mortgage loans, amount				$65,000,000	$65,000,000

Debt_Securities_Amortized_Cost

Debt Securities - Amortized Cost and Estimated Fair Value (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]
Face Amount	$544,190	$188,643
Amortized cost	534,226	190,178
Gross Unrealized Gain	7,322	2,313
Gross Unrealized Loss	-1,713	-1,043
Securities available-for-sale, at estimated fair value	539,835	191,448
Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Face Amount	17,013	33,066
Amortized cost	17,783	34,232
Gross Unrealized Gain	0	0
Gross Unrealized Loss	-678	-870
Securities available-for-sale, at estimated fair value	17,105	33,362
Commercial Mortgage Backed Securities [Member] | AAA Commercial Mortage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Face Amount		155,577
Amortized cost		155,946
Gross Unrealized Gain		2,313
Gross Unrealized Loss		-173
Securities available-for-sale, at estimated fair value		158,086
Commercial Mortgage Backed Securities [Member] | Estimate of Fair Value [Member]
Schedule of Available-for-sale Securities [Line Items]
Face Amount	527,177
Amortized cost	516,443
Gross Unrealized Gain	7,322
Gross Unrealized Loss	-1,035
Securities available-for-sale, at estimated fair value	$522,730

Debt_Securities_Summary_of_Con

Debt Securities - Summary of Continuous Unrealized Loss Positions (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Continuous unrealized loss position, Less than 12 months, Fair Value	$130,435
Continuous unrealized loss position, 12 months or More, Fair Value	23,420
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Continuous unrealized loss position, Less than 12 months, Unrealized Loss	-1,019
Continuous unrealized loss position, 12 months or More, Unrealized Loss	-694
Commercial Mortgage Backed Securities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Continuous unrealized loss position, Less than 12 months, Fair Value	0
Continuous unrealized loss position, 12 months or More, Fair Value	17,105
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Continuous unrealized loss position, Less than 12 months, Unrealized Loss	0
Continuous unrealized loss position, 12 months or More, Unrealized Loss	-678
Estimate of Fair Value [Member] | Commercial Mortgage Backed Securities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Continuous unrealized loss position, Less than 12 months, Fair Value	130,435
Continuous unrealized loss position, 12 months or More, Fair Value	6,315
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Continuous unrealized loss position, Less than 12 months, Unrealized Loss	-1,019
Continuous unrealized loss position, 12 months or More, Unrealized Loss	($16)

Debt_Securities_Overall_Statis

Debt Securities - Overall Statistics for Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis (Details) (Commercial Mortgage Backed Securities [Member], AAA-CCC Rated CMBS [Member])	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Commercial Mortgage Backed Securities [Member] | AAA-CCC Rated CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Coupon	5.90%	5.80%
Yield	6.40%	5.30%
Weighted Average Life	2 years 3 months 18 days	3 years 1 month 6 days

Debt_Securities_Percentage_Vin

Debt Securities - Percentage Vintage, Property Type, and Location of Collateral Securing Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis (Details)	12 Months Ended
	Dec. 31, 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	9.00%	0.00%
Available-for-sale Securities [Member] | Vintage Concentration Risk [Member] | Vintage 2006 [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage Vintage	19.00%	3.00%
Available-for-sale Securities [Member] | Vintage Concentration Risk [Member] | Vintage 2007 [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage Vintage	63.00%	97.00%
Available-for-sale Securities [Member] | Vintage Concentration Risk [Member] | Vintage 2008 [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage Vintage	9.00%	0.00%
Available-for-sale Securities [Member] | Product Concentration Risk [Member] | Office [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage Vintage	33.40%	33.20%
Available-for-sale Securities [Member] | Product Concentration Risk [Member] | Retail [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage Vintage	29.10%	25.10%
Available-for-sale Securities [Member] | Product Concentration Risk [Member] | Multifamily [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage Vintage	13.30%	15.30%
Available-for-sale Securities [Member] | Product Concentration Risk [Member] | Hotel [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage Vintage	9.20%	12.00%
Available-for-sale Securities [Member] | Product Concentration Risk [Member] | Other [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage Vintage	15.00%	14.40%
Available-for-sale Securities [Member] | Geographic Concentration Risk [Member] | South Atlantic [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage Vintage	23.20%	23.40%
Available-for-sale Securities [Member] | Geographic Concentration Risk [Member] | Middle Atlantic [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage Vintage	21.10%	22.80%
Available-for-sale Securities [Member] | Geographic Concentration Risk [Member] | Pacific [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage Vintage	17.00%	17.60%
Available-for-sale Securities [Member] | Geographic Concentration Risk [Member] | East North Central [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage Vintage	11.00%	0.00%
Available-for-sale Securities [Member] | Geographic Concentration Risk [Member] | Other [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage Vintage	27.70%	36.20%

Commercial_Mortgage_Loan_Portf

Commercial Mortgage Loan Portfolio (Details) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013
Mortgage Loans on Real Estate [Line Items]
Current Face Amount	$1,029,173,000	[1],[2]
Commercial mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	467,300,000		164,000,000
Current Face Amount	465,574,000		161,600,000
Carrying Value	458,520,000		161,099,000
Coupon rate of loan	6.84%		8.82%
Commercial mortgage loans [Member] | Hotel [Member] | Hotel - Silver Spring, MD [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	26,000,000		26,000,000
Current Face Amount	24,590,000		24,947,000
Carrying Value	24,557,000		24,785,000
Coupon rate of loan	9.00%
Property Size, Number of Units/Rooms	263		263
Commercial mortgage loans [Member] | Hotel [Member] | Hotel - Philadelphia, PA [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	34,000,000
Current Face Amount	34,000,000
Carrying Value	33,842,000
Coupon rate of loan	4.71%
Property Size, Number of Units/Rooms	301
Commercial mortgage loans [Member] | Hotel [Member] | Hotel - NY, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount			32,000,000
Current Face Amount			31,317,000
Carrying Value			31,317,000
Property Size, Number of Units/Rooms			151
Commercial mortgage loans [Member] | Condo Conversion [Member] | Condo Conversion - NY, NY August 2013 [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	33,000,000		33,000,000
Current Face Amount	33,846,000		33,167,000
Carrying Value	33,961,000		32,961,000
Coupon rate of loan	9.67%
Property Size, Area	40,000		40,000
Commercial mortgage loans [Member] | Condo Conversion [Member] | Condo Conversion - NY, NY November 2014 [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	67,300,000
Current Face Amount	67,300,000
Carrying Value	64,714,000
Coupon rate of loan	3.75%
Property Size, Area	86,000
Commercial mortgage loans [Member] | Condo Conversion [Member] | Condo Conversion - NY, NY December 2012 [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount			45,000,000
Current Face Amount			45,000,000
Carrying Value			44,867,000
Property Size, Area			119,000
Commercial mortgage loans [Member] | Condo Construction [Member] | Condo Construction Potomac, MD [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	28,000,000
Current Face Amount	28,000,000
Carrying Value	27,520,000
Coupon rate of loan	10.50%
Property Size, Number of Units/Rooms	50
Commercial mortgage loans [Member] | Condo Construction [Member] | Condo Construction Bethesda, MD [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	20,000,000
Current Face Amount	20,000,000
Carrying Value	19,616,000
Coupon rate of loan	10.75%
Property Size, Number of Units/Rooms	40
Commercial mortgage loans [Member] | Vacation Home Portfolio [Member] | Vacation Home Portfolio - Various [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	101,000,000
Current Face Amount	100,046,000
Carrying Value	99,086,000
Coupon rate of loan	7.50%
Number of properties	229
Commercial mortgage loans [Member] | Vacation Home Portfolio [Member] | Vacation Home Portfolio - Various, United States [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	50,000,000
Current Face Amount	50,000,000
Carrying Value	49,508,000
Coupon rate of loan	7.00%
Number of properties	24
Commercial mortgage loans [Member] | Office Condo [Member] | Office Condo (Headquarters) - NY, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount			28,000,000
Current Face Amount			27,169,000
Carrying Value			27,169,000
Property Size, Area			73,419
Commercial mortgage loans [Member] | Mixed Use [Member] | Mixed Use - Cincinnati, OH [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	20,000,000
Current Face Amount	20,000,000
Carrying Value	18,309,000
Coupon rate of loan	9.25%
Property Size, Area	65
Commercial mortgage loans [Member] | Multifamily Conversion [Member] | Multifamily, Brooklyn, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	30,000,000
Current Face Amount	30,000,000
Carrying Value	30,110,000
Coupon rate of loan	4.41%
Property Size, Number of Units/Rooms	63
Commercial mortgage loans [Member] | Multifamily Conversion [Member] | Multifamily - Williston, ND [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	58,000,000
Current Face Amount	57,792,000
Carrying Value	$57,297,000
Coupon rate of loan	5.15%
Property Size, Number of Units/Rooms	366
[1]	Subject to prior liens.
[2]	The aggregate cost for federal income tax purposes is $1,019,702.

Commercial_Mortgage_Loan_Portf1

Commercial Mortgage Loan Portfolio (Details 2) (Commercial mortgage loans [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Hotel, Multifamily, and Vacation Home Portfolio [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	1 year
Condo Conversion [Member] | Condo Conversion - NY, NY November 2014 [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term	6 months
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 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	52,000
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
Multifamily Conversion [Member] | Multifamily, Brooklyn, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Number of options to extend loan agreement	3
Option to extend loan agreement, term	1 year
Unfunded loan commitments	4,500
Mixed Use [Member] | Mixed Use - Cincinnati, OH [Member]
Mortgage Loans on Real Estate [Line Items]
Number of options to extend loan agreement	2
Option to extend loan agreement, term	1 year
Unfunded loan commitments	145,000

Commercial_Mortgage_Loans_Addi

Commercial Mortgage Loans - Additional Information (Details) (Commercial mortgage loans [Member], USD $)	1 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Mar. 31, 2013
	acre
	participation_interest
Hotel [Member] | Hotel - Silver Spring, MD [Member]
Mortgage Loans on Real Estate [Line Items]
Fee received on loan transfer		$280
Mixed Use [Member] | Mixed Use - South Boston, MA [Member]
Mortgage Loans on Real Estate [Line Items]
Senior sub-participation interests	2
Property Size, Area	20
Sub-participation, percentage of par value	78.00%
Sub-participation brokerage fee	3.00%

Subordinate_Loan_Portfolio_Det

Subordinate Loan Portfolio (Details) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013	Jun. 30, 2012
Mortgage Loans on Real Estate [Line Items]
Current Face Amount	$1,029,173,000	[1],[2]
Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	562,434,000		495,319,000
Current Face Amount	563,599,000	[1]	500,037,000
Carrying Value	561,182,000	[1]	497,484,000
Coupon rate of loan	11.34%		11.60%
Subordinate Loans [Member] | Retail [Member] | Senior Mezz - Retail - Various [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount			9,000,000
Current Face Amount			8,866,000
Carrying Value			8,866,000
Subordinate Loans [Member] | Retail [Member] | Junior Mezz - Retail - Various [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount			40,000,000
Current Face Amount			40,000,000
Carrying Value			39,781,000
Subordinate Loans [Member] | Office [Member] | Office - Michigan [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	9,000,000		15,000,000
Current Face Amount	8,813,000	[1]	15,000,000
Carrying Value	8,813,000	[1]	15,207,000
Coupon rate of loan	13.00%	[1]
Subordinate Loans [Member] | Office [Member] | Office Complex - Missouri [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	10,000,000		10,000,000
Current Face Amount	9,711,000	[1]		9,849,000
Carrying Value	9,711,000	[1]	9,849,000
Coupon rate of loan	11.75%	[1]
Subordinate Loans [Member] | Office [Member] | Office Condo - NY, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	14,000,000		14,000,000
Current Face Amount	14,000,000	[1]	14,000,000
Carrying Value	13,596,000	[1]	13,565,000
Coupon rate of loan	11.25%	[1]
Subordinate Loans [Member] | Ski Resort [Member] | Ski Resort - California [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	40,000,000
Current Face Amount	40,000,000	[1]
Carrying Value	39,771,000	[1]
Coupon rate of loan	13.25%	[1]
Subordinate Loans [Member] | Ski Resort [Member] | Ski Resort Montana [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	15,000,000
Current Face Amount	15,000,000	[1]
Carrying Value	14,861,000	[1]
Coupon rate of loan	14.00%	[1]
Subordinate Loans [Member] | Hotel [Member] | Hotel - New York [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount			35,000,000
Current Face Amount				35,000,000
Carrying Value			34,734,000
Subordinate Loans [Member] | Hotel [Member] | Hotel - New York March 2014 [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount			60,000,000
Current Face Amount				66,800,000
Carrying Value			66,340,000
Subordinate Loans [Member] | Hotel [Member] | Hotel Portfolio - Various [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	50,000,000		50,000,000
Current Face Amount	34,042,000	[1]		48,431,000
Carrying Value	33,995,000	[1]	48,397,000
Coupon rate of loan	11.07%	[1]
Subordinate Loans [Member] | Hotel [Member] | Hotel Portfolio - Rochester, MN [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	25,000,000		25,000,000
Current Face Amount	24,486,000	[1]	24,771,000
Carrying Value	24,486,000	[1]	24,771,000
Coupon rate of loan	11.00%	[1]
Subordinate Loans [Member] | Hotel [Member] | Hotel - NY, NY, July 2016 [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	20,000,000
Current Face Amount	20,000,000	[1]
Carrying Value	19,870,000	[1]
Coupon rate of loan	10.25%	[1]
Subordinate Loans [Member] | Mixed Use [Member] | Mixed Use - North Carolina [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	6,525,000		6,525,000
Current Face Amount	6,525,000	[1]		6,525,000
Carrying Value	6,525,000	[1]	6,525,000
Coupon rate of loan	11.10%	[1]
Subordinate Loans [Member] | Mixed Use [Member] | Mixed Use - Pittsburgh, PA [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	22,500,000		22,500,000
Current Face Amount	22,500,000	[1]	22,500,000
Carrying Value	22,473,000	[1]	22,342,000
Coupon rate of loan	9.42%	[1]
Subordinate Loans [Member] | Mixed Use [Member] | Mixed Use - Florida [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount			50,000,000
Current Face Amount			50,000,000
Carrying Value			49,535,000
Subordinate Loans [Member] | Mixed Use [Member] | Mixed Use - Various [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	17,000,000		17,000,000
Current Face Amount	19,464,000	[1]	17,000,000
Carrying Value	19,294,000	[1]	16,805,000
Coupon rate of loan	14.00%	[1]
Subordinate Loans [Member] | Mixed Use [Member] | Mixed Use - London, England [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	50,009,000
Current Face Amount	52,355,000	[1]
Carrying Value	52,355,000	[1]
Coupon rate of loan	9.25%	[1]
Subordinate Loans [Member] | Mixed Use [Member] | Mixed Use - New York, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	50,000,000
Current Face Amount	50,000,000	[1]
Carrying Value	48,973,000	[1]
Coupon rate of loan	10.66%	[1]
Subordinate Loans [Member] | Condo Conversion [Member] | Condo Conversion New York, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount			44,000,000
Current Face Amount			44,000,000
Carrying Value			43,859,000
Subordinate Loans [Member] | Condo Conversion [Member] | Condo Conversion - NY, NY September 2015 [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	29,400,000		294,000
Current Face Amount	29,751,000	[1]	295,000
Carrying Value	29,762,000	[1]	2,000
Coupon rate of loan	9.67%	[1]
Subordinate Loans [Member] | Condo Construction [Member] | Condo Construction - NY, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	60,000,000
Current Face Amount	76,344,000	[1]
Carrying Value	76,005,000	[1]
Coupon rate of loan	13.25%	[1]
Subordinate Loans [Member] | Multifamily Conversion [Member] | Multifamily Conversion - NY, NY December 2014 [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	18,000,000		18,000,000
Current Face Amount	14,608,000	[1]		18,000,000
Carrying Value	14,703,000	[1]	17,906,000
Coupon rate of loan	10.23%	[1]
Subordinate Loans [Member] | Multifamily Conversion [Member] | Multifamily Conversion - NY, NY June 2014 [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	44,000,000
Current Face Amount	44,000,000	[1]
Carrying Value	43,989,000	[1]
Coupon rate of loan	12.25%	[1]
Subordinate Loans [Member] | Warehouse [Member] | Warehouse Portfolio - Various [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	32,000,000		32,000,000
Current Face Amount	32,000,000	[1]	32,000,000
Carrying Value	32,000,000	[1]	32,000,000
Coupon rate of loan	11.50%	[1]
Subordinate Loans [Member] | Healthcare [Member] | Healthcare Portfolio - Various [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	50,000,000		47,000,000
Current Face Amount	50,000,000	[1]	47,000,000
Carrying Value	$50,000,000	[1]	$47,000,000
Coupon rate of loan	9.43%	[1]
[1]	Subject to prior liens.
[2]	The aggregate cost for federal income tax purposes is $1,019,702.

Subordinate_Loan_Portfolio_Det1

Subordinate Loan Portfolio (Details 2) (Subordinate Loans [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Mortgage Loans on Real Estate [Line Items]
Unfunded Loan Commitments	32,500
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
Number of options to extend loan agreement		2
Healthcare Portfolio and Hotel [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term	1 year
Number of options to extend loan agreement	3
Multifamily Conversion - NY, NY June 2014 [Member] | Multifamily Conversion [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term	3 months	3 months
Mixed Use - New York, NY [Member] | Mixed Use [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term	1 year
Number of options to extend loan agreement	2
Unfunded Loan Commitments	32,500
Condo Conversion - NY, NY September 2015 [Member] | Condo Conversion [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term		1 year
Unfunded Loan Commitments		29,106

Subordinate_Loans_Additional_I

Subordinate Loans - Additional Information (Details) (USD $)	1 Months Ended	12 Months Ended	1 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2013	Dec. 31, 2013	Jan. 31, 2014	Oct. 31, 2013	Jun. 30, 2013	Nov. 30, 2014	Jun. 30, 2014	Aug. 31, 2014
	loan							office_park
Subordinate Loans [Member] | Retail [Member]
Mortgage Loans on Real Estate [Line Items]
Proceeds from loans receivable	$50,000	$25,000
Number of loans	2
Proceeds from loans receivable collection, yield maintenance payment	2,500
Subordinate Loans [Member] | Hotel [Member]
Mortgage Loans on Real Estate [Line Items]
Proceeds from loans receivable			15,000	25,000	15,000
Proceeds from loans receivable collection, yield maintenance payment					1,233
Mezzanine Loan [Member] | Hotel [Member]
Mortgage Loans on Real Estate [Line Items]
Proceeds from loans receivable						28,250
Mezzanine Loan [Member] | Nursing Facility [Member]
Mortgage Loans on Real Estate [Line Items]
Proceeds from loans receivable							47,000
Mezzanine Loan [Member] | Office [Member]
Mortgage Loans on Real Estate [Line Items]
Proceeds from loans receivable								$50,000
Number of properties								7

Unconsolidated_Joint_Venture_A

Unconsolidated Joint Venture - Additional Information (Details)	12 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2013
	USD ($)	USD ($)	USD ($)	Champ Limited Partnership [Member]	KBCD Partnership [Member]	KBCD Partnership [Member]	KBCD Partnership [Member]	Wholly-owned subsidiary [Member]	Champ LP [Member]	Commitment to Invest in KBCD [Member]	Commitment to Invest in KBCD [Member]
					USD ($)	EUR (€)		Champ Limited Partnership [Member]	KBC Bank Deutschland AG [Member]	USD ($)	EUR (€)
Schedule of Equity Method Investments [Line Items]
Ownership interest (percentage)					21.00%	21.00%	21.00%	59.00%	35.00%
Initial funding for equity method investment	$39,477	$0	$0		$39,477	€ 30,724
Commitment to invest										$50,000	€ 38,000
Company and affiliated investors ownership, percentage				100.00%					100.00%

Repurchase_Agreement_Additiona

Repurchase Agreement - Additional Information (Details) (USD $)	1 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2013	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013
		Securities	extension
Line of Credit Facility [Line Items]
Line of credit, amount outstanding			622,194	$202,033
CDO Bond [Member]
Line of Credit Facility [Line Items]
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
Internal rate of return	17.00%
Repurchase Facility [Member]
Line of Credit Facility [Line Items]
Line of credit, amount outstanding		$47,439
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

Borrowings_Weighted_Average_Ma

Borrowings - Weighted Average Maturities and Interest Rates of Borrowings (Details) (USD $)	1 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Debt Balance		$622,194	$202,033
Line of Credit [Member]
Debt Instrument [Line Items]
Debt Balance		622,194	202,033
Weighted Average Remaining Maturity		3 years 2 months 12 days	3 years 3 months 12 days
Weighted Average Rate		3.20%	2.40%
Line of Credit [Member] | Wells Fargo [Member]
Debt Instrument [Line Items]
Debt Balance		20,166	47,751
Weighted Average Remaining Maturity		2 months 12 days	2 months 12 days
Weighted Average Rate		1.00%	1.20%
Basis point		0.80%	1.05%
Line of Credit [Member] | UBS [Member]
Debt Instrument [Line Items]
Debt Balance		133,899	133,899
Weighted Average Remaining Maturity	4 years	3 years 8 months 12 days	4 years 8 months 12 days
Weighted Average Rate		2.80%	2.80%
Line of Credit [Member] | DB Facility [Member]
Debt Instrument [Line Items]
Debt Balance		300,005	0
Weighted Average Remaining Maturity		3 years 3 months 18 days	0 days
Weighted Average Rate		3.70%	0.00%
Line of Credit [Member] | JP Morgan Chase [Member]
Debt Instrument [Line Items]
Debt Balance		$168,124	$20,383
Weighted Average Remaining Maturity		0 years 1 month 6 days	1 year 1 month 6 days
Weighted Average Rate		2.70%	2.70%
Minimum [Member] | Line of Credit [Member] | DB Facility [Member] | Three Month LIBOR [Member]
Debt Instrument [Line Items]
Basis point		1.80%
Maximum [Member] | Line of Credit [Member] | DB Facility [Member] | Three Month LIBOR [Member]
Debt Instrument [Line Items]
Basis point		2.32%

Borrowings_Additional_Informat

Borrowings - Additional Information (Details) (USD $)	9 Months Ended	12 Months Ended		1 Months Ended
	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Aug. 31, 2010	Apr. 30, 2014	Jan. 31, 2010
							subsidiary
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on interest rate	4.40%
Line of Credit [Member]
Debt Instrument [Line Items]
Expiration period		3 years 2 months 12 days	3 years 3 months 12 days
Line of Credit [Member] | Wells Fargo [Member]
Debt Instrument [Line Items]
Basis spread on interest rate		0.80%	1.05%
Expiration period		2 months 12 days	2 months 12 days
Line of Credit [Member] | UBS [Member]
Debt Instrument [Line Items]
Maximum borrowing under facility				$133,899,000
Estimated fair value of collateral pledged, percentage				100.00%
Covenant terms, minimum net asset value				500,000,000
Covenant terms, maximum debt to tangible net worth ratio				3
Expiration period		3 years 8 months 12 days	4 years 8 months 12 days	4 years
Length of potential extension				1 year
Margin of cash borrowed, percentage				22.50%
Line of Credit [Member] | UBS [Member] | Six Month LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on interest rate				1.55%
Line of Credit [Member] | JP Morgan Chase [Member]
Debt Instrument [Line Items]
Expiration period		0 years 1 month 6 days	1 year 1 month 6 days
Line of Credit [Member] | JP Morgan Chase [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on interest rate		2.50%
Wells Facility [Member] | Line of Credit [Member] | Wells Fargo [Member]
Debt Instrument [Line Items]
Maximum borrowing under facility					506,000,000
Basis spread on interest rate					1.50%
Threshold amount for margin calls					250,000
Covenant terms, minimum net asset value					100,000,000
Covenant terms, minimum net asset value percentage, during prior quarter					75.00%
Covenant terms, minimum net asset value percentage, during prior year					65.00%
Covenant terms, maximum debt to tangible net worth ratio					8
Covenant terms, minimum liquidity					2,500,000
Covenant terms, minimum EBITDA to interest expense ratio					1.5
Limited guarantee percentage credit facility					15.00%
Covenant terms, total recourse indebtedness, percent					10.00%
Covenant terms, total recourse indebtedness, amount					12,500,000
Wells Facility [Member] | Line of Credit [Member] | Wells Fargo [Member] | Financial Guarantee [Member]
Debt Instrument [Line Items]
Maximum guarantee obligations					37,500,000
Wells Facility [Member] | Line of Credit [Member] | Wells Fargo [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on interest rate					0.80%
Wells Facility [Member] | Line of Credit [Member] | Minimum [Member] | Wells Fargo [Member]
Debt Instrument [Line Items]
Estimated fair value of collateral pledged, percentage					85.00%
Wells Facility [Member] | Line of Credit [Member] | Maximum [Member] | Wells Fargo [Member]
Debt Instrument [Line Items]
Estimated fair value of collateral pledged, percentage					90.00%
DB Facility [Member] | Line of Credit [Member] | Deutsche Bank AG [Member]
Debt Instrument [Line Items]
Maximum borrowing under facility						300,005,000
Covenant terms, minimum shareholder's equity of gross capital proceeds		50.00%
DB Facility [Member] | Line of Credit [Member] | Minimum [Member] | Deutsche Bank AG [Member]
Debt Instrument [Line Items]
Borrowing margin ratio						125.00%
DB Facility [Member] | Line of Credit [Member] | Minimum [Member] | Deutsche Bank AG [Member] | Three Month LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on interest rate						1.80%
DB Facility [Member] | Line of Credit [Member] | Maximum [Member] | Deutsche Bank AG [Member]
Debt Instrument [Line Items]
Borrowing margin ratio						181.82%
DB Facility [Member] | Line of Credit [Member] | Maximum [Member] | Deutsche Bank AG [Member] | Three Month LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on interest rate						2.32%
JP Morgan Facility [Member] | Line of Credit [Member] | JP Morgan Chase [Member]
Debt Instrument [Line Items]
Maximum borrowing under facility		175,000,000
Threshold amount for margin calls		250,000
Covenant terms, maximum debt to tangible net worth ratio		3
Covenant terms, total recourse indebtedness, percent		5.00%
Covenant terms, total recourse indebtedness, amount		15,000,000
Covenant terms, consolidated recourse indebtedness		12,500,000
Number of subsidiaries							2
Covenant terms, minimum consolidated tangible net worth		125,000,000
Covenant terms, minimum liquidity percentage		10.00%
Covenant terms, minimum net income		1
JP Morgan Facility [Member] | Line of Credit [Member] | JP Morgan Chase [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on interest rate		2.50%
JP Morgan Facility [Member] | Line of Credit [Member] | Minimum [Member] | JP Morgan Chase [Member]
Debt Instrument [Line Items]
Estimated fair value of collateral pledged, percentage		65.00%
JP Morgan Facility [Member] | Line of Credit [Member] | Maximum [Member] | JP Morgan Chase [Member]
Debt Instrument [Line Items]
Estimated fair value of collateral pledged, percentage		90.00%

Borrowings_Remaining_Maturitie

Borrowings - Remaining Maturities of Borrowings (Details) (Line of Credit [Member], USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Line of Credit Facility [Line Items]
Less than 1 year	$228,766
1 to 3 years	347,553
3 to 5 years	45,875
More than 5 years	0
Total	622,194
Wells Fargo [Member]
Line of Credit Facility [Line Items]
Less than 1 year	20,166
1 to 3 years	0
3 to 5 years	0
More than 5 years	0
Total	20,166
UBS [Member]
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	133,899
3 to 5 years	0
More than 5 years	0
Total	133,899
DB Facility [Member]
Line of Credit Facility [Line Items]
Less than 1 year	40,476
1 to 3 years	213,654
3 to 5 years	45,875
More than 5 years	0
Total	300,005
JP Morgan Chase [Member]
Line of Credit Facility [Line Items]
Less than 1 year	168,124
1 to 3 years	0
3 to 5 years	0
More than 5 years	0
Total	$168,124

Borrowings_Summary_of_Outstand

Borrowings - Summary of Outstanding Balances, Maximum and Average Balances of Borrowings (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Line of Credit Facility [Line Items]
Line of credit, amount outstanding	$622,194	$202,033
Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of credit, amount outstanding	622,194	202,033
Wells Fargo [Member] | Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of credit, amount outstanding	20,166	47,751
Maximum Month-End Balance	47,751	225,156
Average Month-End Balance	28,921	168,747
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	133,899
Average Month-End Balance	133,899	31,728
DB Facility [Member] | Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of credit, amount outstanding	300,005	0
Maximum Month-End Balance	300,005
Average Month-End Balance	145,856
JP Morgan Chase [Member] | Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of credit, amount outstanding	168,124	20,383
Maximum Month-End Balance	169,066	20,383
Average Month-End Balance	$105,366	$3,138

Convertible_Senior_Notes_Addit

Convertible Senior Notes - Additional Information (Details) (USD $)	12 Months Ended			0 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Mar. 17, 2014	Aug. 18, 2014	Sep. 30, 2014
Debt Instrument [Line Items]
Proceeds from issuance of convertible senior notes	$256,970	$0	$0
Convertible senior notes, carrying value	246,464	0
Convertible Debt [Member] | March 2019 Notes [Member]
Debt Instrument [Line Items]
Principal Amount				143,750
Coupon Rate				5.50%
Effective Rate (percentage)				6.25%
Conversion Rate				55.3649
Remaining Period of Amortization (years)				4 years 2 months 16 days
Proceeds from issuance of convertible senior notes				139,037
Convertible senior notes, carrying value	139,769
Unamortized discount	3,980
Convertible Debt [Member] | August 2019 Notes [Member]
Debt Instrument [Line Items]
Principal Amount				111,000	111,000
Coupon Rate				5.50%	5.50%
Effective Rate (percentage)				6.50%
Conversion Rate				55.3649
Remaining Period of Amortization (years)				4 years 2 months 16 days
Proceeds from issuance of convertible senior notes					109,615
Convertible senior notes, carrying value	106,695
Unamortized discount					4,305
Convertible Debt [Member] | 2019 Notes [Member]
Debt Instrument [Line Items]
Share price	$16.36
Conversion price						$18.06
Equity component of senior notes						11,445
Interest expense on debt	8,493
Additional non-cash interest expense	$1,973

Participations_Sold_Details

Participations Sold (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	31-May-14	Aug. 31, 2014	Jun. 30, 2014
Mortgage Loans on Real Estate [Line Items]
Participation sold, amount		$89,584,000	$0
London Interbank Offered Rate (LIBOR) [Member]
Mortgage Loans on Real Estate [Line Items]
Basis point	4.40%
Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount		562,434,000	495,319,000
Hotel - Aruba [Member] | First Mortgage [Member] | Hotel [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount				155,000,000
Senior Participation [Member] | Hotel - Aruba [Member] | Hotel [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Participating mortgage loans, amount					90,000,000	90,000,000
Junior Participation [Member] | Hotel - Aruba [Member] | Hotel [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Participating mortgage loans, amount					65,000,000	65,000,000
Participating Mortgages [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Original Face Amount	90,000,000

Derivative_Instruments_Additio

Derivative Instruments - Additional Information (Details) (Forward Contracts [Member])	Apr. 30, 2014	Apr. 30, 2014
In Thousands, unless otherwise specified	USD ($)	Short [Member]
		GBP (£)
Derivatives, Fair Value [Line Items]
Derivative, notional amount	$57,631	£ 34,389

Derivative_Instruments_Summary

Derivative Instruments - Summary of Amounts Recognized on Consolidated Statements of Operations Related to Company's Derivatives (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivative instruments-unrealized									$4,070	$155	$323
Total	2,137	3,026	-1,093	0	-1	1	-2	0	4,070	-2	-572
Interest Rate Swap [Member] | Gain (Loss) on Derivative Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivative instruments-realized									0	-157	-895
Loss on derivative instruments-unrealized									0	156	510
Interest Rate Cap [Member] | Gain (Loss) on Derivative Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivative instruments-unrealized									0	-1	-187
Forward Currency Contract [Member] | Gain (Loss) on Derivative Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivative instruments-unrealized									$4,070	$0	$0

Derivative_Instruments_Summari

Derivative Instruments - Summarizes Gross Asset and Liability Amounts Related to Derivatives (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivative [Line Items]
Gross Amount of Assets Recognized as Assets	$4,070	$1
Gross Amounts of Offset in the Statement of Financial Position	0	-156
Net Amounts of Assets Presented in the Statement of Financial Position	4,070	-155
Interest Rate Swap [Member]
Derivative [Line Items]
Gross Amount of Assets Recognized as Assets	0	0
Gross Amounts of Offset in the Statement of Financial Position	0	-156
Net Amounts of Assets Presented in the Statement of Financial Position	0	-156
Interest Rate Cap [Member]
Derivative [Line Items]
Gross Amount of Assets Recognized as Assets	0	1
Gross Amounts of Offset in the Statement of Financial Position	0	0
Net Amounts of Assets Presented in the Statement of Financial Position	0	1
Forward Currency Contract [Member]
Derivative [Line Items]
Gross Amount of Assets Recognized as Assets	4,070	0
Gross Amounts of Offset in the Statement of Financial Position	0	0
Net Amounts of Assets Presented in the Statement of Financial Position	$4,070	$0

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Details)

3 Months Ended

12 Months Ended

9 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Limited Liability Company [Member]

Limited Liability Company [Member]

Limited Liability Company [Member]

Limited Liability Company [Member]

Limited Liability Company [Member]

Limited Liability Company [Member]

Limited Liability Company [Member]

Champ Limited Partnership [Member]

Champ Limited Partnership [Member]

KBC Bank Deutschland AG [Member]

KBCD Partnership [Member]

KBCD Partnership [Member]

KBCD Partnership [Member]

Commitment to Invest in KBCD [Member]

Commitment to Invest in KBCD [Member]

Management Fees [Member]

Management Fees [Member]

Management Fees [Member]

Reimbursements [Member]

Reimbursements [Member]

Reimbursements [Member]

Subsidiaries [Member]

Champ LP [Member]

USD ($)

EUR (€)

USD ($)

EUR (€)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Related Party Transaction [Line Items]

Rate of management fees

1.50%

Voting requirement to termination management agreement, percentage

66.66%

Period of termination

180 days

Period to be considered, for average annual base management fee

3

Termination fee calculation period

24 months

Related party expenses

$3,236

$3,193

$2,966

$2,565

$2,627

$2,625

$2,600

$2,160

$11,960

$10,012

$6,139

$11,960

$10,012

$6,139

$985

$745

$987

Base management fees incurred but not yet paid

3,240

2,628

3,240

2,628

3,240

2,628

Indirect ownership interest from limited partnership

59.00%

35.00%

21.00%

21.00%

21.00%

Initial funding for equity method investment

39,477

0

0

39,477

30,724

Commitment to invest

$50,000

€ 38,000

Company and affiliated investors ownership, percentage

100.00%

100.00%

ShareBased_Payments_Additional

Share-Based Payments - Additional Information (Details) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Sep. 23, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized stock-based compensation expense	$1,576	$3,488	$3,624
LTIP [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%
LTIP [Member] | Restricted Stock and Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized stock-based compensation expense	1,576	3,488	3,624
LTIP [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of vested shares	445	293	717
Unrecognized stock-based compensation expense	1,301
LTIP [Member] | RSU Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of vested shares	2,729	2,854	1,916
Unrecognized stock-based compensation expense	7,735
Common stock, shares delivered	240,277	3,057	67,354
Stock units vested	283,750	5,000	112,084
Reduction of capital increase related to equity incentive plan	$876	$31	$779

ShareBased_Payments_Summary_of

Share-Based Payments - Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs (Details) (LTIP [Member], USD $)	1 Months Ended						12 Months Ended		1 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Nov. 30, 2013	Apr. 30, 2013	Feb. 28, 2013	Aug. 31, 2012	Apr. 30, 2012	Dec. 31, 2014	Dec. 31, 2010	Jun. 30, 2014	Apr. 30, 2014	Jan. 31, 2014	Sep. 30, 2013	Jul. 31, 2013	Jun. 30, 2013	31-May-13	Oct. 31, 2012	Mar. 31, 2012	Feb. 29, 2012
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant	51,767	5,000	11,304	20,000	1,496	9,584	274,114	161,032
Estimated Fair Value on Grant Date, Exchange	$855	$81	$200	$352	$25	$150
RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant	390,000			180,000			610,254	402,709	10,254			10,000			15,000		20,000
Forfeiture/Canceled										-5,000	-288,750		-5,000	-5,000		-112,084		-1,875
Estimated Fair Value on Grant Date, Exchange	6,474			3,166					169			154			264		310
April 2014, One [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant										8,931
Estimated Fair Value on Grant Date, Exchange										150
April 2014, Two [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant										5,000
Estimated Fair Value on Grant Date, Exchange										85

ShareBased_Payments_Summary_of1

Share-Based Payments - Summary of Restricted Stock and RSU Vesting Dates (Details) (LTIP [Member])	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	540,771
January 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	3,698
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	3,699
July 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	3,300
July 2015 (2) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	250
October 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	3,300
December 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	212,340
January 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	3,299
April 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	3,300
July 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,828
October 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,827
December 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	145,672
January 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,411
April 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,414
July 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,250
October 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,250
December 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	142,266
Shares Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	73,927
Shares Vesting [Member] | January 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	3,698
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	3,699
Shares Vesting [Member] | July 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	3,300
Shares Vesting [Member] | July 2015 (2) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	250
Shares Vesting [Member] | October 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	3,300
Shares Vesting [Member] | December 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	15,588
Shares Vesting [Member] | January 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	3,299
Shares Vesting [Member] | April 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	3,300
Shares Vesting [Member] | July 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,828
Shares Vesting [Member] | October 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,827
Shares Vesting [Member] | December 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	12,255
Shares Vesting [Member] | January 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,411
Shares Vesting [Member] | April 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,414
Shares Vesting [Member] | July 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,250
Shares Vesting [Member] | October 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,250
Shares Vesting [Member] | December 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	12,258
RSU Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	466,844
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	196,752
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	133,417
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
RSU Vesting [Member] | July 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	0
RSU Vesting [Member] | October 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	0
RSU Vesting [Member] | December 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	130,008

Stockholders_Equity_Additional

Stockholders' Equity - Additional Information (Details) (USD $)	3 Months Ended	1 Months Ended
	Jun. 30, 2014	31-May-13	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Jul. 31, 2013
Class of Stock [Line Items]
Common stock, shares authorized				450,000,000	450,000,000
Common stock, par value (in dollars per share)				$0.01	$0.01
Preferred stock, shares authorized				50,000,000	50,000,000
Preferred stock, par value (in dollars per share)				$0.01	$0.01
Common stock shares issued				46,900,442	36,888,467
Common stock, shares outstanding				46,900,442	36,888,467
Preferred stock shares issued				3,450,000	3,450,000
Preferred stock, shares outstanding				3,450,000	3,450,000
Proceeds from issuance of common stock, net of offering costs	$158,439,000
Common Stock [Member]
Class of Stock [Line Items]
Stock offering, authorized amount		100,000,000
Common Stock [Member] | Follow-on public offering [Member]
Class of Stock [Line Items]
Issuance of stock, Shares	9,706,000		8,805,000
Price per share of issued stock (in USD per share)	$16.35		$16.90
Proceeds from issuance of common stock, net of offering costs			148,333,000
Common Stock [Member] | July 2013 Repurchase Program [Member]
Class of Stock [Line Items]
Share Repurchase						$50,000,000

Stockholders_Equity_Common_Sto

Stockholders' Equity - Common Stock (Details) (USD $)	3 Months Ended								0 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Oct. 28, 2014	Jul. 28, 2014	Apr. 29, 2014	Feb. 26, 2014	Nov. 04, 2013	Jul. 31, 2013	1-May-13	Feb. 27, 2013
Class of Stock [Line Items]
Dividend Amount	$0.40	$0.40	$0.40	$0.40	$0.40	$0.40	$0.40	$0.40
Common Stock [Member]
Class of Stock [Line Items]
Dividend Amount									$0.40	$0.40	$0.40	$0.40	$0.40	$0.40	$0.40	$0.40

Stockholders_Equity_Preferred_

Stockholder's Equity - Preferred Stock (Details) (Series A Preferred Stock [Member], USD $)	0 Months Ended
	Dec. 16, 2014	Sep. 08, 2014	Jun. 09, 2014	Mar. 17, 2014	Dec. 09, 2013	Sep. 16, 2013	Jun. 12, 2013	Mar. 15, 2013
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Dividend Amount	$0.54	$0.54	$0.54	$0.54	$0.54	$0.54	$0.54	$0.54

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Details)	12 Months Ended			9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
	USD ($)	USD ($)	USD ($)	KBCD Partnership [Member]	KBCD Partnership [Member]	KBCD Partnership [Member]	Commitment to Invest in KBCD [Member]	Commitment to Invest in KBCD [Member]
				USD ($)	EUR (€)		USD ($)	EUR (€)
Schedule of Equity Method Investments [Line Items]
Commitment to invest							$50,000	€ 38,000
Indirect ownership interest from limited partnership				21.00%	21.00%	21.00%
Initial funding for equity method investment	$39,477	$0	$0	$39,477	€ 30,724

Commitments_and_Contingencies_1

Commitments and Contingencies - Loan Commitments (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Commercial mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Unfunded Loan Commitments	$246,600
Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Unfunded Loan Commitments	$32,500

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Company's Financial Instruments (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Accounts, Notes, Loans and Financing Receivable [Line Items]
Restricted cash	$30,127	$30,127
Securities, held-to-maturity		0
Carrying Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash and cash equivalents	40,641	20,096
Restricted cash	30,127	30,127
Securities, held-to-maturity	154,283	0
Convertible senior notes, net	-246,464	0
Carrying Value [Member] | Level 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Borrowings under repurchase agreements	-622,194	-202,033
Estimate of Fair Value Measurement [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash and cash equivalents	40,641	20,096
Restricted cash	30,127	30,127
Securities, held-to-maturity	154,980	0
Convertible senior notes, net	-254,605	0
Estimate of Fair Value Measurement [Member] | Level 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Borrowings under repurchase agreements	-621,269	-202,148
Commercial mortgage loans [Member] | Carrying Value [Member] | Level 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	458,520	161,099
Commercial mortgage loans [Member] | Estimate of Fair Value Measurement [Member] | Level 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	465,510	164,405
Subordinate Loans [Member] | Carrying Value [Member] | Level 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	561,182	497,484
Subordinate Loans [Member] | Estimate of Fair Value Measurement [Member] | Level 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	566,385	503,267
Participating Mortgages [Member] | Carrying Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Participations sold	-89,584	0
Participating Mortgages [Member] | Estimate of Fair Value Measurement [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Participations sold	($89,995)	$0

Net_Income_Loss_per_Share_Basi

Net Income (Loss) per Share - Basic and Diluted Net Income per Share of Common Stock Using Two-Class Method (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Numerator:
Net income	$22,042	$19,159	$23,958	$17,580	$15,864	$12,900	$11,789	$11,932	$82,739	$52,485	$40,181
Preferred dividends									-7,440	-7,440	-3,079
Net income available to common stockholders	20,182	17,299	22,098	15,720	14,004	11,040	9,929	10,072	75,299	45,045	37,102
Dividends declared on common stock									-71,089	-59,008	-35,899
Dividends on participating securities									-506	-798	-628
Net income (loss) attributable to common stockholders									$3,704	($14,761)	$575
Denominator:
Basic weighted average shares of common stock outstanding	46,852,646	46,848,675	42,888,747	37,122,842	36,886,619	36,883,002	36,880,410	30,105,939	43,464,255	35,212,211	22,259,386
Diluted weighted average shares of common stock outstanding	47,085,617	47,068,929	43,099,354	37,341,050	37,390,369	37,379,469	37,373,885	30,480,689	43,684,805	35,679,755	22,648,819
Basic and diluted net income (loss) per weighted average share of common stock
Distributable Earnings									$1.64	$1.68	$1.61
Undistributed income (loss)									$0.08	($0.42)	$0.03
Basic and diluted net income (loss) per share of common stock (in dollars per share)	$0.43	$0.37	$0.51	$0.42	$0.37	$0.30	$0.27	$0.33	$1.72	$1.26	$1.64

Net_Income_Loss_Per_Share_Addi

Net Income (Loss) Per Share - Additional Information (Details) (RSU Vesting [Member])	12 Months Ended
	Dec. 31, 2013
RSU Vesting [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unvested RSUs	467,544

Summarized_Quarterly_Results_U2

Summarized Quarterly Results (Unaudited) - Schedule of Summarized Quarterly Results (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net interest income:
Interest income from securities	$8,275	$6,129	$4,366	$2,419	$3,633	$2,533	$3,014	$3,087	$21,189	$12,267	$15,347
Interest income from securities, held to maturity	3,165	1,448	0	0	0	0	0	0	4,613	0	0
Interest income from commercial mortgage loans	9,328	8,025	6,438	4,011	3,812	4,954	3,676	3,592	27,802	16,034	10,780
Interest income from subordinate loans	17,021	19,754	18,238	14,730	14,026	12,184	11,498	11,454	69,743	49,162	24,666
Interest income from repurchase agreements	0	0	0	0	0	0	0	2	0	0	6,286
Interest expense	-10,740	-8,786	-5,258	-1,757	-1,450	-885	-955	-1,068	-26,541	-4,356	-8,402
Net interest income	27,049	26,570	23,784	19,403	20,021	18,786	17,233	17,067	96,806	73,107	48,677
Operating expenses:
General and administrative expenses	-1,796	-1,434	-1,479	-1,442	-2,438	-1,793	-1,437	-1,895	-6,151	-7,563	-8,543
Management fees to related party	-3,236	-3,193	-2,966	-2,565	-2,627	-2,625	-2,600	-2,160	-11,960	-10,012	-6,139
Total operating expenses	-5,032	-4,627	-4,445	-4,007	-5,065	-4,418	-4,037	-4,055	-18,111	-17,575	-14,682
Income from unconsolidated joint venture	-69	-88	0	0	0	0	0	0	-157	0	0
Interest income from cash balances	9	21	4	0	1	3	16	0	34	20	7
Realized loss on sale of security									0	0	262
Unrealized gain (loss) on securities	-639	-2,147	4,749	2,184	908	-1,472	-1,421	-1,080	4,147	-3,065	6,489
Foreign currency gain (loss)	-1,413	-3,596	959	0	0	0	0	0	-4,050
Gain (loss) on derivative instruments	2,137	3,026	-1,093	0	-1	1	-2	0	4,070	-2	-572
Net income	22,042	19,159	23,958	17,580	15,864	12,900	11,789	11,932	82,739	52,485	40,181
Preferred dividends	-1,860	-1,860	-1,860	-1,860	-1,860	-1,860	-1,860	-1,860
Net income available to common stockholders	$20,182	$17,299	$22,098	$15,720	$14,004	$11,040	$9,929	$10,072	$75,299	$45,045	$37,102
Basic and diluted net income per share of common stock (in dollars per share)	$0.43	$0.37	$0.51	$0.42	$0.37	$0.30	$0.27	$0.33	$1.72	$1.26	$1.64
Basic weighted average shares of common stock outstanding	46,852,646	46,848,675	42,888,747	37,122,842	36,886,619	36,883,002	36,880,410	30,105,939	43,464,255	35,212,211	22,259,386
Diluted weighted average shares of common stock outstanding	47,085,617	47,068,929	43,099,354	37,341,050	37,390,369	37,379,469	37,373,885	30,480,689	43,684,805	35,679,755	22,648,819
Dividend declared per share of common stock	$0.40	$0.40	$0.40	$0.40	$0.40	$0.40	$0.40	$0.40

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Details)

3 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

0 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Sep. 30, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2013

Feb. 25, 2015

Feb. 26, 2015

Jan. 31, 2015

Jan. 31, 2015

Feb. 26, 2015

Jan. 26, 2015

Jan. 26, 2015

Jan. 29, 2015

Jan. 29, 2015

Jan. 31, 2015

Jan. 31, 2015

Jan. 31, 2015

Feb. 26, 2015

Feb. 26, 2015

Jan. 31, 2015

Feb. 26, 2015

Feb. 26, 2015

Jan. 31, 2015

Feb. 26, 2015

Feb. 26, 2015

Feb. 26, 2015

Feb. 26, 2015

Feb. 26, 2015

Jan. 29, 2015

Jan. 29, 2015

Jan. 29, 2015

Jan. 29, 2015

Jan. 31, 2015

Feb. 26, 2015

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

One-month London Interbank Offered Rate (LIBOR) [Member]

Line of Credit [Member]

Commercial mortgage loans [Member]

Commercial mortgage loans [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Goldman Facility [Member]

Goldman Facility [Member]

Amended and Restated JPMorgan Facility [Member]

Amended and Restated JPMorgan Facility [Member]

Mezzanine Loan [Member]

Mezzanine Loan [Member]

Mezzanine Loan [Member]

Mezzanine Loan [Member]

Mezzanine Loan [Member]

Mezzanine Loan, Acquired by Investment Funds [Member]

First Mortgage [Member]

First Mortgage [Member]

First Mortgage [Member]

First Mortgage [Member]

Champ LP [Member]

Additional Investment [Member]

Additional Investment [Member]

Unfunded Commitment, Champ L.P. [Member]

Minimum [Member]

Minimum [Member]

Maximum [Member]

Maximum [Member]

United Kingdom

BKB Bank [Member]

JP Morgan Chase [Member]

USD ($)

USD ($)

USD ($)

Commercial mortgage loans [Member]

Commercial mortgage loans [Member]

Commercial mortgage loans [Member]

Commercial mortgage loans [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Champ LP [Member]

Champ LP [Member]

Subsequent Event [Member]

Amended and Restated JPMorgan Facility [Member]

Amended and Restated JPMorgan Facility [Member]

Amended and Restated JPMorgan Facility [Member]

Amended and Restated JPMorgan Facility [Member]

Mezzanine Loan [Member]

Subsequent Event [Member]

One-month London Interbank Offered Rate (LIBOR) [Member]

USD ($)

GBP (£)

Senior Housing Facility [Member]

Residential Condominium [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Commercial mortgage loans [Member]

Commercial mortgage loans [Member]

Commercial mortgage loans [Member]

Commercial mortgage loans [Member]

Commercial mortgage loans [Member]

Commercial mortgage loans [Member]

Mixed Use [Member]

Commercial mortgage loans [Member]

Commercial mortgage loans [Member]

Commercial mortgage loans [Member]

USD ($)

Subsequent Event [Member]

Subsequent Event [Member]

EUR (€)

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Luxury Residential Condominium - Montgomery County, MD [Member]

Goldman Sachs [Member]

Goldman Sachs [Member]

JP Morgan Chase [Member]

JP Morgan Chase [Member]

GBP (£)

Senior Housing Facility [Member]

Senior Housing Facility [Member]

Hotel [Member]

Mixed Use [Member]

GBP (£)

Multifamily and Retail Development - Brooklyn, New York [Member]

USD ($)

GBP (£)

Residential Condominium [Member]

USD ($)

GBP (£)

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Commercial mortgage loans [Member]

unit

USD ($)

USD ($)

USD ($)

USD ($)

GBP (£)

USD ($)

USD ($)

USD ($)

Luxury Residential Condominium - Montgomery County, MD [Member]

JP Morgan Chase [Member]

JP Morgan Chase [Member]

JP Morgan Chase [Member]

JP Morgan Chase [Member]

Senior Housing Facility [Member]

Room

sqft

USD ($)

One-month London Interbank Offered Rate (LIBOR) [Member]

One-month London Interbank Offered Rate (LIBOR) [Member]

facility

Subsequent Event [Line Items]

Loan amount

$467,300,000

$164,000,000

$90,000,000

£ 223,800,000

£ 59,700,000

$52,000,000

£ 35,000,000

$20,000,000

$82,500,000

£ 24,700,000

$92,500,000

$70,000,000

£ 164,100,000

Proceeds from Sale of Equity Method Investments

20,794,000

Number of properties

44

Number of units/rooms in property

50

488

Mortgage loan period

5 years

5 years

2 years

Appraised loan to value ratio

70.00%

74.00%

57.00%

Internal rate of return

10.00%

11.00%

21.00%

Additional investment

3,929,000

3,331,000

3,229,000

Additional amount funded

4,194,000

72,500,000

3,000,000

Property Size, Area

330,000

Sale of equity method investment, percentage

48.00%

Indirect ownership interest from limited partnership

11.00%

Company and affiliated investors ownership, percentage

100.00%

Maximum borrowing under facility

52,524,000

300,000,000

Term of debt instrument

2 years

Basis spread on interest rate

4.40%

2.50%

3.50%

2.25%

4.75%

Extension option

1 year

Estimated fair value of collateral pledged, percentage

25.00%

80.00%

Threshold amount for margin calls

250,000

Covenant terms, minimum consolidated tangible net worth

750,000,000

750,000,000

Covenant terms, minimum consolidated tangible net worth, additional percentage of net cash proceeds

75.00%

Covenant terms, maximum debt to tangible net worth ratio

3

3

Covenant terms, minimum liquidity

15,000,000

Covenant terms, total recourse indebtedness, percent

5.00%

Covenant terms, minimum EBITDA to interest expense ratio

1.5

Covenant terms, minimum liquidity percentage

5.00%

Covenant terms, consolidated recourse indebtedness

$15,000,000

Dividend declared per share of common stock

$0.40

$0.40

$0.40

$0.40

$0.40

$0.40

$0.40

$0.40

$0.44

Schedule_IV_Mortgage_Loans_on_1

Schedule IV - Mortgage Loans on Real Estate (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2012
Mortgage Loans on Real Estate [Line Items]
Face amount of loans	$1,029,173	[1],[2]
Mortgage Loans on Real Estate	1,019,702	[1],[2]	658,583	389,167
Commercial mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.84%		8.82%
Face amount of loans	465,574		161,600
Carrying Value	458,520		161,099
Total commercial mortgage loans	458,520
Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	11.34%		11.60%
Face amount of loans	563,599	[1]	500,037
Carrying Value	561,182	[1]	497,484
Hotel - Silver Spring, MD [Member] | Hotel [Member] | Commercial mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.00%
Face amount of loans	24,590		24,947
Carrying Value	24,557		24,785
Condo Conversion - NY, NY August 2013 [Member] | Condo Conversion [Member] | Commercial mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.67%
Face amount of loans	33,846		33,167
Carrying Value	33,961		32,961
Condo Construction Potomac, MD [Member] | Condo Construction [Member] | Commercial mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.50%
Face amount of loans	28,000
Carrying Value	27,520
Vacation Home Portfolio - Various [Member] | Vacation Home Portfolio [Member] | Commercial mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.50%
Face amount of loans	100,046
Carrying Value	99,086
Condo Construction Bethesda, MD [Member] | Condo Construction [Member] | Commercial mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.75%
Face amount of loans	20,000
Carrying Value	19,616
Multifamily, Brooklyn, NY [Member] | Multifamily Conversion [Member] | Commercial mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.41%
Face amount of loans	30,000
Carrying Value	30,110
Mixed Use - Cincinnati, OH [Member] | Mixed Use [Member] | Commercial mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.25%
Face amount of loans	20,000
Carrying Value	18,309
Condo Conversion - NY, NY November 2014 [Member] | Condo Conversion [Member] | Commercial mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	3.75%
Face amount of loans	67,300
Carrying Value	64,714
Multifamily - Williston, ND [Member] | Multifamily Conversion [Member] | Commercial mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.15%
Face amount of loans	57,792
Carrying Value	57,297
Vacation Home Portfolio - Various, United States [Member] | Vacation Home Portfolio [Member] | Commercial mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.00%
Face amount of loans	50,000
Carrying Value	49,508
Hotel - Philadelphia, PA [Member] | Hotel [Member] | Commercial mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.71%
Face amount of loans	34,000
Carrying Value	33,842
Mixed Use - Various [Member] | Mixed Use [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	14.00%	[1]
Face amount of loans	19,464	[1]	17,000
Carrying Value	19,294	[1]	16,805
Mixed Use - London, England [Member] | Mixed Use [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.25%	[1]
Face amount of loans	52,355	[1]
Carrying Value	52,355	[1]
Office - Michigan [Member] | Office [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	13.00%	[1]
Face amount of loans	8,813	[1]	15,000
Carrying Value	8,813	[1]	15,207
Ski Resort - California [Member] | Ski Resort [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	13.25%	[1]
Face amount of loans	40,000	[1]
Carrying Value	39,771	[1]
Mixed Use - North Carolina [Member] | Mixed Use [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	11.10%	[1]
Face amount of loans	6,525	[1]			6,525
Carrying Value	6,525	[1]	6,525
Office Complex - Missouri [Member] | Office [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	11.75%	[1]
Face amount of loans	9,711	[1]			9,849
Carrying Value	9,711	[1]	9,849
Hotel Portfolio - Various [Member] | Hotel [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	11.07%	[1]
Face amount of loans	34,042	[1]			48,431
Carrying Value	33,995	[1]	48,397
Condo Construction - NY, NY [Member] | Condo Construction [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	13.25%	[1]
Face amount of loans	76,344	[1]
Carrying Value	76,005	[1]
Multifamily Conversion - NY, NY December 2014 [Member] | Multifamily Conversion [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.23%	[1]
Face amount of loans	14,608	[1]			18,000
Carrying Value	14,703	[1]	17,906
Hotel Portfolio - Rochester, MN [Member] | Hotel [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	11.00%	[1]
Face amount of loans	24,486	[1]	24,771
Carrying Value	24,486	[1]	24,771
Warehouse Portfolio - Various [Member] | Warehouse [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	11.50%	[1]
Face amount of loans	32,000	[1]	32,000
Carrying Value	32,000	[1]	32,000
Multifamily Conversion - NY, NY June 2014 [Member] | Multifamily Conversion [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	12.25%	[1]
Face amount of loans	44,000	[1]
Carrying Value	43,989	[1]
Office Condo - NY, NY [Member] | Office [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	11.25%	[1]
Face amount of loans	14,000	[1]	14,000
Carrying Value	13,596	[1]	13,565
Condo Conversion - NY, NY September 2015 [Member] | Condo Conversion [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.67%	[1]
Face amount of loans	29,751	[1]	295
Carrying Value	29,762	[1]	2
Mixed Use - Pittsburgh, PA [Member] | Mixed Use [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.42%	[1]
Face amount of loans	22,500	[1]	22,500
Carrying Value	22,473	[1]	22,342
Healthcare Portfolio - Various [Member] | Healthcare [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.43%	[1]
Face amount of loans	50,000	[1]	47,000
Carrying Value	50,000	[1]	47,000
Hotel - NY, NY, July 2016 [Member] | Hotel [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.25%	[1]
Face amount of loans	20,000	[1]
Carrying Value	19,870	[1]
Ski Resort Montana [Member] | Ski Resort [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	14.00%	[1]
Face amount of loans	15,000	[1]
Carrying Value	14,861	[1]
Mixed Use - New York, NY [Member] | Mixed Use [Member] | Subordinate Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	10.66%	[1]
Face amount of loans	50,000	[1]
Carrying Value	$48,973	[1]
[1]	Subject to prior liens.
[2]	The aggregate cost for federal income tax purposes is $1,019,702.

Schedule_IV_Mortgage_Loans_on_2

Schedule IV - Mortgage Loans on Real Estate (Details 2) (USD $)	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Mortgage Loans on Real Estate [Abstract]
Mortgage Loans on Real Estate	$1,019,702	[1],[2]	$658,583	$389,167
[1]	Subject to prior liens.
[2]	The aggregate cost for federal income tax purposes is $1,019,702.

Schedule_IV_Mortgage_Loans_on_3

Schedule IV - Mortgage Loans on Real Estate - Summary of Changes in Carrying Amounts of Mortgage Loans (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year	$658,583		$389,167
New mortgage loans	802,664		401,912
Sales	-4,950		0
Collections of principal	-299,551		-137,168
Discount accretion	4,316		4,672
Foreign currency loss	-4,095		0
Payment-in-kind	16,570		0
Exchange for CMBS (held-to-maturity)	-153,835		0
Balance at the close of year	$1,019,702	[1],[2]	$658,583
[1]	Subject to prior liens.
[2]	The aggregate cost for federal income tax purposes is $1,019,702.