Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ARI | |
Entity Registrant Name | Apollo Commercial Real Estate Finance, Inc. | |
Entity Central Index Key | 1467760 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 58,429,155 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Cash | $39,962 | $40,641 |
Restricted cash | 30,127 | 30,127 |
Securities available-for-sale, at estimated fair value | 0 | 17,105 |
Securities, at estimated fair value | 520,449 | 522,730 |
Securities, held-to-maturity | 154,446 | 154,283 |
Investment in unconsolidated joint venture | 18,901 | 37,016 |
Derivative instrument | 1,026 | 4,070 |
Interest receivable | 12,634 | 10,829 |
Deferred financing costs, net | 9,090 | 7,444 |
Other assets | 276 | 1,200 |
Total Assets | 2,022,371 | 1,845,147 |
Liabilities: | ||
Borrowings under repurchase agreements | 575,433 | 622,194 |
Convertible senior notes, net | 246,881 | 246,464 |
Participations sold | 119,314 | 89,584 |
Accounts payable and accrued expenses | 3,319 | 7,578 |
Payable to related party | 3,341 | 3,240 |
Dividends payable | 27,601 | 21,018 |
Total Liabilities | 975,889 | 990,078 |
Commitments and Contingencies (see Note 15) | ||
Stockholders’ Equity: | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, 3,450,000 shares issued and outstanding ($86,250 aggregate liquidation preference) | 35 | 35 |
Common stock, $0.01 par value, 450,000,000 shares authorized, 58,413,205 and 46,900,442 shares issued and outstanding, respectively | 584 | 469 |
Additional paid-in-capital | 1,062,064 | 868,035 |
Retained earnings (accumulated deficit) | -12,794 | -10,485 |
Accumulated other comprehensive loss | -3,407 | -2,985 |
Total Stockholders’ Equity | 1,046,482 | 855,069 |
Total Liabilities and Stockholders’ Equity | 2,022,371 | 1,845,147 |
Commercial mortgage loans [Member] | ||
Assets: | ||
Loans, held for investment | 563,390 | 458,520 |
Subordinate loans [Member] | ||
Assets: | ||
Loans, held for investment | $672,070 | $561,182 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 3,450,000 | 3,450,000 |
Preferred stock, shares outstanding | 3,450,000 | 3,450,000 |
Preferred stock, aggregate liquidation preference, value | $86,250,000 | $86,250,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 58,413,205 | 46,900,442 |
Common stock, shares outstanding | 58,413,205 | 46,900,442 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statement of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net interest income: | ||
Interest income from securities | $8,287 | $2,419 |
Interest income from securities, held to maturity | 3,045 | 0 |
Interest income from commercial mortgage loans | 10,094 | 4,011 |
Interest income from subordinate loans | 18,610 | 14,730 |
Interest expense | -11,482 | -1,757 |
Net interest income | 28,554 | 19,403 |
Operating expenses: | ||
General and administrative expenses (includes $1,117 and $426 of equity based compensation in 2015 and 2014, respectively) | -2,355 | -1,442 |
Management fees to related party | -3,341 | -2,565 |
Total operating expenses | -5,696 | -4,007 |
Interest income from cash balances | 11 | 0 |
Realized loss on sale of securities | -443 | 0 |
Unrealized gain on securities | 3,409 | 2,184 |
Foreign currency gain | 2,722 | 0 |
Loss on derivative instruments | -3,044 | 0 |
Net income | 25,513 | 17,580 |
Preferred dividends | -1,860 | -1,860 |
Net income available to common stockholders | $23,653 | $15,720 |
Basic and diluted net income per share of common stock (dollars per share) | $0.47 | $0.42 |
Basic weighted average shares of common stock outstanding (shares) | 49,563,822 | 37,122,842 |
Diluted weighted average shares of common stock outstanding (shares) | 50,171,687 | 37,341,050 |
Dividend declared per share of common stock (dollars per share) | $0.44 | $0.40 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Operations (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
General and administrative expenses, equity-based compensation | $1,117 | $426 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income available to common stockholders | $23,653 | $15,720 |
Change in net unrealized gain (loss) on securities available-for-sale | 678 | -17 |
Foreign currency translation adjustment | -1,100 | 0 |
Comprehensive income | $23,231 | $15,703 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid In Capital [Member] | Returned Earnings/ (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning balance at Dec. 31, 2014 | $855,069 | $35 | $469 | $868,035 | ($10,485) | ($2,985) |
Beginning balance, Shares at Dec. 31, 2014 | 3,450,000 | 46,900,442 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Capital increase related to Equity Incentive Plan (in shares) | 12,763 | |||||
Capital increase related to Equity Incentive Plan | 996 | 996 | ||||
Issuance of common stock (in shares) | 11,500,000 | |||||
Issuance of common stock | 193,430 | 115 | 193,315 | |||
Offering costs | -282 | -282 | ||||
Net income | 25,513 | 25,513 | ||||
Change in other comprehensive loss | -422 | -422 | ||||
Dividends on common stock | -25,962 | -25,962 | ||||
Dividends on preferred stock | -1,860 | -1,860 | ||||
Ending balance at Mar. 31, 2015 | $1,046,482 | $35 | $584 | $1,062,064 | ($12,794) | ($3,407) |
Ending balance, Shares at Mar. 31, 2015 | 3,450,000 | 58,413,205 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statement of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows provided by operating activities: | ||
Net income | $25,513 | $17,580 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Premium amortization and (discount accretion), net | -2,162 | -256 |
Amortization of deferred financing costs | 684 | 190 |
Equity-based compensation | 996 | -421 |
Unrealized (gain) loss on securities | -3,409 | -2,184 |
Foreign currency (gain) loss | 3,801 | 0 |
Unrealized loss on derivative instruments | 3,044 | 0 |
Realized loss on sale of security | 443 | 0 |
Changes in operating assets and liabilities: | ||
Accrued interest receivable, less purchased interest | -7,687 | -3,125 |
Other assets | 520 | 50 |
Accounts payable and accrued expenses | -4,433 | -363 |
Payable to related party | 101 | -63 |
Net cash provided by operating activities | 17,411 | 11,408 |
Cash flows used in investing activities: | ||
Funding of commercial mortgage loans | -103,888 | -24,178 |
Funding of subordinate loans | -109,659 | 0 |
Funding of unconsolidated joint venture | -3,929 | 0 |
Proceeds from sale of securities available-for-sale | 17,291 | 0 |
Proceeds from sale of securities at estimated fair value | 6,338 | 0 |
Proceeds from sale of investment in unconsolidated joint venture | 20,794 | 0 |
Principal payments received on securities available-for-sale | 0 | 7,785 |
Principal payments received on securities at estimated fair value | 32 | 9,080 |
Principal payments received on commercial mortgage loans | 727 | 243 |
Principal payments received on subordinate loans | 666 | 15,407 |
Principal payments received on other assets | 63 | |
Net cash used in investing activities | -171,565 | 8,337 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 193,430 | 0 |
Payment of offering costs | -108 | -117 |
Proceeds from repurchase agreement borrowings | 136,730 | 12,000 |
Repayments of repurchase agreement borrowings | -183,491 | -47,039 |
Proceeds from issuance of convertible senior notes | 0 | 143,750 |
Proceeds from participations sold | 30,484 | 0 |
Payment of deferred financing costs | -2,330 | -4,627 |
Dividends on common stock | -19,380 | -15,475 |
Dividends on preferred stock | -1,860 | -1,860 |
Net cash provided by financing activities | 153,475 | 86,632 |
Net increase in cash and cash equivalents | -679 | 106,377 |
Cash and cash equivalents, beginning of period | 40,641 | 20,096 |
Cash and cash equivalents, end of period | 39,962 | 126,473 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 14,399 | 1,958 |
Supplemental disclosure of non-cash financing activities: | ||
Dividend declared, not yet paid | 27,601 | 16,688 |
Deferred financing costs, not yet paid | 0 | 412 |
Offering costs payable | $207 | $0 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization |
Apollo Commercial Real Estate Finance, Inc. (together with its consolidated subsidiaries, is referred to throughout this report as the “Company,” “ARI,” “we,” “us” and “our”) is a real estate investment trust (“REIT”) that primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings, commercial mortgage-backed securities (“CMBS”) and other commercial real estate-related debt investments. These asset classes are referred to as the Company’s target assets. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
Basis of Presentation | |
The accompanying consolidated financial statements include the Company’s accounts and those of its consolidated subsidiaries. All intercompany amounts have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s most significant estimates include the fair value of financial instruments and loan loss reserve. Actual results could differ from those estimates. | |
These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission (the “SEC”). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been included. Our results of operations for the quarterly period ended March 31, 2015 are not necessarily indicative of the results to be expected for the full year or any other future period. | |
The Company currently operates in one business segment. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (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 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. | |
In February 2015, the FASB issued guidance which amends the guidance related to accounting for the consolidation of certain legal entities. The modifications impacts limited partnerships and similar legal entities, the evaluation of (i) fees paid to a decision maker or a service provider as a variable interest, (ii) fee arrangements, and (iii) related parties on the primary beneficiary determination. This guidance is effective for the first interim or annual period beginning after December 15, 2015. The Company does not anticipate that the adoption will have a material impact on its condensed consolidated financial statements. | |
In April 2015, the FASB issued guidance that simplifies the presentation of debt issuance costs by amending the accounting guidance to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability. The amendments are consistent with the accounting guidance related to debt discounts. This guidance is effective for the first interim or annual period beginning after December 15, 2015. Early adoption is permitted, and the Company is currently assessing the impact of this guidance on its condensed consolidated financial statements. |
Fair_Value_Disclosure
Fair Value Disclosure | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
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. 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. | ||||||||||||||||||||||||||||||||
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 foreign exchange 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 March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||||||
Fair Value as of March 31, 2015 | Fair Value as of December 31, 2014 | |||||||||||||||||||||||||||||||
Level I | Level II | Level III | Total | Level I | Level II | Level III | Total | |||||||||||||||||||||||||
CMBS (Available-for-Sale) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 17,105 | $ | — | $ | 17,105 | ||||||||||||||||
CMBS (Fair Value Option) | — | 520,449 | — | 520,449 | — | 522,730 | — | 522,730 | ||||||||||||||||||||||||
Derivative instruments | — | 1,026 | — | 1,026 | — | 4,070 | — | 4,070 | ||||||||||||||||||||||||
Total | $ | — | $ | 521,475 | $ | — | $ | 521,475 | $ | — | $ | 543,905 | $ | — | $ | 543,905 | ||||||||||||||||
Debt_Securities
Debt Securities | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||
Debt Securities | Debt Securities | |||||||||||||||||||
At March 31, 2015, all of the Company's CMBS (Fair Value Option) were pledged to secure borrowings under the Company’s master repurchase agreements with UBS AG, London Branch ("UBS") (the "UBS Facility") and Deutsche Bank AG ("DB") (the "DB Facility"). See "Note 8 - Borrowings Under Repurchase Agreements" for a description of these facilities. | ||||||||||||||||||||
During February 2015, the Company sold CMBS with an amortized cost of $24,038 resulting in a net realized loss of $443, which was comprised of realized gains of $43 and realized losses of $486. As a result of the sale, $678 was reclassified out of accumulated other comprehensive income. The sale generated proceeds of $1,341 after the repayment of $22,254 of borrowings under the Company's master repurchase agreement with Wells Fargo Bank, N.A. ("Wells Fargo") (the "Wells Facility"). | ||||||||||||||||||||
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 its continuing involvement the transaction 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%. | ||||||||||||||||||||
The amortized cost and estimated fair value of the Company’s debt securities at March 31, 2015 are summarized as follows: | ||||||||||||||||||||
Security Description | Face | Amortized | Gross | Gross | Carrying | |||||||||||||||
Amount | Cost | Unrealized | Unrealized | Value | ||||||||||||||||
Gain | Loss | |||||||||||||||||||
CMBS (Fair Value Option) | $ | 520,883 | $ | 510,740 | $ | 10,348 | $ | (639 | ) | $ | 520,449 | |||||||||
CMBS (Held-to-Maturity) | $ | 155,000 | $ | 154,446 | $ | — | $ | — | $ | 154,446 | ||||||||||
Total | $ | 675,883 | $ | 665,186 | $ | 10,348 | $ | (639 | ) | $ | 674,895 | |||||||||
The gross unrealized loss related to the available-for-sale securities results from the fair value of the securities falling below the amortized cost basis. The unrealized losses are primarily the result of market factors other than credit impairment and the Company believes the carrying value of the securities are fully recoverable over their expected holding period. Management does not intend to sell or expect to be forced to sell the securities prior to the Company recovering the amortized cost. Additionally, all unrealized losses on securities available-for-sale at March 31, 2015 have existed for less than twelve | ||||||||||||||||||||
months. 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, 2014 are summarized as follows: | ||||||||||||||||||||
Security Description | Face | Amortized | Gross | Gross | Estimated | |||||||||||||||
Amount | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||
Gain | Loss | Value | ||||||||||||||||||
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 | ||||||||||||||
CMBS (Held-to-Maturity) | $ | 155,000 | $ | 154,283 | $ | — | $ | — | $ | 154,283 | ||||||||||
Total | $ | 699,190 | $ | 688,509 | $ | 7,322 | $ | (1,713 | ) | $ | 694,118 | |||||||||
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 overall statistics for the Company’s CMBS (Available-for-Sale) and CMBS (Fair Value Option) investments calculated on a weighted average basis assuming no early prepayments or defaults as of March 31, 2015 and December 31, 2014 are as follows: | ||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||
Credit Ratings * | BBB- to CCC- | AAA to CCC- | ||||||||||||||||||
Coupon | 5.9 | % | 5.9 | % | ||||||||||||||||
Yield | 6.5 | % | 6.4 | % | ||||||||||||||||
Weighted Average Life | 2.1 years | 2.3 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) investments calculated on a weighted average basis as of March 31, 2015 and December 31, 2014 are as follows: | ||||||||||||||||||||
Vintage | March 31, 2015 | December 31, 2014 | ||||||||||||||||||
2005 | 9.8 | % | 9 | % | ||||||||||||||||
2006 | 19.7 | 19 | ||||||||||||||||||
2007 | 61.4 | 63 | ||||||||||||||||||
2008 | 9.1 | 9 | ||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||
Property Type | March 31, 2015 | December 31, 2014 | ||||||||||||||||||
Office | 33.2 | % | 33.4 | % | ||||||||||||||||
Retail | 29.2 | 29.1 | ||||||||||||||||||
Multifamily | 13 | 13.3 | ||||||||||||||||||
Other * | 24.6 | 24.2 | ||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||
* No other individual category comprises more than 10% of the total. | ||||||||||||||||||||
Location | March 31, 2015 | December 31, 2014 | ||||||||||||||||||
South Atlantic | 23.3 | % | 23.2 | % | ||||||||||||||||
Middle Atlantic | 19 | 21.1 | ||||||||||||||||||
Pacific | 17.1 | 17 | ||||||||||||||||||
East North Central | 12.3 | 11 | ||||||||||||||||||
Other * | 28.3 | 27.7 | ||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||
* No other individual category comprises more than 10% of the total. |
Commercial_Mortgage_Loans
Commercial Mortgage Loans (Commercial mortgage loans [Member]) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Commercial mortgage loans [Member] | |||||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||
Commercial Mortgage Loans | Commercial Mortgage Loans | ||||||||||||||||||||
The Company’s commercial mortgage loan portfolio was comprised of the following at March 31, 2015: | |||||||||||||||||||||
Description | Date of | Maturity | Original | Current | Carrying | Coupon | Property Size | ||||||||||||||
Investment | Date | Face | Face | Value | |||||||||||||||||
Amount | Amount | ||||||||||||||||||||
Hotel - Silver Spring, MD | 10-Mar | 15-Apr | $ | 26,000 | $ | 24,489 | $ | 24,488 | Fixed | 263 rooms | |||||||||||
Condo Conversion – NY, NY (1)(2) | 13-Aug | 15-Sep | 33,000 | 34,015 | 34,209 | Floating | 40,000 sq. ft. | ||||||||||||||
Condo Construction - Potomac, MD (3) | 14-Feb | 16-Sep | 50,000 | 50,000 | 49,469 | Floating | 50 units | ||||||||||||||
Vacation Home Portfolio - Various (1) | 14-Apr | 19-Apr | 101,000 | 100,046 | 99,099 | Fixed | 229 properties | ||||||||||||||
Hotel - Philadelphia, PA (1)(4) | 14-May | 17-May | 34,000 | 34,000 | 33,890 | Floating | 301 rooms | ||||||||||||||
Condo Construction - Bethesda, MD (5) | 14-Jun | 16-Dec | 21,000 | 21,000 | 20,720 | Floating | 40 units | ||||||||||||||
Multifamily - Brooklyn, NY (1)(6) | 14-Jul | 16-Aug | 34,500 | 34,500 | 34,681 | Floating | 63 units | ||||||||||||||
Mixed Use - Cincinnati, OH (7) | 14-Nov | 18-May | 25,000 | 25,000 | 23,275 | Floating | 65 acres | ||||||||||||||
Condo Conversion - NY, NY (1)(8) | 14-Nov | 15-Dec | 67,300 | 67,300 | 65,485 | Floating | 86,000 sq. ft. | ||||||||||||||
Multifamily - Williston, ND (1)(4) | 14-Nov | 17-Nov | 58,000 | 57,167 | 56,795 | Floating | 366 units/homes | ||||||||||||||
Vacation Home Portfolio - Various U.S. (1)(4) | 14-Nov | 19-Nov | 50,000 | 50,000 | 49,529 | Fixed | 24 properties | ||||||||||||||
Mixed Use - Brooklyn, NY (1)(9) | 15-Feb | 17-Mar | 72,550 | 72,550 | 71,750 | Floating | 330,000 sq. ft. | ||||||||||||||
Total/Weighted Average | $ | 572,350 | $ | 570,067 | $ | 563,390 | 7.05 | % | |||||||||||||
-1 | At March 31, 2015, this loan was pledged to secure borrowings under the Company’s master repurchase facilities entered into with JPMorgan Chase Bank, N.A. (the “JPMorgan Facility”) or Goldman Sachs Bank USA (the “Goldman Loan”). See "Note 8 – Borrowings Under Repurchase Agreements" for a description of these facilities. | ||||||||||||||||||||
-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 March 31, 2015, the Company had $30,000 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 March 31, 2015, the Company had $44,100 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. | ||||||||||||||||||||
-7 | This loan includes two one-year extension options subject to certain conditions and the payment of a fee. As of March 31, 2015, the Company had $140,000 of unfunded loan commitments related to this loan. | ||||||||||||||||||||
-8 | This loan includes a six-month extension options subject to certain conditions and the payment of a fee. | ||||||||||||||||||||
-9 | As of March 31, 2015, the Company had $19,950 of unfunded loan commitments related to this loan. | ||||||||||||||||||||
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, OH (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, ND (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 JPMorgan Facility. See "Note 8 – Borrowings Under Repurchase Agreements" 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. | ||||||||||||||||||||
The Company evaluates its loans for possible impairment on a quarterly basis. The Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations are sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector and geographic sub-market in which the borrower operates. Such loan loss analyses are completed and reviewed by asset management and finance personnel who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections and (iii) current credit spreads and discussions with market participants. An allowance for loan loss is established when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. The Company has determined that an allowance for loan losses was not necessary at March 31, 2015 and December 31, 2014. |
Subordinate_Loans
Subordinate Loans (Subordinate loans [Member]) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Subordinate loans [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Subordinate Loans | Subordinate Loans | ||||||||||||||||||
The Company’s subordinate loan portfolio was comprised of the following at March 31, 2015: | |||||||||||||||||||
Description | Date of | Maturity | Original | Current | Carrying | Coupon | |||||||||||||
Investment | Date | Face | Face | Value | |||||||||||||||
Amount | Amount | ||||||||||||||||||
Office - Michigan | 10-May | 20-Jun | $ | 9,000 | $ | 8,795 | $ | 8,795 | Fixed | ||||||||||
Ski Resort - California | 11-Apr | 17-May | 40,000 | 40,000 | 39,828 | 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 | 9,674 | 9,674 | Fixed | |||||||||||||
Hotel Portfolio – Various (1) | 12-Nov | 15-Nov | 50,000 | 33,511 | 33,490 | Floating | |||||||||||||
Condo Construction – NY, NY (1) | 13-Jan | 17-Jul | 60,000 | 78,900 | 78,613 | Fixed | |||||||||||||
Multifamily Conversion – NY, NY (1) | 13-Jan | 15-Dec | 18,000 | 14,608 | 14,682 | Floating | |||||||||||||
Hotel Portfolio – Rochester, MN | 13-Jan | 18-Feb | 25,000 | 24,407 | 24,407 | Fixed | |||||||||||||
Warehouse Portfolio - Various | 13-May | 23-May | 32,000 | 32,000 | 32,000 | Fixed | |||||||||||||
Multifamily Conversion – NY, NY | 13-May | 15-May | 44,000 | 44,000 | 43,991 | Floating | |||||||||||||
Office Condo - NY, NY | 13-Jul | 22-Jul | 14,000 | 14,000 | 13,604 | Fixed | |||||||||||||
Condo Conversion – NY, NY (1)(2) | 13-Aug | 15-Sep | 29,400 | 29,900 | 30,014 | Floating | |||||||||||||
Mixed Use - Pittsburgh, PA (3) | 13-Aug | 16-Aug | 22,500 | 22,500 | 22,495 | Floating | |||||||||||||
Mixed Use - Various (3) | 13-Dec | 18-Dec | 17,000 | 19,500 | 19,341 | Fixed | |||||||||||||
Mixed Use - London, England | 14-Apr | 15-Sep | 47,566 | 50,958 | 50,958 | 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 | 19,901 | Floating | |||||||||||||
Ski Resort - Big Sky, MT | 14-Aug | 20-Sep | 15,000 | 15,000 | 14,871 | Fixed | |||||||||||||
Mixed Use - New York, NY (5) | 14-Dec | 17-Dec | 57,410 | 59,027 | 58,095 | Floating | |||||||||||||
Senior Housing - United Kingdom | 15-Jan | 17-Dec | 80,786 | 80,786 | 80,786 | Floating | |||||||||||||
Hotel - Burbank, CA | 15-Feb | 20-Jan | 20,000 | 20,000 | 20,000 | Fixed | |||||||||||||
Total/Weighted Average | $ | 668,187 | $ | 674,091 | $ | 672,070 | 11.1 | % | |||||||||||
-1 | Includes a one-year extension option subject to certain conditions and the payment of an extension fee. | ||||||||||||||||||
-2 | At March 31, 2015, this loan was pledged to secure borrowings under the JPMorgan Facility. See "Note 8 – Borrowings Under Repurchase Agreements" for a description of this facility. | ||||||||||||||||||
-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 March 31, 2015, the Company had $25,090 of unfunded loan commitments related to this loan. | ||||||||||||||||||
The Company’s subordinate loan portfolio was comprised of the following at 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 | 18-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, MT | 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. | |||||||||||||||||||
The Company evaluates its loans for possible impairment on a quarterly basis. See “Note 5 – Commercial Mortgage Loans” for a summary of the metrics reviewed. The Company has determined that an allowance for loan loss was not necessary at March 31, 2015 and December 31, 2014. |
Unconsolidated_Joint_Venture
Unconsolidated Joint Venture | 3 Months Ended |
Mar. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Unconsolidated Joint Venture | Unconsolidated Joint Venture |
On September 30, 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. 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 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). | |
In January 2015, the Company funded an additional investment of €3,331 (or $3,929) related to its investment in Champ LP. In February 2015, the Company sold approximately 48% of its ownership interest in Champ LP at cost to an investment fund managed by Apollo Global Management, LLC (together with its subsidiaries, "Apollo") for €16,314 (or $20,794) (of which $2,614 related to foreign exchange losses which were previously included in accumulated other comprehensive loss), reducing its unfunded commitment to Champ LP to €3,229 (or $3,465). 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. The Company determined that Champ LP met the definition of a variable interest entity ("VIE") and that it was not the primary beneficiary; therefore, we did not consolidate the assets and liabilities of the partnership. |
Borrowings_Under_Repurchase_Ag
Borrowings Under Repurchase Agreements | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||
Borrowings Under Repurchase Agreements | Borrowings Under Repurchase Agreements | ||||||||||||||||||||
At March 31, 2015 and December 31, 2014, the Company’s borrowings outstanding under the JPMorgan Facility, the UBS Facility, the DB Facility and the Goldman Loan had the following debt balances, weighted average maturities and interest rates: | |||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||
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 | % | ** | ||||||||||
UBS Facility borrowings | 133,899 | 3.5 years | * | 2.7 | % | 133,899 | 3.7 years | * | 2.8 | % | Fixed | ||||||||||
DB Facility borrowings | 300,005 | 3.0 years | 3.7 | % | 300,005 | 3.3 years | 3.7 | % | *** | ||||||||||||
JPMorgan Facility borrowings | 89,005 | 2.8 years | 2.4 | % | 168,124 | 0.1 years | 2.7 | % | L+250 | ||||||||||||
Goldman Loan | 52,524 | 4.1 years | 3.7 | % | — | 0 | — | % | L+350 | ||||||||||||
Total borrowings | $ | 575,433 | 3.0 years | 3.1 | % | $ | 622,194 | 3.2 years | 3.2 | % | |||||||||||
*Assumes extension options are exercised. | |||||||||||||||||||||
**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 March 31, 2015, 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 | ||||||||||||||||||
UBS Facility borrowings * | $ | — | $ | 132,816 | $ | 1,083 | $ | — | $ | 133,899 | |||||||||||
DB Facility borrowings | 40,476 | 211,328 | 48,201 | — | 300,005 | ||||||||||||||||
JPMorgan Facility borrowings | 1,117 | 87,888 | — | — | 89,005 | ||||||||||||||||
Goldman Loan | 1,804 | 9,859 | 40,861 | — | 52,524 | ||||||||||||||||
Total | $ | 43,397 | $ | 441,891 | $ | 90,145 | $ | — | $ | 575,433 | |||||||||||
*Assumes extension option is exercised. | |||||||||||||||||||||
At March 31, 2015, the Company’s collateralized financings were comprised of borrowings outstanding under the UBS Facility, the DB Facility, the JPMorgan Facility and the Goldman Loan. The table below summarizes the outstanding balances at March 31, 2015, as well as the maximum and average balances for the three months ended March 31, 2015. | |||||||||||||||||||||
For the three months ended March 31, 2015 | |||||||||||||||||||||
Balance at March 31, 2015 | Maximum Month-End | Average Month-End | |||||||||||||||||||
Balance | Balance | ||||||||||||||||||||
Wells Facility borrowings | $ | — | $ | 22,254 | $ | 10,605 | |||||||||||||||
UBS Facility borrowings | 133,899 | 133,899 | $ | 133,899 | |||||||||||||||||
DB Facility borrowings | 300,005 | 300,005 | 300,005 | ||||||||||||||||||
JPMorgan Facility borrowings | 89,005 | 249,918 | 177,503 | ||||||||||||||||||
Goldman Loan | 52,524 | 52,524 | 39,393 | ||||||||||||||||||
Total | $ | 575,433 | |||||||||||||||||||
Goldman Loan. On January 26, 2015, the Company, through an indirect wholly-owned subsidiary, entered into 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. | |||||||||||||||||||||
JPMorgan Facility. On January 29, 2015, the Company, through indirect wholly-owned subsidiaries, entered into a Fourth Amended and Restated Master Repurchase Agreement (the “JPMorgan Facility”) with JPMorgan Chase Bank, National Association. The 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 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 JPMorgan Facility bear interest at spreads ranging from 2.25% to 4.75% over one-month LIBOR. Maximum advance rates under the 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 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 JPMorgan Facility. | |||||||||||||||||||||
Wells Facility. During February 2015, the Company repaid the outstanding balance under the Wells Facility upon the sale of the pledged collateral. | |||||||||||||||||||||
The Company was in compliance with the financial covenants under its repurchase agreements at March 31, 2015 and December 31, 2014. |
Convertible_Senior_Notes
Convertible Senior Notes | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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 March 31, 2015, the March 2019 Notes had a carrying value of $139,978 and an unamortized discount of $3,772. | ||||||||||||
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 March 31, 2015, the August 2019 Notes had a carrying value of $106,903 and an unamortized discount of $4,097. | ||||||||||||
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 | 3.96 years | |||
August 2019 Notes | $ | 111,000 | 5.5 | % | 6.5 | % | 55.3649 | 3/15/19 | 3.96 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 March 31, 2015 since the closing market price of the Company’s common stock 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 condensed consolidated balance sheet as of March 31, 2015. 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 $3,503 for the three months ended March 31, 2015. 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 $844 for the three months ended March 31, 2015. | ||||||||||||
As of March 31, 2015 potential shares of common stock contingently issuable upon the conversion of the 2019 Notes were excluded from the calculation of diluted income per share because it is management's intent and ability to settle the obligation in cash. |
Participations_Sold
Participations Sold (Participating Mortgages [Member]) | 3 Months Ended |
Mar. 31, 2015 | |
Participating Mortgages [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Participations Sold | Participations Sold |
Participations sold represent the interests in loans the Company originated and subsequently partially sold. The Company presents the participations sold as both assets and non-recourse liabilities because the participation does not qualify as a sale according to GAAP. 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. | |
During January 2015, the Company closed a £34,519 ($51,996) floating-rate mezzanine loan secured by a portfolio of 44 senior housing facilities located throughout the United Kingdom. During February 2015, closed an additional £20,000 ($30,672) and participated that balance to an investment fund affiliated with Apollo. At March 31, 2015, the participation had a face amount of £20,000 ($29,636), a carrying amount of £20,000 ($29,636) and a cash coupon of LIBOR plus 825 basis points. | |
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. At March 31, 2015, the participation had a face amount of $90,000, a carrying amount of $89,678 and a cash coupon of LIBOR plus 440 basis points. |
Derivative_Instruments
Derivative Instruments | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments | |||||||||||||||||||||||
The Company uses forward currency contracts to economically hedge interest and principal payments due under its loans denominated in currencies other than U.S. dollars. | ||||||||||||||||||||||||
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 derivative instruments are recorded directly in earnings. The following table summarizes the amounts recognized on the consolidated statements of operations related to the Company’s derivatives for the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||
Location of Loss Recognized in Income | 2015 | 2014 | ||||||||||||||||||||||
Forward currency contract | Loss on derivative instruments - unrealized | (3,044 | ) | — | ||||||||||||||||||||
Total | $ | (3,044 | ) | $ | — | |||||||||||||||||||
The following table summarizes the gross asset amounts related to the Company's derivative instruments at March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
Gross | Gross | Net Amounts | Gross | Gross | Net Amounts | |||||||||||||||||||
Amount of | Amounts | of Assets | Amount of | Amounts | of Assets | |||||||||||||||||||
Recognized | Offset in the | Presented in | Recognized | Offset in the | Presented in | |||||||||||||||||||
Assets | Consolidated Balance Sheet | the Consolidated Balance Sheet | Assets | Consolidated Balance Sheet | the Consolidated Balance Sheet | |||||||||||||||||||
Forward currency contract | $ | 1,026 | $ | — | 1,026 | $ | 4,070 | $ | — | 4,070 | ||||||||||||||
Total derivative instruments | $ | 1,026 | $ | — | $ | 1,026 | $ | 4,070 | $ | — | $ | 4,070 | ||||||||||||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions |
Management Agreement | |
In connection with the Company’s initial public offering in September 2009, the Company entered into a management agreement (the “Management Agreement”) with ACREFI Management, LLC (the “Manager”), which describes the services to be provided by the Manager and its compensation for those services. The Manager is responsible for managing the Company’s day-to-day operations, subject to the direction and oversight of the Company’s board of directors. | |
Pursuant to the terms of the Management Agreement, the Manager is paid a base management fee equal to 1.5% per annum of the Company’s stockholders’ equity (as defined in the Management Agreement), calculated and payable (in cash) quarterly in arrears. | |
The current term of the Management Agreement expires on September 29, 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 extension term only upon the affirmative vote of at least two-thirds of the Company’s independent directors, based upon (1) unsatisfactory performance by the Manager that is materially detrimental to the Company or (2) a determination that the management fee payable to the Manager is not fair, subject to the Manager’s right to prevent such a termination based on unfair fees by accepting a mutually acceptable reduction of management fees agreed to by at least two-thirds of the Company’s independent directors. The Manager must be provided with written notice of any such termination at least 180 days prior to the expiration of the then existing term and will be paid a termination fee equal to three times the sum of the average annual base management fee during the 24-month period immediately preceding the date of termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination. Following a meeting by the Company’s independent directors in February 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 the three months ended March 31, 2015, the Company incurred approximately $3,341 in base management fees. For the three months ended March 31, 2014, the Company incurred approximately $2,565 in base management fees. In addition to the base management fee, the Company is also responsible for reimbursing the Manager for certain expenses paid by the Manager on behalf of the Company or for certain services provided by the Manager to the Company. For the three months ended March 31, 2015, the Company recorded expenses totaling $636 related to reimbursements for certain expenses paid by the Manager on behalf of the Company. For the three months ended March 31, 2014, the Company recorded expenses totaling $107 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 condensed consolidated statement of operations expense category or the consolidated balance sheet based on the nature of the item. | |
Included in payable to related party on the consolidated balance sheet at March 31, 2015 and December 31, 2014, respectively, is approximately $3,341 and $3,240 for base management fees incurred but not yet paid. | |
Unconsolidated Joint Venture | |
On September 30, 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). | |
In January 2015, the Company funded an additional investment of €3,331 (or $3,929) related to its investment in Champ LP. 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 €16,314 (or $20,794), reducing its unfunded commitment to Champ LP to €3,229 (or $3,465). 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. |
ShareBased_Payments
Share-Based Payments | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
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 $1,117 for the three months ended March 31, 2015 related to restricted stock and RSU vesting. The Company recognized stock-based compensation expense of $426 for the three months ended March 31, 2014 related to restricted stock and RSU vesting. The following table summarizes the activity related to restricted common stock and RSUs during the three months ended March 31, 2015: | |||||||||||||||
Type | Date | Restricted Stock | RSUs | Estimate Fair Value | Initial Vesting | Final Vesting | |||||||||
on Grant Date | |||||||||||||||
Outstanding at December 31, 2014 | 274,114 | 610,254 | |||||||||||||
Grant | Jan-15 | — | 8,000 | $132 | Dec-15 | Dec-17 | |||||||||
Forfeiture | Jan-15 | — | (5,000 | ) | n/a | n/a | n/a | ||||||||
Cancelled upon delivery | Mar-15 | — | (20,000 | ) | n/a | n/a | n/a | ||||||||
Outstanding at March 31, 2015 | 274,114 | 593,254 | |||||||||||||
Below is a summary of expected restricted common stock and RSU vesting dates as of March 31, 2015. | |||||||||||||||
Vesting Date | Shares Vesting | RSU Vesting | Total Awards | ||||||||||||
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 | 197,751 | 213,339 | ||||||||||||
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 | 134,417 | 146,672 | ||||||||||||
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 | 131,009 | 143,267 | ||||||||||||
70,229 | 463,177 | 533,406 | |||||||||||||
At March 31, 2015, the Company had unrecognized compensation expense of approximately $1,142 and $7,323, respectively, related to the vesting of restricted stock awards and RSUs noted in the table above. | |||||||||||||||
RSU Deliveries | |||||||||||||||
During the three months ended March 31, 2015, the Company delivered 12,763 shares of common stock for 20,000 vested RSUs. The Company allows holders of RSUs 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 holder, results in a cash payment to the Manager related to this tax liability and a corresponding adjustment to additional paid-in-capital on the consolidated statement of changes in stockholders' equity. The adjustment was $122 for the three months ended March 31, 2015, and is included as a component of the capital decrease related to the Company's equity incentive plan in the consolidated statement of changes in stockholders’ equity. | |||||||||||||||
During the three months ended March 31, 2014, the Company delivered 237,008 shares of common stock for 288,750 vested RSUs. The Company allows RSU participants to settle their tax liabilities with a reduction of their share delivery from the originally granted and vested RSUs. The amount, when agreed to by the participant, results in a cash payment to the Manager related to this tax liability and a corresponding adjustment to additional paid in capital on the consolidated statement of changes in stockholders' equity. The adjustment was $847 for three months ended March 31, 2014. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Stockholders' Equity Note [Abstract] | ||||||
Stockholders' Equity | Stockholders’ Equity | |||||
Common Stock Offering. During the first quarter of 2015, the Company completed a follow-on public offering of 11,500,000 shares of its common stock, including the full exercise of the underwriters’ option to purchase additional shares, at a price of $16.82 per share. The aggregate net proceeds from the offering, including proceeds from the sale of the additional shares, were approximately $193,148 after deducting estimated offering expenses payable by the Company. | ||||||
Dividends. For 2015, the Company declared the following dividends on its common stock: | ||||||
Declaration Date | Record Date | Payment Date | Amount | |||
February 25, 2015 | March 31, 2015 | April 15, 2015 | $ | 0.44 | ||
For 2015, the Company declared the following dividends on its 8.625% Series A Cumulative Redeemable Perpetual Preferred Stock (the “Series A Preferred Stock”): | ||||||
Declaration Date | Record Date | Payment Date | Amount | |||
March 16, 2015 | March 31, 2015 | April 15, 2015 | $ | 0.5391 | ||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
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. | |
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 €16,314 (or $20,794), reducing its unfunded commitment to Champ LP to €3,229 (or $3,465). 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. | |
Loan Commitments. As described in "Note 5 - Commercial Mortgage Loans" and "Note 6 - Subordinate Loans", respectively, at March 31, 2015, the Company had $234,050 of unfunded commitments related to its commercial mortgage loan portfolio and $25,090 of unfunded commitments related to its subordinate loan portfolio. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |||||||||||||||
The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheet at March 31, 2015 and December 31, 2014: | ||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Cash and cash equivalents | $ | 39,962 | $ | 39,962 | $ | 40,641 | $ | 40,641 | ||||||||
Restricted cash | 30,127 | 30,127 | 30,127 | 30,127 | ||||||||||||
Securities, held-to-maturity | 154,446 | 154,984 | 154,283 | 154,980 | ||||||||||||
Commercial first mortgage loans | 563,390 | 570,002 | 458,520 | 465,510 | ||||||||||||
Subordinate loans | 672,070 | 675,154 | 561,182 | 566,385 | ||||||||||||
Borrowings under repurchase agreements | (575,433 | ) | (575,453 | ) | (622,194 | ) | (621,269 | ) | ||||||||
Convertible senior notes, net | (246,881 | ) | (255,705 | ) | (246,464 | ) | (254,605 | ) | ||||||||
Participations sold | (119,314 | ) | (119,626 | ) | (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 condensed consolidated financial statements and are classified as Level III in the fair value hierarchy. |
Net_Income_per_Share
Net Income per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Net Income per Share | Net Income per Share | |||||||
GAAP requires use of the two-class method of computing earnings per share for all periods presented for each class of common stock and participating security as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for dividends declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for dividends declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. | ||||||||
The remaining earnings are allocated to common stockholders and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Each total is then divided by the applicable number of shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and all potential shares of common stock assumed issued if they are dilutive. The numerator is adjusted for any changes in income or loss that would result from the assumed conversion of these potential shares of common stock. | ||||||||
The table below presents basic and diluted net (loss) income per share of common stock using the two-class method for the three months ended March 31, 2015 and 2014: | ||||||||
For the three | ||||||||
months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net income | $ | 25,513 | $ | 17,580 | ||||
Preferred dividends | (1,860 | ) | (1,860 | ) | ||||
Net income available to common stockholders | 23,653 | 15,720 | ||||||
Dividends declared on common stock | (25,702 | ) | (14,850 | ) | ||||
Dividends on participating securities | (261 | ) | (86 | ) | ||||
Net income (loss) attributable to common stockholders | $ | (2,310 | ) | $ | 784 | |||
Denominator: | ||||||||
Basic weighted average shares of common stock outstanding | 49,563,822 | 37,122,842 | ||||||
Diluted weighted average shares of common stock outstanding | 50,171,687 | 37,341,050 | ||||||
Basic and diluted net income per weighted average share of common stock | ||||||||
Distributable Earnings | $ | 0.52 | $ | 0.4 | ||||
Undistributed income (loss) | $ | (0.05 | ) | $ | 0.02 | |||
Basic and diluted net income per share of common stock | $ | 0.47 | $ | 0.42 | ||||
For 2015, 607,865 unvested RSUs were excluded from the calculation of diluted net income per share because the effect was anti-dilutive. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
Dividends. On April 28, 2015, the Company declared a dividend of $0.44 per share of common stock, which is payable on July 15, 2015 to common stockholders of record on June 30, 2015. | |
Repayments. During April 2015, the Company received the full repayment of a first mortgage loan secured by a hotel in Silver Springs, Maryland. | |
Investment Activity. During April 2015, the Company funded $8,000 related to previously closed loans. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying consolidated financial statements include the Company’s accounts and those of its consolidated subsidiaries. All intercompany amounts have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s most significant estimates include the fair value of financial instruments and loan loss reserve. Actual results could differ from those estimates. | |
These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission (the “SEC”). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been included. Our results of operations for the quarterly period ended March 31, 2015 are not necessarily indicative of the results to be expected for the full year or any other future period. | |
The Company currently operates in one business segment. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (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 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. | |
In February 2015, the FASB issued guidance which amends the guidance related to accounting for the consolidation of certain legal entities. The modifications impacts limited partnerships and similar legal entities, the evaluation of (i) fees paid to a decision maker or a service provider as a variable interest, (ii) fee arrangements, and (iii) related parties on the primary beneficiary determination. This guidance is effective for the first interim or annual period beginning after December 15, 2015. The Company does not anticipate that the adoption will have a material impact on its condensed consolidated financial statements. | |
In April 2015, the FASB issued guidance that simplifies the presentation of debt issuance costs by amending the accounting guidance to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability. The amendments are consistent with the accounting guidance related to debt discounts. This guidance is effective for the first interim or annual period beginning after December 15, 2015. Early adoption is permitted, and the Company is currently assessing the impact of this guidance on its condensed consolidated financial statements. |
Fair_Value_Disclosure_Tables
Fair Value Disclosure (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Summarizes Levels in Fair Value Hierarchy of Financial Instruments | The following table summarizes the levels in the fair value hierarchy into which the Company’s financial instruments were categorized as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||||
Fair Value as of March 31, 2015 | Fair Value as of December 31, 2014 | |||||||||||||||||||||||||||||||
Level I | Level II | Level III | Total | Level I | Level II | Level III | Total | |||||||||||||||||||||||||
CMBS (Available-for-Sale) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 17,105 | $ | — | $ | 17,105 | ||||||||||||||||
CMBS (Fair Value Option) | — | 520,449 | — | 520,449 | — | 522,730 | — | 522,730 | ||||||||||||||||||||||||
Derivative instruments | — | 1,026 | — | 1,026 | — | 4,070 | — | 4,070 | ||||||||||||||||||||||||
Total | $ | — | $ | 521,475 | $ | — | $ | 521,475 | $ | — | $ | 543,905 | $ | — | $ | 543,905 | ||||||||||||||||
Debt_Securities_Tables
Debt Securities (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||
Amortized Cost and Estimated Fair Value of Debt Securities | The amortized cost and estimated fair value of the Company’s debt securities at March 31, 2015 are summarized as follows: | |||||||||||||||||||
Security Description | Face | Amortized | Gross | Gross | Carrying | |||||||||||||||
Amount | Cost | Unrealized | Unrealized | Value | ||||||||||||||||
Gain | Loss | |||||||||||||||||||
CMBS (Fair Value Option) | $ | 520,883 | $ | 510,740 | $ | 10,348 | $ | (639 | ) | $ | 520,449 | |||||||||
CMBS (Held-to-Maturity) | $ | 155,000 | $ | 154,446 | $ | — | $ | — | $ | 154,446 | ||||||||||
Total | $ | 675,883 | $ | 665,186 | $ | 10,348 | $ | (639 | ) | $ | 674,895 | |||||||||
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 | ||||||||||||||||
Gain | Loss | Value | ||||||||||||||||||
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 | ||||||||||||||
CMBS (Held-to-Maturity) | $ | 155,000 | $ | 154,283 | $ | — | $ | — | $ | 154,283 | ||||||||||
Total | $ | 699,190 | $ | 688,509 | $ | 7,322 | $ | (1,713 | ) | $ | 694,118 | |||||||||
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) investments calculated on a weighted average basis assuming no early prepayments or defaults as of March 31, 2015 and December 31, 2014 are as follows: | |||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||
Credit Ratings * | BBB- to CCC- | AAA to CCC- | ||||||||||||||||||
Coupon | 5.9 | % | 5.9 | % | ||||||||||||||||
Yield | 6.5 | % | 6.4 | % | ||||||||||||||||
Weighted Average Life | 2.1 years | 2.3 years | ||||||||||||||||||
* | Ratings per Fitch Ratings, Moody’s Investors Service or Standard & Poor's. | |||||||||||||||||||
Percentage Vintage, Property Type, and Location of Collateral Securing Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis | The percentage vintage, property type and location of the collateral securing the Company’s CMBS (Available-for-Sale) and CMBS (Fair Value Option) investments calculated on a weighted average basis as of March 31, 2015 and December 31, 2014 are as follows: | |||||||||||||||||||
Vintage | March 31, 2015 | December 31, 2014 | ||||||||||||||||||
2005 | 9.8 | % | 9 | % | ||||||||||||||||
2006 | 19.7 | 19 | ||||||||||||||||||
2007 | 61.4 | 63 | ||||||||||||||||||
2008 | 9.1 | 9 | ||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||
Property Type | March 31, 2015 | December 31, 2014 | ||||||||||||||||||
Office | 33.2 | % | 33.4 | % | ||||||||||||||||
Retail | 29.2 | 29.1 | ||||||||||||||||||
Multifamily | 13 | 13.3 | ||||||||||||||||||
Other * | 24.6 | 24.2 | ||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||
* No other individual category comprises more than 10% of the total. | ||||||||||||||||||||
Location | March 31, 2015 | December 31, 2014 | ||||||||||||||||||
South Atlantic | 23.3 | % | 23.2 | % | ||||||||||||||||
Middle Atlantic | 19 | 21.1 | ||||||||||||||||||
Pacific | 17.1 | 17 | ||||||||||||||||||
East North Central | 12.3 | 11 | ||||||||||||||||||
Other * | 28.3 | 27.7 | ||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||
* No other individual category comprises more than 10% of the total. |
Commercial_Mortgage_Loans_Tabl
Commercial Mortgage Loans (Tables) (Commercial mortgage loans [Member]) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Commercial mortgage loans [Member] | |||||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||
Schedule of Mortgage Loans on Real Estate | The Company’s commercial mortgage loan portfolio was comprised of the following at March 31, 2015: | ||||||||||||||||||||
Description | Date of | Maturity | Original | Current | Carrying | Coupon | Property Size | ||||||||||||||
Investment | Date | Face | Face | Value | |||||||||||||||||
Amount | Amount | ||||||||||||||||||||
Hotel - Silver Spring, MD | 10-Mar | 15-Apr | $ | 26,000 | $ | 24,489 | $ | 24,488 | Fixed | 263 rooms | |||||||||||
Condo Conversion – NY, NY (1)(2) | 13-Aug | 15-Sep | 33,000 | 34,015 | 34,209 | Floating | 40,000 sq. ft. | ||||||||||||||
Condo Construction - Potomac, MD (3) | 14-Feb | 16-Sep | 50,000 | 50,000 | 49,469 | Floating | 50 units | ||||||||||||||
Vacation Home Portfolio - Various (1) | 14-Apr | 19-Apr | 101,000 | 100,046 | 99,099 | Fixed | 229 properties | ||||||||||||||
Hotel - Philadelphia, PA (1)(4) | 14-May | 17-May | 34,000 | 34,000 | 33,890 | Floating | 301 rooms | ||||||||||||||
Condo Construction - Bethesda, MD (5) | 14-Jun | 16-Dec | 21,000 | 21,000 | 20,720 | Floating | 40 units | ||||||||||||||
Multifamily - Brooklyn, NY (1)(6) | 14-Jul | 16-Aug | 34,500 | 34,500 | 34,681 | Floating | 63 units | ||||||||||||||
Mixed Use - Cincinnati, OH (7) | 14-Nov | 18-May | 25,000 | 25,000 | 23,275 | Floating | 65 acres | ||||||||||||||
Condo Conversion - NY, NY (1)(8) | 14-Nov | 15-Dec | 67,300 | 67,300 | 65,485 | Floating | 86,000 sq. ft. | ||||||||||||||
Multifamily - Williston, ND (1)(4) | 14-Nov | 17-Nov | 58,000 | 57,167 | 56,795 | Floating | 366 units/homes | ||||||||||||||
Vacation Home Portfolio - Various U.S. (1)(4) | 14-Nov | 19-Nov | 50,000 | 50,000 | 49,529 | Fixed | 24 properties | ||||||||||||||
Mixed Use - Brooklyn, NY (1)(9) | 15-Feb | 17-Mar | 72,550 | 72,550 | 71,750 | Floating | 330,000 sq. ft. | ||||||||||||||
Total/Weighted Average | $ | 572,350 | $ | 570,067 | $ | 563,390 | 7.05 | % | |||||||||||||
-1 | At March 31, 2015, this loan was pledged to secure borrowings under the Company’s master repurchase facilities entered into with JPMorgan Chase Bank, N.A. (the “JPMorgan Facility”) or Goldman Sachs Bank USA (the “Goldman Loan”). See "Note 8 – Borrowings Under Repurchase Agreements" for a description of these facilities. | ||||||||||||||||||||
-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 March 31, 2015, the Company had $30,000 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 March 31, 2015, the Company had $44,100 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. | ||||||||||||||||||||
-7 | This loan includes two one-year extension options subject to certain conditions and the payment of a fee. As of March 31, 2015, the Company had $140,000 of unfunded loan commitments related to this loan. | ||||||||||||||||||||
-8 | This loan includes a six-month extension options subject to certain conditions and the payment of a fee. | ||||||||||||||||||||
-9 | As of March 31, 2015, the Company had $19,950 of unfunded loan commitments related to this loan. | ||||||||||||||||||||
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, OH (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, ND (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 JPMorgan Facility. See "Note 8 – Borrowings Under Repurchase Agreements" 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]) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Subordinate loans [Member] | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||
Schedule of Mortgage Loans on Real Estate | The Company’s subordinate loan portfolio was comprised of the following at March 31, 2015: | ||||||||||||||||||
Description | Date of | Maturity | Original | Current | Carrying | Coupon | |||||||||||||
Investment | Date | Face | Face | Value | |||||||||||||||
Amount | Amount | ||||||||||||||||||
Office - Michigan | 10-May | 20-Jun | $ | 9,000 | $ | 8,795 | $ | 8,795 | Fixed | ||||||||||
Ski Resort - California | 11-Apr | 17-May | 40,000 | 40,000 | 39,828 | 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 | 9,674 | 9,674 | Fixed | |||||||||||||
Hotel Portfolio – Various (1) | 12-Nov | 15-Nov | 50,000 | 33,511 | 33,490 | Floating | |||||||||||||
Condo Construction – NY, NY (1) | 13-Jan | 17-Jul | 60,000 | 78,900 | 78,613 | Fixed | |||||||||||||
Multifamily Conversion – NY, NY (1) | 13-Jan | 15-Dec | 18,000 | 14,608 | 14,682 | Floating | |||||||||||||
Hotel Portfolio – Rochester, MN | 13-Jan | 18-Feb | 25,000 | 24,407 | 24,407 | Fixed | |||||||||||||
Warehouse Portfolio - Various | 13-May | 23-May | 32,000 | 32,000 | 32,000 | Fixed | |||||||||||||
Multifamily Conversion – NY, NY | 13-May | 15-May | 44,000 | 44,000 | 43,991 | Floating | |||||||||||||
Office Condo - NY, NY | 13-Jul | 22-Jul | 14,000 | 14,000 | 13,604 | Fixed | |||||||||||||
Condo Conversion – NY, NY (1)(2) | 13-Aug | 15-Sep | 29,400 | 29,900 | 30,014 | Floating | |||||||||||||
Mixed Use - Pittsburgh, PA (3) | 13-Aug | 16-Aug | 22,500 | 22,500 | 22,495 | Floating | |||||||||||||
Mixed Use - Various (3) | 13-Dec | 18-Dec | 17,000 | 19,500 | 19,341 | Fixed | |||||||||||||
Mixed Use - London, England | 14-Apr | 15-Sep | 47,566 | 50,958 | 50,958 | 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 | 19,901 | Floating | |||||||||||||
Ski Resort - Big Sky, MT | 14-Aug | 20-Sep | 15,000 | 15,000 | 14,871 | Fixed | |||||||||||||
Mixed Use - New York, NY (5) | 14-Dec | 17-Dec | 57,410 | 59,027 | 58,095 | Floating | |||||||||||||
Senior Housing - United Kingdom | 15-Jan | 17-Dec | 80,786 | 80,786 | 80,786 | Floating | |||||||||||||
Hotel - Burbank, CA | 15-Feb | 20-Jan | 20,000 | 20,000 | 20,000 | Fixed | |||||||||||||
Total/Weighted Average | $ | 668,187 | $ | 674,091 | $ | 672,070 | 11.1 | % | |||||||||||
-1 | Includes a one-year extension option subject to certain conditions and the payment of an extension fee. | ||||||||||||||||||
-2 | At March 31, 2015, this loan was pledged to secure borrowings under the JPMorgan Facility. See "Note 8 – Borrowings Under Repurchase Agreements" for a description of this facility. | ||||||||||||||||||
-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 March 31, 2015, the Company had $25,090 of unfunded loan commitments related to this loan. | ||||||||||||||||||
The Company’s subordinate loan portfolio was comprised of the following at 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 | 18-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, MT | 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. |
Borrowings_Under_Repurchase_Ag1
Borrowings Under Repurchase Agreements (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||
Weighted Average Maturities and Interest Rates of Borrowings | At March 31, 2015 and December 31, 2014, the Company’s borrowings outstanding under the JPMorgan Facility, the UBS Facility, the DB Facility and the Goldman Loan had the following debt balances, weighted average maturities and interest rates: | ||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||
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 | % | ** | ||||||||||
UBS Facility borrowings | 133,899 | 3.5 years | * | 2.7 | % | 133,899 | 3.7 years | * | 2.8 | % | Fixed | ||||||||||
DB Facility borrowings | 300,005 | 3.0 years | 3.7 | % | 300,005 | 3.3 years | 3.7 | % | *** | ||||||||||||
JPMorgan Facility borrowings | 89,005 | 2.8 years | 2.4 | % | 168,124 | 0.1 years | 2.7 | % | L+250 | ||||||||||||
Goldman Loan | 52,524 | 4.1 years | 3.7 | % | — | 0 | — | % | L+350 | ||||||||||||
Total borrowings | $ | 575,433 | 3.0 years | 3.1 | % | $ | 622,194 | 3.2 years | 3.2 | % | |||||||||||
*Assumes extension options are exercised. | |||||||||||||||||||||
**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 March 31, 2015, 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 | ||||||||||||||||||
UBS Facility borrowings * | $ | — | $ | 132,816 | $ | 1,083 | $ | — | $ | 133,899 | |||||||||||
DB Facility borrowings | 40,476 | 211,328 | 48,201 | — | 300,005 | ||||||||||||||||
JPMorgan Facility borrowings | 1,117 | 87,888 | — | — | 89,005 | ||||||||||||||||
Goldman Loan | 1,804 | 9,859 | 40,861 | — | 52,524 | ||||||||||||||||
Total | $ | 43,397 | $ | 441,891 | $ | 90,145 | $ | — | $ | 575,433 | |||||||||||
*Assumes extension option is exercised. | |||||||||||||||||||||
Schedule of Outstanding, Maximum and Average Balances of Debt | The table below summarizes the outstanding balances at March 31, 2015, as well as the maximum and average balances for the three months ended March 31, 2015. | ||||||||||||||||||||
For the three months ended March 31, 2015 | |||||||||||||||||||||
Balance at March 31, 2015 | Maximum Month-End | Average Month-End | |||||||||||||||||||
Balance | Balance | ||||||||||||||||||||
Wells Facility borrowings | $ | — | $ | 22,254 | $ | 10,605 | |||||||||||||||
UBS Facility borrowings | 133,899 | 133,899 | $ | 133,899 | |||||||||||||||||
DB Facility borrowings | 300,005 | 300,005 | 300,005 | ||||||||||||||||||
JPMorgan Facility borrowings | 89,005 | 249,918 | 177,503 | ||||||||||||||||||
Goldman Loan | 52,524 | 52,524 | 39,393 | ||||||||||||||||||
Total | $ | 575,433 | |||||||||||||||||||
Convertible_Senior_Notes_Table
Convertible Senior Notes (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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 | 3.96 years | |||
August 2019 Notes | $ | 111,000 | 5.5 | % | 6.5 | % | 55.3649 | 3/15/19 | 3.96 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 March 31, 2015 since the closing market price of the Company’s common stock does not exceed the implicit conversion prices of $18.06 for the 2019 Notes. |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||
Summary of Amounts Recognized on Consolidated Statements of Operations Related to Company's Derivatives | The following table summarizes the amounts recognized on the consolidated statements of operations related to the Company’s derivatives for the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||
Location of Loss Recognized in Income | 2015 | 2014 | ||||||||||||||||||||||
Forward currency contract | Loss on derivative instruments - unrealized | (3,044 | ) | — | ||||||||||||||||||||
Total | $ | (3,044 | ) | $ | — | |||||||||||||||||||
Summary of Gross Derivative Assets Related to Derivatives | The following table summarizes the gross asset amounts related to the Company's derivative instruments at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
Gross | Gross | Net Amounts | Gross | Gross | Net Amounts | |||||||||||||||||||
Amount of | Amounts | of Assets | Amount of | Amounts | of Assets | |||||||||||||||||||
Recognized | Offset in the | Presented in | Recognized | Offset in the | Presented in | |||||||||||||||||||
Assets | Consolidated Balance Sheet | the Consolidated Balance Sheet | Assets | Consolidated Balance Sheet | the Consolidated Balance Sheet | |||||||||||||||||||
Forward currency contract | $ | 1,026 | $ | — | 1,026 | $ | 4,070 | $ | — | 4,070 | ||||||||||||||
Total derivative instruments | $ | 1,026 | $ | — | $ | 1,026 | $ | 4,070 | $ | — | $ | 4,070 | ||||||||||||
ShareBased_Payments_Tables
Share-Based Payments (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes the activity related to restricted common stock and RSUs during the three months ended March 31, 2015: | ||||||||||||||
Type | Date | Restricted Stock | RSUs | Estimate Fair Value | Initial Vesting | Final Vesting | |||||||||
on Grant Date | |||||||||||||||
Outstanding at December 31, 2014 | 274,114 | 610,254 | |||||||||||||
Grant | Jan-15 | — | 8,000 | $132 | Dec-15 | Dec-17 | |||||||||
Forfeiture | Jan-15 | — | (5,000 | ) | n/a | n/a | n/a | ||||||||
Cancelled upon delivery | Mar-15 | — | (20,000 | ) | n/a | n/a | n/a | ||||||||
Outstanding at March 31, 2015 | 274,114 | 593,254 | |||||||||||||
Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs | Below is a summary of expected restricted common stock and RSU vesting dates as of March 31, 2015. | ||||||||||||||
Vesting Date | Shares Vesting | RSU Vesting | Total Awards | ||||||||||||
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 | 197,751 | 213,339 | ||||||||||||
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 | 134,417 | 146,672 | ||||||||||||
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 | 131,009 | 143,267 | ||||||||||||
70,229 | 463,177 | 533,406 | |||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Stockholders' Equity Note [Abstract] | ||||||
Stockholders' Equity | Dividends. For 2015, the Company declared the following dividends on its common stock: | |||||
Declaration Date | Record Date | Payment Date | Amount | |||
February 25, 2015 | March 31, 2015 | April 15, 2015 | $ | 0.44 | ||
For 2015, the Company declared the following dividends on its 8.625% Series A Cumulative Redeemable Perpetual Preferred Stock (the “Series A Preferred Stock”): | ||||||
Declaration Date | Record Date | Payment Date | Amount | |||
March 16, 2015 | March 31, 2015 | April 15, 2015 | $ | 0.5391 | ||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Carrying Value and Estimated Fair Value of Company's Financial Instruments | The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheet at March 31, 2015 and December 31, 2014: | |||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Cash and cash equivalents | $ | 39,962 | $ | 39,962 | $ | 40,641 | $ | 40,641 | ||||||||
Restricted cash | 30,127 | 30,127 | 30,127 | 30,127 | ||||||||||||
Securities, held-to-maturity | 154,446 | 154,984 | 154,283 | 154,980 | ||||||||||||
Commercial first mortgage loans | 563,390 | 570,002 | 458,520 | 465,510 | ||||||||||||
Subordinate loans | 672,070 | 675,154 | 561,182 | 566,385 | ||||||||||||
Borrowings under repurchase agreements | (575,433 | ) | (575,453 | ) | (622,194 | ) | (621,269 | ) | ||||||||
Convertible senior notes, net | (246,881 | ) | (255,705 | ) | (246,464 | ) | (254,605 | ) | ||||||||
Participations sold | (119,314 | ) | (119,626 | ) | (89,584 | ) | (89,995 | ) |
Net_Income_per_Share_Tables
Net Income per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Basic and Diluted Net Income per Share of Common Stock Using Two-Class Method | The table below presents basic and diluted net (loss) income per share of common stock using the two-class method for the three months ended March 31, 2015 and 2014: | |||||||
For the three | ||||||||
months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net income | $ | 25,513 | $ | 17,580 | ||||
Preferred dividends | (1,860 | ) | (1,860 | ) | ||||
Net income available to common stockholders | 23,653 | 15,720 | ||||||
Dividends declared on common stock | (25,702 | ) | (14,850 | ) | ||||
Dividends on participating securities | (261 | ) | (86 | ) | ||||
Net income (loss) attributable to common stockholders | $ | (2,310 | ) | $ | 784 | |||
Denominator: | ||||||||
Basic weighted average shares of common stock outstanding | 49,563,822 | 37,122,842 | ||||||
Diluted weighted average shares of common stock outstanding | 50,171,687 | 37,341,050 | ||||||
Basic and diluted net income per weighted average share of common stock | ||||||||
Distributable Earnings | $ | 0.52 | $ | 0.4 | ||||
Undistributed income (loss) | $ | (0.05 | ) | $ | 0.02 | |||
Basic and diluted net income per share of common stock | $ | 0.47 | $ | 0.42 | ||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Accounting Policies [Abstract] | |
Number of business segments | 1 |
Fair_Value_Disclosure_Detail
Fair Value Disclosure (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Aggregate purchase price of CMBS | $0 | $17,105 |
Derivative instruments | 1,026 | 4,070 |
Total Fair Value | 521,475 | 543,905 |
Estimated Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | 1,026 | 4,070 |
Estimated Fair Value [Member] | AAA Commercial Mortage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Aggregate purchase price of CMBS | 520,449 | 522,730 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Aggregate purchase price of CMBS | 0 | 17,105 |
Total Fair Value | 521,475 | 543,905 |
Level 2 [Member] | Estimated Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | 1,026 | 4,070 |
Level 2 [Member] | Estimated Fair Value [Member] | AAA Commercial Mortage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Aggregate purchase price of CMBS | $520,449 | $522,730 |
Debt_Securities_Amortized_Cost
Debt Securities - Amortized Cost and Estimated Fair Value (Detail) (USD $) | Mar. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total, Face Amount | $675,883 | $699,190 | |
Total, Amortized Cost | 665,186 | 688,509 | |
Total, Gross Unrealized Gain | 10,348 | 7,322 | |
Total, Gross Unrealized Loss | 639 | 1,713 | |
Total, Carrying Value | 674,895 | 694,118 | |
Commercial Mortgage Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Face Amount | 17,013 | ||
Amortized cost | 24,038 | 17,783 | |
Gross Unrealized Gain | 0 | ||
Gross Unrealized Loss | -678 | ||
Carrying Value/Estimated Fair Value | 17,105 | ||
Held to Maturity, Face Amount | 155,000 | 155,000 | |
Held to Maturity, Amortized Cost | 154,446 | 154,283 | |
Held to Maturity, Gross Unrealized Gain | 0 | 0 | |
Held to Maturity, Gross Unrealized Loss | 0 | 0 | |
Held to Maturity, Carrying Value | 154,446 | 154,283 | |
Commercial Mortgage Backed Securities [Member] | Estimated Fair Value [Member] | Available-for-sale Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Face Amount | 520,883 | 527,177 | |
Amortized cost | 510,740 | 516,443 | |
Gross Unrealized Gain | 10,348 | 7,322 | |
Gross Unrealized Loss | -639 | -1,035 | |
Carrying Value/Estimated Fair Value | $520,449 | $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 | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized loss position, Less than 12 months, Fair Value | $130,435 |
Continuous unrealized loss position, Less than 12 months, Unrealized Loss | -1,019 |
Continuous unrealized loss position, 12 months or More, Fair Value | 23,420 |
Continuous unrealized loss position, 12 months or More, Unrealized Loss | -694 |
Commercial Mortgage Backed Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized loss position, Less than 12 months, Fair Value | 0 |
Continuous unrealized loss position, Less than 12 months, Unrealized Loss | 0 |
Continuous unrealized loss position, 12 months or More, Fair Value | 17,105 |
Continuous unrealized loss position, 12 months or More, Unrealized Loss | -678 |
Estimated Fair Value [Member] | Commercial Mortgage Backed Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized loss position, Less than 12 months, Fair Value | 130,435 |
Continuous unrealized loss position, Less than 12 months, Unrealized Loss | -1,019 |
Continuous unrealized loss position, 12 months or More, Fair Value | 6,315 |
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 (Detail) (Commercial Mortgage Backed Securities [Member]) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
BBB- to CCC- Rated CMBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Coupon | 5.90% | |
Yield | 6.50% | |
Weighted Average Life | 2 years 1 month 6 days | |
AAA to CCC- Rated CMBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Coupon | 5.90% | |
Yield | 6.40% | |
Weighted Average Life | 2 years 3 months 18 days |
Debt_Securities_Percentage_Vin
Debt Securities - Percentage Vintage, Property Type, and Location of Collateral Securing Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
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 | 9.80% | 9.00% |
Available-for-sale Securities [Member] | Vintage Concentration Risk [Member] | Vintage 2006 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 19.70% | 19.00% |
Available-for-sale Securities [Member] | Vintage Concentration Risk [Member] | Vintage 2007 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 61.40% | 63.00% |
Available-for-sale Securities [Member] | Vintage Concentration Risk [Member] | Vintage 2008 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 9.10% | 9.00% |
Available-for-sale Securities [Member] | Product Concentration Risk [Member] | Office [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 33.20% | 33.40% |
Available-for-sale Securities [Member] | Product Concentration Risk [Member] | Retail [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 29.20% | 29.10% |
Available-for-sale Securities [Member] | Product Concentration Risk [Member] | Multifamily [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 13.00% | 13.30% |
Available-for-sale Securities [Member] | Product Concentration Risk [Member] | Other [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 24.60% | 24.20% |
Available-for-sale Securities [Member] | Geographic Concentration Risk [Member] | South Atlantic [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 23.30% | 23.20% |
Available-for-sale Securities [Member] | Geographic Concentration Risk [Member] | Middle Atlantic [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 19.00% | 21.10% |
Available-for-sale Securities [Member] | Geographic Concentration Risk [Member] | Pacific [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 17.10% | 17.00% |
Available-for-sale Securities [Member] | Geographic Concentration Risk [Member] | East North Central [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 12.30% | 11.00% |
Available-for-sale Securities [Member] | Geographic Concentration Risk [Member] | Other [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 28.30% | 27.70% |
Debt_Securities_Additional_Inf
Debt Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Aug. 31, 2014 | 31-May-14 | Feb. 28, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
option | timeshare_unit | ||||||
casino | |||||||
sqft | |||||||
room | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Realized loss on sale of securities | ($443,000) | $0 | |||||
Subordinate Mortgage Loans [Member] | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Mortgage loan, face amount | 668,187,000 | 562,434,000 | |||||
Hotel [Member] | Subordinate Mortgage Loans [Member] | Hotel - Aruba [Member] | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Property Size, Number of Units/Rooms | 442 | ||||||
Number of timeshare units in real estate property | 114 | ||||||
Number of casinos in real estate property | 2 | ||||||
Property Size, Area (in square feet) | 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% | ||||||
First Mortgage [Member] | Hotel [Member] | Subordinate Mortgage Loans [Member] | Hotel - Aruba [Member] | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Mortgage loan, face amount | 155,000,000 | ||||||
Senior Participation [Member] | Hotel [Member] | Subordinate Mortgage Loans [Member] | Hotel - Aruba [Member] | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Participation in loan, amount | 90,000,000 | 90,000,000 | |||||
Junior Participation [Member] | Hotel [Member] | Subordinate Mortgage Loans [Member] | Hotel - Aruba [Member] | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Participation in loan, amount | 65,000,000 | 65,000,000 | |||||
Commercial Mortgage Backed Securities [Member] | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Amortized cost of debt securities sold | 24,038,000 | 17,783,000 | |||||
Realized loss on sale of securities | -443,000 | ||||||
Realized gain on sale of debt securities | 43,000 | ||||||
Realized loss on sale of debt securities | 486,000 | ||||||
Reclassification out of accumulated other comprehensive income | 678,000 | ||||||
Proceeds from sale of debt securities, net of debt facility repayment | 1,341,000 | ||||||
Line of Credit [Member] | Wells Fargo [Member] | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Repayment of debt facility | $22,254,000 |
Commercial_Mortgage_Loan_Portf
Commercial Mortgage Loan Portfolio (Detail) (Commercial mortgage loans [Member], USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $572,350,000 | $467,300,000 |
Current Face Amount | 570,067,000 | 465,574,000 |
Carrying Value | 563,390,000 | 458,520,000 |
Coupon rate of loan | 7.05% | 6.84% |
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 | 24,489,000 | 24,590,000 |
Carrying Value | 24,488,000 | 24,557,000 |
Property Size, Number of Units/Rooms | 263 | 263 |
Hotel [Member] | Hotel - Philadelphia, PA [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 34,000,000 | 34,000,000 |
Current Face Amount | 34,000,000 | 34,000,000 |
Carrying Value | 33,890,000 | 33,842,000 |
Property Size, Number of Units/Rooms | 301 | 301 |
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 | 34,015,000 | 33,846,000 |
Carrying Value | 34,209,000 | 33,961,000 |
Property Size, Area (in square feet and acres) | 40,000 | 40,000 |
Condo Conversion [Member] | Condo Conversion New York, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 67,300,000 | 67,300,000 |
Current Face Amount | 67,300,000 | 67,300,000 |
Carrying Value | 65,485,000 | 64,714,000 |
Property Size, Area (in square feet and acres) | 86,000 | 86,000 |
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 | |
Property Size, Number of Units/Rooms | 63 | 63 |
Multifamily Conversion [Member] | Multifamily - Williston, ND [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 58,000,000 | 58,000,000 |
Current Face Amount | 57,167,000 | 57,792,000 |
Carrying Value | 56,795,000 | 57,297,000 |
Property Size, Number of Units/Rooms | 366 | 366 |
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 | |
Number of properties | 229 | 229 |
Vacation Home Portfolio [Member] | Vacation Home Portfolio - Various, United States [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 50,000,000 | 50,000,000 |
Current Face Amount | 50,000,000 | 50,000,000 |
Carrying Value | 49,529,000 | 49,508,000 |
Number of properties | 24 | 24 |
Condo Construction [Member] | Condo Construction Potomac, MD [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 50,000,000 | 28,000,000 |
Current Face Amount | 50,000,000 | 28,000,000 |
Carrying Value | 49,469,000 | 27,520,000 |
Property Size, Number of Units/Rooms | 50 | 50 |
Condo Construction [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 | 99,099,000 | |
Condo Construction [Member] | Condo Construction Bethesda, MD [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 21,000,000 | 20,000,000 |
Current Face Amount | 21,000,000 | 20,000,000 |
Carrying Value | 20,720,000 | 19,616,000 |
Property Size, Number of Units/Rooms | 40 | 40 |
Condo Construction [Member] | Multifamily - Brooklyn, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 34,500,000 | |
Current Face Amount | 34,500,000 | |
Carrying Value | 34,681,000 | |
Mixed Use [Member] | Mixed Use - Cincinnati, OH [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 25,000,000 | 20,000,000 |
Current Face Amount | 25,000,000 | 20,000,000 |
Carrying Value | 23,275,000 | 18,309,000 |
Property Size, Area (in square feet and acres) | 65 | 65 |
Mixed Use [Member] | Mixed Use - Brooklyn, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 72,550,000 | |
Current Face Amount | 72,550,000 | |
Carrying Value | $71,750,000 | |
Property Size, Area (in square feet and acres) | 330,000 |
Commercial_Mortgage_Loan_Portf1
Commercial Mortgage Loan Portfolio (Footnotes) (Detail) (Commercial mortgage loans [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Mortgage Loans on Real Estate [Line Items] | ||
Unfunded loan commitments | 234,050 | |
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 New York, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 6 months | 6 months |
Condo Construction [Member] | Condo Construction Potomac, MD [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 6 months | 6 months |
Unfunded loan commitments | 30,000 | 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 | 6 months |
Unfunded loan commitments | 44,100 | 45,100 |
Hotel [Member] | Hotel - Philadelphia, PA [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | 1 year |
Number of options to extend loan agreement | 2 | 2 |
Multifamily Conversion [Member] | Multifamily - Brooklyn, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | 1 year |
Number of options to extend loan agreement | 3 | 3 |
Unfunded loan commitments | 4,500 | |
Mixed Use [Member] | Mixed Use - Cincinnati, OH [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | 1 year |
Number of options to extend loan agreement | 2 | 2 |
Unfunded loan commitments | 140,000 | 145,000 |
Mixed Use [Member] | Mixed Use - Brooklyn, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Unfunded loan commitments | 19,950 |
Subordinate_Loans_Loans_Portfo
Subordinate Loans - Loans Portfolio (Detail) (Subordinate loans [Member], USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $668,187,000 | $562,434,000 |
Current Face Amount | 674,091,000 | 563,599,000 |
Carrying Value | 672,070,000 | 561,182,000 |
Coupon rate of loan | 11.10% | 11.34% |
Office [Member] | Office - Michigan [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 9,000,000 | 9,000,000 |
Current Face Amount | 8,795,000 | 8,813,000 |
Carrying Value | 8,795,000 | 8,813,000 |
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 | 9,674,000 | 9,711,000 |
Carrying Value | 9,674,000 | 9,711,000 |
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 | 14,000,000 |
Carrying Value | 13,604,000 | 13,596,000 |
Ski Resort [Member] | Ski Resort - California [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 40,000,000 | 40,000,000 |
Current Face Amount | 40,000,000 | 40,000,000 |
Carrying Value | 39,828,000 | 39,771,000 |
Ski Resort [Member] | Ski Resort - Montana [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 15,000,000 | 15,000,000 |
Current Face Amount | 15,000,000 | 15,000,000 |
Carrying Value | 14,871,000 | 14,861,000 |
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 | 6,525,000 |
Carrying Value | 6,525,000 | 6,525,000 |
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 | 22,500,000 |
Carrying Value | 22,495,000 | 22,473,000 |
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 | 19,500,000 | 19,464,000 |
Carrying Value | 19,341,000 | 19,294,000 |
Mixed Use [Member] | Mixed Use - London, England [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 47,566,000 | 50,009,000 |
Current Face Amount | 50,958,000 | 52,355,000 |
Carrying Value | 50,958,000 | 52,355,000 |
Mixed Use [Member] | Mixed Use - New York, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 57,410,000 | 50,000,000 |
Current Face Amount | 59,027,000 | 50,000,000 |
Carrying Value | 58,095,000 | 48,973,000 |
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 | 33,511,000 | 34,042,000 |
Carrying Value | 33,490,000 | 33,995,000 |
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 | 24,407,000 | 24,486,000 |
Carrying Value | 24,407,000 | 24,486,000 |
Hotel [Member] | Hotel - NY, NY, July 2016 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 20,000,000 | 20,000,000 |
Current Face Amount | 20,000,000 | 20,000,000 |
Carrying Value | 19,901,000 | 19,870,000 |
Hotel [Member] | Hotel - Burbank, CA [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 20,000,000 | |
Current Face Amount | 20,000,000 | |
Carrying Value | 20,000,000 | |
Condo Construction [Member] | Condo Construction - NY, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 60,000,000 | 60,000,000 |
Current Face Amount | 78,900,000 | 76,344,000 |
Carrying Value | 78,613,000 | 76,005,000 |
Condo Conversion [Member] | Condo Conversion - NY, NY September 2015 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 29,400,000 | 29,400,000 |
Current Face Amount | 29,900,000 | 29,751,000 |
Carrying Value | 30,014,000 | 29,762,000 |
Multifamily Conversion [Member] | Multifamily Conversion - NY, NY December 2015 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 18,000,000 | 18,000,000 |
Current Face Amount | 14,608,000 | 14,608,000 |
Carrying Value | 14,682,000 | 14,703,000 |
Multifamily Conversion [Member] | Multifamily Conversion - New York, New York [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 44,000,000 | 44,000,000 |
Current Face Amount | 44,000,000 | 44,000,000 |
Carrying Value | 43,991,000 | 43,989,000 |
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 | 32,000,000 |
Carrying Value | 32,000,000 | 32,000,000 |
Healthcare [Member] | Healthcare Portfolio Various [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 50,000,000 | 50,000,000 |
Current Face Amount | 50,000,000 | 50,000,000 |
Carrying Value | 50,000,000 | 50,000,000 |
Senior Housing Facility [Member] | Senior Housing - United Kingdom [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 80,786,000 | |
Current Face Amount | 80,786,000 | |
Carrying Value | $80,786,000 |
Subordinate_Loans_Loans_Portfo1
Subordinate Loans - Loans Portfolio (Footnotes) (Detail) (Subordinate loans [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Hotel, Condo Construction, Condo Conversion, and Multifamily Conversion | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | 1 year |
Mixed Use [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | 1 year |
Number of options to extend loan agreement | 2 | 2 |
Healthcare Portfolio and Hotel [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | 1 year |
Number of options to extend loan agreement | 3 | 3 |
Mixed Use - New York, NY [Member] | Mixed Use [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | 1 year |
Number of options to extend loan agreement | 2 | 2 |
Unfunded loan commitments | 25,090 | 32,500 |
Multifamily Conversion - New York, New York [Member] | Multifamily Conversion [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 3 months |
Subordinate_Loans_Additional_I
Subordinate Loans - Additional Information (Detail) (Subordinate loans [Member], Hotel [Member], USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Jan. 31, 2014 |
Subordinate loans [Member] | Hotel [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Proceeds from collection of loans receivable | $15,000 |
Unconsolidated_Joint_Venture_D
Unconsolidated Joint Venture - (Detail) | 3 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Feb. 28, 2015 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 28, 2015 | Feb. 28, 2015 | Sep. 30, 2014 | Sep. 30, 2014 | Feb. 28, 2015 | Feb. 28, 2015 | Jan. 31, 2015 | Jan. 31, 2015 |
USD ($) | USD ($) | KBCD Partnership [Member] | KBCD Partnership [Member] | KBCD Partnership [Member] | BKB Bank [Member] | Commitment to Invest in KBCD [Member] | Commitment to Invest in KBCD [Member] | Commitment to Invest in KBCD [Member] | Commitment to Invest in KBCD [Member] | Unfunded Commitment, Champ L.P. [Member] | Unfunded Commitment, Champ L.P. [Member] | Wholly-owned Subsidiary [Member] | Champ LP [Member] | Champ LP [Member] | Champ LP [Member] | Champ LP [Member] | Champ LP [Member] | |
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | Champ Limited Partnership [Member] | KBC Bank Deutschland AG [Member] | USD ($) | EUR (€) | Additional Investment [Member] | Additional Investment [Member] | |||||
USD ($) | GBP (£) | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership interest | 21.00% | 11.00% | 59.00% | 35.00% | ||||||||||||||
Initial funding for equity method investment | $3,929 | $0 | $39,477 | € 30,724 | ||||||||||||||
Commitment to invest | 50,000 | 38,000 | 50,000 | 38,000 | 3,465 | 3,229 | 3,929 | 3,331 | ||||||||||
Sale of equity method investment, percentage | 48.00% | 48.00% | ||||||||||||||||
Proceeds from sale of equity method investments | 20,794 | 16,314 | ||||||||||||||||
Foreign exchange adjustments included in accumulated other comprehensive loss | $2,614 | |||||||||||||||||
Company and affiliated investors ownership, percentage | 100.00% |
Borrowings_Under_Repurchase_Ag2
Borrowings Under Repurchase Agreements - Weighted Average Maturities and Interest Rates of Borrowings (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Debt Balance | $575,433 | |
Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Debt Balance | 575,433 | 622,194 |
Weighted Average Remaining Maturity | 3 years | 3 years 2 months 12 days |
Weighted Average Rate | 3.10% | 3.20% |
Line of Credit [Member] | Wells Fargo [Member] | ||
Debt Instrument [Line Items] | ||
Debt Balance | 0 | 20,166 |
Weighted Average Remaining Maturity | 2 months 12 days | |
Weighted Average Rate | 0.00% | 1.00% |
Line of Credit [Member] | Wells Fargo [Member] | One Month LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis point | 0.80% | |
Line of Credit [Member] | UBS [Member] | ||
Debt Instrument [Line Items] | ||
Debt Balance | 133,899 | 133,899 |
Weighted Average Remaining Maturity | 3 years 6 months | 3 years 8 months 12 days |
Weighted Average Rate | 2.70% | 2.80% |
Line of Credit [Member] | DB Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Balance | 300,005 | 300,005 |
Weighted Average Remaining Maturity | 3 years | 3 years 3 months 18 days |
Weighted Average Rate | 3.70% | 3.70% |
Line of Credit [Member] | JP Morgan Chase [Member] | ||
Debt Instrument [Line Items] | ||
Debt Balance | 89,005 | 168,124 |
Weighted Average Remaining Maturity | 2 years 9 months 18 days | 1 month 6 days |
Weighted Average Rate | 2.40% | 2.70% |
Line of Credit [Member] | JP Morgan Chase [Member] | One Month LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis point | 2.50% | 2.50% |
Line of Credit [Member] | Goldman Sachs [Member] | ||
Debt Instrument [Line Items] | ||
Debt Balance | $52,524 | $0 |
Weighted Average Remaining Maturity | 4 years 1 month 6 days | |
Weighted Average Rate | 3.70% | 0.00% |
Line of Credit [Member] | Goldman Sachs [Member] | One Month LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis point | 3.50% | 3.50% |
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_Under_Repurchase_Ag3
Borrowings Under Repurchase Agreements - Remaining Maturities of Borrowings (Detail) (Line of Credit [Member], USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Line of Credit Facility [Line Items] | |
Less than 1 year | $43,397 |
1 to 3 years | 441,891 |
3 to 5 years | 90,145 |
More than 5 years | 0 |
Total | 575,433 |
UBS [Member] | |
Line of Credit Facility [Line Items] | |
Less than 1 year | 0 |
1 to 3 years | 132,816 |
3 to 5 years | 1,083 |
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 | 211,328 |
3 to 5 years | 48,201 |
More than 5 years | 0 |
Total | 300,005 |
JP Morgan Chase [Member] | |
Line of Credit Facility [Line Items] | |
Less than 1 year | 1,117 |
1 to 3 years | 87,888 |
3 to 5 years | 0 |
More than 5 years | 0 |
Total | 89,005 |
Goldman Sachs [Member] | |
Line of Credit Facility [Line Items] | |
Less than 1 year | 1,804 |
1 to 3 years | 9,859 |
3 to 5 years | 40,861 |
More than 5 years | 0 |
Total | $52,524 |
Borrowings_Under_Repurchase_Ag4
Borrowings Under Repurchase Agreements - Summary of Outstanding Balances, Maximum and Average Balances of Borrowings (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | ||
Line of credit, amount outstanding | $575,433 | |
Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, amount outstanding | 575,433 | 622,194 |
Wells Fargo [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, amount outstanding | 0 | 20,166 |
Maximum Month-End Balance | 22,254 | |
Average Month-End Balance | 10,605 | |
UBS [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, amount outstanding | 133,899 | 133,899 |
Maximum Month-End Balance | 133,899 | |
Average Month-End Balance | 133,899 | |
DB Facility [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, amount outstanding | 300,005 | 300,005 |
Maximum Month-End Balance | 300,005 | |
Average Month-End Balance | 300,005 | |
JP Morgan Chase [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, amount outstanding | 89,005 | 168,124 |
Maximum Month-End Balance | 249,918 | |
Average Month-End Balance | 177,503 | |
Goldman Sachs [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, amount outstanding | 52,524 | 0 |
Maximum Month-End Balance | 52,524 | |
Average Month-End Balance | $39,393 |
Borrowings_Under_Repurchase_Ag5
Borrowings Under Repurchase Agreements - Additional Information (Detail) (Line of Credit [Member], USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | Jan. 26, 2015 | Jan. 29, 2015 | |
Goldman Sachs [Member] | One Month LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis point | 3.50% | 3.50% | ||
JP Morgan Chase [Member] | One Month LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis point | 2.50% | 2.50% | ||
Goldman Facility [Member] | Goldman Sachs [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing under facility | $52,524,000 | |||
Covenant terms, minimum consolidated tangible net worth, amount | 750,000,000 | |||
Covenant terms, maximum debt to tangible net worth ratio | 3 | |||
Covenant terms, minimum liquidity | 15,000,000 | |||
Line of credit facility, covenant terms, total consolidated indebtedness, percent | 5.00% | |||
Covenant terms, minimum EBITDA to interest expense ratio | 1.5 | |||
Goldman Facility [Member] | Goldman Sachs [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis point | 3.50% | |||
Amended and Restated JPMorgan Facility [Member] | JP Morgan Chase [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing under facility | 300,000,000 | |||
Covenant terms, minimum consolidated tangible net worth, amount | 750,000,000 | |||
Covenant terms, maximum debt to tangible net worth ratio | 3 | |||
Term of debt instrument | 2 years | |||
Debt extension option | 1 year | |||
Threshold amount for margin calls (more than) | 250,000 | |||
Covenant terms, minimum consolidated tangible net worth, percentage of net cash proceeds | 75.00% | |||
Covenant terms, minimum liquidity, percentage | 5.00% | |||
Covenant terms, consolidated recourse indebtedness | $15,000,000 | |||
Amended and Restated JPMorgan Facility [Member] | Minimum [Member] | JP Morgan Chase [Member] | ||||
Debt Instrument [Line Items] | ||||
Estimated fair value of collateral pledged, percentage | 25.00% | |||
Amended and Restated JPMorgan Facility [Member] | Minimum [Member] | JP Morgan Chase [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis point | 2.25% | |||
Amended and Restated JPMorgan Facility [Member] | Maximum [Member] | JP Morgan Chase [Member] | ||||
Debt Instrument [Line Items] | ||||
Estimated fair value of collateral pledged, percentage | 80.00% | |||
Amended and Restated JPMorgan Facility [Member] | Maximum [Member] | JP Morgan Chase [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis point | 4.75% |
Convertible_Senior_Notes_Summa
Convertible Senior Notes - Summary of 2019 Notes (Detail) (Convertible Debt [Member], USD $) | 0 Months Ended | |
Mar. 17, 2014 | Aug. 18, 2014 | |
March 2019 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | $143,750,000 | |
Coupon rate | 5.50% | |
Effective rate | 6.25% | |
Conversion rate | 55.3649 | |
Remaining period of amortization | 3 years 11 months 16 days | |
August 2019 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | $111,000,000 | |
Coupon rate | 5.50% | |
Effective rate | 6.50% | |
Conversion rate | 55.3649 | |
Remaining period of amortization | 3 years 11 months 16 days |
Convertible_Senior_Notes_Narra
Convertible Senior Notes - Narrative (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 17, 2014 | Aug. 18, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||||
Proceeds from issuance of convertible senior notes | $0 | $143,750,000 | |||
Convertible senior notes, carrying value | 246,881,000 | 246,464,000 | |||
Convertible Debt [Member] | 2019 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Conversion price | $18.06 | ||||
Equity component of the notes | 11,445,000 | ||||
Interest expense on debt | 3,503,000 | ||||
Additional non-cash interest expense | 844,000 | ||||
Convertible Debt [Member] | March 2019 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount | 143,750,000 | ||||
Coupon rate | 5.50% | ||||
Proceeds from issuance of convertible senior notes | 139,037,000 | ||||
Convertible senior notes, carrying value | 139,978,000 | ||||
Unamortized discount | 3,772,000 | ||||
Convertible Debt [Member] | August 2019 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount | 111,000,000 | ||||
Coupon rate | 5.50% | ||||
Proceeds from issuance of convertible senior notes | 109,615,000 | ||||
Convertible senior notes, carrying value | 106,903,000 | ||||
Unamortized discount | $4,097,000 |
Participations_Sold_Details
Participations Sold (Details) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Feb. 28, 2015 | Feb. 28, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | 31-May-14 | Aug. 31, 2014 | Jun. 30, 2014 | Aug. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2015 |
USD ($) | USD ($) | Commercial mortgage loans [Member] | Commercial mortgage loans [Member] | Commercial mortgage loans [Member] | Commercial mortgage loans [Member] | Commercial mortgage loans [Member] | Commercial mortgage loans [Member] | Subordinate loans [Member] | Subordinate loans [Member] | Hotel [Member] | Senior Participation [Member] | Senior Participation [Member] | Junior Participation [Member] | Junior Participation [Member] | Participating Mortgages [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | United Kingdom [Member] | United Kingdom [Member] | |
USD ($) | USD ($) | Mezzanine Loan, Acquired by Investment Funds [Member] | Mezzanine Loan, Acquired by Investment Funds [Member] | Mezzanine Loan, Acquired by Investment Funds [Member] | Mezzanine Loan, Acquired by Investment Funds [Member] | USD ($) | USD ($) | Hotel - Aruba [Member] | Hotel [Member] | Hotel [Member] | Hotel [Member] | Hotel [Member] | Subordinate loans [Member] | Commercial mortgage loans [Member] | Participating Mortgages [Member] | Senior Housing Facility [Member] | Senior Housing Facility [Member] | |||
USD ($) | GBP (£) | USD ($) | GBP (£) | Subordinate loans [Member] | Hotel - Aruba [Member] | Hotel - Aruba [Member] | Hotel - Aruba [Member] | Hotel - Aruba [Member] | USD ($) | Mezzanine Loan, Acquired by Investment Funds [Member] | Subordinate loans [Member] | Commercial mortgage loans [Member] | Commercial mortgage loans [Member] | |||||||
First Mortgage [Member] | Subordinate loans [Member] | Subordinate loans [Member] | Subordinate loans [Member] | Subordinate loans [Member] | Mezzanine Loan [Member] | Mezzanine Loan [Member] | ||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | ||||||||||||||
facility | facility | |||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||
Mortgage loan, face amount | $572,350,000 | $467,300,000 | $29,636,000 | £ 20,000,000 | $30,672,000 | £ 20,000,000 | $668,187,000 | $562,434,000 | $155,000,000 | $90,000,000 | $51,996,000 | £ 34,519,000 | ||||||||
Number of properties | 44 | 44 | ||||||||||||||||||
Carrying amount of mortgage loan | 119,314,000 | 89,584,000 | 29,636,000 | 20,000,000 | 89,678,000 | |||||||||||||||
Basis point | 8.25% | 4.40% | ||||||||||||||||||
Participation in loan, amount | $90,000,000 | $90,000,000 | $65,000,000 | $65,000,000 |
Derivative_Instruments_Summary
Derivative Instruments - Summary of Derivatives (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized gains (loss) on derivative instruments | ($3,044) | $0 |
Total | -3,044 | 0 |
Foreign Currency Contract [Member] | Gain (Loss) on Derivative Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized gains (loss) on derivative instruments | ($3,044) | $0 |
Derivative_Instruments_Summary1
Derivative Instruments - Summary of Derivative Gross Assets and Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Offsetting Assets [Line Items] | ||
Gross Amount of Recognized Assets | $1,026 | $4,070 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 1,026 | 4,070 |
Foreign Currency Contract [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amount of Recognized Assets | 1,026 | 4,070 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | $1,026 | $4,070 |
Related_Party_Transactions_Det
Related Party Transactions (Detail) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Feb. 28, 2015 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 28, 2015 | Feb. 28, 2015 | Sep. 30, 2014 | Sep. 30, 2014 | Feb. 28, 2015 | Feb. 28, 2015 | Jan. 31, 2015 | Jan. 31, 2015 |
USD ($) | 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] | KBCD Partnership [Member] | KBCD Partnership [Member] | KBCD Partnership [Member] | BKB Bank [Member] | Commitment to Invest in KBCD [Member] | Commitment to Invest in KBCD [Member] | Commitment to Invest in KBCD [Member] | Commitment to Invest in KBCD [Member] | Unfunded Commitment, Champ L.P. [Member] | Unfunded Commitment, Champ L.P. [Member] | Wholly-owned Subsidiary [Member] | Champ LP [Member] | Champ LP [Member] | Champ LP [Member] | Champ LP [Member] | Champ LP [Member] | |
Management Fees [Member] | Management Fees [Member] | Management Fees [Member] | Reimbursements [Member] | Reimbursements [Member] | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | Champ Limited Partnership [Member] | KBC Bank Deutschland AG [Member] | USD ($) | EUR (€) | Additional Investment [Member] | Additional Investment [Member] | |||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||
Rate of management fees | 1.50% | ||||||||||||||||||||||||
Percentage of independent directors votes required to terminate Management Agreement | 66.66% | ||||||||||||||||||||||||
Period of termination | 180 days | ||||||||||||||||||||||||
Period to be considered, for average annual base management fee | 3 | ||||||||||||||||||||||||
Period preceding termination which is used to calculate termination fee payment | 24 months | ||||||||||||||||||||||||
Related party expenses | $3,341 | $2,565 | $3,341 | $2,565 | $636 | $107 | |||||||||||||||||||
Base management fees incurred but not yet paid | 3,341 | 3,240 | 3,341 | 3,240 | |||||||||||||||||||||
Ownership interest | 21.00% | 11.00% | 59.00% | 35.00% | |||||||||||||||||||||
Initial funding for equity method investment | 3,929 | 0 | 39,477 | 30,724 | |||||||||||||||||||||
Commitment to invest | 50,000 | 38,000 | 50,000 | 38,000 | 3,465 | 3,229 | 3,929 | 3,331 | |||||||||||||||||
Sale of equity method investment, percentage | 48.00% | 48.00% | |||||||||||||||||||||||
Proceeds from sale of equity method investments | $20,794 | € 16,314 | |||||||||||||||||||||||
Company and affiliated investors ownership, percentage | 100.00% |
ShareBased_Payments_Additional
Share-Based Payments - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 23, 2009 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized stock-based compensation expense | $1,117 | $426 | |
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 | 1,117 | 426 | |
LTIP [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | 1,142 | ||
LTIP [Member] | RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | 7,323 | ||
Common stock, shares delivered | 12,763 | 237,008 | |
Stock units vested | 20,000 | 288,750 | |
Adjustment to additional paid in capital, tax liability | $122 | $847 |
ShareBased_Payments_Summary_of
Share-Based Payments - Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs (Detail) (LTIP [Member], USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Outstanding, beginning of period (in shares) | 274,114 | |
Outstanding, end of period (in shares) | 274,114 | 274,114 |
RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Outstanding, beginning of period (in shares) | 610,254 | |
Grant (in shares) | 8,000 | |
Forfeiture (in shares) | -5,000 | |
Cancelled upon delivery (in shares) | -20,000 | |
Outstanding, end of period (in shares) | 593,254 | |
Estimated Fair Value on Grant Date | $132 |
ShareBased_Payments_Summary_of1
Share-Based Payments - Summary of Restricted Stock and RSU Vesting Dates (Detail) (LTIP [Member]) | Mar. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 533,406 |
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 | 213,339 |
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 | 146,672 |
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 | 143,267 |
Shares Vesting [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 70,229 |
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 | 463,177 |
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 | 197,751 |
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 | 134,417 |
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 | 131,009 |
Stockholders_Equity_Detail
Stockholders' Equity (Detail) (USD $) | 3 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Feb. 25, 2015 | Mar. 16, 2015 |
Class of Stock [Line Items] | ||||
Proceeds from issuance of common stock as a result of follow-on public offering | $193,148 | |||
Dividend declared per share of common stock (in dollars per share) | $0.44 | $0.40 | ||
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Dividend declared per share of common stock (in dollars per share) | $0.44 | |||
Series A Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Dividend rate, preferred stock | 8.63% | |||
Dividend declared per share of preferred stock (in dollars per share) | $0.54 | |||
Follow On Public Offering [Member] | Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Issuance of stock after completion of follow-on public offering | 11,500,000 | |||
Price per share of newly issued common stock (in dollars per share) | $16.82 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) | Mar. 31, 2015 | Mar. 31, 2015 | Sep. 30, 2013 | Feb. 28, 2015 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 28, 2015 | Feb. 28, 2015 | Feb. 28, 2015 | Feb. 28, 2015 |
In Thousands, unless otherwise specified | Commercial mortgage loans [Member] | Subordinate loans [Member] | KBCD Partnership [Member] | BKB Bank [Member] | Commitment to Invest in KBCD [Member] | Commitment to Invest in KBCD [Member] | Commitment to Invest in KBCD [Member] | Commitment to Invest in KBCD [Member] | Unfunded Commitment, Champ L.P. [Member] | Unfunded Commitment, Champ L.P. [Member] | Champ LP [Member] | Champ LP [Member] |
USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | |||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Commitment to invest | $50,000 | € 38,000 | $50,000 | € 38,000 | $3,465 | € 3,229 | ||||||
Ownership interest | 21.00% | 11.00% | ||||||||||
Sale of equity method investment, percentage | 48.00% | 48.00% | ||||||||||
Proceeds from sale of equity method investments | 20,794 | 16,314 | ||||||||||
Unfunded loan commitments | $234,050 | $25,090 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Restricted cash | $30,127 | $30,127 |
Securities, held-to-maturity | 154,446 | 154,283 |
Carrying Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Cash and cash equivalents | 39,962 | 40,641 |
Restricted cash | 30,127 | 30,127 |
Securities, held-to-maturity | 154,446 | 154,283 |
Convertible senior notes, net | -246,881 | -246,464 |
Carrying Value [Member] | Level 3 [Member] | Commercial mortgage loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial first mortgage and Subordinate loans | 563,390 | 458,520 |
Carrying Value [Member] | Level 3 [Member] | Subordinate loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial first mortgage and Subordinate loans | 672,070 | 561,182 |
Borrowings under repurchase agreements | -575,433 | -622,194 |
Estimated Fair Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Cash and cash equivalents | 39,962 | 40,641 |
Restricted cash | 30,127 | 30,127 |
Securities, held-to-maturity | 154,984 | 154,980 |
Convertible senior notes, net | -255,705 | -254,605 |
Estimated Fair Value [Member] | Level 3 [Member] | Commercial mortgage loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial first mortgage and Subordinate loans | 570,002 | 465,510 |
Estimated Fair Value [Member] | Level 3 [Member] | Subordinate loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial first mortgage and Subordinate loans | 675,154 | 566,385 |
Borrowings under repurchase agreements | -575,453 | -621,269 |
Participating Mortgages [Member] | Carrying Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Participations sold | -119,314 | -89,584 |
Participating Mortgages [Member] | Estimated Fair Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Participations sold | ($119,626) | ($89,995) |
Net_Income_per_Share_Detail
Net Income per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: | ||
Net income | $25,513 | $17,580 |
Preferred dividends | -1,860 | -1,860 |
Net income available to common stockholders | 23,653 | 15,720 |
Dividends declared on common stock | -25,702 | -14,850 |
Dividends on participating securities | -261 | -86 |
Net income (loss) attributable to common stockholders | ($2,310) | $784 |
Denominator: | ||
Basic weighted average shares of common stock outstanding (shares) | 49,563,822 | 37,122,842 |
Diluted weighted average shares of common stock outstanding (shares) | 50,171,687 | 37,341,050 |
Basic and diluted net income per weighted average share of common stock | ||
Distributable Earnings (dollars per share) | $0.52 | $0.40 |
Undistributed income (loss) (dollars per share) | ($0.05) | $0.02 |
Basic and diluted net income per share of common stock (in dollars per share) | $0.47 | $0.42 |
RSUs [Member] | ||
Basic and diluted net income per weighted average share of common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 607,865 |
Subsequent_Events_Detail
Subsequent Events (Detail) (USD $) | 3 Months Ended | 0 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Apr. 28, 2015 | Apr. 30, 2015 |
Stock Transactions, Parenthetical Disclosures [Abstract] | ||||
Dividend declared per share of common stock (in dollars per share) | $0.44 | $0.40 | ||
Subsequent Event [Member] | ||||
Stock Transactions, Parenthetical Disclosures [Abstract] | ||||
Dividend declared per share of common stock (in dollars per share) | $0.44 | |||
Loan amount funded | $8 |