Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 06, 2015 | |
Document Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ARI | |
Entity Registrant Name | Apollo Commercial Real Estate Finance, Inc. | |
Entity Central Index Key | 1,467,760 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 67,145,252 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash | $ 20,158 | $ 40,641 |
Restricted cash | 30,127 | 30,127 |
Securities available-for-sale, at estimated fair value | 0 | 17,105 |
Securities, at estimated fair value | 512,485 | 522,730 |
Securities, held-to-maturity | 153,799 | 154,283 |
Investment in unconsolidated joint venture | 20,183 | 37,016 |
Derivative assets | 246 | 4,070 |
Interest receivable | 14,424 | 10,829 |
Deferred financing costs, net | 8,125 | 7,444 |
Other assets | 767 | 1,200 |
Total Assets | 2,527,803 | 1,845,147 |
Liabilities: | ||
Borrowings under repurchase agreements | 735,437 | 622,194 |
Convertible senior notes, net | 247,736 | 246,464 |
Participations sold | 119,407 | 89,584 |
Accounts payable and accrued expenses | 4,668 | 7,578 |
Payable to related party | 4,100 | 3,240 |
Dividends payable | 32,060 | 21,018 |
Total Liabilities | $ 1,143,408 | $ 990,078 |
Commitments and Contingencies | ||
Stockholders’ Equity: | ||
Common stock, $0.01 par value, 450,000,000 shares authorized, 67,145,252 and 46,900,442 shares issued and outstanding, respectively | $ 671 | $ 469 |
Additional paid-in-capital | 1,408,448 | 868,035 |
Retained earnings (accumulated deficit) | (22,225) | (10,485) |
Accumulated other comprehensive loss | (2,614) | (2,985) |
Total Stockholders’ Equity | 1,384,395 | 855,069 |
Total Liabilities and Stockholders’ Equity | 2,527,803 | 1,845,147 |
Commercial mortgage loans [Member] | ||
Assets: | ||
Loans, held for investment | 905,681 | 458,520 |
Subordinate loans [Member] | ||
Assets: | ||
Loans, held for investment | 861,808 | 561,182 |
Series A Preferred stock [Member] | ||
Stockholders’ Equity: | ||
Preferred stock | 35 | 35 |
Series B Preferred stock [Member] | ||
Stockholders’ Equity: | ||
Preferred stock | $ 80 | $ 0 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
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 | 67,145,252 | 46,900,442 |
Common stock, shares outstanding | 67,145,252 | 46,900,442 |
Series A Preferred stock [Member] | ||
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 |
Series B Preferred stock [Member] | ||
Preferred stock, shares issued | 8,000,000,000 | |
Preferred stock, shares outstanding | 8,000,000,000 | |
Preferred stock, aggregate liquidation preference, value | $ 200,000,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net interest income: | ||||
Interest income from securities | $ 8,293 | $ 6,129 | $ 24,846 | $ 12,914 |
Interest income from securities, held to maturity | 2,956 | 2,219 | 9,050 | 2,219 |
Interest income from commercial mortgage loans | 15,184 | 8,025 | 37,246 | 18,475 |
Interest income from subordinate loans | 25,445 | 18,983 | 65,206 | 51,951 |
Interest expense | (13,187) | (8,786) | (36,287) | (15,802) |
Net interest income | 38,691 | 26,570 | 100,061 | 69,757 |
Operating expenses: | ||||
General and administrative expenses (includes $756 and $2,695 of equity based compensation in 2015 and $308 and $1,096 in 2014, respectively) | (2,099) | (1,434) | (6,512) | (4,355) |
Management fees to related party | (4,097) | (3,193) | (11,325) | (8,725) |
Total operating expenses | (6,196) | (4,627) | (17,837) | (13,080) |
Income from unconsolidated joint venture | 108 | (88) | 495 | (88) |
Other income | 239 | 21 | 252 | 26 |
Realized loss on sale of securities | 0 | 0 | (443) | 0 |
Unrealized gain (loss) on securities | (6,926) | (2,147) | (5,792) | 4,787 |
Foreign currency gain (loss) | (2,165) | (3,596) | 3,424 | (2,637) |
Gain (loss) on derivative instruments | 2,096 | 3,026 | (4,144) | 1,933 |
Net income | 25,847 | 19,159 | 76,016 | 60,698 |
Preferred dividends | (2,304) | (1,860) | (6,023) | (5,580) |
Net income available to common stockholders | $ 23,543 | $ 17,299 | $ 69,993 | $ 55,118 |
Basic and diluted net income per share of common stock (dollars per share) | $ 0.39 | $ 0.37 | $ 1.24 | $ 1.30 |
Basic weighted average shares of common stock outstanding (shares) | 59,355,613 | 46,848,675 | 55,818,731 | 42,322,380 |
Diluted weighted average shares of common stock outstanding (shares) | 59,934,008 | 47,068,929 | 56,415,082 | 42,538,744 |
Dividend declared per share of common stock (dollars per share) | $ 0.44 | $ 0.40 | $ 1.32 | $ 1.2 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
General and administrative expenses, equity-based compensation | $ 756 | $ 308 | $ 2,695 | $ 1,096 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income available to common stockholders | $ 23,543 | $ 17,299 | $ 69,993 | $ 55,118 |
Change in net unrealized gain (loss) on securities available-for-sale | 0 | 39 | 678 | 116 |
Foreign currency translation adjustment | 53 | 0 | (307) | 0 |
Comprehensive income | $ 23,596 | $ 17,338 | $ 70,364 | $ 55,234 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid In Capital [Member] | Returned Earnings/ (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income [Member] | Series B Preferred stock [Member] | Series B Preferred stock [Member]Preferred Stock [Member] | Series B Preferred stock [Member]Additional Paid In Capital [Member] | Common Stock [Member] | Common Stock [Member]Common Stock [Member] | Common Stock [Member]Additional Paid In Capital [Member] | ||
Beginning balance, Shares at Dec. 31, 2014 | 3,450,000 | 46,900,442 | ||||||||||||
Beginning balance at Dec. 31, 2014 | $ 855,069 | $ 35 | $ 469 | $ 868,035 | $ (10,485) | $ (2,985) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Capital increase related to Equity Incentive Plan (shares) | 12,763 | |||||||||||||
Capital increase related to Equity Incentive Plan | 2,573 | $ 0 | [1] | 2,573 | ||||||||||
Issuance of stock (shares) | 8,000,000 | 20,323,529 | ||||||||||||
Issuance of stock | $ 197,680 | $ 80 | $ 197,600 | $ 343,430 | $ 203 | $ 343,227 | ||||||||
Issuance of restricted common stock (shares) | 15,950 | |||||||||||||
Issuance of restricted common stock | [1] | $ 0 | ||||||||||||
Repurchase of common stock (shares) | (107,432) | |||||||||||||
Repurchase of common stock | (1,741) | $ (1) | (1,740) | |||||||||||
Offering costs | (1,247) | (1,247) | ||||||||||||
Net income | 76,016 | 76,016 | ||||||||||||
Change in other comprehensive loss | 371 | 371 | ||||||||||||
Dividends on common stock | (81,733) | (81,733) | ||||||||||||
Dividends on preferred stock | (6,023) | (6,023) | ||||||||||||
Ending balance, Shares at Sep. 30, 2015 | 11,450,000 | 67,145,252 | ||||||||||||
Ending balance at Sep. 30, 2015 | $ 1,384,395 | $ 115 | $ 671 | $ 1,408,448 | $ (22,225) | $ (2,614) | ||||||||
[1] | Rounds to zero. |
Condensed Consolidated Stateme8
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows provided by operating activities: | ||
Net income | $ 76,016 | $ 60,698 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Premium amortization and (discount accretion), net | (7,782) | (3,018) |
Amortization of deferred financing costs | 2,219 | 1,252 |
Equity-based compensation | 2,573 | 220 |
Unrealized (gain) loss on securities | 5,916 | (4,787) |
Income from unconsolidated joint venture | (511) | 88 |
Foreign currency (gain) loss | 1,703 | 2,623 |
Unrealized loss on derivative instruments | 4,151 | (1,933) |
Realized loss on sale of security | 443 | 0 |
Changes in operating assets and liabilities: | ||
Accrued interest receivable, less purchased interest | (20,711) | (16,521) |
Other assets | 396 | 200 |
Accounts payable and accrued expenses | (3,202) | 1,077 |
Payable to related party | 860 | 565 |
Net cash provided by operating activities | 62,071 | 40,464 |
Cash flows used in investing activities: | ||
Funding of securities at estimated fair value | 0 | (325,961) |
Funding of commercial mortgage loans | (483,090) | (211,738) |
Funding of subordinate loans | (483,480) | (353,386) |
Funding of unconsolidated joint venture | (3,929) | (39,477) |
Funding of other assets | (8) | (1,258) |
Funding of derivative instruments | (327) | 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 | 15,289 |
Principal payments received on securities at estimated fair value | 32 | 15,306 |
Principal payments received on securities, held-to-maturity | 1,000 | 0 |
Principal payments received on commercial mortgage loans | 41,479 | 666 |
Principal payments received on subordinate loans | 146,775 | 117,003 |
Principal payments received on other assets | 167 | 86 |
Proceeds from sale of commercial mortgage loans | 0 | 4,950 |
Proceeds from sale of subordinate loans | 52,612 | 0 |
Net cash used in investing activities | (684,346) | (778,520) |
Cash flows from financing activities: | ||
Proceeds from issuance of preferred stock | 197,680 | 0 |
Proceeds from issuance of common stock | 343,430 | 158,693 |
Repurchase of common stock | (1,741) | 0 |
Payment of offering costs | (956) | (308) |
Proceeds from repurchase agreement borrowings | 553,214 | 441,391 |
Repayments of repurchase agreement borrowings | (439,971) | (105,658) |
Proceeds from issuance of convertible senior notes | 0 | 256,970 |
Proceeds from participations sold | 30,484 | 89,012 |
Repayments of participations sold | (733) | 0 |
Payment of deferred financing costs | (2,900) | (8,846) |
Dividends on common stock | (71,135) | (49,065) |
Dividends on preferred stock | (5,580) | (5,580) |
Net cash provided by financing activities | 601,792 | 776,609 |
Net increase in cash and cash equivalents | (20,483) | 38,553 |
Cash and cash equivalents, beginning of period | 40,641 | 20,096 |
Cash and cash equivalents, end of period | 20,158 | 58,649 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 36,563 | 14,565 |
Supplemental disclosure of non-cash financing activities: | ||
Dividend declared, not yet paid | 32,060 | 20,753 |
Deferred financing costs, not yet paid | 0 | 213 |
Offering costs payable | $ 325 | $ 71 |
Organization
Organization | 9 Months Ended |
Sep. 30, 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 Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company 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 Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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. The Company's results of operations for the quarterly period ended September 30, 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, 2017, 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 condensed 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 of this guidance will have a material impact on the Company's 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 the Company's condensed consolidated financial statements. |
Fair Value Disclosure
Fair Value Disclosure | 9 Months Ended |
Sep. 30, 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 September 30, 2015 and December 31, 2014 : Fair Value as of September 30, 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) — 512,485 — 512,485 — 522,730 — 522,730 Derivative assets — 246 — 246 — 4,070 — 4,070 Derivative liabilities — — — — — — — — Total $ — $ 512,731 $ — $ 512,731 $ — $ 543,905 $ — $ 543,905 |
Debt Securities
Debt Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities | Debt Securities At September 30, 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 further information regarding 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 September 30, 2015 are summarized as follows: Security Description Face Amount Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Carrying Value CMBS (Fair Value Option) $ 520,883 $ 512,107 $ 5,752 $ (5,374 ) $ 512,485 CMBS (Held-to-Maturity) $ 154,000 $ 153,799 $ — $ — $ 153,799 Total $ 674,883 $ 665,906 $ 5,752 $ (5,374 ) $ 666,284 The following table presents information about the Company's debt securities that were in an unrealized loss position at September 30, 2015 : 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 (Fair Value Option) 239,715 (4,222 ) 6,315 (1,152 ) Total $ 239,715 $ (4,222 ) $ 6,315 $ (1,152 ) The gross unrealized loss related to the available-for-sale securities results from the fair value of the securities falling below the amortized cost basis. The unrealized losses are primarily the result of market factors other than credit impairment and the Company believes the carrying value of the securities are fully recoverable over their expected holding period. Management does not intend to sell or expect to be forced to sell the securities prior to the Company recovering the amortized cost. As such, management does not believe any of the securities are other than temporarily impaired. The amortized cost and estimated fair value of the Company’s debt securities at December 31, 2014 are summarized as follows: Security Description Face Amount Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair 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 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 September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 Credit Ratings * AAA to CC AAA to CCC- Coupon 5.9 % 5.9 % Yield 6.6 % 6.4 % Weighted Average Life 1.7 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 September 30, 2015 and December 31, 2014 are as follows: Vintage September 30, 2015 December 31, 2014 2005 9.7 % 9.0 % 2006 19.4 19.0 2007 61.8 63.0 2008 9.1 9.0 Total 100.0 % 100.0 % Property Type September 30, 2015 December 31, 2014 Office 32.3 % 33.4 % Retail 29.4 29.1 Multifamily 13.3 13.3 Other * 25.0 24.2 Total 100.0 % 100.0 % * No other individual category comprises more than 10% of the total. Location September 30, 2015 December 31, 2014 South Atlantic 23.2 % 23.2 % Middle Atlantic 17.9 21.1 Pacific 17.6 17.0 East North Central 12.4 11.0 Other * 28.9 27.7 Total 100.0 % 100.0 % * No other individual category comprises more than 10% of the total. |
Commercial Mortgage Loans
Commercial Mortgage Loans | 9 Months Ended |
Sep. 30, 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 September 30, 2015 : Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Property Size Condo Conversion – New York, NY (1) Aug-13 Sept-16 33,000 24,131 24,252 Floating 40,000 sq. ft. Condo Construction - Potomac, MD (3) Feb-14 Sept-16 80,000 80,000 79,739 Floating 50 units Vacation Home Portfolio - Various (1) Apr-14 Apr-19 101,000 95,984 95,086 Fixed 229 properties Hotel - Philadelphia, PA (1)(4) May-14 May-17 34,000 34,000 33,960 Floating 301 rooms Condo Construction - Bethesda, MD (5) Jun-14 Dec-16 33,000 33,000 32,900 Floating 40 units Multifamily - Brooklyn, NY (1)(6) Jul-14 Aug-16 34,500 34,500 34,818 Floating 63 units Mixed Use - Cincinnati, OH (7) Nov-14 May-18 128,700 128,700 127,074 Floating 65 acres Condo Conversion - New York, NY (1)(8) Nov-14 Dec-15 67,300 67,300 67,078 Floating 86,000 sq. ft. Multifamily - Williston, ND (1)(4) Nov-14 Nov-17 58,000 55,140 54,979 Floating 366 units/homes Vacation Home Portfolio - Various U.S. (1)(4) Nov-14 Nov-19 50,000 50,000 49,572 Fixed 24 properties Mixed Use - Brooklyn, NY (1)(9) Feb-15 Mar-17 85,770 85,770 85,414 Floating 330,000 sq. ft. Hotel Portfolio - Various U.S. (1)(2) Jun-15 Mar-17 45,400 45,400 45,290 Floating 2,690 rooms Retail redevelopment - Miami, FL (1)(10) Jun-15 Jan-17 45,000 45,000 44,740 Floating 63,300 sq. ft. Retail redevelopment - Miami, FL (1) Jun-15 Jul-17 33,000 33,000 32,719 Floating 16,600 sq. ft. Retail - Brooklyn, NY (1)(11) Aug-15 Mar-17 1,653 1,653 1,629 Floating 10,500 sq. ft. Hotel - New York, NY (12) Sept-15 Sept-18 97,807 97,807 96,431 Floating 317 rooms Total/Weighted Average $ 928,130 $ 911,385 $ 905,681 7.02 % (1) At September 30, 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. (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. At September 30, 2015 , the Company had $32,100 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. At September 30, 2015 , the Company had $36,300 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. (9) At September 30, 2015 , the Company had $6,730 of unfunded loan commitments related to this loan. (10) This loan includes two six -month extension options subject to certain conditions and the payment of a fee. (11) At September 30, 2015 , the Company had $9,000 of unfunded loan commitments related to this loan. (12) This loan includes two one -year extension options subject to certain conditions and the payment of a fee. At September 30, 2015 , the Company had $40,599 of unfunded loan commitments related to this loan. During April 2015, the Company received the full repayment from a commercial mortgage loan secured by a hotel in Silver Spring, Maryland. The Company’s commercial mortgage loan portfolio was comprised of the following at December 31, 2014 : Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Property Size Hotel - Silver Spring, MD (1) Mar-10 Apr-15 $ 26,000 $ 24,590 $ 24,557 Fixed 263 rooms Condo Conversion – New York, NY (1)(2) Aug-13 Sept-15 33,000 33,846 33,961 Floating 40,000 sq. ft. Condo Construction - Potomac, MD (3) Feb-14 Sept-16 28,000 28,000 27,520 Floating 50 units Vacation Home Portfolio - Various Apr-14 Apr-19 101,000 100,046 99,086 Fixed 229 properties Hotel - Philadelphia, PA (1)(4) May-14 May-17 34,000 34,000 33,842 Floating 301 rooms Condo Construction - Bethesda, MD (5) Jun-14 Dec-16 20,000 20,000 19,616 Floating 40 units Multifamily - Brooklyn, NY (1)(6) Jul-14 Aug-16 30,000 30,000 30,110 Floating 63 units Mixed Use - Cincinnati, OH (7) Nov-14 May-18 20,000 20,000 18,309 Floating 65 acres Condo Conversion - New York, NY (1)(8) Nov-14 Dec-15 67,300 67,300 64,714 Floating 86,000 sq. ft. Multifamily - Williston, ND (1)(4) Nov-14 Nov-17 58,000 57,792 57,297 Floating 366 units/homes Vacation Home Portfolio - Various U.S. (4) Nov-14 Nov-19 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. At 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. At 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. At 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. At 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 September 30, 2015 or December 31, 2014 . |
Subordinate Loans
Subordinate Loans | 9 Months Ended |
Sep. 30, 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 September 30, 2015 : Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Office - Michigan May-10 Jun-20 $ 9,000 $ 8,769 $ 8,769 Fixed Mixed Use – North Carolina Jul-12 Aug-22 6,525 6,525 6,525 Fixed Office Complex - Missouri Sept-12 Oct-22 10,000 9,604 9,604 Fixed Condo Construction – New York, NY (1) Jan-13 Jul-17 60,000 84,396 84,234 Fixed Hotel Portfolio – Rochester, MN Jan-13 Feb-18 25,000 24,261 24,261 Fixed Warehouse Portfolio - Various May-13 May-23 32,000 32,000 32,000 Fixed Office Condo - New York, NY Jul-13 Jul-22 14,000 14,000 13,622 Fixed Condo Conversion – New York, NY (2) Aug-13 Sept-16 29,400 11,437 11,535 Floating Mixed Use - Various (3) Dec-13 Dec-18 17,000 19,500 19,365 Fixed Mixed Use - London, England Apr-14 Jan-16 52,024 52,024 52,024 Fixed Healthcare Portfolio - Various (4) Jun-14 Jun-16 50,000 45,588 45,588 Floating Ski Resort - Big Sky, MT Aug-14 Sept-20 15,000 15,000 14,874 Fixed Mixed Use - New York, NY (5) Dec-14 Dec-17 70,943 75,473 74,806 Floating Senior Housing - United Kingdom Jan-15 Dec-17 82,063 82,063 82,063 Floating Hotel - Burbank, CA Feb-15 Jan-20 20,000 20,000 20,000 Fixed Multifamily Portfolio - Florida (4) Apr-15 May-17 22,000 22,000 21,851 Floating Multifamily Portfolio - Florida (4) Apr-15 May-17 15,500 15,500 15,395 Floating Mixed Use - Various (4) Jun-15 May-17 45,000 45,000 44,719 Floating Hotel - Phoenix, AZ Jun-15 Jul-25 25,000 25,000 25,000 Fixed Hotel - Washington, DC (3) Jun-15 Jul-17 20,000 20,000 19,896 Floating Condo development - New York, NY (1)(6) Jun-15 Jul-19 72,093 73,072 70,337 Floating Condo Conversion - New York, NY (3) Jul-15 Aug-18 50,000 50,764 50,175 Floating Mixed Use - New York, NY Aug-15 Mar-17 14,000 12,347 12,168 Floating Mixed Use - New York, NY (1) Sept-15 Oct-18 30,000 30,000 29,706 Floating Hotel - New York, NY (7) Sept-15 Sept-18 2,562 2,562 2,411 Floating Destination Resort - Various (8) Sept-15 May-18 75,000 75,000 70,880 Floating Total/Weighted Average $ 864,110 $ 871,885 $ 861,808 11.20 % (1) Includes a one -year extension option subject to certain conditions and the payment of an extension fee. (2) At September 30, 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. At September 30, 2015 , the Company had $11,557 of unfunded loan commitments related to this loan. (6) At September 30, 2015 , the Company had $202,197 of unfunded loan commitments related to this loan. (7) Includes two one -year extension options subject to certain conditions and the payment of a fee for each extension. At September 30, 2015 , the Company had $12,512 of unfunded loan commitments related to this loan. (8) Includes four one -year extension options subject to certain conditions and the payment of an extension fee. During June 2015, the Company received the full repayment of a subordinate loan secured by a pledge of the equity interest in a borrower that owns a mixed use property located in the central business district of Pittsburgh, PA. During August 2015, the Company sold a subordinate loan secured by a pledge of the equity interest in a borrower that owns a portfolio of hotels throughout the United States that is scheduled to mature in November 2015 and retained an interest-only strip (included in other assets on these consolidated financial statements) that bears interest at 3.4% and will mature at the time the loan is repaid. During August 2015, the Company sold a subordinate loan secured by a pledge of the equity interest in a borrower that owns a hotel in New York, NY and retained the rights to the prepayment penalty should the loan repay prior to January 2016, the expiration of the prepayment lockout. During September 2015, the Company received the full repayment of a subordinate loan secured by a pledge of the equity interest in a borrower that owns a ski resort in California. The Company’s subordinate loan portfolio was comprised of the following at December 31, 2014 : Description Date of Maturity Original Current Carrying Coupon Office - Michigan May-10 Jun-20 $ 9,000 $ 8,813 $ 8,813 Fixed Ski Resort - California Apr-11 May-17 40,000 40,000 39,771 Fixed Mixed Use – North Carolina Jul-12 Aug-22 6,525 6,525 6,525 Fixed Office Complex - Missouri Sept-12 Oct-22 10,000 9,711 9,711 Fixed Hotel Portfolio – Various (1) Nov-12 Nov-15 50,000 34,042 33,995 Floating Condo Construction – New York, NY (1) Jan-13 Jul-17 60,000 76,344 76,005 Fixed Multifamily Conversion – New York, NY (1) Jan-13 Dec-15 18,000 14,608 14,703 Floating Hotel Portfolio – Rochester, MN Jan-13 Feb-18 25,000 24,486 24,486 Fixed Warehouse Portfolio - Various May-13 May-23 32,000 32,000 32,000 Fixed Multifamily Conversion – New York, NY (2) May-13 Feb-15 44,000 44,000 43,989 Floating Office Condo - New York, NY Jul-13 Jul-22 14,000 14,000 13,596 Fixed Condo Conversion – New York, NY (1) Aug-13 Sept-15 29,400 29,751 29,762 Floating Mixed Use - Pittsburgh, PA (3) Aug-13 Aug-16 22,500 22,500 22,473 Floating Mixed Use - Various (3) Dec-13 Dec-18 17,000 19,464 19,294 Fixed Mixed Use - London, England Apr-14 Jan-15 50,009 52,355 52,355 Fixed Healthcare Portfolio - Various (4) Jun-14 Jun-16 50,000 50,000 50,000 Floating Hotel - New York, NY (4) Jul-14 Jul-16 20,000 20,000 19,870 Floating Ski Resort - Big Sky, MT Aug-14 Sept-20 15,000 15,000 14,861 Fixed Mixed Use - New York, NY (5) Dec-14 Dec-17 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. At December 31, 2014, the Company had $32,500 of unfunded loan commitments related to this loan. During January 2014, the Company received a $15,000 principal repayment from a subordinate loan secured by a pledge of the equity interests in the owner of a New York City hotel. During June 2014, the Company received a $47,000 principal repayment from a mezzanine loan secured by a pledge of the equity interests in a portfolio of skilled nursing facilities. 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 September 30, 2015 or December 31, 2014 . |
Unconsolidated Joint Venture
Unconsolidated Joint Venture | 9 Months Ended |
Sep. 30, 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 $3,609 ). 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 the Company was not the primary beneficiary; therefore, the Company did not consolidate the assets and liabilities of the partnership. The Company's investment in Champ LP is accounted for as an equity method investment. Additionally, due to the nature of its investment in BKB Bank, the Company determined Champ LP is an investment company under GAAP, and is therefore reflected at fair value. |
Borrowings Under Repurchase Agr
Borrowings Under Repurchase Agreements | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings Under Repurchase Agreements | Borrowings Under Repurchase Agreements At September 30, 2015 and December 31, 2014 , the Company’s borrowings outstanding under the Wells Facility, the UBS Facility, the DB Facility, the JPMorgan Facility and the Goldman Loan had the following debt balances, weighted average maturities and interest rates: September 30, 2015 December 31, 2014 Debt Balance Weighted Average Remaining Maturity Weighted Average Rate Debt Balance Weighted Average Remaining Maturity Weighted Average Rate Wells Facility borrowings $ — — — % $ 20,166 0.2 years 1.0 % ** UBS Facility borrowings 133,899 3.0 years * 2.8 % 133,899 3.7 years * 2.8 % Fixed DB Facility borrowings 300,005 2.5 years 3.7 % 300,005 3.3 years 3.7 % *** JPMorgan Facility borrowings 253,481 2.3 years 2.5 % 168,124 0.1 years 2.7 % L+225 - 350 Goldman Loan 48,052 3.6 years 3.7 % — — — % L+350 Total borrowings $ 735,437 2.5 years 3.0 % $ 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 September 30, 2015 , the Company’s borrowings had the following remaining maturities: Less than 1 year 1 to 3 years 3 to 5 years More than 5 years Total UBS Facility borrowings * $ 5,004 $ 128,895 $ — $ — $ 133,899 DB Facility borrowings 58,552 241,453 — — 300,005 JPMorgan Facility borrowings 1,177 252,304 253,481 Goldman Loan 3,126 10,581 34,345 48,052 Total $ 67,859 $ 633,233 $ 34,345 $ — $ 735,437 * Assumes extension option is exercised. At September 30, 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 September 30, 2015 , as well as the maximum and average balances for the nine months ended September 30, 2015 for the Company's borrowings under repurchase agreements. For the nine months ended September 30, 2015 Balance at September 30, 2015 Maximum Month-End Balance Average Month-End Balance Wells Facility borrowings $ — $ 22,254 $ 4,242 UBS Facility borrowings 133,899 133,899 $ 133,899 DB Facility borrowings 300,005 300,005 300,005 JPMorgan Facility borrowings 253,481 395,572 244,678 Goldman Loan 48,052 52,524 45,259 Total $ 735,437 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 with JPMorgan Chase Bank, National Association. The JPMorgan Facility was amended in June 2015 to increase the maximum aggregate purchase price from $300,000 to $400,000 , 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 September 30, 2015 and December 31, 2014 . |
Convertible Senior Notes
Convertible Senior Notes | 9 Months Ended |
Sep. 30, 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 September 30, 2015 , the March 2019 Notes had a carrying value of $140,405 and an unamortized discount of $3,345 . 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 September 30, 2015 , the August 2019 Notes had a carrying value of $107,331 and an unamortized discount of $3,669 . 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 5.50 % 6.25 % 55.3649 3/15/2019 3.46 years August 2019 Notes $ 111,000 5.50 % 6.50 % 55.3649 3/15/2019 3.46 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 September 30, 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 September 30, 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 and $10,508 for the three and nine months ended September 30, 2015 , respectively. With respect to the amortization of the discount on the liability component of the 2019 Notes as well as the amortization of deferred financing costs, the Company reported additional non-cash interest expense of approximately $867 and $2,566 for the three and nine months ended September 30, 2015 , respectively. As of September 30, 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 of common stock because it is management's current intent and the Company currently has the ability to settle the obligation in cash. |
Federal Home Loan Bank of India
Federal Home Loan Bank of Indianapolis Membership | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Federal Home Loan Bank of Indianapolis Membership | Federal Home Loan Bank of Indianapolis Membership In February 2015, the Company's wholly owned subsidiary, ACREFI Insurance Services, LLC, was accepted for membership in the Federal Home Loan Bank of Indianapolis (“FHLBI”). As a member of the FHLBI, ACREFI Insurance Services, LLC has access to a variety of products and services offered by the FHLBI, including secured advances. As of September 30, 2015 , ACREFI Insurance Services, LLC had not requested any secured advances. The ability to borrow from the FHLBI is subject to our continued creditworthiness, pledging of sufficient eligible collateral to secure advances, and compliance with certain agreements with the FHLBI. Each advance will require approval by the FHLBI and will be secured by collateral in accordance with the FHLBI’s credit and collateral guidelines, as may be revised from time to time by the FHLBI. In addition, as a condition to membership in the FHLBI, the Company is required to purchase and hold a certain amount of FHLBI stock, which is based, in part, upon the outstanding principal balance of advances from the FHLBI. At September 30, 2015 , the Company had stock in the FHLBI totaling $8 , which is included in other assets on the consolidated balance sheet at September 30, 2015 . |
Participations Sold
Participations Sold | 9 Months Ended |
Sep. 30, 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 September 30, 2015 , the participation had a face amount of £19,900 ( $30,104 ), a carrying amount of £19,900 ( $30,104 ) 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 September 30, 2015 , the participation had a face amount of $89,419 , a carrying amount of $89,303 and a cash coupon of LIBOR plus 440 basis points. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2015 and 2014 . Three months ended September 30, Nine months ended September 30, Location of Loss Recognized in Income 2015 2014 2015 2014 Forward currency contract Gain (loss) on derivative instruments - unrealized 2,240 3,026 (3,938 ) 1,933 Interest rate caps Loss on derivative instruments - unrealized (144 ) — (206 ) — Total $ 2,096 $ 3,026 $ (4,144 ) $ 1,933 The following table summarizes the gross asset amounts related to the Company's derivative instruments at September 30, 2015 and December 31, 2014 . September 30, 2015 December 31, 2014 Gross Gross Net Amounts Gross Gross Net Amounts Forward currency contract $ 306 $ (60 ) 246 $ 4,070 $ — 4,070 Total derivative instruments $ 306 $ (60 ) $ 246 $ 4,070 $ — $ 4,070 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 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, 2016 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 and nine months ended September 30, 2015 , respectively, the Company incurred approximately $4,097 and $11,325 in base management fees. For the three and nine months ended September 30, 2014 , respectively, the Company incurred approximately $3,193 and $8,725 in base management fees. In addition to the base management fee, the Company is also responsible for reimbursing the Manager for certain expenses paid by the Manager on behalf of the Company or for certain services provided by the Manager to the Company. For the three and nine months ended September 30, 2015 , respectively, the Company recorded expenses totaling $78 and $1,011 related to reimbursements for certain expenses paid by the Manager on behalf of the Company. For the three and nine months ended September 30, 2014 , respectively, the Company recorded expenses totaling $312 and $712 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 September 30, 2015 and December 31, 2014 , respectively, are approximately $4,100 and $3,240 for base management fees incurred but not yet paid. Placement Agent Fees In connection with the private placement that closed on September 21, 2015, the Company agreed to pay a placement agent fee of $500 to Apollo Global Securities, LLC. See "Note 15 - Stockholders' Equity" for further information related to the private placement. 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 $3,609 ). 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. Table of Contents GE Capital and Mubadala Loan Portfolio On September 29, 2015, the Company entered into a commitment to purchase a real estate loan portfolio from Mubadala GE Capital Ltd representing approximately $375,355 of first mortgage real estate loans (the “Real Estate Loans”). The commitment was part of a larger transaction in which affiliates of Apollo agreed to acquire a portfolio of loans from Mubadala GE Capital Ltd (the “Transaction”). The Transaction remains subject to certain regulatory approvals and closing conditions. On October 1, 2015, the Company and MidCap FinCo Limited (“MidCap”), an affiliate of Apollo, entered into an agreement (the “MidCap Agreement”) whereby the Company granted MidCap an option to purchase the Real Estate Loans, which option is exercisable until 30 business days prior to the anticipated closing date for the Transaction. In consideration of the option, MidCap agreed to pay the Company a fee of $750 . The MidCap Agreement also provides that if prior to the closing of the Transaction the Company is not satisfied with its due diligence investigation of the Real Estate Loans and provides notice to MidCap within a specified time period, MidCap will purchase the Real Estate Loans from the Company. |
Share-Based Payments
Share-Based Payments | 9 Months Ended |
Sep. 30, 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 $756 and $2,695 for the three and nine months ended September 30, 2015 , respectively, related to restricted stock and RSU vesting. The Company recognized stock-based compensation expense of $308 and $1,096 for the three and nine months ended September 30, 2014 , respectively, related to restricted stock and RSU vesting. The following table summarizes the activity related to restricted common stock and RSUs during the nine months ended September 30, 2015 : Type Date Restricted Stock RSUs Estimate Fair Value Initial Vesting Final Vesting Outstanding at December 31, 2014 274,114 610,254 Grant January 2015 — 8,000 $132 December 2015 December 2017 Forfeiture January 2015 — (5,000 ) n/a n/a n/a Cancelled upon delivery March 2015 — (20,000 ) n/a n/a n/a Grant April 2015 15,950 — $275 July 2015 April 2018 Forfeiture June 2015 — (3,500 ) n/a n/a n/a Grant July 2015 — 1,631 $27 June 2016 June 2018 Forfeiture August 2015 — (5,000 ) n/a n/a n/a Outstanding at September 30, 2015 290,064 586,385 Below is a summary of expected restricted common stock and RSU vesting dates as of September 30, 2015 . Vesting Date Shares Vesting RSU Vesting Total Awards October 2015 4,631 — 4,631 December 2015 15,588 194,919 210,507 January 2016 4,629 — 4,629 April 2016 4,627 — 4,627 June 2016 — 543 543 July 2016 4,158 — 4,158 October 2016 4,158 — 4,158 December 2016 12,255 131,583 143,838 January 2017 3,737 — 3,737 April 2017 3,745 — 3,745 June 2017 — 544 544 July 2017 2,580 — 2,580 October 2017 2,577 — 2,577 December 2017 12,258 128,175 140,433 January 2018 1,330 — 1,330 April 2018 1,331 — 1,331 June 2018 — 544 544 77,604 456,308 533,912 At September 30, 2015 , the Company had unrecognized compensation expense of approximately $1,074 and $5,104 , respectively, related to the vesting of restricted stock awards and RSUs noted in the table above. RSU Deliveries During the nine months ended September 30, 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 nine months ended September 30, 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. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 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. On September 21, 2015, the Company completed a private offering of 8,823,529 shares of its common stock at a price of $17.00 per share. Common Stock and Preferred Stock Offering. On September 21, 2015, the Company completed a private placement of 8,823,529 shares of its common stock at a price of $17.00 per share, and 8,000,000 shares of 8.00% Fixed-to-Floating Series B Cumulative Redeemable Perpetual Preferred Stock (the "Series B Preferred Stock") with a liquidation preference of $25.00 per share at a price of $24.71 per share. The aggregate net proceeds from the common and Series B Preferred Stock private placement completed on September 21, 2015 were approximately $346,855 after deducting the $500 placement agent fee paid to Apollo Global Securities, LLC acting as placement agent in this transaction and estimated offering expenses payable by the Company. Share Repurchase. During the third quarter of 2015, the Company repurchased 107,432 shares of its common stock at a weighted average net price of $16.20 , resulting in a payment of $1,741 . 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 April 28, 2015 June 30, 2015 July 15, 2015 $ 0.44 July 28, 2015 September 30, 2015 October 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 June 9, 2015 June 30, 2015 July 15, 2015 $ 0.5391 September 9, 2015 September 30, 2015 October 15, 2015 $ 0.5391 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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 $3,609 ). 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. GE Capital and Mubadala Loan Portfolio. On September 29, 2015, the Company entered into a commitment to purchase a real estate loan portfolio from Mubadala GE Capital Ltd representing approximately $375,355 of Real Estate Loans. The commitment was part of the larger Transaction in which affiliates of Apollo agreed to acquire a portfolio of loans from Mubadala GE Capital Ltd (the “Transaction”). The Transaction remains subject to certain regulatory approvals and closing conditions. On October 1, 2015, the Company and MidCap, an affiliate of Apollo, entered into the MidCap Agreement whereby the Company granted MidCap an option to purchase the Real Estate Loans, which option is exercisable until 30 business days prior to the anticipated closing date for the Transaction. In consideration of the option, MidCap agreed to pay the Company a fee of $750 . The MidCap Agreement also provides that if prior to the closing of the Transaction the Company is not satisfied with its due diligence investigation of the Real Estate Loans and provides notice to MidCap within a specified time period, MidCap will purchase the Real Estate Loans from the Company. Loan Commitments. As described in "Note 5 - Commercial Mortgage Loans" and "Note 6 - Subordinate Loans", respectively, at September 30, 2015 , the Company had $124,729 of unfunded commitments related to its commercial mortgage loan portfolio and $226,266 of unfunded commitments related to its subordinate loan portfolio. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 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 September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and cash equivalents $ 20,158 $ 20,158 $ 40,641 $ 40,641 Restricted cash 30,127 30,127 30,127 30,127 Securities, held-to-maturity 153,799 153,983 154,283 154,980 Commercial first mortgage loans 905,681 911,279 458,520 465,510 Subordinate loans 861,808 872,433 561,182 566,385 Borrowings under repurchase agreements (735,437 ) (735,700 ) (622,194 ) (621,269 ) Convertible senior notes, net (247,736 ) (250,101 ) (246,464 ) (254,605 ) Participations sold (119,407 ) (119,513 ) (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 | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2015 and 2014 : For the three For the nine 2015 2014 2015 2014 Numerator: Net income $ 25,847 $ 19,159 $ 76,016 $ 60,698 Preferred dividends (2,304 ) (1,860 ) (6,023 ) (5,580 ) Net income available to common stockholders 23,543 17,299 69,993 55,118 Dividends declared on common stock (29,544 ) (18,739 ) (80,955 ) (52,329 ) Dividends on participating securities (258 ) (88 ) (779 ) (262 ) Net income (loss) attributable to common stockholders $ (6,259 ) $ (1,528 ) $ (11,741 ) $ 2,527 Denominator: Basic weighted average shares of common stock outstanding 59,355,613 46,848,675 55,818,731 42,322,380 Diluted weighted average shares of common stock outstanding 59,934,008 47,068,929 56,415,082 42,538,744 Basic and diluted net income per weighted average share of common stock Distributable Earnings $ 0.50 $ 0.40 $ 1.45 $ 1.24 Undistributed income (loss) $ (0.11 ) $ (0.03 ) $ (0.21 ) $ 0.06 Basic and diluted net income per share of common stock $ 0.39 $ 0.37 $ 1.24 $ 1.30 For the three and nine months ended September 30, 2015 , respectively, 578,395 and 596,351 unvested RSUs were excluded from the calculation of diluted net income per share because the effect was anti-dilutive. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Investment Activity. During October 2015, the Company closed a $55,000 mezzanine loan for the acquisition and predevelopment of an existing building into a condominium and multifamily property on the Upper West Side neighborhood of New York City. The mezzanine loan is part of a $93,750 financing, comprised of a $38,750 first mortgage loan and the Company’s mezzanine loan. The floating rate loan has a three -year initial term with one six -month extension option and an appraised LTV of 81% . The loan has been underwritten to generate an IRR of approximately 13% . During October 2015, the Company funded $50,502 related to previously closed loans. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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. The Company's results of operations for the quarterly period ended September 30, 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, 2017, 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 condensed 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 of this guidance will have a material impact on the Company's 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 the Company's condensed consolidated financial statements. |
Fair Value Disclosure (Tables)
Fair Value Disclosure (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Summary of the 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 September 30, 2015 and December 31, 2014 : Fair Value as of September 30, 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) — 512,485 — 512,485 — 522,730 — 522,730 Derivative assets — 246 — 246 — 4,070 — 4,070 Derivative liabilities — — — — — — — — Total $ — $ 512,731 $ — $ 512,731 $ — $ 543,905 $ — $ 543,905 |
Debt Securities (Tables)
Debt Securities (Tables) | 9 Months Ended |
Sep. 30, 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 December 31, 2014 are summarized as follows: Security Description Face Amount Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair 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 amortized cost and estimated fair value of the Company’s debt securities at September 30, 2015 are summarized as follows: Security Description Face Amount Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Carrying Value CMBS (Fair Value Option) $ 520,883 $ 512,107 $ 5,752 $ (5,374 ) $ 512,485 CMBS (Held-to-Maturity) $ 154,000 $ 153,799 $ — $ — $ 153,799 Total $ 674,883 $ 665,906 $ 5,752 $ (5,374 ) $ 666,284 |
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 September 30, 2015 : 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 (Fair Value Option) 239,715 (4,222 ) 6,315 (1,152 ) Total $ 239,715 $ (4,222 ) $ 6,315 $ (1,152 ) |
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 September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 Credit Ratings * AAA to CC AAA to CCC- Coupon 5.9 % 5.9 % Yield 6.6 % 6.4 % Weighted Average Life 1.7 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 September 30, 2015 and December 31, 2014 are as follows: Vintage September 30, 2015 December 31, 2014 2005 9.7 % 9.0 % 2006 19.4 19.0 2007 61.8 63.0 2008 9.1 9.0 Total 100.0 % 100.0 % Property Type September 30, 2015 December 31, 2014 Office 32.3 % 33.4 % Retail 29.4 29.1 Multifamily 13.3 13.3 Other * 25.0 24.2 Total 100.0 % 100.0 % * No other individual category comprises more than 10% of the total. Location September 30, 2015 December 31, 2014 South Atlantic 23.2 % 23.2 % Middle Atlantic 17.9 21.1 Pacific 17.6 17.0 East North Central 12.4 11.0 Other * 28.9 27.7 Total 100.0 % 100.0 % * No other individual category comprises more than 10% of the total. |
Commercial Mortgage Loans (Tabl
Commercial Mortgage Loans (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2015 : Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Property Size Condo Conversion – New York, NY (1) Aug-13 Sept-16 33,000 24,131 24,252 Floating 40,000 sq. ft. Condo Construction - Potomac, MD (3) Feb-14 Sept-16 80,000 80,000 79,739 Floating 50 units Vacation Home Portfolio - Various (1) Apr-14 Apr-19 101,000 95,984 95,086 Fixed 229 properties Hotel - Philadelphia, PA (1)(4) May-14 May-17 34,000 34,000 33,960 Floating 301 rooms Condo Construction - Bethesda, MD (5) Jun-14 Dec-16 33,000 33,000 32,900 Floating 40 units Multifamily - Brooklyn, NY (1)(6) Jul-14 Aug-16 34,500 34,500 34,818 Floating 63 units Mixed Use - Cincinnati, OH (7) Nov-14 May-18 128,700 128,700 127,074 Floating 65 acres Condo Conversion - New York, NY (1)(8) Nov-14 Dec-15 67,300 67,300 67,078 Floating 86,000 sq. ft. Multifamily - Williston, ND (1)(4) Nov-14 Nov-17 58,000 55,140 54,979 Floating 366 units/homes Vacation Home Portfolio - Various U.S. (1)(4) Nov-14 Nov-19 50,000 50,000 49,572 Fixed 24 properties Mixed Use - Brooklyn, NY (1)(9) Feb-15 Mar-17 85,770 85,770 85,414 Floating 330,000 sq. ft. Hotel Portfolio - Various U.S. (1)(2) Jun-15 Mar-17 45,400 45,400 45,290 Floating 2,690 rooms Retail redevelopment - Miami, FL (1)(10) Jun-15 Jan-17 45,000 45,000 44,740 Floating 63,300 sq. ft. Retail redevelopment - Miami, FL (1) Jun-15 Jul-17 33,000 33,000 32,719 Floating 16,600 sq. ft. Retail - Brooklyn, NY (1)(11) Aug-15 Mar-17 1,653 1,653 1,629 Floating 10,500 sq. ft. Hotel - New York, NY (12) Sept-15 Sept-18 97,807 97,807 96,431 Floating 317 rooms Total/Weighted Average $ 928,130 $ 911,385 $ 905,681 7.02 % (1) At September 30, 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. (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. At September 30, 2015 , the Company had $32,100 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. At September 30, 2015 , the Company had $36,300 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. (9) At September 30, 2015 , the Company had $6,730 of unfunded loan commitments related to this loan. (10) This loan includes two six -month extension options subject to certain conditions and the payment of a fee. (11) At September 30, 2015 , the Company had $9,000 of unfunded loan commitments related to this loan. (12) This loan includes two one -year extension options subject to certain conditions and the payment of a fee. At September 30, 2015 , the Company had $40,599 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 Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Property Size Hotel - Silver Spring, MD (1) Mar-10 Apr-15 $ 26,000 $ 24,590 $ 24,557 Fixed 263 rooms Condo Conversion – New York, NY (1)(2) Aug-13 Sept-15 33,000 33,846 33,961 Floating 40,000 sq. ft. Condo Construction - Potomac, MD (3) Feb-14 Sept-16 28,000 28,000 27,520 Floating 50 units Vacation Home Portfolio - Various Apr-14 Apr-19 101,000 100,046 99,086 Fixed 229 properties Hotel - Philadelphia, PA (1)(4) May-14 May-17 34,000 34,000 33,842 Floating 301 rooms Condo Construction - Bethesda, MD (5) Jun-14 Dec-16 20,000 20,000 19,616 Floating 40 units Multifamily - Brooklyn, NY (1)(6) Jul-14 Aug-16 30,000 30,000 30,110 Floating 63 units Mixed Use - Cincinnati, OH (7) Nov-14 May-18 20,000 20,000 18,309 Floating 65 acres Condo Conversion - New York, NY (1)(8) Nov-14 Dec-15 67,300 67,300 64,714 Floating 86,000 sq. ft. Multifamily - Williston, ND (1)(4) Nov-14 Nov-17 58,000 57,792 57,297 Floating 366 units/homes Vacation Home Portfolio - Various U.S. (4) Nov-14 Nov-19 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. At 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. At 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. At 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. At 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) | 9 Months Ended |
Sep. 30, 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 December 31, 2014 : Description Date of Maturity Original Current Carrying Coupon Office - Michigan May-10 Jun-20 $ 9,000 $ 8,813 $ 8,813 Fixed Ski Resort - California Apr-11 May-17 40,000 40,000 39,771 Fixed Mixed Use – North Carolina Jul-12 Aug-22 6,525 6,525 6,525 Fixed Office Complex - Missouri Sept-12 Oct-22 10,000 9,711 9,711 Fixed Hotel Portfolio – Various (1) Nov-12 Nov-15 50,000 34,042 33,995 Floating Condo Construction – New York, NY (1) Jan-13 Jul-17 60,000 76,344 76,005 Fixed Multifamily Conversion – New York, NY (1) Jan-13 Dec-15 18,000 14,608 14,703 Floating Hotel Portfolio – Rochester, MN Jan-13 Feb-18 25,000 24,486 24,486 Fixed Warehouse Portfolio - Various May-13 May-23 32,000 32,000 32,000 Fixed Multifamily Conversion – New York, NY (2) May-13 Feb-15 44,000 44,000 43,989 Floating Office Condo - New York, NY Jul-13 Jul-22 14,000 14,000 13,596 Fixed Condo Conversion – New York, NY (1) Aug-13 Sept-15 29,400 29,751 29,762 Floating Mixed Use - Pittsburgh, PA (3) Aug-13 Aug-16 22,500 22,500 22,473 Floating Mixed Use - Various (3) Dec-13 Dec-18 17,000 19,464 19,294 Fixed Mixed Use - London, England Apr-14 Jan-15 50,009 52,355 52,355 Fixed Healthcare Portfolio - Various (4) Jun-14 Jun-16 50,000 50,000 50,000 Floating Hotel - New York, NY (4) Jul-14 Jul-16 20,000 20,000 19,870 Floating Ski Resort - Big Sky, MT Aug-14 Sept-20 15,000 15,000 14,861 Fixed Mixed Use - New York, NY (5) Dec-14 Dec-17 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. At December 31, 2014, the Company had $32,500 of unfunded loan commitments related to this loan. The Company’s subordinate loan portfolio was comprised of the following at September 30, 2015 : Description Date of Investment Maturity Date Original Face Amount Current Face Amount Carrying Value Coupon Office - Michigan May-10 Jun-20 $ 9,000 $ 8,769 $ 8,769 Fixed Mixed Use – North Carolina Jul-12 Aug-22 6,525 6,525 6,525 Fixed Office Complex - Missouri Sept-12 Oct-22 10,000 9,604 9,604 Fixed Condo Construction – New York, NY (1) Jan-13 Jul-17 60,000 84,396 84,234 Fixed Hotel Portfolio – Rochester, MN Jan-13 Feb-18 25,000 24,261 24,261 Fixed Warehouse Portfolio - Various May-13 May-23 32,000 32,000 32,000 Fixed Office Condo - New York, NY Jul-13 Jul-22 14,000 14,000 13,622 Fixed Condo Conversion – New York, NY (2) Aug-13 Sept-16 29,400 11,437 11,535 Floating Mixed Use - Various (3) Dec-13 Dec-18 17,000 19,500 19,365 Fixed Mixed Use - London, England Apr-14 Jan-16 52,024 52,024 52,024 Fixed Healthcare Portfolio - Various (4) Jun-14 Jun-16 50,000 45,588 45,588 Floating Ski Resort - Big Sky, MT Aug-14 Sept-20 15,000 15,000 14,874 Fixed Mixed Use - New York, NY (5) Dec-14 Dec-17 70,943 75,473 74,806 Floating Senior Housing - United Kingdom Jan-15 Dec-17 82,063 82,063 82,063 Floating Hotel - Burbank, CA Feb-15 Jan-20 20,000 20,000 20,000 Fixed Multifamily Portfolio - Florida (4) Apr-15 May-17 22,000 22,000 21,851 Floating Multifamily Portfolio - Florida (4) Apr-15 May-17 15,500 15,500 15,395 Floating Mixed Use - Various (4) Jun-15 May-17 45,000 45,000 44,719 Floating Hotel - Phoenix, AZ Jun-15 Jul-25 25,000 25,000 25,000 Fixed Hotel - Washington, DC (3) Jun-15 Jul-17 20,000 20,000 19,896 Floating Condo development - New York, NY (1)(6) Jun-15 Jul-19 72,093 73,072 70,337 Floating Condo Conversion - New York, NY (3) Jul-15 Aug-18 50,000 50,764 50,175 Floating Mixed Use - New York, NY Aug-15 Mar-17 14,000 12,347 12,168 Floating Mixed Use - New York, NY (1) Sept-15 Oct-18 30,000 30,000 29,706 Floating Hotel - New York, NY (7) Sept-15 Sept-18 2,562 2,562 2,411 Floating Destination Resort - Various (8) Sept-15 May-18 75,000 75,000 70,880 Floating Total/Weighted Average $ 864,110 $ 871,885 $ 861,808 11.20 % (1) Includes a one -year extension option subject to certain conditions and the payment of an extension fee. (2) At September 30, 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. At September 30, 2015 , the Company had $11,557 of unfunded loan commitments related to this loan. (6) At September 30, 2015 , the Company had $202,197 of unfunded loan commitments related to this loan. (7) Includes two one -year extension options subject to certain conditions and the payment of a fee for each extension. At September 30, 2015 , the Company had $12,512 of unfunded loan commitments related to this loan. (8) Includes four one -year extension options subject to certain conditions and the payment of an extension fee. |
Borrowings Under Repurchase A33
Borrowings Under Repurchase Agreements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Weighted Average Maturities and Interest Rates of Borrowings | At September 30, 2015 and December 31, 2014 , the Company’s borrowings outstanding under the Wells Facility, the UBS Facility, the DB Facility, the JPMorgan Facility and the Goldman Loan had the following debt balances, weighted average maturities and interest rates: September 30, 2015 December 31, 2014 Debt Balance Weighted Average Remaining Maturity Weighted Average Rate Debt Balance Weighted Average Remaining Maturity Weighted Average Rate Wells Facility borrowings $ — — — % $ 20,166 0.2 years 1.0 % ** UBS Facility borrowings 133,899 3.0 years * 2.8 % 133,899 3.7 years * 2.8 % Fixed DB Facility borrowings 300,005 2.5 years 3.7 % 300,005 3.3 years 3.7 % *** JPMorgan Facility borrowings 253,481 2.3 years 2.5 % 168,124 0.1 years 2.7 % L+225 - 350 Goldman Loan 48,052 3.6 years 3.7 % — — — % L+350 Total borrowings $ 735,437 2.5 years 3.0 % $ 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 September 30, 2015 , the Company’s borrowings had the following remaining maturities: Less than 1 year 1 to 3 years 3 to 5 years More than 5 years Total UBS Facility borrowings * $ 5,004 $ 128,895 $ — $ — $ 133,899 DB Facility borrowings 58,552 241,453 — — 300,005 JPMorgan Facility borrowings 1,177 252,304 253,481 Goldman Loan 3,126 10,581 34,345 48,052 Total $ 67,859 $ 633,233 $ 34,345 $ — $ 735,437 * Assumes extension option is exercised. |
Schedule of Outstanding, Maximum and Average Balances of Debt | The table below summarizes the outstanding balances at September 30, 2015 , as well as the maximum and average balances for the nine months ended September 30, 2015 for the Company's borrowings under repurchase agreements. For the nine months ended September 30, 2015 Balance at September 30, 2015 Maximum Month-End Balance Average Month-End Balance Wells Facility borrowings $ — $ 22,254 $ 4,242 UBS Facility borrowings 133,899 133,899 $ 133,899 DB Facility borrowings 300,005 300,005 300,005 JPMorgan Facility borrowings 253,481 395,572 244,678 Goldman Loan 48,052 52,524 45,259 Total $ 735,437 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 9 Months Ended |
Sep. 30, 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 5.50 % 6.25 % 55.3649 3/15/2019 3.46 years August 2019 Notes $ 111,000 5.50 % 6.50 % 55.3649 3/15/2019 3.46 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 September 30, 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) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2015 and 2014 . Three months ended September 30, Nine months ended September 30, Location of Loss Recognized in Income 2015 2014 2015 2014 Forward currency contract Gain (loss) on derivative instruments - unrealized 2,240 3,026 (3,938 ) 1,933 Interest rate caps Loss on derivative instruments - unrealized (144 ) — (206 ) — Total $ 2,096 $ 3,026 $ (4,144 ) $ 1,933 |
Summary of Gross Derivative Assets Related to Derivatives | The following table summarizes the gross asset amounts related to the Company's derivative instruments at September 30, 2015 and December 31, 2014 . September 30, 2015 December 31, 2014 Gross Gross Net Amounts Gross Gross Net Amounts Forward currency contract $ 306 $ (60 ) 246 $ 4,070 $ — 4,070 Total derivative instruments $ 306 $ (60 ) $ 246 $ 4,070 $ — $ 4,070 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2015 : Type Date Restricted Stock RSUs Estimate Fair Value Initial Vesting Final Vesting Outstanding at December 31, 2014 274,114 610,254 Grant January 2015 — 8,000 $132 December 2015 December 2017 Forfeiture January 2015 — (5,000 ) n/a n/a n/a Cancelled upon delivery March 2015 — (20,000 ) n/a n/a n/a Grant April 2015 15,950 — $275 July 2015 April 2018 Forfeiture June 2015 — (3,500 ) n/a n/a n/a Grant July 2015 — 1,631 $27 June 2016 June 2018 Forfeiture August 2015 — (5,000 ) n/a n/a n/a Outstanding at September 30, 2015 290,064 586,385 |
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 September 30, 2015 . Vesting Date Shares Vesting RSU Vesting Total Awards October 2015 4,631 — 4,631 December 2015 15,588 194,919 210,507 January 2016 4,629 — 4,629 April 2016 4,627 — 4,627 June 2016 — 543 543 July 2016 4,158 — 4,158 October 2016 4,158 — 4,158 December 2016 12,255 131,583 143,838 January 2017 3,737 — 3,737 April 2017 3,745 — 3,745 June 2017 — 544 544 July 2017 2,580 — 2,580 October 2017 2,577 — 2,577 December 2017 12,258 128,175 140,433 January 2018 1,330 — 1,330 April 2018 1,331 — 1,331 June 2018 — 544 544 77,604 456,308 533,912 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 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 April 28, 2015 June 30, 2015 July 15, 2015 $ 0.44 July 28, 2015 September 30, 2015 October 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 June 9, 2015 June 30, 2015 July 15, 2015 $ 0.5391 September 9, 2015 September 30, 2015 October 15, 2015 $ 0.5391 |
Fair Value of Financial Instr38
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and cash equivalents $ 20,158 $ 20,158 $ 40,641 $ 40,641 Restricted cash 30,127 30,127 30,127 30,127 Securities, held-to-maturity 153,799 153,983 154,283 154,980 Commercial first mortgage loans 905,681 911,279 458,520 465,510 Subordinate loans 861,808 872,433 561,182 566,385 Borrowings under repurchase agreements (735,437 ) (735,700 ) (622,194 ) (621,269 ) Convertible senior notes, net (247,736 ) (250,101 ) (246,464 ) (254,605 ) Participations sold (119,407 ) (119,513 ) (89,584 ) (89,995 ) |
Net Income per Share (Tables)
Net Income per Share (Tables) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2015 and 2014 : For the three For the nine 2015 2014 2015 2014 Numerator: Net income $ 25,847 $ 19,159 $ 76,016 $ 60,698 Preferred dividends (2,304 ) (1,860 ) (6,023 ) (5,580 ) Net income available to common stockholders 23,543 17,299 69,993 55,118 Dividends declared on common stock (29,544 ) (18,739 ) (80,955 ) (52,329 ) Dividends on participating securities (258 ) (88 ) (779 ) (262 ) Net income (loss) attributable to common stockholders $ (6,259 ) $ (1,528 ) $ (11,741 ) $ 2,527 Denominator: Basic weighted average shares of common stock outstanding 59,355,613 46,848,675 55,818,731 42,322,380 Diluted weighted average shares of common stock outstanding 59,934,008 47,068,929 56,415,082 42,538,744 Basic and diluted net income per weighted average share of common stock Distributable Earnings $ 0.50 $ 0.40 $ 1.45 $ 1.24 Undistributed income (loss) $ (0.11 ) $ (0.03 ) $ (0.21 ) $ 0.06 Basic and diluted net income per share of common stock $ 0.39 $ 0.37 $ 1.24 $ 1.30 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Detail) | 9 Months Ended |
Sep. 30, 2015Segment | |
Accounting Policies [Abstract] | |
Number of business segments | 1 |
Fair Value Disclosure (Detail)
Fair Value Disclosure (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Aggregate purchase price of CMBS | $ 0 | $ 17,105 |
Derivative assets | 246 | 4,070 |
Total | 512,731 | 543,905 |
Estimated Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 246 | 4,070 |
Derivative liabilities | 0 | 0 |
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 | 512,485 | 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 | 512,731 | 543,905 |
Level 2 [Member] | Estimated Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 246 | 4,070 |
Derivative liabilities | 0 | 0 |
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 | $ 512,485 | $ 522,730 |
Debt Securities - Amortized Cos
Debt Securities - Amortized Cost and Estimated Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Feb. 28, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | |||
Total, Face Amount | $ 674,883 | $ 699,190 | |
Total, Amortized Cost | 665,906 | 688,509 | |
Total, Gross Unrealized Gain | 5,752 | 7,322 | |
Total, Gross Unrealized Loss | (5,374) | (1,713) | |
Total, Carrying Value | 666,284 | 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 | 154,000 | 155,000 | |
Held to Maturity, Amortized Cost | 153,799 | 154,283 | |
Held to Maturity, Gross Unrealized Gain | 0 | 0 | |
Held to Maturity, Gross Unrealized Loss | 0 | 0 | |
Held to Maturity, Carrying Value | 153,799 | 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 | 512,107 | 516,443 | |
Gross Unrealized Gain | 5,752 | 7,322 | |
Gross Unrealized Loss | (5,374) | (1,035) | |
Carrying Value/Estimated Fair Value | $ 512,485 | $ 522,730 |
Debt Securities - Summary of Co
Debt Securities - Summary of Continuous Unrealized Loss Positions (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized loss position, Less than 12 months, Unrealized Loss | $ (4,222) |
Continuous unrealized loss position, 12 months or More, Unrealized Loss | (1,152) |
Commercial Mortgage Backed Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized loss position, Less than 12 months, Unrealized Loss | (4,222) |
Continuous unrealized loss position, 12 months or More, Unrealized Loss | (1,152) |
Estimated Fair Value [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized loss position, Less than 12 months, Fair Value | 239,715 |
Continuous unrealized loss position, 12 months or More, Fair Value | 6,315 |
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 | 239,715 |
Continuous unrealized loss position, 12 months or More, Fair Value | $ 6,315 |
Debt Securities - Overall Stati
Debt Securities - Overall Statistics for Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis (Detail) - Commercial Mortgage Backed Securities [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
AAA to CC Rated CMBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Coupon | 5.90% | |
Yield | 6.60% | |
Weighted Average Life | 1 year 8 months 12 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 Vi
Debt Securities - Percentage Vintage, Property Type, and Location of Collateral Securing Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis (Detail) - Available-for-sale Securities [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Vintage Concentration Risk [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 100.00% | 100.00% |
Vintage Concentration Risk [Member] | Vintage 2005 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 9.70% | 9.00% |
Vintage Concentration Risk [Member] | Vintage 2006 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 19.40% | 19.00% |
Vintage Concentration Risk [Member] | Vintage 2007 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 61.80% | 63.00% |
Vintage Concentration Risk [Member] | Vintage 2008 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 9.10% | 9.00% |
Product Concentration Risk [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 100.00% | 100.00% |
Product Concentration Risk [Member] | Office [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 32.30% | 33.40% |
Product Concentration Risk [Member] | Retail [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 29.40% | 29.10% |
Product Concentration Risk [Member] | Multifamily [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 13.30% | 13.30% |
Product Concentration Risk [Member] | Other [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 25.00% | 24.20% |
Geographic Concentration Risk [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 100.00% | 100.00% |
Geographic Concentration Risk [Member] | South Atlantic [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 23.20% | 23.20% |
Geographic Concentration Risk [Member] | Middle Atlantic [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 17.90% | 21.10% |
Geographic Concentration Risk [Member] | Pacific [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 17.60% | 17.00% |
Geographic Concentration Risk [Member] | East North Central [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 12.40% | 11.00% |
Geographic Concentration Risk [Member] | Other [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage Vintage | 28.90% | 27.70% |
Debt Securities - Additional In
Debt Securities - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Feb. 28, 2015USD ($) | Aug. 31, 2014USD ($)option | May. 31, 2014USD ($)ft²casinoroomtimeshare_unit | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) | |
Mortgage Loans on Real Estate [Line Items] | |||||||||
Realized gain (loss) on sale of securities | $ 0 | $ 0 | $ (443) | $ 0 | |||||
Subordinate Mortgage Loans [Member] | |||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||
Mortgage loan, face amount | $ 864,110 | $ 864,110 | $ 562,434 | ||||||
Hotel [Member] | Subordinate Mortgage Loans [Member] | Hotel - Aruba [Member] | |||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||
Property Size, Number of Units/Rooms | room | 442 | ||||||||
Number of timeshare units in real estate property | timeshare_unit | 114 | ||||||||
Number of casinos in real estate property | casino | 2 | ||||||||
Property Size, Area (in square feet) | ft² | 131,500 | ||||||||
Term of loan | 3 years | ||||||||
Number of options to extend loan agreement | option | 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 | ||||||||
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 | $ 90,000 | |||||||
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 | $ 65,000 | |||||||
Commercial Mortgage Backed Securities [Member] | |||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||
Amortized cost of debt securities sold | $ 24,038 | $ 17,783 | |||||||
Realized gain (loss) on sale of securities | (443) | ||||||||
Realized gain on sale of debt securities | 43 | ||||||||
Realized loss on sale of debt securities | 486 | ||||||||
Reclassification out of accumulated other comprehensive income | 678 | ||||||||
Proceeds from sale of debt securities, net of debt facility repayment | 1,341 | ||||||||
Line of Credit [Member] | Wells Fargo [Member] | |||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||
Repayment of debt facility | $ 22,254 |
Commercial Mortgage Loan Portfo
Commercial Mortgage Loan Portfolio (Detail) - Commercial mortgage loans [Member] $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($)aft²unitpropertyroom | Dec. 31, 2014USD ($)aft²unitpropertyroom | |
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 928,130 | $ 467,300 |
Current Face Amount | 911,385 | 465,574 |
Carrying Value | $ 905,681 | $ 458,520 |
Coupon rate of loan | 7.02% | 6.84% |
Condo Conversion [Member] | Condo Conversion - NY, NY August 2013 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 33,000 | $ 33,000 |
Current Face Amount | 24,131 | 33,846 |
Carrying Value | $ 24,252 | $ 33,961 |
Property Size, Area (in square feet and acres) | ft² | 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 | $ 67,300 |
Current Face Amount | 67,300 | 67,300 |
Carrying Value | $ 67,078 | $ 64,714 |
Property Size, Area (in square feet and acres) | ft² | 86,000 | 86,000 |
Condo Construction [Member] | Condo Construction Potomac, MD [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 80,000 | $ 28,000 |
Current Face Amount | 80,000 | 28,000 |
Carrying Value | $ 79,739 | $ 27,520 |
Property Size, Number of Units/Rooms | unit | 50 | 50 |
Condo Construction [Member] | Condo Construction Bethesda, MD [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 33,000 | $ 20,000 |
Current Face Amount | 33,000 | 20,000 |
Carrying Value | $ 32,900 | $ 19,616 |
Property Size, Number of Units/Rooms | unit | 40 | 40 |
Hotel [Member] | Hotel - Silver Spring, MD [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 26,000 | |
Current Face Amount | 24,590 | |
Carrying Value | $ 24,557 | |
Property Size, Number of Units/Rooms | room | 263 | |
Hotel [Member] | Hotel - Philadelphia, PA [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 34,000 | $ 34,000 |
Current Face Amount | 34,000 | 34,000 |
Carrying Value | $ 33,960 | $ 33,842 |
Property Size, Number of Units/Rooms | room | 301 | 301 |
Hotel [Member] | Hotel Portfolio - Various [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 45,400 | |
Current Face Amount | 45,400 | |
Carrying Value | $ 45,290 | |
Property Size, Number of Units/Rooms | room | 2,690 | |
Hotel [Member] | Hotel - New York, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 97,807 | |
Current Face Amount | 97,807 | |
Carrying Value | $ 96,431 | |
Property Size, Number of Units/Rooms | room | 317 | |
Mixed Use [Member] | Mixed Use - Cincinnati, OH [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 128,700 | $ 20,000 |
Current Face Amount | 128,700 | 20,000 |
Carrying Value | $ 127,074 | $ 18,309 |
Property Size, Area (in square feet and acres) | a | 65 | 65 |
Mixed Use [Member] | Mixed Use - Brooklyn, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 85,770 | |
Current Face Amount | 85,770 | |
Carrying Value | $ 85,414 | |
Property Size, Area (in square feet and acres) | ft² | 330,000 | |
Multifamily Conversion [Member] | Multifamily - Brooklyn, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 34,500 | $ 30,000 |
Current Face Amount | 34,500 | 30,000 |
Carrying Value | $ 34,818 | $ 30,110 |
Property Size, Number of Units/Rooms | unit | 63 | 63 |
Multifamily Conversion [Member] | Multifamily - Williston, ND [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 58,000 | $ 58,000 |
Current Face Amount | 55,140 | 57,792 |
Carrying Value | $ 54,979 | $ 57,297 |
Property Size, Number of Units/Rooms | unit | 366 | 366 |
Vacation Home Portfolio [Member] | Vacation Home Portfolio - Various [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 101,000 | $ 101,000 |
Current Face Amount | 95,984 | 100,046 |
Carrying Value | $ 95,086 | $ 99,086 |
Number of properties | property | 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 | $ 50,000 |
Current Face Amount | 50,000 | 50,000 |
Carrying Value | $ 49,572 | $ 49,508 |
Number of properties | property | 24 | 24 |
Retail Redevelopment [Member] | Retail Redevelopment - Miami, FL [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 45,000 | |
Current Face Amount | 45,000 | |
Carrying Value | $ 44,740 | |
Property Size, Area (in square feet and acres) | ft² | 63,300 | |
Retail Redevelopment [Member] | Retail Redevelopment - Miami, FL (2) [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 33,000 | |
Current Face Amount | 33,000 | |
Carrying Value | $ 32,719 | |
Property Size, Area (in square feet and acres) | ft² | 16,600 | |
Retail [Member] | Retail - Brooklyn, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 1,653 | |
Current Face Amount | 1,653 | |
Carrying Value | $ 1,629 | |
Property Size, Area (in square feet and acres) | ft² | 10,500 |
Commercial Mortgage Loan Port48
Commercial Mortgage Loan Portfolio (Footnotes) (Detail) - Commercial mortgage loans [Member] $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($)option | Dec. 31, 2014USD ($)option | |
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | |
Unfunded loan commitments | $ 124,729 | |
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 | $ 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 | $ 32,100 | $ 45,100 |
Condo Conversion [Member] | Condo Conversion - NY, NY August 2013 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | |
Condo 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 |
Hotel, Multifamily, and Vacation Home Portfolio [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | |
Number of options to extend loan agreement | option | 2 | |
Hotel [Member] | Hotel - Philadelphia, PA [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | |
Number of options to extend loan agreement | option | 2 | |
Hotel [Member] | Hotel - New York, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | |
Number of options to extend loan agreement | option | 2 | |
Unfunded loan commitments | $ 40,599 | |
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 | option | 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 | option | 2 | 2 |
Unfunded loan commitments | $ 36,300 | $ 145,000 |
Mixed Use [Member] | Mixed Use - Brooklyn, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Unfunded loan commitments | $ 6,730 | |
Retail Redevelopment [Member] | Retail Redevelopment - Miami, FL [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 6 months | |
Number of options to extend loan agreement | option | 2 | |
Retail [Member] | Retail - Brooklyn, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Unfunded loan commitments | $ 9,000 |
Subordinate Loans - Loans Portf
Subordinate Loans - Loans Portfolio (Detail) - Subordinate loans [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 864,110 | $ 562,434 |
Current Face Amount | 871,885 | 563,599 |
Carrying Value | $ 861,808 | $ 561,182 |
Coupon rate of loan | 11.20% | 11.34% |
Office [Member] | Office - Michigan [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 9,000 | $ 9,000 |
Current Face Amount | 8,769 | 8,813 |
Carrying Value | 8,769 | 8,813 |
Office [Member] | Office Complex - Missouri [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 10,000 | 10,000 |
Current Face Amount | 9,604 | 9,711 |
Carrying Value | 9,604 | 9,711 |
Office [Member] | Office Condo - NY, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 14,000 | 14,000 |
Current Face Amount | 14,000 | 14,000 |
Carrying Value | 13,622 | 13,596 |
Ski Resort [Member] | Ski Resort California [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 40,000 | |
Current Face Amount | 40,000 | |
Carrying Value | 39,771 | |
Ski Resort [Member] | Ski Resort - Montana [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 15,000 | 15,000 |
Current Face Amount | 15,000 | 15,000 |
Carrying Value | 14,874 | 14,861 |
Mixed Use [Member] | Mixed Use - North Carolina [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 6,525 | 6,525 |
Current Face Amount | 6,525 | 6,525 |
Carrying Value | 6,525 | 6,525 |
Mixed Use [Member] | Mixed Use - Pittsburgh, PA [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 22,500 | |
Current Face Amount | 22,500 | |
Carrying Value | 22,473 | |
Mixed Use [Member] | Mixed Use - Various [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 17,000 | 17,000 |
Current Face Amount | 19,500 | 19,464 |
Carrying Value | 19,365 | 19,294 |
Mixed Use [Member] | Mixed Use - London, England [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 52,024 | 50,009 |
Current Face Amount | 52,024 | 52,355 |
Carrying Value | 52,024 | 52,355 |
Mixed Use [Member] | Mixed Use - New York, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 70,943 | 50,000 |
Current Face Amount | 75,473 | 50,000 |
Carrying Value | 74,806 | 48,973 |
Mixed Use [Member] | Mixed Use - Various, May 2017 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 45,000 | |
Current Face Amount | 45,000 | |
Carrying Value | 44,719 | |
Mixed Use [Member] | Mixed Use - New York, NY, March 2017 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 14,000 | |
Current Face Amount | 12,347 | |
Carrying Value | 12,168 | |
Mixed Use [Member] | Mixed Use - New York, NY, October 2018 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 30,000 | |
Current Face Amount | 30,000 | |
Carrying Value | 29,706 | |
Hotel [Member] | Hotel Portfolio - Various [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 50,000 | |
Current Face Amount | 34,042 | |
Carrying Value | 33,995 | |
Hotel [Member] | Hotel Portfolio - Rochester, MN [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 25,000 | 25,000 |
Current Face Amount | 24,261 | 24,486 |
Carrying Value | 24,261 | 24,486 |
Hotel [Member] | Hotel - NY, NY, July 2016 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 20,000 | |
Current Face Amount | 20,000 | |
Carrying Value | 19,870 | |
Hotel [Member] | Hotel - Burbank, CA [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 20,000 | |
Current Face Amount | 20,000 | |
Carrying Value | 20,000 | |
Hotel [Member] | Hotel - Phoenix, AZ [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 25,000 | |
Current Face Amount | 25,000 | |
Carrying Value | 25,000 | |
Hotel [Member] | Hotel - Washington D.C. [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 20,000 | |
Current Face Amount | 20,000 | |
Carrying Value | 19,896 | |
Hotel [Member] | Hotel - New York, NY, September 2018 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 2,562 | |
Current Face Amount | 2,562 | |
Carrying Value | 2,411 | |
Condo Construction [Member] | Condo Construction - NY, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 60,000 | 60,000 |
Current Face Amount | 84,396 | 76,344 |
Carrying Value | 84,234 | 76,005 |
Multifamily Conversion [Member] | Multifamily Conversion - NY, NY December 2015 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 18,000 | |
Current Face Amount | 14,608 | |
Carrying Value | 14,703 | |
Multifamily Conversion [Member] | Multifamily Conversion - New York, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 44,000 | |
Current Face Amount | 44,000 | |
Carrying Value | 43,989 | |
Warehouse [Member] | Warehouse Portfolio - Various [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 32,000 | 32,000 |
Current Face Amount | 32,000 | 32,000 |
Carrying Value | 32,000 | 32,000 |
Condo Conversion [Member] | Condo Conversion - NY, NY September 2015 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 29,400 | 29,400 |
Current Face Amount | 11,437 | 29,751 |
Carrying Value | 11,535 | 29,762 |
Condo Conversion [Member] | Condo Conversion - New York, NY, August 2018 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 50,000 | |
Current Face Amount | 50,764 | |
Carrying Value | 50,175 | |
Healthcare [Member] | Healthcare Portfolio Various [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 50,000 | 50,000 |
Current Face Amount | 45,588 | 50,000 |
Carrying Value | 45,588 | $ 50,000 |
Senior Housing Facility [Member] | Senior Housing - United Kingdom [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 82,063 | |
Current Face Amount | 82,063 | |
Carrying Value | 82,063 | |
Multifamily Portfolio [Member] | Multifamily Portfolio - Florida [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 22,000 | |
Current Face Amount | 22,000 | |
Carrying Value | 21,851 | |
Multifamily Portfolio [Member] | Multifamily Portfolio - Florida (2) [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 15,500 | |
Current Face Amount | 15,500 | |
Carrying Value | 15,395 | |
Condo Development [Member] | Condo Development - New York, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 72,093 | |
Current Face Amount | 73,072 | |
Carrying Value | 70,337 | |
Destination Resort [Member] | Destination Resort - Various [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 75,000 | |
Current Face Amount | 75,000 | |
Carrying Value | $ 70,880 |
Subordinate Loans - Loans Por50
Subordinate Loans - Loans Portfolio (Footnotes) (Detail) - Subordinate loans [Member] $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($)option | Dec. 31, 2014USD ($)option | |
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, Hotel and Condo Conversion [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | |
Number of options to extend loan agreement | 2 | |
Mixed Use [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | |
Number of options to extend loan agreement | 2 | |
Healthcare Portfolio, Multifamily Portfolio and Mixed Use [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of options to extend loan agreement | 3 | |
Healthcare Portfolio and Hotel [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | |
Number of options to extend loan agreement | 3 | |
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 | $ | $ 11,557 | $ 32,500 |
Condo Development - New York, NY [Member] | Condo Development [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Unfunded loan commitments | $ | $ 202,197 | |
Multifamily Conversion - New York, NY [Member] | Multifamily Conversion [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 3 months | |
Hotel - New York, NY, September 2018 [Member] | Hotel [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | |
Number of options to extend loan agreement | 2 | |
Unfunded loan commitments | $ | $ 12,512 | |
Destination Resort - Various [Member] | Destination Resort [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | |
Number of options to extend loan agreement | 4 |
Subordinate Loans - Additional
Subordinate Loans - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | ||
Aug. 31, 2015 | Jun. 30, 2014 | Jan. 31, 2014 | |
Subordinate loans [Member] | Hotel [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Proceeds from collection of loans receivable | $ 15,000 | ||
Mezzanine Loan [Member] | Nursing Facility [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Proceeds from collection of loans receivable | $ 47,000 | ||
Interest-only strip [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest rate | 3.40% |
Unconsolidated Joint Venture -
Unconsolidated Joint Venture - (Detail) € in Thousands, $ in Thousands | Sep. 30, 2014USD ($) | Sep. 30, 2014EUR (€) | Feb. 28, 2015USD ($) | Feb. 28, 2015EUR (€) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Feb. 28, 2015EUR (€) | Jan. 31, 2015USD ($) | Jan. 31, 2015EUR (€) | Sep. 30, 2014EUR (€) | Sep. 30, 2013USD ($) | Sep. 30, 2013EUR (€) |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Initial funding for equity method investment | $ 3,929 | $ 39,477 | ||||||||||
KBCD Partnership [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership interest | 21.00% | 21.00% | ||||||||||
Initial funding for equity method investment | $ 39,477 | € 30,724 | ||||||||||
BKB Bank [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership interest | 11.00% | |||||||||||
Company and affiliated investors ownership, percentage | 100.00% | |||||||||||
Commitment to Invest in KBCD [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Commitment to invest | $ 50,000 | $ 50,000 | € 38,000 | $ 50,000 | € 38,000 | |||||||
Unfunded Commitment, Champ L.P. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Commitment to invest | $ 3,609 | € 3,229 | ||||||||||
Wholly-owned Subsidiary [Member] | Champ Limited Partnership [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership interest | 59.00% | 59.00% | 59.00% | |||||||||
Champ LP [Member] | KBC Bank Deutschland AG [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership interest | 35.00% | 35.00% | 35.00% | |||||||||
Champ LP [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
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 | |||||||||||
Champ LP [Member] | Additional Investment [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Commitment to invest | $ 3,929 | € 3,331 |
Borrowings Under Repurchase A53
Borrowings Under Repurchase Agreements - Weighted Average Maturities and Interest Rates of Borrowings (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Debt Balance | $ 735,437 | |
Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Debt Balance | $ 735,437 | $ 622,194 |
Weighted Average Remaining Maturity | 2 years 6 months | 3 years 2 months 12 days |
Weighted Average Rate | 3.00% | 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] | London Interbank Offered Rate (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 | 3 years 8 months 12 days |
Weighted Average Rate | 2.80% | 2.80% |
Line of Credit [Member] | DB Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Balance | $ 300,005 | $ 300,005 |
Weighted Average Remaining Maturity | 2 years 6 months | 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 | $ 253,481 | $ 168,124 |
Weighted Average Remaining Maturity | 2 years 3 months 18 days | 1 month 6 days |
Weighted Average Rate | 2.50% | 2.70% |
Line of Credit [Member] | Goldman Sachs [Member] | ||
Debt Instrument [Line Items] | ||
Debt Balance | $ 48,052 | $ 0 |
Weighted Average Remaining Maturity | 3 years 7 months 6 days | |
Weighted Average Rate | 3.70% | 0.00% |
Line of Credit [Member] | Goldman Sachs [Member] | London Interbank Offered Rate (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% | 1.80% |
Minimum [Member] | Line of Credit [Member] | JP Morgan Chase [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Basis point | 2.25% | 2.25% |
Maximum [Member] | Line of Credit [Member] | DB Facility [Member] | Three Month LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis point | 2.32% | 2.32% |
Maximum [Member] | Line of Credit [Member] | JP Morgan Chase [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Basis point | 3.50% | 3.50% |
Borrowings Under Repurchase A54
Borrowings Under Repurchase Agreements - Remaining Maturities of Borrowings (Detail) - Line of Credit [Member] $ in Thousands | Sep. 30, 2015USD ($) |
Line of Credit Facility [Line Items] | |
Less than 1 year | $ 67,859 |
1 to 3 years | 633,233 |
3 to 5 years | 34,345 |
More than 5 years | 0 |
Total | 735,437 |
UBS [Member] | |
Line of Credit Facility [Line Items] | |
Less than 1 year | 5,004 |
1 to 3 years | 128,895 |
3 to 5 years | 0 |
More than 5 years | 0 |
Total | 133,899 |
DB Facility [Member] | |
Line of Credit Facility [Line Items] | |
Less than 1 year | 58,552 |
1 to 3 years | 241,453 |
3 to 5 years | 0 |
More than 5 years | 0 |
Total | 300,005 |
JP Morgan Chase [Member] | |
Line of Credit Facility [Line Items] | |
Less than 1 year | 1,177 |
1 to 3 years | $ 252,304 |
3 to 5 years | |
More than 5 years | |
Total | $ 253,481 |
Goldman Sachs [Member] | |
Line of Credit Facility [Line Items] | |
Less than 1 year | 3,126 |
1 to 3 years | 10,581 |
3 to 5 years | $ 34,345 |
More than 5 years | |
Total | $ 48,052 |
Borrowings Under Repurchase A55
Borrowings Under Repurchase Agreements - Summary of Outstanding Balances, Maximum and Average Balances of Borrowings (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | ||
Line of credit, amount outstanding | $ 735,437 | |
Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, amount outstanding | 735,437 | $ 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 | 4,242 | |
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 | 253,481 | 168,124 |
Maximum Month-End Balance | 395,572 | |
Average Month-End Balance | 244,678 | |
Goldman Sachs [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, amount outstanding | 48,052 | $ 0 |
Maximum Month-End Balance | 52,524 | |
Average Month-End Balance | $ 45,259 |
Borrowings Under Repurchase A56
Borrowings Under Repurchase Agreements - Additional Information (Detail) - Line of Credit [Member] | Jan. 29, 2015USD ($) | Jan. 26, 2015USD ($) | Jun. 30, 2015USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Goldman Sachs [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis point | 3.50% | 3.50% | |||
Minimum [Member] | JP Morgan Chase [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis point | 2.25% | 2.25% | |||
Maximum [Member] | JP Morgan Chase [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis point | 3.50% | 3.50% | |||
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% | ||||
Line of credit facility, covenant terms, minimum net income during any four consecutive quarters | $ 1 | ||||
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 | $ 400,000,000 | |||
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 - Summ
Convertible Senior Notes - Summary of 2019 Notes (Detail) - Convertible Debt [Member] | Aug. 18, 2014USD ($) | Mar. 17, 2014USD ($) |
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 5 months 15 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 5 months 15 days |
Convertible Senior Notes - Narr
Convertible Senior Notes - Narrative (Detail) - USD ($) | Aug. 18, 2014 | Mar. 17, 2014 | Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of convertible senior notes | $ 0 | $ 256,970,000 | ||||
Convertible senior notes, carrying value | $ 247,736,000 | $ 247,736,000 | $ 246,464,000 | |||
Convertible Debt [Member] | 2019 Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Conversion price (in dollars per share) | $ 18.06 | $ 18.06 | ||||
Equity component of the notes | $ 11,445,000 | |||||
Interest expense on debt | $ 3,503,000 | 10,508,000 | ||||
Additional non-cash interest expense | 867,000 | 2,566,000 | ||||
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 | 140,405,000 | 140,405,000 | ||||
Unamortized discount | 3,345,000 | 3,345,000 | ||||
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 | 107,331,000 | 107,331,000 | ||||
Unamortized discount | $ 3,669,000 | $ 3,669,000 |
Federal Home Loan Bank of Ind59
Federal Home Loan Bank of Indianapolis Membership (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Other Assets [Member] | Federal Home Loan Bank of Indianapolis [Member] | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Federal Home Loan Bank stock, value | $ 8 |
Participations Sold (Details)
Participations Sold (Details) £ in Thousands, $ in Thousands | 1 Months Ended | 9 Months Ended | ||||||||
Jan. 31, 2015USD ($)facility | Sep. 30, 2015USD ($) | Sep. 30, 2015GBP (£) | Feb. 28, 2015USD ($) | Feb. 28, 2015GBP (£) | Jan. 31, 2015GBP (£) | Dec. 31, 2014USD ($) | Aug. 31, 2014USD ($) | Jun. 30, 2014USD ($) | May. 31, 2014USD ($) | |
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Carrying amount of mortgage loan | $ 119,407 | $ 89,584 | ||||||||
Commercial mortgage loans [Member] | ||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Mortgage loan, face amount | 928,130 | 467,300 | ||||||||
Commercial mortgage loans [Member] | Mezzanine Loan, Acquired by Investment Funds [Member] | ||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Mortgage loan, face amount | 30,104 | £ 19,900 | $ 30,672 | £ 20,000 | ||||||
Carrying amount of mortgage loan | 30,104 | £ 19,900 | ||||||||
Subordinate loans [Member] | ||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Mortgage loan, face amount | 864,110 | $ 562,434 | ||||||||
Hotel [Member] | Hotel - Aruba [Member] | Subordinate loans [Member] | First Mortgage [Member] | ||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Mortgage loan, face amount | $ 155,000 | |||||||||
Senior Participation [Member] | Hotel [Member] | Hotel - Aruba [Member] | Subordinate loans [Member] | ||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Participation in loan, amount | $ 90,000 | $ 90,000 | ||||||||
Junior Participation [Member] | Hotel [Member] | Hotel - Aruba [Member] | Subordinate loans [Member] | ||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Participation in loan, amount | $ 65,000 | $ 65,000 | ||||||||
Participating Mortgages [Member] | Subordinate loans [Member] | ||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Mortgage loan, face amount | 89,419 | |||||||||
Carrying amount of mortgage loan | $ 89,303 | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Commercial mortgage loans [Member] | Mezzanine Loan, Acquired by Investment Funds [Member] | ||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Basis point | 8.25% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Participating Mortgages [Member] | Subordinate loans [Member] | ||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Basis point | 4.40% | |||||||||
United Kingdom [Member] | Senior Housing Facility [Member] | Commercial mortgage loans [Member] | Mezzanine Loan [Member] | ||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Mortgage loan, face amount | $ 51,996 | £ 34,519 | ||||||||
Number of properties | facility | 44 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Derivatives (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (loss) on derivative instruments | $ (4,151) | $ 1,933 | ||
Total | $ 2,096 | $ 3,026 | (4,144) | 1,933 |
Foreign Currency Contract [Member] | Gain (Loss) on Derivative Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (loss) on derivative instruments | 2,240 | 3,026 | (3,938) | 1,933 |
Interest Rate Cap [Member] | Gain (Loss) on Derivative Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (loss) on derivative instruments | $ (144) | $ 0 | $ (206) | $ 0 |
Derivative Instruments - Summ62
Derivative Instruments - Summary of Derivative Gross Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Offsetting Assets [Line Items] | ||
Gross Amount of Recognized Assets | $ 306 | $ 4,070 |
Gross Amounts Offset in the Consolidated Balance Sheet | (60) | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 246 | 4,070 |
Foreign Currency Contract [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amount of Recognized Assets | 306 | 4,070 |
Gross Amounts Offset in the Consolidated Balance Sheet | (60) | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | $ 246 | $ 4,070 |
Related Party Transactions (Det
Related Party Transactions (Detail) € in Thousands, $ in Thousands | Oct. 01, 2015USD ($)business_day | Sep. 21, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2014EUR (€) | Feb. 28, 2015USD ($) | Feb. 28, 2015EUR (€) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 29, 2015USD ($) | Feb. 28, 2015EUR (€) | Jan. 31, 2015USD ($) | Jan. 31, 2015EUR (€) | Dec. 31, 2014USD ($) | Sep. 30, 2014EUR (€) | Sep. 30, 2013USD ($) | Sep. 30, 2013EUR (€) |
Related Party Transaction [Line Items] | ||||||||||||||||||
Related party expenses | $ 4,097 | $ 3,193 | $ 11,325 | $ 8,725 | ||||||||||||||
Base management fees incurred but not yet paid | 4,100 | 4,100 | $ 3,240 | |||||||||||||||
Placement agent fees paid | 956 | 308 | ||||||||||||||||
Initial funding for equity method investment | $ 3,929 | 39,477 | ||||||||||||||||
Limited Liability Company [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Rate of management fees | 1.50% | |||||||||||||||||
Extension term | 1 year | |||||||||||||||||
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 | |||||||||||||||||
Limited Liability Company [Member] | Management Fees [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Related party expenses | 4,097 | 3,193 | $ 11,325 | 8,725 | ||||||||||||||
Base management fees incurred but not yet paid | 4,100 | 4,100 | $ 3,240 | |||||||||||||||
Limited Liability Company [Member] | Reimbursements [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Related party expenses | $ 78 | 312 | $ 1,011 | 712 | ||||||||||||||
KBCD Partnership [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Ownership interest | 21.00% | 21.00% | ||||||||||||||||
Initial funding for equity method investment | $ 39,477 | € 30,724 | ||||||||||||||||
BKB Bank [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Ownership interest | 11.00% | 11.00% | ||||||||||||||||
Company and affiliated investors ownership, percentage | 100.00% | 100.00% | ||||||||||||||||
Commitment to Invest in KBCD [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Commitment to invest | $ 50,000 | $ 50,000 | $ 50,000 | € 38,000 | $ 50,000 | € 38,000 | ||||||||||||
Unfunded Commitment, Champ L.P. [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Commitment to invest | $ 3,609 | € 3,229 | ||||||||||||||||
Commitment to purchase real estate loan portfolio [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Commitment to invest | $ 375,355 | |||||||||||||||||
Wholly-owned Subsidiary [Member] | Champ Limited Partnership [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Ownership interest | 59.00% | 59.00% | 59.00% | 59.00% | ||||||||||||||
Champ LP [Member] | KBC Bank Deutschland AG [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Ownership interest | 35.00% | 35.00% | 35.00% | 35.00% | ||||||||||||||
Champ LP [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Sale of equity method investment, percentage | 48.00% | 48.00% | ||||||||||||||||
Proceeds from sale of equity method investments | $ 20,794 | € 16,314 | ||||||||||||||||
Champ LP [Member] | Additional Investment [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Commitment to invest | $ 3,929 | € 3,331 | ||||||||||||||||
Series B Preferred stock [Member] | Private Placement [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Placement agent fees paid | $ 500 | |||||||||||||||||
Subsequent Event [Member] | MidCap FinCo Limited [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Number of business days purchase option is exercisable | business_day | 30 | |||||||||||||||||
Agreement fee payment proceeds | $ 750 | |||||||||||||||||
First Mortgage [Member] | Commitment to purchase real estate loan portfolio [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Commitment to invest | $ 375,355 |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 23, 2009 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Recognized stock-based compensation expense | $ 756 | $ 308 | $ 2,695 | $ 1,096 | |
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 | 756 | $ 308 | 2,695 | $ 1,096 | |
LTIP [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense | 1,074 | 1,074 | |||
LTIP [Member] | RSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense | $ 5,104 | $ 5,104 | |||
Common stock, shares delivered | 12,763 | ||||
Stock units vested (in shares) | 20,000 | ||||
Adjustment to additional paid in capital, tax liability | $ 122 |
Share-Based Payments - Summary
Share-Based Payments - Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs (Detail) - LTIP [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($)shares | |
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) | 290,064 |
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 |
Outstanding, end of period (in shares) | 586,385 |
January 2015 [Member] | RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Grant (in shares) | 8,000 |
Forfeiture (in shares) | (5,000) |
Estimated Fair Value on Grant Date | $ | $ 132 |
March 2015 [Member] | RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Cancelled upon delivery (in shares) | (20,000) |
April 2015 [Member] | Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Grant (in shares) | 15,950 |
Estimated Fair Value on Grant Date | $ | $ 275 |
June 2015 [Member] | RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Forfeiture (in shares) | (3,500) |
July 2015 [Member] | RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Grant (in shares) | 1,631 |
Estimated Fair Value on Grant Date | $ | $ 27 |
August 2015 [Member] | RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Forfeiture (in shares) | (5,000) |
Share-Based Payments - Summar66
Share-Based Payments - Summary of Restricted Stock and RSU Vesting Dates (Detail) - LTIP [Member] | Sep. 30, 2015shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 533,912 |
October 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 4,631 |
December 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 210,507 |
January 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 4,629 |
April 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 4,627 |
June 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 543 |
July 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 4,158 |
October 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 4,158 |
December 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 143,838 |
January 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 3,737 |
April 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 3,745 |
June 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 544 |
July 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 2,580 |
October 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 2,577 |
December 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 140,433 |
January 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 1,330 |
April 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 1,331 |
June 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 544 |
Shares Vesting [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 77,604 |
Shares Vesting [Member] | October 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 4,631 |
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 | 4,629 |
Shares Vesting [Member] | April 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 4,627 |
Shares Vesting [Member] | June 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 0 |
Shares Vesting [Member] | July 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 4,158 |
Shares Vesting [Member] | October 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 4,158 |
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 | 3,737 |
Shares Vesting [Member] | April 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 3,745 |
Shares Vesting [Member] | June 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 0 |
Shares Vesting [Member] | July 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 2,580 |
Shares Vesting [Member] | October 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 2,577 |
Shares Vesting [Member] | December 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 12,258 |
Shares Vesting [Member] | January 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 1,330 |
Shares Vesting [Member] | April 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 1,331 |
Shares Vesting [Member] | June 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 0 |
RSU Vesting [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 456,308 |
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 | 194,919 |
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] | June 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 543 |
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 | 131,583 |
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] | June 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 544 |
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 | 128,175 |
RSU Vesting [Member] | January 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 0 |
RSU Vesting [Member] | April 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 0 |
RSU Vesting [Member] | June 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 544 |
Stockholders' Equity (Detail)
Stockholders' Equity (Detail) - USD ($) $ / shares in Units, $ in Thousands | Sep. 21, 2015 | Sep. 09, 2015 | Jul. 28, 2015 | Jun. 09, 2015 | Apr. 28, 2015 | Mar. 16, 2015 | Feb. 25, 2015 | Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Class of Stock [Line Items] | ||||||||||||
Proceeds from issuance of common stock as a result of follow-on public offering | $ 193,148 | |||||||||||
Placement agent fees paid | $ 956 | $ 308 | ||||||||||
Payments for repurchase of common stock | $ 1,741 | $ 0 | ||||||||||
Dividend declared per share of common stock (in dollars per share) | $ 0.44 | $ 0.40 | $ 1.32 | $ 1.2 | ||||||||
Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Dividend declared per share of common stock (in dollars per share) | $ 0.44 | $ 0.44 | $ 0.44 | |||||||||
Series A Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Dividend rate, preferred stock | 8.625% | |||||||||||
Dividend declared per share of preferred stock (in dollars per share) | $ 0.5391 | $ 0.5391 | $ 0.5391 | |||||||||
Follow On Public Offering [Member] | Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
New issuance of stock (shares) | 11,500,000 | |||||||||||
Price per share of newly issued stock (in dollars per share) | $ 16.82 | |||||||||||
Private Offering [Member] | Series B Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
New issuance of stock (shares) | 8,000,000 | |||||||||||
Price per share of newly issued stock (in dollars per share) | $ 24.71 | |||||||||||
Dividend rate, preferred stock | 8.00% | |||||||||||
Liquidation preference (in dollars per share) | $ 25 | |||||||||||
Proceeds from private offering | $ 346,855 | |||||||||||
Placement agent fees paid | $ 500 | |||||||||||
Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock repurchased during period (shares) | 107,432 | 107,432 | ||||||||||
Average price of stock repurchased during period (in dollars per share) | $ 16.20 | |||||||||||
Payments for repurchase of common stock | $ 1,741 | |||||||||||
Common Stock [Member] | Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
New issuance of stock (shares) | 20,323,529 | |||||||||||
Common Stock [Member] | Private Offering [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
New issuance of stock (shares) | 8,823,529 | |||||||||||
Price per share of newly issued stock (in dollars per share) | $ 17 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) € in Thousands, $ in Thousands | Oct. 01, 2015USD ($)business_day | Feb. 28, 2015USD ($) | Feb. 28, 2015EUR (€) | Sep. 30, 2015USD ($) | Sep. 29, 2015USD ($) | Feb. 28, 2015EUR (€) | Sep. 30, 2014USD ($) | Sep. 30, 2014EUR (€) | Sep. 30, 2013USD ($) | Sep. 30, 2013EUR (€) |
Commercial mortgage loans [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Unfunded loan commitments | $ 124,729 | |||||||||
Subordinate loans [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Unfunded loan commitments | $ 226,266 | |||||||||
KBCD Partnership [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership interest | 21.00% | 21.00% | ||||||||
BKB Bank [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership interest | 11.00% | |||||||||
Commitment to Invest in KBCD [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Commitment to invest/purchase | $ 50,000 | € 38,000 | $ 50,000 | € 38,000 | ||||||
Unfunded Commitment, Champ L.P. [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Commitment to invest/purchase | $ 3,609 | € 3,229 | ||||||||
Commitment to purchase real estate loan portfolio [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Commitment to invest/purchase | $ 375,355 | |||||||||
Champ LP [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Sale of equity method investment, percentage | 48.00% | 48.00% | ||||||||
Proceeds from sale of equity method investments | $ 20,794 | € 16,314 | ||||||||
MidCap [Member] | Subsequent Event [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of business days purchase option is exercisable | business_day | 30 | |||||||||
Agreement fee payment proceeds | $ 750 |
Fair Value of Financial Instr69
Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Restricted cash | $ 30,127 | $ 30,127 |
Securities, held-to-maturity | 153,799 | 154,283 |
Carrying Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Cash and cash equivalents | 20,158 | 40,641 |
Restricted cash | 30,127 | 30,127 |
Carrying Value [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Securities, held-to-maturity | 153,799 | 154,283 |
Convertible senior notes, net | (247,736) | (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 | 905,681 | 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 | 861,808 | 561,182 |
Borrowings under repurchase agreements | (735,437) | (622,194) |
Estimated Fair Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Cash and cash equivalents | 20,158 | 40,641 |
Restricted cash | 30,127 | 30,127 |
Estimated Fair Value [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Securities, held-to-maturity | 153,983 | 154,980 |
Convertible senior notes, net | (250,101) | (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 | 911,279 | 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 | 872,433 | 566,385 |
Borrowings under repurchase agreements | (735,700) | (621,269) |
Participating Mortgages [Member] | Carrying Value [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Participations sold | (119,407) | (89,584) |
Participating Mortgages [Member] | Estimated Fair Value [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Participations sold | $ (119,513) | $ (89,995) |
Net Income per Share (Detail)
Net Income per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Numerator: | ||||
Net income | $ 25,847 | $ 19,159 | $ 76,016 | $ 60,698 |
Preferred dividends | (2,304) | (1,860) | (6,023) | (5,580) |
Net income available to common stockholders | 23,543 | 17,299 | 69,993 | 55,118 |
Dividends declared on common stock | (29,544) | (18,739) | (80,955) | (52,329) |
Dividends on participating securities | (258) | (88) | (779) | (262) |
Net income (loss) attributable to common stockholders | $ (6,259) | $ (1,528) | $ (11,741) | $ 2,527 |
Denominator: | ||||
Basic weighted average shares of common stock outstanding (shares) | 59,355,613 | 46,848,675 | 55,818,731 | 42,322,380 |
Diluted weighted average shares of common stock outstanding (shares) | 59,934,008 | 47,068,929 | 56,415,082 | 42,538,744 |
Basic and diluted net income per weighted average share of common stock | ||||
Distributable Earnings (dollars per share) | $ 0.50 | $ 0.40 | $ 1.45 | $ 1.24 |
Undistributed income (loss) (dollars per share) | (0.11) | (0.03) | (0.21) | 0.06 |
Basic and diluted net income per share of common stock (in dollars per share) | $ 0.39 | $ 0.37 | $ 1.24 | $ 1.30 |
RSUs [Member] | ||||
Basic and diluted net income per weighted average share of common stock | ||||
Unvested securities excluded from earnings per share calculation | 578,395 | 596,351 |
Subsequent Events (Detail)
Subsequent Events (Detail) | 1 Months Ended | 9 Months Ended | |
Oct. 31, 2015USD ($)option | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Loans funded, amount | $ 50,502,000 | ||
Commercial mortgage loans [Member] | |||
Subsequent Event [Line Items] | |||
Mortgage loan, face amount | $ 928,130,000 | $ 467,300,000 | |
Option to extend loan agreement, term | 1 year | ||
Condominium and multifamily property [Member] | Commercial mortgage loans [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Mortgage loan, face amount | 93,750,000 | ||
Mezzanine Loan [Member] | Condominium and multifamily property [Member] | Commercial mortgage loans [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Mortgage loan, face amount | $ 55,000,000 | ||
Loan term | 3 years | ||
Number of options to extend loan agreement | option | 1 | ||
Option to extend loan agreement, term | 6 months | ||
Appraised loan to value ratio | 81.00% | ||
Internal rate of return | 13.00% | ||
First Mortgage [Member] | Condominium and multifamily property [Member] | Commercial mortgage loans [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Mortgage loan, face amount | $ 38,750,000 |