Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 25, 2016 | Jun. 30, 2015 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 67,385,255 | ||
Entity Public Float | $ 950,292,108 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash | $ 67,415 | $ 40,641 |
Restricted cash | 30,127 | 30,127 |
Securities available-for-sale, at estimated fair value | 0 | 17,105 |
Securities, at estimated fair value | 493,149 | 522,730 |
Securities, held-to-maturity | 153,193 | 154,283 |
Investment in unconsolidated joint venture | 22,583 | 37,016 |
Derivative instrument | 3,327 | 4,070 |
Interest receivable | 16,908 | 10,829 |
Deferred financing costs, net | 7,353 | 7,444 |
Other assets | 236 | 1,200 |
Total Assets | 2,719,943 | 1,845,147 |
Liabilities: | ||
Borrowings under repurchase agreements | 925,774 | 622,194 |
Convertible senior notes, net | 248,173 | 246,464 |
Participations sold | 118,201 | 89,584 |
Accounts payable and accrued expenses | 9,246 | 7,578 |
Payable to related party | 5,297 | 3,240 |
Dividends payable | 37,828 | 21,018 |
Total Liabilities | $ 1,344,519 | $ 990,078 |
Commitments and Contingencies | ||
Stockholders’ Equity: | ||
Common stock, $0.01 par value, 450,000,000 shares authorized, 67,195,252 and 46,900,442 shares issued and outstanding in 2015 and 2014, respectively | $ 672 | $ 469 |
Additional paid-in-capital | 1,410,138 | 868,035 |
Retained earnings (accumulated deficit) | (32,328) | (10,485) |
Accumulated other comprehensive loss | (3,173) | (2,985) |
Total Stockholders’ Equity | 1,375,424 | 855,069 |
Total Liabilities and Stockholders’ Equity | 2,719,943 | 1,845,147 |
Commercial mortgage loans [Member] | ||
Assets: | ||
Loans, held for investment | 994,301 | 458,520 |
Subordinate Loans [Member] | ||
Assets: | ||
Loans, held for investment | 931,351 | 561,182 |
Series A Preferred Stock [Member] | ||
Stockholders’ Equity: | ||
Preferred stock | 35 | 35 |
Series B Preferred Stock [Member] | ||
Stockholders’ Equity: | ||
Preferred stock | $ 80 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
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 | 67,195,252 | 46,900,442 |
Common stock, shares outstanding | 67,195,252 | 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 | $ 86,250,000 | $ 86,250,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares issued | 8,000,000 | |
Preferred stock, shares outstanding | 8,000,000 | |
Preferred stock, aggregate liquidation preference | $ 200,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net interest income: | |||||||||||
Interest income from securities | $ 8,343 | $ 8,293 | $ 8,265 | $ 8,287 | $ 8,275 | $ 6,129 | $ 4,366 | $ 2,419 | $ 33,188 | $ 21,189 | $ 12,267 |
Interest income from securities, held-to-maturity | 2,704 | 2,956 | 3,349 | 3,045 | 3,165 | 1,448 | 0 | 0 | 12,054 | 4,613 | 0 |
Interest income from commercial mortgage loans | 18,846 | 15,184 | 11,968 | 10,094 | 9,328 | 8,025 | 6,438 | 4,011 | 56,092 | 27,802 | 16,034 |
Interest income from subordinate loans | 25,623 | 25,445 | 21,152 | 18,610 | 17,021 | 19,754 | 18,238 | 14,730 | 90,830 | 69,743 | 49,162 |
Interest expense | (12,275) | (13,187) | (11,917) | (11,482) | (10,740) | (8,786) | (5,258) | (1,757) | (48,861) | (26,541) | (4,356) |
Net interest income | 43,241 | 38,691 | 32,817 | 28,554 | 27,049 | 26,570 | 23,784 | 19,403 | 143,303 | 96,806 | 73,107 |
Operating expenses: | |||||||||||
General and administrative expenses (includes equity-based compensation of $4,387 in 2015, $1,576 in 2014 and $3,488 in 2013) | (2,979) | (2,099) | (2,059) | (2,355) | (1,796) | (1,434) | (1,479) | (1,442) | (9,492) | (6,151) | (7,563) |
Management fees to related party | (5,294) | (4,097) | (3,887) | (3,341) | (3,236) | (3,193) | (2,966) | (2,565) | (16,619) | (11,960) | (10,012) |
Total operating expenses | (8,273) | (6,196) | (5,946) | (5,696) | (5,032) | (4,627) | (4,445) | (4,007) | (26,111) | (18,111) | (17,575) |
Income from unconsolidated joint venture | 2,972 | 108 | 384 | 0 | (69) | (88) | 0 | 0 | 3,464 | (157) | 0 |
Interest income from cash balances | 983 | 239 | 6 | 11 | 9 | 21 | 4 | 0 | 1,239 | 34 | 20 |
Realized loss on sale of securities | 0 | 0 | 0 | (443) | 0 | 0 | 0 | 0 | (443) | 0 | 0 |
Unrealized gain (loss) on securities | (11,618) | (6,926) | (2,273) | 3,409 | (639) | (2,147) | 4,749 | 2,184 | (17,408) | 4,147 | (3,065) |
Foreign currency gain (loss) | (3,121) | (3,998) | 6,169 | (3,944) | (1,413) | (3,596) | 959 | 0 | (4,894) | (4,050) | 0 |
Gain (loss) on derivative instruments (includes unrealized gains (losses) of $(1,063) in 2015, $4,070 in 2014 and $155 in 2013) | 3,054 | 3,929 | (6,499) | 3,622 | 2,137 | 3,026 | (1,093) | 0 | 4,106 | 4,070 | (2) |
Net income | 27,238 | 25,847 | 24,658 | 25,513 | 22,042 | 19,159 | 23,958 | 17,580 | 103,256 | 82,739 | 52,485 |
Preferred dividends | (11,884) | (7,440) | (7,440) | ||||||||
Net income available to common stockholders | $ 21,378 | $ 23,543 | $ 22,798 | $ 23,653 | $ 20,182 | $ 17,299 | $ 22,098 | $ 15,720 | $ 91,372 | $ 75,299 | $ 45,045 |
Basic and diluted net income per share of common stock (in dollars per share) | $ 0.32 | $ 0.39 | $ 0.39 | $ 0.47 | $ 0.43 | $ 0.37 | $ 0.51 | $ 0.42 | $ 1.54 | $ 1.72 | $ 1.26 |
Basic weighted average shares of common stock outstanding | 67,146,882 | 59,355,613 | 58,429,155 | 49,563,822 | 46,852,646 | 46,848,675 | 42,888,747 | 37,122,842 | 58,674,046 | 43,464,255 | 35,212,211 |
Diluted weighted average shares of common stock outstanding | 67,754,673 | 59,934,008 | 59,022,217 | 50,171,687 | 47,085,617 | 47,068,929 | 43,099,354 | 37,341,050 | 59,273,280 | 43,684,805 | 35,679,755 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
General and administrative expenses, equity-based compensation | $ 4,387 | $ 1,576 | $ 3,488 |
Realized and unrealized gains (losses) on derivative instruments | $ (1,063) | $ 4,070 | $ 155 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income available to common stockholders | $ 91,372 | $ 75,299 | $ 45,045 |
Change in net unrealized gain (loss) on securities available-for-sale | 678 | 192 | (840) |
Foreign currency translation adjustment | (866) | (2,307) | 0 |
Comprehensive income | $ 91,184 | $ 73,184 | $ 44,205 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common stock [Member] | Series B Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member]Series B Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member]Common stock [Member] | Additional Paid In Capital [Member] | Additional Paid In Capital [Member]Common stock [Member] | Additional Paid In Capital [Member]Series B Preferred Stock [Member] | Returned Earnings/ (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Loss [Member] | |
Beginning balance at Dec. 31, 2012 | $ 546,924 | $ 35 | $ 280 | $ 546,065 | $ 574 | $ (30) | |||||||
Beginning balance (shares) at Dec. 31, 2012 | 3,450,000 | 28,044,106 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Capital increase related to Equity Incentive Plan | 3,457 | 3,457 | |||||||||||
Issuance of restricted stock | 0 | $ 0 | [1] | ||||||||||
Issuance of restricted stock (shares) | 36,304 | ||||||||||||
Issuance of stock | $ 148,804 | $ 89 | $ 148,715 | ||||||||||
Issuance of stock (shares) | 8,808,057 | ||||||||||||
Offering costs | (627) | (627) | |||||||||||
Net income | 52,485 | 52,485 | |||||||||||
Change in Other Comprehensive Income | (840) | (840) | |||||||||||
Dividends on preferred stock | (7,440) | (7,440) | |||||||||||
Dividends on common stock ($1.78 per share for 2015 and $1.60 for 2014 and 2013) | (59,807) | (59,807) | |||||||||||
Ending balance at Dec. 31, 2013 | 682,956 | $ 35 | $ 369 | 697,610 | (14,188) | (870) | |||||||
Ending balance (shares) at Dec. 31, 2013 | 3,450,000 | 36,888,467 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Capital increase related to Equity Incentive Plan | 698 | $ 2 | 696 | ||||||||||
Capital increase related to Equity Incentive Plan (shares) | 240,277 | ||||||||||||
Issuance of restricted stock | 1 | $ 1 | |||||||||||
Issuance of restricted stock (shares) | 65,698 | ||||||||||||
Issuance of stock | 158,693 | $ 97 | 158,596 | ||||||||||
Issuance of stock (shares) | 9,706,000 | ||||||||||||
Offering costs | (312) | (312) | |||||||||||
Convertible senior notes | 11,445 | 11,445 | |||||||||||
Net income | 82,739 | 82,739 | |||||||||||
Change in Other Comprehensive Income | (2,115) | (2,115) | |||||||||||
Dividends on preferred stock | (7,440) | (7,440) | |||||||||||
Dividends on common stock ($1.78 per share for 2015 and $1.60 for 2014 and 2013) | (71,596) | (71,596) | |||||||||||
Ending balance at Dec. 31, 2014 | 855,069 | $ 35 | $ 469 | 868,035 | (10,485) | (2,985) | |||||||
Ending balance (shares) at Dec. 31, 2014 | 3,450,000 | 46,900,442 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Capital increase related to Equity Incentive Plan | 4,265 | $ 0 | [1] | 4,265 | |||||||||
Capital increase related to Equity Incentive Plan (shares) | 12,763 | ||||||||||||
Issuance of restricted stock | 1 | $ 1 | |||||||||||
Issuance of restricted stock (shares) | 65,950 | ||||||||||||
Issuance of stock | $ 343,430 | $ 197,680 | $ 80 | $ 203 | $ 343,227 | $ 197,600 | |||||||
Issuance of stock (shares) | 8,000,000 | 20,323,529 | |||||||||||
Repurchase of common stock | (1,741) | $ (1) | (1,740) | ||||||||||
Repurchase of common stock (shares) | (107,432) | ||||||||||||
Offering costs | (1,249) | (1,249) | |||||||||||
Net income | 103,256 | 103,256 | |||||||||||
Change in Other Comprehensive Income | (188) | (188) | |||||||||||
Dividends on preferred stock | (11,884) | (11,884) | |||||||||||
Dividends on common stock ($1.78 per share for 2015 and $1.60 for 2014 and 2013) | (113,215) | (113,215) | |||||||||||
Ending balance at Dec. 31, 2015 | $ 1,375,424 | $ 115 | $ 672 | $ 1,410,138 | $ (32,328) | $ (3,173) | |||||||
Ending balance (shares) at Dec. 31, 2015 | 11,450,000 | 67,195,252 | |||||||||||
[1] | Rounds to zero. |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Issuance of restricted stock | $ 1 | $ 1 | $ 0 | ||
Capital increase related to Equity Incentive Plan | $ 4,265 | $ 698 | $ 3,457 | ||
Common stock, dividends per share (in USD per share) | $ 1.78 | $ 1.60 | $ 1.60 | ||
Common Stock [Member] | |||||
Issuance of restricted stock | $ 1 | $ 1 | $ 0 | [1] | |
Capital increase related to Equity Incentive Plan | $ 0 | [1] | $ 2 | ||
[1] | Rounds to zero. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Cash flows provided by operating activities: | |||
Net income | $ 103,256 | $ 82,739 | $ 52,485 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Premium amortization and (discount accretion), net | (11,211) | (4,221) | (5,721) |
Amortization of deferred financing costs | 2,992 | 1,979 | 866 |
Equity-based compensation | 4,266 | 698 | 3,457 |
Unrealized gain (loss) on securities | 17,408 | (4,147) | 3,065 |
Income from unconsolidated joint venture | (3,480) | 157 | 0 |
Foreign currency (gain) loss | 5,192 | 4,038 | 0 |
Realized gain on derivative instruments | (5,169) | 0 | 0 |
Unrealized gain (loss) on derivative instruments | 1,063 | (4,070) | (155) |
Realized loss on sale of security | 443 | 0 | 0 |
Changes in operating assets and liabilities: | |||
Accrued interest receivable, less purchased interest | (30,220) | (16,453) | (9,488) |
Other assets | 120 | 500 | (397) |
Accounts payable and accrued expenses | 1,405 | 5,205 | 1,280 |
Payable to related party | 2,057 | 612 | 591 |
Net cash provided by operating activities | 88,122 | 67,037 | 45,983 |
Cash flows used in investing activities: | |||
Proceeds from sale of securities available-for-sale | 17,291 | 0 | 0 |
Proceeds from sale of securities at estimated fair value | 6,338 | 0 | 0 |
Proceeds from sale of investment in unconsolidated joint venture | 20,794 | 0 | 0 |
Fees received from commercial mortgage loans | 0 | 0 | 280 |
Funding of securities at estimated fair value | 0 | (375,833) | (134,389) |
Funding of commercial mortgage loans | (637,582) | (403,983) | (32,643) |
Funding of subordinate loans | (693,157) | (402,336) | (361,035) |
Funding of unconsolidated joint venture | (3,929) | (39,477) | 0 |
Funding of other assets | (8) | (1,258) | 0 |
Funding of derivative instruments | (327) | 0 | 0 |
Proceeds from settlement of derivative instruments | 5,169 | 0 | 0 |
Principal payments received on securities available-for-sale | 32 | 16,053 | 186,138 |
Principal payments received on securities at estimated fair value | 8,703 | 15,500 | 32,344 |
Principal payments received on securities, held-to-maturity | 1,750 | 0 | 0 |
Principal payments received on commercial mortgage loans | 105,618 | 105,501 | 18,117 |
Principal payments received on subordinate loans | 242,898 | 194,050 | 118,771 |
Principal payments received on other assets | $ 189 | 145 | 0 |
Principal payments received on repurchase agreements | 0 | 6,598 | |
Proceeds from sale of subordinate loans | $ 135,345 | 4,950 | 0 |
Net cash used in investing activities | (790,876) | (886,688) | (165,819) |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock | 343,430 | 158,693 | 148,804 |
Proceeds from issuance of preferred stock | 197,680 | 0 | 0 |
Repurchase of common stock | (1,741) | 0 | 0 |
Payment of offering costs | (987) | (389) | (824) |
Proceeds from repurchase agreement borrowings | 778,675 | 567,192 | 182,218 |
Repayments of repurchase agreement borrowings | (475,094) | (147,032) | (205,343) |
Proceeds from issuance of convertible senior notes | 0 | 256,970 | 0 |
Proceeds from participations sold | 0 | 89,012 | 0 |
Repayments of participations sold | (1,246) | 0 | 0 |
Increase in restricted cash related to financing activities | 0 | 0 | (30,127) |
Deferred financing costs | (2,900) | (9,006) | (504) |
Dividends on common stock | (100,849) | (67,804) | (55,471) |
Dividends on preferred stock | (7,440) | (7,440) | (7,440) |
Net cash provided by financing activities | 729,528 | 840,196 | 31,313 |
Net increase (decrease) in cash and cash equivalents | 26,774 | 20,545 | (88,523) |
Cash and cash equivalents, beginning of period | 40,641 | 20,096 | 108,619 |
Cash and cash equivalents, end of period | 67,415 | 40,641 | 20,096 |
Supplemental disclosure of cash flow information: | |||
Interest paid | 43,209 | 18,132 | 2,809 |
Supplemental disclosure of non-cash financing activities: | |||
Offering costs payable | 296 | 100 | 109 |
Dividend declared, not yet paid | 37,828 | 21,018 | 17,227 |
Deferred financing costs, not yet paid | 0 | 33 | 312 |
Participations sold | 30,672 | 0 | 0 |
Supplemental disclosure of non-cash investing activities: | |||
Securities, held-to-maturity | 0 | 154,283 | 0 |
Funding of subordinate loans | $ 30,672 | $ 0 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Apollo Commercial Real Estate Finance, Inc. (together with its consolidated subsidiaries, is referred to throughout this report as the “Company,” “ARI,” “we,” “us” and “our”) is a corporation that has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes and primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings, commercial mortgage-backed securities (“CMBS”) and other commercial real estate-related debt investments in the United States. These asset classes are referred to as the Company’s target assets. The Company, organized in Maryland on June 29, 2009 , commenced operations on September 29, 2009 and is externally managed and advised by ACREFI Management, LLC (the “Manager”), an indirect subsidiary of Apollo Global Management, LLC (together with its subsidiaries, "Apollo"). The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2009. To maintain its tax qualification as a REIT, the Company is required to distribute at least 90% of its net income, excluding net capital gains, to stockholders and meet certain other asset, income, and ownership tests. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the Company’s accounts and those of its consolidated subsidiaries. All intercompany amounts have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s most significant estimates include the fair value of financial instruments and loan loss reserve. Actual results could differ from those estimates. The Company currently operates in one business segment. Restricted Cash Restricted cash represents cash held by the Company's counterparties as collateral against repurchase agreement borrowings. Restricted cash is not available for general corporate purposes but may be applied against amounts due to counterparties under repurchase agreement borrowings, or returned to the Company when collateral requirements are exceeded or at the maturity of the repurchase agreement. Classification of Investments and Valuations of Financial Instruments The Company’s investments consist primarily of commercial mortgage loans, subordinate loans, CMBS and other real estate related assets that are classified as either available-for-sale or held-to-maturity. The Company has also elected the fair value option for certain CMBS. Classification of Loans Loans held-for-investment are stated at the principal amount outstanding, net of deferred loan fees and costs in accordance with GAAP. Loan Impairment The Company’s loans are typically collateralized by commercial real estate. As a result, the Company regularly evaluates the extent and impact of any credit migration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations are sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management and finance personnel, who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and discussions with market participants. For loans classified as held-for-investment, the Company evaluates the loans for possible impairment on a quarterly basis. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. Impairment is then measured based on the present value of expected future cash flows discounted at the loan’s effective rate or the fair value of the collateral, if the loan is collateral dependent. Upon measurement of impairment, the Company records an allowance to reduce the carrying value of the loan with a corresponding charge to net income. Significant judgments are required in determining impairment, including making assumptions regarding the value of the loan, the value of the underlying collateral and other provisions such as guarantees. The Company has determined that it is likely that it will receive contractual payments and a loan loss reserve was not necessary at December 31, 2015 and 2014 . Fair Value Election Securities at estimated fair value consist of CMBS which are pledged under the Company’s master repurchase agreements with Wells Fargo Bank, N.A. (“Wells Fargo”) (the “Wells Facility”), UBS AG, London Branch ("UBS") (the "UBS Facility") and Deutsche Bank AG ("DB") (the "DB Facility"). In accordance with GAAP, the Company elects the fair value option for these securities at the date of purchase in order to allow the Company to measure these securities at fair value with the change in estimated fair value included as a component of earnings in order to reflect the performance of investment in a timely manner. Securities Available-for-sale The Company has designated investments in certain mortgage-backed securities as available-for-sale because the Company may dispose of them prior to maturity and does not hold them principally for the purpose of selling them in the near term. Securities available-for-sale are carried at estimated fair value with the net unrealized gains or losses reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Unrealized losses on securities that reflect a decline in value that is judged by management to be other than temporary, if any, are charged to earnings. When the estimated fair value of a security is less than amortized cost, the Company considers whether there is an other-than-temporary impairment (“OTTI”) in the value of the security. An impairment is deemed an OTTI if (i) the Company intends to sell the security, (ii) it is more likely than not that the Company will be required to sell the security before recovering its cost basis, or (iii) the Company does not expect to recover the entire amortized cost basis of the security even if the Company does not intend to sell the security or believes it is more likely than not that the Company will be required to sell the security before recovering its cost basis. If the impairment is deemed to be an OTTI, the resulting accounting treatment depends on the factors causing the OTTI. If the OTTI has resulted from (i) the Company’s intention to sell the security, or (ii) its judgment that it is more likely than not that it will be required to sell the security before recovering its cost basis, an impairment loss is recognized in current earnings equal to the difference between its amortized cost basis and fair value. Whereas, if the OTTI has resulted from the Company’s conclusion that it will not recover its cost basis even if the Company does not intend to sell the security or believes it is more likely than not that the Company will be required to sell the security before recovering its cost basis, the credit loss portion of the impairment is recorded in current earnings and the portion of the loss related to other factors, such as changes in interest rates, continues to be recognized in accumulated other comprehensive income. Determining whether there is an OTTI may require management to exercise significant judgment and make significant assumptions, including, but not limited to, estimated cash flows, estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses could differ from reported amounts. Such judgments and assumptions are based upon a number of factors, including (i) credit of the issuer or the borrower, (ii) credit rating of the security, (iii) key terms of the security, (iv) performance of the loan or underlying loans, including debt service coverage and loan-to-value ratios, (v) the value of the collateral for the loan or underlying loans, (vi) the effect of local, industry, and broader economic factors, and (vii) the historical and anticipated trends in defaults and loss severities for similar securities. Securities, held-to-maturity GAAP requires that at the time of purchase, we designate investment securities as held-to-maturity, available-for-sale, or trading depending on our investment strategy and ability to hold such securities to maturity. Held-to-maturity securities where we have not elected to apply the fair value option are stated at cost plus any premiums or discounts, which are amortized or accreted through the consolidated statements of operations using the effective interest method. Investments in unconsolidated joint venture Investments are accounted for under the equity method when the requirements for consolidation are not met, and the Company has significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for the Company's share of net income or loss and cash contributions and distributions each period. Investments in unconsolidated joint ventures are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Interest Income Recognition Interest income on commercial mortgage loans is accrued based on the actual coupon rate and the outstanding principal balance adjusted for accretion of any purchase discounts, the amortization of any purchase premiums and the accretion of any deferred fees. Purchase premiums, purchase discounts and deferred fees are accreted into income using the effective yield method, adjusted for prepayments. Interest income on CMBS is accrued using the effective yield method, which includes the accretion of purchase discounts and the amortization of purchase premiums and the stated coupon interest payments. Interest income on securities rated below AA by a nationally recognized statistical rating organization is recognized based on the effective yield method. The effective yield on these securities is based on the projected cash flows from each security, which are estimated based on the Manager’s observation of current information and events and may include assumptions related to prepayment rates and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to cash flow projections. Deferred Financing Costs Costs incurred in connection with collateralized financings are capitalized and amortized over the respective financing terms and are reflected on the accompanying consolidated statement of operations as a component of interest expense. At December 31, 2015 and 2014 , respectively, the Company had approximately $7,353 and $7,444 of capitalized financing costs, net of amortization included in other assets on the consolidated balance sheets. Earnings per Share GAAP requires use of the two-class method of computing earnings per share for all periods presented for each class of common stock and participating security as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for dividends declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for dividends declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. The remaining earnings are allocated to common stockholders and participating securities, to the extent that each security shares in earnings, as if all of the earnings for the period had been distributed. Each total is then divided by the applicable number of shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and all potential shares of common stock assumed issued if they are dilutive. The numerator is adjusted for any changes in income or loss that would result from the assumed conversion of these potential shares of common stock. Hedging Instruments and Hedging Activities Consistent with maintaining its qualification as a REIT, in the normal course of business, the Company uses a variety of derivative financial instruments to manage, or hedge, interest rate and foreign currency risk. Derivatives are used for hedging purposes rather than speculation. The Company determines their fair value and obtains quotations from a third party to facilitate the process in determining these fair values. If the Company’s hedging activities do not achieve the desired results, reported earnings may be adversely affected. GAAP requires an entity to recognize all derivatives as either assets or liabilities in the balance sheets and to measure those instruments at fair value. To the extent the instrument qualifies for hedge accounting, the fair value adjustments will be recorded as a component of other comprehensive income in stockholders’ equity until the hedged item is recognized in earnings. Whenever the Company decides not to pursue hedge accounting, the fair value adjustments will be recorded in earnings immediately based on changes in the fair market value of those instruments. In order to mitigate interest rate risk resulting from the Company’s floating-rate borrowings under the Wells Facility, the Company entered into interest rate swaps and caps with an aggregate notional equal to the borrowings outstanding under the Wells Facility during 2010. The interest rate swaps were used to hedge the floating-rate borrowings through the expected maturity of the underlying collateral and the interest rate caps were used to hedge the floating-rate borrowings related to the potential extension of the underlying collateral. The Company has not designated any of its derivative instruments as hedges under GAAP and therefore, changes in the fair value of the Company's derivatives are recorded directly in earnings. Repurchase Agreements Securities sold under repurchase agreements will be treated as collateralized financing transactions, unless they meet sales treatment. Securities financed through a repurchase agreement will remain on the Company’s consolidated balance sheet as an asset and cash received from the purchaser will be recorded on the Company’s consolidated balance sheet as a liability. Interest paid in accordance with repurchase agreements will be recorded in interest expense. Share-based Payments The Company accounts for share-based compensation to its independent directors and to the Manager and to employees of the Manager and its affiliates using the fair value based methodology prescribed by GAAP. Compensation cost related to restricted common stock issued to the Company’s independent directors is measured at its estimated fair value at the grant date, and amortized into expense over the vesting period on a straight-line basis. Compensation cost related to restricted common stock issued to the Manager and to employees of the Manager and its affiliates will initially be measured at estimated fair value at the grant date, and remeasured on subsequent dates to the extent the awards are unvested. To amortize compensation expense for the restricted common stock granted to the Manager and to employees of the Manager and its affiliates, the Company uses the graded vesting attribution method. Income Taxes The Company has elected to be taxed as a REIT under Sections 856-859 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding net capital gains and determined without regard to the dividends paid deduction, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. The Company has elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to U.S. federal and state income tax at regular corporate tax rates. The Company’s major tax jurisdictions are U.S. federal, New York State and New York City and the statute of limitations is open for all jurisdictions for the years 2012 through 2015 . The Company does not have any unrecognized tax benefits and does not expect a change in its position for unrecognized tax benefits in the next 12 months. The Company has a net operating loss carryforward of approximately $1,400 which expires in the year 2029. Foreign Currency The Company enters into transactions not denominated in U.S. dollars. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in the Company's consolidated statements of operations. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the prevailing exchange rate on the dates that they were recorded. Principles of Consolidation We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all variable interest entities ("VIE") of which we are considered the primarily beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Securitization/Sale and Financing Arrangements We periodically sell our financial assets, such as commercial mortgage loans, CMBS and other assets. In connection with these transactions, we may retain or acquire senior or subordinated interests in the related assets. Gains and losses on such transactions are recognized using the guidance in Accounting Standards Codification (“ASC”) Topic 860, Transfers and Servicing , which is based on a financial components approach that focuses on control. Under this approach, after a transfer of financial assets that meets the criteria for treatment as a sale-legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint, and transferred control-an entity recognizes the financial assets it retains and any liabilities it has incurred, derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished. We determine the gain or loss on sale of the assets by allocating the carrying value of the sold asset between the sold asset and the interests retained based on their relative fair values, as applicable. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the sold asset. If the sold asset is being accounted for pursuant to the fair value option, there is no gain or loss. When a transfer of a financial asset meets the criteria for treatment as a sale (legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint, and transferred control) the Company recognizes the financial assets it retains and any liabilities it has incurred, derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished. The gain or loss on sale of the assets is determined by allocating the carrying value of the sold asset between the sold asset and the interests retained based on their relative fair values, as applicable. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the sold asset. If the sold asset is being accounted for pursuant to the fair value option, there is no gain or loss. Recent Accounting Pronouncements In 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 August 2014, the FASB issued guidance regarding management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The new guidance requires that management evaluate each annual and interim reporting period whether conditions exist that give rise to substantial doubt about the entity’s ability to continue as a going concern within one year from the financial statement issuance date, and if so, provide related disclosures. Disclosures are only required if conditions give rise to substantial doubt, whether or not the substantial doubt is alleviated by management’s plans. No disclosures are required specific to going concern uncertainties if an assessment of the conditions does not give rise to substantial doubt. Substantial doubt exists when conditions and events, considered in the aggregate, indicate that it is probable that a company will be unable to meet its obligations as they become due within one year after the financial statement issuance date. If substantial doubt is alleviated as a result of the consideration of management’s plans, a company should disclose information that enables users of financial statements to understand all of the following (or refer to similar information disclosed elsewhere in the footnotes): (1) principal conditions that initially give rise to substantial doubt, (2) management’s evaluation of the significance of those conditions in relation to the company’s ability to meet its obligations, and (3) management’s plans that alleviated substantial doubt. If substantial doubt is not alleviated after considering management’s plans, disclosures should enable investors to understand the underlying conditions, and include the following: (1) a statement indicating that there is substantial doubt about the company’s ability to continue as a going concern within one year after the issuance date, (2) the principal conditions that give rise to substantial doubt, (3) management’s evaluation of the significance of those conditions in relation to the company’s ability to meet its obligations, and (4) management's plans that are intended to mitigate the adverse conditions. The new guidance applies to all companies. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company does not anticipate that the adoption of this guidance will have a material impact on the Company's consolidated financial statements. In November 2014, the FASB issued guidance to clarify how current GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Specifically, the new guidance clarifies that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation-in evaluating the nature of the host contract. The new guidance applies to all entities that are issuers of, or investors in, hybrid financial instruments that are issued in the form of a share. The guidance is effective for interim and annual reporting periods in fiscal years 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 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 consolidated financial statements. In April 2015, the FASB issued guidance to simplify the presentation of debt issuance costs. The guidance requires 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 that debt liability (i.e., versus being capitalized as an asset and amortized as required under existing guidance), consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the new guidance (i.e., debt issuance costs will continue to be amortized as an increase to interest expense). The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015. An entity should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Other than the reclassification of the unamortized deferred financing costs, the Company does not anticipate the adoption of this guidance will have a material impact on its consolidated financial statements. In January 2016, the FASB issued guidance that revises the accounting related to the classification and measurement of investments in equity securities as well as the presentation for certain fair value changes in financial liabilities measured at fair value, and amends certain disclosure requirements. The guidance requires that all equity investments be accounted for at fair value with all fair value changes recognized in net income. Equity investments that do not have a readily determinable fair value, and do not qualify for the NAV practical expedient, may be measured at cost and adjusted for impairment or changes in the observable price. For financial liabilities measured using the fair value option, the guidance requires that any change in fair value caused by a change in instrument-specific credit risk be presented separately in other comprehensive income until the liability is settled or reaches maturity. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted for certain provisions. A reporting entity would record a cumulative-effect adjustment to beginning retained earnings as of the beginning of the first reporting period in which the guidance is adopted, with minor exceptions. The Company is in the process of evaluating the impact that this guidance will have on its consolidated financial statements. |
Fair Value Disclosure
Fair Value Disclosure | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosure | Fair Value Disclosure GAAP establishes a hierarchy of valuation techniques based on observable inputs utilized in measuring financial instruments at fair values. Market based or observable inputs are the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: Level I — Quoted prices in active markets for identical assets or liabilities. Level II — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. Level III — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. While the Company anticipates that its valuation methods will be appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The Company will use inputs that are current as of the measurement date, which may include periods of market dislocation, during which price transparency may be reduced. The estimated fair value of the CMBS portfolio is determined by reference to market prices provided by certain dealers who make a market in these financial instruments. Broker quotes are only indicative of fair value and may not necessarily represent what the Company would receive in an actual trade for the applicable instrument. Management performs additional analysis on prices received based on broker quotes to validate the prices and adjustments are made as deemed necessary by management to capture current market information. The estimated fair values of the Company’s securities are based on observable market parameters and are classified as Level II in the fair value hierarchy. In accordance with GAAP, the Company elects the fair value option for these securities at the date of purchase in order to allow the Company to measure these securities at fair value with the change in estimated fair value included as a component of earnings in order to reflect the performance of investment in a timely manner. The estimated fair values of the Company’s derivative instruments are determined using a discounted cash flow analysis on the expected cash flows of each derivative. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The fair values of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected cash flows are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The fair values of FX forwards are determined by comparing the contracted forward exchange rate to the current market exchange rate. The current market exchange rates are determined by using market spot rates, forward rates and interest rate curves for the underlying countries. The Company’s derivative instruments are classified as Level II in the fair value hierarchy. The following table summarizes the levels in the fair value hierarchy into which the Company’s financial instruments were categorized as of December 31, 2015 and 2014 : Fair Value as of December 31, 2015 Fair Value as of December 31, 2014 Level I Level II Level III Total Level I Level II Level III Total CMBS (Available-for-Sale) $ — $ — $ — $ — $ — $ 17,105 $ — $ 17,105 CMBS (Fair Value Option) — 493,149 — 493,149 — 522,730 — 522,730 Derivative instruments — 3,327 — 3,327 — 4,070 — 4,070 Total $ — $ 496,476 $ — $ 496,476 $ — $ 543,905 $ — $ 543,905 |
Debt Securities
Debt Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities | Debt Securities At December 31, 2015 , all of the Company's CMBS were pledged to secure borrowings under the UBS Facility and the DB Facility. See Note 8 - Borrowings for a description of these facilities. During February 2015, the Company sold CMBS with an amortized cost of $24,038 resulting in a net realized loss of $443 , which was comprised of realized gains of $43 and realized losses of $486 . As a result of the sale, $678 was reclassified out of accumulated other comprehensive income. The sale generated proceeds of $1,341 after the repayment of $22,254 of borrowings under the 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 our continuing involvement it should not be accounted for as a sale. During August 2014, both the $90,000 senior participation and the Company's $65,000 junior participation were contributed to a CMBS securitization. In exchange for contributing its $65,000 junior participation, the Company received a CMBS secured solely by the $65,000 junior participation. The whole loan has a three -year term with two one -year extension options and an appraised loan-to-value ("LTV") of approximately 60% . During 2014, the Company purchased CMBS with an aggregate face amount of $387,100 and an aggregate purchase price of $375,006 . The CMBS were financed under the DB Facility and the Company elected the fair value option for these securities. The amortized cost and estimated fair value of the Company’s debt securities at December 31, 2015 are summarized as follows: Security Description Face Amortized Gross Gross Estimated CMBS (Fair Value Option) $ 511,482 $ 504,253 $ 2,614 $ (13,718 ) $ 493,149 CMBS (Held-to-Maturity) 153,250 153,193 — — 153,193 Total $ 664,732 $ 657,446 $ 2,614 $ (13,718 ) $ 646,342 The following table presents information about the Company's debt securities that were in an unrealized loss position at December 31, 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) 259,739 (10,644 ) 68,232 (3,074 ) Total $ 259,739 $ (10,644 ) $ 68,232 $ (3,074 ) The amortized cost and estimated fair value of the Company’s debt securities at December 31, 2014 are summarized as follows: Security Description Face Amortized Gross Gross Estimated 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 temporary impairment of the available-for-sale securities results from the fair value of the securities falling below the amortized cost basis. These unrealized losses are primarily the result of market factors other than credit impairment and the Company believes the carrying value of the securities are fully recoverable over their expected holding period. Management does not intend to sell or expect to be forced to sell the securities prior to the Company recovering the amortized cost. Additionally, all unrealized losses on securities available-for-sale at December 31, 2014 have existed for less than twelve months. As such, management does not believe any of the securities are other than temporarily impaired. The overall statistics for the Company’s CMBS (Available-for-Sale) and CMBS (Fair Value Option) calculated on a weighted average basis as of December 31, 2015 and 2014 are as follows: December 31, December 31, Credit Ratings * BB-D AAA-CCC- Coupon 5.9 % 5.9 % Yield 6.5 % 6.4 % Weighted Average Life 1.6 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) calculated on a weighted average basis as of December 31, 2015 and 2014 are as follows: Vintage December 31, December 31, 2005 8.3 % 9.0 % 2006 20.0 19.0 2007 62.4 63.0 2008 9.3 9.0 Total 100 % 100 % Property Type December 31, December 31, Office 32.0 % 33.4 % Retail 30.2 29.1 Multifamily 13.5 13.3 Hotel — 9.2 Other * 24.3 15.0 Total 100 % 100 % * No other individual category comprises more than 10% of the total. Location December 31, December 31, South Atlantic 23.0 % 23.2 % Middle Atlantic 18.1 21.1 Pacific 17.8 17.0 East North Central 12.5 11.0 Other * 28.6 27.7 Total 100 % 100 % * No other individual category comprises more than 10% of the total. |
Commercial Mortgage Loans
Commercial Mortgage Loans | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Loans on Real Estate [Line Items] | |
Loans | Schedule IV — Mortgage Loans on Real Estate December 31, 2015 Property Type Location Interest Final Periodic Face Carrying Commercial mortgage loans Condo Conversion New York 7.00 % Sept - 16 Interest only 24,114 24,289 Condo Construction Maryland 10.50 % Mar-17 Interest only 65,125 65,087 Vacation Home Portfolio Various 7.50 % Apr-19 Principal and interest 94,147 93,277 Hotel Pennsylvania 4.74 % May-19 Interest only 34,000 33,994 Condo Construction Maryland 10.75 % Jun-17 Interest only 50,000 49,960 Multifamily New York 4.41 % Aug-19 Interest only 34,500 34,886 Mixed Use Ohio 9.25 % May-20 Interest only 165,000 163,173 Condo Conversion New York 3.75 % Jun-16 Interest only 67,300 67,038 Multifamily North Dakota 6.15 % Nov-19 Principal and interest 49,691 49,665 Vacation Home Portfolio Various US cities 7.00 % Nov-21 Interest only 50,000 49,595 Mixed Use New York 7.25 % Mar-17 Interest only 85,770 85,658 Retail redevelopment Florida 6.25 % Jan-18 Interest only 45,000 44,925 Retail redevelopment Florida 6.25 % Jul-17 Interest only 33,000 32,804 Retail New York 10.25 % Mar-17 Interest only 1,653 1,636 Hotel New York 5.50 % Sept-20 Interest only 98,373 97,381 Retail New York 7.25 % Mar-17 Interest only 5,910 5,858 Hotel U.S. Virgin Islands 5.27 % Jan-21 Interest only 42,000 41,600 Office Virginia 5.53 % Jan-20 Principal and interest 54,000 53,475 Total commercial mortgage loans 999,583 994,301 Subordinate loans (1) Office Michigan 13.00 % Jun - 20 Principal and interest 8,753 8,753 Mixed Use North Carolina 11.10 % Aug - 22 Interest only 6,525 6,525 Office Complex Missouri 11.75 % Oct - 22 Principal and interest 9,566 9,566 Hotel Portfolio Missouri 11.00 % Feb - 18 Principal and interest 24,182 24,182 Warehouse Portfolio Various US cities 11.50 % May - 23 Interest only 32,000 32,000 Office Condo New York 11.25 % Jul - 22 Interest only 14,000 13,631 Condo Conversion New York 7.00 % Sept - 16 Interest only 6,386 6,415 Mixed Use Various US cities 14.00 % Dec - 18 Interest only 19,500 19,377 Mixed Use England 10.25 % Jan - 16 Interest only 50,676 50,676 Healthcare Portfolio Various US 9.47 % Jun - 19 Interest only 39,223 39,223 Ski Resort Montana 14.00 % Sept - 20 Interest only 15,000 14,878 Mixed Use New York 10.69 % Dec - 19 Interest only 88,368 87,818 Senior Housing United Kingdom 8.83 % Dec - 19 Principal and interest 79,735 79,735 Hotel California 10.40 % Jan-20 Principal and interest 20,000 20,000 Multifamily Portfolio Florida 11.70 % May-20 Interest only 22,000 21,895 Multifamily Portfolio Florida 11.70 % May-20 Interest only 15,500 15,426 Mixed Use Various US 9.30 % May-20 Interest only 45,000 44,854 Hotel Arizona 11.50 % Jul-25 Interest only 25,000 25,000 Hotel Washington, DC 9.80 % Jul-19 Interest only 20,000 19,934 Condo Development New York 13.00 % Jul-20 Interest only 34,184 33,567 Condo Conversion New York 12.75 % Jul-20 Interest only 52,418 51,941 Mixed Use New York 10.25 % Mar-17 Interest only 12,347 12,222 Mixed Use New York 10.50 % Oct-19 Interest only 30,000 29,785 Hotel New York 5.50 % Sept-20 Interest only 2,595 2,458 Destination Resort Various US cities 9.10 % May-22 Interest only 75,000 71,362 Multifamily New York 10.75 % May-19 Interest only 55,000 54,558 Hotel New York 12.36 % Mar-17 Interest only 50,000 49,522 Condo Pre-development United Kingdom 11.14 % Dec-16 Interest only 81,048 81,048 Multifamily North Dakota 6.15 % Nov-19 Interest only 5,000 5,000 Total subordinate loans 939,006 931,351 Total $ 1,938,589 $ 1,925,652 (2 ) (1) Subject to prior liens. (2) The aggregate cost for federal income tax purposes is $1,925,652 . The following table summarizes the changes in the carrying amounts of mortgage loans during 2015 and 2014 . Reconciliation of Carrying Amount of Loans 2015 2014 Balance at beginning of year $ 1,019,702 $ 658,583 New loans 1,366,062 802,664 Sales (136,573 ) (4,950 ) Collections of principal (348,516 ) (299,551 ) Discount accretion 9,096 4,316 Foreign currency loss (6,116 ) (4,095 ) Payment-in-kind 21,997 16,570 Exchange for CMBS (held-to-maturity) — (153,835 ) Balance at the close of year $ 1,925,652 $ 1,019,702 |
Commercial mortgage loans [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Loans | Commercial Mortgage Loans The Company’s commercial mortgage loan portfolio was comprised of the following at December 31, 2015 : Description Date of Maturity Original Current Carrying Coupon Property Size Condo Conversion – New York, NY (1) Aug-13 Sept-16 $ 33,000 $ 24,114 $ 24,289 Floating 40,000 sq. ft. Condo Construction - Potomac, MD (2) Feb-14 Sept-16 80,000 65,125 65,087 Floating 50 units Vacation Home Portfolio - Various (1) Apr-14 Apr-19 101,000 94,147 93,277 Fixed 229 properties Hotel - Philadelphia, PA (1)(3) May-14 May-17 34,000 34,000 33,994 Floating 301 rooms Condo Construction - Bethesda, MD (4) Jun-14 Dec-16 50,000 50,000 49,960 Floating 40 units Multifamily - Brooklyn, NY (1)(5) Jul-14 Aug-16 34,500 34,500 34,886 Floating 63 units Mixed Use - Cincinnati, OH (1)(3) Nov-14 May-18 165,000 165,000 163,173 Floating 65 acres Condo Conversion - New York, NY (1) Nov-14 Jun-16 67,300 67,300 67,038 Floating 86,000 sq. ft. Multifamily - Williston, ND (1)(3) Nov-14 Nov-17 58,000 49,691 49,665 Floating 366 units/homes Vacation Home Portfolio - Various U.S. (1)(3) Nov-14 Nov-19 50,000 50,000 49,595 Fixed 24 properties Mixed Use - Brooklyn, NY (1)(6) Feb-15 Mar-17 85,770 85,770 85,658 Floating 330,000 sq. ft. Retail redevelopment - Miami, FL (1)(7) Jun-15 Jan-17 45,000 45,000 44,925 Floating 63,300 sq. ft. Retail redevelopment - Miami, FL (1) Jun-15 Jul-17 33,000 33,000 32,804 Floating 16,600 sq. ft. Retail - Brooklyn, NY (1)(8) Aug-15 Mar-17 1,653 1,653 1,636 Floating 10,500 sq. ft. Hotel - New York, NY (1)(9) Sept-15 Sept-18 97,807 98,373 97,381 Floating 317 rooms Retail - Brooklyn, NY (1) Nov-15 Mar-17 5,910 5,910 5,858 Floating 5,500 sq. ft. Hotel - U.S. Virgin Islands (10) Dec-15 Jan-18 42,000 42,000 41,600 Floating 180 rooms Office - Richmond, VA (11) Dec-15 Jan-18 54,000 54,000 53,475 Floating 262,000 sq. ft. Total/Weighted Average $ 1,037,940 $ 999,583 $ 994,301 7.08 % (1) At December 31, 2015 , this loan was pledged to secure borrowings under the Company’s master repurchase facility entered into with JPMorgan Chase Bank, N.A. (the “JPMorgan Facility”) or Company's repurchase agreement with Goldman Sachs Bank USA (the “Goldman Loan”). See Note 8 – Borrowings for a description of these facilities. (2) This loan includes a six -month extension option subject to certain conditions and the payment of a fee. (3) This loan includes two one -year extension options subject to certain conditions and the payment of a fee. (4) This loan includes a six -month extension option subject to certain conditions and the payment of a fee. As of December 31, 2015 , the Company had $15,100 of unfunded loan commitments related to this loan. (5) This loan includes three one -year extension options subject to certain conditions and the payment of a fee for each extension. (6) As of December 31, 2015 , the Company had $6,730 of unfunded loan commitments related to this loan. (7) This loan includes two six -month extension options subject to certain conditions and the payment of a fee. (8) As of December 31, 2015 , the Company had $9,000 of unfunded loan commitments related to this loan. (9) This loan includes two one -year extension options subject to certain conditions and the payment of a fee. As of December 31, 2015 , the Company had $40,034 of unfunded loan commitments related to this loan. (10) This loan includes three one -year extension options subject to certain conditions and the payment of a fee for each extension. As of December 31, 2015 , the Company had $1,500 of unfunded loan commitments related to this loan. (11) This loan includes two one -year extension options subject to certain conditions and the payment of a fee. As of December 31, 2015 , the Company had $1,000 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. During October 2015, the Company received the full repayment from a $45,400 pari passu note that was part of a $227,000 first mortgage loan secured by a portfolio of 21 limited service and extended stay hotels throughout the United States. The Company’s commercial mortgage loan portfolio was comprised of the following as of December 31, 2014 : Description Date of Maturity Original Current Carrying 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 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. During November 2014, the Company received the full repayment from a whole loan secured by an office condominium in New York City as well as a hotel in New York City. During the fourth quarter of 2014, the Company received the full repayment from a whole loan secured by a condominium conversion project in New York City. The Company evaluates each loan for possible impairment on a quarterly basis. The Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations are sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such loan loss analyses are completed and reviewed by asset management and finance personnel, who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and discussions with market participants. An allowance for loan loss is established when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. The Company has determined that an allowance for loan losses was not necessary at December 31, 2015 and 2014 . |
Subordinate Loans
Subordinate Loans | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Loans on Real Estate [Line Items] | |
Loans | Schedule IV — Mortgage Loans on Real Estate December 31, 2015 Property Type Location Interest Final Periodic Face Carrying Commercial mortgage loans Condo Conversion New York 7.00 % Sept - 16 Interest only 24,114 24,289 Condo Construction Maryland 10.50 % Mar-17 Interest only 65,125 65,087 Vacation Home Portfolio Various 7.50 % Apr-19 Principal and interest 94,147 93,277 Hotel Pennsylvania 4.74 % May-19 Interest only 34,000 33,994 Condo Construction Maryland 10.75 % Jun-17 Interest only 50,000 49,960 Multifamily New York 4.41 % Aug-19 Interest only 34,500 34,886 Mixed Use Ohio 9.25 % May-20 Interest only 165,000 163,173 Condo Conversion New York 3.75 % Jun-16 Interest only 67,300 67,038 Multifamily North Dakota 6.15 % Nov-19 Principal and interest 49,691 49,665 Vacation Home Portfolio Various US cities 7.00 % Nov-21 Interest only 50,000 49,595 Mixed Use New York 7.25 % Mar-17 Interest only 85,770 85,658 Retail redevelopment Florida 6.25 % Jan-18 Interest only 45,000 44,925 Retail redevelopment Florida 6.25 % Jul-17 Interest only 33,000 32,804 Retail New York 10.25 % Mar-17 Interest only 1,653 1,636 Hotel New York 5.50 % Sept-20 Interest only 98,373 97,381 Retail New York 7.25 % Mar-17 Interest only 5,910 5,858 Hotel U.S. Virgin Islands 5.27 % Jan-21 Interest only 42,000 41,600 Office Virginia 5.53 % Jan-20 Principal and interest 54,000 53,475 Total commercial mortgage loans 999,583 994,301 Subordinate loans (1) Office Michigan 13.00 % Jun - 20 Principal and interest 8,753 8,753 Mixed Use North Carolina 11.10 % Aug - 22 Interest only 6,525 6,525 Office Complex Missouri 11.75 % Oct - 22 Principal and interest 9,566 9,566 Hotel Portfolio Missouri 11.00 % Feb - 18 Principal and interest 24,182 24,182 Warehouse Portfolio Various US cities 11.50 % May - 23 Interest only 32,000 32,000 Office Condo New York 11.25 % Jul - 22 Interest only 14,000 13,631 Condo Conversion New York 7.00 % Sept - 16 Interest only 6,386 6,415 Mixed Use Various US cities 14.00 % Dec - 18 Interest only 19,500 19,377 Mixed Use England 10.25 % Jan - 16 Interest only 50,676 50,676 Healthcare Portfolio Various US 9.47 % Jun - 19 Interest only 39,223 39,223 Ski Resort Montana 14.00 % Sept - 20 Interest only 15,000 14,878 Mixed Use New York 10.69 % Dec - 19 Interest only 88,368 87,818 Senior Housing United Kingdom 8.83 % Dec - 19 Principal and interest 79,735 79,735 Hotel California 10.40 % Jan-20 Principal and interest 20,000 20,000 Multifamily Portfolio Florida 11.70 % May-20 Interest only 22,000 21,895 Multifamily Portfolio Florida 11.70 % May-20 Interest only 15,500 15,426 Mixed Use Various US 9.30 % May-20 Interest only 45,000 44,854 Hotel Arizona 11.50 % Jul-25 Interest only 25,000 25,000 Hotel Washington, DC 9.80 % Jul-19 Interest only 20,000 19,934 Condo Development New York 13.00 % Jul-20 Interest only 34,184 33,567 Condo Conversion New York 12.75 % Jul-20 Interest only 52,418 51,941 Mixed Use New York 10.25 % Mar-17 Interest only 12,347 12,222 Mixed Use New York 10.50 % Oct-19 Interest only 30,000 29,785 Hotel New York 5.50 % Sept-20 Interest only 2,595 2,458 Destination Resort Various US cities 9.10 % May-22 Interest only 75,000 71,362 Multifamily New York 10.75 % May-19 Interest only 55,000 54,558 Hotel New York 12.36 % Mar-17 Interest only 50,000 49,522 Condo Pre-development United Kingdom 11.14 % Dec-16 Interest only 81,048 81,048 Multifamily North Dakota 6.15 % Nov-19 Interest only 5,000 5,000 Total subordinate loans 939,006 931,351 Total $ 1,938,589 $ 1,925,652 (2 ) (1) Subject to prior liens. (2) The aggregate cost for federal income tax purposes is $1,925,652 . The following table summarizes the changes in the carrying amounts of mortgage loans during 2015 and 2014 . Reconciliation of Carrying Amount of Loans 2015 2014 Balance at beginning of year $ 1,019,702 $ 658,583 New loans 1,366,062 802,664 Sales (136,573 ) (4,950 ) Collections of principal (348,516 ) (299,551 ) Discount accretion 9,096 4,316 Foreign currency loss (6,116 ) (4,095 ) Payment-in-kind 21,997 16,570 Exchange for CMBS (held-to-maturity) — (153,835 ) Balance at the close of year $ 1,925,652 $ 1,019,702 |
Subordinate Loans [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Loans | Subordinate Loans The Company’s subordinate loan portfolio was comprised of the following as of December 31, 2015 : Description Date of Maturity Original Current Carrying Coupon Subordinate to the Company's commercial mortgage loans Condo Conversion – New York, NY (1) Aug-13 Sept-16 $ 29,400 $ 6,386 $ 6,415 Floating Mixed Use - Brooklyn, NY (1) Aug-15 Mar-17 12,347 12,347 12,222 Floating Hotel - New York, NY (1)(2) Sept-15 Sept-18 2,562 2,595 2,458 Floating Multifamily - Williston, ND (1)(3) Dec-15 Nov-17 5,000 5,000 5,000 Floating Total - Subordinate to the Company's commercial mortgage loans $ 49,309 $ 26,328 $ 26,095 Subordinate to third party commercial mortgage loans Office - Michigan May-10 Jun-20 $ 9,000 $ 8,753 $ 8,753 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 9,566 9,566 Fixed Hotel Portfolio – Rochester, MN Jan-13 Feb-18 25,000 24,182 24,182 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 13,631 Fixed Mixed Use - Various (3) Dec-13 Dec-16 17,000 19,500 19,377 Fixed Mixed Use - London, England Apr-14 Jan-16 50,009 50,676 50,676 Fixed Healthcare Portfolio - Various (4) Jun-14 Jun-16 50,000 39,223 39,223 Floating Ski Resort - Big Sky, MT Aug-14 Sept-20 15,000 15,000 14,878 Fixed Mixed Use - New York, NY (5) Dec-14 Dec-17 81,715 88,368 87,818 Floating Senior Housing - United Kingdom (3) Jan-15 Dec-17 82,063 79,735 79,735 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 21,895 Floating Multifamily Portfolio - Florida (4) Apr-15 May-17 15,500 15,500 15,426 Floating Mixed Use - Various (4) Jun-15 May-17 45,000 45,000 44,854 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 19,934 Floating Condo Development - New York, NY (6) Jun-15 Jul-19 33,840 34,184 33,567 Floating Condo Conversion - New York, NY (3) Jul-15 Aug-18 50,000 52,418 51,941 Floating Mixed Use - New York, NY (7) Sept-15 Oct-18 30,000 30,000 29,785 Floating Destination Resort - Various (8) Sept-15 May-18 75,000 75,000 71,362 Floating Multifamily - New York, NY (9) Oct-15 Nov-18 55,000 55,000 54,558 Floating Hotel - New York, NY (10) Dec-15 Mar-17 50,000 50,000 49,522 Floating Condo Pre-development - United Kingdom (10) Dec-15 Sept-16 81,994 81,048 81,048 Floating Total - Subordinate to third party commercial mortgage loans $ 915,646 $ 912,678 $ 905,256 Total/Weighted Average $ 964,955 $ 939,006 $ 931,351 11.34 % (1) At December 31, 2015 , this loan was pledged to secure borrowings under the JPMorgan Facility. See Note 8 – Borrowings for a description of this facility. (2) Includes two one -year extension options subject to certain conditions and the payment of an extension fee. As of December 31, 2015 , the Company had $12,478 of unfunded loan commitments related to this loan. (3) Includes two one -year extension options subject to certain conditions and the payment of an extension fee. (4) Includes three one -year extension options subject to certain conditions and the payment of an extension fee. (5) Includes a two one -year extension options subject to certain conditions and the payment of an extension fee. As of December 31, 2015 , the Company had $785 of unfunded loan commitments related to this loan. (6) Includes a one -year extension option subject to certain conditions and the payment of an extension fee. As of December 31, 2015 , the Company had $41,160 of unfunded loan commitments related to this loan. (7) Includes a one -year extension option subject to certain conditions and the payment of an extension fee. (8) Includes four one -year extension options subject to certain conditions and the payment of an extension fee. (9) Includes a six -month extension option subject to certain conditions and the payment of a fee. (10) Includes a three -month extension option subject to certain conditions and the payment of a 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, Pennsylvania. During July 2015, the Company received the full repayment of a subordinate loan secured by the pledge of the equity interests in a borrower that acquired five adjacent commercial buildings in the Gramercy Park neighborhood of New York City. 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 and retained an interest only strip that bore interest at 3.4% . The loan was repaid in December 2015. 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, New York. The Company retained the rights to the prepayment penalty and received a prepayment fee $333 during December 2015. 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. During October 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 condominium town in the TriBeCa neighborhood of New York City. During October 2015, the Company received the full repayment of a subordinate loan secured by a pledge of the equity interests in the owner of two buildings in midtown Manhattan. The Company’s subordinate loan portfolio was comprised of the following as of December 31, 2014 : Description Date of Maturity Original Current Carrying Coupon Subordinate to the Company's commercial mortgage loans Condo Conversion – New York, NY (1) Aug-13 Sept-15 $ 29,400 $ 29,751 $ 29,762 Floating Total - Subordinate to the Company's commercial mortgage loans $ 29,400 $ 29,751 $ 29,762 Subordinate to third party commercial mortgage loans 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 Mixed Use - Pittsburgh, PA (3) Aug-13 Aug-16 22,500 22,500 22,473 Floating Mixed Use - Various (3) Dec-13 Dec-16 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 - Subordinate to third party commercial mortgage loans $ 533,034 $ 533,848 $ 531,420 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. During August 2014, the Company received the final repayment from a $50,000 mezzanine loan secured by a pledge of the equity interests in a borrower that owns a portfolio of seven office parks throughout Florida. During November 2014, the Company received the final repayment from a $28,250 mezzanine loan secured by a pledge of the equity interests in a borrower that owns the leasehold interest in a hotel in New York City. During the fourth quarter of 2014, the Company received the full repayment from a subordinate loan secured by a condominium conversion project in New York City. The Company evaluates its loans for possible impairment on a quarterly basis. See Note 5 – Commercial Mortgage Loans for a summary of the metrics reviewed. The Company has determined that an allowance for loan loss was not necessary at December 31, 2015 and December 31, 2014 . |
Unconsolidated Joint Venture
Unconsolidated Joint Venture | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Unconsolidated Joint Venture | Unconsolidated Joint Venture In September 2014, the Company, through a wholly owned subsidiary, acquired a 59% ownership interest in Champ Limited Partnership (“Champ LP”) following which a wholly-owned subsidiary of Champ LP then acquired a 35% ownership interest in KBC Bank Deutschland AG, the German subsidiary of Belgian KBC Group NV. Following the closing of the transaction, KBC Bank was renamed Bremer Kreditbank AG and operates under the name BKB Bank ("BKB Bank"). The Company acquired its ownership interest in Champ LP for an initial purchase price paid at closing of approximately €30,724 (or $39,477 ). The Company committed to invest up to approximately €38,000 (or $50,000 ). The Company together with other affiliated investors, in aggregate, own 100% of Champ LP. Champ LP together with certain unaffiliated third party investors, in aggregate, own 100% of BKB Bank. BKB 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. 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 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 $3,508 ). Through its interest in Champ LP, the Company now holds an indirect ownership interest of approximately 11% in BKB Bank. The Company determined that Champ LP met the definition of a VIE and that it was not the primary beneficiary; therefore, we did not consolidate the assets and liabilities of the partnership. Additionally, Champ LP is an Investment Company under GAAP, and is therefore reflected at fair value. Our investment in Champ LP is accounted for as an equity method investment and therefore we record our proportionate share of the net asset value. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings At December 31, 2015 and 2014 , the Company’s borrowings had the following debt balances, weighted average maturities and interest rates: December 31, 2015 December 31, 2014 Debt Weighted Weighted Debt Weighted Weighted Wells Facility borrowings $ — 0 — % $ 20,166 0.2 years 1.0 % ** UBS Facility borrowings 133,899 2.7 years * 2.8 % 133,899 3.7 years 2.8 % Fixed DB Facility borrowings 300,005 2.3 years 3.7 % 300,005 3.3 years 3.7 % *** JPMorgan Facility borrowings 445,942 3.1 years 2.6 % 168,124 0.1 years 2.7 % L+225-475 Goldman Loan 45,928 3.3 years 3.8 % — 0 — % L+350 Total borrowings $ 925,774 2.7 years 2.9 % $ 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 December 31, 2015 , the Company’s borrowings had the following remaining maturities: Less than 1 to 3 3 to 5 More than Total UBS Facility borrowings * $ 5,004 $ 128,895 $ — $ — $ 133,899 DB Facility borrowings 74,251 225,754 — — 300,005 JPMorgan Facility borrowings * 62,454 122,081 261,407 — 445,942 Goldman Loan 3,848 10,580 31,500 — 45,928 Total $ 145,557 $ 487,310 $ 292,907 $ — $ 925,774 * Assumes extension options are exercised. The table below summarizes the outstanding balances, as well as the maximum and average balances as of December 31, 2015 and 2014 . 2015 2014 Balance at Maximum Month-End Average Month-End Balance at Maximum Month-End Average Month-End Wells Facility borrowings $ — $ 22,254 $ 3,263 $ 20,166 $ 47,751 $ 28,921 UBS Facility borrowings 133,899 133,899 133,899 133,899 133,899 133,899 DB Facility borrowings 300,005 300,005 300,005 $ 300,005 $ 300,005 $ 145,856 JPMorgan Facility borrowings 445,942 445,942 261,261 $ 168,124 $ 169,066 $ 105,366 Goldman Loan 45,928 52,524 45,665 $ — $ — $ — Total $ 925,774 $ 622,194 Repurchase Agreements Wells Facility In August 2010, the Company, through an indirect wholly owned subsidiary, entered into the Wells Facility, which provided for borrowings in order to finance the acquisition of AAA-rated CMBS. The term of the Wells Facility expires in March 2016. During February 2015, the Company repaid the outstanding balance under the Wells Facility upon the sale of the pledged collateral, and no further borrowings are permitted. The purchase price of the CMBS was determined on a per asset basis by applying an advance rate schedule agreed upon by the Company and Wells Fargo. Amounts borrowed under the Wells Facility bore interest at a rate of LIBOR + 0.80% . Advance rates under the Wells Facility typically ranged from 85% - 90% on the face amount of the underlying collateral depending on the weighted average life of the collateral pledged, and for assets purchased after January 8, 2015, 95.0% of market value. Margin calls would have occurred any time the outstanding loan balance exceeds the lender’s required advance in accordance with agreed upon advance rates by more than $250 . The Wells Facility contains, among others, the following restrictive covenants: (1) negative covenants intended to restrict the Company from failing to qualify as a REIT and (2) financial covenants to be met by the Company, including a minimum net asset value covenant (which shall not be less than an amount equal to (i) $100,000 , (ii) 75% of the greatest net asset value during the prior calendar quarter and (iii) 65% of the greatest net asset value during the prior calendar year), a maximum total debt to consolidated tangible net worth covenant ( 8 :1), a minimum liquidity covenant ( $2,500 ) and a minimum EBITDA to interest expense covenant ( 1.5 :1). The Company has agreed to provide a limited guarantee of up to 15% , or a maximum of $37,500 , of the obligations of its indirect wholly-owned subsidiary under the Wells Facility. The pricing margin for all assets financed under the Wells Facility is 1.50% . The Company is required to maintain at all times an amount in Repo Liquidity (as generally defined to include all amounts held in the collection account established under the Wells Facility for the benefit of Wells Fargo, cash, cash equivalents, super-senior CMBS rated AAA by at least two rating agencies, and total amounts immediately and unconditionally available on an unrestricted basis under all outstanding capital commitments, subscription facilities and secured revolving credit or repurchase facilities) no less than the greater of 10% of the total consolidated recourse indebtedness of the Company and $12,500 . Advances under the Wells Facility accrued interest at a per annum pricing rate equal to the sum of (i) 30 day LIBOR and (ii) the applicable pricing margin. UBS Facility In September 2013, the Company through an indirect wholly-owned subsidiary entered into the UBS Facility, which currently provides that the Company may borrow up to $133,899 in order to finance the acquisition of CMBS. The UBS Facility has a term of four years , with a one -year extension available at the Company's option, subject to certain restrictions. Advances under the UBS Facility accrue interest at a per annum pricing rate equal to a spread of 1.55% per annum over the rate implied by the fixed rate bid under a fixed-for-floating interest rate swap for the receipt of payments indexed to six-month U.S. dollar LIBOR. The Company borrows 100% of the estimated fair value of the collateral pledged and posts margin equal to 22.5% of that borrowing amount in cash. The margin posted is classified as restricted cash on the Company's consolidated balance sheets. Additionally, beginning on the 121st day following the closing date and depending on the utilization rate of the facility, a portion of the undrawn amount may be subject to non-use fees. The UBS Facility contains customary terms and conditions for repurchase facilities of this type and financial covenants to be met by the Company, including a minimum net asset value covenant (which shall not be less than an amount equal to $500,000 and a maximum total debt to consolidated tangible net worth covenant ( 3 :1). The Company has agreed to provide a full guarantee of the obligations of its indirect wholly-owned subsidiary under the UBS Facility. DB Facility In April 2014, the Company, through an indirect wholly-owned subsidiary, entered into the DB Facility, which currently provides that the Company may borrow up to $300,005 in order to finance the acquisition of CMBS. The DB Facility matures in April 2018, subject to certain restrictions. Advances under the DB Facility accrue interest at a per annum pricing rate based on the rate implied by the fixed rate bid under a fixed for floating interest rate swap for the receipt of payments indexed to three-month U.S. dollar LIBOR, plus a financing spread ranging from 1.80% to 2.32% based on the rating of the collateral pledged. The Company borrows an amount equal to the product of the estimated fair value of the collateral pledged divided by a margin ratio ranging from 125.00% to 181.82% depending on the collateral pledged. Additionally, since December 7, 2014 and depending on the utilization rate of the facility, a portion of the undrawn amount may be subject to non-use fees. The DB Facility contains customary terms and conditions for repurchase facilities of this type and financial covenants to be met by the Company, including minimum shareholder's equity of 50% of the gross capital proceeds of its initial public offering and any subsequent public or private offerings. JPMorgan Facility In January 2010, the Company, through two indirect wholly owned subsidiaries, entered into the JPMorgan Facility, which as amended in 2015, currently provides for a maximum aggregate purchase price of $600,000 and a three -year term expiring in January 2018 plus a one -year extension option, exercisable at the option of the Company subject to certain conditions and the payment of a fee, 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 LTV. 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, among others, the following restrictive covenants: (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 of its indirect wholly-owned subsidiaries under the JPMorgan Facility. 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. The Company was in compliance with the financial covenants under its repurchase agreements at December 31, 2015 and December 31, 2014 . |
Convertible Senior Notes
Convertible Senior Notes | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | Convertible Senior Notes On March 17, 2014, the Company issued $143,750 aggregate principal amount of 5.50% Convertible Senior Notes due 2019 (the "March 2019 Notes"), for which the Company received net proceeds, after deducting the underwriting discount and estimated offering expense payable by the Company of approximately $139,037 . At December 31, 2015 , the March 2019 Notes had a carrying value of $140,623 and an unamortized discount of $3,127 . On August 18, 2014, the Company issued an additional $111,000 aggregate principal amount of 5.50% Convertible Senior Notes due 2019 (the "August 2019 Notes," and together with the March 2019 Notes, the "2019 Notes"), for which the Company received net proceeds, after deducting the underwriting discount and estimated offering expense payable by the Company of approximately $109,615 . At December 31, 2015 , the August 2019 Notes had a carrying value of $107,550 and an unamortized discount of $3,450 . 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 % 55.9411 3/15/2019 3.21 years August 2019 Notes $ 111,000 5.50 % 6.50 % 55.9411 3/15/2019 3.21 years (1) Effective rate includes the effect of the adjustment for the conversion option (See footnote (2) below), the value of which reduced the initial liability and was recorded in additional paid-in-capital. (2) The Company has the option to settle any conversions in cash, shares of common stock or a combination thereof. The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of 2019 Notes converted. The if-converted value of the 2019 Notes does not exceed their principal amount at December 31, 2015 since the closing market price of the Company’s common stock of $17.23 per share does not exceed the implicit conversion prices of $17.88 for the 2019 Notes. GAAP requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. GAAP requires that the initial proceeds from the sale of the 2019 Notes be allocated between a liability component and an equity component in a manner that reflects interest expense at the interest rate of similar nonconvertible debt that could have been issued by the Company at such time. The Company measured the fair value of the debt components of the 2019 Notes as of their issuance date based on effective interest rates. As a result, the Company attributed approximately $11,445 of the proceeds to the equity component of the 2019 Notes, which represents the excess proceeds received over the fair value of the liability component of the 2019 Notes at the date of issuance. The equity component of the 2019 Notes has been reflected within additional paid-in capital in the consolidated balance sheet as of December 31, 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 $14,011 for the year ended December 31, 2015 . With respect to the amortization of the discount on the liability component of the 2019 Notes as well as the amortization of deferred financing costs, the Company reported additional non-cash interest expense of approximately $3,440 for the year ended December 31, 2015 . As of December 31, 2015 potential shares of common stock contingently issuable upon the conversion of the 2019 Notes were excluded from the calculation of diluted income per share because it is management's intent and ability to settle the obligation in cash. |
Federal Home Loan Bank of India
Federal Home Loan Bank of Indianapolis Membership | 12 Months Ended |
Dec. 31, 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”), and as a member of the FHLBI had access to a variety of products and services offered by the FHLBI, including secured advances. As of December 31, 2015 , ACREFI Insurance Services, LLC had not requested any secured advances. On January 12, 2016, the Federal Housing Finance Agency (“FHFA”) adopted a final rule revising its regulations governing Federal Home Loan Bank membership. As a result, the FHLBI may not make any advances to ACREFI Insurance Services, LLC and is required to terminate the membership of ACREFI Insurance Services, LLC no later than February 19, 2017 (one year after the effective date of the final rule). Upon termination of ACREFI Insurance Services, LLC's membership, FHLBI will be required to redeem at par value the FHLBI stock that had been purchased and held by ACREFI Insurance Services, LLC as a condition to membership in the FHLBI. At December 31, 2015 , the Company had stock in the FHLBI totaling $8 , which is included in other assets on the consolidated balance sheet at December 31, 2015 . |
Participations Sold
Participations Sold | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Loans on Real Estate [Line Items] | |
Participations Sold | Schedule IV — Mortgage Loans on Real Estate December 31, 2015 Property Type Location Interest Final Periodic Face Carrying Commercial mortgage loans Condo Conversion New York 7.00 % Sept - 16 Interest only 24,114 24,289 Condo Construction Maryland 10.50 % Mar-17 Interest only 65,125 65,087 Vacation Home Portfolio Various 7.50 % Apr-19 Principal and interest 94,147 93,277 Hotel Pennsylvania 4.74 % May-19 Interest only 34,000 33,994 Condo Construction Maryland 10.75 % Jun-17 Interest only 50,000 49,960 Multifamily New York 4.41 % Aug-19 Interest only 34,500 34,886 Mixed Use Ohio 9.25 % May-20 Interest only 165,000 163,173 Condo Conversion New York 3.75 % Jun-16 Interest only 67,300 67,038 Multifamily North Dakota 6.15 % Nov-19 Principal and interest 49,691 49,665 Vacation Home Portfolio Various US cities 7.00 % Nov-21 Interest only 50,000 49,595 Mixed Use New York 7.25 % Mar-17 Interest only 85,770 85,658 Retail redevelopment Florida 6.25 % Jan-18 Interest only 45,000 44,925 Retail redevelopment Florida 6.25 % Jul-17 Interest only 33,000 32,804 Retail New York 10.25 % Mar-17 Interest only 1,653 1,636 Hotel New York 5.50 % Sept-20 Interest only 98,373 97,381 Retail New York 7.25 % Mar-17 Interest only 5,910 5,858 Hotel U.S. Virgin Islands 5.27 % Jan-21 Interest only 42,000 41,600 Office Virginia 5.53 % Jan-20 Principal and interest 54,000 53,475 Total commercial mortgage loans 999,583 994,301 Subordinate loans (1) Office Michigan 13.00 % Jun - 20 Principal and interest 8,753 8,753 Mixed Use North Carolina 11.10 % Aug - 22 Interest only 6,525 6,525 Office Complex Missouri 11.75 % Oct - 22 Principal and interest 9,566 9,566 Hotel Portfolio Missouri 11.00 % Feb - 18 Principal and interest 24,182 24,182 Warehouse Portfolio Various US cities 11.50 % May - 23 Interest only 32,000 32,000 Office Condo New York 11.25 % Jul - 22 Interest only 14,000 13,631 Condo Conversion New York 7.00 % Sept - 16 Interest only 6,386 6,415 Mixed Use Various US cities 14.00 % Dec - 18 Interest only 19,500 19,377 Mixed Use England 10.25 % Jan - 16 Interest only 50,676 50,676 Healthcare Portfolio Various US 9.47 % Jun - 19 Interest only 39,223 39,223 Ski Resort Montana 14.00 % Sept - 20 Interest only 15,000 14,878 Mixed Use New York 10.69 % Dec - 19 Interest only 88,368 87,818 Senior Housing United Kingdom 8.83 % Dec - 19 Principal and interest 79,735 79,735 Hotel California 10.40 % Jan-20 Principal and interest 20,000 20,000 Multifamily Portfolio Florida 11.70 % May-20 Interest only 22,000 21,895 Multifamily Portfolio Florida 11.70 % May-20 Interest only 15,500 15,426 Mixed Use Various US 9.30 % May-20 Interest only 45,000 44,854 Hotel Arizona 11.50 % Jul-25 Interest only 25,000 25,000 Hotel Washington, DC 9.80 % Jul-19 Interest only 20,000 19,934 Condo Development New York 13.00 % Jul-20 Interest only 34,184 33,567 Condo Conversion New York 12.75 % Jul-20 Interest only 52,418 51,941 Mixed Use New York 10.25 % Mar-17 Interest only 12,347 12,222 Mixed Use New York 10.50 % Oct-19 Interest only 30,000 29,785 Hotel New York 5.50 % Sept-20 Interest only 2,595 2,458 Destination Resort Various US cities 9.10 % May-22 Interest only 75,000 71,362 Multifamily New York 10.75 % May-19 Interest only 55,000 54,558 Hotel New York 12.36 % Mar-17 Interest only 50,000 49,522 Condo Pre-development United Kingdom 11.14 % Dec-16 Interest only 81,048 81,048 Multifamily North Dakota 6.15 % Nov-19 Interest only 5,000 5,000 Total subordinate loans 939,006 931,351 Total $ 1,938,589 $ 1,925,652 (2 ) (1) Subject to prior liens. (2) The aggregate cost for federal income tax purposes is $1,925,652 . The following table summarizes the changes in the carrying amounts of mortgage loans during 2015 and 2014 . Reconciliation of Carrying Amount of Loans 2015 2014 Balance at beginning of year $ 1,019,702 $ 658,583 New loans 1,366,062 802,664 Sales (136,573 ) (4,950 ) Collections of principal (348,516 ) (299,551 ) Discount accretion 9,096 4,316 Foreign currency loss (6,116 ) (4,095 ) Payment-in-kind 21,997 16,570 Exchange for CMBS (held-to-maturity) — (153,835 ) Balance at the close of year $ 1,925,652 $ 1,019,702 |
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 (or $51,996 ) floating-rate mezzanine loan secured by a portfolio of 44 senior housing facilities located throughout the United Kingdom. During February 2015, the Company closed an additional funding of £20,000 (or $30,672 ) and participated that balance to an investment fund affiliated with Apollo. At December 31, 2015 , the participation had a face amount of £19,850 (or $29,250 ), a carrying amount of £19,850 (or $29,250 ) 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 December 31, 2015 , the participation had a face amount of $88,983 , a carrying amount of $88,951 and a cash coupon of LIBOR plus 440 basis points. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments The Company has in the past used and may in the future use interest rate swaps and caps to manage exposure to variable cash flows on portions of its borrowings under repurchase agreements. Interest rate swap and cap agreements allow the Company to receive a variable rate cash flow based on LIBOR and pay a fixed rate cash flow, mitigating the impact of this exposure. The Company has not designated any of its derivative instruments as hedges under GAAP and therefore, changes in the fair value of the Company's derivatives are recorded directly in earnings. The following table summarizes the amounts recognized on the consolidated statements of operations related to the Company’s derivatives for the years ended December 31, 2015 , 2014 and 2013 . Amount of loss recognized in income Location of Gain (Loss) Recognized in Income 2015 2014 2013 Interest rate swaps Loss on derivative instruments – realized * $ — $ — $ (157 ) Interest rate swaps Gain on derivative instruments – unrealized — $ — $ 156 Interest rate caps Loss on derivative instruments - unrealized (210 ) — (1 ) Forward currency contract Gain (loss) on derivative instruments - unrealized (853 ) 4,070 — Forward currency contract Gain on derivative instruments - realized 5,169 — — Total $ 4,106 $ 4,070 $ (2 ) * Realized losses represent net amounts accrued for the Company’s derivative instruments during the period. The following table summarizes the gross asset and liability amounts related to the Company’s derivatives at December 31, 2015 and 2014 . December 31, 2015 December 31, 2014 Gross Gross Net Amounts Gross Gross Net Amounts Interest rate swaps $ — $ — $ — $ — $ — $ — Interest rate caps 106 — 106 — — — Forward currency contract $ 3,221 $ — $ 3,221 $ 4,070 $ — $ 4,070 Total derivative instruments $ 3,327 $ — $ 3,327 $ 4,070 $ — $ 4,070 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Management Agreement In connection with the Company’s initial public offering in September 2009, the Company entered into a management agreement (the “Management Agreement”) with ACREFI Management, LLC (the “Manager”), which describes the services to be provided by the Manager and its compensation for those services. The Manager is responsible for managing the Company’s day-to-day operations, subject to the direction and oversight of the Company’s board of directors. Pursuant to the terms of the Management Agreement, the Manager is paid a base management fee equal to 1.5% per annum of the Company’s stockholders’ equity (as defined in the Management Agreement), calculated and payable (in cash) quarterly in arrears. The current term of the Management Agreement expires on September 29, 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 terms only upon the affirmative vote of at least two-thirds of the Company’s independent directors, based upon (1) unsatisfactory performance by the Manager that is materially detrimental to the Company or (2) a determination that the management fee payable to the Manager is not fair, subject to the Manager’s right to prevent such a termination based on unfair fees by accepting a mutually acceptable reduction of management fees agreed to by at least two-thirds of the Company’s independent directors. The Manager must be provided with written notice of any such termination at least 180 days prior to the expiration of the then existing term and will be paid a termination fee equal to three times the sum of the average annual base management fee during the 24 -month period immediately preceding the date of termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination. Following a meeting by the Company’s independent directors in February 2016, 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 2015 , 2014 and 2013 , respectively, the Company incurred approximately $16,619 , $11,960 and $10,012 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 2015 , 2014 and 2013 , respectively, the Company recorded expenses totaling $1,421 , $985 and $745 related to reimbursements for certain expenses paid by the Manager on behalf of the Company. Expenses incurred by the Manager and reimbursed by the Company are reflected in the respective consolidated statement of operations expense category or the consolidated balance sheet based on the nature of the item. Included in payable to related party on the consolidated balance sheet at December 31, 2015 and December 31, 2014 , respectively, is approximately $5,297 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 In September 2014, the Company, through a wholly owned subsidiary, acquired a 59% ownership interest in Champ LP following which a wholly-owned subsidiary of Champ LP then acquired a 35% ownership interest in KBC Bank, the German subsidiary of Belgian KBC Group NV. KBC Bank subsequently renamed Bremer Kreditbank AG. The Company acquired its ownership interest in Champ LP for an initial purchase price paid at closing of approximately €30,724 (or $39,477 ). The Company committed to invest up to approximately €38,000 (or $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 $3,508 ). 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. 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. In consideration of the option, MidCap paid the Company a fee of $750 during the fourth quarter of 2015. On December 2, 2015, MidCap provided the Company written notice that it exercised its option to purchase the Real Estate Loans, and upon such exercise, the Company transferred, assigned and conveyed to MidCap all of the Company’s right, title and interest to purchase the Real Estate Loans under the Company’s commitment with Mubadala GE Capital Ltd. |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payments | Share-Based Payments On September 23, 2009, the Company’s board of directors approved the Apollo Commercial Real Estate Finance, Inc., 2009 Equity Incentive Plan (the “LTIP”). The LTIP provides for grants of restricted common stock, restricted stock units (“RSUs”) and other equity-based awards up to an aggregate of 7.5% of the issued and outstanding shares of the Company’s common stock (on a fully diluted basis). The LTIP is administered by the compensation committee of the Company’s board of directors (the “Compensation Committee”) and all grants under the LTIP must be approved by the Compensation Committee. The Company recognized stock-based compensation expense of $4,387 , $1,576 and $3,488 during 2015 , 2014 and 2013 , respectively, related to restricted stock and RSU vesting. The fair value of restricted stock that vested during 2015 , 2014 and 2013 was $547 , $445 and $293 , respectively. The fair value of RSUs that vested during 2015 , 2014 and 2013 was $3,471 , $2,729 and $2,854 , respectively. The following table summarizes the grants, exchanges and forfeitures of restricted common stock and RSUs during 2015 , 2014 and 2013 : Type Date Restricted Stock RSUs Estimate Fair Value Initial Vesting Final Vesting Outstanding at January 1, 2013 172,112 308,750 Grant February 2013 20,000 — 352 December 2013 December 2015 Grant February 2013 — 180,000 3,166 December 2013 December 2015 Grant April 2013 11,304 — 200 July 2013 April 2016 Grant May 2013 — 15,000 264 December 2013 December 2015 Forfeiture June 2013 — (5,000 ) n/a n/a n/a Canceled upon delivery July 2013 — (5,000 ) n/a n/a n/a Grant September 2013 — 10,000 154 September 2013 September 2013 Grant November 2013 5,000 — 81 December 2013 October 2016 Canceled upon delivery January 2014 — (288,750 ) n/a n/a n/a Grant April 2014 8,931 — 150 July 2014 April 2017 Grant April 2014 5,000 — 85 July 2014 April 2017 Canceled upon delivery April 2014 — (5,000 ) n/a n/a n/a Grant June 2014 — 10,254 169 December 2014 December 2016 Grant December 2014 51,767 — 855 December 2015 December 2017 Grant December 2014 — 390,000 6,474 December 2015 December 2017 Grant January 2015 — 8,000 132 December 2015 December 2017 Forfeiture January 2015 — (5,000 ) n/a n/a n/a Canceled 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 Grant December 2015 50,000 — 874 December 2016 December 2018 Grant December 2015 — 656,425 11,461 December 2016 December 2018 Outstanding at December 31, 2015 340,064 1,242,810 Below is a summary of restricted stock and RSU vesting dates as of December 31, 2015 . Vesting Date Shares Vesting RSU Vesting Total Awards 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 28,920 350,379 379,299 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 28,923 346,982 375,905 January 2018 1,330 — 1,330 April 2018 1,331 — 1,331 June 2018 — 544 544 December 2018 16,670 218,822 235,492 107,385 917,814 1,025,199 At December 31, 2015 , the Company had unrecognized compensation expense of approximately $1,775 and $15,790 , respectively, related to the vesting of restricted stock awards and RSUs noted in the table above. RSU Deliveries During 2015 , 2014 and 2013 , respectively, the Company delivered 12,763 , 240,277 and 3,057 shares of common stock for 20,000 , 283,750 and 5,000 vested RSUs. The Company allows RSU participants to settle their tax liabilities with a reduction of their share delivery from the originally granted and vested RSUs. The amount, when agreed to by the participant, results in a cash payment to the Manager related to this tax liability and a corresponding adjustment to additional paid in capital on the consolidated statement of changes in stockholders' equity. The adjustments were $122 , $876 and $31 in 2015 , 2014 and 2013 , respectively, and are included as reductions of capital increase related to the Company's equity incentive plan in the consolidated statement of changes in shareholders’ equity. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The Company’s authorized capital stock consists of 450,000,000 shares of common stock, $0.01 par value per share and 50,000,000 shares of preferred stock, $0.01 par value per share. As of December 31, 2015 , 67,195,252 shares of common stock were issued and outstanding and there were 3,450,000 shares of 8.625% Series A Cumulative Redeemable Perpetual Preferred Stock ("Series A Preferred Stock") issued and outstanding and 8,000,000 shares of 8.00% Fixed-to-Floating Series B Cumulative Redeemable Perpetual Preferred Stock ("Series B Preferred Stock") issued and outstanding. Dividends. During 2015 and 2014 , the Company has declared the following dividends on its common stock: Declaration Date Record Date Payment Date Amount February 26, 2014 March 31, 2014 April 15, 2014 $ 0.40 April 29, 2014 June 30, 2014 July 15, 2014 $ 0.40 July 28, 2014 September 30, 2014 October 15, 2014 $ 0.40 October 28, 2014 December 31, 2014 January 15, 2015 $ 0.40 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 December 14, 2015 December 31, 2015 January 15, 2016 $ 0.46 During 2015 and 2014 , the Company declared the following dividends on its Series A Preferred Stock: Declaration Date Record Date Payment Date Amount March 17, 2014 March 31, 2014 April 15, 2014 $ 0.5391 June 9, 2014 June 30, 2014 July 15, 2014 $ 0.5391 September 8, 2014 September 30, 2014 October 15, 2014 $ 0.5391 December 16, 2014 December 31, 2014 January 15, 2015 $ 0.5391 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 December 14, 2015 December 31, 2015 January 15, 2016 $ 0.5391 During 2015 , the Company declared the following dividends on its Series B Preferred Stock: Declaration Date Record Date Payment Date Amount December 14, 2015 December 31, 2015 January 15, 2016 $ 0.6333 Common Stock Offerings. 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. During the second quarter of 2014, the Company completed a follow-on public offering of 9,706,000 shares of its common stock, including the partial exercise of the underwriters’ option to purchase additional shares, at a price of $16.35 per share. The aggregate net proceeds from the offering, including proceeds from the sale of the additional shares, were approximately $158,439 after deducting estimated offering expenses payable by the Company. Common Stock and Preferred Stock Private Placement. 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 Series B Preferred Stock 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. Stock Repurchase Program. 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 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies KBC Bank Deutschland AG. In September 2013, the Company, together with other affiliates of Apollo, reached an agreement to make an investment in Champ LP, an entity that has agreed to acquire a minority participation in KBC Bank. The Company committed to invest up to approximately € 38,000 (or $50,000 ), representing approximately 21% of the ownership in KBC Bank, which was subsequently renamed Bremer Kreditbank AG. 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 $3,508 ). Through its interest in Champ LP, the Company now holds an indirect ownership interest of approximately 11% in Bremer Kreditbank AG, which operates under the name BKB Bank. Loan Commitments. As described in Note 5, the Company had $73,364 of unfunded loan commitments related to its commercial mortgage loan portfolio as of December 31, 2015 . As described in Note 6, the Company had $54,423 of unfunded loan commitments related to its subordinate loan portfolio as of December 31, 2015 . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments Disclosure [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheet at December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 Carrying Estimated Carrying Estimated Cash and cash equivalents $ 67,415 $ 67,415 $ 40,641 $ 40,641 Restricted cash 30,127 30,127 30,127 30,127 Securities, held-to-maturity 153,193 153,230 154,283 154,980 Commercial first mortgage loans 994,301 999,517 458,520 465,510 Subordinate loans 931,351 939,545 561,182 566,385 Borrowings under repurchase agreements (925,774 ) (925,920 ) (622,194 ) (622,193 ) Convertible senior notes, net (248,173 ) (253,986 ) (246,464 ) (254,605 ) Participations sold (118,201 ) (118,226 ) (89,584 ) (89,995 ) To determine estimated fair values of the financial instruments listed above, market rates of interest, which include credit assumptions, are used to discount contractual cash flows. The estimated fair values are not necessarily indicative of the amount the Company could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts. The Company’s securities, held-to-maturity, commercial first mortgage loans, subordinate loans, borrowings under repurchase agreements, convertible senior notes and participations sold are carried at amortized cost on the consolidated financial statements and are classified as Level III in the fair value hierarchy. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | Net Income (Loss) per Share GAAP requires use of the two-class method of computing earnings per share for all periods presented for each class of common stock and participating security as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for dividends declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for dividends declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. The remaining earnings are allocated to common stockholders and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Each total is then divided by the applicable number of shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and all potential shares of common stock assumed issued if they are dilutive. The numerator is adjusted for any changes in income or loss that would result from the assumed conversion of these potential shares of common stock. The table below presents basic and diluted net income per share of common stock using the two-class method for the years ended December 31, 2015 , 2014 and 2013 : For the year ended December 31, 2015 2014 2013 Numerator: Net income $ 103,256 $ 82,739 $ 52,485 Preferred dividends (11,884 ) (7,440 ) (7,440 ) Net income available to common stockholders 91,372 75,299 45,045 Dividends declared on common stock (111,864 ) (71,089 ) (59,008 ) Dividends on participating securities (1,350 ) (506 ) (798 ) Net income (loss) attributable to common stockholders $ (21,842 ) $ 3,704 $ (14,761 ) Denominator: Basic weighted average shares of common stock outstanding 58,674,046 43,464,255 35,212,211 Diluted weighted average shares of common stock outstanding 59,273,280 43,684,805 35,679,755 Basic and diluted net income (loss) per weighted average share of common stock Distributable Earnings $ 1.91 $ 1.64 $ 1.68 Undistributed income (loss) (0.37 ) $ 0.08 $ (0.42 ) Basic and diluted net income per share of common stock $ 1.54 $ 1.72 $ 1.26 For 2015 and 2013, respectively, 599,234 and 467,544 unvested RSUs were excluded from the calculation of diluted net loss per share because the effect was anti-dilutive. |
Summarized Quarterly Results (U
Summarized Quarterly Results (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Results (Unaudited) | Summarized Quarterly Results (Unaudited) March 31, June 30, September 30, December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Net interest income: Interest income from securities $ 8,287 $ 2,419 $ 8,265 $ 4,366 $ 8,293 $ 6,129 $ 8,343 $ 8,275 Interest income from securities, held-to-maturity 3,045 — 3,349 — 2,956 1,448 2,704 3,165 Interest income from commercial mortgage loans 10,094 4,011 11,968 6,438 15,184 8,025 18,846 9,328 Interest income from subordinate loans 18,610 14,730 21,152 18,238 25,445 19,754 25,623 17,021 Interest expense (11,482 ) (1,757 ) (11,917 ) (5,258 ) (13,187 ) (8,786 ) (12,275 ) (10,740 ) Net interest income 28,554 19,403 32,817 23,784 38,691 26,570 43,241 27,049 Operating expenses: General and administrative expenses (2,355 ) (1,442 ) (2,059 ) (1,479 ) (2,099 ) (1,434 ) (2,979 ) (1,796 ) Management fees to related party (3,341 ) (2,565 ) (3,887 ) (2,966 ) (4,097 ) (3,193 ) (5,294 ) (3,236 ) Total operating expenses (5,696 ) (4,007 ) (5,946 ) (4,445 ) (6,196 ) (4,627 ) (8,273 ) (5,032 ) Income from unconsolidated joint venture — — 384 — 108 (88 ) 2,972 (69 ) Other income 11 — 6 4 239 21 983 9 Realized loss on sale of securities (443 ) — — — — — — — Unrealized gain (loss) on securities 3,409 2,184 (2,273 ) 4,749 (6,926 ) (2,147 ) (11,618 ) (639 ) Foreign currency gain (loss) (3,944 ) — 6,169 959 (3,998 ) (3,596 ) (3,121 ) (1,413 ) Gain (loss) on derivative instruments 3,622 — (6,499 ) (1,093 ) 3,929 3,026 3,054 2,137 Net income 25,513 17,580 24,658 23,958 25,847 19,159 27,238 22,042 Preferred dividends (1,860 ) (1,860 ) (1,860 ) (1,860 ) (2,304 ) (1,860 ) (5,860 ) (1,860 ) Net income available to common stockholders $ 23,653 $ 15,720 $ 22,798 $ 22,098 23,543 $ 17,299 $ 21,378 $ 20,182 Basic and diluted net income per share of common stock $ 0.47 $ 0.42 $ 0.39 $ 0.51 $ 0.39 $ 0.37 $ 0.32 $ 0.43 Basic weighted average shares of common stock outstanding 49,563,822 37,122,842 58,429,155 42,888,747 59,355,613 46,848,675 67,146,882 46,852,646 Diluted weighted average shares of common stock outstanding 50,171,687 37,341,050 59,022,217 43,099,354 59,934,008 47,068,929 67,754,673 47,085,617 Dividend declared per share of common stock $ 0.44 $ 0.40 $ 0.44 $ 0.40 $ 0.44 $ 0.40 $ 0.46 $ 0.40 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Merger agreement . As previously disclosed in a Form 8-K filed with the SEC on February 26, 2016 (the “Merger 8-K”), we recently entered into an Agreement and Plan of Merger (the “Merger Agreement”), dated February 26, 2016, with Apollo Residential Mortgage, Inc., a Maryland corporation (“AMTG”), and Arrow Merger Sub, Inc., a Maryland corporation and a wholly-owned subsidiary of the Company (the “Merger Sub”), pursuant to which the Company will acquire AMTG for an aggregate purchase price equal to 89.25% of AMTG’s book value as of a future determination date, plus the assumption of $172,500 of AMTG’s 8.0% Series A Cumulative Redeemable Perpetual Preferred Stock (the “AMTG Preferred Stock”). The book value of AMTG, and therefore the actual purchase price payable, will be determined as of the date that is three business days prior to the date on which the definitive proxy statement relating to the merger transaction is mailed to the stockholders of AMTG (the “Pricing Date”), and will be subject to adjustment under certain circumstances. Upon the closing, holders of AMTG common stock will receive a combination of cash and shares of Company common stock. The aggregate number of shares of Company common stock issuable under the Merger Agreement is limited to 13,400,000 shares at a value of $16.75 per share, and the remainder of the consideration will be paid in cash. In addition, each share of AMTG Preferred Stock will be converted into one share of preferred stock, par value $0.01 per share, of a newly-designated series of the Company’s preferred stock, which the Company expects will be designated as 8.00% Series C Cumulative Redeemable Perpetual Preferred Stock. The Merger Agreement and related transactions were approved by all of the members of our Board of Directors (with the exception of Mark Biderman, who recused himself). Consummation of the merger transaction is subject to the satisfaction of customary closing conditions, including the registration and listing of the shares of ARI stock that will be issued in the merger transaction and the approval and adoption of the Merger Agreement by the holders of a majority of the shares of AMTG common stock entitled to vote on the transaction, including a majority of the votes entitled to be cast by persons unaffiliated with Apollo Global Management, LLC. Company stockholder approval will not be required in connection with the transaction. Arrangements with Athene. In connection with financing the transactions contemplated by the Merger Agreement, on February 26, 2016 the Company entered into certain arrangements with certain subsidiaries of Athene Holding Ltd., an insurance holding company whose operating subsidiaries’ business is primarily issuing and reinsuring retirement savings products (collectively, “Athene”). The arrangements include (i) a bridge loan commitment from Athene USA Corporation, pursuant to which Athene has committed to provide the Company with up to $200,000 of term loans to consummate the merger transaction, (ii) an asset purchase agreement which provides that, promptly following the closing of the merger transaction, the Company will sell to Athene up to approximately $1,200,000 (subject to increase or decrease in certain circumstances) of primarily non-Agency Residential Mortgage Backed Securities at a price to be set (based on a pre-agreed methodology) as of the Pricing Date, and (iii) a stock purchase agreement, under which Athene has committed to purchase, during a specified period of time following the closing of the merger transaction, up to $20,000 (subject to reduction in certain circumstances) of Company common stock in the open market at the then-current market price if the quoted price of a share of Company common stock on the New York Stock Exchange at any time during such period is less than $16.75 (which is the value per share at which the Company common stock is to be issued to holders of AMTG common stock in the merger). Letter Agreement with the Manager. Concurrently with the execution of the Merger Agreement, the Company entered into a Letter Agreement with the Manager, pursuant to which the Manager has agreed to perform such services and activities as may be necessary to enable the Company to consummate the merger transaction. In consideration of the services provided and to be provided to the Company by the Manager in connection with the merger transaction and the process leading to the merger transaction, the Company agreed to pay the Manager an aggregate amount of up to $500 , in monthly installments of $150 payable on the first of each calendar month between the execution of the Merger Agreement and the closing of the merger transaction. Upon consummation of the merger transaction, an additional amount (based on an agreed formula) will be added to Stockholders’ Equity (as defined in the Management Agreement) for purposes of calculating the amount of the management fee payable to the Manager under the Management Agreement. In addition, the Manager acknowledged that, as a result of the merger transaction, the management agreement between AMTG and its manager, ARM Manager, LLC (the “AMTG Management Agreement”), will be assigned to the Company and, following the merger transaction, any management fees paid by the Company to ARM Manager, LLC pursuant to the AMTG Management Agreement will offset, and therefore reduce (but not below zero), the Company’s obligation to pay corresponding management fees to the Manager. For additional details regarding the terms and conditions of the Merger Agreement, the arrangements with Athene and related matters, refer to the Merger 8-K and to the Merger Agreement and other documentation filed as exhibits thereto. Additional information regarding the proposed transaction, including risks associated with the proposed transaction, will be contained in a definitive proxy statement/prospectus to be filed by the Company and AMTG with the SEC. Investment activity . During January 2016, the Company closed a $220,000 first mortgage loan, $177,500 of which was funded, secured by an assemblage of 16 existing retail and office properties for redevelopment located in the Design District neighborhood of Miami, Florida. A portion of the first funding of the loan was used to refinance a $33,000 first mortgage loan the Company originated to the borrower in June 2015, and for the acquisition of two additional parcels. The floating-rate loan has a two -year initial term with a one -year extension option followed by a six -month extension option. The first mortgage loan has a loan-to-cost of 65% . During February 2016, the Company closed a $77,000 mezzanine loan, $21,888 of which was funded at closing, for the redevelopment and conversion of an existing commercial property into 139 luxury condominiums located in the Tribeca neighborhood of New York City. The floating-rate loan has a 42 -month initial term with a one -year extension option followed by a six -month extension option and is part of a $411,000 financing consisting of a $334,000 first mortgage loan and the Company’s $77,000 mezzanine loan. The mezzanine loan has an appraised loan-to-net sellout of 57% . Management Agreement. Following a meeting by the Company’s independent directors in February 2016, which included a discussion of the Manager’s performance and the level of the management fees thereunder, the Company determined not to terminate the Management Agreement. |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate | Schedule IV — Mortgage Loans on Real Estate December 31, 2015 Property Type Location Interest Final Periodic Face Carrying Commercial mortgage loans Condo Conversion New York 7.00 % Sept - 16 Interest only 24,114 24,289 Condo Construction Maryland 10.50 % Mar-17 Interest only 65,125 65,087 Vacation Home Portfolio Various 7.50 % Apr-19 Principal and interest 94,147 93,277 Hotel Pennsylvania 4.74 % May-19 Interest only 34,000 33,994 Condo Construction Maryland 10.75 % Jun-17 Interest only 50,000 49,960 Multifamily New York 4.41 % Aug-19 Interest only 34,500 34,886 Mixed Use Ohio 9.25 % May-20 Interest only 165,000 163,173 Condo Conversion New York 3.75 % Jun-16 Interest only 67,300 67,038 Multifamily North Dakota 6.15 % Nov-19 Principal and interest 49,691 49,665 Vacation Home Portfolio Various US cities 7.00 % Nov-21 Interest only 50,000 49,595 Mixed Use New York 7.25 % Mar-17 Interest only 85,770 85,658 Retail redevelopment Florida 6.25 % Jan-18 Interest only 45,000 44,925 Retail redevelopment Florida 6.25 % Jul-17 Interest only 33,000 32,804 Retail New York 10.25 % Mar-17 Interest only 1,653 1,636 Hotel New York 5.50 % Sept-20 Interest only 98,373 97,381 Retail New York 7.25 % Mar-17 Interest only 5,910 5,858 Hotel U.S. Virgin Islands 5.27 % Jan-21 Interest only 42,000 41,600 Office Virginia 5.53 % Jan-20 Principal and interest 54,000 53,475 Total commercial mortgage loans 999,583 994,301 Subordinate loans (1) Office Michigan 13.00 % Jun - 20 Principal and interest 8,753 8,753 Mixed Use North Carolina 11.10 % Aug - 22 Interest only 6,525 6,525 Office Complex Missouri 11.75 % Oct - 22 Principal and interest 9,566 9,566 Hotel Portfolio Missouri 11.00 % Feb - 18 Principal and interest 24,182 24,182 Warehouse Portfolio Various US cities 11.50 % May - 23 Interest only 32,000 32,000 Office Condo New York 11.25 % Jul - 22 Interest only 14,000 13,631 Condo Conversion New York 7.00 % Sept - 16 Interest only 6,386 6,415 Mixed Use Various US cities 14.00 % Dec - 18 Interest only 19,500 19,377 Mixed Use England 10.25 % Jan - 16 Interest only 50,676 50,676 Healthcare Portfolio Various US 9.47 % Jun - 19 Interest only 39,223 39,223 Ski Resort Montana 14.00 % Sept - 20 Interest only 15,000 14,878 Mixed Use New York 10.69 % Dec - 19 Interest only 88,368 87,818 Senior Housing United Kingdom 8.83 % Dec - 19 Principal and interest 79,735 79,735 Hotel California 10.40 % Jan-20 Principal and interest 20,000 20,000 Multifamily Portfolio Florida 11.70 % May-20 Interest only 22,000 21,895 Multifamily Portfolio Florida 11.70 % May-20 Interest only 15,500 15,426 Mixed Use Various US 9.30 % May-20 Interest only 45,000 44,854 Hotel Arizona 11.50 % Jul-25 Interest only 25,000 25,000 Hotel Washington, DC 9.80 % Jul-19 Interest only 20,000 19,934 Condo Development New York 13.00 % Jul-20 Interest only 34,184 33,567 Condo Conversion New York 12.75 % Jul-20 Interest only 52,418 51,941 Mixed Use New York 10.25 % Mar-17 Interest only 12,347 12,222 Mixed Use New York 10.50 % Oct-19 Interest only 30,000 29,785 Hotel New York 5.50 % Sept-20 Interest only 2,595 2,458 Destination Resort Various US cities 9.10 % May-22 Interest only 75,000 71,362 Multifamily New York 10.75 % May-19 Interest only 55,000 54,558 Hotel New York 12.36 % Mar-17 Interest only 50,000 49,522 Condo Pre-development United Kingdom 11.14 % Dec-16 Interest only 81,048 81,048 Multifamily North Dakota 6.15 % Nov-19 Interest only 5,000 5,000 Total subordinate loans 939,006 931,351 Total $ 1,938,589 $ 1,925,652 (2 ) (1) Subject to prior liens. (2) The aggregate cost for federal income tax purposes is $1,925,652 . The following table summarizes the changes in the carrying amounts of mortgage loans during 2015 and 2014 . Reconciliation of Carrying Amount of Loans 2015 2014 Balance at beginning of year $ 1,019,702 $ 658,583 New loans 1,366,062 802,664 Sales (136,573 ) (4,950 ) Collections of principal (348,516 ) (299,551 ) Discount accretion 9,096 4,316 Foreign currency loss (6,116 ) (4,095 ) Payment-in-kind 21,997 16,570 Exchange for CMBS (held-to-maturity) — (153,835 ) Balance at the close of year $ 1,925,652 $ 1,019,702 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the Company’s accounts and those of its consolidated subsidiaries. All intercompany amounts have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s most significant estimates include the fair value of financial instruments and loan loss reserve. Actual results could differ from those estimates. |
Restricted Cash | Restricted Cash Restricted cash represents cash held by the Company's counterparties as collateral against repurchase agreement borrowings. Restricted cash is not available for general corporate purposes but may be applied against amounts due to counterparties under repurchase agreement borrowings, or returned to the Company when collateral requirements are exceeded or at the maturity of the repurchase agreement. |
Classification of Investments and Valuations of Financial Instruments | Classification of Investments and Valuations of Financial Instruments The Company’s investments consist primarily of commercial mortgage loans, subordinate loans, CMBS and other real estate related assets that are classified as either available-for-sale or held-to-maturity. The Company has also elected the fair value option for certain CMBS. |
Classification of Loans and Loan Impairment | Classification of Loans Loans held-for-investment are stated at the principal amount outstanding, net of deferred loan fees and costs in accordance with GAAP. Loan Impairment The Company’s loans are typically collateralized by commercial real estate. As a result, the Company regularly evaluates the extent and impact of any credit migration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations are sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management and finance personnel, who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and discussions with market participants. For loans classified as held-for-investment, the Company evaluates the loans for possible impairment on a quarterly basis. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. Impairment is then measured based on the present value of expected future cash flows discounted at the loan’s effective rate or the fair value of the collateral, if the loan is collateral dependent. Upon measurement of impairment, the Company records an allowance to reduce the carrying value of the loan with a corresponding charge to net income. Significant judgments are required in determining impairment, including making assumptions regarding the value of the loan, the value of the underlying collateral and other provisions such as guarantees. |
Fair Value Election | Fair Value Election Securities at estimated fair value consist of CMBS which are pledged under the Company’s master repurchase agreements with Wells Fargo Bank, N.A. (“Wells Fargo”) (the “Wells Facility”), UBS AG, London Branch ("UBS") (the "UBS Facility") and Deutsche Bank AG ("DB") (the "DB Facility"). In accordance with GAAP, the Company elects the fair value option for these securities at the date of purchase in order to allow the Company to measure these securities at fair value with the change in estimated fair value included as a component of earnings in order to reflect the performance of investment in a timely manner. |
Securities Available-for-sale | Securities Available-for-sale The Company has designated investments in certain mortgage-backed securities as available-for-sale because the Company may dispose of them prior to maturity and does not hold them principally for the purpose of selling them in the near term. Securities available-for-sale are carried at estimated fair value with the net unrealized gains or losses reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Unrealized losses on securities that reflect a decline in value that is judged by management to be other than temporary, if any, are charged to earnings. When the estimated fair value of a security is less than amortized cost, the Company considers whether there is an other-than-temporary impairment (“OTTI”) in the value of the security. An impairment is deemed an OTTI if (i) the Company intends to sell the security, (ii) it is more likely than not that the Company will be required to sell the security before recovering its cost basis, or (iii) the Company does not expect to recover the entire amortized cost basis of the security even if the Company does not intend to sell the security or believes it is more likely than not that the Company will be required to sell the security before recovering its cost basis. If the impairment is deemed to be an OTTI, the resulting accounting treatment depends on the factors causing the OTTI. If the OTTI has resulted from (i) the Company’s intention to sell the security, or (ii) its judgment that it is more likely than not that it will be required to sell the security before recovering its cost basis, an impairment loss is recognized in current earnings equal to the difference between its amortized cost basis and fair value. Whereas, if the OTTI has resulted from the Company’s conclusion that it will not recover its cost basis even if the Company does not intend to sell the security or believes it is more likely than not that the Company will be required to sell the security before recovering its cost basis, the credit loss portion of the impairment is recorded in current earnings and the portion of the loss related to other factors, such as changes in interest rates, continues to be recognized in accumulated other comprehensive income. Determining whether there is an OTTI may require management to exercise significant judgment and make significant assumptions, including, but not limited to, estimated cash flows, estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses could differ from reported amounts. Such judgments and assumptions are based upon a number of factors, including (i) credit of the issuer or the borrower, (ii) credit rating of the security, (iii) key terms of the security, (iv) performance of the loan or underlying loans, including debt service coverage and loan-to-value ratios, (v) the value of the collateral for the loan or underlying loans, (vi) the effect of local, industry, and broader economic factors, and (vii) the historical and anticipated trends in defaults and loss severities for similar securities. |
Securities, held-to-maturity | Securities, held-to-maturity GAAP requires that at the time of purchase, we designate investment securities as held-to-maturity, available-for-sale, or trading depending on our investment strategy and ability to hold such securities to maturity. Held-to-maturity securities where we have not elected to apply the fair value option are stated at cost plus any premiums or discounts, which are amortized or accreted through the consolidated statements of operations using the effective interest method. |
Investments in unconsolidated joint venture | Investments in unconsolidated joint venture Investments are accounted for under the equity method when the requirements for consolidation are not met, and the Company has significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for the Company's share of net income or loss and cash contributions and distributions each period. Investments in unconsolidated joint ventures are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. |
Interest Income Recognition | Interest Income Recognition Interest income on commercial mortgage loans is accrued based on the actual coupon rate and the outstanding principal balance adjusted for accretion of any purchase discounts, the amortization of any purchase premiums and the accretion of any deferred fees. Purchase premiums, purchase discounts and deferred fees are accreted into income using the effective yield method, adjusted for prepayments. Interest income on CMBS is accrued using the effective yield method, which includes the accretion of purchase discounts and the amortization of purchase premiums and the stated coupon interest payments. Interest income on securities rated below AA by a nationally recognized statistical rating organization is recognized based on the effective yield method. The effective yield on these securities is based on the projected cash flows from each security, which are estimated based on the Manager’s observation of current information and events and may include assumptions related to prepayment rates and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to cash flow projections. |
Deferred Financing Costs | Deferred Financing Costs Costs incurred in connection with collateralized financings are capitalized and amortized over the respective financing terms and are reflected on the accompanying consolidated statement of operations as a component of interest expense. |
Earnings per Share | Earnings per Share GAAP requires use of the two-class method of computing earnings per share for all periods presented for each class of common stock and participating security as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for dividends declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for dividends declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. The remaining earnings are allocated to common stockholders and participating securities, to the extent that each security shares in earnings, as if all of the earnings for the period had been distributed. Each total is then divided by the applicable number of shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and all potential shares of common stock assumed issued if they are dilutive. The numerator is adjusted for any changes in income or loss that would result from the assumed conversion of these potential shares of common stock. |
Hedging Instruments and Hedging Activities | Hedging Instruments and Hedging Activities Consistent with maintaining its qualification as a REIT, in the normal course of business, the Company uses a variety of derivative financial instruments to manage, or hedge, interest rate and foreign currency risk. Derivatives are used for hedging purposes rather than speculation. The Company determines their fair value and obtains quotations from a third party to facilitate the process in determining these fair values. If the Company’s hedging activities do not achieve the desired results, reported earnings may be adversely affected. GAAP requires an entity to recognize all derivatives as either assets or liabilities in the balance sheets and to measure those instruments at fair value. To the extent the instrument qualifies for hedge accounting, the fair value adjustments will be recorded as a component of other comprehensive income in stockholders’ equity until the hedged item is recognized in earnings. Whenever the Company decides not to pursue hedge accounting, the fair value adjustments will be recorded in earnings immediately based on changes in the fair market value of those instruments. In order to mitigate interest rate risk resulting from the Company’s floating-rate borrowings under the Wells Facility, the Company entered into interest rate swaps and caps with an aggregate notional equal to the borrowings outstanding under the Wells Facility during 2010. The interest rate swaps were used to hedge the floating-rate borrowings through the expected maturity of the underlying collateral and the interest rate caps were used to hedge the floating-rate borrowings related to the potential extension of the underlying collateral. The Company has not designated any of its derivative instruments as hedges under GAAP and therefore, changes in the fair value of the Company's derivatives are recorded directly in earnings. |
Repurchase Agreements | Repurchase Agreements Securities sold under repurchase agreements will be treated as collateralized financing transactions, unless they meet sales treatment. Securities financed through a repurchase agreement will remain on the Company’s consolidated balance sheet as an asset and cash received from the purchaser will be recorded on the Company’s consolidated balance sheet as a liability. Interest paid in accordance with repurchase agreements will be recorded in interest expense. |
Share-based Payments | Share-based Payments The Company accounts for share-based compensation to its independent directors and to the Manager and to employees of the Manager and its affiliates using the fair value based methodology prescribed by GAAP. Compensation cost related to restricted common stock issued to the Company’s independent directors is measured at its estimated fair value at the grant date, and amortized into expense over the vesting period on a straight-line basis. Compensation cost related to restricted common stock issued to the Manager and to employees of the Manager and its affiliates will initially be measured at estimated fair value at the grant date, and remeasured on subsequent dates to the extent the awards are unvested. To amortize compensation expense for the restricted common stock granted to the Manager and to employees of the Manager and its affiliates, the Company uses the graded vesting attribution method. |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT under Sections 856-859 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding net capital gains and determined without regard to the dividends paid deduction, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. The Company has elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to U.S. federal and state income tax at regular corporate tax rates. |
Foreign Currency | Foreign Currency The Company enters into transactions not denominated in U.S. dollars. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in the Company's consolidated statements of operations. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the prevailing exchange rate on the dates that they were recorded. |
Principles of Consolidation | Principles of Consolidation We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all variable interest entities ("VIE") of which we are considered the primarily beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. |
Securitization/Sale and Financing Arrangements | Securitization/Sale and Financing Arrangements We periodically sell our financial assets, such as commercial mortgage loans, CMBS and other assets. In connection with these transactions, we may retain or acquire senior or subordinated interests in the related assets. Gains and losses on such transactions are recognized using the guidance in Accounting Standards Codification (“ASC”) Topic 860, Transfers and Servicing , which is based on a financial components approach that focuses on control. Under this approach, after a transfer of financial assets that meets the criteria for treatment as a sale-legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint, and transferred control-an entity recognizes the financial assets it retains and any liabilities it has incurred, derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished. We determine the gain or loss on sale of the assets by allocating the carrying value of the sold asset between the sold asset and the interests retained based on their relative fair values, as applicable. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the sold asset. If the sold asset is being accounted for pursuant to the fair value option, there is no gain or loss. When a transfer of a financial asset meets the criteria for treatment as a sale (legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint, and transferred control) the Company recognizes the financial assets it retains and any liabilities it has incurred, derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished. The gain or loss on sale of the assets is determined by allocating the carrying value of the sold asset between the sold asset and the interests retained based on their relative fair values, as applicable. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the sold asset. If the sold asset is being accounted for pursuant to the fair value option, there is no gain or loss. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In 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 August 2014, the FASB issued guidance regarding management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The new guidance requires that management evaluate each annual and interim reporting period whether conditions exist that give rise to substantial doubt about the entity’s ability to continue as a going concern within one year from the financial statement issuance date, and if so, provide related disclosures. Disclosures are only required if conditions give rise to substantial doubt, whether or not the substantial doubt is alleviated by management’s plans. No disclosures are required specific to going concern uncertainties if an assessment of the conditions does not give rise to substantial doubt. Substantial doubt exists when conditions and events, considered in the aggregate, indicate that it is probable that a company will be unable to meet its obligations as they become due within one year after the financial statement issuance date. If substantial doubt is alleviated as a result of the consideration of management’s plans, a company should disclose information that enables users of financial statements to understand all of the following (or refer to similar information disclosed elsewhere in the footnotes): (1) principal conditions that initially give rise to substantial doubt, (2) management’s evaluation of the significance of those conditions in relation to the company’s ability to meet its obligations, and (3) management’s plans that alleviated substantial doubt. If substantial doubt is not alleviated after considering management’s plans, disclosures should enable investors to understand the underlying conditions, and include the following: (1) a statement indicating that there is substantial doubt about the company’s ability to continue as a going concern within one year after the issuance date, (2) the principal conditions that give rise to substantial doubt, (3) management’s evaluation of the significance of those conditions in relation to the company’s ability to meet its obligations, and (4) management's plans that are intended to mitigate the adverse conditions. The new guidance applies to all companies. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company does not anticipate that the adoption of this guidance will have a material impact on the Company's consolidated financial statements. In November 2014, the FASB issued guidance to clarify how current GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Specifically, the new guidance clarifies that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation-in evaluating the nature of the host contract. The new guidance applies to all entities that are issuers of, or investors in, hybrid financial instruments that are issued in the form of a share. The guidance is effective for interim and annual reporting periods in fiscal years 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 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 consolidated financial statements. In April 2015, the FASB issued guidance to simplify the presentation of debt issuance costs. The guidance requires 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 that debt liability (i.e., versus being capitalized as an asset and amortized as required under existing guidance), consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the new guidance (i.e., debt issuance costs will continue to be amortized as an increase to interest expense). The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015. An entity should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Other than the reclassification of the unamortized deferred financing costs, the Company does not anticipate the adoption of this guidance will have a material impact on its consolidated financial statements. In January 2016, the FASB issued guidance that revises the accounting related to the classification and measurement of investments in equity securities as well as the presentation for certain fair value changes in financial liabilities measured at fair value, and amends certain disclosure requirements. The guidance requires that all equity investments be accounted for at fair value with all fair value changes recognized in net income. Equity investments that do not have a readily determinable fair value, and do not qualify for the NAV practical expedient, may be measured at cost and adjusted for impairment or changes in the observable price. For financial liabilities measured using the fair value option, the guidance requires that any change in fair value caused by a change in instrument-specific credit risk be presented separately in other comprehensive income until the liability is settled or reaches maturity. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted for certain provisions. A reporting entity would record a cumulative-effect adjustment to beginning retained earnings as of the beginning of the first reporting period in which the guidance is adopted, with minor exceptions. The Company is in the process of evaluating the impact that this guidance will have on its consolidated financial statements. |
Fair Value Disclosure (Tables)
Fair Value Disclosure (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Summarizes Levels in Fair Value Hierarchy of Financial Instruments | The following table summarizes the levels in the fair value hierarchy into which the Company’s financial instruments were categorized as of December 31, 2015 and 2014 : Fair Value as of December 31, 2015 Fair Value as of December 31, 2014 Level I Level II Level III Total Level I Level II Level III Total CMBS (Available-for-Sale) $ — $ — $ — $ — $ — $ 17,105 $ — $ 17,105 CMBS (Fair Value Option) — 493,149 — 493,149 — 522,730 — 522,730 Derivative instruments — 3,327 — 3,327 — 4,070 — 4,070 Total $ — $ 496,476 $ — $ 496,476 $ — $ 543,905 $ — $ 543,905 |
Debt Securities (Tables)
Debt Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value | The amortized cost and estimated fair value of the Company’s debt securities at December 31, 2015 are summarized as follows: Security Description Face Amortized Gross Gross Estimated CMBS (Fair Value Option) $ 511,482 $ 504,253 $ 2,614 $ (13,718 ) $ 493,149 CMBS (Held-to-Maturity) 153,250 153,193 — — 153,193 Total $ 664,732 $ 657,446 $ 2,614 $ (13,718 ) $ 646,342 The amortized cost and estimated fair value of the Company’s debt securities at December 31, 2014 are summarized as follows: Security Description Face Amortized Gross Gross Estimated CMBS (Available-for-Sale) $ 17,013 $ 17,783 $ — $ (678 ) $ 17,105 CMBS (Fair Value Option) 527,177 516,443 7,322 (1,035 ) 522,730 CMBS (Held-to-Maturity) 155,000 154,283 — — 154,283 Total $ 699,190 $ 688,509 $ 7,322 $ (1,713 ) $ 694,118 |
Schedule of Continuous Unrealized Loss Position, Debt Securities | The following table presents information about the Company's debt securities that were in an unrealized loss position at December 31, 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) 259,739 (10,644 ) 68,232 (3,074 ) Total $ 259,739 $ (10,644 ) $ 68,232 $ (3,074 ) |
Overall Statistics for Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis | The overall statistics for the Company’s CMBS (Available-for-Sale) and CMBS (Fair Value Option) calculated on a weighted average basis as of December 31, 2015 and 2014 are as follows: December 31, December 31, Credit Ratings * BB-D AAA-CCC- Coupon 5.9 % 5.9 % Yield 6.5 % 6.4 % Weighted Average Life 1.6 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) calculated on a weighted average basis as of December 31, 2015 and 2014 are as follows: Vintage December 31, December 31, 2005 8.3 % 9.0 % 2006 20.0 19.0 2007 62.4 63.0 2008 9.3 9.0 Total 100 % 100 % Property Type December 31, December 31, Office 32.0 % 33.4 % Retail 30.2 29.1 Multifamily 13.5 13.3 Hotel — 9.2 Other * 24.3 15.0 Total 100 % 100 % * No other individual category comprises more than 10% of the total. Location December 31, December 31, South Atlantic 23.0 % 23.2 % Middle Atlantic 18.1 21.1 Pacific 17.8 17.0 East North Central 12.5 11.0 Other * 28.6 27.7 Total 100 % 100 % * No other individual category comprises more than 10% of the total. |
Commercial Mortgage Loans (Tabl
Commercial Mortgage Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commercial mortgage loans [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Schedule of Mortgage Loans on Real Estate | The Company’s commercial mortgage loan portfolio was comprised of the following as of December 31, 2014 : Description Date of Maturity Original Current Carrying 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 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’s commercial mortgage loan portfolio was comprised of the following at December 31, 2015 : Description Date of Maturity Original Current Carrying Coupon Property Size Condo Conversion – New York, NY (1) Aug-13 Sept-16 $ 33,000 $ 24,114 $ 24,289 Floating 40,000 sq. ft. Condo Construction - Potomac, MD (2) Feb-14 Sept-16 80,000 65,125 65,087 Floating 50 units Vacation Home Portfolio - Various (1) Apr-14 Apr-19 101,000 94,147 93,277 Fixed 229 properties Hotel - Philadelphia, PA (1)(3) May-14 May-17 34,000 34,000 33,994 Floating 301 rooms Condo Construction - Bethesda, MD (4) Jun-14 Dec-16 50,000 50,000 49,960 Floating 40 units Multifamily - Brooklyn, NY (1)(5) Jul-14 Aug-16 34,500 34,500 34,886 Floating 63 units Mixed Use - Cincinnati, OH (1)(3) Nov-14 May-18 165,000 165,000 163,173 Floating 65 acres Condo Conversion - New York, NY (1) Nov-14 Jun-16 67,300 67,300 67,038 Floating 86,000 sq. ft. Multifamily - Williston, ND (1)(3) Nov-14 Nov-17 58,000 49,691 49,665 Floating 366 units/homes Vacation Home Portfolio - Various U.S. (1)(3) Nov-14 Nov-19 50,000 50,000 49,595 Fixed 24 properties Mixed Use - Brooklyn, NY (1)(6) Feb-15 Mar-17 85,770 85,770 85,658 Floating 330,000 sq. ft. Retail redevelopment - Miami, FL (1)(7) Jun-15 Jan-17 45,000 45,000 44,925 Floating 63,300 sq. ft. Retail redevelopment - Miami, FL (1) Jun-15 Jul-17 33,000 33,000 32,804 Floating 16,600 sq. ft. Retail - Brooklyn, NY (1)(8) Aug-15 Mar-17 1,653 1,653 1,636 Floating 10,500 sq. ft. Hotel - New York, NY (1)(9) Sept-15 Sept-18 97,807 98,373 97,381 Floating 317 rooms Retail - Brooklyn, NY (1) Nov-15 Mar-17 5,910 5,910 5,858 Floating 5,500 sq. ft. Hotel - U.S. Virgin Islands (10) Dec-15 Jan-18 42,000 42,000 41,600 Floating 180 rooms Office - Richmond, VA (11) Dec-15 Jan-18 54,000 54,000 53,475 Floating 262,000 sq. ft. Total/Weighted Average $ 1,037,940 $ 999,583 $ 994,301 7.08 % (1) At December 31, 2015 , this loan was pledged to secure borrowings under the Company’s master repurchase facility entered into with JPMorgan Chase Bank, N.A. (the “JPMorgan Facility”) or Company's repurchase agreement with Goldman Sachs Bank USA (the “Goldman Loan”). See Note 8 – Borrowings for a description of these facilities. (2) This loan includes a six -month extension option subject to certain conditions and the payment of a fee. (3) This loan includes two one -year extension options subject to certain conditions and the payment of a fee. (4) This loan includes a six -month extension option subject to certain conditions and the payment of a fee. As of December 31, 2015 , the Company had $15,100 of unfunded loan commitments related to this loan. (5) This loan includes three one -year extension options subject to certain conditions and the payment of a fee for each extension. (6) As of December 31, 2015 , the Company had $6,730 of unfunded loan commitments related to this loan. (7) This loan includes two six -month extension options subject to certain conditions and the payment of a fee. (8) As of December 31, 2015 , the Company had $9,000 of unfunded loan commitments related to this loan. (9) This loan includes two one -year extension options subject to certain conditions and the payment of a fee. As of December 31, 2015 , the Company had $40,034 of unfunded loan commitments related to this loan. (10) This loan includes three one -year extension options subject to certain conditions and the payment of a fee for each extension. As of December 31, 2015 , the Company had $1,500 of unfunded loan commitments related to this loan. (11) This loan includes two one -year extension options subject to certain conditions and the payment of a fee. As of December 31, 2015 , the Company had $1,000 of unfunded loan commitments related to this loan. |
Subordinate Loans (Tables)
Subordinate Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Subordinate Loans [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Schedule of Mortgage Loans on Real Estate | The Company’s subordinate loan portfolio was comprised of the following as of December 31, 2015 : Description Date of Maturity Original Current Carrying Coupon Subordinate to the Company's commercial mortgage loans Condo Conversion – New York, NY (1) Aug-13 Sept-16 $ 29,400 $ 6,386 $ 6,415 Floating Mixed Use - Brooklyn, NY (1) Aug-15 Mar-17 12,347 12,347 12,222 Floating Hotel - New York, NY (1)(2) Sept-15 Sept-18 2,562 2,595 2,458 Floating Multifamily - Williston, ND (1)(3) Dec-15 Nov-17 5,000 5,000 5,000 Floating Total - Subordinate to the Company's commercial mortgage loans $ 49,309 $ 26,328 $ 26,095 Subordinate to third party commercial mortgage loans Office - Michigan May-10 Jun-20 $ 9,000 $ 8,753 $ 8,753 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 9,566 9,566 Fixed Hotel Portfolio – Rochester, MN Jan-13 Feb-18 25,000 24,182 24,182 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 13,631 Fixed Mixed Use - Various (3) Dec-13 Dec-16 17,000 19,500 19,377 Fixed Mixed Use - London, England Apr-14 Jan-16 50,009 50,676 50,676 Fixed Healthcare Portfolio - Various (4) Jun-14 Jun-16 50,000 39,223 39,223 Floating Ski Resort - Big Sky, MT Aug-14 Sept-20 15,000 15,000 14,878 Fixed Mixed Use - New York, NY (5) Dec-14 Dec-17 81,715 88,368 87,818 Floating Senior Housing - United Kingdom (3) Jan-15 Dec-17 82,063 79,735 79,735 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 21,895 Floating Multifamily Portfolio - Florida (4) Apr-15 May-17 15,500 15,500 15,426 Floating Mixed Use - Various (4) Jun-15 May-17 45,000 45,000 44,854 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 19,934 Floating Condo Development - New York, NY (6) Jun-15 Jul-19 33,840 34,184 33,567 Floating Condo Conversion - New York, NY (3) Jul-15 Aug-18 50,000 52,418 51,941 Floating Mixed Use - New York, NY (7) Sept-15 Oct-18 30,000 30,000 29,785 Floating Destination Resort - Various (8) Sept-15 May-18 75,000 75,000 71,362 Floating Multifamily - New York, NY (9) Oct-15 Nov-18 55,000 55,000 54,558 Floating Hotel - New York, NY (10) Dec-15 Mar-17 50,000 50,000 49,522 Floating Condo Pre-development - United Kingdom (10) Dec-15 Sept-16 81,994 81,048 81,048 Floating Total - Subordinate to third party commercial mortgage loans $ 915,646 $ 912,678 $ 905,256 Total/Weighted Average $ 964,955 $ 939,006 $ 931,351 11.34 % (1) At December 31, 2015 , this loan was pledged to secure borrowings under the JPMorgan Facility. See Note 8 – Borrowings for a description of this facility. (2) Includes two one -year extension options subject to certain conditions and the payment of an extension fee. As of December 31, 2015 , the Company had $12,478 of unfunded loan commitments related to this loan. (3) Includes two one -year extension options subject to certain conditions and the payment of an extension fee. (4) Includes three one -year extension options subject to certain conditions and the payment of an extension fee. (5) Includes a two one -year extension options subject to certain conditions and the payment of an extension fee. As of December 31, 2015 , the Company had $785 of unfunded loan commitments related to this loan. (6) Includes a one -year extension option subject to certain conditions and the payment of an extension fee. As of December 31, 2015 , the Company had $41,160 of unfunded loan commitments related to this loan. (7) Includes a one -year extension option subject to certain conditions and the payment of an extension fee. (8) Includes four one -year extension options subject to certain conditions and the payment of an extension fee. (9) Includes a six -month extension option subject to certain conditions and the payment of a fee. (10) Includes a three -month extension option subject to certain conditions and the payment of a fee. The Company’s subordinate loan portfolio was comprised of the following as of December 31, 2014 : Description Date of Maturity Original Current Carrying Coupon Subordinate to the Company's commercial mortgage loans Condo Conversion – New York, NY (1) Aug-13 Sept-15 $ 29,400 $ 29,751 $ 29,762 Floating Total - Subordinate to the Company's commercial mortgage loans $ 29,400 $ 29,751 $ 29,762 Subordinate to third party commercial mortgage loans 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 Mixed Use - Pittsburgh, PA (3) Aug-13 Aug-16 22,500 22,500 22,473 Floating Mixed Use - Various (3) Dec-13 Dec-16 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 - Subordinate to third party commercial mortgage loans $ 533,034 $ 533,848 $ 531,420 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. |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Weighted Average Maturities and Interest Rates of Borrowings | At December 31, 2015 and 2014 , the Company’s borrowings had the following debt balances, weighted average maturities and interest rates: December 31, 2015 December 31, 2014 Debt Weighted Weighted Debt Weighted Weighted Wells Facility borrowings $ — 0 — % $ 20,166 0.2 years 1.0 % ** UBS Facility borrowings 133,899 2.7 years * 2.8 % 133,899 3.7 years 2.8 % Fixed DB Facility borrowings 300,005 2.3 years 3.7 % 300,005 3.3 years 3.7 % *** JPMorgan Facility borrowings 445,942 3.1 years 2.6 % 168,124 0.1 years 2.7 % L+225-475 Goldman Loan 45,928 3.3 years 3.8 % — 0 — % L+350 Total borrowings $ 925,774 2.7 years 2.9 % $ 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 December 31, 2015 , the Company’s borrowings had the following remaining maturities: Less than 1 to 3 3 to 5 More than Total UBS Facility borrowings * $ 5,004 $ 128,895 $ — $ — $ 133,899 DB Facility borrowings 74,251 225,754 — — 300,005 JPMorgan Facility borrowings * 62,454 122,081 261,407 — 445,942 Goldman Loan 3,848 10,580 31,500 — 45,928 Total $ 145,557 $ 487,310 $ 292,907 $ — $ 925,774 * Assumes extension options are exercised. |
Schedule of Outstanding, Maximum and Average Balances of Debt | The table below summarizes the outstanding balances, as well as the maximum and average balances as of December 31, 2015 and 2014 . 2015 2014 Balance at Maximum Month-End Average Month-End Balance at Maximum Month-End Average Month-End Wells Facility borrowings $ — $ 22,254 $ 3,263 $ 20,166 $ 47,751 $ 28,921 UBS Facility borrowings 133,899 133,899 133,899 133,899 133,899 133,899 DB Facility borrowings 300,005 300,005 300,005 $ 300,005 $ 300,005 $ 145,856 JPMorgan Facility borrowings 445,942 445,942 261,261 $ 168,124 $ 169,066 $ 105,366 Goldman Loan 45,928 52,524 45,665 $ — $ — $ — Total $ 925,774 $ 622,194 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Senior Notes | The following table summarizes the terms of the 2019 Notes. Principal Amount Coupon Rate Effective Rate (1) Conversion Rate (2) Maturity Date Remaining Period of Amortization March 2019 Notes $ 143,750 5.50 % 6.25 % 55.9411 3/15/2019 3.21 years August 2019 Notes $ 111,000 5.50 % 6.50 % 55.9411 3/15/2019 3.21 years (1) Effective rate includes the effect of the adjustment for the conversion option (See footnote (2) below), the value of which reduced the initial liability and was recorded in additional paid-in-capital. (2) The Company has the option to settle any conversions in cash, shares of common stock or a combination thereof. The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of 2019 Notes converted. The if-converted value of the 2019 Notes does not exceed their principal amount at December 31, 2015 since the closing market price of the Company’s common stock of $17.23 per share does not exceed the implicit conversion prices of $17.88 for the 2019 Notes. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Amounts Recognized on Consolidated Statements of Operations Related to Company's Derivatives | The following table summarizes the amounts recognized on the consolidated statements of operations related to the Company’s derivatives for the years ended December 31, 2015 , 2014 and 2013 . Amount of loss recognized in income Location of Gain (Loss) Recognized in Income 2015 2014 2013 Interest rate swaps Loss on derivative instruments – realized * $ — $ — $ (157 ) Interest rate swaps Gain on derivative instruments – unrealized — $ — $ 156 Interest rate caps Loss on derivative instruments - unrealized (210 ) — (1 ) Forward currency contract Gain (loss) on derivative instruments - unrealized (853 ) 4,070 — Forward currency contract Gain on derivative instruments - realized 5,169 — — Total $ 4,106 $ 4,070 $ (2 ) * Realized losses represent net amounts accrued for the Company’s derivative instruments during the period. |
Summarizes Gross Asset and Liability Amounts Related to Derivatives | The following table summarizes the gross asset and liability amounts related to the Company’s derivatives at December 31, 2015 and 2014 . December 31, 2015 December 31, 2014 Gross Gross Net Amounts Gross Gross Net Amounts Interest rate swaps $ — $ — $ — $ — $ — $ — Interest rate caps 106 — 106 — — — Forward currency contract $ 3,221 $ — $ 3,221 $ 4,070 $ — $ 4,070 Total derivative instruments $ 3,327 $ — $ 3,327 $ 4,070 $ — $ 4,070 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs | The following table summarizes the grants, exchanges and forfeitures of restricted common stock and RSUs during 2015 , 2014 and 2013 : Type Date Restricted Stock RSUs Estimate Fair Value Initial Vesting Final Vesting Outstanding at January 1, 2013 172,112 308,750 Grant February 2013 20,000 — 352 December 2013 December 2015 Grant February 2013 — 180,000 3,166 December 2013 December 2015 Grant April 2013 11,304 — 200 July 2013 April 2016 Grant May 2013 — 15,000 264 December 2013 December 2015 Forfeiture June 2013 — (5,000 ) n/a n/a n/a Canceled upon delivery July 2013 — (5,000 ) n/a n/a n/a Grant September 2013 — 10,000 154 September 2013 September 2013 Grant November 2013 5,000 — 81 December 2013 October 2016 Canceled upon delivery January 2014 — (288,750 ) n/a n/a n/a Grant April 2014 8,931 — 150 July 2014 April 2017 Grant April 2014 5,000 — 85 July 2014 April 2017 Canceled upon delivery April 2014 — (5,000 ) n/a n/a n/a Grant June 2014 — 10,254 169 December 2014 December 2016 Grant December 2014 51,767 — 855 December 2015 December 2017 Grant December 2014 — 390,000 6,474 December 2015 December 2017 Grant January 2015 — 8,000 132 December 2015 December 2017 Forfeiture January 2015 — (5,000 ) n/a n/a n/a Canceled 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 Grant December 2015 50,000 — 874 December 2016 December 2018 Grant December 2015 — 656,425 11,461 December 2016 December 2018 Outstanding at December 31, 2015 340,064 1,242,810 Below is a summary of restricted stock and RSU vesting dates as of December 31, 2015 . Vesting Date Shares Vesting RSU Vesting Total Awards 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 28,920 350,379 379,299 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 28,923 346,982 375,905 January 2018 1,330 — 1,330 April 2018 1,331 — 1,331 June 2018 — 544 544 December 2018 16,670 218,822 235,492 107,385 917,814 1,025,199 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | During 2015 and 2014 , the Company has declared the following dividends on its common stock: Declaration Date Record Date Payment Date Amount February 26, 2014 March 31, 2014 April 15, 2014 $ 0.40 April 29, 2014 June 30, 2014 July 15, 2014 $ 0.40 July 28, 2014 September 30, 2014 October 15, 2014 $ 0.40 October 28, 2014 December 31, 2014 January 15, 2015 $ 0.40 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 December 14, 2015 December 31, 2015 January 15, 2016 $ 0.46 During 2015 and 2014 , the Company declared the following dividends on its Series A Preferred Stock: Declaration Date Record Date Payment Date Amount March 17, 2014 March 31, 2014 April 15, 2014 $ 0.5391 June 9, 2014 June 30, 2014 July 15, 2014 $ 0.5391 September 8, 2014 September 30, 2014 October 15, 2014 $ 0.5391 December 16, 2014 December 31, 2014 January 15, 2015 $ 0.5391 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 December 14, 2015 December 31, 2015 January 15, 2016 $ 0.5391 During 2015 , the Company declared the following dividends on its Series B Preferred Stock: Declaration Date Record Date Payment Date Amount December 14, 2015 December 31, 2015 January 15, 2016 $ 0.6333 |
Fair Value of Financial Instr41
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments Disclosure [Abstract] | |
Carrying Value and Estimated Fair Value of Company's Financial Instruments | The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheet at December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 Carrying Estimated Carrying Estimated Cash and cash equivalents $ 67,415 $ 67,415 $ 40,641 $ 40,641 Restricted cash 30,127 30,127 30,127 30,127 Securities, held-to-maturity 153,193 153,230 154,283 154,980 Commercial first mortgage loans 994,301 999,517 458,520 465,510 Subordinate loans 931,351 939,545 561,182 566,385 Borrowings under repurchase agreements (925,774 ) (925,920 ) (622,194 ) (622,193 ) Convertible senior notes, net (248,173 ) (253,986 ) (246,464 ) (254,605 ) Participations sold (118,201 ) (118,226 ) (89,584 ) (89,995 ) |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income per Share of Common Stock Using Two-Class Method | The table below presents basic and diluted net income per share of common stock using the two-class method for the years ended December 31, 2015 , 2014 and 2013 : For the year ended December 31, 2015 2014 2013 Numerator: Net income $ 103,256 $ 82,739 $ 52,485 Preferred dividends (11,884 ) (7,440 ) (7,440 ) Net income available to common stockholders 91,372 75,299 45,045 Dividends declared on common stock (111,864 ) (71,089 ) (59,008 ) Dividends on participating securities (1,350 ) (506 ) (798 ) Net income (loss) attributable to common stockholders $ (21,842 ) $ 3,704 $ (14,761 ) Denominator: Basic weighted average shares of common stock outstanding 58,674,046 43,464,255 35,212,211 Diluted weighted average shares of common stock outstanding 59,273,280 43,684,805 35,679,755 Basic and diluted net income (loss) per weighted average share of common stock Distributable Earnings $ 1.91 $ 1.64 $ 1.68 Undistributed income (loss) (0.37 ) $ 0.08 $ (0.42 ) Basic and diluted net income per share of common stock $ 1.54 $ 1.72 $ 1.26 |
Summarized Quarterly Results 43
Summarized Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Summarized Quarterly Results | March 31, June 30, September 30, December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Net interest income: Interest income from securities $ 8,287 $ 2,419 $ 8,265 $ 4,366 $ 8,293 $ 6,129 $ 8,343 $ 8,275 Interest income from securities, held-to-maturity 3,045 — 3,349 — 2,956 1,448 2,704 3,165 Interest income from commercial mortgage loans 10,094 4,011 11,968 6,438 15,184 8,025 18,846 9,328 Interest income from subordinate loans 18,610 14,730 21,152 18,238 25,445 19,754 25,623 17,021 Interest expense (11,482 ) (1,757 ) (11,917 ) (5,258 ) (13,187 ) (8,786 ) (12,275 ) (10,740 ) Net interest income 28,554 19,403 32,817 23,784 38,691 26,570 43,241 27,049 Operating expenses: General and administrative expenses (2,355 ) (1,442 ) (2,059 ) (1,479 ) (2,099 ) (1,434 ) (2,979 ) (1,796 ) Management fees to related party (3,341 ) (2,565 ) (3,887 ) (2,966 ) (4,097 ) (3,193 ) (5,294 ) (3,236 ) Total operating expenses (5,696 ) (4,007 ) (5,946 ) (4,445 ) (6,196 ) (4,627 ) (8,273 ) (5,032 ) Income from unconsolidated joint venture — — 384 — 108 (88 ) 2,972 (69 ) Other income 11 — 6 4 239 21 983 9 Realized loss on sale of securities (443 ) — — — — — — — Unrealized gain (loss) on securities 3,409 2,184 (2,273 ) 4,749 (6,926 ) (2,147 ) (11,618 ) (639 ) Foreign currency gain (loss) (3,944 ) — 6,169 959 (3,998 ) (3,596 ) (3,121 ) (1,413 ) Gain (loss) on derivative instruments 3,622 — (6,499 ) (1,093 ) 3,929 3,026 3,054 2,137 Net income 25,513 17,580 24,658 23,958 25,847 19,159 27,238 22,042 Preferred dividends (1,860 ) (1,860 ) (1,860 ) (1,860 ) (2,304 ) (1,860 ) (5,860 ) (1,860 ) Net income available to common stockholders $ 23,653 $ 15,720 $ 22,798 $ 22,098 23,543 $ 17,299 $ 21,378 $ 20,182 Basic and diluted net income per share of common stock $ 0.47 $ 0.42 $ 0.39 $ 0.51 $ 0.39 $ 0.37 $ 0.32 $ 0.43 Basic weighted average shares of common stock outstanding 49,563,822 37,122,842 58,429,155 42,888,747 59,355,613 46,848,675 67,146,882 46,852,646 Diluted weighted average shares of common stock outstanding 50,171,687 37,341,050 59,022,217 43,099,354 59,934,008 47,068,929 67,754,673 47,085,617 Dividend declared per share of common stock $ 0.44 $ 0.40 $ 0.44 $ 0.40 $ 0.44 $ 0.40 $ 0.46 $ 0.40 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | |
Accounting Policies [Abstract] | ||
Number of business segments | Segment | 1 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Capitalized financing costs | $ 7,353 | $ 7,444 |
Operating loss carryforward | 1,400 | |
Other Assets [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Capitalized financing costs | $ 7,353 | $ 7,444 |
Fair Value Disclosure - Summari
Fair Value Disclosure - Summarizes Levels in Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | $ 3,327 | $ 4,070 |
Total | 496,476 | 543,905 |
AAA Commercial Mortage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
CMBS | 0 | 17,105 |
Estimate of Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | 3,327 | 4,070 |
Estimate of Fair Value [Member] | AAA Commercial Mortage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
CMBS | 493,149 | 522,730 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 496,476 | 543,905 |
Level 2 [Member] | AAA Commercial Mortage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
CMBS | 0 | 17,105 |
Level 2 [Member] | Estimate of Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | 3,327 | 4,070 |
Level 2 [Member] | Estimate of Fair Value [Member] | AAA Commercial Mortage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
CMBS | $ 493,149 | $ 522,730 |
Debt Securities - Additional In
Debt Securities - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||
Feb. 28, 2015USD ($) | May. 31, 2014USD ($)timeshare_unit | May. 31, 2014USD ($)casino | May. 31, 2014USD ($)room | May. 31, 2014USD ($)ft² | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)option | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Oct. 31, 2015USD ($) | Aug. 31, 2014USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||
Realized gain (loss) on sale of securities | $ 0 | $ 0 | $ 0 | $ (443,000) | $ 0 | $ 0 | $ 0 | $ 0 | $ (443,000) | $ 0 | $ 0 | |||||||
Commercial Mortgage Backed Securities [Member] | ||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||
Amortized cost of debt securities sold | $ 24,038,000 | 17,783,000 | 17,783,000 | |||||||||||||||
Realized gain (loss) on sale of securities | (443,000) | |||||||||||||||||
Realized gain on sale of debt securities | 43,000 | |||||||||||||||||
Realized loss on sale of debt securities | 486,000 | |||||||||||||||||
Reclassification out of accumulated other comprehensive income | 678,000 | |||||||||||||||||
Proceeds from sale of debt securities, net of debt facility repayment | 1,341,000 | |||||||||||||||||
Available-for-sale securities, face amount | 17,013,000 | 17,013,000 | ||||||||||||||||
Commercial Mortgage Backed Securities [Member] | CMBS - UBS [Member] | ||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||
Available-for-sale securities, face amount | 387,100,000 | 387,100,000 | ||||||||||||||||
Aggregate purchase price of CMBS | 375,006,000 | 375,006,000 | ||||||||||||||||
First Mortgage [Member] | ||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||
Original Face Amount | $ 33,000,000 | |||||||||||||||||
Hotel [Member] | First Mortgage [Member] | ||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||
Original Face Amount | $ 227,000,000 | |||||||||||||||||
Subordinate Loans [Member] | ||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||
Original Face Amount | $ 964,955,000 | $ 562,434,000 | $ 964,955,000 | $ 562,434,000 | ||||||||||||||
Subordinate Loans [Member] | Hotel [Member] | Hotel - Aruba [Member] | ||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||
Property Size, Number of Units/Rooms | 114 | 2 | 442 | |||||||||||||||
Property Size, Area | 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% | |||||||||||||||||
Subordinate Loans [Member] | Hotel [Member] | Hotel - Aruba [Member] | First Mortgage [Member] | ||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||
Original Face Amount | $ 155,000,000 | $ 155,000,000 | $ 155,000,000 | $ 155,000,000 | ||||||||||||||
Senior Participation [Member] | Subordinate Loans [Member] | Hotel [Member] | Hotel - Aruba [Member] | ||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||
Participations sold | 90,000,000 | $ 90,000,000 | ||||||||||||||||
Junior Participation [Member] | Subordinate Loans [Member] | Hotel [Member] | Hotel - Aruba [Member] | ||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||
Participations sold | $ 65,000,000 | $ 65,000,000 | ||||||||||||||||
Line of Credit [Member] | Wells Fargo [Member] | ||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||
Repayments of debt facility | $ 22,254,000 |
Debt Securities - Amortized Cos
Debt Securities - Amortized Cost and Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | |||
Total, Face Amount | $ 664,732 | $ 699,190 | |
Total, Amortized Cost | 657,446 | 688,509 | |
Total, Gross Unrealized Gain | 2,614 | 7,322 | |
Total, Gross Unrealized Loss | (13,718) | (1,713) | |
Total, Estimated Fair Value | 646,342 | 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) | ||
Estimated Fair Value | 17,105 | ||
Held-to-maturity, Face Amount | 153,250 | 155,000 | |
Held-to-maturity, Amortized Cost | 153,193 | 154,283 | |
Held-to-maturity, Gross Unrealized Gain | 0 | 0 | |
Held-to-maturity, Gross Unrealized Loss | 0 | 0 | |
Held-to-maturity, Estimated Fair Value | 153,193 | 154,283 | |
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Estimate of Fair Value Measurement [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Face Amount | 511,482 | 527,177 | |
Amortized Cost | 504,253 | 516,443 | |
Gross Unrealized Gain | 2,614 | 7,322 | |
Gross Unrealized Loss | (13,718) | (1,035) | |
Estimated Fair Value | $ 493,149 | $ 522,730 |
Debt Securities - Summary of Co
Debt Securities - Summary of Continuous Unrealized Loss Positions (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Fair Value | |
Unrealized Loss Position for Less than 12 months, Fair Value | $ 259,739 |
Unrealized Loss Position for 12 months or More, Fair Value | 68,232 |
Unrealized Loss | |
Unrealized Loss Position for Less than 12 months | (10,644) |
Unrealized Loss Position for 12 months or More | (3,074) |
Estimate of Fair Value [Member] | Commercial Mortgage Backed Securities [Member] | |
Fair Value | |
Unrealized Loss Position for Less than 12 months, Fair Value | 259,739 |
Unrealized Loss Position for 12 months or More, Fair Value | 68,232 |
Unrealized Loss | |
Unrealized Loss Position for Less than 12 months | (10,644) |
Unrealized Loss Position for 12 months or More | $ (3,074) |
Debt Securities - Overall Stati
Debt Securities - Overall Statistics for Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis (Details) - Commercial Mortgage Backed Securities [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
BB to D Credit Rating [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Coupon | 5.90% | |
Yield | 6.50% | |
Weighted Average Life | 1 year 7 months 6 days | |
AAA to CCC- Rated CMBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Coupon | 5.90% | |
Yield | 6.40% | |
Weighted Average Life | 2 years 3 months 18 days |
Debt Securities - Percentage Vi
Debt Securities - Percentage Vintage, Property Type, and Location of Collateral Securing Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis (Details) - Available-for-sale Securities [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Vintage Concentration Risk [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 100.00% | 100.00% |
Vintage Concentration Risk [Member] | Vintage 2005 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 8.30% | 9.00% |
Vintage Concentration Risk [Member] | Vintage 2006 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 20.00% | 19.00% |
Vintage Concentration Risk [Member] | Vintage 2007 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 62.40% | 63.00% |
Vintage Concentration Risk [Member] | Vintage 2008 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 9.30% | 9.00% |
Product Concentration Risk [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 100.00% | 100.00% |
Product Concentration Risk [Member] | Office [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 32.00% | 33.40% |
Product Concentration Risk [Member] | Retail [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 30.20% | 29.10% |
Product Concentration Risk [Member] | Multifamily [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 13.50% | 13.30% |
Product Concentration Risk [Member] | Hotel [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 0.00% | 9.20% |
Product Concentration Risk [Member] | Other [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 24.30% | 15.00% |
Geographic Concentration Risk [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 100.00% | 100.00% |
Geographic Concentration Risk [Member] | South Atlantic [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 23.00% | 23.20% |
Geographic Concentration Risk [Member] | Middle Atlantic [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 18.10% | 21.10% |
Geographic Concentration Risk [Member] | Pacific [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 17.80% | 17.00% |
Geographic Concentration Risk [Member] | East North Central [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 12.50% | 11.00% |
Geographic Concentration Risk [Member] | Other [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 28.60% | 27.70% |
Commercial Mortgage Loan Portfo
Commercial Mortgage Loan Portfolio (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)aft²unitpropertyroomRoom | Dec. 31, 2014USD ($)aft²unitpropertyroom | |
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 1,938,589 | |
Commercial mortgage loans [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 1,037,940 | $ 467,300 |
Current Face Amount | 999,583 | 465,574 |
Carrying Value | $ 994,301 | $ 458,520 |
Coupon rate of loan | 7.08% | 6.84% |
Commercial mortgage loans [Member] | Condo Conversion [Member] | Condo Conversion - NY, NY August 2013 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 33,000 | $ 33,000 |
Current Face Amount | 24,114 | 33,846 |
Carrying Value | $ 24,289 | $ 33,961 |
Coupon rate of loan | 7.00% | |
Property Size, Area (in square feet and acres) | ft² | 40,000 | 40,000 |
Commercial mortgage loans [Member] | 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 | $ 67,038 | $ 64,714 |
Coupon rate of loan | 3.75% | |
Property Size, Area (in square feet and acres) | ft² | 86,000 | 86,000 |
Commercial mortgage loans [Member] | 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 | 65,125 | 28,000 |
Carrying Value | $ 65,087 | $ 27,520 |
Coupon rate of loan | 10.50% | |
Property Size, Number of Units/Rooms | unit | 50 | 50 |
Commercial mortgage loans [Member] | Condo Construction [Member] | Condo Construction Bethesda, MD [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 50,000 | $ 20,000 |
Current Face Amount | 50,000 | 20,000 |
Carrying Value | $ 49,960 | $ 19,616 |
Coupon rate of loan | 10.75% | |
Property Size, Number of Units/Rooms | unit | 40 | 40 |
Commercial mortgage loans [Member] | Vacation Home Portfolio [Member] | Vacation Home Portfolio - Various [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 101,000 | $ 101,000 |
Current Face Amount | 94,147 | 100,046 |
Carrying Value | $ 93,277 | $ 99,086 |
Coupon rate of loan | 7.50% | |
Number of properties | property | 229 | 229 |
Commercial mortgage loans [Member] | Vacation Home Portfolio [Member] | Vacation Home Portfolio - Various, United States [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 50,000 | $ 50,000 |
Current Face Amount | 50,000 | 50,000 |
Carrying Value | $ 49,595 | $ 49,508 |
Coupon rate of loan | 7.00% | |
Number of properties | property | 24 | 24 |
Commercial mortgage loans [Member] | 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 | |
Commercial mortgage loans [Member] | 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 | $ 33,994 | $ 33,842 |
Coupon rate of loan | 4.74% | |
Property Size, Number of Units/Rooms | 301 | 301 |
Commercial mortgage loans [Member] | Hotel [Member] | Hotel - NY, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 97,807 | |
Current Face Amount | 98,373 | |
Carrying Value | $ 97,381 | |
Coupon rate of loan | 5.50% | |
Property Size, Number of Units/Rooms | Room | 317 | |
Commercial mortgage loans [Member] | Hotel [Member] | Hotel - U.S. Virgin Islands [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 42,000 | |
Current Face Amount | 42,000 | |
Carrying Value | $ 41,600 | |
Coupon rate of loan | 5.27% | |
Property Size, Number of Units/Rooms | room | 180 | |
Commercial mortgage loans [Member] | 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 | $ 34,886 | $ 30,110 |
Coupon rate of loan | 4.41% | |
Property Size, Number of Units/Rooms | unit | 63 | 63 |
Commercial mortgage loans [Member] | Multifamily Conversion [Member] | Multifamily - Williston, ND [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 58,000 | $ 58,000 |
Current Face Amount | 49,691 | 57,792 |
Carrying Value | $ 49,665 | $ 57,297 |
Coupon rate of loan | 6.15% | |
Property Size, Number of Units/Rooms | unit | 366 | 366 |
Commercial mortgage loans [Member] | Mixed Use [Member] | Mixed Use - Cincinnati, OH [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 165,000 | $ 20,000 |
Current Face Amount | 165,000 | 20,000 |
Carrying Value | $ 163,173 | $ 18,309 |
Coupon rate of loan | 9.25% | |
Property Size, Area (in square feet and acres) | a | 65 | 65 |
Commercial mortgage loans [Member] | 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 | $ 85,658 | |
Coupon rate of loan | 7.25% | |
Property Size, Area (in square feet and acres) | ft² | 330,000 | |
Commercial mortgage loans [Member] | 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 | $ 44,925 | |
Coupon rate of loan | 6.25% | |
Property Size, Area (in square feet and acres) | ft² | 63,300 | |
Commercial mortgage loans [Member] | 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 | $ 32,804 | |
Coupon rate of loan | 6.25% | |
Property Size, Area (in square feet and acres) | ft² | 16,600 | |
Commercial mortgage loans [Member] | 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 | $ 1,636 | |
Coupon rate of loan | 10.25% | |
Property Size, Area (in square feet and acres) | ft² | 10,500 | |
Commercial mortgage loans [Member] | Retail [Member] | Retail - Brooklyn, NY - November 2015 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 5,910 | |
Current Face Amount | 5,910 | |
Carrying Value | $ 5,858 | |
Coupon rate of loan | 7.25% | |
Property Size, Area (in square feet and acres) | ft² | 5,500 | |
Commercial mortgage loans [Member] | Office [Member] | Office - Richmond, VA [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | $ 54,000 | |
Current Face Amount | 54,000 | |
Carrying Value | $ 53,475 | |
Coupon rate of loan | 5.53% | |
Property Size, Area (in square feet and acres) | ft² | 262,000 |
Commercial Mortgage Loan Port52
Commercial Mortgage Loan Portfolio (Details 2) - Commercial mortgage loans [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)optionextension | Dec. 31, 2014USD ($)option | |
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 | $ 15,100 | $ 45,100 |
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 | |
Hotel, Mixed Use, Multifamily and Vacation Home [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | |
Number of options to extend loan agreement | extension | 2 | |
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 | |
Mixed Use [Member] | Mixed Use - Brooklyn, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Unfunded loan commitments | $ 6,730 | |
Mixed Use [Member] | Mixed Use - Cincinnati, OH [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 | $ 145,000 | |
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 | |
Hotel [Member] | Hotel - NY, 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 | $ 40,034 | |
Hotel [Member] | Hotel - U.S. Virgin Islands [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | |
Number of options to extend loan agreement | option | 3 | |
Unfunded loan commitments | $ 1,500 | |
Office [Member] | Office - Richmond, VA [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 | $ 1,000 | |
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 | |
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 |
Commercial Mortgage Loan Port53
Commercial Mortgage Loan Portfolio - Narrative (Details) - First Mortgage [Member] | 1 Months Ended | |
Oct. 31, 2015USD ($)Hotel | Jun. 30, 2015USD ($) | |
Mortgage Loans on Real Estate [Line Items] | ||
Original loan amount | $ 33,000,000 | |
Hotel [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Proceeds from loans receivable | $ 45,400,000 | |
Original loan amount | $ 227,000,000 | |
Number of hotels in portfolio | Hotel | 21 |
Subordinate Loan Portfolio (Det
Subordinate Loan Portfolio (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 1,938,589 | |
Subordinate Mortgage Loans to Company Commercial Mortgage Loans [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 49,309 | $ 29,400 |
Current Face Amount | 26,328 | 29,751 |
Carrying Value | 26,095 | 29,762 |
Subordinate Mortgage Loans to Company Commercial Mortgage Loans [Member] | 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 | 6,386 | 29,751 |
Carrying Value | 6,415 | 29,762 |
Subordinate Mortgage Loans to Company Commercial Mortgage Loans [Member] | Mixed Use [Member] | Mixed Use, New York, NY, March 2017 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 12,347 | |
Current Face Amount | 12,347 | |
Carrying Value | 12,222 | |
Subordinate Mortgage Loans to Company Commercial Mortgage Loans [Member] | Hotel [Member] | Hotel, New York, NY, September 2018 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 2,562 | |
Current Face Amount | 2,595 | |
Carrying Value | 2,458 | |
Subordinate Mortgage Loans to Company Commercial Mortgage Loans [Member] | Multifamily Portfolio [Member] | Multifamily - Williston, ND [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 5,000 | |
Current Face Amount | 5,000 | |
Carrying Value | 5,000 | |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 915,646 | 533,034 |
Current Face Amount | 912,678 | 533,848 |
Carrying Value | 905,256 | 531,420 |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | 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 | 52,418 | |
Carrying Value | 51,941 | |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | 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 |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | 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 | 19,377 | 19,294 |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Mixed Use [Member] | Mixed Use - London, England [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 50,009 | 50,009 |
Current Face Amount | 50,676 | 52,355 |
Carrying Value | 50,676 | 52,355 |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | 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 | |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Mixed Use [Member] | Mixed Use - New York, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 81,715 | 50,000 |
Current Face Amount | 88,368 | 50,000 |
Carrying Value | 87,818 | 48,973 |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | 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 | 44,854 | |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | 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 | 29,785 | |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | 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 | |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Hotel [Member] | Hotel Portfolio - Rochester, MN [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 25,000 | 25,000 |
Current Face Amount | 24,182 | 24,486 |
Carrying Value | 24,182 | 24,486 |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Hotel [Member] | Hotel, New York, NY - December 2015 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 50,000 | |
Current Face Amount | 50,000 | |
Carrying Value | 49,522 | |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | 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 | |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | 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 | |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | 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 | |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | 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 | 19,934 | |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | 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 | 21,895 | |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | 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 | 15,426 | |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Multifamily Portfolio [Member] | Multifamily, New York, New York [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 55,000 | |
Current Face Amount | 55,000 | |
Carrying Value | 54,558 | |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Office [Member] | Office - Michigan [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 9,000 | 9,000 |
Current Face Amount | 8,753 | 8,813 |
Carrying Value | 8,753 | 8,813 |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Office [Member] | Office Complex - Missouri [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 10,000 | 10,000 |
Current Face Amount | 9,566 | 9,711 |
Carrying Value | 9,566 | 9,711 |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Office [Member] | Office Condo New York, 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 | 13,631 | 13,596 |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | 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 |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Healthcare [Member] | Healthcare Portfolio - Various [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 50,000 | 50,000 |
Current Face Amount | 39,223 | 50,000 |
Carrying Value | 39,223 | 50,000 |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | 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 | |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | 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 | 14,878 | 14,861 |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Senior Housing Facility [Member] | Senior Housing - United Kingdom [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 82,063 | |
Current Face Amount | 79,735 | |
Carrying Value | 79,735 | |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Condo Development [Member] | Condo Development - New York, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 33,840 | |
Current Face Amount | 34,184 | |
Carrying Value | 33,567 | |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Condo Development [Member] | Condo Pre-development, United Kingdom [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 81,994 | |
Current Face Amount | 81,048 | |
Carrying Value | 81,048 | |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | 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 | 71,362 | |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Condo Construction [Member] | Condo Construction - NY, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 60,000 | |
Current Face Amount | 76,344 | |
Carrying Value | 76,005 | |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Multifamily Conversion [Member] | Multifamily Conversion - New York, 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 | |
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | 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 | |
Subordinate Loans [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Original Face Amount | 964,955 | 562,434 |
Current Face Amount | 939,006 | 563,599 |
Carrying Value | $ 931,351 | $ 561,182 |
Coupon rate of loan | 11.34% | 11.34% |
Subordinate Loans [Member] | Condo Conversion [Member] | Condo Conversion - NY, NY September 2015 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 6,386 | |
Carrying Value | $ 6,415 | |
Coupon rate of loan | 7.00% | |
Subordinate Loans [Member] | Condo Conversion [Member] | Condo Conversion, New York, NY, August 2018 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 52,418 | |
Carrying Value | $ 51,941 | |
Coupon rate of loan | 12.75% | |
Subordinate Loans [Member] | Mixed Use [Member] | Mixed Use - North Carolina [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 6,525 | |
Carrying Value | $ 6,525 | |
Coupon rate of loan | 11.10% | |
Subordinate Loans [Member] | Mixed Use [Member] | Mixed Use - Various [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 19,500 | |
Carrying Value | $ 19,377 | |
Coupon rate of loan | 14.00% | |
Subordinate Loans [Member] | Mixed Use [Member] | Mixed Use - London, England [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 50,676 | |
Carrying Value | $ 50,676 | |
Coupon rate of loan | 10.25% | |
Subordinate Loans [Member] | Mixed Use [Member] | Mixed Use - New York, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 88,368 | |
Carrying Value | $ 87,818 | |
Coupon rate of loan | 10.69% | |
Subordinate Loans [Member] | Mixed Use [Member] | Mixed Use - Various, May 2017 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 45,000 | |
Carrying Value | $ 44,854 | |
Coupon rate of loan | 9.30% | |
Subordinate Loans [Member] | Mixed Use [Member] | Mixed Use, New York, NY, March 2017 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 12,347 | |
Carrying Value | $ 12,222 | |
Coupon rate of loan | 10.25% | |
Subordinate Loans [Member] | Mixed Use [Member] | Mixed Use, New York, NY, October 2018 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 30,000 | |
Carrying Value | $ 29,785 | |
Coupon rate of loan | 10.50% | |
Subordinate Loans [Member] | Hotel [Member] | Hotel Portfolio - Rochester, MN [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 24,182 | |
Carrying Value | $ 24,182 | |
Coupon rate of loan | 11.00% | |
Subordinate Loans [Member] | Hotel [Member] | Hotel, New York, NY - December 2015 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 50,000 | |
Carrying Value | $ 49,522 | |
Coupon rate of loan | 12.36% | |
Subordinate Loans [Member] | Hotel [Member] | Hotel - Burbank, CA [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 20,000 | |
Carrying Value | $ 20,000 | |
Coupon rate of loan | 10.40% | |
Subordinate Loans [Member] | Hotel [Member] | Hotel - Phoenix, AZ [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 25,000 | |
Carrying Value | $ 25,000 | |
Coupon rate of loan | 11.50% | |
Subordinate Loans [Member] | Hotel [Member] | Hotel - Washington D.C. [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 20,000 | |
Carrying Value | $ 19,934 | |
Coupon rate of loan | 9.80% | |
Subordinate Loans [Member] | Hotel [Member] | Hotel, New York, NY, September 2018 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 2,595 | |
Carrying Value | $ 2,458 | |
Coupon rate of loan | 5.50% | |
Subordinate Loans [Member] | Multifamily Portfolio [Member] | Multifamily Portfolio - Florida [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 22,000 | |
Carrying Value | $ 21,895 | |
Coupon rate of loan | 11.70% | |
Subordinate Loans [Member] | Multifamily Portfolio [Member] | Multifamily Portfolio - Florida (2) [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 15,500 | |
Carrying Value | $ 15,426 | |
Coupon rate of loan | 11.70% | |
Subordinate Loans [Member] | Multifamily Portfolio [Member] | Multifamily, New York, New York [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 55,000 | |
Carrying Value | $ 54,558 | |
Coupon rate of loan | 10.75% | |
Subordinate Loans [Member] | Multifamily Portfolio [Member] | Multifamily - Williston, ND [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 5,000 | |
Carrying Value | $ 5,000 | |
Coupon rate of loan | 6.15% | |
Subordinate Loans [Member] | Office [Member] | Office - Michigan [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 8,753 | |
Carrying Value | $ 8,753 | |
Coupon rate of loan | 13.00% | |
Subordinate Loans [Member] | Office [Member] | Office Complex - Missouri [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 9,566 | |
Carrying Value | $ 9,566 | |
Coupon rate of loan | 11.75% | |
Subordinate Loans [Member] | Office [Member] | Office Condo New York, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 14,000 | |
Carrying Value | $ 13,631 | |
Coupon rate of loan | 11.25% | |
Subordinate Loans [Member] | Warehouse [Member] | Warehouse Portfolio - Various [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 32,000 | |
Carrying Value | $ 32,000 | |
Coupon rate of loan | 11.50% | |
Subordinate Loans [Member] | Healthcare [Member] | Healthcare Portfolio - Various [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 39,223 | |
Carrying Value | $ 39,223 | |
Coupon rate of loan | 9.47% | |
Subordinate Loans [Member] | Ski Resort [Member] | Ski Resort Montana [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 15,000 | |
Carrying Value | $ 14,878 | |
Coupon rate of loan | 14.00% | |
Subordinate Loans [Member] | Senior Housing Facility [Member] | Senior Housing - United Kingdom [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 79,735 | |
Carrying Value | $ 79,735 | |
Coupon rate of loan | 8.83% | |
Subordinate Loans [Member] | Condo Development [Member] | Condo Development - New York, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 34,184 | |
Carrying Value | $ 33,567 | |
Coupon rate of loan | 13.00% | |
Subordinate Loans [Member] | Condo Development [Member] | Condo Pre-development, United Kingdom [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 81,048 | |
Carrying Value | $ 81,048 | |
Coupon rate of loan | 11.14% | |
Subordinate Loans [Member] | Destination Resort [Member] | Destination Resort, Various [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Face Amount | $ 75,000 | |
Carrying Value | $ 71,362 | |
Coupon rate of loan | 9.10% |
Subordinate Loan Portfolio (D55
Subordinate Loan Portfolio (Details 2) - Subordinate Loans [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)option | Dec. 31, 2014USD ($)option | |
Mortgage Loans on Real Estate [Line Items] | ||
Unfunded Loan Commitments | $ | $ 54,423 | |
Mixed Use, Senior Housing, Hotel, Condo Conversion and Multifamily [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 and Multifamily [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | |
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 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | |
Number of options to extend loan agreement | 2 | |
Hotel, Condo Construction, Condo Conversion, and Multifamily Conversion [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | |
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 | $ | $ 12,478 | |
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 | $ | $ 785 | $ 32,500 |
Condo Development - New York, NY [Member] | Condo Development [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | |
Unfunded Loan Commitments | $ | $ 41,160 | |
Mixed Use, New York, NY, October 2018 [Member] | Mixed Use [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 1 year | |
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 | |
Multifamily, New York, New York [Member] | Multifamily Portfolio [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 6 months | |
Hotel, New York, NY - December 2015 [Member] | Hotel [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 3 months | |
Mixed Use - Various [Member] | Mixed Use [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Option to extend loan agreement, term | 3 months |
Subordinate Loans - Additional
Subordinate Loans - Additional Information (Details) $ in Thousands | 1 Months Ended | |||||||
Dec. 31, 2015USD ($) | Oct. 31, 2015building | Aug. 31, 2015 | Jul. 31, 2015building | Nov. 30, 2014USD ($) | Aug. 31, 2014USD ($)office_park | Jun. 30, 2014USD ($) | Jan. 31, 2014USD ($) | |
Subordinate Loans [Member] | Hotel [Member] | ||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||
Proceeds from loans receivable | $ 333 | $ 15,000 | ||||||
Mezzanine Loan [Member] | Hotel [Member] | ||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||
Proceeds from loans receivable | $ 28 | |||||||
Mezzanine Loan [Member] | Nursing Facility [Member] | ||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||
Proceeds from loans receivable | $ 47,000 | |||||||
Mezzanine Loan [Member] | Office [Member] | ||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||
Number of properties (buildings/office parks) | office_park | 7 | |||||||
Proceeds from loans receivable | $ 50,000 | |||||||
Interest-Only-Strip [Member] | ||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||
Interest rate | 3.40% | |||||||
New York City, New York [Member] | Subordinate Loans [Member] | ||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||
Number of properties (buildings/office parks) | building | 5 | |||||||
Manhattan, New York [Member] | Subordinate Loans [Member] | ||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||
Number of properties (buildings/office parks) | building | 2 |
Unconsolidated Joint Venture -
Unconsolidated Joint Venture - Additional Information (Details) € in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||
Feb. 28, 2015USD ($) | Feb. 28, 2015EUR (€) | Sep. 30, 2014USD ($) | Sep. 30, 2014EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2015 | Feb. 28, 2015EUR (€) | Jan. 31, 2015USD ($) | 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 | $ 0 | |||||||||||
Champ Limited Partnership [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Company and affiliated investors ownership, percentage | 100.00% | 100.00% | ||||||||||||
KBCD Partnership [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership interest (percentage) | 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 (percentage) | 11.00% | 11.00% | ||||||||||||
Company and affiliated investors ownership, percentage | 100.00% | |||||||||||||
Wholly-owned subsidiary [Member] | Champ Limited Partnership [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership interest (percentage) | 59.00% | 59.00% | ||||||||||||
Champ LP [Member] | KBC Bank Deutschland AG [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership interest (percentage) | 35.00% | 35.00% | ||||||||||||
Company and affiliated investors ownership, percentage | 100.00% | 100.00% | ||||||||||||
Commitment to Invest in KBCD [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Commitment to invest | $ 50,000 | € 38,000 | $ 50,000 | € 38,000 | ||||||||||
Unfunded Commitment, Champ L.P. [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Commitment to invest | $ 3,508 | € 3,229 | ||||||||||||
Champ LP [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership interest | 48.00% | 48.00% | ||||||||||||
Proceeds from sale of equity method investments | $ 20,794 | € 16,314 | ||||||||||||
Foreign exchange adjustments included in 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 - Weighted Average M
Borrowings - Weighted Average Maturities and Interest Rates of Borrowings (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Debt Balance | $ 925,774 | $ 622,194 | |
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Basis point | 4.40% | ||
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Debt Balance | $ 925,774 | $ 622,194 | |
Weighted Average Remaining Maturity | 2 years 8 months 12 days | 3 years 2 months 12 days | |
Weighted Average Rate | 2.90% | 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% | |
Basis point | 0.80% | ||
Line of Credit [Member] | UBS [Member] | |||
Debt Instrument [Line Items] | |||
Debt Balance | $ 133,899 | $ 133,899 | |
Weighted Average Remaining Maturity | 4 years | 2 years 8 months 12 days | 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 3 months 18 days | 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 | $ 445,942 | $ 168,124 | |
Weighted Average Remaining Maturity | 3 years 1 month 6 days | 1 month 6 days | |
Weighted Average Rate | 2.60% | 2.70% | |
Line of Credit [Member] | Goldman Sachs [Member] | |||
Debt Instrument [Line Items] | |||
Debt Balance | $ 45,928 | $ 0 | |
Weighted Average Remaining Maturity | 3 years 3 months 18 days | ||
Weighted Average Rate | 3.80% | 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% | ||
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% | ||
Maximum [Member] | Line of Credit [Member] | JP Morgan Chase [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Basis point | 4.75% | 4.75% |
Borrowings - Remaining Maturiti
Borrowings - Remaining Maturities of Borrowings (Details) - Line of Credit [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Line of Credit Facility [Line Items] | |
Less than 1 year | $ 145,557 |
1 to 3 years | 487,310 |
3 to 5 years | 292,907 |
More than 5 years | 0 |
Total | 925,774 |
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 | 74,251 |
1 to 3 years | 225,754 |
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 | 62,454 |
1 to 3 years | 122,081 |
3 to 5 years | 261,407 |
More than 5 years | 0 |
Total | 445,942 |
Goldman Sachs [Member] | |
Line of Credit Facility [Line Items] | |
Less than 1 year | 3,848 |
1 to 3 years | 10,580 |
3 to 5 years | 31,500 |
More than 5 years | 0 |
Total | $ 45,928 |
Borrowings - Summary of Outstan
Borrowings - Summary of Outstanding Balances, Maximum and Average Balances of Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | ||
Line of credit, Balance | $ 925,774 | $ 622,194 |
Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, Balance | 925,774 | 622,194 |
Wells Fargo [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, Balance | 0 | 20,166 |
Maximum Month-End Balance | 22,254 | 47,751 |
Average Month-End Balance | 3,263 | 28,921 |
UBS [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, Balance | 133,899 | 133,899 |
Maximum Month-End Balance | 133,899 | 133,899 |
Average Month-End Balance | 133,899 | 133,899 |
DB Facility [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, Balance | 300,005 | 300,005 |
Maximum Month-End Balance | 300,005 | 300,005 |
Average Month-End Balance | 300,005 | 145,856 |
JP Morgan Chase [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, Balance | 445,942 | 168,124 |
Maximum Month-End Balance | 445,942 | 169,066 |
Average Month-End Balance | 261,261 | 105,366 |
Goldman Sachs [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, Balance | 45,928 | $ 0 |
Maximum Month-End Balance | 52,524 | |
Average Month-End Balance | $ 45,665 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) | Jan. 26, 2015USD ($) | Jan. 08, 2015 | Apr. 30, 2014USD ($) | Sep. 30, 2013USD ($) | Aug. 31, 2010USD ($) | Jan. 31, 2010subsidiary | Dec. 31, 2015USD ($) | Dec. 31, 2014 |
London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on interest rate | 4.40% | |||||||
Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Expiration period | 2 years 8 months 12 days | 3 years 2 months 12 days | ||||||
Line of Credit [Member] | Wells Fargo [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on interest rate | 0.80% | |||||||
Expiration period | 2 months 12 days | |||||||
Line of Credit [Member] | UBS [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing under facility | $ 133,899,000 | |||||||
Estimated fair value of collateral pledged, percentage | 100.00% | |||||||
Covenant terms, minimum net asset value | $ 500,000,000 | |||||||
Covenant terms, maximum debt to tangible net worth ratio | 3 | |||||||
Expiration period | 4 years | 2 years 8 months 12 days | 3 years 8 months 12 days | |||||
Length of potential extension | 1 year | |||||||
Margin of cash borrowed, percentage | 22.50% | |||||||
Line of Credit [Member] | UBS [Member] | Six Month LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on interest rate | 1.55% | |||||||
Line of Credit [Member] | JP Morgan Chase [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Expiration period | 3 years 1 month 6 days | 1 month 6 days | ||||||
Line of Credit [Member] | Goldman Sachs [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Expiration period | 3 years 3 months 18 days | |||||||
Line of Credit [Member] | Goldman Sachs [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on interest rate | 3.50% | 3.50% | ||||||
Line of Credit [Member] | Minimum [Member] | JP Morgan Chase [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on interest rate | 2.25% | 2.25% | ||||||
Line of Credit [Member] | Maximum [Member] | JP Morgan Chase [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on interest rate | 4.75% | 4.75% | ||||||
Wells Facility [Member] | Line of Credit [Member] | Wells Fargo [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on interest rate | 1.50% | |||||||
Estimated fair value of collateral pledged, percentage | 95.00% | |||||||
Threshold amount for margin calls | $ 250,000 | |||||||
Covenant terms, minimum net asset value | $ 100,000,000 | |||||||
Covenant terms, minimum net asset value percentage, during prior quarter | 75.00% | |||||||
Covenant terms, minimum net asset value percentage, during prior year | 65.00% | |||||||
Covenant terms, maximum debt to tangible net worth ratio | 8 | |||||||
Covenant terms, minimum liquidity | $ 2,500,000 | |||||||
Covenant terms, minimum EBITDA to interest expense ratio | 1.5 | |||||||
Limited guarantee percentage credit facility | 15.00% | |||||||
Covenant terms, total recourse indebtedness, percent | 10.00% | |||||||
Covenant terms, total recourse indebtedness, amount | $ 12,500,000 | |||||||
Wells Facility [Member] | Line of Credit [Member] | Wells Fargo [Member] | Financial Guarantee [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum guarantee obligations | $ 37,500,000 | |||||||
Wells Facility [Member] | Line of Credit [Member] | Wells Fargo [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on interest rate | 0.80% | |||||||
Wells Facility [Member] | Line of Credit [Member] | Minimum [Member] | Wells Fargo [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Estimated fair value of collateral pledged, percentage | 85.00% | |||||||
Wells Facility [Member] | Line of Credit [Member] | Maximum [Member] | Wells Fargo [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Estimated fair value of collateral pledged, percentage | 90.00% | |||||||
DB Facility [Member] | Line of Credit [Member] | Deutsche Bank AG [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing under facility | $ 300,005,000 | |||||||
Covenant terms, minimum shareholder's equity of gross capital proceeds | 50.00% | |||||||
DB Facility [Member] | Line of Credit [Member] | Minimum [Member] | Deutsche Bank AG [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing margin ratio | 125.00% | |||||||
DB Facility [Member] | Line of Credit [Member] | Minimum [Member] | Deutsche Bank AG [Member] | Three Month LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on interest rate | 1.80% | |||||||
DB Facility [Member] | Line of Credit [Member] | Maximum [Member] | Deutsche Bank AG [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing margin ratio | 181.82% | |||||||
DB Facility [Member] | Line of Credit [Member] | Maximum [Member] | Deutsche Bank AG [Member] | Three Month LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on interest rate | 2.32% | |||||||
JP Morgan Facility [Member] | Line of Credit [Member] | JP Morgan Chase [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of subsidiaries | subsidiary | 2 | |||||||
Amended and Restated JPMorgan Facility [Member] | Line of Credit [Member] | JP Morgan Chase [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing under facility | $ 600,000,000 | |||||||
Threshold amount for margin calls | $ 250 | |||||||
Covenant terms, maximum debt to tangible net worth ratio | 3 | |||||||
Term of debt instrument | 3 years | |||||||
Extension option | 1 year | |||||||
Covenant terms, minimum consolidated tangible net worth | $ 750,000,000 | |||||||
Covenant terms, minimum consolidated tangible net worth, additional 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] | Line of Credit [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] | Line of Credit [Member] | Minimum [Member] | JP Morgan Chase [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on interest rate | 2.25% | |||||||
Amended and Restated JPMorgan Facility [Member] | Line of Credit [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] | Line of Credit [Member] | Maximum [Member] | JP Morgan Chase [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on interest rate | 4.75% | |||||||
Goldman Facility [Member] | Line of Credit [Member] | Goldman Sachs [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing under facility | $ 52,524,000 | |||||||
Covenant terms, maximum debt to tangible net worth ratio | 3 | |||||||
Covenant terms, minimum liquidity | $ 15,000,000 | |||||||
Covenant terms, minimum EBITDA to interest expense ratio | 1.5 | |||||||
Covenant terms, total recourse indebtedness, percent | 5.00% | |||||||
Covenant terms, minimum consolidated tangible net worth | $ 750,000,000 | |||||||
Covenant terms, minimum net income | $ 1 | |||||||
Goldman Facility [Member] | Line of Credit [Member] | Goldman Sachs [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on interest rate | 3.50% |
Convertible Senior Notes (Detai
Convertible Senior Notes (Details) | Aug. 18, 2014USD ($) | Mar. 17, 2014USD ($) | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Debt Instrument [Line Items] | |||||
Proceeds from issuance of convertible senior notes | $ 0 | $ 256,970,000 | $ 0 | ||
Convertible senior notes, carrying value | $ 248,173,000 | $ 246,464,000 | |||
Convertible Debt [Member] | 2019 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Share price (in dollars per share) | $ / shares | $ 17.23 | ||||
Conversion price (in dollars per share) | $ / shares | $ 17.88 | ||||
Equity component of senior notes | $ 11,445,000 | ||||
Interest expense on debt | 14,011,000 | ||||
Additional non-cash interest expense | 3,440,000 | ||||
Convertible Debt [Member] | March 2019 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount | $ 143,750,000 | ||||
Coupon Rate | 5.50% | ||||
Effective Rate | 6.25% | ||||
Conversion Rate | 55.9411 | ||||
Remaining Period of Amortization (years) | 3 years 2 months 16 days | ||||
Proceeds from issuance of convertible senior notes | $ 139,037,000 | ||||
Convertible senior notes, carrying value | 140,623,000 | ||||
Unamortized discount | 3,127,000 | ||||
Convertible Debt [Member] | August 2019 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount | $ 111,000,000 | ||||
Coupon Rate | 5.50% | ||||
Effective Rate | 6.50% | ||||
Conversion Rate | 55.9411 | ||||
Remaining Period of Amortization (years) | 3 years 2 months 16 days | ||||
Proceeds from issuance of convertible senior notes | $ 109,615,000 | ||||
Convertible senior notes, carrying value | 107,550,000 | ||||
Unamortized discount | $ 3,450,000 |
Federal Home Loan Bank of Ind63
Federal Home Loan Bank of Indianapolis Membership (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Banking and Thrift [Abstract] | |
Federal Home Loan Bank stock, value | $ 8 |
Participations Sold (Details)
Participations Sold (Details) £ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Jan. 31, 2015USD ($)facility | Dec. 31, 2015USD ($) | Dec. 31, 2015GBP (£) | Oct. 31, 2015USD ($) | Jun. 30, 2015USD ($) | 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] | ||||||||||||
Participation sold, carrying amount | $ 118,201,000 | $ 89,584,000 | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Basis point | 4.40% | |||||||||||
Commercial mortgage loans [Member] | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Face amount | $ 1,037,940,000 | 467,300,000 | ||||||||||
Subordinate Loans [Member] | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Face amount | 964,955,000 | $ 562,434,000 | ||||||||||
Mezzanine Loan, Acquired by Investment Funds [Member] | Commercial mortgage loans [Member] | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Face amount | 29,250,000 | £ 19,850 | $ 30,672,000 | £ 20,000 | ||||||||
Participation sold, carrying amount | $ 29,250,000 | £ 19,850 | ||||||||||
Mezzanine Loan, Acquired by Investment Funds [Member] | Commercial mortgage loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Basis point | 8.25% | |||||||||||
First Mortgage [Member] | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Face amount | $ 33,000,000 | |||||||||||
First Mortgage [Member] | Hotel [Member] | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Face amount | $ 227,000,000 | |||||||||||
Hotel - Aruba [Member] | First Mortgage [Member] | Hotel [Member] | Subordinate Loans [Member] | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Face amount | $ 155,000,000 | |||||||||||
Senior Participation [Member] | Hotel - Aruba [Member] | Hotel [Member] | Subordinate Loans [Member] | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Participations sold | $ 90,000,000 | $ 90,000,000 | ||||||||||
Junior Participation [Member] | Hotel - Aruba [Member] | Hotel [Member] | Subordinate Loans [Member] | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Participations sold | $ 65,000,000 | $ 65,000,000 | ||||||||||
Participating Mortgages [Member] | Subordinate Loans [Member] | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Face amount | $ 88,983,000 | |||||||||||
Participation sold, carrying amount | $ 88,951,000 | |||||||||||
United Kingdom [Member] | Mezzanine Loan [Member] | Senior Housing Facility [Member] | Commercial mortgage loans [Member] | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||
Face amount | $ 51,996,000 | £ 34,519 | ||||||||||
Number of facilities | facility | 44 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Amounts Recognized on Consolidated Statements of Operations Related to Company's Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gain (loss) on derivative instruments - unrealized | $ (1,063) | $ 4,070 | $ 155 | ||||||||
Gain on derivative instruments - realized | 5,169 | 0 | 0 | ||||||||
Gain (loss) on derivative instruments | $ 3,054 | $ 3,929 | $ (6,499) | $ 3,622 | $ 2,137 | $ 3,026 | $ (1,093) | $ 0 | 4,106 | 4,070 | (2) |
Interest Rate Swap [Member] | Gain (Loss) on Derivative Instruments [Member] | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Loss on derivative instruments - realized | 0 | 0 | (157) | ||||||||
Gain (loss) on derivative instruments - unrealized | 0 | 0 | 156 | ||||||||
Interest Rate Cap [Member] | Gain (Loss) on Derivative Instruments [Member] | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gain (loss) on derivative instruments - unrealized | (210) | 0 | (1) | ||||||||
Forward Currency Contract [Member] | Gain (Loss) on Derivative Instruments [Member] | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gain (loss) on derivative instruments - unrealized | (853) | 4,070 | 0 | ||||||||
Gain on derivative instruments - realized | $ 5,169 | $ 0 | $ 0 |
Derivative Instruments - Summ66
Derivative Instruments - Summarizes Gross Asset and Liability Amounts Related to Derivatives (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Gross Amount of Assets Recognized as Assets | $ 3,327 | $ 4,070 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 3,327 | 4,070 |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Gross Amount of Assets Recognized as Assets | 0 | 0 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 0 | 0 |
Interest Rate Cap [Member] | ||
Derivative [Line Items] | ||
Gross Amount of Assets Recognized as Assets | 106 | 0 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 106 | 0 |
Forward Currency Contract [Member] | ||
Derivative [Line Items] | ||
Gross Amount of Assets Recognized as Assets | 3,221 | 4,070 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | $ 3,221 | $ 4,070 |
Related Party Transactions (Det
Related Party Transactions (Details) € in Thousands, $ in Thousands | Sep. 21, 2015USD ($) | Feb. 28, 2015USD ($) | Feb. 28, 2015EUR (€) | Sep. 30, 2014USD ($) | Sep. 30, 2014EUR (€) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 29, 2015USD ($) | Feb. 28, 2015EUR (€) | Jan. 31, 2015USD ($) | Jan. 31, 2015EUR (€) | Sep. 30, 2014EUR (€) | Sep. 30, 2013USD ($) | Sep. 30, 2013EUR (€) |
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Related party expenses | $ 5,294 | $ 4,097 | $ 3,887 | $ 3,341 | $ 3,236 | $ 3,193 | $ 2,966 | $ 2,565 | $ 16,619 | $ 11,960 | $ 10,012 | ||||||||||||
Base management fees incurred but not yet paid | 5,297 | 3,240 | 5,297 | 3,240 | |||||||||||||||||||
Placement agent fees paid | 987 | 389 | 824 | ||||||||||||||||||||
Initial funding for equity method investment | $ 3,929 | 39,477 | 0 | ||||||||||||||||||||
Limited Liability Company [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Rate of management fees | 1.50% | ||||||||||||||||||||||
Extension period | 1 year | ||||||||||||||||||||||
Voting requirement to termination management agreement, percentage | 66.66% | ||||||||||||||||||||||
Period of termination | 180 days | ||||||||||||||||||||||
Period to be considered, for average annual base management fee | 3 | ||||||||||||||||||||||
Termination fee calculation period | 24 months | ||||||||||||||||||||||
Limited Liability Company [Member] | Management Fees [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Related party expenses | $ 16,619 | 11,960 | 10,012 | ||||||||||||||||||||
Base management fees incurred but not yet paid | 5,297 | $ 3,240 | 5,297 | 3,240 | |||||||||||||||||||
Limited Liability Company [Member] | Reimbursements [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Related party expenses | $ 1,421 | $ 985 | $ 745 | ||||||||||||||||||||
Affiliated Entity [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Agreement fee payment proceeds | $ 750 | ||||||||||||||||||||||
Champ Limited Partnership [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Company and affiliated investors ownership, percentage | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||
Champ Limited Partnership [Member] | Subsidiaries [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Indirect ownership interest from limited partnership | 59.00% | 59.00% | 59.00% | ||||||||||||||||||||
KBC Bank Deutschland AG [Member] | Champ LP [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Indirect ownership interest from limited partnership | 35.00% | 35.00% | 35.00% | ||||||||||||||||||||
Company and affiliated investors ownership, percentage | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||
KBCD Partnership [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Indirect ownership interest from limited partnership | 21.00% | 21.00% | |||||||||||||||||||||
Initial funding for equity method investment | $ 39,477 | € 30,724 | |||||||||||||||||||||
BKB Bank [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Indirect ownership interest from limited partnership | 11.00% | 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 | € 38,000 | $ 50,000 | € 38,000 | ||||||||||||||||||
Unfunded Commitment, Champ L.P. [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Commitment to invest | $ 3,508 | € 3,229 | |||||||||||||||||||||
Series B Preferred Stock [Member] | Private Placement [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Placement agent fees paid | $ 500 | ||||||||||||||||||||||
Champ LP [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Ownership interest | 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 | |||||||||||||||||||||
First Mortgage [Member] | Commitment to Purchase Loan Portfolio [Member] | |||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||
Commitment to invest | $ 375,355 |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 23, 2009 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Recognized stock-based compensation expense | $ 4,387 | $ 1,576 | $ 3,488 | |
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 | 4,387 | 1,576 | 3,488 | |
LTIP [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of vested shares | 547 | 445 | 293 | |
Unrecognized stock-based compensation expense | 1,775 | |||
LTIP [Member] | RSU Vesting [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of vested shares | 3,471 | $ 2,729 | $ 2,854 | |
Unrecognized stock-based compensation expense | $ 15,790 | |||
Common stock, shares delivered | 12,763 | 240,277 | 3,057 | |
Stock units vested | 20,000 | 283,750 | 5,000 | |
Reduction of capital increase related to equity incentive plan | $ 122 | $ 876 | $ 31 |
Share-Based Payments - Summary
Share-Based Payments - Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs (Details) - LTIP [Member] - USD ($) $ in Thousands | 1 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Aug. 31, 2015 | Jul. 31, 2015 | Jun. 30, 2015 | Apr. 30, 2015 | Mar. 31, 2015 | Jan. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Nov. 30, 2013 | Sep. 30, 2013 | Jul. 31, 2013 | Jun. 30, 2013 | May. 31, 2013 | Apr. 30, 2013 | Feb. 28, 2013 | |
Restricted Stock [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||||||||||
Grant | 50,000 | 15,950 | 51,767 | 5,000 | 11,304 | 20,000 | ||||||||||||
Outstanding at December 31, 2015 | 340,064 | |||||||||||||||||
Estimated Fair Value on Grant Date, Exchange | $ 874 | $ 275 | $ 855 | $ 81 | $ 200 | $ 352 | ||||||||||||
RSU [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||||||||||
Grant | 656,425 | 1,631 | 8,000 | 390,000 | 10,254 | 10,000 | 15,000 | 180,000 | ||||||||||
Forfeiture/Canceled | (5,000) | (3,500) | (20,000) | (5,000) | (5,000) | (288,750) | (5,000) | (5,000) | ||||||||||
Outstanding at December 31, 2015 | 1,242,810 | |||||||||||||||||
Estimated Fair Value on Grant Date, Exchange | $ 11,461 | $ 27 | $ 132 | $ 6,474 | $ 169 | $ 154 | $ 264 | $ 3,166 | ||||||||||
April 2014, One [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 | 8,931 | |||||||||||||||||
Estimated Fair Value on Grant Date, Exchange | $ 150 | |||||||||||||||||
April 2014, Two [Member] | Restricted Stock [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||||||||||
Grant | 5,000 | |||||||||||||||||
Estimated Fair Value on Grant Date, Exchange | $ 85 |
Share-Based Payments - Summar70
Share-Based Payments - Summary of Restricted Stock and RSU Vesting Dates (Details) - LTIP [Member] | Dec. 31, 2015shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 1,025,199 |
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 | 379,299 |
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 | 375,905 |
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 |
December 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 235,492 |
Shares Vesting [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 107,385 |
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 | 28,920 |
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 | 28,923 |
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 |
Shares Vesting [Member] | December 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 16,670 |
RSU Vesting [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 917,814 |
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 | 350,379 |
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 | 346,982 |
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 |
RSU Vesting [Member] | December 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting | 218,822 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 21, 2015 | Sep. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | |||||||
Common stock, shares authorized | 450,000,000 | 450,000,000 | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||||
Preferred stock, shares authorized | 50,000,000 | ||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | ||||||
Common stock shares issued | 67,195,252 | 46,900,442 | |||||
Common stock, shares outstanding | 67,195,252 | 46,900,442 | |||||
Proceeds from issuance of common stock, net of offering costs | $ 193,148 | $ 158,439 | |||||
Payments of stock offering costs | $ 987 | $ 389 | $ 824 | ||||
Repurchase of common stock | $ 1,741 | $ 0 | $ 0 | ||||
Series A Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock dividend percentage | 8.625% | ||||||
Preferred stock shares issued | 3,450,000 | 3,450,000 | |||||
Preferred stock, shares outstanding | 3,450,000 | 3,450,000 | |||||
Series B Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock dividend percentage | 8.00% | ||||||
Preferred stock shares issued | 8,000,000 | ||||||
Preferred stock, shares outstanding | 8,000,000 | ||||||
Series B Preferred Stock [Member] | Private Placement [Member] | |||||||
Class of Stock [Line Items] | |||||||
Issuance of stock (shares) | 8,000,000 | ||||||
Price per share of issued stock (in USD per share) | $ 24.71 | ||||||
Proceeds from private placement issuance | $ 346,855 | ||||||
Payments of stock offering costs | $ 500 | ||||||
Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Repurchases of common stock (shares) | 107,432 | 107,432 | |||||
Stock repurchases during period, price per share (in USD per share) | $ 16.20 | ||||||
Repurchase of common stock | $ 1,741 | ||||||
Common Stock [Member] | Follow-on public offering [Member] | |||||||
Class of Stock [Line Items] | |||||||
Issuance of stock (shares) | 11,500,000 | 9,706,000 | |||||
Price per share of issued stock (in USD per share) | $ 16.82 | $ 16.35 | |||||
Common Stock [Member] | Private Placement [Member] | |||||||
Class of Stock [Line Items] | |||||||
Issuance of stock (shares) | 8,823,529 | ||||||
Price per share of issued stock (in USD per share) | $ 17 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock (Details) - $ / shares | Dec. 14, 2015 | Jul. 28, 2015 | Apr. 28, 2015 | Feb. 25, 2015 | Oct. 28, 2014 | Jul. 28, 2014 | Apr. 29, 2014 | Feb. 26, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Class of Stock [Line Items] | ||||||||||||||||
Dividend Amount | $ 0.46 | $ 0.44 | $ 0.44 | $ 0.44 | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.40 | ||||||||
Common Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Dividend Amount | $ 0.46 | $ 0.44 | $ 0.44 | $ 0.44 | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.40 |
Stockholders' Equity - Preferre
Stockholders' Equity - Preferred Stock (Details) - $ / shares | Dec. 14, 2015 | Sep. 09, 2015 | Jun. 09, 2015 | Mar. 16, 2015 | Dec. 16, 2014 | Sep. 08, 2014 | Jun. 09, 2014 | Mar. 17, 2014 |
Series A Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Dividend Amount | $ 0.5391 | $ 0.5391 | $ 0.5391 | $ 0.5391 | $ 0.5391 | $ 0.5391 | $ 0.5391 | $ 0.5391 |
Series B Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Dividend Amount | $ 0.6333 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) € in Thousands, $ in Thousands | 1 Months Ended | ||||||||
Feb. 28, 2015USD ($) | Feb. 28, 2015EUR (€) | Dec. 31, 2015 | Sep. 30, 2015 | Feb. 28, 2015EUR (€) | Sep. 30, 2014USD ($) | Sep. 30, 2014EUR (€) | Sep. 30, 2013USD ($) | Sep. 30, 2013EUR (€) | |
KBCD Partnership [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Indirect ownership interest from limited partnership | 21.00% | 21.00% | |||||||
BKB Bank [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Indirect ownership interest from limited partnership | 11.00% | 11.00% | |||||||
Commitment to Invest in KBCD [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Commitment to invest | $ 50,000 | € 38,000 | $ 50,000 | € 38,000 | |||||
Unfunded Commitment, Champ L.P. [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Commitment to invest | $ 3,508 | € 3,229 | |||||||
Champ LP [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership interest | 48.00% | 48.00% | |||||||
Proceeds from sale of equity method investments | $ 20,794 | € 16,314 |
Commitments and Contingencies75
Commitments and Contingencies - Loan Commitments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commercial mortgage loans [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Unfunded Loan Commitments | $ 73,364 |
Subordinate Loans [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Unfunded Loan Commitments | $ 54,423 |
Fair Value of Financial Instr76
Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Restricted cash | $ 30,127 | $ 30,127 |
Securities, held-to-maturity | 153,193 | 154,283 |
Carrying Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Cash and cash equivalents | 67,415 | 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 | 153,193 | 154,283 |
Borrowings under repurchase agreements | (925,774) | (622,194) |
Convertible senior notes, net | (248,173) | (246,464) |
Estimate of Fair Value Measurement [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Cash and cash equivalents | 67,415 | 40,641 |
Restricted cash | 30,127 | 30,127 |
Estimate of Fair Value Measurement [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Securities, held-to-maturity | 153,230 | 154,980 |
Borrowings under repurchase agreements | (925,920) | (622,193) |
Convertible senior notes, net | (253,986) | (254,605) |
Commercial mortgage loans [Member] | Carrying Value [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 994,301 | 458,520 |
Commercial mortgage loans [Member] | Estimate of Fair Value Measurement [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 999,517 | 465,510 |
Subordinate Loans [Member] | Carrying Value [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 931,351 | 561,182 |
Subordinate Loans [Member] | Estimate of Fair Value Measurement [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 939,545 | 566,385 |
Participating Mortgages [Member] | Carrying Value [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Participations sold | (118,201) | (89,584) |
Participating Mortgages [Member] | Estimate of Fair Value Measurement [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Participations sold | $ (118,226) | $ (89,995) |
Net Income (Loss) per Share - B
Net Income (Loss) per Share - Basic and Diluted Net Income per Share of Common Stock Using Two-Class Method (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: | |||||||||||
Net income | $ 27,238 | $ 25,847 | $ 24,658 | $ 25,513 | $ 22,042 | $ 19,159 | $ 23,958 | $ 17,580 | $ 103,256 | $ 82,739 | $ 52,485 |
Preferred dividends | (11,884) | (7,440) | (7,440) | ||||||||
Net income available to common stockholders | $ 21,378 | $ 23,543 | $ 22,798 | $ 23,653 | $ 20,182 | $ 17,299 | $ 22,098 | $ 15,720 | 91,372 | 75,299 | 45,045 |
Dividends declared on common stock | (111,864) | (71,089) | (59,008) | ||||||||
Dividends on participating securities | (1,350) | (506) | (798) | ||||||||
Net income (loss) attributable to common stockholders | $ (21,842) | $ 3,704 | $ (14,761) | ||||||||
Denominator: | |||||||||||
Basic weighted average shares of common stock outstanding | 67,146,882 | 59,355,613 | 58,429,155 | 49,563,822 | 46,852,646 | 46,848,675 | 42,888,747 | 37,122,842 | 58,674,046 | 43,464,255 | 35,212,211 |
Diluted weighted average shares of common stock outstanding | 67,754,673 | 59,934,008 | 59,022,217 | 50,171,687 | 47,085,617 | 47,068,929 | 43,099,354 | 37,341,050 | 59,273,280 | 43,684,805 | 35,679,755 |
Basic and diluted net income (loss) per weighted average share of common stock | |||||||||||
Distributable Earnings (in dollars per share) | $ 1.91 | $ 1.64 | $ 1.68 | ||||||||
Undistributed income (loss) (in dollars per share) | (0.37) | 0.08 | (0.42) | ||||||||
Basic and diluted net income per share of common stock (in dollars per share) | $ 0.32 | $ 0.39 | $ 0.39 | $ 0.47 | $ 0.43 | $ 0.37 | $ 0.51 | $ 0.42 | $ 1.54 | $ 1.72 | $ 1.26 |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Additional Information (Details) - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2013 | |
RSU Vesting [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Unvested RSUs | 599,234 | 467,544 |
Summarized Quarterly Results 79
Summarized Quarterly Results (Unaudited) - Schedule of Summarized Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net interest income: | |||||||||||
Interest income from securities | $ 8,343 | $ 8,293 | $ 8,265 | $ 8,287 | $ 8,275 | $ 6,129 | $ 4,366 | $ 2,419 | $ 33,188 | $ 21,189 | $ 12,267 |
Interest income from securities, held-to-maturity | 2,704 | 2,956 | 3,349 | 3,045 | 3,165 | 1,448 | 0 | 0 | 12,054 | 4,613 | 0 |
Interest income from commercial mortgage loans | 18,846 | 15,184 | 11,968 | 10,094 | 9,328 | 8,025 | 6,438 | 4,011 | 56,092 | 27,802 | 16,034 |
Interest income from subordinate loans | 25,623 | 25,445 | 21,152 | 18,610 | 17,021 | 19,754 | 18,238 | 14,730 | 90,830 | 69,743 | 49,162 |
Interest expense | (12,275) | (13,187) | (11,917) | (11,482) | (10,740) | (8,786) | (5,258) | (1,757) | (48,861) | (26,541) | (4,356) |
Net interest income | 43,241 | 38,691 | 32,817 | 28,554 | 27,049 | 26,570 | 23,784 | 19,403 | 143,303 | 96,806 | 73,107 |
Operating expenses: | |||||||||||
General and administrative expenses | (2,979) | (2,099) | (2,059) | (2,355) | (1,796) | (1,434) | (1,479) | (1,442) | (9,492) | (6,151) | (7,563) |
Management fees to related party | (5,294) | (4,097) | (3,887) | (3,341) | (3,236) | (3,193) | (2,966) | (2,565) | (16,619) | (11,960) | (10,012) |
Total operating expenses | (8,273) | (6,196) | (5,946) | (5,696) | (5,032) | (4,627) | (4,445) | (4,007) | (26,111) | (18,111) | (17,575) |
Income from unconsolidated joint venture | 2,972 | 108 | 384 | 0 | (69) | (88) | 0 | 0 | 3,464 | (157) | 0 |
Other income | 983 | 239 | 6 | 11 | 9 | 21 | 4 | 0 | 1,239 | 34 | 20 |
Realized loss on sale of securities | 0 | 0 | 0 | (443) | 0 | 0 | 0 | 0 | (443) | 0 | 0 |
Unrealized gain (loss) on securities | (11,618) | (6,926) | (2,273) | 3,409 | (639) | (2,147) | 4,749 | 2,184 | (17,408) | 4,147 | (3,065) |
Foreign currency gain (loss) | (3,121) | (3,998) | 6,169 | (3,944) | (1,413) | (3,596) | 959 | 0 | (4,894) | (4,050) | 0 |
Gain (loss) on derivative instruments | 3,054 | 3,929 | (6,499) | 3,622 | 2,137 | 3,026 | (1,093) | 0 | 4,106 | 4,070 | (2) |
Net income | 27,238 | 25,847 | 24,658 | 25,513 | 22,042 | 19,159 | 23,958 | 17,580 | 103,256 | 82,739 | 52,485 |
Preferred dividends | (5,860) | (2,304) | (1,860) | (1,860) | (1,860) | (1,860) | (1,860) | (1,860) | |||
Net income available to common stockholders | $ 21,378 | $ 23,543 | $ 22,798 | $ 23,653 | $ 20,182 | $ 17,299 | $ 22,098 | $ 15,720 | $ 91,372 | $ 75,299 | $ 45,045 |
Basic and diluted net income per share of common stock (in dollars per share) | $ 0.32 | $ 0.39 | $ 0.39 | $ 0.47 | $ 0.43 | $ 0.37 | $ 0.51 | $ 0.42 | $ 1.54 | $ 1.72 | $ 1.26 |
Basic weighted average shares of common stock outstanding | 67,146,882 | 59,355,613 | 58,429,155 | 49,563,822 | 46,852,646 | 46,848,675 | 42,888,747 | 37,122,842 | 58,674,046 | 43,464,255 | 35,212,211 |
Diluted weighted average shares of common stock outstanding | 67,754,673 | 59,934,008 | 59,022,217 | 50,171,687 | 47,085,617 | 47,068,929 | 43,099,354 | 37,341,050 | 59,273,280 | 43,684,805 | 35,679,755 |
Dividend declared per share of common stock (in dollars per share) | $ 0.46 | $ 0.44 | $ 0.44 | $ 0.44 | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.40 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 26, 2016USD ($)business_day$ / shares | Mar. 31, 2016$ / sharesshares | Feb. 26, 2016USD ($)condiminiumbusiness_day$ / shares | Jan. 31, 2016USD ($)propertyparcel | Dec. 31, 2015$ / shares | Jun. 30, 2015USD ($) |
Subsequent Event [Line Items] | ||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Face amount | $ 411,000,000 | $ 411,000,000 | ||||
First Mortgage [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Face amount | $ 33,000,000 | |||||
First Mortgage [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Face amount | 334,000,000 | 334,000,000 | ||||
Number of additional parcels acquired | parcel | 2 | |||||
Loan to cost percentage | 65.00% | |||||
Retail and Office Properties [Member] | First Mortgage [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Face amount | $ 220,000,000 | |||||
Funded amount of loan | $ 177,500,000 | |||||
Number of properties (property/condominium) | property | 16 | |||||
Luxury Condominium [Member] | Mezzanine Loan [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Face amount | 77,000,000 | 77,000,000 | ||||
Funded amount of loan | $ 21,888,000 | $ 21,888,000 | ||||
Number of properties (property/condominium) | condiminium | 139 | |||||
Loan to net sellout percentage | 57.00% | |||||
Floating Rate Loan [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Initial term of loan | 2 years | |||||
Loan extension term | 1 year | |||||
Additional loan extension | 6 months | |||||
Floating Rate Loan [Member] | Luxury Condominium [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Initial term of loan | 42 months | |||||
Loan extension term | 1 year | |||||
Additional loan extension | 6 months | |||||
Apollo Residential Mortgage, Inc. Merger [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Aggregate purchase price, percentage of acquiree value | 89.25% | 89.25% | ||||
Purchase price value, number of business days prior to Proxy Statement | business_day | 3 | 3 | ||||
Letter Agreement, aggregate amount payable to manager, monthly installment amount | $ 150,000 | $ 150,000 | ||||
Maximum [Member] | Apollo Residential Mortgage, Inc. Merger [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Letter Agreement, aggregate amount payable to manager | 500,000 | 500,000 | ||||
Athene Holding Ltd. [Member] | Term loans [Member] | Apollo Residential Mortgage, Inc. Merger [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Borrowing commitment | 200,000,000 | 200,000,000 | ||||
Residential Mortgage Backed Securities [Member] | Athene Holding Ltd. [Member] | Maximum [Member] | Apollo Residential Mortgage, Inc. Merger [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Asset Purchase Agreement, sale of securities, amount | $ 1,200,000,000 | $ 1,200,000,000 | ||||
Common Stock [Member] | Apollo Residential Mortgage, Inc. Merger [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Stock Purchase Agreement, threshold share price (in dollars per share) | $ / shares | $ 16.75 | $ 16.75 | ||||
Common Stock [Member] | Athene Holding Ltd. [Member] | Maximum [Member] | Apollo Residential Mortgage, Inc. Merger [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Stock Purchase Agreement, sale of stock commitment, value | $ 20,000,000 | $ 20,000,000 | ||||
Forecast [Member] | Apollo Residential Mortgage, Inc. Merger [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Shares issuable under agreement, price per share (in dollars per share) | $ / shares | $ 16.75 | |||||
Number of shares issued upon conversion | shares | 1 | |||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||
Forecast [Member] | Series C Cumulative Redeemable Perpetual Preferred Stock [Member] | Apollo Residential Mortgage, Inc. Merger [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Preferred stock dividend percentage | 8.00% | |||||
Forecast [Member] | Maximum [Member] | Apollo Residential Mortgage, Inc. Merger [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of shares issuable under agreement | shares | 13,400,000 | |||||
Apollo Residential Mortgage, Inc. [Member] | Series A Cumulative Redeemable Perpetual Preferred Stock [Member] | Apollo Residential Mortgage, Inc. Merger [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Preferred stock, value | $ 172,500,000 | $ 172,500,000 | ||||
Preferred stock dividend percentage | 8.00% |
Schedule IV - Mortgage Loans 81
Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Mortgage Loans on Real Estate [Line Items] | |||
Face amount of loans | $ 1,938,589 | ||
Total loans | $ 1,925,652 | $ 1,019,702 | $ 658,583 |
Commercial mortgage loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 7.08% | 6.84% | |
Face amount of loans | $ 999,583 | $ 465,574 | |
Carrying Value | 994,301 | $ 458,520 | |
Total commercial mortgage loans | $ 994,301 | ||
Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 11.34% | 11.34% | |
Face amount of loans | $ 939,006 | $ 563,599 | |
Carrying Value | $ 931,351 | 561,182 | |
Condo Conversion - NY, NY August 2013 [Member] | Condo Conversion [Member] | Commercial mortgage loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 7.00% | ||
Face amount of loans | $ 24,114 | 33,846 | |
Carrying Value | $ 24,289 | 33,961 | |
Condo Construction Potomac, MD [Member] | Condo Construction [Member] | Commercial mortgage loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 10.50% | ||
Face amount of loans | $ 65,125 | 28,000 | |
Carrying Value | $ 65,087 | 27,520 | |
Vacation Home Portfolio - Various [Member] | Vacation Home Portfolio [Member] | Commercial mortgage loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 7.50% | ||
Face amount of loans | $ 94,147 | 100,046 | |
Carrying Value | $ 93,277 | 99,086 | |
Hotel - Philadelphia, PA [Member] | Hotel [Member] | Commercial mortgage loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 4.74% | ||
Face amount of loans | $ 34,000 | 34,000 | |
Carrying Value | $ 33,994 | 33,842 | |
Condo Construction Bethesda, MD [Member] | Condo Construction [Member] | Commercial mortgage loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 10.75% | ||
Face amount of loans | $ 50,000 | 20,000 | |
Carrying Value | $ 49,960 | 19,616 | |
Multifamily, Brooklyn, NY [Member] | Multifamily Conversion [Member] | Commercial mortgage loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 4.41% | ||
Face amount of loans | $ 34,500 | 30,000 | |
Carrying Value | $ 34,886 | 30,110 | |
Mixed Use - Cincinnati, OH [Member] | Mixed Use [Member] | Commercial mortgage loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 9.25% | ||
Face amount of loans | $ 165,000 | 20,000 | |
Carrying Value | $ 163,173 | 18,309 | |
Condo Conversion New York, NY [Member] | Condo Conversion [Member] | Commercial mortgage loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 3.75% | ||
Face amount of loans | $ 67,300 | 67,300 | |
Carrying Value | $ 67,038 | 64,714 | |
Vacation Home Portfolio - Various, United States [Member] | Vacation Home Portfolio [Member] | Commercial mortgage loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 7.00% | ||
Face amount of loans | $ 50,000 | 50,000 | |
Carrying Value | $ 49,595 | 49,508 | |
Mixed Use - Brooklyn, NY [Member] | Mixed Use [Member] | Commercial mortgage loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 7.25% | ||
Face amount of loans | $ 85,770 | ||
Carrying Value | $ 85,658 | ||
Retail Redevelopment - Miami, FL [Member] | Retail Redevelopment [Member] | Commercial mortgage loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 6.25% | ||
Face amount of loans | $ 45,000 | ||
Carrying Value | $ 44,925 | ||
Retail Redevelopment - Miami, FL (2) [Member] | Retail Redevelopment [Member] | Commercial mortgage loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 6.25% | ||
Face amount of loans | $ 33,000 | ||
Carrying Value | $ 32,804 | ||
Retail, Brooklyn, NY [Member] | Retail [Member] | Commercial mortgage loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 10.25% | ||
Face amount of loans | $ 1,653 | ||
Carrying Value | $ 1,636 | ||
Hotel - NY, NY [Member] | Hotel [Member] | Commercial mortgage loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 5.50% | ||
Face amount of loans | $ 98,373 | ||
Carrying Value | $ 97,381 | ||
Retail - Brooklyn, NY - November 2015 [Member] | Retail [Member] | Commercial mortgage loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 7.25% | ||
Face amount of loans | $ 5,910 | ||
Carrying Value | $ 5,858 | ||
Hotel - U.S. Virgin Islands [Member] | Hotel [Member] | Commercial mortgage loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 5.27% | ||
Face amount of loans | $ 42,000 | ||
Carrying Value | $ 41,600 | ||
Office - Richmond, VA [Member] | Office [Member] | Commercial mortgage loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 5.53% | ||
Face amount of loans | $ 54,000 | ||
Carrying Value | $ 53,475 | ||
Office - Michigan [Member] | Office [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 13.00% | ||
Face amount of loans | $ 8,753 | ||
Carrying Value | $ 8,753 | ||
Mixed Use - North Carolina [Member] | Mixed Use [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 11.10% | ||
Face amount of loans | $ 6,525 | ||
Carrying Value | $ 6,525 | ||
Office Complex - Missouri [Member] | Office [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 11.75% | ||
Face amount of loans | $ 9,566 | ||
Carrying Value | $ 9,566 | ||
Hotel Portfolio - Rochester, MN [Member] | Hotel [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 11.00% | ||
Face amount of loans | $ 24,182 | ||
Carrying Value | $ 24,182 | ||
Warehouse Portfolio - Various [Member] | Warehouse [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 11.50% | ||
Face amount of loans | $ 32,000 | ||
Carrying Value | $ 32,000 | ||
Office Condo - NY, NY [Member] | Office [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 11.25% | ||
Face amount of loans | $ 14,000 | ||
Carrying Value | $ 13,631 | ||
Condo Conversion - NY, NY September 2015 [Member] | Condo Conversion [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 7.00% | ||
Face amount of loans | $ 6,386 | ||
Carrying Value | $ 6,415 | ||
Mixed Use - Various [Member] | Mixed Use [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 14.00% | ||
Face amount of loans | $ 19,500 | ||
Carrying Value | $ 19,377 | ||
Mixed Use - London, England [Member] | Mixed Use [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 10.25% | ||
Face amount of loans | $ 50,676 | ||
Carrying Value | $ 50,676 | ||
Healthcare Portfolio - Various [Member] | Healthcare [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 9.47% | ||
Face amount of loans | $ 39,223 | ||
Carrying Value | $ 39,223 | ||
Ski Resort Montana [Member] | Ski Resort [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 14.00% | ||
Face amount of loans | $ 15,000 | ||
Carrying Value | $ 14,878 | ||
Mixed Use - New York, NY [Member] | Mixed Use [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 10.69% | ||
Face amount of loans | $ 88,368 | ||
Carrying Value | $ 87,818 | ||
Senior Housing - United Kingdom [Member] | Senior Housing Facility [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 8.83% | ||
Face amount of loans | $ 79,735 | ||
Carrying Value | $ 79,735 | ||
Hotel - Burbank, CA [Member] | Hotel [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 10.40% | ||
Face amount of loans | $ 20,000 | ||
Carrying Value | $ 20,000 | ||
Multifamily Portfolio - Florida [Member] | Multifamily Portfolio [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 11.70% | ||
Face amount of loans | $ 22,000 | ||
Carrying Value | $ 21,895 | ||
Multifamily Portfolio - Florida (2) [Member] | Multifamily Portfolio [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 11.70% | ||
Face amount of loans | $ 15,500 | ||
Carrying Value | $ 15,426 | ||
Mixed Use - Various, May 2017 [Member] | Mixed Use [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 9.30% | ||
Face amount of loans | $ 45,000 | ||
Carrying Value | $ 44,854 | ||
Hotel - Phoenix, AZ [Member] | Hotel [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 11.50% | ||
Face amount of loans | $ 25,000 | ||
Carrying Value | $ 25,000 | ||
Hotel - Washington D.C. [Member] | Hotel [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 9.80% | ||
Face amount of loans | $ 20,000 | ||
Carrying Value | $ 19,934 | ||
Condo Development - New York, NY [Member] | Condo Development [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 13.00% | ||
Face amount of loans | $ 34,184 | ||
Carrying Value | $ 33,567 | ||
Condo Conversion, New York, NY, August 2018 [Member] | Condo Conversion [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 12.75% | ||
Face amount of loans | $ 52,418 | ||
Carrying Value | $ 51,941 | ||
Mixed Use, New York, NY, March 2017 [Member] | Mixed Use [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 10.25% | ||
Face amount of loans | $ 12,347 | ||
Carrying Value | $ 12,222 | ||
Mixed Use, New York, NY, October 2018 [Member] | Mixed Use [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 10.50% | ||
Face amount of loans | $ 30,000 | ||
Carrying Value | $ 29,785 | ||
Hotel, New York, NY, September 2018 [Member] | Hotel [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 5.50% | ||
Face amount of loans | $ 2,595 | ||
Carrying Value | $ 2,458 | ||
Destination Resort, Various [Member] | Destination Resort [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 9.10% | ||
Face amount of loans | $ 75,000 | ||
Carrying Value | $ 71,362 | ||
Multifamily, New York, New York [Member] | Multifamily Portfolio [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 10.75% | ||
Face amount of loans | $ 55,000 | ||
Carrying Value | $ 54,558 | ||
Hotel, New York, NY - December 2015 [Member] | Hotel [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 12.36% | ||
Face amount of loans | $ 50,000 | ||
Carrying Value | $ 49,522 | ||
Condo Pre-development, United Kingdom [Member] | Condo Development [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 11.14% | ||
Face amount of loans | $ 81,048 | ||
Carrying Value | $ 81,048 | ||
Multifamily - Williston, ND [Member] | Multifamily Conversion [Member] | Commercial mortgage loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 6.15% | ||
Face amount of loans | $ 49,691 | 57,792 | |
Carrying Value | $ 49,665 | $ 57,297 | |
Multifamily - Williston, ND [Member] | Multifamily Portfolio [Member] | Subordinate Loans [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 6.15% | ||
Face amount of loans | $ 5,000 | ||
Carrying Value | $ 5,000 |
Schedule IV - Mortgage Loans 82
Schedule IV - Mortgage Loans on Real Estate (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Mortgage Loans on Real Estate [Abstract] | |||
Mortgage loans on real estate | $ 1,925,652 | $ 1,019,702 | $ 658,583 |
Schedule IV - Mortgage Loans 83
Schedule IV - Mortgage Loans on Real Estate - Summary of Changes in Carrying Amounts of Mortgage Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | ||
Balance at beginning of year | $ 1,019,702 | $ 658,583 |
New loans | 1,366,062 | 802,664 |
Sales | (136,573) | (4,950) |
Collections of principal | (348,516) | (299,551) |
Discount accretion | 9,096 | 4,316 |
Foreign currency loss | (6,116) | (4,095) |
Payment-in-kind | 21,997 | 16,570 |
Exchange for CMBS (held-to-maturity) | 0 | (153,835) |
Balance at the close of year | $ 1,925,652 | $ 1,019,702 |
Uncategorized Items - ari-20151
Label | Element | Value |
Restricted Stock [Member] | 2009 Equity Incentive Plan (LTIP) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 172,112 |
Restricted Stock Units (RSUs) [Member] | 2009 Equity Incentive Plan (LTIP) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 308,750 |