Apollo Commercial Real Estate Finance (ARI) 10-Q 1 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 31, 2017
Document Document And Entity Information [Abstract]
Entity Registrant Name	Apollo Commercial Real Estate Finance, Inc.
Trading Symbol	ARI
Entity Central Index Key	1,467,760
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		105,438,209

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets:
Cash and cash equivalents	$ 214,016	$ 200,996
Restricted cash	57,665	62,457
Securities, at estimated fair value	254,484	331,076
Securities, held-to-maturity	0	146,352
Total loans, held for investment, net	3,278,334	2,693,092
Investment in unconsolidated joint venture	0	22,103
Derivative assets, net	0	5,906
Interest receivable	21,998	19,281
Other assets, net	40	1,714
Total Assets	3,826,537	3,482,977
Liabilities:
Borrowings under repurchase agreements (net of deferred financing costs of $9,345 and $6,763 in 2017 and 2016, respectively)	1,330,909	1,139,803
Convertible senior notes, net	250,949	249,994
Participations sold	0	84,979
Derivative liabilities, net	4,435	0
Accounts payable, accrued expenses and other liabilities	12,346	17,681
Payable to related party	7,742	7,015
Dividends payable	57,464	51,278
Total Liabilities	1,663,845	1,550,750
Commitments and Contingencies (see Note 14)
Stockholders’ Equity:
Common stock, $0.01 par value, 450,000,000 shares authorized, 105,437,919 and 91,422,676 shares issued and outstanding in 2017 and 2016, respectively	1,054	914
Additional paid-in-capital	2,236,694	1,983,010
Accumulated deficit	(75,240)	(48,070)
Accumulated other comprehensive loss	0	(3,811)
Total Stockholders’ Equity	2,162,692	1,932,227
Total Liabilities and Stockholders’ Equity	3,826,537	3,482,977
Commercial Mortgage Portfolio Segment [Member]
Assets:
Total loans, held for investment, net	2,037,971	1,641,856
Subordinate Mortgage Portfolio Segment [Member]
Assets:
Total loans, held for investment, net	1,240,363	1,051,236
Series A Preferred stock [Member]
Stockholders’ Equity:
Preferred stock	35	35
Series B Preferred stock [Member]
Stockholders’ Equity:
Preferred stock	80	80
Series C Preferred Stock [Member]
Stockholders’ Equity:
Preferred stock	$ 69	$ 69

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Deferred financing costs	$ 9,345	$ 6,763
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	105,437,919	91,422,676
Common stock, shares outstanding (in shares)	105,437,919	91,422,676
Series A Preferred stock [Member]
Preferred stock, shares issued (in shares)	3,450,000	3,450,000
Preferred stock, shares outstanding (in shares)	3,450,000	3,450,000
Preferred stock, aggregate liquidation preference, value	$ 86,250	$ 86,250
Series B Preferred stock [Member]
Preferred stock, shares issued (in shares)	8,000,000	8,000,000
Preferred stock, shares outstanding (in shares)	8,000,000	8,000,000
Preferred stock, aggregate liquidation preference, value	$ 200,000	$ 200,000
Series C Preferred Stock [Member]
Preferred stock, shares issued (in shares)	6,900,000	6,900,000
Preferred stock, shares outstanding (in shares)	6,900,000	6,900,000
Preferred stock, aggregate liquidation preference, value	$ 172,500	$ 172,500

Condensed Consolidated Statemen

Condensed Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net interest income:
Interest income from securities	$ 3,366	$ 7,607	$ 6,622	$ 15,656
Interest income from securities, held to maturity	1,334	2,826	4,132	5,722
Interest income from commercial mortgage loans	37,089	24,140	71,487	45,267
Interest income from subordinate loans	39,640	28,067	74,030	57,442
Interest expense	(19,205)	(15,722)	(36,235)	(30,364)
Net interest income	62,224	46,918	120,036	93,723
Operating expenses:
General and administrative expenses (includes $3,461 and $7,252 of equity based compensation in 2017 and $1,938 and $3,606 of equity compensation in 2016, respectively)	(5,200)	(4,922)	(10,958)	(13,104)
Management fees to related party	(7,742)	(5,242)	(15,175)	(10,471)
Total operating expenses	(12,942)	(10,164)	(26,133)	(23,575)
Income (loss) from unconsolidated joint venture	(3,305)	59	(2,847)	127
Other income	244	22	352	25
Provision for loan losses and impairments	(5,000)	(15,000)	(5,000)	(15,000)
Realized (loss) on sale of assets	0	0	(1,042)	0
Unrealized (loss) on securities	(4,510)	(11,728)	(1,658)	(26,802)
Foreign currency gain (loss)	6,913	(13,082)	10,085	(17,557)
Gain (loss) on derivative instruments (includes unrealized gains (losses) of ($7,435) and ($10,324) in 2017 and $13,408 and $12,026 in 2016, respectively)	(7,389)	13,313	(10,434)	18,015
Net income	36,235	10,338	83,359	28,956
Preferred dividends	(9,310)	(5,860)	(18,620)	(11,675)
Net income available to common stockholders	$ 26,925	$ 4,478	$ 64,739	$ 17,281
Basic and diluted net income per share (in dollars per share)	$ 0.28	$ 0.06	$ 0.68	$ 0.24
Basic weighted average shares of common stock outstanding (shares)	95,428,134	67,402,311	93,530,831	67,393,751
Diluted weighted average shares of common stock outstanding (shares)	96,796,289	68,374,557	94,907,762	68,351,137
Dividend declared per share of common stock (in dollars per share)	$ 0.46	$ 0.46	$ 0.92	$ 0.92

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
General and administrative expenses, equity-based compensation	$ 3,461	$ 1,938	$ 7,252	$ 3,606
Unrealized gains (losses) on derivative instruments	$ (7,435)	$ 13,408	$ (10,324)	$ 12,026

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income available to common stockholders	$ 26,925	$ 4,478	$ 64,739	$ 17,281
Foreign currency translation adjustment	3,560	(492)	3,811	426
Comprehensive income	$ 30,485	$ 3,986	$ 68,550	$ 17,707

Condensed Consolidated Stateme7

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid In Capital [Member]	Returned Earnings/ (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Loss [Member]
Beginning balance (shares) at Dec. 31, 2016		18,350,000	91,422,676
Beginning balance at Dec. 31, 2016	$ 1,932,227	$ 184	$ 914	$ 1,983,010	$ (48,070)	$ (3,811)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital increase related to Equity Incentive Plan (shares)			215,243
Capital increase related to Equity Incentive Plan	4,924		$ 2	4,922
Issuance of restricted common stock (shares)			0
Issuance of restricted common stock	0
Issuance of common stock (shares)			13,800,000
Issuance of common stock	249,020		$ 138	248,882
Offering costs	(120)			(120)
Net income	83,359				83,359
Change in other comprehensive loss	3,811					3,811
Dividends on common stock	(91,910)				(91,910)
Dividends on preferred stock	(18,619)				(18,619)
Ending balance (shares) at Jun. 30, 2017		18,350,000	105,437,919
Ending balance at Jun. 30, 2017	$ 2,162,692	$ 184	$ 1,054	$ 2,236,694	$ (75,240)	$ 0

Condensed Consolidated Stateme8

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows provided by operating activities:
Net income	$ 83,359	$ 28,956
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of discount/premium and PIK interest	(7,934)	(4,445)
Amortization of deferred financing costs	2,761	2,038
Equity-based compensation	4,921	1,258
Unrealized loss on securities	1,658	26,802
Provision for loan losses and impairment	5,000	15,000
Income (loss) from unconsolidated joint venture	2,259	(127)
Foreign currency (gain) loss	(10,014)	17,559
Realized (gain) loss on derivative instruments	110	(5,989)
Unrealized loss on derivative instruments	10,433	(12,026)
Realized loss on sale of security	1,042	0
Changes in operating assets and liabilities:
Accrued interest receivable, less purchased interest	(16,717)	(16,888)
Other assets	(1,017)	(9,117)
Accounts payable, accrued expenses and other liabilities	(5,127)	2,124
Payable to related party	728	(55)
Net cash provided by operating activities	71,462	45,090
Cash flows used in investing activities:
Funding of commercial mortgage loans, net of fees received	(395,177)	(313,607)
Funding of subordinate loans, net of fees received	(222,296)	(40,920)
Funding of unconsolidated joint venture	(726)	(362)
Funding of other assets	(1,379)	0
Proceeds (payments) on settlements of derivative instruments	(201)	5,989
Increase in collateral held related to derivative contracts	(22)	13,210
Proceeds from sale of securities	69,248	0
Proceeds from sale of investment in unconsolidated joint venture	24,498	0
Payments received on securities	1,930	14,545
Payments received on securities, held-to-maturity	146,530	1,500
Payments received on commercial mortgage loans	10,452	36,044
Payments received on subordinate loans	58,740	26,538
Payments received on other assets	0	51
Net cash used in investing activities	(308,403)	(257,012)
Cash flows from financing activities:
Proceeds from issuance of common stock	249,021	0
Payment of offering costs	(359)	(45)
Proceeds from repurchase agreement borrowings	464,153	380,458
Repayments of repurchase agreement borrowings	(272,878)	(80,137)
Repayments of participations sold	(85,081)	(1,013)
Payment of deferred financing costs	(5,343)	(2,846)
Dividends on common stock	(85,724)	(63,183)
Dividends on preferred stock	(18,620)	(12,786)
Net cash provided by financing activities	245,169	220,448
Net increase in cash, cash equivalents, and restricted cash	8,228	8,527
Cash, cash equivalents, and restricted cash, beginning of period	263,453	97,542
Cash, cash equivalents, and restricted cash, end of period	271,681	106,069
Supplemental disclosure of cash flow information:
Interest paid	11,916	26,991
Supplemental disclosure of non-cash investing and financing activities:
Dividend declared, not yet paid	57,464	36,427
Offering costs payable	$ 41	$ 220

Organization

Organization	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Apollo Commercial Real Estate Finance, Inc. (together with its consolidated subsidiaries, 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 taxable 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	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed 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, loan loss reserves and impairment. Actual results could differ from those estimates. These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 , as filed with the Securities and Exchange Commission (the “SEC”). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been included. The Company's results of operations for the three and six months ended June 30, 2017 are not necessarily indicative of the results to be expected for the full year or any other future period. On August 31, 2016, the Company, pursuant to the terms and conditions of the Agreement and Plan of Merger, dated February 26, 2016 (as amended, the “AMTG Merger Agreement”) acquired Apollo Residential Mortgage, Inc. (“AMTG”). AMTG merged with and into the Company (the “AMTG Merger”) with the Company continuing as the surviving entity. As a result, all operations of AMTG and its former subsidiaries are consolidated with the operations of the Company. As of December 31, 2016 all assets acquired from AMTG were sold. Under Financial Accounting Standards Board (the “FASB”) ASC Topic 805, “Business Combinations”, or ASC 805, the acquirer in a business combination must recognize, with certain exceptions, the fair values of assets acquired, liabilities assumed, and non-controlling interests when the acquisition constitutes a change in control of the acquired entity. We applied the provisions of ASC 805 in accounting for the Company's acquisition of AMTG. In doing so, we recorded provisional amounts for certain items as of the date of the acquisition, including the fair value of certain assets and liabilities. During the measurement period, a period which shall not exceed one year, the Company retrospectively adjusted the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of such date that, if known, would have affected the measurement of the amounts recognized. See further discussion in "Note 17 - Business Combination." The Company currently operates in one business segment. Recent Accounting Pronouncements In May 2014, the FASB issued guidance which broadly amends the accounting guidance for revenue recognition. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The Company does not anticipate that the adoption of this guidance will have a material impact on the Company's condensed consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” or ASU 2014-15. ASU 2014-15 introduces an explicit requirement for management to assess and provide certain disclosures if there is substantial doubt about an entity’s ability to continue as a going concern. ASU 2014-15 is effective for the annual period ending after December 15, 2016. The Company adopted this guidance and determined that there was no material impact on the Company's condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting (Topic 718),” or ASU 2016-09. ASU 2016-09 requires all income tax effects of share-based payment awards to be recognized in the income statement when the awards vest or are settled. It also allows an employer to repurchase more of an employee’s shares for tax withholding purposes than is permitted under current guidance without triggering liability accounting. Finally, the guidance allows a policy election to account for employee forfeitures as they occur. The guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early application is permitted for any entity in any interim or annual period. The Company adopted this guidance and determined there was no material impact on the Company's condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit Losses - Measurement of Credit Losses on Financial Instruments (Topic 326),” or ASU 2016-13. ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance will replace the “incurred loss” approach under existing guidance with an “expected loss” model for instruments measured at amortized cost, and require entities to record allowances for available-for-sale debt securities rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. The guidance is effective for fiscal years beginning after December 15, 2019 and is to be adopted through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company is currently assessing the impact of the guidance will have on the Company's condensed consolidated financial statements when adopted. In August 2016, the FASB issued ASU 2016-15 “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments,” or ASU 2016-15. ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The new guidance addresses the classification of various transactions including debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, distributions received from equity method investments, beneficial interests in securitization transactions, and others. The Company adopted this guidance in the third quarter of 2016 and determined that there was no material impact on the Company's condensed consolidated financial statements. In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash,” or ASU 2016-18. ASU 2016-18 is intended to clarify how entities present restricted cash in the statement of cash flows. The guidance requires entities to show the changes in the total of cash and cash equivalents and restricted cash in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. When cash and cash equivalents and restricted cash are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. This reconciliation can be presented either on the face of the statement of cash flows or in the notes to the financial statements. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017 and is to be applied retrospectively. The Company early adopted ASU 2016-18 on June 30, 2017, which changes the Company's condensed consolidated statement of cash flows and related disclosures for all periods presented. The following is a reconciliation of the Company's cash, cash equivalents, and restricted cash to the total presented in the Company's condensed consolidated statement of cash flows for the six months ended June 30, 2017 and June 30, 2016: Six months ended June 30, 2017 2016 Cash and cash equivalents $ 214,016 $ 38,631 Restricted cash 57,665 67,438 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 271,681 $ 106,069

Fair Value Disclosure

Fair Value Disclosure	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Disclosure	Fair Value Disclosure GAAP establishes a hierarchy of valuation techniques based on the observability of the 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 as noted in ASC 820, Fair Value Measurements and Disclosures , 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 Company's CMBS portfolio is determined by reference to market prices provided by certain dealers who make a market in these financial instruments. The Company believes that these dealers who are usually market makers in these securities utilize various valuation techniques and inputs including, but not limited to, observable trades, discounted cash flow, market yield and duration to price these securities. 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. As of December 31, 2016 the estimated fair values of the Company’s securities were based on observable inputs and were classified as Level II in the fair value hierarchy. Based on illiquidity in the market for these securities as of June 30, 2017 , the Manager determined that broker quotes lack observable inputs and thus a transfer into Level III in the fair value hierarchy was necessary. 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 the 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 (or payments) that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected cash flows are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The fair values of foreign exchange forwards are determined by comparing the contracted forward exchange rate to the current market exchange rate. The current market exchange rates are determined by using market spot rates, forward rates and interest rate curves for the underlying countries. The Company’s derivative instruments are classified as Level II in the fair value hierarchy. The following table summarizes the levels in the fair value hierarchy into which the Company’s financial instruments were categorized as of June 30, 2017 and December 31, 2016 : Fair Value as of June 30, 2017 Fair Value as of December 31, 2016 Level I Level II Level III Total Level I Level II Level III Total CMBS (Fair Value Option) $ — $ — $ 254,484 $ 254,484 $ — $ 331,076 $ — $ 331,076 Derivative instruments, net — (4,435 ) — (4,435 ) — 5,906 — 5,906 Total $ — $ (4,435 ) $ 254,484 $ 250,049 $ — $ 336,982 $ — $ 336,982 The following is a reconciliation of investments for which Level III inputs were used in determining fair value: CMBS Fair value at December 31, 2016 $ — Transfers into Level III (1) 254,484 Fair value at June 30, 2017 $ 254,484 (1) Transfers into Level III of the fair value hierarchy represent investments that experienced an insignificant level of market activity during the period and were thus valued in the absence of observable inputs. Transfers into Level III of the fair value hierarchy are recorded at the end of the reporting period. Based on illiquidity in the market for these securities as of June 30, 2017, the Manager determined that broker quotes, which are the primary valuation technique used to mark these investments at fair value, lack observable inputs and thus a transfer into Level III was necessary. The following table summarizes information about significant unobservable inputs used in the fair value measurement of Level III investments as of June 30, 2017 . There were no Level III investments as of December 31, 2016 : Unobservable Input Asset Category Fair Value Primary Valuation Technique Input Range CMBS 254,484 Broker quotes Price (1) 63 - 100 (1) A significant increase (decrease) in the unobservable input in isolation would result in significantly higher (lower) fair value measurement.

Securities

Securities	6 Months Ended
	Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Securities	Securities At June 30, 2017 , all of the Company's CMBS (Fair Value Option) were pledged to secure borrowings under the Company’s master repurchase agreements with UBS AG, London Branch ("UBS") (the "UBS Facility") and Deutsche Bank AG ("DB") (the "DB Facility"). See "Note 7 - Borrowings Under Repurchase Agreements" for further information regarding these facilities. CMBS (Held-to-Maturity) represents a loan the Company closed during May 2014 that was subsequently contributed to a securitization during August 2014. During May 2014, the Company closed a $155,000 floating-rate whole loan secured by the first mortgage and equity interests in an entity that owns a resort hotel in Aruba. The property consists of 442 hotel 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 that due to its continuing involvement, the transaction should not be accounted for as a sale. During August 2014, both the $90,000 senior participation and the Company's $65,000 junior participation were contributed to a CMBS securitization. In exchange for contributing its $65,000 junior participation, the Company received a CMBS secured solely by the $65,000 junior participation. During May 2017, the loan and associated CMBS (Held-to-Maturity) were fully repaid and the related Securities, held-to-maturity and participation sold line items were removed from the Company's condensed consolidated balance sheet. The amortized cost and estimated fair value of the Company’s debt securities at June 30, 2017 are summarized as follows: Security Description Face Amount Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Value CMBS (Fair Value Option) $ 300,064 $ 293,312 $ 147 $ (38,975 ) $ 254,484 During the six months ended June 30, 2017 , the Company sold securities resulting in a net realized loss of $1,042 . The amortized cost and estimated fair value of the Company’s debt securities at December 31, 2016 are summarized as follows: Security Description Face Amount Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Value CMBS (Fair Value Option) $ 375,861 $ 368,247 $ 292 $ (37,463 ) $ 331,076 CMBS (Held-to-Maturity) 146,530 146,352 — — 146,352 Total $ 522,391 $ 514,599 $ 292 $ (37,463 ) $ 477,428 During the six months ended June 30, 2016, the Company did not sell any securities. The overall statistics for the Company’s CMBS (Fair Value Option) calculated on a weighted average basis as of June 30, 2017 and December 31, 2016 are as follows: June 30, 2017 December 31, 2016 Credit Ratings * B-NR B+-NR Coupon 5.8 % 5.9 % Yield 4.6 % 6.0 % Weighted Average Life 2.3 years 2.5 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 (Fair Value Option) calculated on a weighted average basis as of June 30, 2017 and December 31, 2016 are as follows: Vintage June 30, 2017 December 31, 2016 2005 0.9 % 2.0 % 2006 15.4 12.1 2007 68.0 73.5 2008 15.7 12.4 Total 100.0 % 100.0 % Property Type June 30, 2017 December 31, 2016 Office 35.8 % 34.6 % Retail 30.6 29.0 Multifamily 12.4 12.4 Other (1) 21.2 24.0 Total 100.0 % 100.0 % (1) No other individual category comprises more than 10% of the total. Location June 30, 2017 December 31, 2016 South Atlantic 26.9 % 23.8 % Middle Atlantic 16.5 16.7 Pacific 14.3 15.3 East North Central 14.4 10.8 Other (1) 27.9 33.4 Total 100.0 % 100.0 % (1) No other individual category comprises more than 10% of the total.

Loans, Held for Investment

Loans, Held for Investment	6 Months Ended
	Jun. 30, 2017
Mortgage Loans on Real Estate [Abstract]
Loans, Held for Investment	Loans, Held for Investment The Company’s loans receivable are comprised of the following: Loan Type June 30, 2017 December 31, 2016 Commercial mortgage loans, held for investment, net $ 2,037,971 $ 1,641,856 Subordinate loans, held for investment, net 1,240,363 1,051,236 Total loans, held for investment, net $ 3,278,334 $ 2,693,092 Activity relating to our loans, held for investment portfolio was as follows: Principal Balance Deferred Fees/Other Items (1) Provision for Loan Loss (2) Carrying Value December 31, 2016 2,720,344 (12,252 ) (15,000 ) 2,693,092 Loan fundings 624,602 — — 624,602 Loan repayments (69,192 ) — — (69,192 ) Unrealized gain on foreign currency translation 12,376 — — 12,376 Provision for loan loss (2) — — (1,981 ) (1,981 ) Deferred fees and other items (1) — (7,141 ) — (7,141 ) PIK interest, amortization of fees and other items (1) 14,000 12,578 — 26,578 June 30, 2017 3,302,130 (6,815 ) (16,981 ) 3,278,334 (1) Other items primarily consist of purchase discounts or premiums, exit fees, and deferred origination expenses. (2) In addition to the $1,981 provision for loan loss, the Company recorded an impairment of $3,019 against a related investment previously recorded under other assets on the Company's condensed consolidated balance sheet. The following table details overall statistics for our loan portfolio: June 30, 2017 December 31, 2016 Number of loans 52 45 Principal balance $ 3,302,130 $ 2,720,344 Carrying value $ 3,278,334 $ 2,693,092 Unfunded loan commitments (1) $ 119,813 $ 170,365 Weighted-average cash coupon (2) 8.55 % 8.88 % (1) Unfunded loan commitments are primarily funded to finance property improvements or lease-related expenditures by the borrowers. These future commitments are funded over the term of each loan, subject in certain cases to an expiration date. (2) For floating rate loans, assumes one-month LIBOR of 1.22% and 0.77% , as of June 30, 2017 and December 31, 2016 , respectively. The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio: June 30, 2017 December 31, 2016 Property Type Carrying % of Carrying % of Hotel $702,447 21.4% $408,428 15.2% Residential - for sale 547,113 16.7% 469,997 17.5% Urban Retail Predevelopment 583,241 17.8% 491,187 18.2% Office 257,291 7.8% 255,031 9.5% Residential Rental 290,152 8.9% 309,243 11.5% Mixed Use 253,649 7.7% 134,797 4.9% Retail Center 240,902 7.3% 209,401 7.8% Healthcare 172,872 5.3% 170,549 6.3% Industrial 157,040 4.8% 156,809 5.8% Other 73,627 2.3% 87,650 3.3% Total $3,278,334 100% $2,693,092 100% June 30, 2017 December 31, 2016 Geographic Location Carrying % of Carrying % of New York City $1,255,668 38.3% $1,034,303 38.4% Midwest 498,767 15.2% 405,992 15.1% Southeast 596,664 18.2% 332,276 12.3% United Kingdom 252,881 7.7% 244,756 9.1% West 226,977 6.9% 219,664 8.2% Mid Atlantic 198,501 6.1% 263,717 9.8% Southwest 25,000 0.8% 54,614 2% Northeast 181,987 5.5% 137,770 5.1% Other International 41,889 1.3% — —% Total $3,278,334 100% $2,693,092 100% The Company evaluates its loans for possible impairment on a quarterly basis. The Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations are sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector and geographic sub-market in which the borrower operates. Such loan loss analyses are completed and reviewed by asset management and finance personnel who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections and (iii) current credit spreads and discussions with market participants. An allowance for loan loss is established when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. During the second quarter of 2017, the Company recorded a loan loss provision of $1,981 on a commercial mortgage loan secured by fully-built, for-sale residential condominium units located in Bethesda, MD. In addition to the $1,981 provision for loan loss, the Company recorded an impairment of $3,019 on a related investment previously recorded under other assets on the Company's condensed consolidated balance sheet. The loan loss provision and impairment was based on the difference between fair value of the underlying collateral, and the carrying value of the loan (prior to the loan loss provision and related impairment). Fair value of the collateral was determined using a discounted cash flow analysis. The significant unobservable inputs used in determining the collateral value were sales price per square foot and discount rate which were an average of $678 dollars per square foot across properties and 15% , respectively. Effective April 1, 2017, the Company has ceased accruing all interest associated with the loan and accounts for the loan on a cost-recovery basis (all proceeds are applied towards the loan balance). During 2016, the Company recorded a loan loss provision of $10,000 on a multifamily commercial mortgage loan and $5,000 on a multifamily subordinate loan secured by a multifamily property located in Williston, ND. The loan loss provision was based on the difference between fair value of the underlying collateral, and the carrying value of the loan (prior to the loan loss provision). Fair value of the collateral was determined using a discounted cash flow analysis. The significant unobservable inputs used in determining the collateral value were terminal capitalization rate and discount rate which were 11% and 10% , respectively. The Company has ceased accruing payment in kind ("PIK") interest associated with the loan and recognizing interest income upon receipt of cash. As of June 30, 2017 , the aggregate loan loss provision was $11,981 and $5,000 for commercial mortgage loans and subordinate loans, respectively. As of December 31, 2016 , the aggregate loan loss provision was $10,000 and $5,000 for commercial mortgage loans and subordinate loans, respectively.

Unconsolidated Joint Venture

Unconsolidated Joint Venture	6 Months Ended
	Jun. 30, 2017
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 L.P. (“Champ LP”) following which a wholly-owned subsidiary of Champ LP then acquired a 35% ownership interest in Bremer Kreditbank AG ("BKB"). 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 ). Champ LP together with certain unaffiliated third party investors, in aggregate, own 100% of BKB. BKB 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. The Company evaluated Champ LP to determine if it met the definition of a variable interest entity ("VIE") in accordance with ASC 810, Consolidation . The Company determined that Champ LP met the definition of a VIE, however, the Company was not the primary beneficiary; therefore, the Company was not required to consolidate the assets and liabilities of the partnership in accordance with the authoritative guidance. Additionally, Champ LP is an Investment Company under GAAP, and is therefore reflected at fair value. The Company's investment in Champ LP was accounted for as an equity method investment and therefore the Company recorded its proportionate share of the net asset value in accordance with ASC 323, Investments - Equity Method and Joint Ventures . 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 for €16,314 (or $20,794 ) (of which $2,614 related to foreign exchange losses which were previously included in accumulated other comprehensive loss). In June 2016, the Company transferred €427 of its unfunded commitment to Apollo, reducing its unfunded commitment to Champ LP to €2,802 (or $2,985 ). In May 2017, the Company sold its remaining ownership interest in Champ LP to unaffiliated third parties for €21,792 or $24,498 , resulting in a loss of $3,305 . As of June 30, 2017 , the Company had no interest in Champ LP.

Borrowings Under Repurchase Agr

Borrowings Under Repurchase Agreements	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Borrowings Under Repurchase Agreements	Borrowings Under Repurchase Agreements At June 30, 2017 and December 31, 2016 , the Company’s borrowings had the following outstanding balances, maturities and weighted average interest rates: June 30, 2017 December 31, 2016 Lender Maximum Amount of Borrowings Borrowings Outstanding Maturity (1) Weighted (2) Maximum Amount of Borrowings Borrowings Outstanding Maturity (1) Weighted (2) JPMorgan Facility (3) $ 1,118,000 $ 794,404 March 2020 L+2.26% $ 943,000 $ 657,452 January 2019 L+2.25% DB Repurchase Facility (4) 563,813 263,980 March 2020 L+2.56% 300,000 137,355 September 2019 L+2.66% Goldman Loan 37,700 37,700 April 2019 L+3.50% N/A 40,657 April 2019 L+3.50% Sub-total 1,719,513 1,096,084 L+2.37% 835,464 L+2.38% UBS Facility 133,899 100,798 September 2018 2.77 % N/A 133,899 September 2018 2.79 % DB Facility (5) 300,000 143,372 April 2018 3.59 % N/A 177,203 April 2018 3.63 % Sub-total 433,899 244,170 3.25 % 311,102 3.27 % Less: deferred financing costs N/A (9,345 ) N/A N/A (6,763 ) N/A Total / Weighted Average $ 2,153,412 $ 1,330,909 3.53 % $ 1,139,803 3.18 % (1) Maturity date assumes all extensions are exercised. (2) Assumes one -month LIBOR was 1.22% and 0.77% as of June 30, 2017 and December 31, 2016 , respectively. (3) As of June 30, 2017 , the Company's master repurchase agreement with JPMorgan Chase Bank, National Association (the "JPMorgan Facility") provided for maximum total borrowings comprised of the $975,000 repurchase facility and a $143,000 asset specific financing. (4) As of June 30, 2017 , the Company's master repurchase agreement with Deutsche Bank AG, Cayman Islands Branch (the "DB Repurchase Facility") provided for maximum total borrowings comprised of the $450,000 and £45,000 repurchase facility and a $55,200 asset specific financing. (5) Advances under the DB Facility accrue interest at a per annum pricing rate based on the rate implied by the fixed rate bid under a fixed for floating interest rate swap for the receipt of payments indexed to three-month U.S. dollar LIBOR, plus a financing spread ranging from 1.80% to 2.32% based on the rating of the collateral pledged. At June 30, 2017 , the Company’s borrowings had the following remaining maturities: Less than 1 year 1 to 3 years 3 to 5 years More than 5 years Total JPMorgan Facility $ 436,546 $ 357,858 $ — $ — $ 794,404 DB Repurchase Facility 58,613 205,367 — — 263,980 Goldman Loan — 37,700 — — 37,700 UBS Facility — 100,798 — — 100,798 DB Facility 143,372 — — — 143,372 Total $ 638,531 $ 701,723 $ — $ — $ 1,340,254 At June 30, 2017 , the Company’s collateralized financings were comprised of borrowings outstanding under the JPMorgan Facility, the DB Repurchase Facility, the Company's repurchase agreement with Goldman Sachs Bank USA (the "Goldman Loan"), the UBS Facility and the DB Facility. The table below summarizes the outstanding balances at June 30, 2017 , as well as the maximum and average month-end balances for the six months ended June 30, 2017 for the Company's borrowings under repurchase agreements. For the six months ended June 30, 2017 Balance at June 30, 2017 Maximum Month-End Balance Average Month-End Balance JPMorgan Facility borrowings $ 794,404 $ 894,031 $ 832,685 DB Repurchase Facility borrowings 263,980 367,010 297,148 Goldman Loan borrowings 37,700 39,590 38,707 UBS Facility borrowings 100,798 133,899 111,832 DB Facility borrowings 143,372 177,203 149,453 Total $ 1,340,254 JPMorgan Facility On March 31, 2017, the Company, through two indirect wholly owned subsidiaries, amended and restated the JPMorgan Facility, which currently provides for maximum total borrowings of $1,118,000 , comprised of the $975,000 repurchase facility and a $143,000 asset specific financing, and a term expiring in March 2019 plus a one -year extension option available at the Company's option, subject to certain conditions. Amounts borrowed under the JPMorgan Facility bear interest at spreads ranging from 2.25% to 4.75% over one-month LIBOR. 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 Company has agreed to provide a limited guarantee of the obligations of its indirect wholly-owned subsidiaries under the JPMorgan Facility. As of June 30, 2017 , the Company had $794,404 of borrowings outstanding under the JPMorgan Facility secured by certain of the Company's commercial mortgage and subordinate loans. DB Repurchase Facility On September 29, 2016, the Company, through indirect wholly-owned subsidiaries, entered into the DB Repurchase Facility which provides for maximum total borrowings of $563,813 comprised of the $450,000 and £45,000 repurchase facility and a $55,200 asset specific financing in connection with financing first mortgage loans secured by real estate. The DB Repurchase Facility matures in March 2018 with two one -year extension options available at the Company's option, subject to certain conditions. Amounts borrowed under the DB Repurchase Facility bear interest at spreads ranging from 2.10% to 3.00% over one-month LIBOR. Margin calls may occur any time at specified aggregate margin deficit thresholds. The Company has agreed to provide a guarantee of the obligations of its indirect wholly-owned subsidiaries under this facility. As of June 30, 2017 , the Company had $263,980 borrowings outstanding under the DB Repurchase Facility secured by certain of the Company's commercial mortgage loans. 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 $37,700 (as of June 30, 2017 ) 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. As of June 30, 2017 , the Company had $37,700 of borrowings outstanding under the Goldman Loan secured by one commercial mortgage loan held by the Company. 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 matures in September 2017, with a one -year extension available at the Company's option, subject to certain conditions. 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 posted agreed-upon initial margin in cash and is required to post additional margin based on the fair value of the underlying collateral. The margin posted is classified as restricted cash on the Company's condensed consolidated balance sheets. Additionally, 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 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. As of June 30, 2017 , the Company had $100,798 of borrowings outstanding under the UBS Facility secured by CMBS held by the Company. 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 $300,000 in order to finance the acquisition of CMBS. The DB Facility matures in April 2018. 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 posted agreed-upon initial margin in cash and is required to post additional margin based on the fair value of the underlying collateral. The margin posted is classified as restricted cash on the Company's condensed consolidated balance sheets. Additionally, the undrawn amount is subject to a 1.8% non-use fee. The DB Facility contains customary terms and conditions for 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. As of June 30, 2017 , the Company had $143,372 of borrowings outstanding under the DB Facility secured by CMBS held by the Company. The Company was in compliance with the financial covenants under its borrowing agreements at June 30, 2017 and December 31, 2016 .

Convertible Senior Notes

Convertible Senior Notes	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 , the March 2019 Notes had a carrying value of $142,007 and an unamortized discount of $1,743 . 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 June 30, 2017 , the August 2019 Notes had a carrying value of $108,942 and an unamortized discount of $2,058 . 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% 57.1177 3/15/2019 1.71 years August 2019 Notes $111,000 5.50% 6.50% 57.1177 3/15/2019 1.71 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, and includes adjustments relating to cash dividend payments made by the Company to stockholders that have been deferred and carried-forward in accordance with, and are not yet required to be made pursuant to, the terms of the applicable supplemental indenture. The Company may not redeem the 2019 Notes prior to maturity. The sale price of the Company's common stock on June 30, 2017 of $18.55 was greater than the per share conversion price of the 2019 Notes. The Company has the intent and ability to settle the 2019 Notes in cash and, as a result, the 2019 Notes did not have any impact on the Company's diluted earnings per share. In accordance with ASC 470 the liability and equity components of convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) is to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. GAAP requires that the initial proceeds from the sale of the 2019 Notes be allocated between a liability component and an equity component in a manner that reflects interest expense at the interest rate of similar nonconvertible debt that could have been issued by the Company at such time. The Company measured the fair value of the debt components of the 2019 Notes as of their issuance date based on effective interest rates. As a result, the Company attributed approximately $11,445 of the proceeds to the equity component of the 2019 Notes, which represents the excess proceeds received over the fair value of the liability component of the 2019 Notes at the date of issuance. The equity component of the 2019 Notes has been reflected within additional paid-in capital in the condensed consolidated balance sheet as of June 30, 2017 . The resulting debt discount is being amortized over the period during which the 2019 Notes are expected to be outstanding (the maturity date) as additional non-cash interest expense. The additional non-cash interest expense attributable to each of the 2019 Notes will increase in subsequent reporting periods through the maturity date as the 2019 Notes accrete to their par value over the same period. The aggregate contractual interest expense was approximately $3,503 and $7,006 for the three and six months ended June 30, 2017 , respectively. The aggregate contractual interest expense was approximately $3,503 and $7,006 for the three and six months ended June 30, 2016 , respectively. With respect to the amortization of the discount on the liability component of the 2019 Notes as well as the amortization of deferred financing costs, the Company reported additional non-cash interest expense of approximately $913 and $1,814 for the three and six months ended June 30, 2017 , respectively. With respect to the amortization of the discount on the liability component of the 2019 Notes as well as the amortization of deferred financing costs, the Company reported additional non-cash interest expense of approximately $883 and $1,759 for the three and six months ended June 30, 2016 , respectively.

Participations Sold

Participations Sold	6 Months Ended
	Jun. 30, 2017
Mortgage Loans on Real Estate [Line Items]
Participations Sold	Loans, Held for Investment The Company’s loans receivable are comprised of the following: Loan Type June 30, 2017 December 31, 2016 Commercial mortgage loans, held for investment, net $ 2,037,971 $ 1,641,856 Subordinate loans, held for investment, net 1,240,363 1,051,236 Total loans, held for investment, net $ 3,278,334 $ 2,693,092 Activity relating to our loans, held for investment portfolio was as follows: Principal Balance Deferred Fees/Other Items (1) Provision for Loan Loss (2) Carrying Value December 31, 2016 2,720,344 (12,252 ) (15,000 ) 2,693,092 Loan fundings 624,602 — — 624,602 Loan repayments (69,192 ) — — (69,192 ) Unrealized gain on foreign currency translation 12,376 — — 12,376 Provision for loan loss (2) — — (1,981 ) (1,981 ) Deferred fees and other items (1) — (7,141 ) — (7,141 ) PIK interest, amortization of fees and other items (1) 14,000 12,578 — 26,578 June 30, 2017 3,302,130 (6,815 ) (16,981 ) 3,278,334 (1) Other items primarily consist of purchase discounts or premiums, exit fees, and deferred origination expenses. (2) In addition to the $1,981 provision for loan loss, the Company recorded an impairment of $3,019 against a related investment previously recorded under other assets on the Company's condensed consolidated balance sheet. The following table details overall statistics for our loan portfolio: June 30, 2017 December 31, 2016 Number of loans 52 45 Principal balance $ 3,302,130 $ 2,720,344 Carrying value $ 3,278,334 $ 2,693,092 Unfunded loan commitments (1) $ 119,813 $ 170,365 Weighted-average cash coupon (2) 8.55 % 8.88 % (1) Unfunded loan commitments are primarily funded to finance property improvements or lease-related expenditures by the borrowers. These future commitments are funded over the term of each loan, subject in certain cases to an expiration date. (2) For floating rate loans, assumes one-month LIBOR of 1.22% and 0.77% , as of June 30, 2017 and December 31, 2016 , respectively. The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio: June 30, 2017 December 31, 2016 Property Type Carrying % of Carrying % of Hotel $702,447 21.4% $408,428 15.2% Residential - for sale 547,113 16.7% 469,997 17.5% Urban Retail Predevelopment 583,241 17.8% 491,187 18.2% Office 257,291 7.8% 255,031 9.5% Residential Rental 290,152 8.9% 309,243 11.5% Mixed Use 253,649 7.7% 134,797 4.9% Retail Center 240,902 7.3% 209,401 7.8% Healthcare 172,872 5.3% 170,549 6.3% Industrial 157,040 4.8% 156,809 5.8% Other 73,627 2.3% 87,650 3.3% Total $3,278,334 100% $2,693,092 100% June 30, 2017 December 31, 2016 Geographic Location Carrying % of Carrying % of New York City $1,255,668 38.3% $1,034,303 38.4% Midwest 498,767 15.2% 405,992 15.1% Southeast 596,664 18.2% 332,276 12.3% United Kingdom 252,881 7.7% 244,756 9.1% West 226,977 6.9% 219,664 8.2% Mid Atlantic 198,501 6.1% 263,717 9.8% Southwest 25,000 0.8% 54,614 2% Northeast 181,987 5.5% 137,770 5.1% Other International 41,889 1.3% — —% Total $3,278,334 100% $2,693,092 100% The Company evaluates its loans for possible impairment on a quarterly basis. The Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations are sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector and geographic sub-market in which the borrower operates. Such loan loss analyses are completed and reviewed by asset management and finance personnel who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections and (iii) current credit spreads and discussions with market participants. An allowance for loan loss is established when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. During the second quarter of 2017, the Company recorded a loan loss provision of $1,981 on a commercial mortgage loan secured by fully-built, for-sale residential condominium units located in Bethesda, MD. In addition to the $1,981 provision for loan loss, the Company recorded an impairment of $3,019 on a related investment previously recorded under other assets on the Company's condensed consolidated balance sheet. The loan loss provision and impairment was based on the difference between fair value of the underlying collateral, and the carrying value of the loan (prior to the loan loss provision and related impairment). Fair value of the collateral was determined using a discounted cash flow analysis. The significant unobservable inputs used in determining the collateral value were sales price per square foot and discount rate which were an average of $678 dollars per square foot across properties and 15% , respectively. Effective April 1, 2017, the Company has ceased accruing all interest associated with the loan and accounts for the loan on a cost-recovery basis (all proceeds are applied towards the loan balance). During 2016, the Company recorded a loan loss provision of $10,000 on a multifamily commercial mortgage loan and $5,000 on a multifamily subordinate loan secured by a multifamily property located in Williston, ND. The loan loss provision was based on the difference between fair value of the underlying collateral, and the carrying value of the loan (prior to the loan loss provision). Fair value of the collateral was determined using a discounted cash flow analysis. The significant unobservable inputs used in determining the collateral value were terminal capitalization rate and discount rate which were 11% and 10% , respectively. The Company has ceased accruing payment in kind ("PIK") interest associated with the loan and recognizing interest income upon receipt of cash. As of June 30, 2017 , the aggregate loan loss provision was $11,981 and $5,000 for commercial mortgage loans and subordinate loans, respectively. As of December 31, 2016 , the aggregate loan loss provision was $10,000 and $5,000 for commercial mortgage loans and subordinate loans, respectively.
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 ASC 860, Transfers and Servicing . 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 condensed 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 £20,000 (or $30,672 ) and participated that balance to an investment fund affiliated with Apollo. During December 2016, the Company qualified for sale accounting with respect to the previous participation sold that was converted to a discrete financial instrument, and therefore deconsolidated the participation sold. During May 2014, the Company closed a $155,000 floating-rate whole loan secured by the first mortgage and equity interests in an entity that owns a resort hotel in Aruba. During June 2014, the Company syndicated a $90,000 senior participation in the loan and retained a $65,000 junior participation in the loan. During August 2014, both the $90,000 senior participation and the Company's $65,000 junior participation were contributed to a CMBS securitization. In exchange for contributing its $65,000 junior participation, the Company received a CMBS secured solely by the $65,000 junior participation and classified it as CMBS (Held-to-Maturity) on its condensed consolidated financial statements. During May 2017, the loan and associated CMBS (Held-to-Maturity) were fully repaid and the related Securities, held-to-maturity and participation sold line items were removed from the Company's condensed consolidated balance sheet.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company uses forward currency contracts to economically hedge interest and principal payments due under its loans denominated in currencies other than U.S. dollars. The Company has entered into a series of forward contracts to sell an amount of foreign currency (British pound ("GBP")) for an agreed upon amount of U.S. dollars at various dates through March 2018. These forward contracts were executed to economically fix the U.S. dollar amounts of foreign denominated cash flows expected to be received by the Company related to foreign denominated loan investments. The following table summarizes the Company's non-designated foreign exchange (“Fx”) forwards as of June 30, 2017 : Type of Derivative June 30, 2017 Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx Contracts - GBP 9 156,458 GBP July 2017- March 2018 The following table summarizes the Company's non-designated Fx forwards as of December 31, 2016: Type of Derivative December 31, 2016 Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx Contracts - GBP 11 148,310 GBP January 2017- December 2017 The Company has not designated any of its derivative instruments as hedges as defined in ASC 815, Derivatives and Hedging and, therefore, changes in the fair value of the Company's derivative instruments are recorded directly in earnings. The following table summarizes the amounts recognized on the condensed consolidated statements of operations related to the Company’s derivative instruments for the three and six months ended June 30, 2017 and 2016 . Three months ended June 30, Six months ended June 30, Location of Loss Recognized in Income 2017 2016 2017 2016 Forward currency contract Gain (loss) on derivative instruments - unrealized $ (7,438 ) $ 13,426 $ (10,321 ) $ 12,116 Forward currency contract Gain (loss) on derivative instruments - realized 46 (95 ) (110 ) 5,989 Interest rate caps (1) Gain (loss) on derivative instruments - unrealized 3 (18 ) (3 ) (90 ) Sub-total $ (7,389 ) $ 13,313 $ (10,434 ) $ 18,015 Forward currency contract Income (loss) from unconsolidated joint venture (587 ) — (587 ) — Total $ (7,976 ) $ 13,313 $ (11,021 ) $ 18,015 (1) With a notional amount of $42,830 and $48,120 at June 30, 2017 and 2016 , respectively. The following table summarizes the gross asset and liability amounts related to the Company's derivative instruments at June 30, 2017 and December 31, 2016 . June 30, 2017 December 31, 2016 Gross Gross Net Amounts Gross Gross Net Amounts Interest rate caps $ — $ 3 $ 3 $ 23 $ — $ 23 Forward currency contract (4,691 ) 253 (4,438 ) 5,883 — 5,883 Total derivative instruments $ (4,691 ) $ 256 $ (4,435 ) $ 5,906 $ — $ 5,906

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions AMTG Merger As fully described in "Note 17- Business Combination", in August 2016, the Company acquired AMTG, an entity managed by an affiliate of Apollo. 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 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, 2018 and is automatically renewed for successive one -year terms on each anniversary thereafter. The Management Agreement may be terminated upon expiration of the one -year extension term only upon the affirmative vote of at least two-thirds of the Company’s independent directors, based upon (1) unsatisfactory performance by the Manager that is materially detrimental to the Company or (2) a determination that the management fee payable to the Manager is not fair, subject to the Manager’s right to prevent such a termination based on unfair fees by accepting a mutually acceptable reduction of management fees agreed to by at least two-thirds of the Company’s independent directors. The Manager must be provided with written notice of any such termination at least 180 days prior to the expiration of the then existing term and will be paid a termination fee equal to three times the sum of the average annual base management fee during the 24 -month period immediately preceding the date of termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination. Following a meeting by the Company’s independent directors in February 2017, which included a discussion of the Manager’s performance and the level of the management fees thereunder, the Company determined not to seek termination of the Management Agreement. For the three and six months ended June 30, 2017 , the Company incurred approximately $7,742 and $15,175 , respectively, in base management fees under the Management Agreement. For the three and six months ended June 30, 2016, respectively, the Company incurred approximately $5,242 and $10,471 in base management fees under the Management Agreement. In addition to the base management fee, the Company is also responsible for reimbursing the Manager for certain expenses paid by the Manager on behalf of the Company or for certain services provided by the Manager to the Company. For the three and six months ended June 30, 2017 , the Company paid expenses totaling $76 and $194 , respectively, related to reimbursements for certain expenses paid by the Manager on behalf of the Company under the Management Agreement. For the three and six months ended June 30, 2016, the Company paid expenses totaling $44 and $842 , respectively, related to reimbursements for certain expenses paid by the Manager on behalf of the Company under the Management Agreement. Expenses incurred by the Manager and reimbursed by the Company are reflected in the respective condensed consolidated statement of operations expense category or the condensed consolidated balance sheet based on the nature of the item. Included in payable to related party on the condensed consolidated balance sheet at June 30, 2017 and December 31, 2016 are approximately $7,742 and $7,015 , respectively, for base management fees incurred but not yet paid under the Management Agreement. 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 BKB. 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 ). In June 2016, the Company transferred €427 of its unfunded commitment to Apollo, reducing its unfunded commitment to Champ LP to €2,802 (or $2,985 ). In May 2017, the Company sold its remaining ownership interest in Champ LP, to unaffiliated third parties for €21,792 or $24,498 , resulting in a loss of $3,305 . As of June 30, 2017 , the Company had no interest in Champ LP. Loans receivable In June, 2017, the Company increased its outstanding loan commitment through the acquisition of an additional $25,000 of interests in an existing pre-development mezzanine loan from a fund managed by an affiliate of the Manager, increasing the Company's total outstanding loan commitment to $100,000 . The pre-development mezzanine loan is for the construction of a residential condominium building in New York, New York and is part of a $300,000 mezzanine loan.

Share-Based Payments

Share-Based Payments	6 Months Ended
	Jun. 30, 2017
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 (as amended from time to time, 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 $3,461 and $7,252 , respectively, for the three and six months ended June 30, 2017 , related to restricted stock and RSU vesting. The Company recognized stock-based compensation expense of $1,938 and $3,606 , respectively, for the three and six months ended June 30, 2016 , related to restricted common stock and RSU vesting. The following table summarizes the activity related to restricted common stock and RSUs during the six months ended June 30, 2017 : Type Date Restricted Stock RSUs Estimated Fair Value Initial Vesting Final Vesting Outstanding at December 31, 2016 150,110 1,703,775 Cancelled upon delivery January 2017 — (332,349 ) n/a n/a n/a Vested January 2017 (5,161 ) — n/a n/a n/a Forfeiture March 2017 — (1,971 ) n/a n/a n/a Vested April 2017 (5,164 ) n/a n/a n/a Grant April 2017 14,674 — $ 275 April 2018 April 2020 Canceled upon delivery May 2017 — (1,971 ) n/a n/a n/a Outstanding at June 30, 2017 154,459 1,367,484 Below is a summary of restricted stock and RSU vesting dates as of June 30, 2017 . Vesting Date Restricted Stock Vesting RSU Vesting Total Awards July 2017 4,004 544 4,548 October 2017 3,997 — 3,997 December 2017 53,923 601,218 655,141 January 2018 2,749 — 2,749 April 2018 7,645 — 7,645 June 2018 — 544 544 July 2018 1,420 — 1,420 October 2018 1,424 — 1,424 December 2018 41,670 484,066 525,736 January 2019 1,419 — 1,419 April 2019 6,314 — 6,314 December 2019 25,000 281,112 306,112 April 2020 4,894 — 4,894 154,459 1,367,484 1,521,943 At June 30, 2017 , the Company had unrecognized compensation expense of approximately $2,063 and $19,937 , respectively, related to the vesting of restricted stock awards and RSUs noted in the table above. RSU Deliveries During the six months ended June 30, 2017 , the Company delivered 200,569 shares of common stock for 334,320 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 condensed consolidated statement of changes in stockholders' equity. The adjustment was $2,330 for the six months ended June 30, 2017 , and is included as a reduction of capital increase related to the Company's equity incentive plan in the condensed consolidated statement of changes in stockholders’ equity.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 , 105,437,919 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, 8,000,000 shares of 8.00% Fixed-to-Floating Series B Cumulative Redeemable Perpetual Preferred Stock ("Series B Preferred Stock") issued and outstanding and 6,900,000 shares of 8.00% Fixed-to-Floating Series C Cumulative Redeemable Perpetual Preferred Stock ("Series C Preferred Stock") issued and outstanding. Dividends. During 2017 , the Company declared the following dividends on its common stock: Declaration Date Record Date Payment Date Per Share March 14, 2017 March 31, 2017 April 17, 2017 $0.4600 June 15, 2017 June 30, 2017 July 17, 2017 $0.4600 During 2017 , the Company declared the following dividends on its Series A Preferred Stock: Declaration Date Record Date Payment Date Per Share March 14, 2017 March 31, 2017 April 17, 2017 $0.5391 June 15, 2017 June 30, 2017 July 17, 2017 $0.5391 During 2017 , the Company declared the following dividends on its Series B Preferred Stock: Declaration Date Record Date Payment Date Per Share March 14, 2017 March 31, 2017 April 17, 2017 $0.5000 June 15, 2017 June 30, 2017 July 17, 2017 $0.5000 During 2017 , the Company declared the following dividends on its Series C Preferred Stock: Declaration Date Record Date Payment Date Per Share March 14, 2017 March 31, 2017 April 28, 2017 $0.5000 June 15, 2017 June 30, 2017 July 31, 2017 $0.5000 Common Stock Offerings. During the second quarter of 2017, the Company completed a follow-on public offering of 13,800,000 shares of its common stock, at a price of $18.05 per share. The aggregate net proceeds from the offering, including proceeds from the sale of the additional shares, were approximately $248,900 after deducting estimated offering expenses. During the fourth quarter of 2016, the Company completed a follow-on public offering of 10,500,000 shares of its common stock, at a price of $16.97 per share. The aggregate net proceeds from the offering, including proceeds from the sale of the additional shares, were approximately $177,796 after deducting estimated offering expenses. AMTG Merger. In addition, in 2016 the Company issued common and preferred equity in connection with the AMTG Merger as described in "Note 17 - Business Combination."

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings. From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. After the announcement of the execution of the AMTG Merger Agreement, two putative class action lawsuits challenging the proposed First Merger (as defined in the AMTG Merger Agreement), captioned Aivasian v. Apollo Residential Mortgage, Inc., et al., No. 24-C-16-001532 and Wiener v. Apollo Residential Mortgage, Inc., et al., No. 24-C-16-001837, were filed in the Circuit Court for Baltimore City, (the “Court”). A putative class and derivative lawsuit was later filed in the Court captioned Crago v. Apollo Residential Mortgage, Inc., No. 24-C-16-002610. Following a hearing on May 6, 2016, the Court entered orders among other things, consolidating the three actions under the caption In Re Apollo Residential Mortgage, Inc. Shareholder Litigation, Case No.: 24-C-16-002610. The plaintiffs have designated the Crago complaint as the operative complaint. The operative complaint includes both direct and derivative claims, names as defendants AMTG, the board of directors of AMTG (the “AMTG Board”), ARI, Arrow Merger Sub Inc., Apollo and Athene Holding Ltd. and alleges, among other things, that the members of the AMTG Board breached their fiduciary duties to the AMTG stockholders and that the other corporate defendants aided and abetted such fiduciary breaches. The operative complaint further alleges, among other things, that the proposed First Merger involves inadequate consideration, was the result of an inadequate and conflicted sales process, and includes unreasonable deal protection devices that purportedly preclude competing offers. It also alleges that the transactions with Athene Holding Ltd. are unfair and that the registration statement on Form S-4 filed with the SEC on April 6, 2016 contains materially misleading disclosures and omits certain material information. The operative complaint seeks, among other things, certification of the proposed class, declaratory relief, preliminary and permanent injunctive relief, including enjoining or rescinding the First Merger, unspecified damages, and an award of other unspecified attorneys’ and other fees and costs. On May 6, 2016, counsel for the plaintiffs filed with the Court a stipulation seeking the appointment of interim co-lead counsel, which stipulation was approved by the Court on June 9, 2016. Defendants’ motions to dismiss have been fully briefed, and oral argument was held on December 8, 2016. On January 4, 2017, the United States Department of Justice served a Request for Information and Documents (the “Request”) on the Company, in connection with a preliminary investigation into certain aspects of the Company's former residential real estate portfolio, which the Company acquired in connection with the AMTG Merger and subsequently sold in 2016. The Request seeks a range of information in connection with the residential real estate portfolio, including, among other things, information concerning policies, procedures, and practices related to advertising, marketing, identifying, or acquiring residential properties for sale or rent, and various data for all rental and sales contracts executed since January 1, 2012. The Company is cooperating with the Department of Justice and fully complying with the Request. Loan Commitments. As described in "Note 5 - Loans, Held for Investment", at June 30, 2017 , the Company had $119,813 of unfunded commitments related to its commercial mortgage loan portfolio and subordinate loan portfolio.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the condensed consolidated balance sheet at June 30, 2017 and December 31, 2016 : June 30, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and cash equivalents $ 214,016 $ 214,016 $ 200,996 $ 200,996 Restricted cash 57,665 57,665 62,457 62,457 Securities, held-to-maturity — — 146,352 146,352 Commercial mortgage loans 2,037,971 2,034,082 1,641,856 1,648,896 Subordinate loans 1,240,363 1,244,548 1,051,236 1,060,882 Borrowings under repurchase agreements (1,340,254 ) (1,338,368 ) (1,146,566 ) (1,146,807 ) Convertible senior notes, net (250,949 ) (274,262 ) (249,994 ) (268,124 ) Participations sold — — (84,979 ) (85,072 ) 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. Estimates of fair value for cash and cash equivalents, restricted cash and convertible senior notes, net are measured using observable Level I inputs as defined in "Note 3 - Fair Value Disclosure." Estimates of fair value for all other financial instruments in the table above are measured using significant estimates, or unobservable Level III inputs as defined in "Note 3 - Fair Value Disclosure."

Net Income per Share

Net Income per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Net Income per Share	Net Income per Share ASC 260, Earnings per share , requires the use of the two-class method of computing earnings per share for all periods presented for each class of common stock and participating security as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for dividends declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for dividends declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. The remaining earnings are allocated to common stockholders and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Each total is then divided by the applicable number of shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and all potential shares of common stock assumed issued if they are dilutive. The numerator is adjusted for any changes in income or loss that would result from the assumed conversion of these potential shares of common stock. The table below presents basic and diluted net (loss) income per share of common stock using the two-class method for the three and six months ended June 30, 2017 and June 30, 2016 : For the three For the six 2017 2016 2017 2016 Numerator: Net income $ 36,235 $ 10,338 $ 83,359 $ 28,956 Preferred dividends (9,310 ) (5,860 ) (18,620 ) (11,675 ) Net income available to common stockholders 26,925 4,478 64,739 17,281 Dividends declared on common stock (48,501 ) (31,005 ) (90,647 ) (62,002 ) Dividends on participating securities (630 ) (437 ) (1,259 ) (885 ) Net (loss) attributable to common stockholders $ (22,206 ) $ (26,964 ) $ (27,167 ) $ (45,606 ) Denominator: Basic weighted average shares of common stock outstanding 95,428,134 67,402,311 93,530,831 67,393,751 Diluted weighted average shares of common stock outstanding 96,796,289 68,374,557 94,907,762 68,351,137 Basic and diluted net income per weighted average share of common stock Distributable Earnings $ 0.51 $ 0.46 $ 0.97 $ 0.92 Undistributed (loss) $ (0.23 ) $ (0.40 ) $ (0.29 ) $ (0.68 ) Basic and diluted net income per share of common stock $ 0.28 $ 0.06 $ 0.68 $ 0.24 For the three and six months ended June 30, 2017 , 1,368,155 and 1,376,930 unvested RSUs, respectively, were excluded from the calculation of diluted net income per share because the effect was anti-dilutive. For the three and six months ended June 30, 2016 , 972,246 and 957,386 unvested RSUs, respectively, were excluded from the calculation of diluted net income per share because the effect was anti-dilutive.

Business Combination

Business Combination	6 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
Business Combination	Business Combination On August 31, 2016, the Company, pursuant to the terms and conditions of the AMTG Merger Agreement, acquired AMTG for consideration of common stock and preferred stock, as applicable and cash. AMTG merged with and into the Company with the Company continuing as the surviving entity. As a result, all operations of AMTG and its former subsidiaries are consolidated with the operations of the Company. In connection with financing the AMTG Merger, on August 31, 2016, the Company entered into a Loan Agreement (the “Athene Loan Agreement”) with Athene USA Corporation, a subsidiary of Athene Holding Ltd., as lender (“Athene USA”), pursuant to which the Company borrowed $175,000 in order to fund a portion of the Company’s obligations under the AMTG Merger Agreement. The Athene Loan Agreement was repaid in full and terminated on September 1, 2016. On August 31, 2016, pursuant to an Asset Purchase and Sale Agreement, dated February 26, 2016 (as amended, the “Asset Purchase Agreement”) by and among Athene Annuity & Life Assurance Company and Athene Annuity and Life Company (collectively, “Athene Annuity”) and the Company, the Company sold primarily non-agency residential mortgage backed securities previously held by AMTG to Athene Annuity for cash consideration of approximately $1,100,000 . Proceeds from the sale were used to repay approximately $804,000 in associated financing, $175,000 to satisfy the Athene Loan Agreement and for general corporate purposes. All of the assets acquired from AMTG were sold during 2016. The AMTG Merger was accounted for as a business combination in accordance with ASC 805, Business Combinations. The transactions pursuant to the Athene Loan Agreement and the Asset Purchase Agreement were contemporaneous with and contingent on the AMTG Merger, therefore the Company recorded the transaction net. The Company was designated as the accounting acquirer. The total purchase price has been allocated based upon management’s estimates of fair value. The difference between the fair value of net assets of AMTG and the consideration was recorded as a bargain purchase gain. The bargain purchase gain was computed as follows: Consideration Paid: $ (in thousands) Cash $ 220,159 Common stock issued 218,397 Preferred stock assumed 172,500 Total consideration paid $ 611,056 Assets acquired: Cash and cash equivalents 399,402 Restricted cash 10,552 Investments 1,491,484 Other assets 34,822 Liabilities assumed: Borrowings under repurchase agreements (1,254,518 ) Other liabilities (30,665 ) Net assets acquired 651,077 Bargain purchase gain $ 40,021 The Company incurred $11,350 of transaction-related expenses related to the AMTG Merger during 2016. Transaction-related expenses are comprised primarily of transaction fees and AMTG Merger costs, including legal, finance, consulting, professional fees and other third-party costs. The following table provides the pro forma consolidated operational data as if the AMTG Merger had occurred on January 1, 2016: Three Months Ended Six Months Ended (in thousands, except per share data) June 30, 2016 June 30, 2016 Total revenue $ 94,257 $ 190,565 Net income attributable to common shareholders 24,778 24,546 Common shares outstanding at June 30, 2016 67,402,311 67,402,311 Net income per common share, basic and diluted $ 0.36 $ 0.36 The pro forma consolidated operational data is based on assumptions and estimates considered appropriate by our management; however, these pro forma results are not necessarily indicative of the results of operations that would have been obtained had the AMTG Merger occurred at the beginning of the period presented, nor do they purport to represent the consolidated results of operations for future periods. The pro forma consolidated operational data does not include the impact of any synergies that may be achieved from the AMTG Merger or any strategies that management may consider in order to continue to efficiently manage operations.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 3, 2017, the Company announced that it will redeem all 3,450,000 issued and outstanding shares of the Series A Preferred Stock on August 2, 2017. The Series A Preferred Stockholders are entitled to the redemption price of $25.00 plus unpaid dividends of $0.1079 per share. In July 2017, the Company received approximately $60,000 in proceeds from sales and principal pay downs from two CMBS. Subsequent to the end of the second quarter, the Company committed capital to the following commercial real estate debt investments: • $125,000 and £60,000 of first mortgage loans ( $125,000 and £32,190 of which were funded); • $37,500 of subordinate loans ( $37,500 of which were funded); and • $2,900 for previously closed loans. The Company received approximately $50,400 from loan repayments.

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed 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, loan loss reserves and impairment. Actual results could differ from those estimates. These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 , as filed with the Securities and Exchange Commission (the “SEC”). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been included. The Company's results of operations for the three and six months ended June 30, 2017 are not necessarily indicative of the results to be expected for the full year or any other future period. On August 31, 2016, the Company, pursuant to the terms and conditions of the Agreement and Plan of Merger, dated February 26, 2016 (as amended, the “AMTG Merger Agreement”) acquired Apollo Residential Mortgage, Inc. (“AMTG”). AMTG merged with and into the Company (the “AMTG Merger”) with the Company continuing as the surviving entity. As a result, all operations of AMTG and its former subsidiaries are consolidated with the operations of the Company. As of December 31, 2016 all assets acquired from AMTG were sold. Under Financial Accounting Standards Board (the “FASB”) ASC Topic 805, “Business Combinations”, or ASC 805, the acquirer in a business combination must recognize, with certain exceptions, the fair values of assets acquired, liabilities assumed, and non-controlling interests when the acquisition constitutes a change in control of the acquired entity. We applied the provisions of ASC 805 in accounting for the Company's acquisition of AMTG. In doing so, we recorded provisional amounts for certain items as of the date of the acquisition, including the fair value of certain assets and liabilities. During the measurement period, a period which shall not exceed one year, the Company retrospectively adjusted the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of such date that, if known, would have affected the measurement of the amounts recognized. See further discussion in "Note 17 - Business Combination." The Company currently operates in one business segment.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued guidance which broadly amends the accounting guidance for revenue recognition. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The Company does not anticipate that the adoption of this guidance will have a material impact on the Company's condensed consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” or ASU 2014-15. ASU 2014-15 introduces an explicit requirement for management to assess and provide certain disclosures if there is substantial doubt about an entity’s ability to continue as a going concern. ASU 2014-15 is effective for the annual period ending after December 15, 2016. The Company adopted this guidance and determined that there was no material impact on the Company's condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting (Topic 718),” or ASU 2016-09. ASU 2016-09 requires all income tax effects of share-based payment awards to be recognized in the income statement when the awards vest or are settled. It also allows an employer to repurchase more of an employee’s shares for tax withholding purposes than is permitted under current guidance without triggering liability accounting. Finally, the guidance allows a policy election to account for employee forfeitures as they occur. The guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early application is permitted for any entity in any interim or annual period. The Company adopted this guidance and determined there was no material impact on the Company's condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit Losses - Measurement of Credit Losses on Financial Instruments (Topic 326),” or ASU 2016-13. ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance will replace the “incurred loss” approach under existing guidance with an “expected loss” model for instruments measured at amortized cost, and require entities to record allowances for available-for-sale debt securities rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. The guidance is effective for fiscal years beginning after December 15, 2019 and is to be adopted through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company is currently assessing the impact of the guidance will have on the Company's condensed consolidated financial statements when adopted. In August 2016, the FASB issued ASU 2016-15 “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments,” or ASU 2016-15. ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The new guidance addresses the classification of various transactions including debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, distributions received from equity method investments, beneficial interests in securitization transactions, and others. The Company adopted this guidance in the third quarter of 2016 and determined that there was no material impact on the Company's condensed consolidated financial statements. In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash,” or ASU 2016-18. ASU 2016-18 is intended to clarify how entities present restricted cash in the statement of cash flows. The guidance requires entities to show the changes in the total of cash and cash equivalents and restricted cash in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. When cash and cash equivalents and restricted cash are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. This reconciliation can be presented either on the face of the statement of cash flows or in the notes to the financial statements. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017 and is to be applied retrospectively. The Company early adopted ASU 2016-18 on June 30, 2017, which changes the Company's condensed consolidated statement of cash flows and related disclosures for all periods presented. The following is a reconciliation of the Company's cash, cash equivalents, and restricted cash to the total presented in the Company's condensed consolidated statement of cash flows for the six months ended June 30, 2017 and June 30, 2016: Six months ended June 30, 2017 2016 Cash and cash equivalents $ 214,016 $ 38,631 Restricted cash 57,665 67,438 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 271,681 $ 106,069

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Cash, Cash Equivalents and Restricted Cash	The Company early adopted ASU 2016-18 on June 30, 2017, which changes the Company's condensed consolidated statement of cash flows and related disclosures for all periods presented. The following is a reconciliation of the Company's cash, cash equivalents, and restricted cash to the total presented in the Company's condensed consolidated statement of cash flows for the six months ended June 30, 2017 and June 30, 2016: Six months ended June 30, 2017 2016 Cash and cash equivalents $ 214,016 $ 38,631 Restricted cash 57,665 67,438 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 271,681 $ 106,069
Summary of Cash, Cash Equivalents and Restricted Cash	The Company early adopted ASU 2016-18 on June 30, 2017, which changes the Company's condensed consolidated statement of cash flows and related disclosures for all periods presented. The following is a reconciliation of the Company's cash, cash equivalents, and restricted cash to the total presented in the Company's condensed consolidated statement of cash flows for the six months ended June 30, 2017 and June 30, 2016: Six months ended June 30, 2017 2016 Cash and cash equivalents $ 214,016 $ 38,631 Restricted cash 57,665 67,438 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 271,681 $ 106,069

Fair Value Disclosure (Tables)

Fair Value Disclosure (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Summary of the Levels in Fair Value Hierarchy of Financial Instruments	The following table summarizes the levels in the fair value hierarchy into which the Company’s financial instruments were categorized as of June 30, 2017 and December 31, 2016 : Fair Value as of June 30, 2017 Fair Value as of December 31, 2016 Level I Level II Level III Total Level I Level II Level III Total CMBS (Fair Value Option) $ — $ — $ 254,484 $ 254,484 $ — $ 331,076 $ — $ 331,076 Derivative instruments, net — (4,435 ) — (4,435 ) — 5,906 — 5,906 Total $ — $ (4,435 ) $ 254,484 $ 250,049 $ — $ 336,982 $ — $ 336,982
Reconciliation of Investments for which Level 3 Inputs were used in Determining Fair Value	The following is a reconciliation of investments for which Level III inputs were used in determining fair value: CMBS Fair value at December 31, 2016 $ — Transfers into Level III (1) 254,484 Fair value at June 30, 2017 $ 254,484 (1) Transfers into Level III of the fair value hierarchy represent investments that experienced an insignificant level of market activity during the period and were thus valued in the absence of observable inputs. Transfers into Level III of the fair value hierarchy are recorded at the end of the reporting period. Based on illiquidity in the market for these securities as of June 30, 2017, the Manager determined that broker quotes, which are the primary valuation technique used to mark these investments at fair value, lack observable inputs and thus a transfer into Level III was necessary.
Quantitative Information About Significant Unobservable Inputs Used in the Fair Value Measurement of Level III Investments	The following table summarizes information about significant unobservable inputs used in the fair value measurement of Level III investments as of June 30, 2017 . There were no Level III investments as of December 31, 2016 : Unobservable Input Asset Category Fair Value Primary Valuation Technique Input Range CMBS 254,484 Broker quotes Price (1) 63 - 100 (1) A significant increase (decrease) in the unobservable input in isolation would result in significantly higher (lower) fair value measurement.

Securities (Tables)

Securities (Tables)	6 Months Ended
	Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Amortized Cost and Estimated Fair Value of Debt Securities	The amortized cost and estimated fair value of the Company’s debt securities at June 30, 2017 are summarized as follows: Security Description Face Amount Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Value CMBS (Fair Value Option) $ 300,064 $ 293,312 $ 147 $ (38,975 ) $ 254,484 The amortized cost and estimated fair value of the Company’s debt securities at December 31, 2016 are summarized as follows: Security Description Face Amount Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Value CMBS (Fair Value Option) $ 375,861 $ 368,247 $ 292 $ (37,463 ) $ 331,076 CMBS (Held-to-Maturity) 146,530 146,352 — — 146,352 Total $ 522,391 $ 514,599 $ 292 $ (37,463 ) $ 477,428
Overall Statistics for Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis	The overall statistics for the Company’s CMBS (Fair Value Option) calculated on a weighted average basis as of June 30, 2017 and December 31, 2016 are as follows: June 30, 2017 December 31, 2016 Credit Ratings * B-NR B+-NR Coupon 5.8 % 5.9 % Yield 4.6 % 6.0 % Weighted Average Life 2.3 years 2.5 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 (Fair Value Option) calculated on a weighted average basis as of June 30, 2017 and December 31, 2016 are as follows: Vintage June 30, 2017 December 31, 2016 2005 0.9 % 2.0 % 2006 15.4 12.1 2007 68.0 73.5 2008 15.7 12.4 Total 100.0 % 100.0 % Property Type June 30, 2017 December 31, 2016 Office 35.8 % 34.6 % Retail 30.6 29.0 Multifamily 12.4 12.4 Other (1) 21.2 24.0 Total 100.0 % 100.0 % (1) No other individual category comprises more than 10% of the total. Location June 30, 2017 December 31, 2016 South Atlantic 26.9 % 23.8 % Middle Atlantic 16.5 16.7 Pacific 14.3 15.3 East North Central 14.4 10.8 Other (1) 27.9 33.4 Total 100.0 % 100.0 % (1) No other individual category comprises more than 10% of the total.

Loans, Held for Investment (Tab

Loans, Held for Investment (Tables)	6 Months Ended
	Jun. 30, 2017
Mortgage Loans on Real Estate [Abstract]
Schedule of Mortgage Loans Receivable	The Company’s loans receivable are comprised of the following: Loan Type June 30, 2017 December 31, 2016 Commercial mortgage loans, held for investment, net $ 2,037,971 $ 1,641,856 Subordinate loans, held for investment, net 1,240,363 1,051,236 Total loans, held for investment, net $ 3,278,334 $ 2,693,092
Schedule of Mortgage Loans on Real Estate Activity	Activity relating to our loans, held for investment portfolio was as follows: Principal Balance Deferred Fees/Other Items (1) Provision for Loan Loss (2) Carrying Value December 31, 2016 2,720,344 (12,252 ) (15,000 ) 2,693,092 Loan fundings 624,602 — — 624,602 Loan repayments (69,192 ) — — (69,192 ) Unrealized gain on foreign currency translation 12,376 — — 12,376 Provision for loan loss (2) — — (1,981 ) (1,981 ) Deferred fees and other items (1) — (7,141 ) — (7,141 ) PIK interest, amortization of fees and other items (1) 14,000 12,578 — 26,578 June 30, 2017 3,302,130 (6,815 ) (16,981 ) 3,278,334 (1) Other items primarily consist of purchase discounts or premiums, exit fees, and deferred origination expenses. (2) In addition to the $1,981 provision for loan loss, the Company recorded an impairment of $3,019 against a related investment previously recorded under other assets on the Company's condensed consolidated balance sheet.
Schedule of Loans Receivable Statistics	The following table details overall statistics for our loan portfolio: June 30, 2017 December 31, 2016 Number of loans 52 45 Principal balance $ 3,302,130 $ 2,720,344 Carrying value $ 3,278,334 $ 2,693,092 Unfunded loan commitments (1) $ 119,813 $ 170,365 Weighted-average cash coupon (2) 8.55 % 8.88 % (1) Unfunded loan commitments are primarily funded to finance property improvements or lease-related expenditures by the borrowers. These future commitments are funded over the term of each loan, subject in certain cases to an expiration date. (2) For floating rate loans, assumes one-month LIBOR of 1.22% and 0.77% , as of June 30, 2017 and December 31, 2016 , respectively.
Schedule of Mortgage Loans by Property type and Geographic Distribution	The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio: June 30, 2017 December 31, 2016 Property Type Carrying % of Carrying % of Hotel $702,447 21.4% $408,428 15.2% Residential - for sale 547,113 16.7% 469,997 17.5% Urban Retail Predevelopment 583,241 17.8% 491,187 18.2% Office 257,291 7.8% 255,031 9.5% Residential Rental 290,152 8.9% 309,243 11.5% Mixed Use 253,649 7.7% 134,797 4.9% Retail Center 240,902 7.3% 209,401 7.8% Healthcare 172,872 5.3% 170,549 6.3% Industrial 157,040 4.8% 156,809 5.8% Other 73,627 2.3% 87,650 3.3% Total $3,278,334 100% $2,693,092 100% June 30, 2017 December 31, 2016 Geographic Location Carrying % of Carrying % of New York City $1,255,668 38.3% $1,034,303 38.4% Midwest 498,767 15.2% 405,992 15.1% Southeast 596,664 18.2% 332,276 12.3% United Kingdom 252,881 7.7% 244,756 9.1% West 226,977 6.9% 219,664 8.2% Mid Atlantic 198,501 6.1% 263,717 9.8% Southwest 25,000 0.8% 54,614 2% Northeast 181,987 5.5% 137,770 5.1% Other International 41,889 1.3% — —% Total $3,278,334 100% $2,693,092 100%

Borrowings Under Repurchase A32

Borrowings Under Repurchase Agreements (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Weighted Average Maturities and Interest Rates of Borrowings	At June 30, 2017 and December 31, 2016 , the Company’s borrowings had the following outstanding balances, maturities and weighted average interest rates: June 30, 2017 December 31, 2016 Lender Maximum Amount of Borrowings Borrowings Outstanding Maturity (1) Weighted (2) Maximum Amount of Borrowings Borrowings Outstanding Maturity (1) Weighted (2) JPMorgan Facility (3) $ 1,118,000 $ 794,404 March 2020 L+2.26% $ 943,000 $ 657,452 January 2019 L+2.25% DB Repurchase Facility (4) 563,813 263,980 March 2020 L+2.56% 300,000 137,355 September 2019 L+2.66% Goldman Loan 37,700 37,700 April 2019 L+3.50% N/A 40,657 April 2019 L+3.50% Sub-total 1,719,513 1,096,084 L+2.37% 835,464 L+2.38% UBS Facility 133,899 100,798 September 2018 2.77 % N/A 133,899 September 2018 2.79 % DB Facility (5) 300,000 143,372 April 2018 3.59 % N/A 177,203 April 2018 3.63 % Sub-total 433,899 244,170 3.25 % 311,102 3.27 % Less: deferred financing costs N/A (9,345 ) N/A N/A (6,763 ) N/A Total / Weighted Average $ 2,153,412 $ 1,330,909 3.53 % $ 1,139,803 3.18 % (1) Maturity date assumes all extensions are exercised. (2) Assumes one -month LIBOR was 1.22% and 0.77% as of June 30, 2017 and December 31, 2016 , respectively. (3) As of June 30, 2017 , the Company's master repurchase agreement with JPMorgan Chase Bank, National Association (the "JPMorgan Facility") provided for maximum total borrowings comprised of the $975,000 repurchase facility and a $143,000 asset specific financing. (4) As of June 30, 2017 , the Company's master repurchase agreement with Deutsche Bank AG, Cayman Islands Branch (the "DB Repurchase Facility") provided for maximum total borrowings comprised of the $450,000 and £45,000 repurchase facility and a $55,200 asset specific financing. (5) Advances under the DB Facility accrue interest at a per annum pricing rate based on the rate implied by the fixed rate bid under a fixed for floating interest rate swap for the receipt of payments indexed to three-month U.S. dollar LIBOR, plus a financing spread ranging from 1.80% to 2.32% based on the rating of the collateral pledged.
Remaining Maturities of Borrowings	At June 30, 2017 , the Company’s borrowings had the following remaining maturities: Less than 1 year 1 to 3 years 3 to 5 years More than 5 years Total JPMorgan Facility $ 436,546 $ 357,858 $ — $ — $ 794,404 DB Repurchase Facility 58,613 205,367 — — 263,980 Goldman Loan — 37,700 — — 37,700 UBS Facility — 100,798 — — 100,798 DB Facility 143,372 — — — 143,372 Total $ 638,531 $ 701,723 $ — $ — $ 1,340,254
Schedule of Outstanding, Maximum and Average Balances of Debt	The table below summarizes the outstanding balances at June 30, 2017 , as well as the maximum and average month-end balances for the six months ended June 30, 2017 for the Company's borrowings under repurchase agreements. For the six months ended June 30, 2017 Balance at June 30, 2017 Maximum Month-End Balance Average Month-End Balance JPMorgan Facility borrowings $ 794,404 $ 894,031 $ 832,685 DB Repurchase Facility borrowings 263,980 367,010 297,148 Goldman Loan borrowings 37,700 39,590 38,707 UBS Facility borrowings 100,798 133,899 111,832 DB Facility borrowings 143,372 177,203 149,453 Total $ 1,340,254

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	6 Months Ended
	Jun. 30, 2017
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% 57.1177 3/15/2019 1.71 years August 2019 Notes $111,000 5.50% 6.50% 57.1177 3/15/2019 1.71 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, and includes adjustments relating to cash dividend payments made by the Company to stockholders that have been deferred and carried-forward in accordance with, and are not yet required to be made pursuant to, the terms of the applicable supplemental indenture.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Non-Designated Foreign Exchange Forwards	The following table summarizes the Company's non-designated foreign exchange (“Fx”) forwards as of June 30, 2017 : Type of Derivative June 30, 2017 Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx Contracts - GBP 9 156,458 GBP July 2017- March 2018 The following table summarizes the Company's non-designated Fx forwards as of December 31, 2016: Type of Derivative December 31, 2016 Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx Contracts - GBP 11 148,310 GBP January 2017- December 2017
Summary of Amounts Recognized on Consolidated Statements of Operations Related to Company's Derivatives	The following table summarizes the amounts recognized on the condensed consolidated statements of operations related to the Company’s derivative instruments for the three and six months ended June 30, 2017 and 2016 . Three months ended June 30, Six months ended June 30, Location of Loss Recognized in Income 2017 2016 2017 2016 Forward currency contract Gain (loss) on derivative instruments - unrealized $ (7,438 ) $ 13,426 $ (10,321 ) $ 12,116 Forward currency contract Gain (loss) on derivative instruments - realized 46 (95 ) (110 ) 5,989 Interest rate caps (1) Gain (loss) on derivative instruments - unrealized 3 (18 ) (3 ) (90 ) Sub-total $ (7,389 ) $ 13,313 $ (10,434 ) $ 18,015 Forward currency contract Income (loss) from unconsolidated joint venture (587 ) — (587 ) — Total $ (7,976 ) $ 13,313 $ (11,021 ) $ 18,015 (1) With a notional amount of $42,830 and $48,120 at June 30, 2017 and 2016 , respectively.
Summary of Gross Derivative Assets Related to Derivatives	The following table summarizes the gross asset and liability amounts related to the Company's derivative instruments at June 30, 2017 and December 31, 2016 . June 30, 2017 December 31, 2016 Gross Gross Net Amounts Gross Gross Net Amounts Interest rate caps $ — $ 3 $ 3 $ 23 $ — $ 23 Forward currency contract (4,691 ) 253 (4,438 ) 5,883 — 5,883 Total derivative instruments $ (4,691 ) $ 256 $ (4,435 ) $ 5,906 $ — $ 5,906

Share-Based Payments (Tables)

Share-Based Payments (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	The following table summarizes the activity related to restricted common stock and RSUs during the six months ended June 30, 2017 : Type Date Restricted Stock RSUs Estimated Fair Value Initial Vesting Final Vesting Outstanding at December 31, 2016 150,110 1,703,775 Cancelled upon delivery January 2017 — (332,349 ) n/a n/a n/a Vested January 2017 (5,161 ) — n/a n/a n/a Forfeiture March 2017 — (1,971 ) n/a n/a n/a Vested April 2017 (5,164 ) n/a n/a n/a Grant April 2017 14,674 — $ 275 April 2018 April 2020 Canceled upon delivery May 2017 — (1,971 ) n/a n/a n/a Outstanding at June 30, 2017 154,459 1,367,484
Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs	Below is a summary of restricted stock and RSU vesting dates as of June 30, 2017 . Vesting Date Restricted Stock Vesting RSU Vesting Total Awards July 2017 4,004 544 4,548 October 2017 3,997 — 3,997 December 2017 53,923 601,218 655,141 January 2018 2,749 — 2,749 April 2018 7,645 — 7,645 June 2018 — 544 544 July 2018 1,420 — 1,420 October 2018 1,424 — 1,424 December 2018 41,670 484,066 525,736 January 2019 1,419 — 1,419 April 2019 6,314 — 6,314 December 2019 25,000 281,112 306,112 April 2020 4,894 — 4,894 154,459 1,367,484 1,521,943

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Dividends. During 2017 , the Company declared the following dividends on its common stock: Declaration Date Record Date Payment Date Per Share March 14, 2017 March 31, 2017 April 17, 2017 $0.4600 June 15, 2017 June 30, 2017 July 17, 2017 $0.4600 During 2017 , the Company declared the following dividends on its Series A Preferred Stock: Declaration Date Record Date Payment Date Per Share March 14, 2017 March 31, 2017 April 17, 2017 $0.5391 June 15, 2017 June 30, 2017 July 17, 2017 $0.5391 During 2017 , the Company declared the following dividends on its Series B Preferred Stock: Declaration Date Record Date Payment Date Per Share March 14, 2017 March 31, 2017 April 17, 2017 $0.5000 June 15, 2017 June 30, 2017 July 17, 2017 $0.5000 During 2017 , the Company declared the following dividends on its Series C Preferred Stock: Declaration Date Record Date Payment Date Per Share March 14, 2017 March 31, 2017 April 28, 2017 $0.5000 June 15, 2017 June 30, 2017 July 31, 2017 $0.5000

Fair Value of Financial Instr37

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Carrying Value and Estimated Fair Value of Company's Financial Instruments	The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the condensed consolidated balance sheet at June 30, 2017 and December 31, 2016 : June 30, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and cash equivalents $ 214,016 $ 214,016 $ 200,996 $ 200,996 Restricted cash 57,665 57,665 62,457 62,457 Securities, held-to-maturity — — 146,352 146,352 Commercial mortgage loans 2,037,971 2,034,082 1,641,856 1,648,896 Subordinate loans 1,240,363 1,244,548 1,051,236 1,060,882 Borrowings under repurchase agreements (1,340,254 ) (1,338,368 ) (1,146,566 ) (1,146,807 ) Convertible senior notes, net (250,949 ) (274,262 ) (249,994 ) (268,124 ) Participations sold — — (84,979 ) (85,072 )

Net Income per Share (Tables)

Net Income per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Basic and Diluted Net Income per Share of Common Stock Using Two-Class Method	The table below presents basic and diluted net (loss) income per share of common stock using the two-class method for the three and six months ended June 30, 2017 and June 30, 2016 : For the three For the six 2017 2016 2017 2016 Numerator: Net income $ 36,235 $ 10,338 $ 83,359 $ 28,956 Preferred dividends (9,310 ) (5,860 ) (18,620 ) (11,675 ) Net income available to common stockholders 26,925 4,478 64,739 17,281 Dividends declared on common stock (48,501 ) (31,005 ) (90,647 ) (62,002 ) Dividends on participating securities (630 ) (437 ) (1,259 ) (885 ) Net (loss) attributable to common stockholders $ (22,206 ) $ (26,964 ) $ (27,167 ) $ (45,606 ) Denominator: Basic weighted average shares of common stock outstanding 95,428,134 67,402,311 93,530,831 67,393,751 Diluted weighted average shares of common stock outstanding 96,796,289 68,374,557 94,907,762 68,351,137 Basic and diluted net income per weighted average share of common stock Distributable Earnings $ 0.51 $ 0.46 $ 0.97 $ 0.92 Undistributed (loss) $ (0.23 ) $ (0.40 ) $ (0.29 ) $ (0.68 ) Basic and diluted net income per share of common stock $ 0.28 $ 0.06 $ 0.68 $ 0.24

Business Combination (Tables)

Business Combination (Tables)	6 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
Schedule of Business Acquisitions	The following table provides the pro forma consolidated operational data as if the AMTG Merger had occurred on January 1, 2016: Three Months Ended Six Months Ended (in thousands, except per share data) June 30, 2016 June 30, 2016 Total revenue $ 94,257 $ 190,565 Net income attributable to common shareholders 24,778 24,546 Common shares outstanding at June 30, 2016 67,402,311 67,402,311 Net income per common share, basic and diluted $ 0.36 $ 0.36 The bargain purchase gain was computed as follows: Consideration Paid: $ (in thousands) Cash $ 220,159 Common stock issued 218,397 Preferred stock assumed 172,500 Total consideration paid $ 611,056 Assets acquired: Cash and cash equivalents 399,402 Restricted cash 10,552 Investments 1,491,484 Other assets 34,822 Liabilities assumed: Borrowings under repurchase agreements (1,254,518 ) Other liabilities (30,665 ) Net assets acquired 651,077 Bargain purchase gain $ 40,021

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Detail)	6 Months Ended
	Jun. 30, 2017Segment
Accounting Policies [Abstract]
Number of business segments	1

Summary of Significant Accoun41

Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Cash and cash equivalents	$ 214,016	$ 200,996	$ 38,631
Restricted cash	57,665	62,457	67,438
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows	$ 271,681	$ 263,453	$ 106,069	$ 97,542

Fair Value Disclosure - Summary

Fair Value Disclosure - Summary of Level 3 Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 250,049	$ 336,982
Estimated Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, net	(4,435)	5,906
Estimated Fair Value [Member] | AAA Commercial Mortage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate purchase price of CMBS	254,484	331,076
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Level 1 [Member] | Estimated Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, net	0	0
Level 1 [Member] | Estimated Fair Value [Member] | AAA Commercial Mortage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate purchase price of CMBS	0	0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	(4,435)	336,982
Level 2 [Member] | Estimated Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, net	(4,435)	5,906
Level 2 [Member] | Estimated Fair Value [Member] | AAA Commercial Mortage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate purchase price of CMBS	0	331,076
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	254,484	0
Level 3 [Member] | Estimated Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, net	0	0
Level 3 [Member] | Estimated Fair Value [Member] | AAA Commercial Mortage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate purchase price of CMBS	$ 254,484	$ 0

Fair Value Disclosure - Reconci

Fair Value Disclosure - Reconciliation of Level 3 Investments (Details) - CMBS [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at December 31, 2016	$ 0
Transfers into Level III	254,484
Fair value at June 30, 2017	$ 254,484

Fair Value Disclosure - Quantit

Fair Value Disclosure - Quantitative Information About Significant Unobservable Inputs (Details) - CMBS [Member] - Broker quotes [Member] - Level 3 [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
CMBS, fair value	$ 254,484
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Price	63.00%
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Price	100.00%

Securities - Additional Informa

Securities - Additional Information (Detail)	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2014USD ($)ft²timeshare_unitroomcasino	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Aug. 31, 2014USD ($)	Jun. 30, 2014USD ($)
Mortgage Loans on Real Estate [Line Items]
Realized loss on sale of securities		$ 0	$ 0	$ 1,042,000	$ 0
Hotel [Member] | Subordinate Mortgage Portfolio Segment [Member] | Hotel - Aruba [Member]
Mortgage Loans on Real Estate [Line Items]
Number of hotel rooms | room	442
Number of timeshare units in real estate property | timeshare_unit	114
Number of casinos in real estate property | casino	2
Property size, area (in square feet) | ft²	131,500
First Mortgage [Member] | Hotel [Member] | Subordinate Mortgage Portfolio Segment [Member] | Hotel - Aruba [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan, face amount	$ 155,000,000
Senior Participation [Member] | Hotel [Member] | Subordinate Mortgage Portfolio Segment [Member] | Hotel - Aruba [Member]
Mortgage Loans on Real Estate [Line Items]
Participation in loan, amount						$ 90,000,000	$ 90,000,000
Junior Participation [Member] | Hotel [Member] | Subordinate Mortgage Portfolio Segment [Member] | Hotel - Aruba [Member]
Mortgage Loans on Real Estate [Line Items]
Participation in loan, amount						$ 65,000,000	$ 65,000,000
Commercial Mortgage Backed Securities [Member]
Mortgage Loans on Real Estate [Line Items]
Realized loss on sale of securities				$ 1,042,000

Securities - Amortized Cost and

Securities - Amortized Cost and Estimated Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Total, Face Amount		$ 522,391
Total, Amortized Cost		514,599
Total, Gross Unrealized Gain		292
Total, Gross Unrealized Loss		(37,463)
Total, Carrying Value/Estimated Fair Value		477,428
Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Held to Maturity, Face Amount		146,530
Held to Maturity, Amortized Cost		146,352
Held to Maturity, Gross Unrealized Gain		0
Held to Maturity, Gross Unrealized Loss		0
Held to Maturity, Carrying Value/Estimated Fair Value		146,352
Commercial Mortgage Backed Securities [Member] | Estimated Fair Value [Member] | Available-for-sale Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Option, Face Amount	$ 300,064	375,861
Fair Value Option, Amortized Cost	293,312	368,247
Fair Value Option, Gross Unrealized Gain	147	292
Fair Value Option, Gross Unrealized Loss	(38,975)	(37,463)
Fair Value Option, Carrying Value/Estimated Fair Value	$ 254,484	$ 331,076

Securities - Overall Statistics

Securities - Overall Statistics for Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis (Detail) - Commercial Mortgage Backed Securities [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Coupon	5.80%	5.90%
Yield	4.60%	6.00%
Weighted Average Life	2 years 3 months 24 days	2 years 6 months

Securities - Percentage Vintage

Securities - Percentage Vintage, Property Type, and Location of Collateral Securing Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis (Detail) - Available-for-sale Securities [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
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	0.90%	2.00%
Vintage Concentration Risk [Member] | Vintage 2006 [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage	15.40%	12.10%
Vintage Concentration Risk [Member] | Vintage 2007 [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage	68.00%	73.50%
Vintage Concentration Risk [Member] | Vintage 2008 [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage	15.70%	12.40%
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	35.80%	34.60%
Product Concentration Risk [Member] | Retail [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage	30.60%	29.00%
Product Concentration Risk [Member] | Multifamily [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage	12.40%	12.40%
Product Concentration Risk [Member] | Other
Mortgage Loans on Real Estate [Line Items]
Percentage	21.20%	24.00%
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	26.90%	23.80%
Geographic Concentration Risk [Member] | Middle Atlantic [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage	16.50%	16.70%
Geographic Concentration Risk [Member] | Pacific [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage	14.30%	15.30%
Geographic Concentration Risk [Member] | East North Central [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage	14.40%	10.80%
Geographic Concentration Risk [Member] | Other [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage	27.90%	33.40%

Loans, Held for Investment - Sc

Loans, Held for Investment - Schedule of Mortgage Loans Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans, held for investment, net	$ 3,278,334	$ 2,693,092
Commercial Mortgage Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans, held for investment, net	2,037,971	1,641,856
Subordinate Mortgage Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans, held for investment, net	$ 1,240,363	$ 1,051,236

Loans, Held for Investment - 50

Loans, Held for Investment - Schedule of Mortgage Loans on Real Estate Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Principal Balance
Loan repayments			$ (10,452)	$ (36,044)
Provision for Loan Loss (2)
Provision for loan loss	$ 5,000	$ 15,000	5,000	15,000
Carrying Value
Loan repayments			(10,452)	(36,044)
Provision for loan loss	5,000	$ 15,000	5,000	$ 15,000
Commercial Mortgage and Subordinated Portfolio Segment [Member]
Principal Balance
Principal balance, beginning			2,720,344
Loan fundings			624,602
Loan repayments			(69,192)
Unrealized gain on foreign currency translation			12,376
Deferred fees and other items			0
Amortization of fees and other items			14,000
Principal balance, ending	3,302,130		3,302,130
Deferred Fees/Other Items
Deferred fees/other items, beginning			(12,252)
Deferred fees and other items			(7,141)
Amortization of fees and other items			12,578
Deferred fees/other items, ending	(6,815)		(6,815)
Provision for Loan Loss (2)
Provision for loans, beginning			(15,000)
Provision for loan loss			(1,981)
Provision for loans, ending	(16,981)		(16,981)
Carrying Value
Carrying value, beginning			2,693,092
Loan fundings			624,602
Loan repayments			(69,192)
Unrealized gain on foreign currency translation			12,376
Provision for loan loss			(1,981)
Deferred fees and other items			(7,141)
Amortization of fees and other items			26,578
Carrying value, ending	$ 3,278,334		3,278,334
Other Assets [Member] | Commercial Mortgage and Subordinated Portfolio Segment [Member]
Carrying Value
Impairment of real estate loan			$ 3,019

Loans, Held for Investment - 51

Loans, Held for Investment - Schedule of Loan Receivable Statistics (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)loan	Dec. 31, 2016USD ($)loan
Mortgage Loans on Real Estate [Abstract]
Number of loans | loan	52	45
Principal balance	$ 3,302,130	$ 2,720,344
Total loans, held for investment, net	3,278,334	2,693,092
Unfunded loan commitments	$ 119,813	$ 170,365
Weighted-average cash coupon	8.55%	8.88%
London Interbank Offered Rate (LIBOR) [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Basis spread on variable rate	1.22%	0.77%

Loans, Held for Investment - 52

Loans, Held for Investment - Schedule of Mortgage Loans by Property Type and Geographic Distribution (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 3,278,334	$ 2,693,092
Percent of Portfolio	100.00%	100.00%
Hotel
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 702,447	$ 408,428
Percent of Portfolio	21.40%	15.20%
Residential - for sale
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 547,113	$ 469,997
Percent of Portfolio	16.70%	17.50%
Urban Retail Predevelopment
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 583,241	$ 491,187
Percent of Portfolio	17.80%	18.20%
Office
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 257,291	$ 255,031
Percent of Portfolio	7.80%	9.50%
Residential Rental
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 290,152	$ 309,243
Percent of Portfolio	8.90%	11.50%
Mixed Use
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 253,649	$ 134,797
Percent of Portfolio	7.70%	4.90%
Retail Center
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 240,902	$ 209,401
Percent of Portfolio	7.30%	7.80%
Healthcare
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 172,872	$ 170,549
Percent of Portfolio	5.30%	6.30%
Industrial
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 157,040	$ 156,809
Percent of Portfolio	4.80%	5.80%
Other
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 73,627	$ 87,650
Percent of Portfolio	2.30%	3.30%
New York City
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 1,255,668	$ 1,034,303
Percent of Portfolio	38.30%	38.40%
Midwest
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 498,767	$ 405,992
Percent of Portfolio	15.20%	15.10%
Southeast
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 596,664	$ 332,276
Percent of Portfolio	18.20%	12.30%
United Kingdom
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 252,881	$ 244,756
Percent of Portfolio	7.70%	9.10%
West
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 226,977	$ 219,664
Percent of Portfolio	6.90%	8.20%
Mid Atlantic
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 198,501	$ 263,717
Percent of Portfolio	6.10%	9.80%
Southwest
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 25,000	$ 54,614
Percent of Portfolio	0.80%	2.00%
Northeast
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 181,987	$ 137,770
Percent of Portfolio	5.50%	5.10%
Other International
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 41,889	$ 0
Percent of Portfolio	1.30%	0.00%

Loans, Held for Investment - Na

Loans, Held for Investment - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)$ / ft²	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan losses and impairment	$ 5,000	$ 15,000	$ 5,000	$ 15,000
Commercial Mortgage and Subordinated Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan losses and impairment			(1,981)
Commercial Mortgage Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan losses and impairment			11,981		$ 10,000
Fair value inputs, terminal capitalization rate					11.00%
Fair value inputs, discount rate					10.00%
Subordinate Mortgage Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan losses and impairment			$ 5,000		$ 5,000
Residential Condominium - Bethesda, MD [Member] | Commercial Mortgage and Subordinated Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan losses and impairment	$ 1,981
Residential Condominium - Bethesda, MD [Member] | Commercial Mortgage Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value inputs, price per square foot | $ / ft²			678
Fair value inputs, discount rate			15.00%
Multifamily - Williston, ND [Member] | Commercial Mortgage Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan losses and impairment					10,000
Multifamily - Williston, ND [Member] | Subordinate Mortgage Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan losses and impairment					$ 5,000
Other Assets [Member] | Commercial Mortgage and Subordinated Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impairment of real estate loan			$ 3,019

Unconsolidated Joint Venture -

Unconsolidated Joint Venture - (Detail) € in Thousands, $ in Thousands

1 Months Ended

6 Months Ended

May 31, 2017EUR (€)

May 31, 2017USD ($)

Jun. 30, 2016EUR (€)

Feb. 28, 2015EUR (€)

Feb. 28, 2015USD ($)

Sep. 30, 2014EUR (€)

Sep. 30, 2014USD ($)

Jun. 30, 2017USD ($)

Jun. 30, 2016USD ($)

Jun. 30, 2016USD ($)

Jan. 31, 2015EUR (€)

Jan. 31, 2015USD ($)

Sep. 30, 2014USD ($)

Schedule of Equity Method Investments [Line Items]

Initial funding for equity method investment

$ 726

$ 362

KBCD Partnership [Member]

Schedule of Equity Method Investments [Line Items]

Initial funding for equity method investment

€ 30,724

$ 39,477

Commitment to Invest in KBCD [Member]

Schedule of Equity Method Investments [Line Items]

Commitment to invest

€ 38,000

$ 50,000

Unfunded Commitment, Champ L.P. [Member]

Schedule of Equity Method Investments [Line Items]

Commitment to invest

€ 2,802

$ 2,985

Commitment to invest transfer | €

€ 427

Wholly-owned Subsidiary [Member] | Champ Limited Partnership [Member]

Schedule of Equity Method Investments [Line Items]

Ownership interest

59.00%

0.00%

59.00%

Champ LP [Member] | KBC Bank Deutschland AG [Member]

Schedule of Equity Method Investments [Line Items]

Ownership interest

35.00%

35.00%

Company and affiliated investors ownership, percentage

100.00%

Champ LP [Member]

Schedule of Equity Method Investments [Line Items]

Sale of equity method investment, percentage

48.00%

48.00%

Proceeds from sale of equity method investments

€ 21,792

$ 24,498

€ 16,314

$ 20,794

Foreign exchange adjustments included in accumulated other comprehensive loss

$ 2,614

Loss on sale of equity method investment

$ 3,305

Champ LP [Member] | Additional Investment [Member]

Schedule of Equity Method Investments [Line Items]

Commitment to invest

€ 3,331

$ 3,929

Borrowings Under Repurchase A55

Borrowings Under Repurchase Agreements - Weighted Average Maturities and Interest Rates of Borrowings (Detail) £ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Jun. 30, 2017GBP (£)	Mar. 31, 2017USD ($)	Sep. 29, 2016USD ($)	Sep. 29, 2016GBP (£)
Debt Instrument [Line Items]
Borrowings Outstanding	$ 1,330,909,000	$ 1,139,803,000
Less: deferred financing costs	(9,345,000)	(6,763,000)
Line of Credit [Member]
Debt Instrument [Line Items]
Maximum Amount of Borrowings	2,153,412,000
Borrowings Outstanding	1,330,909,000	1,139,803,000
Less: deferred financing costs	$ (9,345,000)	$ (6,763,000)
Weighted Average Rate	3.53%	3.18%	3.53%
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis point	1.22%	0.77%
JP Morgan Chase DB Repurchase Facility, and Goldman Sachs [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Maximum Amount of Borrowings	$ 1,719,513,000
Borrowings Outstanding	$ 1,096,084,000	$ 835,464,000
JP Morgan Chase DB Repurchase Facility, and Goldman Sachs [Member] | Weighted Average [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis point	2.37%	2.38%
JPMorgan Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Maximum Amount of Borrowings	$ 1,118,000,000	$ 943,000,000
Borrowings Outstanding	794,404,000	$ 657,452,000
JPMorgan Facility [Member] | Line of Credit [Member] | General Facility [Member]
Debt Instrument [Line Items]
Long-term line of credit	975,000,000
JPMorgan Facility [Member] | Line of Credit [Member] | Asset Specific Financing [Member]
Debt Instrument [Line Items]
Maximum Amount of Borrowings				$ 143,000,000
Long-term line of credit	$ 143,000,000
JPMorgan Facility [Member] | Weighted Average [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis point	2.26%	2.25%
DB Repurchase Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Maximum Amount of Borrowings	$ 563,813,000	$ 300,000,000			$ 563,813,000
Borrowings Outstanding	263,980,000	$ 137,355,000
DB Repurchase Facility [Member] | Line of Credit [Member] | General Facility [Member]
Debt Instrument [Line Items]
Long-term line of credit	450,000,000		£ 45,000		450,000,000	£ 45,000
DB Repurchase Facility [Member] | Line of Credit [Member] | Asset Specific Financing [Member]
Debt Instrument [Line Items]
Long-term line of credit	$ 55,200,000				$ 55,200,000
DB Repurchase Facility [Member] | Weighted Average [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis point	2.56%	2.66%
DB Repurchase Facility [Member] | Minimum [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis point	2.10%
DB Repurchase Facility [Member] | Maximum [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis point	3.00%
Goldman Loan [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Borrowings Outstanding	$ 37,700,000	$ 40,657,000
Goldman Loan [Member] | Weighted Average [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis point	3.50%	3.50%
UBS and Deutsche Bank [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Maximum Amount of Borrowings	$ 433,899,000
Borrowings Outstanding	$ 244,170,000	$ 311,102,000
Weighted Average Rate	3.25%	3.27%	3.25%
UBS Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Maximum Amount of Borrowings	$ 133,899,000
Borrowings Outstanding	$ 100,798,000	$ 133,899,000
Weighted Average Rate	2.77%	2.79%	2.77%
DB Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Maximum Amount of Borrowings	$ 300,000,000
Borrowings Outstanding	$ 143,372,000	$ 177,203,000
Weighted Average Rate	3.59%	3.63%	3.59%
DB Facility [Member] | Minimum [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis point	1.80%
DB Facility [Member] | Maximum [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis point	2.32%

Borrowings Under Repurchase A56

Borrowings Under Repurchase Agreements - Remaining Maturities of Borrowings (Detail) - Line of Credit [Member] $ in Thousands	Jun. 30, 2017USD ($)
Line of Credit Facility [Line Items]
Less than 1 year	$ 638,531
1 to 3 years	701,723
3 to 5 years	0
More than 5 years	0
Total	1,340,254
JPMorgan Facility [Member]
Line of Credit Facility [Line Items]
Less than 1 year	436,546
1 to 3 years	357,858
3 to 5 years	0
More than 5 years	0
Total	794,404
DB Repurchase Facility [Member]
Line of Credit Facility [Line Items]
Less than 1 year	58,613
1 to 3 years	205,367
3 to 5 years	0
More than 5 years	0
Total	263,980
Goldman Loan [Member]
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	37,700
3 to 5 years	0
More than 5 years	0
Total	37,700
UBS Facility [Member]
Line of Credit Facility [Line Items]
Less than 1 year	0
1 to 3 years	100,798
3 to 5 years	0
More than 5 years	0
Total	100,798
DB Facility [Member]
Line of Credit Facility [Line Items]
Less than 1 year	143,372
1 to 3 years	0
3 to 5 years	0
More than 5 years	0
Total	$ 143,372

Borrowings Under Repurchase A57

Borrowings Under Repurchase Agreements - Summary of Outstanding Balances, Maximum and Average Balances of Borrowings (Detail) - Line of Credit [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Line of Credit Facility [Line Items]
Balance at June 30, 2017	$ 1,340,254
JPMorgan Facility [Member]
Line of Credit Facility [Line Items]
Balance at June 30, 2017	794,404
Maximum Month-End Balance	894,031
Average Month-End Balance	832,685
DB Repurchase Facility [Member]
Line of Credit Facility [Line Items]
Balance at June 30, 2017	263,980
Maximum Month-End Balance	367,010
Average Month-End Balance	297,148
Goldman Loan [Member]
Line of Credit Facility [Line Items]
Balance at June 30, 2017	37,700
Maximum Month-End Balance	39,590
Average Month-End Balance	38,707
UBS Facility [Member]
Line of Credit Facility [Line Items]
Balance at June 30, 2017	100,798
Maximum Month-End Balance	133,899
Average Month-End Balance	111,832
DB Facility [Member]
Line of Credit Facility [Line Items]
Balance at June 30, 2017	143,372
Maximum Month-End Balance	177,203
Average Month-End Balance	$ 149,453

Borrowings Under Repurchase A58

Borrowings Under Repurchase Agreements - Additional Information (Detail) £ in Thousands	Mar. 31, 2017USD ($)subsidiary	Sep. 29, 2016USD ($)extension	Jan. 26, 2015USD ($)	Apr. 30, 2014USD ($)	Sep. 30, 2013USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Jun. 30, 2017GBP (£)	Sep. 29, 2016GBP (£)
Debt Instrument [Line Items]
Borrowing outstanding						$ 1,330,909,000	$ 1,330,909,000	$ 1,139,803,000
Line of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing under facility						2,153,412,000	2,153,412,000
Borrowing outstanding						1,330,909,000	$ 1,330,909,000	$ 1,139,803,000
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread							1.22%	0.77%
Line of Credit [Member] | JPMorgan Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing under facility						1,118,000,000	$ 1,118,000,000	$ 943,000,000
Borrowing outstanding						794,404,000	794,404,000	657,452,000
Line of Credit [Member] | DB Repurchase Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing under facility		$ 563,813,000				563,813,000	563,813,000	300,000,000
Borrowing outstanding						263,980,000	263,980,000	137,355,000
Number of extensions available | extension		2
Line of credit facility, potential extension period		1 year
Line of Credit [Member] | Goldman Loan [Member]
Debt Instrument [Line Items]
Borrowing outstanding						37,700,000	37,700,000	40,657,000
Line of Credit [Member] | UBS Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing under facility						133,899,000	133,899,000
Borrowing outstanding						100,798,000	100,798,000	133,899,000
Line of Credit [Member] | DB Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing under facility						300,000,000	300,000,000
Borrowing outstanding						$ 143,372,000	$ 143,372,000	$ 177,203,000
Minimum [Member] | Line of Credit [Member] | DB Repurchase Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread							2.10%
Minimum [Member] | Line of Credit [Member] | DB Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread							1.80%
Maximum [Member] | Line of Credit [Member] | DB Repurchase Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread							3.00%
Maximum [Member] | Line of Credit [Member] | DB Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread							2.32%
JP Morgan Facility [Member] | Line of Credit [Member] | JPMorgan Facility [Member]
Debt Instrument [Line Items]
Number of indirect wholly owned subsidiaries | subsidiary	2
Amended and Restated JPMorgan Facility [Member] | Line of Credit [Member] | JPMorgan Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing under facility	$ 1,118,000,000
Debt extension option	1 year
Threshold amount for margin calls (more than)	$ 250,000
Amended and Restated JPMorgan Facility [Member] | Minimum [Member] | Line of Credit [Member] | JPMorgan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread						2.25%
Amended and Restated JPMorgan Facility [Member] | Maximum [Member] | Line of Credit [Member] | JPMorgan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread						4.75%
Repurchase Facility [Member] | Line of Credit [Member] | JPMorgan Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing under facility	975,000,000
Asset Specific Financing [Member] | Line of Credit [Member] | JPMorgan Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing under facility	$ 143,000,000
Long-term line of credit						$ 143,000,000	$ 143,000,000
Asset Specific Financing [Member] | Line of Credit [Member] | DB Repurchase Facility [Member]
Debt Instrument [Line Items]
Long-term line of credit		$ 55,200,000				55,200,000	55,200,000
General Facility [Member] | Line of Credit [Member] | JPMorgan Facility [Member]
Debt Instrument [Line Items]
Long-term line of credit						975,000,000	975,000,000
General Facility [Member] | Line of Credit [Member] | DB Repurchase Facility [Member]
Debt Instrument [Line Items]
Long-term line of credit		$ 450,000,000				450,000,000	450,000,000		£ 45,000	£ 45,000
Goldman Facility [Member] | Line of Credit [Member] | Goldman Loan [Member]
Debt Instrument [Line Items]
Maximum borrowing under facility						$ 37,700,000	$ 37,700,000
Covenant terms, minimum consolidated tangible net worth, amount			$ 750,000,000
Covenant terms, maximum debt to tangible net worth ratio			3
Covenant terms, minimum liquidity			$ 15,000,000
Line of credit facility, covenant terms, total consolidated indebtedness, percent			5.00%
Line of credit facility, covenant terms, minimum net income during any four consecutive quarters			$ 1
Covenant terms, minimum EBITDA to interest expense ratio			1.5
Goldman Facility [Member] | Line of Credit [Member] | Goldman Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread			3.50%
UBS Facility [Member] | Line of Credit [Member] | UBS Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing under facility					$ 133,899
Line of credit facility, potential extension period					1 year
Covenant terms, maximum debt to tangible net worth ratio					3
Line of credit, covenant, minimum net asset value					$ 500,000
UBS Facility [Member] | Line of Credit [Member] | UBS Facility [Member] | Six Month LIBOR [Member]
Debt Instrument [Line Items]
Basis spread					1.55%
DB Facility [Member] | Line of Credit [Member] | DB Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing under facility				$ 300,000,000
Line of credit, covenant, minimum shareholder's equity of gross capital Proceeds				50.00%
DB Facility [Member] | Minimum [Member] | Line of Credit [Member] | DB Facility [Member] | Three Month LIBOR [Member]
Debt Instrument [Line Items]
Basis spread				1.80%
DB Facility [Member] | Maximum [Member] | Line of Credit [Member] | DB Facility [Member] | Three Month LIBOR [Member]
Debt Instrument [Line Items]
Basis spread				2.32%
Line of credit facility, non-use commitment fee percentage				1.80%

Convertible Senior Notes - Narr

Convertible Senior Notes - Narrative (Detail) - USD ($)	Aug. 18, 2014	Mar. 17, 2014	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Convertible senior notes, carrying value			$ 250,949,000		$ 250,949,000		$ 249,994,000
Company share price (in dollars per share)			$ 18.55		$ 18.55
Convertible Debt [Member] | 2019 Notes [Member]
Debt Instrument [Line Items]
Equity component of the notes					$ 11,445,000
Interest expense on debt			$ 3,503,000	$ 3,503,000	7,006,000	$ 7,006,000
Additional non-cash interest expense			913,000	$ 883,000	1,814,000	$ 1,759,000
Convertible Debt [Member] | March 2019 Notes [Member]
Debt Instrument [Line Items]
Principal amount		$ 143,750,000	$ 143,750,000		$ 143,750,000
Coupon rate		5.50%	5.50%		5.50%
Proceeds from issuance of convertible senior notes		$ 139,037,000
Convertible senior notes, carrying value			$ 142,007,000		$ 142,007,000
Unamortized discount			1,743,000		1,743,000
Convertible Debt [Member] | August 2019 Notes [Member]
Debt Instrument [Line Items]
Principal amount	$ 111,000,000		$ 111,000,000		$ 111,000,000
Coupon rate	5.50%		5.50%		5.50%
Proceeds from issuance of convertible senior notes	$ 109,615,000
Convertible senior notes, carrying value			$ 108,942,000		$ 108,942,000
Unamortized discount			$ 2,058,000		2,058,000
Conversion rate basis, principal amount					$ 1,000,000

Convertible Senior Notes - Summ

Convertible Senior Notes - Summary of 2019 Notes (Detail) - Convertible Debt [Member]	6 Months Ended
	Jun. 30, 2017USD ($)	Aug. 18, 2014USD ($)	Mar. 17, 2014USD ($)
March 2019 Notes [Member]
Debt Instrument [Line Items]
Principal Amount	$ 143,750,000		$ 143,750,000
Coupon Rate	5.50%		5.50%
Effective rate	6.25%
Conversion rate	57.1177
Remaining Period of Amortization	1 year 8 months 16 days
August 2019 Notes [Member]
Debt Instrument [Line Items]
Principal Amount	$ 111,000,000	$ 111,000,000
Coupon Rate	5.50%	5.50%
Effective rate	6.50%
Conversion rate	57.1177
Remaining Period of Amortization	1 year 8 months 16 days

Participations Sold (Detail)

Participations Sold (Detail)	1 Months Ended
	Jan. 31, 2015USD ($)facility	Feb. 28, 2015USD ($)	Feb. 28, 2015GBP (£)	Jan. 31, 2015GBP (£)	Aug. 31, 2014USD ($)	Jun. 30, 2014USD ($)	May 31, 2014USD ($)
Commercial Mortgage Portfolio Segment [Member] | Mezzanine Loan, Acquired by Investment Funds [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan, face amount		$ 30,672,000	£ 20,000,000
Hotel [Member] | Hotel - Aruba [Member] | Subordinate Mortgage Portfolio Segment [Member] | First Mortgage [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan, face amount							$ 155,000,000
Senior Participation [Member] | Hotel [Member] | Hotel - Aruba [Member] | Subordinate Mortgage Portfolio Segment [Member]
Mortgage Loans on Real Estate [Line Items]
Participation in loan, amount					$ 90,000,000	$ 90,000,000
Junior Participation [Member] | Hotel [Member] | Hotel - Aruba [Member] | Subordinate Mortgage Portfolio Segment [Member]
Mortgage Loans on Real Estate [Line Items]
Participation in loan, amount					$ 65,000,000	$ 65,000,000
United Kingdom | Senior Housing Facility [Member] | Commercial Mortgage Portfolio Segment [Member] | Mezzanine Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan, face amount	$ 51,996,000			£ 34,519,000
Number of properties | facility	44

Derivative Instruments - Summar

Derivative Instruments - Summary of Non-Designated Foreign Exchange Forwards (Details) - Not Designated as Hedging Instrument [Member] - Foreign Currency Contract [Member]	Jun. 30, 2017GBP (£)contract	Dec. 31, 2016GBP (£)contract
Derivative [Line Items]
Number of Contracts | contract	9	11
Aggregate Notional Amount | £	£ 156,458	£ 148,310

Derivative Instruments - Summ63

Derivative Instruments - Summary of Derivatives (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments - unrealized	$ (7,435,000)	$ 13,408,000	$ (10,324,000)	$ 12,026,000
Gain (loss) on derivative instruments - realized			(110,000)	5,989,000
Sub-total	(7,389,000)	13,313,000	(10,434,000)	18,015,000
Total	(7,976,000)	13,313,000	(11,021,000)	18,015,000
Foreign Currency Contract [Member] | Gain (Loss) on Derivative Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments - unrealized	(7,438,000)	13,426,000	(10,321,000)	12,116,000
Gain (loss) on derivative instruments - realized	46,000	(95,000)	(110,000)	5,989,000
Foreign Currency Contract [Member] | Income (loss) From Unconsolidated Joint Venture [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments - realized	(587,000)	0	(587,000)	0
Interest Rate Cap [Member] | Gain (Loss) on Derivative Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments - unrealized	3,000	(18,000)	(3,000)	(90,000)
Aggregate notional amount	$ 42,830,000	$ 48,120,000	$ 42,830,000	$ 48,120,000

Derivative Instruments - Summ64

Derivative Instruments - Summary of Derivative Gross Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Offsetting Assets [Line Items]
Gross Amount of Recognized Liabilities	$ (4,691)
Gross Amounts Offset in the Condensed Consolidated Balance Sheet	256
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet	(4,435)	$ 0
Gross Amount of Recognized Assets		5,906
Gross Amounts Offset in the Consolidated Balance Sheet		0
Net Amounts of Assets Presented in the Consolidated Balance Sheet	0	5,906
Interest Rate Cap [Member]
Offsetting Assets [Line Items]
Gross Amount of Recognized Liabilities	0
Gross Amounts Offset in the Condensed Consolidated Balance Sheet	3
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet	3
Gross Amount of Recognized Assets		23
Gross Amounts Offset in the Consolidated Balance Sheet		0
Net Amounts of Assets Presented in the Consolidated Balance Sheet		23
Foreign Currency Contract [Member]
Offsetting Assets [Line Items]
Gross Amount of Recognized Liabilities	(4,691)
Gross Amounts Offset in the Condensed Consolidated Balance Sheet	253
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet	$ (4,438)
Gross Amount of Recognized Assets		5,883
Gross Amounts Offset in the Consolidated Balance Sheet		0
Net Amounts of Assets Presented in the Consolidated Balance Sheet		$ 5,883

Related Party Transactions (Det

Related Party Transactions (Detail) € in Thousands, $ in Thousands	1 Months Ended							3 Months Ended		6 Months Ended
	May 31, 2017EUR (€)	May 31, 2017USD ($)	Jun. 30, 2016EUR (€)	Feb. 28, 2015EUR (€)	Feb. 28, 2015USD ($)	Sep. 30, 2014EUR (€)	Sep. 30, 2014USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Jun. 30, 2016USD ($)	Jan. 31, 2015EUR (€)	Jan. 31, 2015USD ($)	Sep. 30, 2014USD ($)
Related Party Transaction [Line Items]
Related party expenses								$ 7,742	$ 5,242	$ 15,175	$ 10,471
Base management fees incurred but not yet paid								7,742		7,742		$ 7,015
Initial funding for equity method investment										$ 726	362
Limited Liability Company [Member]
Related Party Transaction [Line Items]
Rate of management fees										1.50%
Extension term										1 year
Voting requirement for termination of Management Agreement										66.66%
Termination vote threshold rate										300.00%
Period of termination										180 days
Period preceding termination which is used to calculate termination fee payment										24 months
Limited Liability Company [Member] | Management Fees [Member]
Related Party Transaction [Line Items]
Related party expenses								7,742	5,242	$ 15,175	10,471
Base management fees incurred but not yet paid								7,742		7,742		$ 7,015
Limited Liability Company [Member] | Reimbursements [Member]
Related Party Transaction [Line Items]
Related party expenses								$ 76	$ 44	$ 194	$ 842
KBCD Partnership [Member]
Related Party Transaction [Line Items]
Initial funding for equity method investment						€ 30,724	$ 39,477
Commitment to Invest in KBCD [Member]
Related Party Transaction [Line Items]
Commitment to invest						€ 38,000										$ 50,000
Unfunded Commitment, Champ L.P. [Member]
Related Party Transaction [Line Items]
Commitment to invest			€ 2,802										$ 2,985
Commitment to invest transfer | €			€ 427
Wholly-owned Subsidiary [Member] | Champ Limited Partnership [Member]
Related Party Transaction [Line Items]
Ownership interest						59.00%		0.00%		0.00%						59.00%
Champ LP [Member] | KBC Bank Deutschland AG [Member]
Related Party Transaction [Line Items]
Ownership interest						35.00%										35.00%
Company and affiliated investors ownership, percentage								100.00%		100.00%
Champ LP [Member]
Related Party Transaction [Line Items]
Sale of equity method investment, percentage				48.00%	48.00%
Proceeds from sale of equity method investments	€ 21,792	$ 24,498		€ 16,314	$ 20,794
Loss on sale of equity method investment		$ 3,305
Champ LP [Member] | Additional Investment [Member]
Related Party Transaction [Line Items]
Commitment to invest														€ 3,331	$ 3,929
Pre-development Mezzanine Loan [Member] | Residential Condominium [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Mortgage loan, face amount								$ 300,000		$ 300,000
Commercial Mortgage Portfolio Segment [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Mortgage loan, face amount								100,000		100,000
Commercial Mortgage Portfolio Segment [Member] | Pre-development Mezzanine Loan [Member] | Residential Condominium [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Mortgage loan, face amount								$ 25,000		$ 25,000

Share-Based Payments - Addition

Share-Based Payments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Sep. 23, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized stock-based compensation expense	$ 3,461	$ 1,938	$ 7,252	$ 3,606
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	2,063		2,063
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 19,937		$ 19,937
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%
Common stock, shares delivered (in shares)			200,569
LTIP [Member] | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units vested (in shares)			334,320
Adjustment to additional paid in capital, tax liability			$ 2,330

Share-Based Payments - Summary

Share-Based Payments - Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs (Detail) - LTIP [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)shares
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning of period (in shares)	150,110,000
Outstanding, end of period (in shares)	154,459,000
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning of period (in shares)	1,703,775,000
Vested (in shares)	(334,320)
Outstanding, end of period (in shares)	1,367,484,000
January 2017 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Vested (in shares)	(5,161,000)
January 2017 [Member] | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Cancelled upon delivery (in shares)	(332,349,000)
March 2017 [Member] | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Forfeiture (in shares)	(1,971,000)
April 2017 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Vested (in shares)	(5,164,000)
Grant (in shares)	14,674,000
Estimated fair value on grant date | $	$ 275
May 2017 [Member] | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Cancelled upon delivery (in shares)	(1,971,000)

Share-Based Payments - Summar68

Share-Based Payments - Summary of Restricted Stock and RSU Vesting Dates (Detail) - LTIP [Member]	Jun. 30, 2017shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,521,943,000
July 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	4,548,000
October 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	3,997,000
December 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	655,141,000
January 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,749,000
April 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	7,645,000
June 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	544,000
July 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,420,000
October 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,424,000
December 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	525,736,000
January 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,419,000
April 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	6,314,000
December 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	306,112,000
April 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	4,894,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	154,459,000
Restricted Stock [Member] | July 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	4,004,000
Restricted Stock [Member] | October 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	3,997,000
Restricted Stock [Member] | December 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	53,923,000
Restricted Stock [Member] | January 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,749,000
Restricted Stock [Member] | April 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	7,645,000
Restricted Stock [Member] | June 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	0
Restricted Stock [Member] | July 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,420,000
Restricted Stock [Member] | October 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,424,000
Restricted Stock [Member] | December 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	41,670,000
Restricted Stock [Member] | January 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,419,000
Restricted Stock [Member] | April 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	6,314,000
Restricted Stock [Member] | December 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	25,000,000
Restricted Stock [Member] | April 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	4,894,000
RSU Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,367,484,000
RSU Vesting [Member] | July 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	544,000
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	601,218,000
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	544,000
RSU Vesting [Member] | July 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	0
RSU Vesting [Member] | October 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	0
RSU Vesting [Member] | December 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	484,066,000
RSU Vesting [Member] | January 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	0
RSU Vesting [Member] | April 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	0
RSU Vesting [Member] | December 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	281,112,000
RSU Vesting [Member] | April 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	0

Stockholders' Equity (Detail)

Stockholders' Equity (Detail) - USD ($) $ / shares in Units, $ in Thousands	Jun. 15, 2017	Mar. 14, 2017	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			450,000,000	450,000,000		450,000,000
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01		$ 0.01
Preferred stock, shares authorized (in shares)			50,000,000	50,000,000		50,000,000
Preferred stock, par value (in dollars per share)			$ 0.01	$ 0.01		$ 0.01
Common stock, shares issued (in shares)			105,437,919	91,422,676		105,437,919
Common stock, shares outstanding (in shares)			105,437,919	91,422,676		105,437,919
Dividend declared per share of common stock (in dollars per share)			$ 0.46		$ 0.46	$ 0.92	$ 0.92
Proceeds from issuance of common stock as a result of follow-on public offering			$ 248,900	$ 177,796
Common Stock [Member]
Class of Stock [Line Items]
Dividend declared per share of common stock (in dollars per share)	$ 0.46	$ 0.46
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)			3,450,000	3,450,000		3,450,000
Preferred stock, shares outstanding (in shares)			3,450,000	3,450,000		3,450,000
Dividend rate, preferred stock						8.625%
Dividend declared per share of preferred stock (in dollars per share)	0.5391	0.5391
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)			8,000,000	8,000,000		8,000,000
Preferred stock, shares outstanding (in shares)			8,000,000	8,000,000		8,000,000
Dividend declared per share of preferred stock (in dollars per share)	0.5000	0.50
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)			6,900,000	6,900,000		6,900,000
Preferred stock, shares outstanding (in shares)			6,900,000	6,900,000		6,900,000
Dividend rate, preferred stock						8.00%
Dividend declared per share of preferred stock (in dollars per share)	$ 0.5000	$ 0.5000
Common Stock [Member]
Class of Stock [Line Items]
New issuance of stock (shares)						13,800,000
Common Stock [Member] | Follow On Public Offering [Member]
Class of Stock [Line Items]
New issuance of stock (shares)			13,800,000	10,500,000
Price per share of newly issued stock (in dollars per share)			$ 18.05	$ 16.97		$ 18.05

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	May 06, 2016lawsuit	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Aug. 31, 2016lawsuit
Schedule of Equity Method Investments [Line Items]
Number of class action lawsuits | lawsuit				2
Number of consolidated lawsuits | lawsuit	3
Unfunded loan commitments		$ 119,813	$ 170,365
Commercial Mortgage Loans [Member]
Schedule of Equity Method Investments [Line Items]
Unfunded loan commitments		119,813
Subordinate Mortgage Loans [Member]
Schedule of Equity Method Investments [Line Items]
Unfunded loan commitments		$ 119,813

Fair Value of Financial Instr71

Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Restricted cash	$ 57,665	$ 62,457	$ 67,438
Securities, held-to-maturity	0	146,352
Level 1 [Member] | Carrying Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash and cash equivalents	214,016	200,996
Restricted cash	57,665	62,457
Convertible senior notes, net	(250,949)	(249,994)
Level 1 [Member] | Estimated Fair Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash and cash equivalents	214,016	200,996
Restricted cash	57,665	62,457
Convertible senior notes, net	(274,262)	(268,124)
Level 3 [Member] | Carrying Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Securities, held-to-maturity	0	146,352
Borrowings under repurchase agreements	(1,340,254)	(1,146,566)
Level 3 [Member] | Carrying Value [Member] | Commercial Mortgage Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage and subordinate loans	2,037,971	1,641,856
Level 3 [Member] | Carrying Value [Member] | Subordinate Mortgage Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage and subordinate loans	1,240,363	1,051,236
Level 3 [Member] | Estimated Fair Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Securities, held-to-maturity	0	146,352
Borrowings under repurchase agreements	(1,338,368)	(1,146,807)
Level 3 [Member] | Estimated Fair Value [Member] | Commercial Mortgage Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage and subordinate loans	2,034,082	1,648,896
Level 3 [Member] | Estimated Fair Value [Member] | Subordinate Mortgage Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage and subordinate loans	1,244,548	1,060,882
Level 3 [Member] | Participating Mortgages [Member] | Carrying Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Participations sold	0	(84,979)
Level 3 [Member] | Participating Mortgages [Member] | Estimated Fair Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Participations sold	$ 0	$ (85,072)

Net Income per Share (Detail)

Net Income per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Numerator:
Net income	$ 36,235	$ 10,338	$ 83,359	$ 28,956
Preferred dividends	(9,310)	(5,860)	(18,620)	(11,675)
Net income available to common stockholders	26,925	4,478	64,739	17,281
Dividends declared on common stock	(48,501)	(31,005)	(90,647)	(62,002)
Dividends on participating securities	(630)	(437)	(1,259)	(885)
Net (loss) attributable to common stockholders	$ (22,206)	$ (26,964)	$ (27,167)	$ (45,606)
Denominator:
Basic weighted average shares of common stock outstanding (shares)	95,428,134	67,402,311	93,530,831	67,393,751
Diluted weighted average shares of common stock outstanding (shares)	96,796,289	68,374,557	94,907,762	68,351,137
Basic and diluted net income per weighted average share of common stock
Distributable Earnings (in dollars per share)	$ 0.51	$ 0.46	$ 0.97	$ 0.92
Undistributed (loss) (in dollars per share)	(0.23)	(0.40)	(0.29)	(0.68)
Basic and diluted net income per share of common stock (in dollars per share)	$ 0.28	$ 0.06	$ 0.68	$ 0.24
RSUs [Member]
Basic and diluted net income per weighted average share of common stock
Unvested securities excluded from earnings per share calculation	1,368,155	972,246	1,376,930	957,386

Business Combination - Narrativ

Business Combination - Narrative (Details) - USD ($)	Aug. 31, 2016	Dec. 31, 2016
Business Acquisition [Line Items]
Proceeds from sale of mortgaged based securities	$ 1,100,000,000
Apollo Residential Mortgage, Inc. Merger [Member]
Business Acquisition [Line Items]
Transaction-related expenses		$ 11,350,000
Loans Payable [Member]
Business Acquisition [Line Items]
Repayments of debt	804,000,000
Loans Payable [Member] | Athene Loan Agreement [Member]
Business Acquisition [Line Items]
Principal amount	175,000,000
Repayments of debt	$ 175,000,000

Business Combination - Fair Val

Business Combination - Fair Value of Net Assets and Consideration Paid (Details) - Apollo Residential Mortgage, Inc. Merger [Member] $ in Thousands	Aug. 31, 2016USD ($)
Consideration Paid:
Cash	$ 220,159
Total consideration paid	611,056
Assets acquired:
Cash and cash equivalents	399,402
Restricted cash	10,552
Investments	1,491,484
Other assets	34,822
Liabilities assumed:
Borrowings under repurchase agreements	(1,254,518)
Other liabilities	(30,665)
Net assets acquired	651,077
Bargain purchase gain	40,021
Common Stock [Member]
Consideration Paid:
Consideration transferred, equity interest issued and issuable	218,397
Preferred Stock [Member]
Consideration Paid:
Consideration transferred, equity interest issued and issuable	$ 172,500

Business Combination - Pro Form

Business Combination - Pro Forma Consolidated Operational Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Business Acquisition [Line Items]
Net income available to common stockholders	$ 26,925	$ 4,478	$ 64,739	$ 17,281
Common shares outstanding at June 30, 2016 (in shares)	105,437,919		105,437,919		91,422,676
Net income per common share, basic and diluted (in dollars per share)	$ 0.28	$ 0.06	$ 0.68	$ 0.24
Apollo Residential Mortgage, Inc. Merger [Member]
Business Acquisition [Line Items]
Total revenue		$ 94,257		$ 190,565
Net income available to common stockholders		$ 24,778		$ 24,546
Common shares outstanding at June 30, 2016 (in shares)		67,402,311		67,402,311
Net income per common share, basic and diluted (in dollars per share)		$ 0.36		$ 0.36

Subsequent Events (Detail)

Subsequent Events (Detail)	Jul. 03, 2017$ / sharesshares	Aug. 01, 2017USD ($)	Jul. 31, 2017USD ($)Security	Aug. 01, 2017GBP (£)	Jun. 30, 2017shares	Dec. 31, 2016shares
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of CMBS | Security			2
Loan fundings		$ 2,900,000
Proceeds from loan repayments		50,400,000
Series A Preferred stock [Member]
Subsequent Event [Line Items]
Preferred stock, shares issued (in shares) | shares					3,450,000	3,450,000
Preferred stock, shares outstanding (in shares) | shares					3,450,000	3,450,000
Series A Preferred stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Preferred stock, shares issued (in shares) | shares	3,450,000,000
Preferred stock, shares outstanding (in shares) | shares	3,450,000
Redemption price (in dollars per share) | $ / shares	$ 25
Unpaid dividends (in dollars per share) | $ / shares	$ 0.1079
CMBS [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from sale and principal pay downs			$ 60,000,000
Commercial Mortgage Portfolio Segment [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Total loans, held for investment, net		125,000,000		£ 60,000,000
Loan fundings		125,000,000		£ 32,190,000
Subordinate Mortgage Portfolio Segment [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Total loans, held for investment, net		37,500,000
Loan fundings		$ 37,500,000