Apollo Commercial Real Estate Finance (ARI) 10-Q 28 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 28, 2016
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	ARI
Entity Registrant Name	Apollo Commercial Real Estate Finance, Inc.
Entity Central Index Key	1,467,760
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		67,402,601

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Assets:
Cash	$ 38,631	$ 38,631	$ 67,415
Restricted cash	67,438	67,438	30,127
Securities, at estimated fair value	452,704	452,704	493,149
Securities, held-to-maturity	151,726	151,726	153,193
Investment in unconsolidated joint venture	23,571	23,571	22,583
Derivative assets	15,342	15,342	3,327
Interest receivable	19,185	19,185	16,908
Other assets	9,297	9,297	236
Total Assets	2,979,087	2,979,087	2,712,590
Liabilities:
Borrowings under repurchase agreements (net of deferred financing costs of $8,160 and $7,353 in 2016 and 2015, respectively)	1,217,935	1,217,935	918,421
Convertible senior notes, net	249,069	249,069	248,173
Participations sold	114,387	114,387	118,201
Accounts payable and accrued expenses	24,504	24,504	9,246
Related party expenses	5,242	10,471
Payable to related party	5,242	5,242	5,297
Dividends payable	36,427	36,427	37,828
Total Liabilities	1,647,564	1,647,564	1,337,166
Commitments and Contingencies
Stockholders’ Equity:
Common stock, $0.01 par value, 450,000,000 shares authorized, 67,402,311 and 67,195,252 shares issued and outstanding in 2016 and 2015, respectively	674	674	672
Additional paid-in-capital	1,411,420	1,411,420	1,410,138
Accumulated deficit	(77,939)	(77,939)	(32,328)
Accumulated other comprehensive loss	(2,747)	(2,747)	(3,173)
Total Stockholders’ Equity	1,331,523	1,331,523	1,375,424
Total Liabilities and Stockholders’ Equity	2,979,087	2,979,087	2,712,590
Commercial mortgage loans [Member]
Assets:
Loans, held for investment	1,278,034	1,278,034	994,301
Subordinate loans [Member]
Assets:
Loans, held for investment	923,159	923,159	931,351
Series A Preferred stock [Member]
Stockholders’ Equity:
Preferred stock	35	35	35
Series B Preferred stock [Member]
Stockholders’ Equity:
Preferred stock	$ 80	$ 80	$ 80

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	67,402,311	67,195,252
Common stock, shares outstanding	67,402,311	67,195,252
Deferred financing costs	$ 8,160,000	$ 7,353,000
Series A Preferred stock [Member]
Preferred stock, shares issued	3,450,000	3,450,000
Preferred stock, shares outstanding	3,450,000	3,450,000
Preferred stock, aggregate liquidation preference, value	$ 86,250,000	$ 86,250,000
Series B Preferred stock [Member]
Preferred stock, shares issued	8,000,000	8,000,000
Preferred stock, shares outstanding	8,000,000	8,000,000
Preferred stock, aggregate liquidation preference, value	$ 200,000,000	$ 200,000,000

Condensed Consolidated Statemen

Condensed Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net interest income:
Interest income from securities	$ 7,607	$ 8,265	$ 15,656	$ 16,553
Interest income from securities, held to maturity	2,826	3,349	5,722	6,394
Interest income from commercial mortgage loans	24,140	11,968	45,267	22,061
Interest income from subordinate loans	28,067	21,152	57,442	39,762
Interest expense	(15,722)	(11,917)	(30,364)	(23,399)
Net interest income	46,918	32,817	93,723	61,371
Operating expenses:
General and administrative expenses (includes $1,938 and $3,606 of equity based compensation in 2016 and $821 and $1,939 in 2015, respectively)	(4,922)	(2,059)	(13,104)	(4,414)
Management fees to related party	(5,242)	(3,887)	(10,471)	(7,228)
Total operating expenses	(10,164)	(5,946)	(23,575)	(11,642)
Income from unconsolidated joint venture	59	384	127	384
Other income	22	6	25	16
Provision for loan losses	(15,000)	0	(15,000)	0
Realized loss on sale of securities	0	0	0	(443)
Unrealized gain (loss) on securities	(11,728)	(2,273)	(26,802)	1,136
Foreign currency gain (loss)	(13,082)	2,867	(17,557)	5,588
Gain (loss) on derivative instruments (includes unrealized gains(losses) of $13,408 and $12,026 in 2016 and $(3,197) and $(6,241) in 2015, respectively)	13,313	(3,197)	18,015	(6,241)
Net income	10,338	24,658	28,956	50,169
Preferred dividends	(5,860)	(1,860)	(11,675)	(3,720)
Net income available to common stockholders	$ 4,478	$ 22,798	$ 17,281	$ 46,449
Basic and diluted net income per share of common stock (dollars per share)	$ 0.06	$ 0.39	$ 0.24	$ 0.85
Basic weighted average shares of common stock outstanding (shares)	67,402,311	58,429,155	67,393,751	54,020,978
Diluted weighted average shares of common stock outstanding (shares)	68,374,557	59,022,217	68,351,137	54,621,401
Dividend declared per share of common stock (dollars per share)	$ 0.46	$ 0.44	$ 0.92	$ 0.88

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
General and administrative expenses, equity-based compensation	$ 1,938	$ 821	$ 3,606	$ 1,939
Unrealized gains (losses) on derivative instruments	$ 13,408	$ (3,197)	$ 12,026	$ (6,241)

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income available to common stockholders	$ 4,478	$ 22,798	$ 17,281	$ 46,449
Change in net unrealized gain (loss) on securities available-for-sale	0	0	0	678
Foreign currency translation adjustment	(492)	738	426	(360)
Comprehensive income	$ 3,986	$ 23,536	$ 17,707	$ 46,767

Condensed Consolidated Stateme7

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid In Capital [Member]	Returned Earnings/ (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income [Member]
Beginning balance, Shares at Dec. 31, 2015		11,450,000	67,195,252
Beginning balance at Dec. 31, 2015	$ 1,375,424	$ 115	$ 672	$ 1,410,138	$ (32,328)	$ (3,173)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital decrease related to Equity Incentive Plan (shares)			190,003
Capital increase related to Equity Incentive Plan	1,253		$ 2	1,251
Issuance of restricted common stock (shares)			17,056
Issuance of restricted common stock	0
Offering costs	31			31
Net income	28,956				28,956
Change in other comprehensive loss	426					426
Dividends on common stock	(62,892)				(62,892)
Dividends on preferred stock	(11,675)				(11,675)
Ending balance, Shares at Jun. 30, 2016		11,450,000	67,402,311
Ending balance at Jun. 30, 2016	$ 1,331,523	$ 115	$ 674	$ 1,411,420	$ (77,939)	$ (2,747)

Condensed Consolidated Stateme8

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows provided by operating activities:
Net income	$ 28,956	$ 50,169
Adjustments to reconcile net income to net cash provided by operating activities:
Premium amortization and (discount accretion) on assets, net	(4,445)	(5,040)
Amortization of deferred financing costs	2,038	1,377
Equity-based compensation	1,258	1,817
Unrealized (gain) loss on securities	26,802	(1,136)
Provision for loan losses	15,000	0
Income from unconsolidated joint venture	(127)	(384)
Foreign currency (gain) loss	17,559	(2,329)
Realized (gain) loss on derivative instruments	(5,989)	0
Unrealized (gain) loss on derivative instruments	(12,026)	6,241
Realized (gain) loss on sale of security	0	443
Changes in operating assets and liabilities:
Accrued interest receivable, less purchased interest	(16,888)	(12,328)
Other assets	(9,117)	371
Accounts payable and accrued expenses	2,124	644
Payable to related party	(55)	650
Net cash provided by operating activities	45,090	40,495
Cash flows used in investing activities:
Funding of commercial mortgage loans	(313,607)	(270,182)
Funding of subordinate loans	(40,920)	(278,929)
Funding of unconsolidated joint venture	(362)	(3,929)
Funding of other assets	0	(8)
Funding of derivative instruments	0	(327)
Proceeds on settlements of derivative instruments	5,989	0
Increase in collateral held related to derivative contracts	13,210	0
Increase in restricted cash related to investing activities	(37,310)	(4,420)
Proceeds from sale of securities available-for-sale	0	17,291
Proceeds from sale of securities at estimated fair value	0	6,338
Proceeds from sale of investment in unconsolidated joint venture	0	20,794
Principal payments received on securities at estimated fair value	14,545	32
Principal payments received on securities, held-to-maturity	1,500	250
Principal payments received on commercial mortgage loans	36,044	28,474
Principal payments received on subordinate loans	26,538	24,435
Principal payments received on other assets	51	125
Net cash used in investing activities	(294,322)	(460,056)
Cash flows from financing activities:
Proceeds from issuance of common stock	0	193,430
Payment of offering costs	(45)	(279)
Proceeds from repurchase agreement borrowings	380,458	456,017
Repayments of repurchase agreement borrowings	(80,137)	(199,860)
Proceeds from participations sold	0	30,484
Repayments of participations sold	(1,013)	(220)
Increase in restricted cash related to financing activities	0	0
Payment of deferred financing costs	(2,846)	(2,830)
Dividends on common stock	(63,183)	(45,254)
Dividends on preferred stock	(12,786)	(3,720)
Net cash provided by financing activities	220,448	427,768
Net decrease in cash and cash equivalents	(28,784)	8,207
Cash and cash equivalents, beginning of period	67,415	40,641
Cash and cash equivalents, end of period	38,631	48,848
Supplemental disclosure of cash flow information:
Interest paid	26,991	20,186
Supplemental disclosure of non-cash financing activities:
Dividend declared, not yet paid	36,427	27,694
Offering costs payable	$ 220	$ 65

Organization

Organization	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Apollo Commercial Real Estate Finance, Inc. (together with its consolidated subsidiaries, is referred to throughout this report as the “Company,” “ARI,” “we,” “us” and “our”) is a Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings, commercial mortgage-backed securities (“CMBS”) and other commercial real estate-related debt investments. These asset classes are referred to as the Company’s target assets.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
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 and loan loss reserve. Actual results could differ from those estimates. These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 , as filed with the Securities and Exchange Commission (the “SEC”). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been included. The Company's results of operations for the quarterly period ended June 30, 2016 are not necessarily indicative of the results to be expected for the full year or any other future period. The Company currently operates in one business segment. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the "FASB") issued guidance which broadly amends the accounting guidance for revenue recognition. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The Company is currently assessing the impact that this accounting guidance will have on the Company's condensed consolidated financial statements when adopted. In August 2014, the FASB issued guidance regarding management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The new guidance requires that management evaluate each annual and interim reporting period whether conditions exist that give rise to substantial doubt about the entity’s ability to continue as a going concern within one year from the financial statement issuance date, and if so, provide related disclosures. Disclosures are only required if conditions give rise to substantial doubt, whether or not the substantial doubt is alleviated by management’s plans. No disclosures are required specific to going concern uncertainties if an assessment of the conditions does not give rise to substantial doubt. Substantial doubt exists when conditions and events, considered in the aggregate, indicate that it is probable that a company will be unable to meet its obligations as they become due within one year after the financial statement issuance date. If substantial doubt is alleviated as a result of the consideration of management’s plans, a company should disclose information that enables users of financial statements to understand all of the following (or refer to similar information disclosed elsewhere in the footnotes): (1) principal conditions that initially give rise to substantial doubt, (2) management’s evaluation of the significance of those conditions in relation to the company’s ability to meet its obligations, and (3) management’s plans that alleviated substantial doubt. If substantial doubt is not alleviated after considering management’s plans, disclosures should enable investors to understand the underlying conditions, and include the following: (1) a statement indicating that there is substantial doubt about the company’s ability to continue as a going concern within one year after the issuance date, (2) the principal conditions that give rise to substantial doubt, (3) management’s evaluation of the significance of those conditions in relation to the company’s ability to meet its obligations, and (4) management's plans that are intended to mitigate the adverse conditions. The new guidance applies to all companies. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company does not anticipate that the adoption of this guidance will have a material impact on the Company's condensed consolidated financial statements. In February 2015, the FASB issued guidance which amends the guidance related to accounting for the consolidation of certain legal entities. The modifications impacts limited partnerships and similar legal entities, the evaluation of (i) fees paid to a decision maker or a service provider as a variable interest, (ii) fee arrangements, and (iii) related parties on the primary beneficiary determination. The Company adopted this guidance and determined there was no material impact on the Company's condensed consolidated financial statements. In April 2015, the FASB issued guidance that simplifies the presentation of debt issuance costs by amending the accounting guidance to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability. The amendments are consistent with the accounting guidance related to debt discounts. The Company adopted this guidance and applied its provisions retrospectively. This resulted in the reclassification of unamortized deferred financing costs from deferred financing costs, net to reductions in borrowings under repurchase agreements of $8,160 and $7,353 for the period ended June 30, 2016 and December 31, 2015 respectively. Other than this reclassification, the adoption of this guidance did not have an 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 is currently assessing the impact that this accounting guidance will have on the Company's condensed consolidated financial statements when adopted. 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 evaluating the impact of the guidance on its condensed consolidated financial statements when adopted.

Fair Value Disclosure

Fair Value Disclosure	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosure	Fair Value Disclosure GAAP establishes a hierarchy of valuation techniques based on observable inputs utilized in measuring financial instruments at fair values. Market based or observable inputs are the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: Level I — Quoted prices in active markets for identical assets or liabilities. Level II — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. Level III — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. While the Company anticipates that its valuation methods will be appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The Company will use inputs that are current as of the measurement date, which may include periods of market dislocation, during which price transparency may be reduced. The estimated fair value of the CMBS portfolio is determined by reference to market prices provided by certain dealers who make a market in these financial instruments. 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. The estimated fair values of the Company’s securities are based on observable market parameters and are classified as Level II in the fair value hierarchy. In accordance with GAAP, the Company elects the fair value option for these securities at the date of purchase in order to allow the Company to measure these securities at fair value with the change in estimated fair value included as a component of earnings in order to reflect the performance of investment in a timely manner. The estimated fair values of the Company’s derivative instruments are determined using a discounted cash flow analysis on the expected cash flows of each derivative. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The fair values of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected cash flows are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The fair values of foreign exchange forwards are determined by comparing the contracted forward exchange rate to the current market exchange rate. The current market exchange rates are determined by using market spot rates, forward rates and interest rate curves for the underlying countries. The Company’s derivative instruments are classified as Level II in the fair value hierarchy. The following table summarizes the levels in the fair value hierarchy into which the Company’s financial instruments were categorized as of June 30, 2016 and December 31, 2015 : Fair Value as of June 30, 2016 Fair Value as of December 31, 2015 Level I Level II Level III Total Level I Level II Level III Total CMBS (Fair Value Option) $ — $ 452,704 $ — $ 452,704 $ — $ 493,149 $ — $ 493,149 Derivative instruments — 15,342 — 15,342 — 3,327 — 3,327 Total $ — $ 468,046 $ — $ 468,046 $ — $ 496,476 $ — $ 496,476

Debt Securities

Debt Securities	6 Months Ended
	Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Debt Securities	Debt Securities At June 30, 2016 , all of the Company's CMBS (Fair Value Option) were pledged to secure borrowings under the Company’s master repurchase agreements with UBS AG, London Branch ("UBS") (the "UBS Facility") and Deutsche Bank AG ("DB") (the "DB Facility"). See "Note 8 - Borrowings Under Repurchase Agreements" for further information regarding these facilities. CMBS (Held-to-Maturity) represents a loan the Company closed during May 2014 that was subsequently contributed to a securitization during August 2014. During May 2014, the Company closed a $155,000 floating-rate whole loan secured by the first mortgage and equity interests in an entity that owns a resort hotel in Aruba. The property consists of 442 hotels rooms, 114 timeshare units, two casinos and approximately 131,500 square feet of retail space. During June 2014, the Company syndicated a $90,000 senior participation in the loan and retained a $65,000 junior participation. The Company evaluated this transaction and concluded due to its continuing involvement the transaction should not be accounted for as a sale. During August 2014, both the $90,000 senior participation and the Company's $65,000 junior participation were contributed to a CMBS securitization. In exchange for contributing its $65,000 junior participation, the Company received a CMBS secured solely by the $65,000 junior participation. The whole loan has a three -year term with two one -year extension options and an appraised loan-to-value ("LTV") of approximately 60% . The amortized cost and estimated fair value of the Company’s debt securities at June 30, 2016 are summarized as follows: Security Description Face Amount Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Value CMBS (Fair Value Option) $ 497,143 $ 490,601 $ 1,149 $ (39,046 ) $ 452,704 CMBS (Held-to-Maturity) 151,750 151,726 — — 151,726 Total $ 648,893 $ 642,327 $ 1,149 $ (39,046 ) $ 604,430 The amortized cost and estimated fair value of the Company’s debt securities at December 31, 2015 are summarized as follows: Security Description Face Amount Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Value CMBS (Fair Value Option) $ 511,482 $ 504,253 $ 2,614 $ (13,718 ) $ 493,149 CMBS (Held-to-Maturity) 153,250 153,193 — — 153,193 Total $ 664,732 $ 657,446 $ 2,614 $ (13,718 ) $ 646,342 During February 2015, the Company sold CMBS with an amortized cost of $24,038 resulting in a net realized loss of $443 , which was comprised of realized gains of $43 and realized losses of $486 . As a result of the sale, $678 was reclassified out of accumulated other comprehensive income. The sale generated proceeds of $1,341 after the repayment of $22,254 of borrowings under the Company's master repurchase agreement with Wells Fargo Bank, N.A. ("Wells Fargo") (the "Wells Facility"). The overall statistics for the Company’s CMBS (Fair Value Option) investments calculated on a weighted average basis assuming no early prepayments or defaults as of June 30, 2016 and December 31, 2015 are as follows: June 30, 2016 December 31, 2015 Credit Ratings * B + - D BB-D Coupon 5.9 % 5.9 % Yield 5.9 % 6.5 % Weighted Average Life 1.2 years 1.6 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 CMBS (Fair Value Option) investments calculated on a weighted average basis as of June 30, 2016 and December 31, 2015 are as follows: Vintage June 30, 2016 December 31, 2015 2005 6.7 % 8.3 % 2006 20.4 20.0 2007 63.6 62.4 2008 9.3 9.3 Total 100.0 % 100.0 % Property Type June 30, 2016 December 31, 2015 Office 34.2 % 32.0 % Retail 29.9 30.2 Multifamily 13.5 13.5 Other * 22.4 24.3 Total 100.0 % 100.0 % * No other individual category comprises more than 10% of the total. Location June 30, 2016 December 31, 2015 South Atlantic 22.1 % 23.0 % Middle Atlantic 16.5 18.1 Pacific 17.2 17.8 East North Central 11.4 12.5 Other * 32.8 28.6 Total 100.0 % 100.0 % * No other individual category comprises more than 10% of the total.

Commercial Mortgage Loans

Commercial Mortgage Loans	6 Months Ended
	Jun. 30, 2016
Commercial mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Commercial Mortgage Loans	Commercial Mortgage Loans The Company’s commercial mortgage loan portfolio was comprised of the following at June 30, 2016 : Description Maturity Date Current Principal Balance Carrying Value Fixed/Floating Property Size Condominium – New York, NY (1) Sept-16 13,789 13,874 Floating 40,000 sq. ft. Condominium - Bethesda, MD (1)(2) Sept-16 49,893 50,204 Floating 50 units Vacation Home Portfolio - Various (1) Apr-19 91,553 90,743 Fixed 229 properties Hotel - Philadelphia, PA (1)(3) May-17 34,000 33,972 Floating 301 keys Condo Construction - Bethesda, MD (4) Dec-16 49,162 49,374 Floating 40 units Multifamily - Brooklyn, NY (1)(5) Aug-16 34,500 34,940 Floating 63 units Mixed Use - Cincinnati, OH (1)(3) May-18 165,000 163,047 Floating 65 acres Condo Conversion - New York, NY (1) Sept-16 67,300 67,023 Floating 86,000 sq. ft. Multifamily - Williston, ND (1)(3) Nov-17 49,706 39,717 Floating 366 units/homes Vacation Home Portfolio - Various U.S. (1)(3) Nov-19 50,000 49,641 Fixed 24 properties Mixed Use - Brooklyn, NY (1)(8) Mar-17 85,770 85,959 Floating 330,000 sq. ft. Retail redevelopment - Miami, FL (1)(7) Jan-17 45,000 45,202 Floating 63,300 sq. ft. Retail - Brooklyn, NY (1) Mar-17 23,000 22,951 Floating 10,500 sq. ft. Hotel - New York, NY (1)(9) Sept-18 100,063 99,552 Floating 317 keys Retail - Brooklyn, NY Mar-17 5,910 5,885 Floating 5,500 sq. ft. Hotel - U.S. Virgin Islands (1)(10) Jan-18 42,000 41,700 Floating 180 keys Office - Richmond, VA (1)(11) Jan-18 54,000 53,652 Floating 262,000 sq. ft. Retail redevelopment - Miami, FL (1)(12) Jan-18 220,000 217,851 Floating 113,000 sq. ft. Office - Boston, MA (6)(1) Mar-18 28,512 28,272 Floating 114,000 sq. ft. Mixed Use - New York, NY (13)(1) Jun-18 44,750 44,294 Floating 91,584 sq. ft. Condo Conversion - Brooklyn, NY (14)(1) Jun-18 40,600 40,181 Floating 133,550 sq. ft. Total/Weighted Average $ 1,294,508 $ 1,278,034 (1) At June 30, 2016 , this loan was pledged to secure borrowings under the Company’s master repurchase facilities entered into with JPMorgan Chase Bank, N.A. (the “JPMorgan Facility”) or Goldman Sachs Bank USA (the “Goldman Loan”). See "Note 8 – Borrowings Under Repurchase Agreements" for a description of these facilities. (2) This loan includes a six -month extension option subject to certain conditions and the payment of a fee. (3) This loan includes two one -year extension options subject to certain conditions and the payment of a fee. (4) This loan includes a six -month extension option subject to certain conditions and the payment of a fee. At June 30, 2016 , the Company had $9,100 of unfunded loan commitments related to this loan. (5) This loan includes three one -year extension options subject to certain conditions and the payment of a fee. (6) This loan includes one six -month extension option subject to certain conditions and the payment of a fee. At June 30, 2016 , the Company had $2,488 of unfunded loan commitments related to this loan. (7) This loan includes two six - month extension options subject to certain conditions and the payment of a fee for each extension. (8) At June 30, 2016 , the Company had $6,730 of unfunded loan commitments related to this loan. (9) This loan includes two one -year extension options subject to certain conditions and the payment of a fee. At June 30, 2016 , the Company had $38,343 of unfunded loan commitments related to this loan. (10) This loan includes three one -year extension options subject to certain conditions and the payment of a fee for such extension. At June 30, 2016 , the Company had $1,500 of unfunded loan commitments related to this loan. (11) This loan includes two one -year extension options subject to certain conditions and the payment of a fee. At June 30, 2016 , the Company had $1,000 of unfunded loan commitments related to this loan. (12) This loan includes a one -year extension option subject to certain conditions and the payment of a fee. (13) This loan includes a six -month extension option subject to certain conditions and the payment of a fee. At June 30, 2016 , the Company had $5,250 of unfunded loan commitments related to this loan. (14) At June 30, 2016 , the Company had $4,900 of unfunded loan commitments related to this loan. The Company’s commercial mortgage loan portfolio was comprised of the following at December 31, 2015 : Description Maturity Date Current Principal Balance Carrying Value Fixed/Floating Property Size Condominium – New York, NY (1) Sept-16 $ 24,114 $ 24,289 Floating 40,000 sq. ft. Condominium- Bethesda, MD (2) Sept-16 65,125 65,087 Floating 50 units Vacation Home Portfolio - Various (1) Apr-19 94,147 93,277 Fixed 229 properties Hotel - Philadelphia, PA (1)(3) May-17 34,000 33,994 Floating 301 keys Condo Construction - Bethesda, MD (4) Dec-16 50,000 49,960 Floating 40 units Multifamily - Brooklyn, NY (1)(5) Aug-16 34,500 34,886 Floating 63 units Mixed Use - Cincinnati, OH (1)(3) May-18 165,000 163,173 Floating 65 acres Condo Conversion - New York, NY (1) Jun-16 67,300 67,038 Floating 86,000 sq. ft. Multifamily - Williston, ND (1)(3) Nov-17 49,691 49,665 Floating 366 units/homes Vacation Home Portfolio - Various U.S. (1)(3) Nov-19 50,000 49,595 Fixed 24 properties Mixed Use - Brooklyn, NY (1)(6) Mar-17 85,770 85,658 Floating 330,000 sq. ft. Retail redevelopment - Miami, FL (1)(7) Jan-17 45,000 44,925 Floating 63,300 sq. ft. Retail redevelopment - Miami, FL (1) Jul-17 33,000 32,804 Floating 16,600 sq. ft. Retail - Brooklyn, NY (1)(8) Mar-17 1,653 1,636 Floating 10,500 sq. ft. Hotel - New York, NY (1)(9) Sept-18 98,373 97,381 Floating 317 keys Retail - Brooklyn, NY (1) Mar-17 5,910 5,858 Floating 5,500 sq. ft. Hotel - U.S. Virgin Islands (10) Jan-18 42,000 41,600 Floating 180 keys Office - Richmond, VA (11) Jan-18 54,000 53,475 Floating 262,000 sq. ft. Total/Weighted Average $ 999,583 $ 994,301 (1) At December 31, 2015 , this loan was pledged to secure borrowings under the JPMorgan Facility or the Goldman Loan. See "Note 8 – Borrowings Under Repurchase Agreements" for a description of these facilities. (2) This loan includes a six -month extension option subject to certain conditions and the payment of a fee. (3) This loan includes two one -year extension options subject to certain conditions and the payment of a fee. (4) This loan includes a six -month extension option subject to certain conditions and the payment of a fee. At December 31, 2015 , the Company had $15,100 of unfunded loan commitments related to this loan. (5) This loan includes three one -year extension options subject to certain conditions and the payment of a fee for each extension. (6) At December 31, 2015 , the Company had $6,730 of unfunded loan commitments related to this loan. (7) This loan includes two six -month extension options subject to certain conditions and the payment of a fee. (8) At December 31, 2015 , the Company had $9,000 of unfunded loan commitments related to this loan. (9) This loan includes two one -year extension options subject to certain conditions and the payment of a fee for each extension. At December 31, 2015 , the Company had $40,034 of unfunded loan commitments related to this loan. (10) This loan includes three one -year extension options subject to certain conditions and the payment of a fee. At December 31, 2015 , the Company had $1,500 of unfunded loan commitments related to this loan. (11) This loan includes a two one -year extension options subject to certain conditions and the payment of a fee. At December 31, 2015 , the Company had $1,000 of unfunded loan commitments related to this loan. 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 three and six months ended June 30, 2016 , the Company recorded a loan loss provision of $10,000 on a multifamily commercial mortgage loan in Williston, ND. As of June 30, 2016 , the aggregate loan loss provision was $10,000 . The Company has ceased accruing payment in kind ("PIK") interest associated with the loan. As of December 31, 2015 , there was no provision for loan loss.

Subordinate Loans

Subordinate Loans	6 Months Ended
	Jun. 30, 2016
Subordinate loans [Member]
Mortgage Loans on Real Estate [Line Items]
Subordinate Loans	Subordinate Loans The Company’s subordinate loan portfolio was comprised of the following at June 30, 2016 : Description Maturity Current Principal Balance Carrying Fixed/Floating Property Size Subordinate to the Company's commercial mortgage loans Hotel - New York, NY (1) Sept-18 $ 5,726 $ 5,606 Floating 317 keys Multifamily - Williston, ND (2) Nov-17 5,000 — Floating 366 units Total - Subordinate to the Company's commercial mortgage loans $ 10,726 $ 5,606 Subordinate to third party commercial mortgage loans Office - Michigan Jun-20 8,721 8,721 Fixed 506,598 sq. ft. Mixed Use – North Carolina Aug-22 6,525 6,525 Fixed 170,897 sq. ft. Office Complex - Missouri Oct-22 9,491 9,491 Fixed 845,241 sq. ft. Hotel Portfolio – Rochester, MN Feb-18 24,025 24,025 Fixed 1,222 keys Warehouse Portfolio - Various May-23 32,000 32,000 Fixed 2,767,047 sq. ft. Office Condo - New York, NY Jul-22 14,000 13,651 Fixed 436,598 sq. ft. Mixed Use - London, England Sept-16 45,776 45,776 Fixed 210,000 sq. ft. Healthcare Portfolio - Various (2) Jun-17 39,223 39,223 Floating 18,403 beds Ski Resort - Big Sky, MT Sept-20 15,000 14,893 Fixed 632 keys Mixed Use - New York, NY (2) Dec-17 94,190 93,915 Floating 363 units Senior Housing - United Kingdom (2) Dec-17 71,661 71,661 Floating 2,128 beds Hotel - Burbank, CA Jan-20 20,000 20,000 Fixed 488 keys Multifamily Portfolio - Florida (3) May-17 22,000 21,926 Floating 621 units Multifamily Portfolio - Florida (3) May-17 15,500 15,448 Floating 621 units Mixed Use - Various (3) May-17 45,000 44,978 Floating 3,535,774 sq. ft. Hotel - Phoenix, AZ Jul-25 25,000 25,000 Fixed 744 keys Hotel - Washington, DC (2) Jul-17 20,000 19,958 Floating 581 keys Condo Development - New York, NY (6) Jul-19 44,908 44,440 Floating 60 units Condo Conversion - New York, NY (2) Aug-18 55,908 55,579 Floating 223 units Mixed Use - New York, NY (7) Oct-18 30,000 29,865 Floating 363 units Destination Resort - Various (8) May-18 75,000 72,127 Floating 5,243 keys Multifamily - New York, NY (9)(10) Nov-18 55,000 54,661 Floating 185,000 sq. ft. Hotel - New York, NY (4)(10) Mar-17 50,000 49,684 Floating 468 keys Condo Pre-development - United Kingdom (4) Sept-16 73,211 73,211 Floating 41 units Condo Conversion - New York, NY (5) Jul-19 31,558 30,795 Floating 139 units Total - Subordinate to third party commercial mortgage loans $ 923,697 $ 917,553 Total/Weighted Average $ 934,423 $ 923,159 (1) Includes two one -year extension options subject to certain conditions and the payment of an extension fee. At June 30, 2016 , the Company had $9,348 of unfunded loan commitments related to this loan. (2) Includes two one -year extension options subject to certain conditions and the payment of a fee for each extension. (3) Includes three one -year extension options subject to certain conditions and the payment of an extension fee. (4) Includes a three -month extension option subject to certain conditions and the payment of a fee. (5) Includes a one -year extension option subject to certain conditions and the payment of an extension fee. At June 30, 2016 , the Company had $45,442 of unfunded loan commitments related to this loan. (6) Includes a one -year extension option subject to certain conditions and the payment of a fee for each extension. At June 30, 2016 , the Company had $31,035 of unfunded loan commitments related to this loan. (7) Includes a one -year extension option subject to certain conditions and the payment of an extension fee. (8) Includes four one -year extension options subject to certain conditions and the payment of an extension fee. (9) Includes a six -month extension option subject to certain conditions and the payment of a fee. (10) At June 30, 2016, this loan was pledged to secure borrowings under the JPMorgan Facility or the Goldman Loan. See "Note 8 - Borrowings Under Repurchase Agreements" for a description of these facilities. The Company’s subordinate loan portfolio was comprised of the following at December 31, 2015 : Description Maturity Current Principal Balance Carrying Fixed/Floating Subordinate to the Company's commercial mortgage loans Condominium – New York, NY (1) Sept-16 $ 6,386 $ 6,415 Floating Mixed Use - Brooklyn, NY (1) Mar-17 12,347 12,222 Floating Hotel - New York, NY (1)(2) Sept-18 2,595 2,458 Floating Multifamily - Williston, ND (1)(3) Nov-17 5,000 5,000 Floating Total - Subordinate to the Company's commercial mortgage loans $ 26,328 $ 26,095 Subordinate to third party commercial mortgage loans Office - Michigan Jun-20 $ 8,753 $ 8,753 Fixed Mixed Use – North Carolina Aug-22 6,525 6,525 Fixed Office Complex - Missouri Oct-22 9,566 9,566 Fixed Hotel Portfolio – Rochester, MN Feb-18 24,182 24,182 Fixed Warehouse Portfolio - Various May-23 32,000 32,000 Fixed Office Condo - New York, NY Jul-22 14,000 13,631 Fixed Mixed Use - Various (3) Dec-16 19,500 19,377 Fixed Mixed Use - London, England Jan-16 50,676 50,676 Fixed Healthcare Portfolio - Various (4) Jun-16 39,223 39,223 Floating Ski Resort - Big Sky, MT Sept-20 15,000 14,878 Fixed Mixed Use - New York, NY (5) Dec-17 88,368 87,818 Floating Senior Housing - United Kingdom (3) Dec-17 79,735 79,735 Floating Hotel - Burbank, CA Jan-20 20,000 20,000 Fixed Multifamily Portfolio - Florida (4) May-17 22,000 21,895 Floating Multifamily Portfolio - Florida (4) May-17 15,500 15,426 Floating Mixed Use - Various (4) May-17 45,000 44,854 Floating Hotel - Phoenix, AZ Jul-25 25,000 25,000 Fixed Hotel - Washington, DC (3) Jul-17 20,000 19,934 Floating Condo Development - New York, NY (6) Jul-19 34,184 33,567 Floating Condo Conversion - New York, NY (3) Aug-18 52,418 51,941 Floating Mixed Use - New York, NY (7) Oct-18 30,000 29,785 Floating Destination Resort - Various (8) May-18 75,000 71,362 Floating Multifamily - New York, NY (9) Nov-18 55,000 54,558 Floating Hotel - New York, NY (10) Mar-17 50,000 49,522 Floating Condo Pre-development - United Kingdom (10) Sept-16 81,048 81,048 Floating Total - Subordinate to third party commercial mortgage loans $ 912,678 $ 905,256 Total/Weighted Average $ 939,006 $ 931,351 (1) At December 31, 2015 , this loan was pledged to secure borrowings under the JPMorgan Facility. See "Note 8 –Borrowings Under Repurchase Agreements" for a description of this facility. (2) Includes two one -year extension options subject to certain conditions and the payment of an extension fee. As of December 31, 2015 , the Company had $12,478 of unfunded loan commitments related to this loan. (3) Includes two one -year extension options subject to certain conditions and the payment of an extension fee. (4) Includes three one -year extension options subject to certain conditions and the payment of an extension fee. (5) Includes two one -year extension options subject to certain conditions and the payment of an extension fee. As of December 31, 2015 , the Company had $785 of unfunded loan commitments related to this loan. (6) Includes a one -year extension option subject to certain conditions and the payment of an extension fee. As of December 31, 2015 , the Company had $41,160 of unfunded loan commitments related to this loan. (7) Includes a one -year extension option subject to certain conditions and the payment of an extension fee. (8) Includes four one -year extension options subject to certain conditions and the payment of an extension fee. (9) Includes a six -month extension option subject to certain conditions and the payment of a fee. (10) Includes a three -month extension option subject to certain conditions and the payment of a fee. The Company evaluates its loans for possible impairment on a quarterly basis. See “Note 5 – Commercial Mortgage Loans” for a summary of the metrics reviewed. During the three and six months ended June 30, 2016 , the Company recorded a loan loss provision of $5,000 on a multifamily subordinate loan in Williston, ND. As of June 30, 2016 , the aggregate loan loss provision was $5,000 . The Company has ceased accruing PIK interest associated with the loan. As of December 31, 2015 , there was no provision for loan loss.

Unconsolidated Joint Venture

Unconsolidated Joint Venture	6 Months Ended
	Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Unconsolidated Joint Venture	Unconsolidated Joint Venture In September 2014, the Company, through a wholly owned subsidiary, acquired a 59% ownership interest in Champ Limited Partnership (“Champ LP”) following which a wholly-owned subsidiary of Champ LP then acquired a 35% ownership interest in 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 ). The Company together with certain other affiliated investors and unaffiliated third party investors, in aggregate, own 100% of Champ LP. 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. In January 2015, the Company funded an additional investment of € 3,331 (or $3,929 ) related to its investment in Champ LP. In February 2015, the Company sold approximately 48% of its ownership interest in Champ LP at cost to an investment fund managed by Apollo Global Management, LLC (together with its subsidiaries, "Apollo") for €16,314 (or $20,794 ) (of which $2,614 related to foreign exchange losses which were previously included in accumulated other comprehensive loss). In June 2016, the Company transferred €427 of its unfunded commitment to Apollo. As of June 30, 2016 , the Company’s unfunded commitment to Champ LP was €2,802 (or $3,113 ). Through its interest in Champ LP, as of June 30, 2016 , the Company held an indirect ownership interest of approximately 9.34% in BKB. The Company determined that Champ LP met the definition of a variable interest entity ("VIE") and that it was not the primary beneficiary; therefore, the Company did not consolidate the assets and liabilities of the partnership. Additionally, Champ LP is an Investment Company under GAAP, and is therefore reflected at fair value. Our investment in Champ LP is accounted for as an equity method investment and therefore we record our proportionate share of the net asset value.

Borrowings Under Repurchase Agr

Borrowings Under Repurchase Agreements	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Borrowings Under Repurchase Agreements	Borrowings Under Repurchase Agreements At June 30, 2016 and December 31, 2015 , the Company’s borrowings had the following outstanding balances, maturities and weighted average interest rates: June 30, 2016 December 31, 2015 Lender Maximum Amount of Borrowings Borrowings Outstanding Maturity (1) Weighted Maximum Facility Size Borrowings Outstanding Maturity (1) Weighted JPMorgan Facility (3) $ 943,000 $ 774,522 January 2019 L+2.40% $ 600,000 $ 445,942 January 2019 L+2.25% Goldman Loan N/A 43,333 April 2019 L+3.50% N/A 45,928 April 2019 L+3.50% Sub-total 817,855 L+2.46% 491,870 L+2.37% UBS Facility N/A 133,899 September 2018 2.79 % N/A 133,899 September 2018 2.79 % DB Facility (4) N/A 274,341 April 2018 3.66 % N/A 300,005 April 2018 3.69 % Sub-total 408,240 3.38 % 433,904 3.39 % less: deferred financing costs (8,160 ) (7,353 ) Total / Weighted Average $ 1,217,935 3.10 % $ 918,421 2.92 % (1) Maturity date assumes all extensions at the Company's option are exercised. (2) Assumes one -month LIBOR at June 30, 2016 and December 31, 2015 was 0.47% and 0.43% , respectively. (3) As of June 30, 2016 , the JP Morgan Facility provided for maximum total borrowings comprised of a $143.0 million asset specific financing and the $800.0 million JPMorgan Facility. (4) 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, 2016 , 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 $ 260,288 $ 514,234 $ — $ — $ 774,522 Goldman Loan 5,290 38,043 — — 43,333 UBS Facility * 63,647 70,252 — — 133,899 DB Facility 82,524 166,203 10,407 15,207 274,341 Total $ 411,749 $ 788,732 $ 10,407 $ 15,207 $ 1,226,095 * Assumes extension option is exercised. At June 30, 2016 , the Company’s collateralized financings were comprised of borrowings outstanding under the JPMorgan Facility, the Goldman Loan, the UBS Facility and the DB Facility. The table below summarizes the outstanding balances at June 30, 2016 , as well as the maximum and average month-end balances for the six months ended June 30, 2016 for the Company's borrowings under repurchase agreements. For the six months ended June 30, 2016 Balance at June 30, 2016 Maximum Month-End Balance Average Month-End Balance JPMorgan Facility borrowings $ 774,522 $ 774,522 $ 627,334 Goldman Loan 43,333 45,928 44,665 UBS Facility borrowings 133,899 133,899 133,899 DB Facility borrowings 274,341 300,005 284,054 Total $ 1,226,095 The Company was in compliance with the financial covenants under its borrowing agreements at June 30, 2016 and December 31, 2015 .

Convertible Senior Notes

Convertible Senior Notes	6 Months Ended
	Jun. 30, 2016
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, 2016 , the March 2019 Notes had a carrying value of $141,070 and an unamortized discount of $2,680 . 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, 2016 , the August 2019 Notes had a carrying value of $107,999 and an unamortized discount of $3,001 . 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% 56.36 3/15/2019 2.71 years August 2019 Notes $111,000 5.50% 6.50% 56.36 3/15/2019 2.71 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, as adjusted in accordance with the applicable indenture as a result of cash dividend payments, and including deferred and carried-forward adjustments relating to cash dividend payments made by the Company to stockholders since January 15, 2016. The if-converted value of the 2019 Notes does not exceed their principal amount at June 28, 2016 since the closing market price of the Company’s common stock does not exceed the implicit conversion prices of $17.74 for the 2019 Notes. GAAP requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. GAAP requires that the initial proceeds from the sale of the 2019 Notes be allocated between a liability component and an equity component in a manner that reflects interest expense at the interest rate of similar nonconvertible debt that could have been issued by the Company at such time. The Company measured the fair value of the debt components of the 2019 Notes as of their issuance date based on effective interest rates. As a result, the Company attributed approximately $11,445 of the proceeds to the equity component of the 2019 Notes, which represents the excess proceeds received over the fair value of the liability component of the 2019 Notes at the date of issuance. The equity component of the 2019 Notes has been reflected within additional paid-in capital in the condensed consolidated balance sheet as of June 30, 2016 . 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, 2016 , respectively. The aggregate contractual interest expense was approximately $3,503 and $7,006 for the three and six months ended June 30, 2015 , respectively. With respect to the amortization of the discount on the liability component of the 2019 Notes as well as the amortization of deferred financing costs, the Company reported additional non-cash interest expense of approximately $883 and $1,759 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 $855 and $ 1,699 for the three and six months ended June 30, 2015 , respectively. As of June 30, 2016 , potential shares of common stock contingently issuable upon the conversion of the 2019 Notes were excluded from the calculation of diluted income per share of common stock because it is management's intent and the Company currently has the ability to settle the obligation in cash.

Federal Home Loan Bank of India

Federal Home Loan Bank of Indianapolis Membership	6 Months Ended
	Jun. 30, 2016
Banking and Thrift [Abstract]
Federal Home Loan Bank of Indianapolis Membership	Federal Home Loan Bank of Indianapolis Membership In February 2015, the Company's wholly owned subsidiary, ACREFI Insurance Services, LLC, was accepted for membership in the Federal Home Loan Bank of Indianapolis (“FHLBI”). As a member of the FHLBI, ACREFI Insurance Services, LLC has access to a variety of products and services offered by the FHLBI, including secured advances. As of June 30, 2016 , ACREFI Insurance Services, LLC had not requested any advances from the FHLBI. On January 12, 2016, the Federal Housing Finance Agency (“FHFA”) adopted a final rule revising its regulations governing Federal Home Loan Bank membership. As a result, the FHLBI may not make any advances to ACREFI Insurance Services, LLC and is required to terminate the membership of ACREFI Insurance Services, LLC no later than February 19, 2017 (one year after the effective date of the final rule). Upon termination of ACREFI Insurance Services, LLC's membership, FHLBI will be required to redeem at par value the FHLBI stock that had been purchased and held by ACREFI Insurance Services, LLC as a condition to membership in the FHLBI. At June 30, 2016 , the Company had stock in the FHLBI totaling $8 , which is included in other assets on the condensed consolidated balance sheet at June 30, 2016 .

Participations Sold

Participations Sold	6 Months Ended
	Jun. 30, 2016
Participating Mortgages [Member]
Mortgage Loans on Real Estate [Line Items]
Participations Sold	Participations Sold Participations sold represent the interests in loans the Company originated and subsequently partially sold. The Company presents the participations sold as both assets and non-recourse liabilities because the participation does not qualify as a sale according to GAAP. The income earned on the participation sold is recorded as interest income and an identical amount is recorded as interest expense on the Company's 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, closed an additional £20,000 (or $30,672 ) and participated that balance to an investment fund affiliated with Apollo. At June 30, 2016 , the participation had a face amount of £19,749 (or $26,288 ), a carrying amount of £19,749 (or $26,288 ) and a cash coupon of LIBOR plus 825 basis points. During May 2014, the Company closed a $155,000 floating-rate whole loan secured by the first mortgage and equity interests in an entity that owns a resort hotel in Aruba. During June 2014, the Company syndicated a $90,000 senior participation in the loan and retained a $65,000 junior participation in the loan. During August 2014, both the $90,000 senior participation and the Company's $65,000 junior participation were contributed to a CMBS securitization. In exchange for contributing its $65,000 junior participation, the Company received a CMBS secured solely by the $65,000 junior participation and classified it as CMBS (Held-to-Maturity) on its condensed consolidated financial statements. At June 30, 2016 , the participation had a face amount of $88,113 , a carrying amount of $88,099 and a cash coupon of LIBOR plus 440 basis points.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2016
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 October 2016. 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 our non-designated foreign exchange (“Fx”) forwards as of June 30, 2016 : Type of Derivative June 30, 2016 Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx Contracts - GBP 4 127,945 GBP July 2016-October 2016 The following table summarizes our non-designated Fx forwards as of December 31, 2015: Type of Derivative December 31, 2015 Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx Contracts - GBP 5 130,272 GBP January 2016- October 2016 The Company has not designated any of its derivative instruments as hedges under GAAP and therefore, changes in the fair value of the Company's derivative instruments are recorded directly in earnings. The following table summarizes the amounts recognized on the condensed consolidated statements of operations related to the Company’s derivative instruments for the three and six months ended June 30, 2016 and 2015 . Three months ended June 30, Six months ended June 30, Location of Loss Recognized in Income 2016 2015 2016 2015 Forward currency contract Gain (loss) on derivative instruments - unrealized $ 13,426 $ (3,135 ) $ 12,116 $ (6,179 ) Forward currency contract Gain (loss) on derivative instruments - realized (95 ) — 5,989 Interest rate caps Loss on derivative instruments - unrealized (18 ) (62 ) (90 ) (62 ) Total $ 13,313 $ (3,197 ) $ 18,015 $ (6,241 ) The following table summarizes the gross asset amounts related to the Company's derivative instruments at June 30, 2016 and December 31, 2015 . June 30, 2016 December 31, 2015 Gross Gross Net Amounts Gross Gross Net Amounts Interest rate caps $ 9 $ — $ 9 $ 106 $ — $ 106 Forward currency contract 15,333 — 15,333 3,221 — 3,221 Total derivative instruments $ 15,342 $ — $ 15,342 $ 3,327 $ — $ 3,327

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Management Agreement In connection with the Company’s initial public offering in September 2009, the Company entered into a management agreement (the “Management Agreement”) with ACREFI Management, LLC (the “Manager”), which describes the services to be provided by the Manager and its compensation for those services. The Manager is responsible for managing the Company’s day-to-day operations, subject to the direction and oversight of the Company’s board of directors. Pursuant to the terms of the Management Agreement, the Manager is paid a base management fee equal to 1.5% per annum of the Company’s stockholders’ equity (as defined in the Management Agreement), calculated and payable (in cash) quarterly in arrears. The current term of the Management Agreement expires on September 29, 2016 and is automatically renewed for successive one -year terms on each anniversary thereafter. The Management Agreement may be terminated upon expiration of the one -year extension term only upon the affirmative vote of at least two-thirds of the Company’s independent directors, based upon (1) unsatisfactory performance by the Manager that is materially detrimental to the Company or (2) a determination that the management fee payable to the Manager is not fair, subject to the Manager’s right to prevent such a termination based on unfair fees by accepting a mutually acceptable reduction of management fees agreed to by at least two-thirds of the Company’s independent directors. The Manager must be provided with written notice of any such termination at least 180 days prior to the expiration of the then existing term and will be paid a termination fee equal to three times the sum of the average annual base management fee during the 24 -month period immediately preceding the date of termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination. Following a meeting by the Company’s independent directors in February 2016, which included a discussion of the Manager’s performance and the level of the management fees thereunder, the Company determined not to seek termination of the Management Agreement. As described in "Note 16 - Commitments and Contingencies," the Company also made payments to the Manager in accordance with its letter agreement with the Manager. 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. For the three and six months ended June 30, 2015 , respectively, the Company incurred approximately $3,887 and $7,228 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, 2016 , respectively, the Company paid expenses totaling $44 and $842 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, 2015 , respectively, the Company recorded expenses totaling $296 and $932 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, 2016 and December 31, 2015 , respectively, are approximately $5,242 and $5,297 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 $3,113 ). Through its interest in Champ LP, as of June 30, 2016 , the Company, held an indirect ownership interest of approximately 9.34% in BKB. The Company together with certain other affiliated investors and unaffiliated third party investors, in aggregate, own 100% of BKB.

Share-Based Payments

Share-Based Payments	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Payments	Share-Based Payments On September 23, 2009, the Company’s board of directors approved the Apollo Commercial Real Estate Finance, Inc., 2009 Equity Incentive Plan (the “LTIP”). The LTIP provides for grants of restricted common stock, restricted stock units ("RSUs") and other equity-based awards up to an aggregate of 7.5% of the issued and outstanding shares of the Company’s common stock (on a fully diluted basis). The LTIP is administered by the compensation committee of the Company’s board of directors (the “Compensation Committee”) and all grants under the LTIP must be approved by the Compensation Committee. The Company recognized stock-based compensation expense of $1,938 and $3,606 for the three and six months ended June 30, 2016 , related to restricted stock and RSU vesting. The Company recognized stock-based compensation expense of $821 and $1,939 for the three and six months ended June 30, 2015 , related to restricted stock and RSU vesting. The following table summarizes the activity related to restricted common stock and RSUs during the six months ended June 30, 2016 : Type Date Restricted Stock RSUs Estimate Fair Value Initial Vesting Final Vesting Outstanding at December 31, 2015 340,064 1,242,810 Cancelled upon delivery January 2016 — (318,160 ) n/a n/a n/a Forfeiture January 2016 — (1,667 ) n/a n/a n/a Grant February 2016 — 47,028 $729 (1) (1) Grant March 2016 — 5,095 $81 December 2016 December 2017 Grant April 2016 17,056 — $275 July 2016 April 2019 Forfeiture June 2016 — (14,972 ) n/a n/a n/a Outstanding at June 30, 2016 357,120 960,134 (1) These awards vest based upon the achievement of certain conditions. Below is a summary of expected restricted common stock and RSU vesting dates as of June 30, 2016 . Vesting Date Shares Vesting RSU Vesting Total Awards July 2016 5,577 543 6,120 October 2016 5,578 — 5,578 December 2016 28,920 341,532 370,452 January 2017 5,161 47,028 52,189 April 2017 5,164 — 5,164 June 2017 — 544 544 July 2017 4,004 — 4,004 October 2017 3,997 — 3,997 December 2017 28,923 338,133 367,056 January 2018 2,749 — 2,749 April 2018 2,755 — 2,755 June 2018 — 544 544 July 2018 1,420 — 1,420 October 2018 1,424 — 1,424 December 2018 16,670 214,141 230,811 January 2019 1,419 — 1,419 April 2019 1,424 — 1,424 115,185 942,465 1,057,650 At June 30, 2016 , the Company had unrecognized compensation expense of approximately $1,622 and $12,135 , 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, 2016 , the Company delivered 190,003 shares of common stock for 318,160 vested RSUs. The Company allows holders of RSUs to settle their tax liabilities with a reduction of their share delivery from the originally granted and vested RSUs. The amount, when agreed to by the holder, results in a cash payment to the Manager related to this tax liability and a corresponding adjustment to additional paid-in-capital on the condensed consolidated statement of changes in stockholders' equity. The adjustment was $2,348 for the six months ended June 30, 2016 , and is included as a component of the capital decrease 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, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock Offerings. During the first quarter of 2015, the Company completed a follow-on public offering of 11,500,000 shares of its common stock, including the full exercise of the underwriters’ option to purchase additional shares, at a price of $16.82 per share. The aggregate net proceeds from the offering, including proceeds from the sale of the additional shares, were approximately $193,148 after deducting estimated offering expenses payable by the Company. Dividends. For 2016 , the Company declared the following dividends on its common stock: Declaration Date Record Date Payment Date Amount March 15, 2016 March 31, 2016 April 15, 2016 $ 0.46 June 17, 2016 June 30, 2016 July 15, 2016 $ 0.46 For 2016 , the Company declared the following dividends on its 8.625% Series A Cumulative Redeemable Perpetual Preferred Stock (the “Series A Preferred Stock”): Declaration Date Record Date Payment Date Amount March 15, 2016 March 31, 2016 April 15, 2016 $ 0.5391 June 17, 2016 June 30, 2016 July 15, 2016 $ 0.5391 For 2016 , the Company declared the following dividends on its 8.00% Fixed to Floating Series B Cumulative Redeemable Perpetual Preferred Stock (the “Series B Preferred Stock”): Declaration Date Record Date Payment Date Amount March 15, 2016 March 31, 2016 April 15, 2016 $ 0.5000 June 17, 2016 June 30, 2016 July 15, 2016 $ 0.5000

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Merger agreement. On February 26, 2016, the Company entered into an Agreement and Plan of Merger (as amended, the “Merger Agreement”) with Apollo Residential Mortgage, Inc., a Maryland corporation (“AMTG”), and Arrow Merger Sub, Inc., a Maryland corporation and a wholly-owned subsidiary of the Company (the “Merger Sub”), pursuant to which the Company will acquire AMTG for an aggregate purchase price equal to 89.25% of AMTG’s book value determined in accordance with the Merger Agreement, plus the assumption of $172,500 of AMTG’s 8.0% Series A Cumulative Redeemable Perpetual Preferred Stock (the “AMTG Preferred Stock”). The book value of AMTG, and therefore the actual purchase price payable, was determined as of July 22, 2016 (the “Pricing Date”), and will be subject to adjustment in the event that the closing of the transactions contemplated by the Merger Agreement does not occur by September 5, 2016. The aggregate number of shares of Company common stock issuable under the Merger Agreement is limited to 13,400,000 shares at a value of $16.75 per share, and the remainder of the consideration will be paid in cash. Upon the closing, each outstanding share of AMTG common stock will be converted into the right to receive (i) 0.417571 shares of Company common stock and (ii) $6.86 in cash, without interest; provided, however, that the cash portion of the merger consideration may be subject to certain adjustments. In addition , each share of AMTG Preferred Stock will be converted into one share of preferred stock, par value $0.01 per share, of a newly-designated series of the Company’s preferred stock, which the Company expects will be designated as 8.00% Series C Cumulative Redeemable Perpetual Preferred Stock. The Merger Agreement and related transactions were approved by all of the members of the Company's Board of Directors (with the exception of Mark Biderman, who recused himself). Consummation of the merger transaction is subject to the satisfaction of customary closing conditions, including the registration and listing of the shares of ARI stock that will be issued in the merger transaction and the approval and adoption of the Merger Agreement by the holders of a majority of the shares of AMTG common stock entitled to vote on the transaction, including a majority of the votes entitled to be cast by persons unaffiliated with Apollo Global Management, LLC. Company stockholder approval will not be required in connection with the transaction. On July 27, 2016, the Company filed with the SEC a definitive proxy statement/prospectus relating to the proposed transaction. Arrangements with Athene. In connection with financing the transactions contemplated by the Merger Agreement, on February 26, 2016 the Company entered into certain arrangements with certain subsidiaries of Athene Holding Ltd., an insurance holding company whose operating subsidiaries’ business is primarily issuing and reinsuring retirement savings products (collectively, “Athene”). The arrangements include (i) a bridge loan commitment from Athene USA Corporation, pursuant to which Athene has committed to provide the Company with up to $200,000 of term loans to consummate the merger transaction, (ii) an asset purchase agreement which provides that, promptly following the closing of the merger transaction, the Company will sell to Athene approximately $1,200,000 (subject to increase or decrease in certain circumstances) of primarily non-Agency Residential Mortgage Backed Securities at a price set as of the Pricing Date in accordance with the methodology set forth in the asset purchase agreement, and (iii) a stock purchase agreement, under which Athene has committed to purchase, during a specified period of time following the closing of the merger transaction, up to $20,000 (subject to reduction in certain circumstances) of Company common stock in the open market at the then-current market price if the quoted price of a share of Company common stock on the New York Stock Exchange at any time during such period is less than $16.75 (which is the value per share at which the Company common stock is to be issued to holders of AMTG common stock in the merger). Letter Agreement with the Manager. Concurrently with the execution of the Merger Agreement, the Company entered into a Letter Agreement with the Manager, pursuant to which the Manager has agreed to perform such services and activities as may be necessary to enable the Company to consummate the merger transaction. In consideration of the services provided and to be provided to the Company by the Manager in connection with the merger transaction and the process leading to the merger transaction, the Company agreed to pay the Manager an aggregate amount of up to $500 , in monthly installments of $150 payable on the first of each calendar month between the execution of the Merger Agreement and the closing of the merger transaction. Upon consummation of the merger transaction, an additional amount (based on an agreed formula) will be added to Stockholders’ Equity (as defined in the Management Agreement) for purposes of calculating the amount of the management fee payable to the Manager under the Management Agreement. In addition, the Manager acknowledged that, as a result of the merger transaction, the management agreement between AMTG and its manager, ARM Manager, LLC (the “AMTG Management Agreement”), will be assigned to the Company and, following the merger transaction, any management fees paid by the Company to ARM Manager, LLC pursuant to the AMTG Management Agreement will offset, and therefore reduce (but not below zero), the Company’s obligation to pay corresponding management fees to the Manager. 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 Merger Agreement, two putative class action lawsuits challenging the proposed First Merger (as defined in the 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, Merger Sub, Apollo and Athene 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 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. The defendants believe that the claims asserted in the complaints are without merit and intend to vigorously defend the lawsuits. Bremer Kreditbank AG. In September 2013, the Company, together with other affiliates of Apollo, reached an agreement to make an investment in an entity that agreed to acquire a minority participation in Bremer Kreditbank AG (“BKB”). The Company committed to invest up to approximately € 38,000 (or $50,000 ), representing approximately 21% of the ownership in BKB. 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. 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 $3,113 ). Through its interest in Champ LP, the Company now holds an indirect ownership interest of approximately 9.34% in BKB. Loan Commitments. As described in "Note 5 - Commercial Mortgage Loans" and "Note 6 - Subordinate Loans," respectively, at June 30, 2016 , the Company had $69,311 of unfunded commitments related to its commercial mortgage loan portfolio and $85,825 of unfunded commitments related to its subordinate loan portfolio.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2016
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, 2016 and December 31, 2015 : June 30, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and cash equivalents $ 38,631 $ 38,631 $ 67,415 $ 67,415 Restricted cash 67,438 67,438 30,127 30,127 Securities, held-to-maturity 151,726 151,729 153,193 153,230 Commercial first mortgage loans 1,278,034 1,284,348 994,301 999,517 Subordinate loans 923,159 933,179 931,351 939,545 Borrowings under repurchase agreements (1,217,935 ) (1,218,299 ) (918,421 ) (918,567 ) Convertible senior notes, net (249,069 ) (258,095 ) (248,173 ) (253,986 ) Participations sold (114,387 ) (116,411 ) (118,201 ) (118,226 ) To determine estimated fair values of the financial instruments listed above, market rates of interest, which include credit assumptions, are used to discount contractual cash flows. The estimated fair values are not necessarily indicative of the amount the Company could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts. The Company’s securities, held-to-maturity, commercial first mortgage loans, subordinate loans, borrowings under repurchase agreements, convertible senior notes and participations sold are carried at amortized cost on the condensed consolidated financial statements and are classified as Level III in the fair value hierarchy.

Net Income per Share

Net Income per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Net Income per Share	Net Income per Share GAAP requires use of the two-class method of computing earnings per share for all periods presented for each class of common stock and participating security as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for dividends declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for dividends declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. The remaining earnings are allocated to common stockholders and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Each total is then divided by the applicable number of shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and all potential shares of common stock assumed issued if they are dilutive. The numerator is adjusted for any changes in income or loss that would result from the assumed conversion of these potential shares of common stock. The table below presents basic and diluted net (loss) income per share of common stock using the two-class method for the three and six months ended June 30, 2016 and 2015 : For the three For the six 2016 2015 2016 2015 Numerator: Net income $ 10,338 $ 24,658 $ 28,956 $ 50,169 Preferred dividends (5,860 ) (1,860 ) (11,675 ) (3,720 ) Net income available to common stockholders 4,478 22,798 17,281 46,449 Dividends declared on common stock (31,005 ) (25,709 ) (62,002 ) (51,411 ) Dividends on participating securities (437 ) (259 ) (885 ) (521 ) Net income (loss) attributable to common stockholders $ (26,964 ) $ (3,170 ) $ (45,606 ) $ (5,483 ) Denominator: Basic weighted average shares of common stock outstanding 67,402,311 58,429,155 67,393,751 54,020,978 Diluted weighted average shares of common stock outstanding 68,374,557 59,022,217 68,351,137 54,621,401 Basic and diluted net income per weighted average share of common stock Distributable Earnings $ 0.46 $ 0.44 $ 0.92 $ 0.95 Undistributed income (loss) $ (0.40 ) $ (0.05 ) $ (0.68 ) $ (0.10 ) Basic and diluted net income per share of common stock $ 0.06 $ 0.39 $ 0.24 $ 0.85 For the three and six months ended June 30, 2016 , respectively, 972,246 and 957,386 unvested RSUs 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, 2015 , respectively, 593,062 and 600,423 unvested RSUs were excluded from the calculation of diluted net income per share because the effect was anti-dilutive.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Investment Activity. Subsequent to quarter end, the Company completed a $9,500 increase to a $50,000 commercial mortgage loan originated in November 2014 secured by a portfolio of condominium units located in New York City and Maui, Hawaii. In connection with the upsizing, the collateral for the loan was increased to include five currently unencumbered condominium units located in Kapalua, Maui. During July 2016, the Company funded $3,637 related to previously closed loans and received approximately $15,300 million from loan repayments. On February 26, 2016, the Company entered into an Agreement and Plan of Merger (as amended, the “Merger Agreement”) with Apollo Residential Mortgage, Inc., a Maryland corporation (“AMTG”), and Arrow Merger Sub, Inc., a Maryland corporation and a wholly-owned subsidiary of the Company (the “Merger Sub”), pursuant to which the Company will acquire AMTG for an aggregate purchase price equal to 89.25% of AMTG’s book value determined in accordance with the Merger Agreement, plus the assumption of $172,500 of AMTG’s 8.0% Series A Cumulative Redeemable Perpetual Preferred Stock (the “AMTG Preferred Stock”). The book value of AMTG, and therefore the actual purchase price payable, was determined as of July 22, 2016 (the “Pricing Date”), and will be subject to adjustment in the event that the closing of the transactions contemplated by the Merger Agreement does not occur by September 5, 2016. The aggregate number of shares of Company common stock issuable under the Merger Agreement is limited to 13,400,000 shares at a value of $16.75 per share, and the remainder of the consideration will be paid in cash. Upon the closing, each outstanding share of AMTG common stock will be converted into the right to receive (i) 0.417571 shares of Company common stock and (ii) $6.86 in cash, without interest; provided, however, that the cash portion of the merger consideration may be subject to certain adjustments. In addition , each share of AMTG Preferred Stock will be converted into one share of preferred stock, par value $0.01 per share, of a newly-designated series of the Company’s preferred stock, which the Company expects will be designated as 8.00% Series C Cumulative Redeemable Perpetual Preferred Stock. On July 27, 2016, the Company filed with the SEC a definitive proxy statement/prospectus relating to the proposed transaction.

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
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 and loan loss reserve. Actual results could differ from those estimates. These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 , as filed with the Securities and Exchange Commission (the “SEC”). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been included. The Company's results of operations for the quarterly period ended June 30, 2016 are not necessarily indicative of the results to be expected for the full year or any other future period. The Company currently operates in one business segment.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the "FASB") issued guidance which broadly amends the accounting guidance for revenue recognition. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The Company is currently assessing the impact that this accounting guidance will have on the Company's condensed consolidated financial statements when adopted. In August 2014, the FASB issued guidance regarding management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The new guidance requires that management evaluate each annual and interim reporting period whether conditions exist that give rise to substantial doubt about the entity’s ability to continue as a going concern within one year from the financial statement issuance date, and if so, provide related disclosures. Disclosures are only required if conditions give rise to substantial doubt, whether or not the substantial doubt is alleviated by management’s plans. No disclosures are required specific to going concern uncertainties if an assessment of the conditions does not give rise to substantial doubt. Substantial doubt exists when conditions and events, considered in the aggregate, indicate that it is probable that a company will be unable to meet its obligations as they become due within one year after the financial statement issuance date. If substantial doubt is alleviated as a result of the consideration of management’s plans, a company should disclose information that enables users of financial statements to understand all of the following (or refer to similar information disclosed elsewhere in the footnotes): (1) principal conditions that initially give rise to substantial doubt, (2) management’s evaluation of the significance of those conditions in relation to the company’s ability to meet its obligations, and (3) management’s plans that alleviated substantial doubt. If substantial doubt is not alleviated after considering management’s plans, disclosures should enable investors to understand the underlying conditions, and include the following: (1) a statement indicating that there is substantial doubt about the company’s ability to continue as a going concern within one year after the issuance date, (2) the principal conditions that give rise to substantial doubt, (3) management’s evaluation of the significance of those conditions in relation to the company’s ability to meet its obligations, and (4) management's plans that are intended to mitigate the adverse conditions. The new guidance applies to all companies. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company does not anticipate that the adoption of this guidance will have a material impact on the Company's condensed consolidated financial statements. In February 2015, the FASB issued guidance which amends the guidance related to accounting for the consolidation of certain legal entities. The modifications impacts limited partnerships and similar legal entities, the evaluation of (i) fees paid to a decision maker or a service provider as a variable interest, (ii) fee arrangements, and (iii) related parties on the primary beneficiary determination. The Company adopted this guidance and determined there was no material impact on the Company's condensed consolidated financial statements. In April 2015, the FASB issued guidance that simplifies the presentation of debt issuance costs by amending the accounting guidance to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability. The amendments are consistent with the accounting guidance related to debt discounts. The Company adopted this guidance and applied its provisions retrospectively. This resulted in the reclassification of unamortized deferred financing costs from deferred financing costs, net to reductions in borrowings under repurchase agreements of $8,160 and $7,353 for the period ended June 30, 2016 and December 31, 2015 respectively. Other than this reclassification, the adoption of this guidance did not have an 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 is currently assessing the impact that this accounting guidance will have on the Company's condensed consolidated financial statements when adopted. 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 evaluating the impact of the guidance on its condensed consolidated financial statements when adopted.

Fair Value Disclosure (Tables)

Fair Value Disclosure (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 and December 31, 2015 : Fair Value as of June 30, 2016 Fair Value as of December 31, 2015 Level I Level II Level III Total Level I Level II Level III Total CMBS (Fair Value Option) $ — $ 452,704 $ — $ 452,704 $ — $ 493,149 $ — $ 493,149 Derivative instruments — 15,342 — 15,342 — 3,327 — 3,327 Total $ — $ 468,046 $ — $ 468,046 $ — $ 496,476 $ — $ 496,476

Debt Securities (Tables)

Debt Securities (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 are summarized as follows: Security Description Face Amount Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Value CMBS (Fair Value Option) $ 497,143 $ 490,601 $ 1,149 $ (39,046 ) $ 452,704 CMBS (Held-to-Maturity) 151,750 151,726 — — 151,726 Total $ 648,893 $ 642,327 $ 1,149 $ (39,046 ) $ 604,430 The amortized cost and estimated fair value of the Company’s debt securities at December 31, 2015 are summarized as follows: Security Description Face Amount Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Value CMBS (Fair Value Option) $ 511,482 $ 504,253 $ 2,614 $ (13,718 ) $ 493,149 CMBS (Held-to-Maturity) 153,250 153,193 — — 153,193 Total $ 664,732 $ 657,446 $ 2,614 $ (13,718 ) $ 646,342
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) investments calculated on a weighted average basis assuming no early prepayments or defaults as of June 30, 2016 and December 31, 2015 are as follows: June 30, 2016 December 31, 2015 Credit Ratings * B + - D BB-D Coupon 5.9 % 5.9 % Yield 5.9 % 6.5 % Weighted Average Life 1.2 years 1.6 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 CMBS (Fair Value Option) investments calculated on a weighted average basis as of June 30, 2016 and December 31, 2015 are as follows: Vintage June 30, 2016 December 31, 2015 2005 6.7 % 8.3 % 2006 20.4 20.0 2007 63.6 62.4 2008 9.3 9.3 Total 100.0 % 100.0 % Property Type June 30, 2016 December 31, 2015 Office 34.2 % 32.0 % Retail 29.9 30.2 Multifamily 13.5 13.5 Other * 22.4 24.3 Total 100.0 % 100.0 % * No other individual category comprises more than 10% of the total. Location June 30, 2016 December 31, 2015 South Atlantic 22.1 % 23.0 % Middle Atlantic 16.5 18.1 Pacific 17.2 17.8 East North Central 11.4 12.5 Other * 32.8 28.6 Total 100.0 % 100.0 % * No other individual category comprises more than 10% of the total.

Commercial Mortgage Loans (Tabl

Commercial Mortgage Loans (Tables)	6 Months Ended
	Jun. 30, 2016
Commercial mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Schedule of Mortgage Loans on Real Estate	The Company’s commercial mortgage loan portfolio was comprised of the following at June 30, 2016 : Description Maturity Date Current Principal Balance Carrying Value Fixed/Floating Property Size Condominium – New York, NY (1) Sept-16 13,789 13,874 Floating 40,000 sq. ft. Condominium - Bethesda, MD (1)(2) Sept-16 49,893 50,204 Floating 50 units Vacation Home Portfolio - Various (1) Apr-19 91,553 90,743 Fixed 229 properties Hotel - Philadelphia, PA (1)(3) May-17 34,000 33,972 Floating 301 keys Condo Construction - Bethesda, MD (4) Dec-16 49,162 49,374 Floating 40 units Multifamily - Brooklyn, NY (1)(5) Aug-16 34,500 34,940 Floating 63 units Mixed Use - Cincinnati, OH (1)(3) May-18 165,000 163,047 Floating 65 acres Condo Conversion - New York, NY (1) Sept-16 67,300 67,023 Floating 86,000 sq. ft. Multifamily - Williston, ND (1)(3) Nov-17 49,706 39,717 Floating 366 units/homes Vacation Home Portfolio - Various U.S. (1)(3) Nov-19 50,000 49,641 Fixed 24 properties Mixed Use - Brooklyn, NY (1)(8) Mar-17 85,770 85,959 Floating 330,000 sq. ft. Retail redevelopment - Miami, FL (1)(7) Jan-17 45,000 45,202 Floating 63,300 sq. ft. Retail - Brooklyn, NY (1) Mar-17 23,000 22,951 Floating 10,500 sq. ft. Hotel - New York, NY (1)(9) Sept-18 100,063 99,552 Floating 317 keys Retail - Brooklyn, NY Mar-17 5,910 5,885 Floating 5,500 sq. ft. Hotel - U.S. Virgin Islands (1)(10) Jan-18 42,000 41,700 Floating 180 keys Office - Richmond, VA (1)(11) Jan-18 54,000 53,652 Floating 262,000 sq. ft. Retail redevelopment - Miami, FL (1)(12) Jan-18 220,000 217,851 Floating 113,000 sq. ft. Office - Boston, MA (6)(1) Mar-18 28,512 28,272 Floating 114,000 sq. ft. Mixed Use - New York, NY (13)(1) Jun-18 44,750 44,294 Floating 91,584 sq. ft. Condo Conversion - Brooklyn, NY (14)(1) Jun-18 40,600 40,181 Floating 133,550 sq. ft. Total/Weighted Average $ 1,294,508 $ 1,278,034 (1) At June 30, 2016 , this loan was pledged to secure borrowings under the Company’s master repurchase facilities entered into with JPMorgan Chase Bank, N.A. (the “JPMorgan Facility”) or Goldman Sachs Bank USA (the “Goldman Loan”). See "Note 8 – Borrowings Under Repurchase Agreements" for a description of these facilities. (2) This loan includes a six -month extension option subject to certain conditions and the payment of a fee. (3) This loan includes two one -year extension options subject to certain conditions and the payment of a fee. (4) This loan includes a six -month extension option subject to certain conditions and the payment of a fee. At June 30, 2016 , the Company had $9,100 of unfunded loan commitments related to this loan. (5) This loan includes three one -year extension options subject to certain conditions and the payment of a fee. (6) This loan includes one six -month extension option subject to certain conditions and the payment of a fee. At June 30, 2016 , the Company had $2,488 of unfunded loan commitments related to this loan. (7) This loan includes two six - month extension options subject to certain conditions and the payment of a fee for each extension. (8) At June 30, 2016 , the Company had $6,730 of unfunded loan commitments related to this loan. (9) This loan includes two one -year extension options subject to certain conditions and the payment of a fee. At June 30, 2016 , the Company had $38,343 of unfunded loan commitments related to this loan. (10) This loan includes three one -year extension options subject to certain conditions and the payment of a fee for such extension. At June 30, 2016 , the Company had $1,500 of unfunded loan commitments related to this loan. (11) This loan includes two one -year extension options subject to certain conditions and the payment of a fee. At June 30, 2016 , the Company had $1,000 of unfunded loan commitments related to this loan. (12) This loan includes a one -year extension option subject to certain conditions and the payment of a fee. (13) This loan includes a six -month extension option subject to certain conditions and the payment of a fee. At June 30, 2016 , the Company had $5,250 of unfunded loan commitments related to this loan. (14) At June 30, 2016 , the Company had $4,900 of unfunded loan commitments related to this loan. The Company’s commercial mortgage loan portfolio was comprised of the following at December 31, 2015 : Description Maturity Date Current Principal Balance Carrying Value Fixed/Floating Property Size Condominium – New York, NY (1) Sept-16 $ 24,114 $ 24,289 Floating 40,000 sq. ft. Condominium- Bethesda, MD (2) Sept-16 65,125 65,087 Floating 50 units Vacation Home Portfolio - Various (1) Apr-19 94,147 93,277 Fixed 229 properties Hotel - Philadelphia, PA (1)(3) May-17 34,000 33,994 Floating 301 keys Condo Construction - Bethesda, MD (4) Dec-16 50,000 49,960 Floating 40 units Multifamily - Brooklyn, NY (1)(5) Aug-16 34,500 34,886 Floating 63 units Mixed Use - Cincinnati, OH (1)(3) May-18 165,000 163,173 Floating 65 acres Condo Conversion - New York, NY (1) Jun-16 67,300 67,038 Floating 86,000 sq. ft. Multifamily - Williston, ND (1)(3) Nov-17 49,691 49,665 Floating 366 units/homes Vacation Home Portfolio - Various U.S. (1)(3) Nov-19 50,000 49,595 Fixed 24 properties Mixed Use - Brooklyn, NY (1)(6) Mar-17 85,770 85,658 Floating 330,000 sq. ft. Retail redevelopment - Miami, FL (1)(7) Jan-17 45,000 44,925 Floating 63,300 sq. ft. Retail redevelopment - Miami, FL (1) Jul-17 33,000 32,804 Floating 16,600 sq. ft. Retail - Brooklyn, NY (1)(8) Mar-17 1,653 1,636 Floating 10,500 sq. ft. Hotel - New York, NY (1)(9) Sept-18 98,373 97,381 Floating 317 keys Retail - Brooklyn, NY (1) Mar-17 5,910 5,858 Floating 5,500 sq. ft. Hotel - U.S. Virgin Islands (10) Jan-18 42,000 41,600 Floating 180 keys Office - Richmond, VA (11) Jan-18 54,000 53,475 Floating 262,000 sq. ft. Total/Weighted Average $ 999,583 $ 994,301 (1) At December 31, 2015 , this loan was pledged to secure borrowings under the JPMorgan Facility or the Goldman Loan. See "Note 8 – Borrowings Under Repurchase Agreements" for a description of these facilities. (2) This loan includes a six -month extension option subject to certain conditions and the payment of a fee. (3) This loan includes two one -year extension options subject to certain conditions and the payment of a fee. (4) This loan includes a six -month extension option subject to certain conditions and the payment of a fee. At December 31, 2015 , the Company had $15,100 of unfunded loan commitments related to this loan. (5) This loan includes three one -year extension options subject to certain conditions and the payment of a fee for each extension. (6) At December 31, 2015 , the Company had $6,730 of unfunded loan commitments related to this loan. (7) This loan includes two six -month extension options subject to certain conditions and the payment of a fee. (8) At December 31, 2015 , the Company had $9,000 of unfunded loan commitments related to this loan. (9) This loan includes two one -year extension options subject to certain conditions and the payment of a fee for each extension. At December 31, 2015 , the Company had $40,034 of unfunded loan commitments related to this loan. (10) This loan includes three one -year extension options subject to certain conditions and the payment of a fee. At December 31, 2015 , the Company had $1,500 of unfunded loan commitments related to this loan. (11) This loan includes a two one -year extension options subject to certain conditions and the payment of a fee. At December 31, 2015 , the Company had $1,000 of unfunded loan commitments related to this loan.

Subordinate Loans (Tables)

Subordinate Loans (Tables)	6 Months Ended
	Jun. 30, 2016
Subordinate loans [Member]
Mortgage Loans on Real Estate [Line Items]
Schedule of Mortgage Loans on Real Estate	The Company’s subordinate loan portfolio was comprised of the following at June 30, 2016 : Description Maturity Current Principal Balance Carrying Fixed/Floating Property Size Subordinate to the Company's commercial mortgage loans Hotel - New York, NY (1) Sept-18 $ 5,726 $ 5,606 Floating 317 keys Multifamily - Williston, ND (2) Nov-17 5,000 — Floating 366 units Total - Subordinate to the Company's commercial mortgage loans $ 10,726 $ 5,606 Subordinate to third party commercial mortgage loans Office - Michigan Jun-20 8,721 8,721 Fixed 506,598 sq. ft. Mixed Use – North Carolina Aug-22 6,525 6,525 Fixed 170,897 sq. ft. Office Complex - Missouri Oct-22 9,491 9,491 Fixed 845,241 sq. ft. Hotel Portfolio – Rochester, MN Feb-18 24,025 24,025 Fixed 1,222 keys Warehouse Portfolio - Various May-23 32,000 32,000 Fixed 2,767,047 sq. ft. Office Condo - New York, NY Jul-22 14,000 13,651 Fixed 436,598 sq. ft. Mixed Use - London, England Sept-16 45,776 45,776 Fixed 210,000 sq. ft. Healthcare Portfolio - Various (2) Jun-17 39,223 39,223 Floating 18,403 beds Ski Resort - Big Sky, MT Sept-20 15,000 14,893 Fixed 632 keys Mixed Use - New York, NY (2) Dec-17 94,190 93,915 Floating 363 units Senior Housing - United Kingdom (2) Dec-17 71,661 71,661 Floating 2,128 beds Hotel - Burbank, CA Jan-20 20,000 20,000 Fixed 488 keys Multifamily Portfolio - Florida (3) May-17 22,000 21,926 Floating 621 units Multifamily Portfolio - Florida (3) May-17 15,500 15,448 Floating 621 units Mixed Use - Various (3) May-17 45,000 44,978 Floating 3,535,774 sq. ft. Hotel - Phoenix, AZ Jul-25 25,000 25,000 Fixed 744 keys Hotel - Washington, DC (2) Jul-17 20,000 19,958 Floating 581 keys Condo Development - New York, NY (6) Jul-19 44,908 44,440 Floating 60 units Condo Conversion - New York, NY (2) Aug-18 55,908 55,579 Floating 223 units Mixed Use - New York, NY (7) Oct-18 30,000 29,865 Floating 363 units Destination Resort - Various (8) May-18 75,000 72,127 Floating 5,243 keys Multifamily - New York, NY (9)(10) Nov-18 55,000 54,661 Floating 185,000 sq. ft. Hotel - New York, NY (4)(10) Mar-17 50,000 49,684 Floating 468 keys Condo Pre-development - United Kingdom (4) Sept-16 73,211 73,211 Floating 41 units Condo Conversion - New York, NY (5) Jul-19 31,558 30,795 Floating 139 units Total - Subordinate to third party commercial mortgage loans $ 923,697 $ 917,553 Total/Weighted Average $ 934,423 $ 923,159 (1) Includes two one -year extension options subject to certain conditions and the payment of an extension fee. At June 30, 2016 , the Company had $9,348 of unfunded loan commitments related to this loan. (2) Includes two one -year extension options subject to certain conditions and the payment of a fee for each extension. (3) Includes three one -year extension options subject to certain conditions and the payment of an extension fee. (4) Includes a three -month extension option subject to certain conditions and the payment of a fee. (5) Includes a one -year extension option subject to certain conditions and the payment of an extension fee. At June 30, 2016 , the Company had $45,442 of unfunded loan commitments related to this loan. (6) Includes a one -year extension option subject to certain conditions and the payment of a fee for each extension. At June 30, 2016 , the Company had $31,035 of unfunded loan commitments related to this loan. (7) Includes a one -year extension option subject to certain conditions and the payment of an extension fee. (8) Includes four one -year extension options subject to certain conditions and the payment of an extension fee. (9) Includes a six -month extension option subject to certain conditions and the payment of a fee. (10) At June 30, 2016, this loan was pledged to secure borrowings under the JPMorgan Facility or the Goldman Loan. See "Note 8 - Borrowings Under Repurchase Agreements" for a description of these facilities. The Company’s subordinate loan portfolio was comprised of the following at December 31, 2015 : Description Maturity Current Principal Balance Carrying Fixed/Floating Subordinate to the Company's commercial mortgage loans Condominium – New York, NY (1) Sept-16 $ 6,386 $ 6,415 Floating Mixed Use - Brooklyn, NY (1) Mar-17 12,347 12,222 Floating Hotel - New York, NY (1)(2) Sept-18 2,595 2,458 Floating Multifamily - Williston, ND (1)(3) Nov-17 5,000 5,000 Floating Total - Subordinate to the Company's commercial mortgage loans $ 26,328 $ 26,095 Subordinate to third party commercial mortgage loans Office - Michigan Jun-20 $ 8,753 $ 8,753 Fixed Mixed Use – North Carolina Aug-22 6,525 6,525 Fixed Office Complex - Missouri Oct-22 9,566 9,566 Fixed Hotel Portfolio – Rochester, MN Feb-18 24,182 24,182 Fixed Warehouse Portfolio - Various May-23 32,000 32,000 Fixed Office Condo - New York, NY Jul-22 14,000 13,631 Fixed Mixed Use - Various (3) Dec-16 19,500 19,377 Fixed Mixed Use - London, England Jan-16 50,676 50,676 Fixed Healthcare Portfolio - Various (4) Jun-16 39,223 39,223 Floating Ski Resort - Big Sky, MT Sept-20 15,000 14,878 Fixed Mixed Use - New York, NY (5) Dec-17 88,368 87,818 Floating Senior Housing - United Kingdom (3) Dec-17 79,735 79,735 Floating Hotel - Burbank, CA Jan-20 20,000 20,000 Fixed Multifamily Portfolio - Florida (4) May-17 22,000 21,895 Floating Multifamily Portfolio - Florida (4) May-17 15,500 15,426 Floating Mixed Use - Various (4) May-17 45,000 44,854 Floating Hotel - Phoenix, AZ Jul-25 25,000 25,000 Fixed Hotel - Washington, DC (3) Jul-17 20,000 19,934 Floating Condo Development - New York, NY (6) Jul-19 34,184 33,567 Floating Condo Conversion - New York, NY (3) Aug-18 52,418 51,941 Floating Mixed Use - New York, NY (7) Oct-18 30,000 29,785 Floating Destination Resort - Various (8) May-18 75,000 71,362 Floating Multifamily - New York, NY (9) Nov-18 55,000 54,558 Floating Hotel - New York, NY (10) Mar-17 50,000 49,522 Floating Condo Pre-development - United Kingdom (10) Sept-16 81,048 81,048 Floating Total - Subordinate to third party commercial mortgage loans $ 912,678 $ 905,256 Total/Weighted Average $ 939,006 $ 931,351 (1) At December 31, 2015 , this loan was pledged to secure borrowings under the JPMorgan Facility. See "Note 8 –Borrowings Under Repurchase Agreements" for a description of this facility. (2) Includes two one -year extension options subject to certain conditions and the payment of an extension fee. As of December 31, 2015 , the Company had $12,478 of unfunded loan commitments related to this loan. (3) Includes two one -year extension options subject to certain conditions and the payment of an extension fee. (4) Includes three one -year extension options subject to certain conditions and the payment of an extension fee. (5) Includes two one -year extension options subject to certain conditions and the payment of an extension fee. As of December 31, 2015 , the Company had $785 of unfunded loan commitments related to this loan. (6) Includes a one -year extension option subject to certain conditions and the payment of an extension fee. As of December 31, 2015 , the Company had $41,160 of unfunded loan commitments related to this loan. (7) Includes a one -year extension option subject to certain conditions and the payment of an extension fee. (8) Includes four one -year extension options subject to certain conditions and the payment of an extension fee. (9) Includes a six -month extension option subject to certain conditions and the payment of a fee. (10) Includes a three -month extension option subject to certain conditions and the payment of a fee.

Borrowings Under Repurchase A33

Borrowings Under Repurchase Agreements (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Weighted Average Maturities and Interest Rates of Borrowings	At June 30, 2016 and December 31, 2015 , the Company’s borrowings had the following outstanding balances, maturities and weighted average interest rates: June 30, 2016 December 31, 2015 Lender Maximum Amount of Borrowings Borrowings Outstanding Maturity (1) Weighted Maximum Facility Size Borrowings Outstanding Maturity (1) Weighted JPMorgan Facility (3) $ 943,000 $ 774,522 January 2019 L+2.40% $ 600,000 $ 445,942 January 2019 L+2.25% Goldman Loan N/A 43,333 April 2019 L+3.50% N/A 45,928 April 2019 L+3.50% Sub-total 817,855 L+2.46% 491,870 L+2.37% UBS Facility N/A 133,899 September 2018 2.79 % N/A 133,899 September 2018 2.79 % DB Facility (4) N/A 274,341 April 2018 3.66 % N/A 300,005 April 2018 3.69 % Sub-total 408,240 3.38 % 433,904 3.39 % less: deferred financing costs (8,160 ) (7,353 ) Total / Weighted Average $ 1,217,935 3.10 % $ 918,421 2.92 % (1) Maturity date assumes all extensions at the Company's option are exercised. (2) Assumes one -month LIBOR at June 30, 2016 and December 31, 2015 was 0.47% and 0.43% , respectively. (3) As of June 30, 2016 , the JP Morgan Facility provided for maximum total borrowings comprised of a $143.0 million asset specific financing and the $800.0 million JPMorgan Facility. (4) 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, 2016 , 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 $ 260,288 $ 514,234 $ — $ — $ 774,522 Goldman Loan 5,290 38,043 — — 43,333 UBS Facility * 63,647 70,252 — — 133,899 DB Facility 82,524 166,203 10,407 15,207 274,341 Total $ 411,749 $ 788,732 $ 10,407 $ 15,207 $ 1,226,095 * Assumes extension option is exercised.
Schedule of Outstanding, Maximum and Average Balances of Debt	The table below summarizes the outstanding balances at June 30, 2016 , as well as the maximum and average month-end balances for the six months ended June 30, 2016 for the Company's borrowings under repurchase agreements. For the six months ended June 30, 2016 Balance at June 30, 2016 Maximum Month-End Balance Average Month-End Balance JPMorgan Facility borrowings $ 774,522 $ 774,522 $ 627,334 Goldman Loan 43,333 45,928 44,665 UBS Facility borrowings 133,899 133,899 133,899 DB Facility borrowings 274,341 300,005 284,054 Total $ 1,226,095

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	6 Months Ended
	Jun. 30, 2016
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% 56.36 3/15/2019 2.71 years August 2019 Notes $111,000 5.50% 6.50% 56.36 3/15/2019 2.71 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, as adjusted in accordance with the applicable indenture as a result of cash dividend payments, and including deferred and carried-forward adjustments relating to cash dividend payments made by the Company to stockholders since January 15, 2016. The if-converted value of the 2019 Notes does not exceed their principal amount at June 28, 2016 since the closing market price of the Company’s common stock does not exceed the implicit conversion prices of $17.74 for the 2019 Notes.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Non-Designated Foreign Exchange Forwards	The following table summarizes our non-designated foreign exchange (“Fx”) forwards as of June 30, 2016 : Type of Derivative June 30, 2016 Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx Contracts - GBP 4 127,945 GBP July 2016-October 2016 The following table summarizes our non-designated Fx forwards as of December 31, 2015: Type of Derivative December 31, 2015 Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx Contracts - GBP 5 130,272 GBP January 2016- October 2016
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, 2016 and 2015 . Three months ended June 30, Six months ended June 30, Location of Loss Recognized in Income 2016 2015 2016 2015 Forward currency contract Gain (loss) on derivative instruments - unrealized $ 13,426 $ (3,135 ) $ 12,116 $ (6,179 ) Forward currency contract Gain (loss) on derivative instruments - realized (95 ) — 5,989 Interest rate caps Loss on derivative instruments - unrealized (18 ) (62 ) (90 ) (62 ) Total $ 13,313 $ (3,197 ) $ 18,015 $ (6,241 )
Summary of Gross Derivative Assets Related to Derivatives	The following table summarizes the gross asset amounts related to the Company's derivative instruments at June 30, 2016 and December 31, 2015 . June 30, 2016 December 31, 2015 Gross Gross Net Amounts Gross Gross Net Amounts Interest rate caps $ 9 $ — $ 9 $ 106 $ — $ 106 Forward currency contract 15,333 — 15,333 3,221 — 3,221 Total derivative instruments $ 15,342 $ — $ 15,342 $ 3,327 $ — $ 3,327

Share-Based Payments (Tables)

Share-Based Payments (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 : Type Date Restricted Stock RSUs Estimate Fair Value Initial Vesting Final Vesting Outstanding at December 31, 2015 340,064 1,242,810 Cancelled upon delivery January 2016 — (318,160 ) n/a n/a n/a Forfeiture January 2016 — (1,667 ) n/a n/a n/a Grant February 2016 — 47,028 $729 (1) (1) Grant March 2016 — 5,095 $81 December 2016 December 2017 Grant April 2016 17,056 — $275 July 2016 April 2019 Forfeiture June 2016 — (14,972 ) n/a n/a n/a Outstanding at June 30, 2016 357,120 960,134 (1) These awards vest based upon the achievement of certain conditions.
Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs	Below is a summary of expected restricted common stock and RSU vesting dates as of June 30, 2016 . Vesting Date Shares Vesting RSU Vesting Total Awards July 2016 5,577 543 6,120 October 2016 5,578 — 5,578 December 2016 28,920 341,532 370,452 January 2017 5,161 47,028 52,189 April 2017 5,164 — 5,164 June 2017 — 544 544 July 2017 4,004 — 4,004 October 2017 3,997 — 3,997 December 2017 28,923 338,133 367,056 January 2018 2,749 — 2,749 April 2018 2,755 — 2,755 June 2018 — 544 544 July 2018 1,420 — 1,420 October 2018 1,424 — 1,424 December 2018 16,670 214,141 230,811 January 2019 1,419 — 1,419 April 2019 1,424 — 1,424 115,185 942,465 1,057,650

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Dividends. For 2016 , the Company declared the following dividends on its common stock: Declaration Date Record Date Payment Date Amount March 15, 2016 March 31, 2016 April 15, 2016 $ 0.46 June 17, 2016 June 30, 2016 July 15, 2016 $ 0.46 For 2016 , the Company declared the following dividends on its 8.625% Series A Cumulative Redeemable Perpetual Preferred Stock (the “Series A Preferred Stock”): Declaration Date Record Date Payment Date Amount March 15, 2016 March 31, 2016 April 15, 2016 $ 0.5391 June 17, 2016 June 30, 2016 July 15, 2016 $ 0.5391 For 2016 , the Company declared the following dividends on its 8.00% Fixed to Floating Series B Cumulative Redeemable Perpetual Preferred Stock (the “Series B Preferred Stock”): Declaration Date Record Date Payment Date Amount March 15, 2016 March 31, 2016 April 15, 2016 $ 0.5000 June 17, 2016 June 30, 2016 July 15, 2016 $ 0.5000

Fair Value of Financial Instr38

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 and December 31, 2015 : June 30, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and cash equivalents $ 38,631 $ 38,631 $ 67,415 $ 67,415 Restricted cash 67,438 67,438 30,127 30,127 Securities, held-to-maturity 151,726 151,729 153,193 153,230 Commercial first mortgage loans 1,278,034 1,284,348 994,301 999,517 Subordinate loans 923,159 933,179 931,351 939,545 Borrowings under repurchase agreements (1,217,935 ) (1,218,299 ) (918,421 ) (918,567 ) Convertible senior notes, net (249,069 ) (258,095 ) (248,173 ) (253,986 ) Participations sold (114,387 ) (116,411 ) (118,201 ) (118,226 )

Net Income per Share (Tables)

Net Income per Share (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 and 2015 : For the three For the six 2016 2015 2016 2015 Numerator: Net income $ 10,338 $ 24,658 $ 28,956 $ 50,169 Preferred dividends (5,860 ) (1,860 ) (11,675 ) (3,720 ) Net income available to common stockholders 4,478 22,798 17,281 46,449 Dividends declared on common stock (31,005 ) (25,709 ) (62,002 ) (51,411 ) Dividends on participating securities (437 ) (259 ) (885 ) (521 ) Net income (loss) attributable to common stockholders $ (26,964 ) $ (3,170 ) $ (45,606 ) $ (5,483 ) Denominator: Basic weighted average shares of common stock outstanding 67,402,311 58,429,155 67,393,751 54,020,978 Diluted weighted average shares of common stock outstanding 68,374,557 59,022,217 68,351,137 54,621,401 Basic and diluted net income per weighted average share of common stock Distributable Earnings $ 0.46 $ 0.44 $ 0.92 $ 0.95 Undistributed income (loss) $ (0.40 ) $ (0.05 ) $ (0.68 ) $ (0.10 ) Basic and diluted net income per share of common stock $ 0.06 $ 0.39 $ 0.24 $ 0.85

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)Segment	Dec. 31, 2015USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of business segments | Segment	1
Debt issuance costs	$ 8,160	$ 7,353
Accounting Standards Update 2015-03 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	(8,616)	(7,353)
Borrowings under repurchase agreements [Member] | Accounting Standards Update 2015-03 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ 8,160	$ 7,353

Fair Value Disclosure (Detail)

Fair Value Disclosure (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	$ 15,342	$ 3,327
Total	468,046	496,476
Estimated Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	15,342	3,327
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	452,704	493,149
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	468,046	496,476
Level 2 [Member] | Estimated Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	15,342	3,327
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	$ 452,704	$ 493,149

Debt Securities - Amortized Cos

Debt Securities - Amortized Cost and Estimated Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Feb. 28, 2015
Schedule of Available-for-sale Securities [Line Items]
Total, Face Amount	$ 648,893	$ 664,732
Total, Amortized Cost	642,327	657,446
Total, Gross Unrealized Gain	1,149	2,614
Total, Gross Unrealized Loss	(39,046)	(13,718)
Total, Carrying Value/Estimated Fair Value	604,430	646,342
Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value Option, Amortized Cost			$ 24,038
Held to Maturity, Face Amount	151,750	153,250
Held to Maturity, Amortized Cost	151,726	153,193
Held to Maturity, Gross Unrealized Gain	0	0
Held to Maturity, Gross Unrealized Loss	0	0
Held to Maturity, Carrying Value/Estimated Fair Value	151,726	153,193
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	497,143	511,482
Fair Value Option, Amortized Cost	490,601	504,253
Fair Value Option, Gross Unrealized Gain	1,149	2,614
Fair Value Option, Gross Unrealized Loss	(39,046)	(13,718)
Fair Value Option, Carrying Value/Estimated Fair Value	$ 452,704	$ 493,149

Debt Securities - Overall Stati

Debt Securities - Overall Statistics for Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis (Detail) - Commercial Mortgage Backed Securities [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Coupon	5.90%	5.90%
Yield	5.90%	6.50%
Weighted Average Life	1 year 2 months	1 year 7 months 6 days

Debt Securities - Percentage Vi

Debt Securities - Percentage Vintage, Property Type, and Location of Collateral Securing Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis (Detail) - Available-for-sale Securities [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
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	6.70%	8.30%
Vintage Concentration Risk [Member] | Vintage 2006 [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage	20.40%	20.00%
Vintage Concentration Risk [Member] | Vintage 2007 [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage	63.60%	62.40%
Vintage Concentration Risk [Member] | Vintage 2008 [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage	9.30%	9.30%
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	34.20%	32.00%
Product Concentration Risk [Member] | Retail [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage	29.90%	30.20%
Product Concentration Risk [Member] | Multifamily [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage	13.50%	13.50%
Product Concentration Risk [Member] | Other [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage	22.40%	24.30%
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	22.10%	23.00%
Geographic Concentration Risk [Member] | Middle Atlantic [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage	16.50%	18.10%
Geographic Concentration Risk [Member] | Pacific [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage	17.20%	17.80%
Geographic Concentration Risk [Member] | East North Central [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage	11.40%	12.50%
Geographic Concentration Risk [Member] | Other [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage	32.80%	28.60%

Debt Securities - Additional In

Debt Securities - Additional Information (Detail) $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	Feb. 28, 2015USD ($)	Aug. 31, 2014USD ($)option	May 31, 2014USD ($)ft²timeshare_unitcasinoroom	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Mortgage Loans on Real Estate [Line Items]
Realized loss on sale of securities				$ 0	$ 0	$ 0	$ 443
Hotel [Member] | Subordinate Mortgage Loans [Member] | Hotel - Aruba [Member]
Mortgage Loans on Real Estate [Line Items]
Property size, number of units/keys | room			442
Number of timeshare units in real estate property | timeshare_unit			114
Number of casinos in real estate property | casino			2
Property size, area (in square feet) | ft²			131,500
Term of loan		3 years
Number of options to extend loan agreement | option		2
Option to extend loan agreement, term		1 year
Appraised loan to value ratio		60.00%
First Mortgage [Member] | Hotel [Member] | Subordinate Mortgage Loans [Member] | Hotel - Aruba [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan, face amount			$ 155,000
Senior Participation [Member] | Hotel [Member] | Subordinate Mortgage Loans [Member] | Hotel - Aruba [Member]
Mortgage Loans on Real Estate [Line Items]
Participation in loan, amount		$ 90,000						$ 90,000
Junior Participation [Member] | Hotel [Member] | Subordinate Mortgage Loans [Member] | Hotel - Aruba [Member]
Mortgage Loans on Real Estate [Line Items]
Participation in loan, amount		$ 65,000						$ 65,000
Commercial Mortgage Backed Securities [Member]
Mortgage Loans on Real Estate [Line Items]
Amortized cost of debt securities sold	$ 24,038
Realized loss on sale of securities	443
Realized gain on sale of debt securities	43
Realized loss on sale of debt securities	486
Reclassification out of accumulated other comprehensive income	678
Proceeds from sale of debt securities, net of debt facility repayment	1,341
Line of Credit [Member] | Wells Fargo [Member]
Mortgage Loans on Real Estate [Line Items]
Repayment of debt facility	$ 22,254

Commercial Mortgage Loan Portfo

Commercial Mortgage Loan Portfolio (Detail) - Commercial mortgage loans [Member] $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)aft²unitpropertykey	Dec. 31, 2015USD ($)aft²unitpropertykey
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 1,294,508	$ 999,583
Carrying Value	$ 1,278,034	$ 994,301
Condo Conversion [Member] | Condominium - New York, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Property size, area (in square feet and acres) | ft²	40,000	40,000
Condo Conversion [Member] | Condo Conversion New York, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 67,300	$ 67,300
Carrying Value	$ 67,023	$ 67,038
Property size, area (in square feet and acres) | ft²	86,000	86,000
Condo Conversion [Member] | Condo Conversion - Brooklyn, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 40,600
Carrying Value	$ 40,181
Property size, area (in square feet and acres) | ft²	133,600
Condo Construction [Member] | Condominium - New York, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 13,789	$ 24,114
Carrying Value	13,874	24,289
Condo Construction [Member] | Condominium Bethesda, MD [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	49,893	65,125
Carrying Value	$ 50,204	$ 65,087
Property size, number of units/keys | unit	50	50
Condo Construction [Member] | Condo Construction Bethesda, MD [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 49,162	$ 50,000
Carrying Value	$ 49,374	$ 49,960
Property size, number of units/keys | unit	40	40
Vacation Home Portfolio [Member] | Vacation Home Portfolio - Various [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 91,553	$ 94,147
Carrying Value	$ 90,743	$ 93,277
Number of properties | property	229	229
Vacation Home Portfolio [Member] | Vacation Home Portfolio - Various, United States [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 50,000	$ 50,000
Carrying Value	$ 49,641	$ 49,595
Number of properties | property	24	24
Hotel [Member] | Hotel - Philadelphia, PA [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 34,000	$ 34,000
Carrying Value	$ 33,972	$ 33,994
Property size, number of units/keys | key	301	301
Hotel [Member] | Hotel - New York, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 100,063	$ 98,373
Carrying Value	$ 99,552	$ 97,381
Property size, number of units/keys | key	317	317
Hotel [Member] | Hotel, U.S. Virgin Islands [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 42,000	$ 42,000
Carrying Value	$ 41,700	$ 41,600
Property size, number of units/keys | key	180	180
Multifamily Conversion [Member] | Multifamily - Brooklyn, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 34,500	$ 34,500
Carrying Value	$ 34,940	$ 34,886
Property size, number of units/keys | unit	63	63
Multifamily Conversion [Member] | Multifamily - Williston, ND [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 49,706	$ 49,691
Carrying Value	$ 39,717	$ 49,665
Property size, number of units/keys | unit	366	366
Mixed Use [Member] | Mixed Use - Cincinnati, OH [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 165,000	$ 165,000
Carrying Value	$ 163,047	$ 163,173
Property size, area (in square feet and acres) | a	65	65
Mixed Use [Member] | Mixed Use - Brooklyn, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 85,770	$ 85,770
Carrying Value	$ 85,959	$ 85,658
Property size, area (in square feet and acres) | ft²	330,000	330,000
Mixed Use [Member] | Mixed Use - New York, NY, June 2018 [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 44,750
Carrying Value	$ 44,294
Property size, area (in square feet and acres) | ft²	91,580
Retail Redevelopment [Member] | Retail Redevelopment - Miami, FL [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 45,000	$ 45,000
Carrying Value	$ 45,202	$ 44,925
Property size, area (in square feet and acres) | ft²	63,300	63,300
Retail Redevelopment [Member] | Retail Redevelopment - Miami, FL (2) [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance		$ 33,000
Carrying Value		$ 32,804
Property size, area (in square feet and acres) | ft²		16,600
Retail Redevelopment [Member] | Retail Redevelopment - Miami, FL January 2016 [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 220,000
Carrying Value	$ 217,851
Property size, area (in square feet and acres) | ft²	113,000
Retail [Member] | Retail - Brooklyn, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 23,000	$ 1,653
Carrying Value	$ 22,951	$ 1,636
Property size, area (in square feet and acres) | ft²	10,500	10,500
Retail [Member] | Retail, Brooklyn, NY, November 2015 [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 5,910	$ 5,910
Carrying Value	$ 5,885	$ 5,858
Property size, area (in square feet and acres) | ft²	5,500	5,500
Office [Member] | Office, Richmond, VA [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 54,000	$ 54,000
Carrying Value	$ 53,652	$ 53,475
Property size, area (in square feet and acres) | ft²	262,000	262,000
Office [Member] | Office - Boston, MA [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 28,512
Carrying Value	$ 28,272
Property size, area (in square feet and acres) | ft²	114,000

Commercial Mortgage Loan Port47

Commercial Mortgage Loan Portfolio (Footnotes) (Detail)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)option	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)option
Mortgage Loans on Real Estate [Line Items]
Provision for loan losses	$ 15,000,000	$ 0	$ 15,000,000	$ 0
Commercial mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Unfunded loan commitments	69,311,000		69,311,000
Provision for loan losses	10,000,000		10,000,000
Loans and Leases Receivable, Allowance	10,000,000		$ 10,000,000		$ 0
Commercial mortgage loans [Member] | Condo Construction [Member] | Condominium Bethesda, MD [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term			6 months		6 months
Commercial mortgage loans [Member] | Condo Construction [Member] | Condo Construction Bethesda, MD [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term			6 months		6 months
Unfunded loan commitments	9,100,000		$ 9,100,000		$ 15,100,000
Commercial mortgage loans [Member] | Hotel [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term					1 year
Number of options to extend loan agreement | option					2
Commercial mortgage loans [Member] | Hotel [Member] | Hotel - New York, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term			1 year		1 year
Number of options to extend loan agreement | option			2		2
Unfunded loan commitments	38,343,000		$ 38,343,000		$ 40,034,000
Commercial mortgage loans [Member] | Hotel [Member] | Hotel, U.S. Virgin Islands [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term			1 year		1 year
Number of options to extend loan agreement | option			3		3
Unfunded loan commitments	1,500,000		$ 1,500,000		$ 1,500,000
Commercial mortgage loans [Member] | Multifamily Conversion [Member] | Multifamily - Brooklyn, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term			1 year		1 year
Number of options to extend loan agreement | option			3		3
Commercial mortgage loans [Member] | Retail Redevelopment [Member] | Retail Redevelopment - Miami, FL [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term			6 months		6 months
Number of options to extend loan agreement | option			2
Commercial mortgage loans [Member] | Retail Redevelopment [Member] | Retail Redevelopment - Miami, FL January 2016 [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term			1 year
Commercial mortgage loans [Member] | Mixed Use [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term			1 year
Number of options to extend loan agreement | option			2
Commercial mortgage loans [Member] | Mixed Use [Member] | Mixed Use - Brooklyn, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Unfunded loan commitments	6,730,000		$ 6,730,000		$ 6,730,000
Commercial mortgage loans [Member] | Mixed Use [Member] | Mixed Use - New York, NY, June 2018 [Member]
Mortgage Loans on Real Estate [Line Items]
Number of options to extend loan agreement | option			6
Unfunded loan commitments	5,250,000		$ 5,250,000
Commercial mortgage loans [Member] | Retail [Member] | Retail - Brooklyn, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Unfunded loan commitments					$ 9,000,000
Commercial mortgage loans [Member] | Office [Member] | Office, Richmond, VA [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term			1 year		1 year
Number of options to extend loan agreement | option			2		2
Unfunded loan commitments	1,000,000		$ 1,000,000		$ 1,000,000
Commercial mortgage loans [Member] | Office [Member] | Office - Boston, MA [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term			6 months
Number of options to extend loan agreement | option			1
Unfunded loan commitments	2,488,000		$ 2,488,000
Commercial mortgage loans [Member] | Condo Conversion [Member] | Condo Conversion - Brooklyn, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Unfunded loan commitments	$ 4,900,000		$ 4,900,000

Subordinate Loans - Loans Portf

Subordinate Loans - Loans Portfolio (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)ft²unitbedkey	Dec. 31, 2015USD ($)
Subordinate Mortgage Loans to Company Commercial Mortgage Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 10,726	$ 26,328
Carrying Value	5,606	26,095
Subordinate Mortgage Loans to Company Commercial Mortgage Loans [Member] | Condo Conversion [Member] | Condo Conversion - New York, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance		6,386
Carrying Value		6,415
Subordinate Mortgage Loans to Company Commercial Mortgage Loans [Member] | Mixed Use [Member] | Mixed Use - Brooklyn, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance		12,347
Carrying Value		12,222
Subordinate Mortgage Loans to Company Commercial Mortgage Loans [Member] | Hotel [Member] | Hotel - New York, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	5,726	2,595
Carrying Value	$ 5,606	2,458
Property size, number of units/keys | key	317
Subordinate Mortgage Loans to Company Commercial Mortgage Loans [Member] | Multifamily Portfolio [Member] | Multifamily - Williston, ND [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 5,000	5,000
Carrying Value	$ 0	5,000
Property size, number of units/keys | unit	366
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 923,697	912,678
Carrying Value	917,553	905,256
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Condo Conversion [Member] | Condo Conversion - New York, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	55,908	52,418
Carrying Value	$ 55,579	51,941
Property size, number of units/keys | unit	223
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Condo Conversion [Member] | Condo Conversion, New York, NY - January 2016 [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 31,558
Carrying Value	$ 30,795
Property size, number of units/keys | unit	139
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Mixed Use [Member] | Mixed Use - North Carolina [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 6,525	6,525
Carrying Value	$ 6,525	6,525
Property size, area (in square feet) | ft²	170,897
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Mixed Use [Member] | Mixed Use - Various [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance		19,500
Carrying Value		19,377
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Mixed Use [Member] | Mixed Use - London, England [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 45,776	50,676
Carrying Value	$ 45,776	50,676
Property size, area (in square feet) | ft²	210,000
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Mixed Use [Member] | Mixed Use - New York, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 94,190	88,368
Carrying Value	$ 93,915	87,818
Property size, number of units/keys | unit	363
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Mixed Use [Member] | Mixed Use - Various [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 45,000	45,000
Carrying Value	$ 44,978	44,854
Property size, area (in square feet) | ft²	3,535,774
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Mixed Use [Member] | Mixed Use - New York, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 30,000	30,000
Carrying Value	$ 29,865	29,785
Property size, number of units/keys | unit	363
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Hotel [Member] | Hotel Portfolio - Rochester, MN [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 24,025	24,182
Carrying Value	$ 24,025	24,182
Property size, number of units/keys | key	1,222
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Hotel [Member] | Hotel - Burbank, CA [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 20,000	20,000
Carrying Value	$ 20,000	20,000
Property size, number of units/keys | key	488
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Hotel [Member] | Hotel - Phoenix, AZ [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 25,000	25,000
Carrying Value	$ 25,000	25,000
Property size, number of units/keys | key	744
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Hotel [Member] | Hotel - Washington D.C. [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 20,000	20,000
Carrying Value	$ 19,958	19,934
Property size, number of units/keys | key	581
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Hotel [Member] | Hotel, New York, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 50,000	50,000
Carrying Value	$ 49,684	49,522
Property size, number of units/keys | key	468
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Multifamily Portfolio [Member] | Multifamily Portfolio - Florida [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 22,000	22,000
Carrying Value	$ 21,926	21,895
Property size, number of units/keys | unit	621
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Multifamily Portfolio [Member] | Multifamily Portfolio - Florida (2) [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 15,500	15,500
Carrying Value	$ 15,448	15,426
Property size, number of units/keys | unit	621
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Multifamily Portfolio [Member] | Multifamily, New York, New York [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 55,000	55,000
Carrying Value	$ 54,661	54,558
Property size, area (in square feet) | ft²	185,000
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Office [Member] | Office Michigan [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 8,721	8,753
Carrying Value	$ 8,721	8,753
Property size, area (in square feet) | ft²	506,598
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Office [Member] | Office Complex - Missouri [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 9,491	9,566
Carrying Value	$ 9,491	9,566
Property size, area (in square feet) | ft²	845,241
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Office [Member] | Office Condo - NY, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 14,000	14,000
Carrying Value	$ 13,651	13,631
Property size, area (in square feet) | ft²	436,598
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Warehouse [Member] | Warehouse Portfolio - Various [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 32,000	32,000
Carrying Value	$ 32,000	32,000
Property size, area (in square feet) | ft²	2,767,047
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Healthcare [Member] | Healthcare Portfolio Various [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 39,223	39,223
Carrying Value	$ 39,223	39,223
Property size, number of beds | key	18,403
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Ski Resort [Member] | Ski Resort - Montana [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 15,000	15,000
Carrying Value	$ 14,893	14,878
Property size, number of units/keys | key	632
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Senior Housing Facility [Member] | Senior Housing - United Kingdom [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 71,661	79,735
Carrying Value	$ 71,661	79,735
Property size, number of beds | bed	2,128
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Destination Resort [Member] | Destination Resort - Various [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 75,000	75,000
Carrying Value	$ 72,127	71,362
Property size, number of units/keys | key	5,243
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Condo Development [Member] | Condo Development - New York, NY [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 44,908	34,184
Carrying Value	$ 44,440	33,567
Property size, number of units/keys | unit	60
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Condo Development [Member] | Condo Pre-development, United Kingdom [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 73,211	81,048
Carrying Value	$ 73,211	81,048
Property size, number of units/keys | unit	41
Subordinate loans [Member]
Mortgage Loans on Real Estate [Line Items]
Current Principal Balance	$ 934,423	939,006
Carrying Value	$ 923,159	$ 931,351

Subordinate Loans - Loans Por49

Subordinate Loans - Loans Portfolio (Footnotes) (Detail)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)option	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)option
Mortgage Loans on Real Estate [Line Items]
Provision for loan losses	$ 15,000,000	$ 0	$ 15,000,000	$ 0
Subordinate loans [Member]
Mortgage Loans on Real Estate [Line Items]
Provision for loan losses	5,000,000		5,000,000
Loans and Leases Receivable, Allowance	5,000,000		$ 5,000,000		$ 0
Subordinate loans [Member] | Multifamily, Mixed Use, Senior Housing and Condo Conversion [Member]
Mortgage Loans on Real Estate [Line Items]
Number of options to extend loan agreement | option			2
Option to extend loan agreement, term			1 year
Subordinate loans [Member] | Healthcare Portfolio, Multifamily Portfolio and Mixed Use [Member]
Mortgage Loans on Real Estate [Line Items]
Number of options to extend loan agreement | option			3
Option to extend loan agreement, term			1 year
Subordinate loans [Member] | Mixed Use, Senior Housing, Hotel, Condo Conversion and Multifamily [Member]
Mortgage Loans on Real Estate [Line Items]
Number of options to extend loan agreement | option					2
Option to extend loan agreement, term					1 year
Subordinate loans [Member] | Healthcare and Multifamily [Member]
Mortgage Loans on Real Estate [Line Items]
Number of options to extend loan agreement | option					3
Option to extend loan agreement, term					1 year
Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Hotel and Condo-Pre-development [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term			3 months
Hotel - New York, NY [Member] | Subordinate loans [Member] | Hotel [Member]
Mortgage Loans on Real Estate [Line Items]
Number of options to extend loan agreement | option					2
Option to extend loan agreement, term					1 year
Unfunded loan commitments					$ 12,478,000
Hotel - New York, NY [Member] | Subordinate Mortgage Loans to Company Commercial Mortgage Loans [Member] | Hotel [Member]
Mortgage Loans on Real Estate [Line Items]
Number of options to extend loan agreement | option			2
Option to extend loan agreement, term			1 year
Unfunded loan commitments	9,348,000		$ 9,348,000
Condo Development - New York, NY [Member] | Subordinate loans [Member] | Condo Development [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term					1 year
Unfunded loan commitments					$ 41,160,000
Condo Development - New York, NY [Member] | Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Condo Development [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term			1 year
Unfunded loan commitments	31,035,000		$ 31,035,000
Mixed Use - New York, NY [Member] | Subordinate loans [Member] | Mixed Use [Member]
Mortgage Loans on Real Estate [Line Items]
Number of options to extend loan agreement | option					2
Option to extend loan agreement, term					1 year
Unfunded loan commitments					$ 785,000
Mixed Use - New York, NY [Member] | Subordinate loans [Member] | Mixed Use [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term					1 year
Mixed Use - New York, NY [Member] | Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Mixed Use [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term			1 year
Destination Resort - Various [Member] | Subordinate loans [Member] | Destination Resort [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term					1 year
Destination Resort - Various [Member] | Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Destination Resort [Member]
Mortgage Loans on Real Estate [Line Items]
Number of options to extend loan agreement | option			4		4
Option to extend loan agreement, term			1 year
Multifamily, New York, New York [Member] | Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Multifamily Portfolio [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term			6 months		6 months
Hotel, New York, NY [Member] | Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Hotel [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term					3 months
Condo Conversion, New York, NY - January 2016 [Member] | Subordinate Mortgage Loans to Third Party Commercial Mortgage Loans [Member] | Condo Conversion [Member]
Mortgage Loans on Real Estate [Line Items]
Option to extend loan agreement, term			1 year
Unfunded loan commitments	$ 45,442,000		$ 45,442,000

Unconsolidated Joint Venture -

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

1 Months Ended

6 Months Ended

Jun. 30, 2016EUR (€)

Feb. 28, 2015USD ($)

Feb. 28, 2015EUR (€)

Sep. 30, 2014USD ($)

Sep. 30, 2014EUR (€)

Jun. 30, 2016USD ($)

Jun. 30, 2015USD ($)

Jun. 30, 2016EUR (€)

Jan. 31, 2015USD ($)

Jan. 31, 2015EUR (€)

Sep. 30, 2014EUR (€)

Sep. 30, 2013USD ($)

Sep. 30, 2013EUR (€)

Schedule of Equity Method Investments [Line Items]

Initial funding for equity method investment

$ 362

$ 3,929

KBCD Partnership [Member]

Schedule of Equity Method Investments [Line Items]

Ownership interest

21.00%

21.00%

Initial funding for equity method investment

$ 39,477

€ 30,724

BKB Bank [Member]

Schedule of Equity Method Investments [Line Items]

Ownership interest

9.34%

9.34%

Company and affiliated investors ownership, percentage

100.00%

100.00%

Commitment to Invest in KBCD [Member]

Schedule of Equity Method Investments [Line Items]

Commitment to invest

$ 50,000

€ 38,000

$ 50,000

€ 38,000

Unfunded Commitment, Champ L.P. [Member]

Schedule of Equity Method Investments [Line Items]

Commitment to invest

$ 3,113

€ 2,802

Commitment to invest transfer | €

€ 427

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

Schedule of Equity Method Investments [Line Items]

Ownership interest

59.00%

59.00%

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

Schedule of Equity Method Investments [Line Items]

Ownership interest

35.00%

35.00%

Company and affiliated investors ownership, percentage

100.00%

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

$ 20,794

€ 16,314

Foreign exchange adjustments included in accumulated other comprehensive loss

$ 2,614

Champ LP [Member] | Additional Investment [Member]

Schedule of Equity Method Investments [Line Items]

Commitment to invest

$ 3,929

€ 3,331

Borrowings Under Repurchase A51

Borrowings Under Repurchase Agreements - Weighted Average Maturities and Interest Rates of Borrowings (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Borrowings Outstanding	$ 1,217,935	$ 918,421
Deferred financing costs	(8,160)	(7,353)
Line of Credit [Member]
Debt Instrument [Line Items]
Borrowings Outstanding	1,217,935	918,421
Deferred financing costs	$ (8,160)	$ (7,353)
Weighted Average Rate	3.10%	2.92%
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis point	0.47%	0.43%
Line of Credit [Member] | JP Morgan Chase and Goldman Sachs [Member]
Debt Instrument [Line Items]
Borrowings Outstanding	$ 817,855	$ 491,870
Line of Credit [Member] | JP Morgan Chase and Goldman Sachs [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis point	2.46%	2.37%
Line of Credit [Member] | JP Morgan Chase [Member]
Debt Instrument [Line Items]
Maximum Facility Size	$ 943,000	$ 600,000
Borrowings Outstanding	774,522	445,942
Line of Credit [Member] | Goldman Sachs [Member]
Debt Instrument [Line Items]
Borrowings Outstanding	$ 43,333	$ 45,928
Line of Credit [Member] | Goldman Sachs [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis point	3.50%	3.50%
Line of Credit [Member] | UBS and Deutsche Bank [Member]
Debt Instrument [Line Items]
Borrowings Outstanding	$ 408,240	$ 433,904
Weighted Average Rate	3.38%	3.39%
Line of Credit [Member] | UBS [Member]
Debt Instrument [Line Items]
Borrowings Outstanding	$ 133,899	$ 133,899
Weighted Average Rate	2.79%	2.79%
Line of Credit [Member] | Deutsche Bank [Member]
Debt Instrument [Line Items]
Borrowings Outstanding	$ 274,341	$ 300,005
Weighted Average Rate	3.66%	3.69%
Minimum [Member] | Line of Credit [Member] | JP Morgan Chase [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis point	2.40%	2.25%
Minimum [Member] | Line of Credit [Member] | Deutsche Bank [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis point	1.80%
Maximum [Member] | Line of Credit [Member] | Deutsche Bank [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis point	2.32%
Asset Specific Financing [Member] | Line of Credit [Member] | JP Morgan Chase [Member]
Debt Instrument [Line Items]
Long-term line of credit	$ 143,000
General Facility [Member] | Line of Credit [Member] | JP Morgan Chase [Member]
Debt Instrument [Line Items]
Long-term line of credit	$ 800,000

Borrowings Under Repurchase A52

Borrowings Under Repurchase Agreements - Remaining Maturities of Borrowings (Detail) - Line of Credit [Member] $ in Thousands	Jun. 30, 2016USD ($)
Line of Credit Facility [Line Items]
Less than 1 year	$ 411,749
1 to 3 years	788,732
3 to 5 years	10,407
More than 5 years	15,207
Total	1,226,095
JP Morgan Chase [Member]
Line of Credit Facility [Line Items]
Less than 1 year	260,288
1 to 3 years	514,234
3 to 5 years	0
More than 5 years	0
Total	774,522
Goldman Sachs [Member]
Line of Credit Facility [Line Items]
Less than 1 year	5,290
1 to 3 years	38,043
3 to 5 years	0
More than 5 years	0
Total	43,333
UBS [Member]
Line of Credit Facility [Line Items]
Less than 1 year	63,647
1 to 3 years	70,252
3 to 5 years	0
More than 5 years	0
Total	133,899
DB Facility [Member]
Line of Credit Facility [Line Items]
Less than 1 year	82,524
1 to 3 years	166,203
3 to 5 years	10,407
More than 5 years	15,207
Total	$ 274,341

Borrowings Under Repurchase A53

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, 2016USD ($)
Line of Credit Facility [Line Items]
Balance at June 30, 2016	$ 1,226,095
JP Morgan Chase [Member]
Line of Credit Facility [Line Items]
Balance at June 30, 2016	774,522
Maximum Month-End Balance	774,522
Average Month-End Balance	627,334
Goldman Sachs [Member]
Line of Credit Facility [Line Items]
Balance at June 30, 2016	43,333
Maximum Month-End Balance	45,928
Average Month-End Balance	44,665
UBS [Member]
Line of Credit Facility [Line Items]
Balance at June 30, 2016	133,899
Maximum Month-End Balance	133,899
Average Month-End Balance	133,899
DB Facility [Member]
Line of Credit Facility [Line Items]
Balance at June 30, 2016	274,341
Maximum Month-End Balance	300,005
Average Month-End Balance	$ 284,054

Convertible Senior Notes - Summ

Convertible Senior Notes - Summary of 2019 Notes (Detail) - Convertible Debt [Member]	Aug. 18, 2014USD ($)	Mar. 17, 2014USD ($)
March 2019 Notes [Member]
Debt Instrument [Line Items]
Principal Amount		$ 143,750,000
Coupon Rate		5.50%
Effective rate		6.25%
Conversion rate		56.36
Remaining Period of Amortization		2 years 8 months 15 days
August 2019 Notes [Member]
Debt Instrument [Line Items]
Principal Amount	$ 111,000,000
Coupon Rate	5.50%
Effective rate	6.50%
Conversion rate	56.36
Remaining Period of Amortization	2 years 8 months 15 days

Convertible Senior Notes - Narr

Convertible Senior Notes - Narrative (Detail) - USD ($)	Aug. 18, 2014	Mar. 17, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Convertible senior notes, carrying value			$ 249,069,000		$ 249,069,000		$ 248,173,000
Convertible Debt [Member]
Debt Instrument [Line Items]
Conversion rate basis, principal amount	$ 1,000,000
Convertible Debt [Member] | 2019 Notes [Member]
Debt Instrument [Line Items]
Conversion price (in dollars per share)			$ 17.74		$ 17.74
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			883,000	$ 855,000	1,759,000	$ 1,699,000
Convertible Debt [Member] | March 2019 Notes [Member]
Debt Instrument [Line Items]
Principal amount		$ 143,750,000
Coupon rate		5.50%
Proceeds from issuance of convertible senior notes		$ 139,037,000
Convertible senior notes, carrying value			141,070,000		141,070,000
Unamortized discount			2,680,000		2,680,000
Convertible Debt [Member] | August 2019 Notes [Member]
Debt Instrument [Line Items]
Principal amount	$ 111,000,000
Coupon rate	5.50%
Proceeds from issuance of convertible senior notes	$ 109,615,000
Convertible senior notes, carrying value			107,999,000		107,999,000
Unamortized discount			$ 3,001,000		$ 3,001,000

Federal Home Loan Bank of Ind56

Federal Home Loan Bank of Indianapolis Membership (Details) $ in Thousands	Jun. 30, 2016USD ($)
Other Assets [Member] | Federal Home Loan Bank of Indianapolis [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Federal Home Loan Bank stock, value	$ 8

Participations Sold (Details)

Participations Sold (Details) € in Thousands, £ in Thousands	1 Months Ended	6 Months Ended
	Jan. 31, 2015USD ($)facility	Jun. 30, 2016USD ($)	Jun. 30, 2016EUR (€)	Dec. 31, 2015USD ($)	Feb. 28, 2015USD ($)	Feb. 28, 2015GBP (£)	Jan. 31, 2015GBP (£)	Nov. 30, 2014USD ($)	Aug. 31, 2014USD ($)	Jun. 30, 2014USD ($)	May 31, 2014USD ($)
Mortgage Loans on Real Estate [Line Items]
Carrying amount of mortgage loan		$ 114,387,000		$ 118,201,000
Commercial mortgage loans [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan, face amount								$ 50,000,000
Commercial mortgage loans [Member] | Mezzanine Loan, Acquired by Investment Funds [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan, face amount		26,288,000	€ 19,749		$ 30,672,000	£ 20,000
Carrying amount of mortgage loan		26,288,000
Hotel [Member] | Hotel - Aruba [Member] | Subordinate loans [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 loans [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 loans [Member]
Mortgage Loans on Real Estate [Line Items]
Participation in loan, amount									$ 65,000,000	$ 65,000,000
Participating Mortgages [Member] | Subordinate loans [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan, face amount		88,113,000
Carrying amount of mortgage loan		$ 88,099,000
London Interbank Offered Rate (LIBOR) [Member] | Commercial mortgage loans [Member] | Mezzanine Loan, Acquired by Investment Funds [Member]
Mortgage Loans on Real Estate [Line Items]
Basis point		8.25%
London Interbank Offered Rate (LIBOR) [Member] | Participating Mortgages [Member] | Subordinate loans [Member]
Mortgage Loans on Real Estate [Line Items]
Basis point		4.40%
United Kingdom [Member] | Senior Housing Facility [Member] | Commercial mortgage loans [Member] | Mezzanine Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan, face amount	$ 51,996,000						£ 34,519
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, 2016GBP (£)contract	Dec. 31, 2015GBP (£)contract
Derivative [Line Items]
Number of Contracts | contract	4	5
Aggregate Notional Amount | £	£ 127,945	£ 130,272

Derivative Instruments - Summ59

Derivative Instruments - Summary of Derivatives (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains (loss) on derivative instruments	$ 13,408	$ (3,197)	$ 12,026	$ (6,241)
Total	13,313	(3,197)	18,015	(6,241)
Foreign Currency Contract [Member] | Gain (Loss) on Derivative Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains (loss) on derivative instruments	13,426	(3,135)	12,116	(6,179)
Realized gain (loss) on derivative instruments	(95)	0	5,989
Interest Rate Cap [Member] | Gain (Loss) on Derivative Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains (loss) on derivative instruments	$ (18)	$ (62)	$ (90)	$ (62)

Derivative Instruments - Summ60

Derivative Instruments - Summary of Derivative Gross Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Offsetting Assets [Line Items]
Gross Amount of Recognized Assets	$ 15,342	$ 3,327
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts of Assets Presented in the Consolidated Balance Sheet	15,342	3,327
Interest Rate Cap [Member]
Offsetting Assets [Line Items]
Gross Amount of Recognized Assets	9	106
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts of Assets Presented in the Consolidated Balance Sheet	9	106
Foreign Currency Contract [Member]
Offsetting Assets [Line Items]
Gross Amount of Recognized Assets	15,333	3,221
Gross Amounts Offset in the Consolidated Balance Sheet	0	0
Net Amounts of Assets Presented in the Consolidated Balance Sheet	$ 15,333	$ 3,221

Related Party Transactions (Det

Related Party Transactions (Detail) € in Thousands, $ in Thousands	1 Months Ended					3 Months Ended		6 Months Ended
	Jun. 30, 2016EUR (€)	Feb. 28, 2015USD ($)	Feb. 28, 2015EUR (€)	Sep. 30, 2014USD ($)	Sep. 30, 2014EUR (€)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016EUR (€)	Dec. 31, 2015USD ($)	Jan. 31, 2015USD ($)	Jan. 31, 2015EUR (€)	Sep. 30, 2014EUR (€)	Sep. 30, 2013USD ($)	Sep. 30, 2013EUR (€)
Related Party Transaction [Line Items]
Related party expenses						$ 5,242	$ 3,887	$ 10,471	$ 7,228
Base management fees incurred but not yet paid						5,242		5,242			$ 5,297
Initial funding for equity method investment								$ 362	3,929
Limited Liability Company [Member]
Related Party Transaction [Line Items]
Rate of management fees								1.50%
Extension term								1 year
Percentage of independent directors votes required to terminate Management Agreement								66.66%
Period of termination								180 days
Termination fee, average annual base management fee, multiplier								300.00%
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						5,242	3,887	$ 10,471	7,228
Base management fees incurred but not yet paid						5,242		5,242			$ 5,297
Limited Liability Company [Member] | Reimbursements [Member]
Related Party Transaction [Line Items]
Related party expenses						$ 44	$ 296	$ 842	$ 932
KBCD Partnership [Member]
Related Party Transaction [Line Items]
Ownership interest															21.00%	21.00%
Initial funding for equity method investment				$ 39,477	€ 30,724
BKB Bank [Member]
Related Party Transaction [Line Items]
Ownership interest						9.34%		9.34%		9.34%
Company and affiliated investors ownership, percentage						100.00%		100.00%		100.00%
Commitment to Invest in KBCD [Member]
Related Party Transaction [Line Items]
Commitment to invest				$ 50,000										€ 38,000	$ 50,000	€ 38,000
Unfunded Commitment, Champ L.P. [Member]
Related Party Transaction [Line Items]
Commitment to invest						$ 3,113		$ 3,113		€ 2,802
Commitment to invest transfer | €	€ 427
Wholly-owned Subsidiary [Member] | Champ Limited Partnership [Member]
Related Party Transaction [Line Items]
Ownership interest				59.00%										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%		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		$ 20,794	€ 16,314
Champ LP [Member] | Additional Investment [Member]
Related Party Transaction [Line Items]
Commitment to invest												$ 3,929	€ 3,331

Share-Based Payments - Addition

Share-Based Payments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Sep. 23, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized stock-based compensation expense	$ 1,938	$ 821	$ 3,606	$ 1,939
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	1,622		1,622
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	12,135		$ 12,135
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			190,003
LTIP [Member] | Restricted Stock and Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized stock-based compensation expense	$ 1,938	$ 821	$ 3,606	$ 1,939
LTIP [Member] | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units vested (in shares)			318,160
Adjustment to additional paid in capital, tax liability			$ 2,348

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, 2016USD ($)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)	340,064
Outstanding, end of period (in shares)	357,120
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)	1,242,810
Outstanding, end of period (in shares)	960,134
January 2016 [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)	(318,160)
Forfeiture (in shares)	(1,667)
February 2016 [Member] | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Grant (in shares)	47,028
Estimated Fair Value on Grant Date | $	$ 729
March 2016 [Member] | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Grant (in shares)	5,095
Estimated Fair Value on Grant Date | $	$ 81
April 2016 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Grant (in shares)	17,056
Estimated Fair Value on Grant Date | $	$ 275
June 2016 [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)	(14,972)

Share-Based Payments - Summar64

Share-Based Payments - Summary of Restricted Stock and RSU Vesting Dates (Detail) - LTIP [Member]	Jun. 30, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,057,650
July 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	6,120
October 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	5,578
December 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	370,452
January 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	52,189
April 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	5,164
June 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	544
July 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	4,004
October 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	3,997
December 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	367,056
January 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,749
April 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,755
June 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	544
July 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,420
October 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,424
December 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	230,811
January 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,419
April 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,424
Shares Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	115,185
Shares Vesting [Member] | July 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	5,577
Shares Vesting [Member] | October 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	5,578
Shares Vesting [Member] | December 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	28,920
Shares Vesting [Member] | January 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	5,161
Shares Vesting [Member] | April 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	5,164
Shares Vesting [Member] | June 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	0
Shares Vesting [Member] | July 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	4,004
Shares Vesting [Member] | October 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	3,997
Shares Vesting [Member] | December 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	28,923
Shares Vesting [Member] | January 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,749
Shares Vesting [Member] | April 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	2,755
Shares Vesting [Member] | June 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	0
Shares Vesting [Member] | July 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,420
Shares Vesting [Member] | October 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,424
Shares Vesting [Member] | December 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	16,670
Shares Vesting [Member] | January 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,419
Shares Vesting [Member] | April 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	1,424
RSU Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	942,465
RSU Vesting [Member] | July 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	543
RSU Vesting [Member] | October 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	0
RSU Vesting [Member] | December 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	341,532
RSU Vesting [Member] | January 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	47,028
RSU Vesting [Member] | April 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	0
RSU Vesting [Member] | June 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	544
RSU Vesting [Member] | July 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	0
RSU Vesting [Member] | October 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	0
RSU Vesting [Member] | December 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	338,133
RSU Vesting [Member] | January 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	0
RSU Vesting [Member] | April 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	0
RSU Vesting [Member] | June 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vesting	544
RSU Vesting [Member] | 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	214,141
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

Stockholders' Equity (Detail)

Stockholders' Equity (Detail) - USD ($) $ / shares in Units, $ in Thousands	Jun. 17, 2016	Mar. 15, 2016	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Class of Stock [Line Items]
Proceeds from issuance of common stock as a result of follow-on public offering					$ 193,148
Dividend declared per share of common stock (in dollars per share)			$ 0.46	$ 0.44		$ 0.92	$ 0.88
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]
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]
Dividend rate, preferred stock						8.00%
Dividend declared per share of preferred stock (in dollars per share)	$ 0.5000	$ 0.50
Follow On Public Offering [Member] | Common Stock [Member]
Class of Stock [Line Items]
New issuance of stock (shares)					11,500,000
Price per share of newly issued stock (in dollars per share)					$ 16.82

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ / shares in Units, € in Thousands	Feb. 26, 2016USD ($)$ / sharesshares	Jun. 30, 2016EUR (€)	Feb. 28, 2015USD ($)	Feb. 28, 2015EUR (€)	Jun. 30, 2016USD ($)lawsuit$ / shares	Jun. 30, 2016EUR (€)lawsuit	Dec. 31, 2015$ / shares	Sep. 30, 2014USD ($)	Sep. 30, 2014EUR (€)	Sep. 30, 2013USD ($)	Sep. 30, 2013EUR (€)
Schedule of Equity Method Investments [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.01		$ 0.01
Number lawsuits | lawsuit					2	2
Commercial mortgage loans [Member]
Schedule of Equity Method Investments [Line Items]
Unfunded loan commitments					$ 69,311,000
Subordinate loans [Member]
Schedule of Equity Method Investments [Line Items]
Unfunded loan commitments					$ 85,825,000
KBCD Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest										21.00%	21.00%
BKB Bank [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest					9.34%	9.34%
Commitment to Invest in KBCD [Member]
Schedule of Equity Method Investments [Line Items]
Commitment to invest/purchase								$ 50,000,000	€ 38,000	$ 50,000,000	€ 38,000
Unfunded Commitment, Champ L.P. [Member]
Schedule of Equity Method Investments [Line Items]
Commitment to invest/purchase					$ 3,113,000	€ 2,802
Commitment to invest transfer | €		€ 427
Champ LP [Member]
Schedule of Equity Method Investments [Line Items]
Sale of equity method investment, percentage			48.00%	48.00%
Proceeds from sale of equity method investments			$ 20,794,000	€ 16,314
Apollo Residential Mortgage, Inc. Merger [Member]
Schedule of Equity Method Investments [Line Items]
Aggregate purchase price, percentage of acquiree value	89.25%
Shares issuable under agreement, price per share (in dollars per share) | $ / shares	$ 16.75
Number of shares issued upon conversion | shares	1
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01
Letter Agreement, aggregate amount payable to manager, monthly installment amount	$ 150,000
Series C Cumulative Redeemable Perpetual Preferred Stock [Member] | Apollo Residential Mortgage, Inc. Merger [Member]
Schedule of Equity Method Investments [Line Items]
Dividend rate, preferred stock	8.00%
Apollo Residential Mortgage, Inc. [Member] | Series A Cumulative Redeemable Perpetual Preferred Stock [Member] | Apollo Residential Mortgage, Inc. Merger [Member]
Schedule of Equity Method Investments [Line Items]
Preferred stock, value	$ 172,500,000
Dividend rate, preferred stock	8.00%
Cash issued upon conversion (in dollars per share) | $ / shares	$ 6.86
Shares issued upon conversion (in shares) | shares	0.417571
Champ LP [Member] | KBC Bank Deutschland AG [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest								35.00%	35.00%
Wholly-owned Subsidiary [Member] | Champ Limited Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest								59.00%	59.00%
Maximum [Member] | Apollo Residential Mortgage, Inc. Merger [Member]
Schedule of Equity Method Investments [Line Items]
Number of shares issuable under agreement | shares	13,400,000
Letter Agreement, aggregate amount payable to manager	$ 500,000
Letter Agreement, expenses paid amount					$ 4,677,000
Bridge Loan [Member] | Athene Holding Ltd. [Member] | Apollo Residential Mortgage, Inc. Merger [Member]
Schedule of Equity Method Investments [Line Items]
Borrowing commitment	200,000,000
Residential Mortgage Backed Securities [Member] | Athene Holding Ltd. [Member] | Maximum [Member] | Apollo Residential Mortgage, Inc. Merger [Member]
Schedule of Equity Method Investments [Line Items]
Asset Purchase Agreement, sale of securities, amount	$ 1,200,000,000
Common Stock [Member] | Apollo Residential Mortgage, Inc. Merger [Member]
Schedule of Equity Method Investments [Line Items]
Stock Purchase Agreement, threshold share price (in dollars per share) | $ / shares	$ 16.75
Common Stock [Member] | Athene Holding Ltd. [Member] | Maximum [Member] | Apollo Residential Mortgage, Inc. Merger [Member]
Schedule of Equity Method Investments [Line Items]
Stock Purchase Agreement, sale of stock commitment, value	$ 20,000,000

Fair Value of Financial Instr67

Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Restricted cash	$ 67,438	$ 30,127
Securities, held-to-maturity	151,726	153,193
Carrying Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash and cash equivalents	38,631	67,415
Restricted cash	67,438	30,127
Carrying Value [Member] | Level 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Securities, held-to-maturity	151,726	153,193
Convertible senior notes, net	(249,069)	(248,173)
Carrying Value [Member] | Level 3 [Member] | Commercial mortgage loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial first mortgage and Subordinate loans	1,278,034	994,301
Carrying Value [Member] | Level 3 [Member] | Subordinate loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial first mortgage and Subordinate loans	923,159	931,351
Borrowings under repurchase agreements	(1,217,935)	(918,421)
Estimated Fair Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash and cash equivalents	38,631	67,415
Restricted cash	67,438	30,127
Estimated Fair Value [Member] | Level 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Securities, held-to-maturity	151,729	153,230
Convertible senior notes, net	(258,095)	(253,986)
Estimated Fair Value [Member] | Level 3 [Member] | Commercial mortgage loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial first mortgage and Subordinate loans	1,284,348	999,517
Estimated Fair Value [Member] | Level 3 [Member] | Subordinate loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial first mortgage and Subordinate loans	933,179	939,545
Borrowings under repurchase agreements	(1,218,299)	(918,567)
Participating Mortgages [Member] | Carrying Value [Member] | Level 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Participations sold	(114,387)	(118,201)
Participating Mortgages [Member] | Estimated Fair Value [Member] | Level 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Participations sold	$ (116,411)	$ (118,226)

Net Income per Share (Detail)

Net Income per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator:
Net income	$ 10,338	$ 24,658	$ 28,956	$ 50,169
Preferred dividends	(5,860)	(1,860)	(11,675)	(3,720)
Net income available to common stockholders	4,478	22,798	17,281	46,449
Dividends declared on common stock	(31,005)	(25,709)	(62,002)	(51,411)
Dividends on participating securities	(437)	(259)	(885)	(521)
Net income (loss) attributable to common stockholders	$ (26,964)	$ (3,170)	$ (45,606)	$ (5,483)
Denominator:
Basic weighted average shares of common stock outstanding (shares)	67,402,311	58,429,155	67,393,751	54,020,978
Diluted weighted average shares of common stock outstanding (shares)	68,374,557	59,022,217	68,351,137	54,621,401
Basic and diluted net income per weighted average share of common stock
Distributable Earnings (dollars per share)	$ 0.46	$ 0.44	$ 0.92	$ 0.95
Undistributed income (loss) (dollars per share)	(0.40)	(0.05)	(0.68)	(0.10)
Basic and diluted net income per share of common stock (in dollars per share)	$ 0.06	$ 0.39	$ 0.24	$ 0.85
RSUs [Member]
Basic and diluted net income per weighted average share of common stock
Unvested securities excluded from earnings per share calculation	972,246	593,062	957,386	600,423

Subsequent Events (Detail)

Subsequent Events (Detail)	1 Months Ended		6 Months Ended
	Jul. 31, 2016USD ($)	Jul. 28, 2016USD ($)unit	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Nov. 30, 2014USD ($)
Subsequent Event [Line Items]
Principal payments received on commercial mortgage loans			$ 36,044,000	$ 28,474,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Loans funded, amount	$ 3,637,000
Principal payments received on commercial mortgage loans	$ 15,300,000
Commercial mortgage loans [Member]
Subsequent Event [Line Items]
Mortgage loan, face amount					$ 50,000,000
Commercial mortgage loans [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Mortgage loans, increase to mortgage loan origination		$ 9,500,000
Mortgage loans, increase in collateral units | unit		5