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 |