Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 27, 2017 | Jun. 30, 2016 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ARI | ||
Entity Registrant Name | Apollo Commercial Real Estate Finance, Inc. | ||
Entity Central Index Key | 1,467,760 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 91,621,274 | ||
Entity Public Float | $ 1,052,366,802 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash | $ 200,996 | $ 67,415 |
Restricted cash | 62,457 | 30,127 |
Securities, at estimated fair value | 331,076 | 493,149 |
Securities, held-to-maturity | 146,352 | 153,193 |
Loans, held for investment | 2,693,092 | |
Investment in unconsolidated joint venture | 22,103 | 22,583 |
Derivative assets | 5,906 | 3,327 |
Interest receivable | 19,281 | 16,908 |
Other assets | 1,714 | 236 |
Total Assets | 3,482,977 | 2,712,590 |
Liabilities: | ||
Borrowings under repurchase agreements (net of deferred financing costs of $6,763 and $7,353 in 2016 and 2015, respectively) | 1,139,803 | 918,421 |
Convertible senior notes, net | 249,994 | 248,173 |
Participations sold | 84,979 | 118,201 |
Accounts payable and accrued expenses | 17,681 | 9,246 |
Payable to related party | 7,015 | 5,297 |
Dividends payable | 51,278 | 37,828 |
Total Liabilities | 1,550,750 | 1,337,166 |
Commitments and Contingencies | ||
Stockholders’ Equity: | ||
Common stock, $0.01 par value, 450,000,000 shares authorized, 91,422,676 and 67,195,252shares issued and outstanding in 2016 and 2015, respectively | 914 | 672 |
Additional paid-in-capital | 1,983,010 | 1,410,138 |
Retained earnings (accumulated deficit) | (48,070) | (32,328) |
Accumulated other comprehensive loss | (3,811) | (3,173) |
Total Stockholders’ Equity | 1,932,227 | 1,375,424 |
Total Liabilities and Stockholders’ Equity | 3,482,977 | 2,712,590 |
Commercial Mortgage Portfolio Segment [Member] | ||
Assets: | ||
Loans, held for investment | 1,641,856 | 994,301 |
Subordinate Mortgage Portfolio Segment [Member] | ||
Assets: | ||
Loans, held for investment | 1,051,236 | 931,351 |
Series A Preferred Stock [Member] | ||
Stockholders’ Equity: | ||
Preferred stock | 35 | 35 |
Series B Preferred Stock [Member] | ||
Stockholders’ Equity: | ||
Preferred stock | 80 | 80 |
Series C Preferred Stock [Member] | ||
Stockholders’ Equity: | ||
Preferred stock | $ 69 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred financing costs | $ 6,763,000 | $ 7,353,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 450,000,000 | 450,000,000 |
Common stock, shares issued (in shares) | 91,422,676 | 67,195,252 |
Common shares outstanding (in shares) | 91,422,676 | 67,195,252 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 3,450,000 | 3,450,000 |
Preferred stock, shares outstanding (in shares) | 3,450,000 | 3,450,000 |
Preferred stock, aggregate liquidation preference | $ 86,250,000 | $ 86,250,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 8,000,000 | 8,000,000 |
Preferred stock, shares outstanding (in shares) | 8,000,000 | 8,000,000 |
Preferred stock, aggregate liquidation preference | $ 200,000,000 | $ 200,000,000 |
Series C Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 6,900,000 | |
Preferred stock, shares outstanding (in shares) | 6,900,000 | |
Preferred stock, aggregate liquidation preference | $ 172,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net interest income: | |||||||||||
Interest income from securities | $ 3,901 | $ 8,029 | $ 7,607 | $ 8,049 | $ 8,343 | $ 8,293 | $ 8,265 | $ 8,287 | $ 27,586 | $ 33,188 | $ 21,189 |
Interest income from securities, held-to-maturity | 2,872 | 2,875 | 2,826 | 2,896 | 2,704 | 2,956 | 3,349 | 3,045 | 11,469 | 12,054 | 4,613 |
Interest income from commercial mortgage loans | 30,200 | 27,460 | 24,140 | 21,127 | 18,846 | 15,184 | 11,968 | 10,094 | 102,927 | 56,092 | 27,802 |
Interest income from subordinate loans | 32,746 | 32,207 | 28,067 | 29,375 | 25,623 | 25,445 | 21,152 | 18,610 | 122,394 | 90,830 | 69,743 |
Interest expense | (16,139) | (17,256) | (15,722) | (14,642) | (12,275) | (13,187) | (11,917) | (11,482) | (63,759) | (48,861) | (26,541) |
Net interest income | 53,580 | 53,315 | 46,918 | 46,805 | 43,241 | 38,691 | 32,817 | 28,554 | 200,617 | 143,303 | 96,806 |
Operating expenses: | |||||||||||
General and administrative expenses (includes equity-based compensation of $7,090 in 2016, $4,387 in 2015 and $1,576 in 2014) | (3,527) | (8,352) | (4,922) | (8,185) | (2,979) | (2,099) | (2,059) | (2,355) | (24,983) | (9,492) | (6,151) |
Management fees to related party | (7,015) | (5,903) | (5,242) | (5,229) | (5,294) | (4,097) | (3,887) | (3,341) | (23,388) | (16,619) | (11,960) |
Total operating expenses | (10,542) | (14,255) | (10,164) | (13,414) | (8,273) | (6,196) | (5,946) | (5,696) | (48,371) | (26,111) | (18,111) |
Income (loss) from unconsolidated joint venture | (303) | 80 | 59 | 68 | 2,972 | 108 | 384 | 0 | (96) | 3,464 | (157) |
Interest income from cash balances | 760 | 309 | 22 | 2 | 983 | 239 | 6 | 11 | 1,094 | 1,239 | 34 |
Provision for loan losses | 0 | 0 | (15,000) | 0 | 0 | 0 | 0 | 0 | (15,000) | 0 | 0 |
Realized gain (loss) on sale of assets | 4,059 | (225) | 0 | 0 | 0 | 0 | 0 | (443) | 3,834 | (443) | 0 |
Unrealized gain (loss) on securities | 10,502 | (9,798) | (11,728) | (15,074) | (11,618) | (6,926) | (2,273) | 3,409 | (26,099) | (17,408) | 4,147 |
Foreign currency gain (loss) | (7,359) | (4,369) | (13,082) | (4,474) | (3,121) | (3,998) | 6,169 | (3,944) | (29,284) | (4,894) | (4,050) |
Bargain Purchase gain | 0 | 40,021 | 0 | 0 | 0 | 0 | 0 | 0 | 40,021 | 0 | 0 |
Gain (loss) on derivative instruments (includes unrealized gains (losses) of $2,608 in 2016, $(1,063) in 2015 and $4,070 in 2014) | 8,329 | 4,815 | 13,313 | 4,703 | 3,054 | 3,929 | (6,499) | 3,622 | 31,160 | 4,106 | 4,070 |
Net income | 59,026 | 69,893 | 10,338 | 18,616 | 27,238 | 25,847 | 24,658 | 25,513 | 157,876 | 103,256 | 82,739 |
Preferred dividends | (9,310) | (9,310) | (5,860) | (5,815) | (5,860) | (2,304) | (1,860) | (1,860) | (30,295) | (11,884) | (7,440) |
Net income available to common stockholders | $ 49,716 | $ 60,583 | $ 4,478 | $ 12,801 | $ 21,378 | $ 23,543 | $ 22,798 | $ 23,653 | $ 127,581 | $ 91,372 | $ 75,299 |
Basic and diluted net income per share of common stock (in dollars per share) | $ 0.60 | $ 0.83 | $ 0.06 | $ 0.18 | $ 0.32 | $ 0.39 | $ 0.39 | $ 0.47 | $ 1.74 | $ 1.54 | $ 1.72 |
Basic weighted average shares of common stock outstanding (in shares) | 82,670,237 | 71,919,549 | 67,402,311 | 67,385,191 | 67,146,882 | 59,355,613 | 58,429,155 | 49,563,822 | 72,371,374 | 58,674,046 | 43,464,255 |
Diluted weighted average shares of common stock outstanding (in shares) | 83,548,823 | 72,861,611 | 68,374,557 | 68,327,718 | 67,754,673 | 59,934,008 | 59,022,217 | 50,171,687 | 73,305,101 | 59,273,280 | 43,684,805 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
General and administrative expenses, equity-based compensation | $ 7,090 | $ 4,387 | $ 1,576 |
Realized and unrealized gains (losses) on derivative instruments | $ 2,608 | $ (1,063) | $ 4,070 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income available to common stockholders | $ 127,581 | $ 91,372 | $ 75,299 |
Change in net unrealized gain (loss) on securities available-for-sale | 0 | 678 | 192 |
Foreign currency translation adjustment | (638) | (866) | (2,307) |
Comprehensive income | $ 126,943 | $ 91,184 | $ 73,184 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Total | Common stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member]Common stock [Member] | Additional Paid In Capital [Member] | Additional Paid In Capital [Member]Common stock [Member] | Returned Earnings/ (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning balance (shares) at Dec. 31, 2013 | 3,450,000 | 36,888,467 | |||||||
Beginning balance at Dec. 31, 2013 | $ 682,956,000 | $ 35,000 | $ 369,000 | $ 697,610,000 | $ (14,188,000) | $ (870,000) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Capital increase related to Equity Incentive Plan (shares) | 240,277 | ||||||||
Capital increase related to Equity Incentive Plan | 698,000 | $ 2,000 | 696,000 | ||||||
Issuance of restricted stock (shares) | 65,698 | ||||||||
Issuance of restricted stock | 1,000 | $ 1,000 | |||||||
Issuance of stock (in shares) | 9,706,000 | ||||||||
Issuance of stock | $ 158,693,000 | $ 97,000 | $ 158,596,000 | ||||||
Offering costs | (312,000) | (312,000) | |||||||
Convertible senior notes | 11,445,000 | 11,445,000 | |||||||
Net income | 82,739,000 | 82,739,000 | |||||||
Change in Other Comprehensive Income (loss) | (2,115,000) | (2,115,000) | |||||||
Dividends on preferred stock | (7,440,000) | (7,440,000) | |||||||
Dividends on common stock ($1.84 per share for 2016 and $1.78 for 2015 and $1.60 2014) | (71,596,000) | (71,596,000) | |||||||
Ending balance at Dec. 31, 2014 | 855,069,000 | $ 35,000 | $ 469,000 | 868,035,000 | (10,485,000) | (2,985,000) | |||
Ending balance (shares) at Dec. 31, 2014 | 3,450,000 | 46,900,442 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Capital increase related to Equity Incentive Plan (shares) | 12,763 | ||||||||
Capital increase related to Equity Incentive Plan | 4,265,000 | $ 0 | 4,265,000 | ||||||
Issuance of restricted stock (shares) | 65,950 | ||||||||
Issuance of restricted stock | 1,000 | $ 1,000 | |||||||
Issuance of stock (in shares) | 8,000,000 | 20,323,529 | |||||||
Issuance of stock | 197,680,000 | 343,430,000 | $ 80,000 | $ 203,000 | 197,600,000 | 343,227,000 | |||
Repurchase of common stock (in shares) | (107,432) | ||||||||
Repurchase of common stock | (1,741,000) | $ (1,000) | (1,740,000) | ||||||
Offering costs | (1,249,000) | (1,249,000) | |||||||
Net income | 103,256,000 | 103,256,000 | |||||||
Change in Other Comprehensive Income (loss) | (188,000) | (188,000) | |||||||
Dividends on preferred stock | (11,884,000) | (11,884,000) | |||||||
Dividends on common stock ($1.84 per share for 2016 and $1.78 for 2015 and $1.60 2014) | (113,215,000) | (113,215,000) | |||||||
Ending balance at Dec. 31, 2015 | 1,375,424,000 | $ 115,000 | $ 672,000 | 1,410,138,000 | (32,328,000) | (3,173,000) | |||
Ending balance (shares) at Dec. 31, 2015 | 11,450,000 | 67,195,252 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Capital increase related to Equity Incentive Plan (shares) | 236,782 | ||||||||
Capital increase related to Equity Incentive Plan | 4,461,000 | $ 2,000 | 4,459,000 | ||||||
Issuance of restricted stock (shares) | 92,056 | ||||||||
Issuance of restricted stock | 1,000 | $ 1,000 | |||||||
Issuance of stock (in shares) | 10,500,000 | ||||||||
Issuance of stock | $ 178,185,000 | $ 105,000 | $ 178,080,000 | ||||||
Offering costs | (361,000) | (361,000) | |||||||
Net income | 157,876,000 | 157,876,000 | |||||||
Change in Other Comprehensive Income (loss) | (638,000) | (638,000) | |||||||
Dividends on preferred stock | (30,295,000) | (30,295,000) | |||||||
Dividends on common stock ($1.84 per share for 2016 and $1.78 for 2015 and $1.60 2014) | (143,323,000) | (143,323,000) | |||||||
Issuance of preferred stock - Merger (shares) | 6,900,000 | ||||||||
Issuance of preferred stock - Merger | 172,500,000 | $ 69,000 | 172,431,000 | ||||||
Issuance of common stock- Merger (shares) | 13,398,586 | ||||||||
Issuance of common stock- Merger | 218,397,000 | $ 134,000 | 218,263,000 | ||||||
Ending balance at Dec. 31, 2016 | $ 1,932,227,000 | $ 184,000 | $ 914,000 | $ 1,983,010,000 | $ (48,070,000) | $ (3,811,000) | |||
Ending balance (shares) at Dec. 31, 2016 | 18,350,000 | 91,422,676 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Capital increase related to Equity Incentive Plan | $ 4,461,000 | $ 4,265,000 | $ 698,000 |
Common stock, dividends per share (in USD per share) | $ 1.84 | $ 1.78 | $ 1.60 |
Common Stock [Member] | |||
Capital increase related to Equity Incentive Plan | $ 2,000 | $ 0 | $ 2,000 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Cash flows provided by operating activities: | |||
Net income | $ 157,876 | $ 103,256 | $ 82,739 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Premium amortization and (discount accretion), net | (10,679) | (11,211) | (4,221) |
Amortization of deferred financing costs | 4,607 | 2,992 | 1,979 |
Equity-based compensation | 4,464 | 4,266 | 698 |
Unrealized gain (loss) on securities | 26,099 | 17,408 | (4,147) |
Provision for loan losses | 15,000 | 0 | 0 |
Income (loss) from unconsolidated joint venture | 97 | (3,480) | 157 |
Foreign currency loss | 28,789 | 5,192 | 4,038 |
Realized gain (loss) on derivative instruments | (28,552) | (5,169) | 0 |
Unrealized gain (loss) on derivative instruments | (2,608) | 1,063 | (4,070) |
Realized loss on sale of security | (3,834) | 443 | 0 |
Bargain purchase gain | (40,021) | 0 | 0 |
Changes in operating assets and liabilities: | |||
Accrued interest receivable, less purchased interest | (27,773) | (30,220) | (16,453) |
Other assets | 2,194 | 120 | 500 |
Accounts payable and accrued expenses | (8,496) | 1,405 | 5,205 |
Payable to related party | 1,718 | 2,057 | 612 |
Net cash provided by operating activities | 118,881 | 88,122 | 67,037 |
Cash flows used in investing activities: | |||
Funding of securities at estimated fair value | 0 | 0 | (375,833) |
Funding of commercial mortgage loans | (843,791) | (637,582) | (403,983) |
Funding of subordinate loans | (283,248) | (693,157) | (402,336) |
Funding of unconsolidated joint venture | (362) | (3,929) | (39,477) |
Funding of other assets | (1,640) | (8) | (1,258) |
Funding of derivative instruments | 0 | (327) | 0 |
Proceeds from settlement of derivative instruments | 28,552 | 5,169 | 0 |
Increase in collateral held related to derivative contracts | 2,480 | ||
Increase in restricted cash | (32,329) | 0 | 0 |
Proceeds from sale of securities available-for-sale | 0 | 17,291 | 0 |
Proceeds from sale of securities at estimated fair value | 97,885 | 6,338 | 0 |
Proceeds from sale of subordinate loans | 0 | 135,345 | 4,950 |
Proceeds from sale of investment in unconsolidated joint venture | 0 | 20,794 | 0 |
Principal payments received on securities available-for-sale | 0 | 32 | 16,053 |
Principal payments received on securities at estimated fair value | 35,623 | 8,703 | 15,500 |
Principal payments received on securities, held-to-maturity | 6,720 | 1,750 | 0 |
Principal payments received on commercial mortgage loans | 210,383 | 105,618 | 105,501 |
Principal payments received on subordinate loans | 120,806 | 242,898 | 194,050 |
Principal payments received on other assets | 132 | 189 | 145 |
Net cash used in investing activities | 1,039,204 | (790,876) | (886,688) |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock | 178,185 | 343,430 | 158,693 |
Proceeds from issuance of preferred stock | 0 | 197,680 | 0 |
Repurchase of common stock | 0 | (1,741) | 0 |
Payment of offering costs | (406) | (987) | (389) |
Proceeds from repurchase agreement borrowings | 721,992 | 778,675 | 567,192 |
Repayments of repurchase agreement borrowings | (501,200) | (475,094) | (147,032) |
Proceeds from issuance of convertible senior notes | 0 | 0 | 256,970 |
Proceeds from participations sold | 0 | 0 | 89,012 |
Repayments of participations sold | (4,372) | (1,246) | 0 |
Payment of deferred financing costs | (4,017) | 0 | 0 |
Dividends on common stock | (132,213) | (100,849) | (67,804) |
Dividends on preferred stock | (27,956) | (7,440) | (7,440) |
Net cash provided by financing activities | (1,024,504) | 729,528 | 840,196 |
Net increase (decrease) in cash and cash equivalents | 133,581 | 26,774 | 20,545 |
Cash and cash equivalents, beginning of period | 67,415 | 40,641 | 20,096 |
Cash and cash equivalents, end of period | 200,996 | 67,415 | 40,641 |
Supplemental disclosure of cash flow information: | |||
Interest paid | 52,708 | 43,209 | 18,132 |
Supplemental disclosure of non-cash investing and financing activities: | |||
Offering costs payable | 279 | 296 | 100 |
Dividend declared, not yet paid | 51,278 | 37,828 | 21,018 |
Deferred financing costs, not yet paid | 0 | 0 | 33 |
Participations sold | (24,051) | 30,672 | 0 |
Securities, held-to-maturity | 0 | 0 | 154,283 |
Funding of subordinate loans | 0 | 30,672 | 0 |
Repayment of subordinate loans | (24,051) | 0 | 0 |
Apollo Residential Mortgage, Inc. [Member] | |||
Supplemental disclosure of non-cash investing and financing activities: | |||
Fair value of assets acquired from AMTG | 1,936,260 | 0 | 0 |
Fair value of liabilities assumed from AMTG | (1,285,183) | 0 | 0 |
Fair value of common stock issued to AMTG | 218,397 | 0 | 0 |
Fair value of preferred stock issued to AMTG | 172,500 | 0 | 0 |
Apollo Residential Mortgage, Inc. [Member] | |||
Cash flows used in investing activities: | |||
Proceeds from sale of AMTG assets, net | 1,508,198 | 0 | 0 |
ARI investment in AMTG, net of cash acquired | 189,795 | 0 | 0 |
Cash flows from financing activities: | |||
Repayments of repurchase agreement borrowings | $ (1,254,517) | $ 0 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 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 corporation that has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes and primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings, commercial mortgage-backed securities (“CMBS”) and other commercial real estate-related debt investments in the United States. These asset classes are referred to as the Company’s target assets. The Company, organized in Maryland on June 29, 2009 , commenced operations on September 29, 2009 and is externally managed and advised by ACREFI Management, LLC (the “Manager”), an indirect subsidiary of Apollo Global Management, LLC (together with its subsidiaries, "Apollo"). The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2009. To maintain its tax qualification as a REIT, the Company is required to distribute at least 90% of its net income, excluding net capital gains, to stockholders and meet certain other asset, income, and ownership tests. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the Company’s accounts and those of its consolidated subsidiaries. All intercompany amounts have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s most significant estimates include the fair value of financial instruments and loan loss reserve. Actual results could differ from those estimates. On August 31, 2016, the Company, pursuant to the terms and conditions of the Agreement and Plan of Merger, dated February 26, 2016 (as amended, the “AMTG Merger Agreement”) acquired Apollo Residential Mortgage, Inc., (“AMTG”). AMTG merged with and into the Company (“AMTG Merger”) with the Company continuing as the surviving entity. As a result, all operations of AMTG and its former subsidiaries are consolidated with the operations of the Company. As of December 31, 2016, all assets acquired from AMTG were sold. Under Financial Accounting Standards Board (the "FASB") ASC Topic 805, "Business Combinations", or ASC 805, the acquirer in a business combination must recognize, with certain exceptions, the fair values of assets acquired, liabilities assumed, and non-controlling interests when the acquisition constitutes a change in control of the acquired entity. We applied the provisions of ASC 805 in accounting for our acquisition of AMTG. In doing so, we recorded provisional amounts for certain items as of the date of the acquisition, including the fair value of certain assets and liabilities. During the measurement period, a period which shall not exceed one year, we retrospectively adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of such date that, if known, would have affected the measurement of the amounts recognized. See further discussion in "Note 19 - Business Combination." The Company currently operates in one reporting segment. Restricted Cash Restricted cash represents cash held by the Company's counterparties as collateral against repurchase agreement borrowings. Restricted cash is not available for general corporate purposes but may be applied against amounts due to counterparties under repurchase agreement borrowings, or returned to the Company when collateral requirements are exceeded or at the maturity of the repurchase agreement. Classification of Investments and Valuations of Financial Instruments The Company’s investments consist primarily of commercial mortgage loans, subordinate loans, CMBS and other real estate related assets that are classified as either available-for-sale or held-to-maturity. The Company has also elected the fair value option for certain CMBS. Classification of Loans Loans held-for-investment are stated at the principal amount outstanding, net of deferred loan fees and costs in accordance with GAAP. Loan Impairment The Company’s loans are typically collateralized by commercial real estate. As a result, the Company regularly evaluates the extent and impact of any credit migration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations are sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management and finance personnel, who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and discussions with market participants. For loans classified as held-for-investment, the Company evaluates the loans for possible impairment on a quarterly basis. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. Impairment is then measured based on the present value of expected future cash flows discounted at the loan’s effective rate or the fair value of the collateral, if the loan is collateral dependent. Upon measurement of impairment, the Company records an allowance to reduce the carrying value of the loan with a corresponding charge to net income. Significant judgments are required in determining impairment, including assumptions regarding the value of the loan, the value of the underlying collateral and other provisions such as guarantees. As of December 31, 2016, the Company recorded a loan loss provision of $10,000 and $5,000 , on a multifamily commercial mortgage loan and a multifamily subordinate loan in Williston, ND, respectively. As of December 31, 2016 , the Company has ceased accruing interest associated with the loans. As of December 31, 2015 , there was no provision for loan loss. Fair Value Election Securities at estimated fair value consist of CMBS which are pledged under the Company’s master repurchase agreements with UBS AG, London Branch ("UBS") (the "UBS Facility") and Deutsche Bank AG ("DB") (the "DB Facility"). In accordance with GAAP, the Company elected the fair value option for these securities at the date of purchase in order to allow the Company to measure these securities at fair value with the change in estimated fair value included as a component of earnings in order to reflect the performance of the investments in a timely manner. Securities Available-for-sale The Company has designated investments in certain mortgage-backed securities as available-for-sale because the Company may dispose of them prior to maturity and does not hold them principally for the purpose of selling them in the near term. Securities available-for-sale are carried at estimated fair value with the net unrealized gains or losses reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Unrealized losses on securities that reflect a decline in value that is judged by management to be other than temporary, if any, are charged to earnings. When the estimated fair value of a security is less than amortized cost, the Company considers whether there is an other-than-temporary impairment (“OTTI”) in the value of the security. An impairment is deemed an OTTI if (i) the Company intends to sell the security, (ii) it is more likely than not that the Company will be required to sell the security before recovering its cost basis, or (iii) the Company does not expect to recover the entire amortized cost basis of the security even if the Company does not intend to sell the security or believes it is more likely than not that the Company will be required to sell the security before recovering its cost basis. If the impairment is deemed to be an OTTI, the resulting accounting treatment depends on the factors causing the OTTI. If the OTTI has resulted from (i) the Company’s intention to sell the security, or (ii) its judgment that it is more likely than not that it will be required to sell the security before recovering its cost basis, an impairment loss is recognized in current earnings equal to the difference between its amortized cost basis and fair value. Whereas, if the OTTI has resulted from the Company’s conclusion that it will not recover its cost basis even if the Company does not intend to sell the security or believes it is more likely than not that the Company will be required to sell the security before recovering its cost basis, the credit loss portion of the impairment is recorded in current earnings and the portion of the loss related to other factors, such as changes in interest rates, continues to be recognized in accumulated other comprehensive income. Determining whether there is an OTTI may require management to exercise significant judgment and make significant assumptions, including, but not limited to, estimated cash flows, estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses could differ from reported amounts. Such judgments and assumptions are based upon a number of factors, including (i) credit of the issuer or the borrower, (ii) credit rating of the security, (iii) key terms of the security, (iv) performance of the loan or underlying loans, including debt service coverage and loan-to-value ratios, (v) the value of the collateral for the loan or underlying loans, (vi) the effect of local, industry, and broader economic factors, and (vii) the historical and anticipated trends in defaults and loss severities for similar securities. As of December 31, 2015 , the Company sold all securities available-for-sale. Securities, held-to-maturity GAAP requires that at the time of purchase, we designate investment securities as held-to-maturity, available-for-sale, or trading depending on our investment strategy and ability to hold such securities to maturity. Held-to-maturity securities where we have not elected to apply the fair value option are stated at cost plus any premiums or discounts, which are amortized or accreted through the consolidated statements of operations using the effective interest method. Investments in unconsolidated joint venture Investments are accounted for under the equity method when the requirements for consolidation are not met, and the Company has significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for the Company's share of net income or loss and cash contributions and distributions each period. Investments in unconsolidated joint ventures are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Interest Income Recognition Interest income on commercial mortgage loans is accrued based on the actual coupon rate adjusted for accretion of any purchase discounts, the amortization of any purchase premiums and the accretion of any deferred fees, in accordance with GAAP. Interest income on CMBS is accrued using the effective yield method, which includes the accretion of purchase discounts and the amortization of purchase premiums and the stated coupon interest payments. Interest income on securities rated below AA by a nationally recognized statistical rating organization is recognized based on the effective yield method. The effective yield on these securities is based on the projected cash flows from each security, which are estimated based on the Manager’s observation of current information and events and may include assumptions related to prepayment rates and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to cash flow projections. Deferred Financing Costs Costs incurred in connection with financings are capitalized and amortized over the respective financing terms and are reflected on the accompanying consolidated statement of operations as a component of interest expense. At December 31, 2016 and 2015 , respectively, the Company had approximately $6,763 and $7,353 of capitalized financing costs, net of amortization included , as a direct deduction from the carrying amount of the related debt obligation on the consolidated balance sheets. Earnings per Share GAAP requires use of the two-class method of computing earnings per share for all periods presented for each class of common stock and participating security as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for dividends declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for dividends declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. The remaining earnings are allocated to common stockholders and participating securities, to the extent that each security shares in earnings, as if all of the earnings for the period had been distributed. Each total is then divided by the applicable number of shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and all potential shares of common stock assumed issued if they are dilutive. The numerator is adjusted for any changes in income or loss that would result from the assumed conversion of these potential shares of common stock. Hedging Instruments and Hedging Activities Consistent with maintaining its qualification as a REIT, in the normal course of business, the Company uses a variety of derivative financial instruments to manage, or hedge, interest rate and foreign currency risk. Derivatives are used for hedging purposes rather than speculation. The Company determines their fair value using and obtains quotations from a third party to facilitate the process in determining these fair values. If the Company’s hedging activities do not achieve the desired results, reported earnings may be adversely affected. GAAP requires an entity to recognize all derivatives as either assets or liabilities in the balance sheets and to measure those instruments at fair value. To the extent the instrument qualifies for hedge accounting, the fair value adjustments will be recorded as a component of other comprehensive income in stockholders’ equity until the hedged item is recognized in earnings. Whenever the Company decides not to pursue hedge accounting, the fair value adjustments will be recorded in earnings immediately based on changes in the fair market value of those instruments. The Company has not designated any of its derivative instruments as hedges under GAAP and therefore, changes in the fair value of the Company's derivatives are recorded directly in earnings. Repurchase Agreements Securities sold under repurchase agreements are treated as collateralized financing transactions, unless they meet sales treatment. Securities financed through a repurchase agreement remain on the Company’s consolidated balance sheet as an asset and cash received from the purchaser is recorded on the Company’s consolidated balance sheet as a liability. Interest paid in accordance with repurchase agreements is recorded in interest expense. Share-based Payments The Company accounts for share-based compensation to its independent directors and to the Manager and to employees of the Manager and its affiliates using the fair value based methodology prescribed by GAAP. Compensation cost related to restricted common stock issued to the Company’s independent directors is measured at its estimated fair value at the grant date, and amortized into expense over the vesting period on a straight-line basis. Compensation cost related to restricted common stock issued to the Manager and to employees of the Manager and its affiliates will initially be measured at estimated fair value at the grant date, and remeasured on subsequent dates to the extent the awards are unvested. To amortize compensation expense for the restricted common stock granted to the Manager and to employees of the Manager and its affiliates, the Company uses the graded vesting attribution method. Income Taxes The Company has elected to be taxed as a REIT under Sections 856-859 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding net capital gains and determined without regard to the dividends paid deduction, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. The Company has elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to U.S. federal and state income tax at regular corporate tax rates. The Company’s major tax jurisdictions are U.S. federal, New York State and New York City and the statute of limitations is open for all jurisdictions for the years 2013 through 2016 . The Company does not have any unrecognized tax benefits and does not expect a change in its position for unrecognized tax benefits in the next 12 months. The Company has a net operating loss carryforward of approximately $1,400 which expires in the year 2029. Foreign Currency The Company enters into transactions not denominated in U.S. dollars. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in the Company's consolidated statements of operations. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the prevailing exchange rate on the dates that they were recorded. Principles of Consolidation We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all variable interest entities ("VIE") of which we are considered the primarily beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Securitization/Sale and Financing Arrangements We periodically sell our financial assets, such as commercial mortgage loans, CMBS and other assets. In connection with these transactions, we may retain or acquire senior or subordinated interests in the related assets. Gains and losses on such transactions are recognized using the guidance in Accounting Standards Codification (“ASC”) Topic 860, Transfers and Servicing , which is based on a financial components approach that focuses on control. Under this approach, after a transfer of financial assets that meets the criteria for treatment as a sale-legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint, and transferred control-an entity recognizes the financial assets it retains and any liabilities it has incurred, derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished. We determine the gain or loss on sale of the assets by allocating the carrying value of the sold asset between the sold asset and the interests retained based on their relative fair values, as applicable. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the sold asset. If the sold asset is being accounted for pursuant to the fair value option, there is no gain or loss. When a transfer of a financial asset meets the criteria for treatment as a sale (legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint, and transferred control) the Company recognizes the financial assets it retains and any liabilities it has incurred, derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished. The gain or loss on sale of the assets is determined by allocating the carrying value of the sold asset between the sold asset and the interests retained based on their relative fair values, as applicable. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the sold asset. If the sold asset is being accounted for pursuant to the fair value option, there is no gain or loss. Recent Accounting Pronouncements In May 2014, the FASB issued guidance which broadly amends the accounting guidance for revenue recognition. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The Company does not anticipate that the adoption of this guidance will have a material impact on the Company's consolidated financial statements. In August 2014, the FASB issued guidance regarding management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The new guidance requires that management evaluate each annual and interim reporting period whether conditions exist that give rise to substantial doubt about the entity’s ability to continue as a going concern within one year from the financial statement issuance date, and if so, provide related disclosures. Disclosures are only required if conditions give rise to substantial doubt, whether or not the substantial doubt is alleviated by management’s plans. No disclosures are required specific to going concern uncertainties if an assessment of the conditions does not give rise to substantial doubt. Substantial doubt exists when conditions and events, considered in the aggregate, indicate that it is probable that a company will be unable to meet its obligations as they become due within one year after the financial statement issuance date. If substantial doubt is alleviated as a result of the consideration of management’s plans, a company should disclose information that enables users of financial statements to understand all of the following (or refer to similar information disclosed elsewhere in the footnotes): (1) principal conditions that initially give rise to substantial doubt, (2) management’s evaluation of the significance of those conditions in relation to the company’s ability to meet its obligations, and (3) management’s plans that alleviated substantial doubt. If substantial doubt is not alleviated after considering management’s plans, disclosures should enable investors to understand the underlying conditions, and include the following: (1) a statement indicating that there is substantial doubt about the company’s ability to continue as a going concern within one year after the issuance date, (2) the principal conditions that give rise to substantial doubt, (3) management’s evaluation of the significance of those conditions in relation to the company’s ability to meet its obligations, and (4) management's plans that are intended to mitigate the adverse conditions. The new guidance applies to all companies. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company does not anticipate that the adoption of this guidance will have a material impact on the Company's consolidated financial statements. In February 2015, the FASB issued guidance which amends the guidance related to accounting for the consolidation of certain legal entities. The modifications impact 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 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 $6,763 and $7,353 as of December 31, 2016 and 2015, respectively. Other than this reclassification, the adoption of this guidance did not have an impact on the Company's 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 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 assessing the impact of the guidance will have on the Company's consolidated financial statements when adopted. In August 2016, the FASB issued ASU 2016-15 “Statement of Cash Flows (Topic 230),” or ASU 2016-15. ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The new guidance addresses the classification of various transactions including debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, distributions received from equity method investments, beneficial interests in securitization transactions, and others. The Company is currently assessing the impact that this guidance will have on the Company's consolidated financial statements when adopted. In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash,” or ASU 2016-18. ASU 2016-18 is intended to clarify how entities present restricted cash in the statement of cash flows. The guidance requires entities to show the changes in the total of cash and cash equivalents and restricted cash in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. When cash and cash equivalents and restricted cash are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. This reconciliation can be presented either on the face of the statement of cash flows or in the notes to the financial statements. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017 and is to be applied retrospectively. Upon the adoption of the new guidance, the Company will change the presentation of restricted cash in the Company's consolidated statement of cash flows to conform to the new requirements. |
Fair Value Disclosure
Fair Value Disclosure | 12 Months Ended |
Dec. 31, 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 FX forwards are determined by comparing the contracted forward exchange rate to the current market exchange rate. The current market exchange rates are determined by using market spot rates, forward rates and interest rate curves for the underlying countries. The Company’s derivative instruments are classified as Level II in the fair value hierarchy. The following table summarizes the levels in the fair value hierarchy into which the Company’s financial instruments were categorized as of December 31, 2016 and 2015 : Fair Value as of December 31, 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) $ — $ 331,076 $ — $ 331,076 $ — $ 493,149 $ — $ 493,149 Derivative instruments — 5,906 — 5,906 — 3,327 — 3,327 Total $ — $ 336,982 $ — $ 336,982 $ — $ 496,476 $ — $ 496,476 |
Debt Securities
Debt Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities | Debt Securities At December 31, 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" 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 our continuing involvement it should not be accounted for as a sale. During August 2014, both the $90,000 senior participation and the Company's $65,000 junior participation were contributed to a CMBS securitization. In exchange for contributing its $65,000 junior participation, the Company received a CMBS secured solely by the $65,000 junior participation. The whole loan has a three -year term with two one -year extension options and an appraised loan-to-value ("LTV") of approximately 60% . The amortized cost and estimated fair value of the Company’s debt securities at December 31, 2016 are summarized as follows: Security Description Face Amortized Gross Gross Estimated CMBS (Fair Value Option) $ 375,861 $ 368,247 $ 292 $ (37,463 ) $ 331,076 CMBS (Held-to-Maturity) 146,530 146,352 — — 146,352 Total $ 522,391 $ 514,599 $ 292 $ (37,463 ) $ 477,428 During August 2016, the Company sold CMBS resulting in a net realized loss of $225 . During October 2016, the Company sold CMBS resulting in a net realized loss of $1,245 . The following table presents information about the Company's debt securities that were in an unrealized loss position at December 31, 2016 : Unrealized Loss Position for Less than 12 months Unrealized Loss Position for 12 months or More Security Description Fair Value Unrealized Loss Fair Value Unrealized Loss CMBS (Fair Value Option) 63,589 (1,780 ) 228,206 (35,683 ) Total $ 63,589 $ (1,780 ) $ 228,206 $ (35,683 ) The amortized cost and estimated fair value of the Company’s debt securities at December 31, 2015 are summarized as follows: Security Description Face Amortized Gross Gross Estimated CMBS (Fair Value Option) 511,482 504,253 2,614 (13,718 ) 493,149 CMBS (Held-to-Maturity) 153,250 153,193 — — 153,193 Total $ 664,732 $ 657,446 $ 2,614 $ (13,718 ) $ 646,342 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., which was repaid in February 2015 and expired in March 2016. The overall statistics for the Company’s CMBS (Fair Value Option) calculated on a weighted average basis as of December 31, 2016 and 2015 are as follows: December 31, December 31, Credit Ratings * B+-NR BB-D Coupon 5.9 % 5.9 % Yield 6.0 % 6.5 % Weighted Average Life 2.5 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 Company’s CMBS (Fair Value Option) calculated on a weighted average basis as of December 31, 2016 and 2015 are as follows: Vintage December 31, December 31, 2005 2.0 % 8.3 % 2006 12.1 20.0 2007 73.5 62.4 2008 12.4 9.3 Total 100 % 100 % Property Type December 31, December 31, Office 34.6 % 32.0 % Retail 29.0 30.2 Multifamily 12.4 13.5 Other * 24.0 24.3 Total 100 % 100 % * No other individual category comprises more than 10% of the total. Location December 31, December 31, South Atlantic 23.8 % 23.0 % Middle Atlantic 16.7 18.1 Pacific 15.3 17.8 East North Central 10.8 12.5 Other * 33.4 28.6 Total 100 % 100 % * No other individual category comprises more than 10% of the total. |
Commercial Mortgage Loans
Commercial Mortgage Loans | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Loans on Real Estate [Line Items] | |
Loans | Schedule IV — Mortgage Loans on Real Estate December 31, 2016 Property Type Location Contractual Interest Final Periodic Face Carrying Commercial mortgage loans Condo Construction Maryland L+15.00% Apr-17 Interest only $51,695 $52,476 Vacation Home Portfolio Various 7.50% Apr-19 Principal and interest 88,876 88,195 Hotel Pennsylvania L+4.55% May-19 Interest only 34,000 33,987 Mixed Use Ohio L+9.00% May-20 Interest only 165,000 163,987 Multifamily North Dakota L+5.90% Nov-19 Interest only 49,706 39,713 Vacation Home Portfolio Various US cities 7.00% Nov-21 Interest only 59,500 59,193 Mixed Use New York L+7.00% Mar-17 Interest only 85,770 86,142 Retail redevelopment Florida L+6.00% Jan-18 Interest only 45,000 45,415 Retail New York L+7.00% Mar-17 Interest only 23,000 23,012 Hotel New York L+5.25% Sept-20 Interest only 108,857 108,768 Retail New York L+7.00% Mar-17 Interest only 5,910 5,921 Hotel U.S. Virgin Islands L+4.95% Jan-21 Interest only 42,000 41,795 Office Virginia L+5.15% Jan-20 Interest only 54,000 53,849 Retail redevelopment Florida L+6.25% Jan-19 Interest only 220,000 218,771 Office Massachusetts L+6.25% Sept-18 Interest only 28,659 28,543 Mixed Use New York L+6.00% Dec-18 Interest only 45,789 45,541 Condo Conversion New York L+6.50% Jun-18 Interest only 41,016 40,825 Hotel New York L+6.30% Aug-21 Interest only 78,140 77,297 Mixed Use Illinois L+5.50% Oct-20 Interest only 129,397 128,271 Retail New York L+7.00% Mar-17 Interest only 7,500 7,489 Data Center Virginia 8.00% Aug-19 Interest only 80,000 79,634 Retail New York L+5.75% Dec-18 Interest only 60,300 59,775 Office New York L+4.70% Dec-18 Interest only 105,000 104,005 Mixed Use Pre-development California L+6.75% Dec-20 Interest only 50,000 49,252 Total commercial mortgage loans $1,659,115 $1,641,856 Subordinate loans (2) Mixed Use North Carolina 11.10% Aug - 22 Interest only $6,525 $6,525 Office Complex Missouri 11.75% Oct - 22 Principal and interest 9,414 9,414 Hotel Portfolio Missouri 11.00% Feb - 18 Principal and interest 23,863 23,863 Warehouse Portfolio Various US cities 11.50% May - 23 Interest only 32,000 32,000 Office Condo New York 11.25% Jul - 22 Interest only 14,000 13,679 Ski Resort Montana 14.00% Sept - 20 Interest only 15,000 14,773 Mixed Use New York L+10.50% Dec - 19 Interest only 99,581 99,660 Senior Housing United Kingdom 3ML+8.25% Dec - 19 Principal and interest 41,693 41,693 Hotel California 10.40% Jan-20 Interest only 20,000 20,000 Multifamily Portfolio Florida L+11.50% May-20 Interest only 22,000 21,967 Multifamily Portfolio Florida L+11.50% May-20 Interest only 15,500 15,477 Mixed Use Various US L+9.05% May-20 Interest only 45,000 45,174 Hotel Arizona 11.50% Jul-25 Interest only 25,000 25,000 Hotel Washington, DC L+9.60% Jul-19 Interest only 20,000 19,978 Condo Development New York L+12.75% Jul-20 Interest only 56,925 56,693 Condo Conversion New York L+12.25% Aug-20 Interest only 59,636 59,442 Mixed Use New York L+10.00% Oct-19 Interest only 30,000 29,926 Hotel New York L+5.25% Sept-20 Interest only 7,573 7,513 Destination Resort Various US cities L+8.90% May-22 Interest only 75,000 72,877 Multifamily New York L+10.50% May-19 Interest only 55,000 54,775 Hotel New York L+12.00% Mar-17 Interest only 50,000 50,228 Condo Pre-development United Kingdom 3ML+12.50% Dec-17 Interest only 123,400 123,400 Multifamily North Dakota L+5.90% Nov-19 Interest only 5,000 — Condo Conversion New York L+10.75% Jul-20 Interest only 48,944 48,399 Healthcare Portfolio Various US L+10.00% Oct-21 Interest only 130,000 128,856 Mixed Use New York L+12.00% Oct-20 Interest only 30,175 29,924 Total subordinate loans $1,061,229 $1,051,236 Total $2,720,344 $2,693,092 (3 ) (1) Assumes all extension options are exercised. (2) Subject to prior liens. (3) The aggregate cost for federal income tax purposes is $2,708,092 . The following table summarizes the changes in the carrying amounts of mortgage loans during 2016 and 2015 . Reconciliation of Carrying Amount of Loans 2016 2015 Balance at beginning of year $ 1,925,652 $ 1,019,702 Funding of loans 1,127,039 1,366,062 Sales — (136,573 ) Collections of principal (331,189 ) (348,516 ) Participation sold (24,051 ) Discount accretion 13,656 9,096 Provision for loan losses (15,000 ) — Foreign currency loss (33,383 ) (6,116 ) Payment-in-kind 30,368 21,997 Balance at the close of year $ 2,693,092 $ 1,925,652 |
Commercial Mortgage Portfolio Segment [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Loans | Commercial Mortgage Loans The Company’s commercial mortgage loan portfolio was comprised of the following at December 31, 2016 : Description Maturity Current Carrying Unfunded Commitment Fixed / Floating Property Size Condominium - Bethesda, MD Apr-17 $ 51,695 $ 52,476 — Floating 50 units Vacation Home Portfolio - Various (1) Apr-19 88,876 88,195 — Fixed 229 properties Hotel - Philadelphia, PA (1) May-17 34,000 33,987 — Floating 301 keys Mixed Use - Cincinnati, OH (1) May-18 165,000 163,987 — Floating 65 acres Multifamily - Williston, ND Nov-17 49,706 39,713 — Floating 366 units/homes Vacation Home Portfolio - Various U.S. (1) Nov-19 59,500 59,193 — Fixed 29 properties Mixed Use - Brooklyn, NY (1) Mar-17 85,770 86,142 6,730 Floating 330,000 sq. ft. Retail redevelopment - Miami, FL (1) Jun-17 45,000 45,415 — Floating 63,300 sq. ft. Retail - Brooklyn, NY (1) Mar-17 23,000 23,012 — Floating 10,500 sq. ft. Hotel - New York, NY (1) Sept-18 108,857 108,768 29,549 Floating 317 keys Retail - Brooklyn, NY (1) Mar-17 5,910 5,921 — Floating 5,500 sq. ft. Hotel - U.S. Virgin Islands (1) Jan-18 42,000 41,795 1,500 Floating 180 keys Office - Richmond, VA (1) Jan-18 54,000 53,849 1,000 Floating 262,000 sq. ft. Retail redevelopment - Miami, FL (1) Jan-18 220,000 218,771 — Floating 113,000 sq. ft. Office - Boston, MA (1) Mar-18 28,659 28,543 2,341 Floating 114,000 sq. ft. Mixed Use - New York, NY (1) Jun-18 45,789 45,541 4,211 Floating 91,584 sq. ft. Condo Conversion - Brooklyn, NY (1) Jun-18 41,016 40,825 4,484 Floating 133,550 sq. ft. Hotel - New York, NY (1) Aug-18 78,140 77,297 26,860 Floating 612 keys Mixed Use - Chicago, IL (1) Oct-18 129,397 128,271 3,603 Floating 737,382 sq. ft. Retail - Brooklyn, NY (1) Mar-17 7,500 7,489 — Floating 6,500 sq. ft. Data Center - Manassas, VA Aug-19 80,000 79,634 — Fixed 460,000 sq. ft. Retail - New York, NY (1) Jun-18 60,300 59,775 4,700 Floating 84,374 sq. ft. Office - New York, NY (1) Jun-18 105,000 104,005 — Floating 419,190 sq. ft. Mixed Use Pre-development - Los Angeles, CA Dec-18 50,000 49,252 30,000 Floating 75,000 sq. ft. Total $ 1,659,115 $ 1,641,856 $ 114,978 (1) At December 31, 2016 , this loan was pledged to secure borrowings under the Company’s master repurchase facility entered into with JPMorgan Chase Bank, N.A. (the “JPMorgan Facility”), the Company's repurchase agreement with Goldman Sachs Bank USA (the “Goldman Loan”) or Company's master repurchase agreement with Deutsche Bank AG (the "DB Repurchase Facility"). See "Note 8 – Borrowings" for a description of this agreements. (2) Represents contractual maturity date excluding extension options. The Company’s commercial mortgage loan portfolio was comprised of the following as of December 31, 2015 : Description Maturity Current Carrying Unfunded Commitment Fixed / Floating Property Size Condo Conversion – New York, NY (1) Sept-16 $ 24,114 $ 24,289 $ — Floating 40,000 sq. ft. Condo Construction - Potomac, MD 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) May-17 34,000 33,994 — Floating 301 rooms Condo Construction - Bethesda, MD Dec-16 50,000 49,960 15,100 Floating 40 units Multifamily - Brooklyn, NY (1) Aug-16 34,500 34,886 — Floating 63 units Mixed Use - Cincinnati, OH (1) 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) Nov-17 49,691 49,665 — Floating 366 units/homes Vacation Home Portfolio - Various U.S. (1) Nov-19 50,000 49,595 — Fixed 24 properties Mixed Use - Brooklyn, NY (1) Mar-17 85,770 85,658 6,730 Floating 330,000 sq. ft. Retail redevelopment - Miami, FL (1) 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) Mar-17 1,653 1,636 9,000 Floating 10,500 sq. ft. Hotel - New York, NY (1) Sept-18 98,373 97,381 40,034 Floating 317 rooms Retail - Brooklyn, NY (1) Mar-17 5,910 5,858 — Floating 5,500 sq. ft. Hotel - U.S. Virgin Islands Jan-18 42,000 41,600 1,500 Floating 180 rooms Office - Richmond, VA Jan-18 54,000 53,475 1,000 Floating 262,000 sq. ft. Total $ 999,583 $ 994,301 $ 73,364 (1) At December 31, 2015 , this loan was pledged to secure borrowings under the JPMorgan Facility or the Goldman Loan. See "Note 8 – Borrowings" for a description of this agreements. (2) Represents contractual maturity date excluding extension options. The Company evaluates each loan for possible impairment on a quarterly basis. The Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations are sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such loan loss analyses are completed and reviewed by asset management and finance personnel, who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and discussions with market participants. An allowance for loan loss is established when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. During the year ended December 31, 2016 , the Company recorded a loan loss provision of $10,000 on a multifamily commercial mortgage loan in Williston, ND, which was based on the difference between the fair value of the underlying collateral, and the carrying value of the loan (prior to the loan loss provision). Fair value of the collateral was determined using a discounted cash flow analysis. The significant unobservable inputs used in determining the collateral value are the terminal capitalization rate and discount rate which are 11% and 10% respectively. As of December 31, 2016, the aggregate loan loss provision was $10,000 . The Company has ceased accruing interest associated with the loan. As of December 31, 2015 , there were no provision for loan loss. |
Subordinate Loans
Subordinate Loans | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Loans on Real Estate [Line Items] | |
Loans | Schedule IV — Mortgage Loans on Real Estate December 31, 2016 Property Type Location Contractual Interest Final Periodic Face Carrying Commercial mortgage loans Condo Construction Maryland L+15.00% Apr-17 Interest only $51,695 $52,476 Vacation Home Portfolio Various 7.50% Apr-19 Principal and interest 88,876 88,195 Hotel Pennsylvania L+4.55% May-19 Interest only 34,000 33,987 Mixed Use Ohio L+9.00% May-20 Interest only 165,000 163,987 Multifamily North Dakota L+5.90% Nov-19 Interest only 49,706 39,713 Vacation Home Portfolio Various US cities 7.00% Nov-21 Interest only 59,500 59,193 Mixed Use New York L+7.00% Mar-17 Interest only 85,770 86,142 Retail redevelopment Florida L+6.00% Jan-18 Interest only 45,000 45,415 Retail New York L+7.00% Mar-17 Interest only 23,000 23,012 Hotel New York L+5.25% Sept-20 Interest only 108,857 108,768 Retail New York L+7.00% Mar-17 Interest only 5,910 5,921 Hotel U.S. Virgin Islands L+4.95% Jan-21 Interest only 42,000 41,795 Office Virginia L+5.15% Jan-20 Interest only 54,000 53,849 Retail redevelopment Florida L+6.25% Jan-19 Interest only 220,000 218,771 Office Massachusetts L+6.25% Sept-18 Interest only 28,659 28,543 Mixed Use New York L+6.00% Dec-18 Interest only 45,789 45,541 Condo Conversion New York L+6.50% Jun-18 Interest only 41,016 40,825 Hotel New York L+6.30% Aug-21 Interest only 78,140 77,297 Mixed Use Illinois L+5.50% Oct-20 Interest only 129,397 128,271 Retail New York L+7.00% Mar-17 Interest only 7,500 7,489 Data Center Virginia 8.00% Aug-19 Interest only 80,000 79,634 Retail New York L+5.75% Dec-18 Interest only 60,300 59,775 Office New York L+4.70% Dec-18 Interest only 105,000 104,005 Mixed Use Pre-development California L+6.75% Dec-20 Interest only 50,000 49,252 Total commercial mortgage loans $1,659,115 $1,641,856 Subordinate loans (2) Mixed Use North Carolina 11.10% Aug - 22 Interest only $6,525 $6,525 Office Complex Missouri 11.75% Oct - 22 Principal and interest 9,414 9,414 Hotel Portfolio Missouri 11.00% Feb - 18 Principal and interest 23,863 23,863 Warehouse Portfolio Various US cities 11.50% May - 23 Interest only 32,000 32,000 Office Condo New York 11.25% Jul - 22 Interest only 14,000 13,679 Ski Resort Montana 14.00% Sept - 20 Interest only 15,000 14,773 Mixed Use New York L+10.50% Dec - 19 Interest only 99,581 99,660 Senior Housing United Kingdom 3ML+8.25% Dec - 19 Principal and interest 41,693 41,693 Hotel California 10.40% Jan-20 Interest only 20,000 20,000 Multifamily Portfolio Florida L+11.50% May-20 Interest only 22,000 21,967 Multifamily Portfolio Florida L+11.50% May-20 Interest only 15,500 15,477 Mixed Use Various US L+9.05% May-20 Interest only 45,000 45,174 Hotel Arizona 11.50% Jul-25 Interest only 25,000 25,000 Hotel Washington, DC L+9.60% Jul-19 Interest only 20,000 19,978 Condo Development New York L+12.75% Jul-20 Interest only 56,925 56,693 Condo Conversion New York L+12.25% Aug-20 Interest only 59,636 59,442 Mixed Use New York L+10.00% Oct-19 Interest only 30,000 29,926 Hotel New York L+5.25% Sept-20 Interest only 7,573 7,513 Destination Resort Various US cities L+8.90% May-22 Interest only 75,000 72,877 Multifamily New York L+10.50% May-19 Interest only 55,000 54,775 Hotel New York L+12.00% Mar-17 Interest only 50,000 50,228 Condo Pre-development United Kingdom 3ML+12.50% Dec-17 Interest only 123,400 123,400 Multifamily North Dakota L+5.90% Nov-19 Interest only 5,000 — Condo Conversion New York L+10.75% Jul-20 Interest only 48,944 48,399 Healthcare Portfolio Various US L+10.00% Oct-21 Interest only 130,000 128,856 Mixed Use New York L+12.00% Oct-20 Interest only 30,175 29,924 Total subordinate loans $1,061,229 $1,051,236 Total $2,720,344 $2,693,092 (3 ) (1) Assumes all extension options are exercised. (2) Subject to prior liens. (3) The aggregate cost for federal income tax purposes is $2,708,092 . The following table summarizes the changes in the carrying amounts of mortgage loans during 2016 and 2015 . Reconciliation of Carrying Amount of Loans 2016 2015 Balance at beginning of year $ 1,925,652 $ 1,019,702 Funding of loans 1,127,039 1,366,062 Sales — (136,573 ) Collections of principal (331,189 ) (348,516 ) Participation sold (24,051 ) Discount accretion 13,656 9,096 Provision for loan losses (15,000 ) — Foreign currency loss (33,383 ) (6,116 ) Payment-in-kind 30,368 21,997 Balance at the close of year $ 2,693,092 $ 1,925,652 |
Subordinate Mortgage Portfolio Segment [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Loans | Subordinate Loans The Company’s subordinate loan portfolio was comprised of the following as of December 31, 2016 : Description Maturity Current Carrying Unfunded Commitment Fixed / Floating Subordinate to the Company's commercial mortgage loans Hotel - New York, NY Sept-18 $ 7,573 $ 7,513 $ 7,501 Floating Multifamily - Williston, ND Nov-17 5,000 — — Floating Total - Subordinate to the Company's commercial mortgage loans $ 12,573 $ 7,513 $ 7,501 Subordinate to third party commercial mortgage loans Mixed Use – North Carolina Aug-22 $ 6,525 $ 6,525 $ — Fixed Office Complex - Missouri Oct-22 9,414 9,414 — Fixed Hotel Portfolio – Rochester, MN Feb-18 23,863 23,863 — Fixed Warehouse Portfolio - Various May-23 32,000 32,000 — Fixed Office Condo - New York, NY Jul-22 14,000 13,679 — Fixed Ski Resort - Big Sky, MT Sept-20 15,000 14,773 — Fixed Mixed Use - New York, NY Dec-17 99,581 99,660 — Floating Senior Housing - United Kingdom Dec-17 41,693 41,693 — Floating Hotel - Burbank, CA Jan-20 20,000 20,000 — Fixed Multifamily Portfolio - Florida May-17 22,000 21,967 — Floating Multifamily Portfolio - Florida May-17 15,500 15,477 — Floating Mixed Use - Various May-17 45,000 45,174 — Floating Hotel - Phoenix, AZ Jul-25 25,000 25,000 — Fixed Hotel - Washington, DC Jul-17 20,000 19,978 — Floating Condo Development - New York, NY Jul-19 56,925 56,693 19,830 Floating Condo Conversion - New York, NY Aug-18 59,636 59,442 — Floating Mixed Use - New York, NY Oct-18 30,000 29,926 — Floating Destination Resort - Various May-18 75,000 72,877 — Floating Multifamily - New York, NY Nov-18 55,000 54,775 — Floating Hotel - New York, NY Mar-17 50,000 50,228 Floating Condo Pre-development - United Kingdom Sept-17 123,400 123,400 — Floating Condo Conversion - New York, NY Jul-19 48,944 48,399 28,056 Floating Healthcare Portfolio - Various Oct-18 130,000 128,856 — Floating Mixed Use - New York, NY Oct-19 30,175 29,924 — Floating Total - Subordinate to third party commercial mortgage loans $ 1,048,656 $ 1,043,723 $ 47,886 Total $ 1,061,229 $ 1,051,236 $ 55,387 (1) Represents contractual maturity date excluding extension options. The Company’s subordinate loan portfolio was comprised of the following as of December 31, 2015 : Description Maturity Current Carrying Unfunded Commitment Fixed / Floating Subordinate to the Company's commercial mortgage loans Condo Conversion – 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) Sept-18 2,595 2,458 12,478 Floating Multifamily - Williston, ND (1) Nov-17 5,000 5,000 — Floating Total - Subordinate to the Company's commercial mortgage loans $ 26,328 $ 26,095 $12,478 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 Dec-16 19,500 19,377 — Fixed Mixed Use - London, England Jan-16 50,676 50,676 — Fixed Healthcare Portfolio - Various Jun-16 39,223 39,223 — Floating Ski Resort - Big Sky, MT Sept-20 15,000 14,878 — Fixed Mixed Use - New York, NY Dec-17 88,368 87,818 785 Floating Senior Housing - United Kingdom Dec-17 79,735 79,735 — Floating Hotel - Burbank, CA Jan-20 20,000 20,000 — Fixed Multifamily Portfolio - Florida May-17 22,000 21,895 — Floating Multifamily Portfolio - Florida May-17 15,500 15,426 — Floating Mixed Use - Various May-17 45,000 44,854 — Floating Hotel - Phoenix, AZ Jul-25 25,000 25,000 — Fixed Hotel - Washington, DC Jul-17 20,000 19,934 — Floating Condo Development - New York, NY Jul-19 34,184 33,567 41,160 Floating Condo Conversion - New York, NY Aug-18 52,418 51,941 — Floating Mixed Use - New York, NY Oct-18 30,000 29,785 — Floating Destination Resort - Various May-18 75,000 71,362 — Floating Multifamily - New York, NY Nov-18 55,000 54,558 — Floating Hotel - New York, NY Mar-17 50,000 49,522 — Floating Condo Pre-development - United Kingdom Sept-16 81,048 81,048 — Floating Total - Subordinate to third party commercial mortgage loans $ 912,678 $ 905,256 $41,945 Total $ 939,006 $ 931,351 $54,423 (1) At December 31, 2015, this loan was pledged to secure borrowings under the JPMorgan Facility. See "Note 8 – Borrowings" for a description of this facility. (2) Represents contractual maturity date excluding extension options. 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 year ended December 31, 2016 , the Company recorded a loan loss provision of $5,000 on a multifamily subordinate loan in Williston, ND, which was based on the difference between the fair value of the underlying collateral, and the carrying value of the loan (prior to the loan loss provision). Fair value of the collateral was determined using a discounted cash flow analysis. The significant unobservable inputs used in determining the collateral value are the terminal capitalization rate and discount rate which are 11% and 10% respectively. As of December 31, 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 were no provision for loan loss. |
Unconsolidated Joint Venture
Unconsolidated Joint Venture | 12 Months Ended |
Dec. 31, 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 December 31, 2016 , the Company’s unfunded commitment to Champ LP was €2,802 (or $2,947 ). Through its interest in Champ LP, as of December 31, 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 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
Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings At December 31, 2016 and 2015 , the Company’s borrowings had the following debt balances, weighted average maturities and interest rates: December 31, 2016 December 31, 2015 Maximum Amount of Borrowings Borrowings Outstanding Maturity (1) Weighted Maximum Amount of Borrowings Borrowings Outstanding Maturity (1) Weighted JPMorgan Facility (3) $943,000 $657,452 January 2019 L + 2.25% $600,000 $445,942 January 2019 L + 2.25% DB Repurchase Facility 300,000 137,355 September 2019 L + 2.66% N/A N/A N/A N/A Goldman Loan N/A 40,657 April 2019 L + 3.50% N/A 45,928 April 2019 L + 3.50% Sub-total 835,464 L + 2.38% 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 177,203 April 2018 3.63 % N/A 300,005 April 2018 3.69 % Sub-total 311,102 3.27 % 433,904 3.39 % less: deferred financing costs (6,763) (7,353) Total / Weighted Average $1,139,803 3.18 % $918,421 2.92 % (1) Maturity date assumes extensions at the Company's option are exercised. (2) Assumes one-month LIBOR at December 31, 2016 and December 31, 2015 was 0.77% and 0.43% respectively. (3) As of December 31, 2016 , the JP Morgan Facility provided for a maximum total borrowings comprised of the $800,000 repurchase facility and a $143,000 asset specific financing . (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 December 31, 2016 , the Company’s borrowings had the following remaining maturities: Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 245,908 $ 411,544 $ — $ — $ 657,452 DB Repurchase Facility — 137,355 — — 137,355 Goldman Loan 5,290 35,367 — — 40,657 UBS Facility * 133,899 — — — 133,899 DB Facility 1,450 175,753 — — 177,203 Total $ 386,547 $ 760,019 $ — $ — $ 1,146,566 * Assumes extension options are exercised. The table below summarizes the outstanding balances, as well as the maximum and average balances as of December 31, 2016 and 2015 . 2016 2015 Balance at Maximum Month-End Average Month-End Balance at Maximum Month-End Average Month-End JPMorgan Facility $ 657,452 $ 783,528 $ 660,741 $ 445,942 $ 445,942 $ 261,261 DB Repurchase Facility 137,355 137,355 19,582 — — — Goldman Loan 40,657 45,928 43,505 45,928 52,524 45,665 UBS Facility 133,899 133,899 133,899 133,899 133,899 133,899 DB Facility 177,203 300,005 246,773 300,005 300,005 300,005 Total $ 1,146,566 $ 925,774 Repurchase Agreements JPMorgan Facility In January 2010, the Company, through two indirect wholly owned subsidiaries, entered into the JPMorgan Facility, which as amended in 2015 and 2016, currently provides for a maximum total borrowings of $943,000 , comprised of the $800,000 repurchase facility and a $143,000 asset specific financing, and a three -year term expiring in January 2018 plus a one -year extension option available at the Company's option, subject to certain conditions. Amounts borrowed under the JPMorgan Facility bear interest at spreads ranging from 2.25% to 4.75% over one-month LIBOR. Maximum advance rates under the JPMorgan Facility range from 25% to 80% on the estimated fair value of the pledged collateral depending on its LTV. Margin calls may occur any time the aggregate repurchase price exceeds the agreed upon advance rate multiplied by the market value of the assets by more than $250 . The JPMorgan Facility contains, among others, the following restrictive covenants: (1) continuing to operate in a manner that allows the Company to qualify as a REIT and (2) financial covenants, including (A) a minimum consolidated tangible net worth covenant ( $750,000 plus 75% of the net cash proceeds of any equity issuance by the Company), (B) maximum total indebtedness to consolidated tangible net worth ( 3 :1), or (C) minimum liquidity (the greater of 5% of the Company’s total recourse indebtedness or $15,000 ). The Company has agreed to provide a limited guarantee of the obligations of its indirect wholly-owned subsidiaries under the JPMorgan Facility. As of December 31, 2016 , the Company had $657,452 of borrowings outstanding under the JPMorgan Facility secured by certain of the Company's commercial mortgage and subordinate loans. DB Repurchase Facility On September 29, 2016, the Company, through an indirect wholly-owned subsidiary, entered into a master repurchase agreement with Deutsche Bank AG, Cayman Islands Branch (the “DB Repurchase Facility”) to provide up to $300,000 of advances in connection with financing first mortgage loans secured by real estate. The DB Repurchase Facility matures in September 2017, with two one -year extension options available at the Company's option, subject to certain conditions, and accrues interest at per annum pricing equal to the sum of one-month LIBOR plus an applicable spread. Margin calls may occur any time at specified aggregate margin deficit thresholds. The DB Facility contains customary covenants, including continuing to operate in a manner that allows the Company to qualify as a real estate investment trust for federal income tax purposes and financial covenants with respect to minimum consolidated tangible net worth, maximum total indebtedness to consolidated tangible net worth, and minimum liquidity. The Company has agreed to provide a guarantee of the obligations of its indirect wholly-owned subsidiaries under the DB Repurchase Facility. As of December 31, 2016 , the Company had $137,355 of borrowings outstanding under the DB Repurchase Facility secured by certain of the Company's commercial mortgage loans. UBS Facility In September 2013, the Company, through an indirect wholly-owned subsidiary, entered into the UBS Facility, which currently provides that the Company may borrow up to $133,899 in order to finance the acquisition of CMBS. The UBS Facility matures in September 2017, with a one -year extension available at the Company's option, subject to certain conditions. Advances under the UBS Facility accrue interest at a per annum pricing rate equal to a spread of 1.55% per annum over the rate implied by the fixed rate bid under a fixed-for-floating interest rate swap for the receipt of payments indexed to six-month U.S. dollar LIBOR. The Company borrows 100% of the estimated fair value of the collateral pledged and posts margin equal to 22.5% of that borrowing amount in cash. The margin posted is classified as restricted cash on the Company's condensed consolidated balance sheets. Additionally, depending on the utilization rate of the facility, a portion of the undrawn amount may be subject to non-use fees. The UBS Facility contains customary terms and conditions for repurchase facilities of this type and financial covenants to be met by the Company, including a minimum net asset value covenant (which shall not be less than an amount equal to $500,000 and a maximum total debt to consolidated tangible net worth covenant ( 3 :1). The Company has agreed to provide a full guarantee of the obligations of its indirect wholly-owned subsidiary under the UBS Facility. As of December 31, 2016 , the Company had $133,899 of borrowings outstanding under the UBS Facility secured by CMBS held by the Company. DB Facility In April 2014, the Company, through an indirect wholly-owned subsidiary, entered into the DB Facility, which currently provides that the Company may borrow up to $300,000 in order to finance the acquisition of CMBS. The DB Facility matures in April 2018. Advances under the DB Facility accrue interest at a per annum pricing rate based on the rate implied by the fixed rate bid under a fixed for floating interest rate swap for the receipt of payments indexed to three-month U.S. dollar LIBOR, plus a financing spread ranging from 1.80% to 2.32% based on the rating of the collateral pledged. Additionally, the undrawn amount is subject to a 1.8% non-use fee. The DB Facility contains customary terms and conditions for repurchase facilities of this type and financial covenants to be met by the Company, including minimum shareholder's equity of 50% of the gross capital proceeds of its initial public offering and any subsequent public or private offerings. As of December 31, 2016 , the Company had $177,203 of borrowings outstanding under the DB Facility secured by CMBS held by the Company. Goldman Loan On January 26, 2015, the Company, through an indirect wholly-owned subsidiary, entered into the Goldman Loan. The Goldman Loan provides for a purchase price of $52,524 and a repurchase date of the earliest of: (1) April 30, 2019, (2) an early repurchase date as a result of repayment or sale of the purchased loan, or (3) an accelerated repurchase date as a result of certain events of default. Subject to the terms and conditions thereof, the Goldman Loan provides for the purchase and sale of certain participation interests in a mortgage loan secured by single-family and condominium properties. Prior to an event of default, amounts borrowed under the Goldman Loan bear interest at a spread of 3.5% plus one-month LIBOR. In addition, the Goldman Loan provides that margin calls may occur during the continuance of certain credit events if the market value of the mortgaged properties drop below an agreed upon percentage. The Goldman Loan contains affirmative and negative covenants and provisions regarding events of default that are normal and customary for similar repurchase agreements. The Company has agreed to the following restrictive covenants, among others: (1) continuing to operate in a manner that allows the Company to qualify as a REIT and (2) financial covenants, including (A) a minimum consolidated tangible net worth covenant ( $750,000 ), (B) maximum total indebtedness to consolidated tangible net worth ( 3 :1), (C) minimum liquidity ( $15,000 ), (D) minimum sum of (i) cash liquidity and (ii) “near cash liquidity” ( 5.0% of the Company’s total recourse indebtedness), (E) minimum net income ( one U.S. dollar during any four consecutive fiscal quarters) and (F) a minimum ratio of EBITDA to interest expense ( 1.5 to 1.0). The Company has also agreed to provide a guarantee of the obligations under the Goldman Loan. As of December 31, 2016 , the Company had $40,657 of borrowings outstanding under the Goldman Loan secured by one commercial mortgage loan held by the Company. The Company was in compliance with the financial covenants under its repurchase agreements at December 31, 2016 and December 31, 2015 . |
Convertible Senior Notes
Convertible Senior Notes | 12 Months Ended |
Dec. 31, 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 December 31, 2016 , the March 2019 Notes had a carrying value of $141,531 and an unamortized discount of $2,219 . On August 18, 2014, the Company issued an additional $111,000 aggregate principal amount of 5.50% Convertible Senior Notes due 2019 (the "August 2019 Notes," and together with the March 2019 Notes, the "2019 Notes"), for which the Company received net proceeds, after deducting the underwriting discount and estimated offering expense payable by the Company of approximately $109,615 . At December 31, 2016 , the August 2019 Notes had a carrying value of $108,463 and an unamortized discount of $2,537 . 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 % 56.7586 3/15/2019 2.21 years August 2019 Notes $ 111,000 5.50 % 6.50 % 56.7586 3/15/2019 2.21 years (1) Effective rate includes the effect of the adjustment for the conversion option (See footnote (2) below), the value of which reduced the initial liability and was recorded in additional paid-in-capital. (2) The Company has the option to settle any conversions in cash, shares of common stock or a combination thereof. The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of 2019 Notes converted, and includes adjustments relating to cash dividend payments made by the Company to stockholders that have been deferred and carried-forward in accordance with, and are not yet required to be made pursuant to, the terms of the applicable supplemental indenture. The if-converted value of the 2019 Notes does not exceed their principal amount at December 31, 2016 since the closing market price of the Company’s common stock of $16.62 per share does not exceed the implicit conversion prices of $17.62 for the 2019 Notes. GAAP requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. GAAP requires that the initial proceeds from the sale of the 2019 Notes be allocated between a liability component and an equity component in a manner that reflects interest expense at the interest rate of similar nonconvertible debt that could have been issued by the Company at such time. The Company measured the fair value of the debt components of the 2019 Notes as of their issuance date based on effective interest rates. As a result, the Company attributed approximately $11,445 of the proceeds to the equity component of the 2019 Notes, which represents the excess proceeds received over the fair value of the liability component of the 2019 Notes at the date of issuance. The equity component of the 2019 Notes has been reflected within additional paid-in capital in the consolidated balance sheet as of December 31, 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 $14,011 for the year ended December 31, 2016 . With respect to the amortization of the discount on the liability component of the 2019 Notes as well as the amortization of deferred financing costs, the Company reported additional non-cash interest expense of approximately $3,557 for the year ended December 31, 2016 . As of December 31, 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 because it is management's intent and ability to settle the obligation in cash. |
Federal Home Loan Bank of India
Federal Home Loan Bank of Indianapolis Membership | 12 Months Ended |
Dec. 31, 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”), and as a member of the FHLBI had access to a variety of products and services offered by the FHLBI, including secured advances. As of December 31, 2016 , ACREFI Insurance Services, LLC had not requested any secured advances. On January 12, 2016, the Federal Housing Finance Agency (“FHFA”) adopted a final rule revising its regulations governing Federal Home Loan Bank membership. As a result, the FHLBI may not make any advances to ACREFI Insurance Services, LLC, and was 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) and to redeem at par value the FHLBI stock that had been purchased and held by ACREFI Insurance Services, LLC as a condition to membership in the FHLBI. At December 31, 2016 , the Company had stock in the FHLBI totaling $8 , which is included in other assets on the consolidated balance sheet at December 31, 2016 . Because ACREFI Insurance Services, LLC did not have any outstanding advances from the FHLBI, there were no advances that were required to be repaid as a result of membership termination. |
Participations Sold
Participations Sold | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Loans on Real Estate [Line Items] | |
Participations Sold | Schedule IV — Mortgage Loans on Real Estate December 31, 2016 Property Type Location Contractual Interest Final Periodic Face Carrying Commercial mortgage loans Condo Construction Maryland L+15.00% Apr-17 Interest only $51,695 $52,476 Vacation Home Portfolio Various 7.50% Apr-19 Principal and interest 88,876 88,195 Hotel Pennsylvania L+4.55% May-19 Interest only 34,000 33,987 Mixed Use Ohio L+9.00% May-20 Interest only 165,000 163,987 Multifamily North Dakota L+5.90% Nov-19 Interest only 49,706 39,713 Vacation Home Portfolio Various US cities 7.00% Nov-21 Interest only 59,500 59,193 Mixed Use New York L+7.00% Mar-17 Interest only 85,770 86,142 Retail redevelopment Florida L+6.00% Jan-18 Interest only 45,000 45,415 Retail New York L+7.00% Mar-17 Interest only 23,000 23,012 Hotel New York L+5.25% Sept-20 Interest only 108,857 108,768 Retail New York L+7.00% Mar-17 Interest only 5,910 5,921 Hotel U.S. Virgin Islands L+4.95% Jan-21 Interest only 42,000 41,795 Office Virginia L+5.15% Jan-20 Interest only 54,000 53,849 Retail redevelopment Florida L+6.25% Jan-19 Interest only 220,000 218,771 Office Massachusetts L+6.25% Sept-18 Interest only 28,659 28,543 Mixed Use New York L+6.00% Dec-18 Interest only 45,789 45,541 Condo Conversion New York L+6.50% Jun-18 Interest only 41,016 40,825 Hotel New York L+6.30% Aug-21 Interest only 78,140 77,297 Mixed Use Illinois L+5.50% Oct-20 Interest only 129,397 128,271 Retail New York L+7.00% Mar-17 Interest only 7,500 7,489 Data Center Virginia 8.00% Aug-19 Interest only 80,000 79,634 Retail New York L+5.75% Dec-18 Interest only 60,300 59,775 Office New York L+4.70% Dec-18 Interest only 105,000 104,005 Mixed Use Pre-development California L+6.75% Dec-20 Interest only 50,000 49,252 Total commercial mortgage loans $1,659,115 $1,641,856 Subordinate loans (2) Mixed Use North Carolina 11.10% Aug - 22 Interest only $6,525 $6,525 Office Complex Missouri 11.75% Oct - 22 Principal and interest 9,414 9,414 Hotel Portfolio Missouri 11.00% Feb - 18 Principal and interest 23,863 23,863 Warehouse Portfolio Various US cities 11.50% May - 23 Interest only 32,000 32,000 Office Condo New York 11.25% Jul - 22 Interest only 14,000 13,679 Ski Resort Montana 14.00% Sept - 20 Interest only 15,000 14,773 Mixed Use New York L+10.50% Dec - 19 Interest only 99,581 99,660 Senior Housing United Kingdom 3ML+8.25% Dec - 19 Principal and interest 41,693 41,693 Hotel California 10.40% Jan-20 Interest only 20,000 20,000 Multifamily Portfolio Florida L+11.50% May-20 Interest only 22,000 21,967 Multifamily Portfolio Florida L+11.50% May-20 Interest only 15,500 15,477 Mixed Use Various US L+9.05% May-20 Interest only 45,000 45,174 Hotel Arizona 11.50% Jul-25 Interest only 25,000 25,000 Hotel Washington, DC L+9.60% Jul-19 Interest only 20,000 19,978 Condo Development New York L+12.75% Jul-20 Interest only 56,925 56,693 Condo Conversion New York L+12.25% Aug-20 Interest only 59,636 59,442 Mixed Use New York L+10.00% Oct-19 Interest only 30,000 29,926 Hotel New York L+5.25% Sept-20 Interest only 7,573 7,513 Destination Resort Various US cities L+8.90% May-22 Interest only 75,000 72,877 Multifamily New York L+10.50% May-19 Interest only 55,000 54,775 Hotel New York L+12.00% Mar-17 Interest only 50,000 50,228 Condo Pre-development United Kingdom 3ML+12.50% Dec-17 Interest only 123,400 123,400 Multifamily North Dakota L+5.90% Nov-19 Interest only 5,000 — Condo Conversion New York L+10.75% Jul-20 Interest only 48,944 48,399 Healthcare Portfolio Various US L+10.00% Oct-21 Interest only 130,000 128,856 Mixed Use New York L+12.00% Oct-20 Interest only 30,175 29,924 Total subordinate loans $1,061,229 $1,051,236 Total $2,720,344 $2,693,092 (3 ) (1) Assumes all extension options are exercised. (2) Subject to prior liens. (3) The aggregate cost for federal income tax purposes is $2,708,092 . The following table summarizes the changes in the carrying amounts of mortgage loans during 2016 and 2015 . Reconciliation of Carrying Amount of Loans 2016 2015 Balance at beginning of year $ 1,925,652 $ 1,019,702 Funding of loans 1,127,039 1,366,062 Sales — (136,573 ) Collections of principal (331,189 ) (348,516 ) Participation sold (24,051 ) Discount accretion 13,656 9,096 Provision for loan losses (15,000 ) — Foreign currency loss (33,383 ) (6,116 ) Payment-in-kind 30,368 21,997 Balance at the close of year $ 2,693,092 $ 1,925,652 |
Participating Mortgages [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Participations Sold | Participations Sold Participations sold represent the interests in loans the Company originated and subsequently partially sold. The Company presents the participations sold as both assets and non-recourse liabilities because the participation does not qualify as a sale according to GAAP. The income earned on the participation sold is recorded as interest income and an identical amount is recorded as interest expense on the Company's consolidated statements of operations. During January 2015, the Company closed a £34,519 (or $51,996 ) floating-rate mezzanine loan secured by a portfolio of 44 senior housing facilities located throughout the United Kingdom. During February 2015, the Company closed an additional funding of £20,000 (or $30,672 ) and participated that balance to an investment fund affiliated with Apollo. During December 2016, the Company qualified for sale accounting with respect to the previous participation sold that was converted to a discrete financial instrument, and therefore deconsolidated the participation sold. During May 2014, the Company closed a $155,000 floating-rate whole loan secured by the first mortgage and equity interests in an entity that owns a resort hotel in Aruba. During June 2014, the Company syndicated a $90,000 senior participation in the loan and retained a $65,000 junior participation in the loan. During August 2014, both the $90,000 senior participation and the Company's $65,000 junior participation were contributed to a CMBS securitization. In exchange for contributing its $65,000 junior participation, the Company received a CMBS secured solely by the $65,000 junior participation and classified it as CMBS (held-to-maturity) on its consolidated financial statements. At December 31, 2016 , the participation had a face amount of $85,082 , a carrying amount of $84,979 and a cash coupon of LIBOR plus 440 basis points. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 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 December 2017. 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 December 31, 2016 : Type of Derivative 12/31/16 Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx Contracts - GBP 11 148,310 GBP January 2017- December 2017 The following table summarizes our non-designated foreign exchange (“Fx”) forwards as of December 31, 2015 : Type of Derivative 12/31/15 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 consolidated statements of operations related to the Company’s derivatives for the years ended December 31, 2016 , 2015 and 2014 . Amount of gain (loss) recognized in income Location of Gain (Loss) Recognized in Income 2016 2015 2014 Forward currency contract Gain (loss) on derivative instruments - unrealized 2,665 (853 ) 4,070 Forward currency contract Gain (loss) on derivative instruments - realized 28,552 5,169 — Interest rate caps (1) Gain (loss) on derivative instruments - unrealized (57 ) (210 ) — Total $ 31,160 $ 4,106 $ 4,070 (1) With a notional amount of $45,475 and $49,323 at December 31, 2016 and 2015 , respectively. The following table summarizes the gross asset and liability amounts related to the Company’s derivatives at December 31, 2016 and 2015 . December 31, 2016 December 31, 2015 Gross Gross Net Amounts Gross Gross Net Amounts Interest rate caps $ 23 $ — $ 23 $ 106 $ — $ 106 Forward currency contract 5,883 — 5,883 3,221 — 3,221 Total derivative instruments $ 5,906 $ — $ 5,906 $ 3,327 $ — $ 3,327 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions AMTG Merger As fully described in "Note 19- Business Combination", in August 2016, the Company acquired AMTG, an entity managed by an affiliate of Apollo. Management Agreement In connection with the Company’s initial public offering in September 2009, the Company entered into a management agreement (the “Management Agreement”) with 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, 2017 and is automatically renewed for successive one -year terms on each anniversary thereafter. The Management Agreement may be terminated upon expiration of the one -year extension term only upon the affirmative vote of at least two-thirds of the Company’s independent directors, based upon (1) unsatisfactory performance by the Manager that is materially detrimental to the Company or (2) a determination that the management fee payable to the Manager is not fair, subject to the Manager’s right to prevent such a termination based on unfair fees by accepting a mutually acceptable reduction of management fees agreed to by at least two-thirds of the Company’s independent directors. The Manager must be provided with written notice of any such termination at least 180 days prior to the expiration of the then existing term and will be paid a termination fee equal to three times the sum of the average annual base management fee during the 24 -month period immediately preceding the date of termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination. Following a meeting by the Company’s independent directors in February 2017, which included a discussion of the Manager’s performance and the level of the management fees thereunder, the Company determined not to seek termination of the Management Agreement. 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 2016 , 2015 and 2014 , respectively, the Company incurred approximately $23,388 , $16,619 and $11,960 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 2016 , 2015 and 2014 , respectively, the Company recorded expenses totaling $2,526 , $1,421 and $985 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 consolidated statement of operations expense category or the consolidated balance sheet based on the nature of the item. 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 consolidated balance sheet at December 31, 2016 and December 31, 2015 , respectively, is approximately $7,015 and $5,297 for base management fees incurred but not yet paid. Unconsolidated Joint Venture In September 2014, the Company, through a wholly owned subsidiary, acquired a 59% ownership interest in Champ LP following which a wholly-owned subsidiary of Champ LP then acquired a 35% ownership interest in BKB. The Company acquired its ownership interest in Champ LP for an initial purchase price paid at closing of approximately €30,724 (or $39,477 ). The Company committed to invest up to approximately €38,000 (or $50,000 ). In January 2015, the Company funded an additional investment of €3,331 (or $3,929 ) related to its investment in Champ LP. In February 2015, the Company sold approximately 48% of its ownership interest in Champ LP at cost to an account managed by Apollo for approximately €16,314 (or $20,794 ). In June 2016, the Company transferred €427 of its unfunded commitment to Apollo, reducing its unfunded commitment to Champ LP to €2,802 (or $2,947 ). Through its interest in Champ LP, as of December 31, 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. Placement Agent Fees In connection with the private placement that closed on September 21, 2015, the Company agreed to pay a placement agent fee of $500 to Apollo Global Securities, LLC. See "Note 15 - Stockholders' Equity" for further information related to the private placement. GE Capital and Mubadala Loan Portfolio On September 29, 2015, the Company entered into a commitment to purchase a real estate loan portfolio from Mubadala GE Capital Ltd representing approximately $375,355 of first mortgage real estate loans (the “Real Estate Loans”). The commitment was part of a larger transaction in which affiliates of Apollo agreed to acquire a portfolio of loans from Mubadala GE Capital Ltd (the “Transaction”). On October 1, 2015, the Company and MidCap FinCo Limited (“MidCap”), an affiliate of Apollo, entered into an agreement (the “MidCap Agreement”) whereby the Company granted MidCap an option to purchase the Real Estate Loans. In consideration of the option, MidCap paid the Company a fee of $750 during the fourth quarter of 2015. On December 2, 2015, MidCap provided the Company written notice that it exercised its option to purchase the Real Estate Loans, and upon such exercise, the Company transferred, assigned and conveyed to MidCap all of the Company’s right, title and interest to purchase the Real Estate Loans under the Company’s commitment with Mubadala GE Capital Ltd. Increase and Extension of Mezzanine Loan for London, U.K. Pre-development Project On October 5, 2016, the Company entered into a twelve month extension and increased the Company’s outstanding loan amount through the acquisition of an additional £45,000 (approximately $57,400 ) of pari passu interests in an existing pre-development mezzanine loan from various funds managed by an affiliate of the Company’s manager, bringing the Company's total outstanding loan balance to £100,000 (approximately $123,400 ). The pre-development mezzanine loan is for the development of a luxury condominium project in London, England. |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 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 $7,090 , $4,387 and $1,576 during 2016 , 2015 and 2014 , respectively, related to restricted stock and RSU vesting. The following table summarizes the grants, exchanges and forfeitures of restricted common stock and RSUs during 2016 , 2015 and 2014 : Type Date Restricted Stock RSUs Estimate Fair Value Initial Vesting Final Vesting Outstanding at January 1, 2014 208,416 503,750 Canceled upon delivery January 2014 — (288,750 ) n/a n/a n/a Grant April 2014 8,931 — 150 July 2014 April 2017 Grant April 2014 5,000 — 85 July 2014 April 2017 Canceled upon delivery April 2014 — (5,000 ) n/a n/a n/a Grant June 2014 — 10,254 169 December 2014 December 2016 Grant December 2014 51,767 — 855 December 2015 December 2017 Grant December 2014 — 390,000 6,474 December 2015 December 2017 Grant January 2015 — 8,000 132 December 2015 December 2017 Forfeiture January 2015 — (5,000 ) n/a n/a n/a Canceled upon delivery March 2015 — (20,000 ) n/a n/a n/a Grant April 2015 15,950 — 275 July 2015 April 2018 Forfeiture June 2015 — (3,500 ) n/a n/a n/a Grant July 2015 — 1,631 27 June 2016 June 2018 Forfeiture August 2015 — (5,000 ) n/a n/a n/a Grant December 2015 50,000 — 874 December 2016 December 2018 Grant December 2015 — 656,425 11,461 December 2016 December 2018 Canceled 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 Canceled upon delivery July 2016 — (543 ) n/a n/a n/a Forfeiture July 2016 — (12,792 ) n/a n/a n/a Grant July 2016 — 1,528 25 September 2016 September 2016 Forfeiture August 2016 — (15,642 ) n/a n/a n/a Grant September 2016 — 6,146 101 October 2016 October 2016 Canceled upon delivery September 2016 — (41,281 ) n/a n/a n/a Canceled upon delivery October 2016 — (30,900 ) n/a n/a n/a Canceled upon delivery November 2016 — (6,146 ) n/a n/a n/a Grant December 2016 75,000 — 1,251 December 2017 December 2019 Grant December 2016 — 843,271 14,015 December 2017 December 2019 Outstanding at December 31, 2016 432,120 1,703,775 (1) These awards vest based upon the achievement of certain conditions. Below is a summary of restricted stock and RSU vesting dates as of December 31, 2016 . Vesting Date Shares Vesting RSU Vesting Total Awards January 2017 5,161 — 5,161 April 2017 5,164 — 5,164 June 2017 — 544 544 July 2017 4,004 — 4,004 October 2017 3,997 — 3,997 December 2017 53,923 603,189 657,112 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 41,670 486,037 527,707 January 2019 1,419 — 1,419 April 2019 1,424 — 1,424 December 2019 25,000 281,112 306,112 150,110 1,371,426 1,521,536 At December 31, 2016 , the Company had unrecognized compensation expense of approximately $2,439 and $23,279 , respectively, related to the vesting of restricted stock awards and RSUs noted in the table above. RSU Deliveries During 2016 , 2015 and 2014 , respectively, the Company delivered 236,782 , 12,763 and 240,277 shares of common stock for 397,030 , 20,000 and 283,750 vested RSUs. The Company allows RSU participants to settle their tax liabilities with a reduction of their share delivery from the originally granted and vested RSUs. The amount, when agreed to by the participant, results in a cash payment to the Manager related to this tax liability and a corresponding adjustment to additional paid in capital on the consolidated statement of changes in stockholders' equity. The adjustments were $2,626 , $122 , and $876 in 2016 , 2015 and 2014 , respectively, and are included as reductions of capital increase related to the Company's equity incentive plan in the consolidated statement of changes in shareholders’ equity. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The Company’s authorized capital stock consists of 450,000,000 shares of common stock, $0.01 par value per share and 50,000,000 shares of preferred stock, $0.01 par value per share. As of December 31, 2016 , 91,422,676 shares of common stock were issued and outstanding and there were 3,450,000 shares of 8.625% Series A Cumulative Redeemable Perpetual Preferred Stock ("Series A Preferred Stock") issued and outstanding, 8,000,000 shares of 8.00% Fixed-to-Floating Series B Cumulative Redeemable Perpetual Preferred Stock ("Series B Preferred Stock") issued and outstanding and 6,900,000 shares of 8.00% Fixed-to-Floating Series C Cumulative Redeemable Perpetual Preferred Stock ("Series C Preferred Stock") issued and outstanding. Dividends. During 2016 and 2015 , the Company has declared the following dividends on its common stock: Declaration Date Record Date Payment Date Amount February 25, 2015 March 31, 2015 April 15, 2015 $ 0.44 April 28, 2015 June 30, 2015 July 15, 2015 $ 0.44 July 28, 2015 September 30, 2015 October 15, 2015 $ 0.44 December 14, 2015 December 31, 2015 January 15, 2016 $ 0.46 March 15, 2016 March 31, 2016 April 15, 2016 $ 0.46 June 17, 2016 June 30, 2016 July 15, 2016 $ 0.46 September 14, 2016 September 30, 2016 October 17, 2016 $ 0.46 December 12, 2016 December 30, 2016 January 17, 2017 $ 0.46 During 2016 and 2015 , the Company declared the following dividends on its Series A Preferred Stock: Declaration Date Record Date Payment Date Amount March 16, 2015 March 31, 2015 April 15, 2015 $ 0.5391 June 9, 2015 June 30, 2015 July 15, 2015 $ 0.5391 September 9, 2015 September 30, 2015 October 15, 2015 $ 0.5391 December 14, 2015 December 31, 2015 January 15, 2016 $ 0.5391 March 15, 2016 March 31, 2016 April 15, 2016 $ 0.5391 June 17, 2016 June 30, 2016 July 15, 2016 $ 0.5391 September 14, 2016 September 30, 2016 October 17, 2016 $ 0.5391 December 12, 2016 December 30, 2016 January 17, 2017 $ 0.5391 During 2016 and 2015 , the Company declared the following dividends on its Series B Preferred Stock: Declaration Date Record Date Payment Date Amount December 14, 2015 December 31, 2015 January 15, 2016 $ 0.6333 March 15, 2016 March 31, 2016 April 15, 2016 $ 0.5000 June 17, 2016 June 30, 2016 July 15, 2016 $ 0.5000 September 14, 2016 September 30, 2016 October 17, 2016 $ 0.5000 December 12, 2016 December 30, 2016 January 17, 2017 $ 0.5000 During 2016 , the Company declared the following dividends on its Series C Preferred Stock: Declaration Date Record Date Payment Date Amount September 14, 2016 September 30, 2016 October 31, 2016 $ 0.5000 December 12, 2016 December 30, 2016 January 31, 2017 $ 0.5000 Common Stock Offerings. During the fourth quarter of 2016, the Company completed a follow-on public offering of 10,500,000 shares of its common stock, at a price of $16.97 per share. The aggregate net proceeds from the offering, including proceeds from the sale of the additional shares, were approximately $177,796 after deducting estimated offering expenses payable by the Company. 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. During the second quarter of 2014, the Company completed a follow-on public offering of 9,706,000 shares of its common stock, including the partial exercise of the underwriters’ option to purchase additional shares, at a price of $16.35 per share. The aggregate net proceeds from the offering, including proceeds from the sale of the additional shares, were approximately $158,439 after deducting estimated offering expenses payable by the Company. Common Stock and Preferred Stock Private Placement. On September 21, 2015, the Company completed a private placement of 8,823,529 shares of its common stock at a price of $17.00 per share, and 8,000,000 shares of Series B Preferred Stock at a price of $24.71 per share. The aggregate net proceeds from the common and Series B Preferred Stock private placement completed on September 21, 2015 were approximately $346,855 after deducting the $500 placement agent fee paid to Apollo Global Securities, LLC acting as placement agent in this transaction and estimated offering expenses payable by the Company. Stock Repurchase Program. During the third quarter of 2015, the Company repurchased 107,432 shares of its common stock at a weighted average net price of $16.20 , resulting in a payment of $1,741 . AMTG Merger. In addition, the company issued common and preferred equity in connection with the AMTG Merger as described in "Note 19 - Business Combination." |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings. From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. After the announcement of the execution of the AMTG Merger Agreement, two putative class action lawsuits challenging the proposed First Merger (as defined in the AMTG Merger Agreement), captioned Aivasian v. Apollo Residential Mortgage, Inc., et al., No. 24-C-16-001532 and Wiener v. Apollo Residential Mortgage, Inc., et al., No. 24-C-16-001837, were filed in the Circuit Court for Baltimore City, (the “Court”). A putative class and derivative lawsuit was later filed in the Court captioned Crago v. Apollo Residential Mortgage, Inc., No. 24-C-16-002610. Following a hearing on May 6, 2016, the Court entered orders among other things, consolidating the three actions under the caption In Re Apollo Residential Mortgage, Inc. Shareholder Litigation, Case No.: 24-C-16-002610. The plaintiffs have designated the Crago complaint as the operative complaint. The operative complaint includes both direct and derivative claims, names as defendants AMTG, the board of directors of AMTG (the “AMTG Board”), ARI, Arrow Merger Sub Inc., Apollo and Athene Holding Ltd. and alleges, among other things, that the members of the AMTG Board breached their fiduciary duties to the AMTG stockholders and that the other corporate defendants aided and abetted such fiduciary breaches. The operative complaint further alleges, among other things, that the proposed First Merger involves inadequate consideration, was the result of an inadequate and conflicted sales process, and includes unreasonable deal protection devices that purportedly preclude competing offers. It also alleges that the transactions with Athene Holding Ltd. are unfair and that the registration statement on Form S-4 filed with the SEC on April 6, 2016 contains materially misleading disclosures and omits certain material information. The operative complaint seeks, among other things, certification of the proposed class, declaratory relief, preliminary and permanent injunctive relief, including enjoining or rescinding the First Merger, unspecified damages, and an award of other unspecified attorneys’ and other fees and costs. On May 6, 2016, counsel for the plaintiffs filed with the Court a stipulation seeking the appointment of interim co-lead counsel, which stipulation was approved by the Court on June 9, 2016. Defendants’ motions to dismiss have been fully briefed, and oral argument was held on December 8, 2016. On January 4, 2017, the United States Department of Justice served a Request for Information and Documents (the “Request”) on the Company, in connection with a preliminary investigation into certain aspects of the Company's former residential real estate portfolio, which the Company acquired in connection with the AMTG Merger and subsequently sold in 2016. The Request seeks a range of information in connection with the residential real estate portfolio, including, among other things, information concerning policies, procedures, and practices related to advertising, marketing, identifying, or acquiring residential properties for sale or rent, and various data for all rental and sales contracts executed since January 1, 2012. The Company is cooperating with the Department of Justice and fully complying with the Request. 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 $2,947 ). 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 December 31, 2016 , the Company had $170,365 of unfunded commitments related to its commercial mortgage loan portfolio and subordinate loan portfolio. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments Disclosure [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheet at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Carrying Estimated Carrying Estimated Cash and cash equivalents $ 200,996 $ 200,996 $ 67,415 $ 67,415 Restricted cash 62,457 62,457 30,127 30,127 Securities, held-to-maturity 146,352 146,489 153,193 153,230 Commercial first mortgage loans 1,641,856 1,648,896 994,301 999,517 Subordinate loans 1,051,236 1,060,882 931,351 939,545 Borrowings under repurchase agreements (1,146,566 ) (1,146,807 ) (925,774 ) (925,920 ) Convertible senior notes, net (249,994 ) (268,124 ) (248,173 ) (253,986 ) Participations sold (84,979 ) (85,072 ) (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 consolidated financial statements and would be classified as Level III in the fair value hierarchy. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | Net Income (Loss) per Share GAAP requires use of the two-class method of computing earnings per share for all periods presented for each class of common stock and participating security as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for dividends declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for dividends declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. The remaining earnings are allocated to common stockholders and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Each total is then divided by the applicable number of shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and all potential shares of common stock assumed issued if they are dilutive. The numerator is adjusted for any changes in income or loss that would result from the assumed conversion of these potential shares of common stock. The table below presents basic and diluted net income per share of common stock using the two-class method for the years ended December 31, 2016 , 2015 and 2014 : For the year ended December 31, 2016 2015 2014 Numerator: Net income $ 157,876 $ 103,256 $ 82,739 Preferred dividends (30,295 ) (11,884 ) (7,440 ) Net income available to common stockholders 127,581 91,372 75,299 Dividends declared on common stock (141,236 ) (111,864 ) (71,089 ) Dividends on participating securities (2,087 ) (1,350 ) (506 ) Net income (loss) attributable to common stockholders $ (15,742 ) $ (21,842 ) $ 3,704 Denominator: Basic weighted average shares of common stock outstanding 72,371,374 58,674,046 43,464,255 Diluted weighted average shares of common stock outstanding 73,305,101 59,273,280 43,684,805 Basic and diluted net income (loss) per weighted average share of common stock Distributable Earnings $ 1.96 $ 1.91 $ 1.64 Undistributed income (loss) (0.22 ) $ (0.37 ) $ 0.08 Basic and diluted net income per share of common stock $ 1.74 $ 1.54 $ 1.72 For 2016 and 2015, respectively, 933,727 and 599,234 unvested RSUs were excluded from the calculation of diluted net loss per share because the effect was anti-dilutive. |
Business Combination Business C
Business Combination Business Combination | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combination | Business Combination On August 31, 2016, the Company, pursuant to the terms and conditions of the AMTG Merger Agreement, acquired AMTG for consideration of common stock and preferred stock, as applicable and cash. AMTG merged with and into the Company with the Company continuing as the surviving entity. As a result, all operations of AMTG and its former subsidiaries are consolidated with the operations of the Company. In connection with financing the AMTG Merger, on August 31, 2016, the Company entered into a Loan Agreement (the “Athene Loan Agreement”) with Athene USA Corporation, a subsidiary of Athene Holding Ltd., as lender (“Athene USA”), pursuant to which the Company borrowed $175,000 in order to fund a portion of the Company’s obligations under the AMTG Merger Agreement. The Athene Loan Agreement was repaid in full and terminated on September 1, 2016. On August 31, 2016, pursuant to an Asset Purchase and Sale Agreement, dated February 26, 2016 (as amended, the “Asset Purchase Agreement”) by and among Athene Annuity & Life Assurance Company and Athene Annuity and Life Company (collectively, “Athene Annuity”) and the Company, the Company sold primarily non-agency residential mortgage backed securities previously held by AMTG to Athene Annuity for cash consideration of approximately $1,100,000 . Proceeds from the sale were used to repay approximately $804,000 in associated financing, $175,000 to satisfy the Athene Loan Agreement and for general corporate purposes. As of December 31, 2016, all of the assets acquired from AMTG have been sold. The AMTG Merger provided the Company with the ability to expand the balance sheet in a cost effective and accretive manner at a time when ARI’s management believes there is significant opportunity to deploy capital into commercial real estate debt investments at attractive returns. The AMTG Merger was accounted for as a business combination in accordance with ASC 805. T he transactions pursuant to the Athene Loan Agreement and the Asset Purchase Agreement were contemporaneous with and contingent on the AMTG Merger, therefore the Company recorded the transaction net. The Company was designated as the accounting acquirer. The total purchase price has been allocated based upon management’s estimates of fair value. The difference between the fair value of net assets of AMTG and the consideration was recorded as a bargain purchase gain. The bargain purchase gain was computed as follows: Consideration Paid: $ (in thousands) Cash $ 220,159 Common stock issued 218,397 Preferred stock assumed 172,500 Total consideration paid $ 611,056 Assets acquired: Cash and cash equivalents 399,402 Restricted cash 10,552 Investments 1,491,484 Other assets 34,822 Liabilities assumed: Borrowings under repurchase agreements (1,254,518 ) Other liabilities (30,665 ) Net assets acquired 651,077 Bargain purchase gain $ 40,021 The Company incurred $11,350 of transaction-related expenses related to the AMTG Merger during the year ended December 31, 2016. Transaction-related expenses are comprised primarily of transaction fees and AMTG Merger costs, including legal, finance, consulting, professional fees and other third-party costs. The following table provides the pro forma consolidated operational data as if the AMTG Merger had occurred on January 1, 2016: Twelve Months Ended Twelve Months Ended (in thousands, except per share data) December 31, 2016 December 31, 2015 Total revenue $ 349,948 $ 352,264 Net income attributable to common shareholders 89,877 44,547 Common shares outstanding at December 31, 2016 91,422,676 67,195,252 Net income per common share, basic and diluted $ 0.98 $ 0.66 The pro forma consolidated operational data is based on assumptions and estimates considered appropriate by our management; however, these pro forma results are not necessarily indicative of the results of operations that would have been obtained had the AMTG Merger occurred at the beginning of the period presented, nor do they purport to represent the consolidated results of operations for future periods. The pro forma consolidated operational data do not include the impact of any synergies that may be achieved from the AMTG Merger or any strategies that management may consider in order to continue to efficiently manage operations. |
Summarized Quarterly Results (U
Summarized Quarterly Results (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Results (Unaudited) | Summarized Quarterly Results (Unaudited) March 31, June 30, September 30, December 31, 2016 2015 2016 2015 2016 2015 2016 2015 Net interest income: Interest income from securities $ 8,049 $ 8,287 $ 7,607 $ 8,265 $ 8,029 $ 8,293 $ 3,901 $ 8,343 Interest income from securities, held-to-maturity 2,896 3,045 2,826 3,349 2,875 2,956 2,872 2,704 Interest income from commercial mortgage loans 21,127 10,094 24,140 11,968 27,460 15,184 30,200 18,846 Interest income from subordinate loans 29,375 18,610 28,067 21,152 32,207 25,445 32,746 25,623 Interest expense (14,642 ) (11,482 ) (15,722 ) (11,917 ) (17,256 ) (13,187 ) (16,139 ) (12,275 ) Net interest income 46,805 28,554 46,918 32,817 53,315 38,691 53,580 43,241 Operating expenses: General and administrative expenses (8,185 ) (2,355 ) (4,922 ) (2,059 ) (8,352 ) (2,099 ) (3,527 ) (2,979 ) Management fees to related party (5,229 ) (3,341 ) (5,242 ) (3,887 ) (5,903 ) (4,097 ) (7,015 ) (5,294 ) Total operating expenses (13,414 ) (5,696 ) (10,164 ) (5,946 ) (14,255 ) (6,196 ) (10,542 ) (8,273 ) Income (loss) from unconsolidated joint venture 68 — 59 384 80 108 (303 ) 2,972 Interest income from cash balances 2 11 22 6 309 239 760 983 Provision for loan losses — — (15,000 ) — — — — — Realized loss on sale of securities — (443 ) — — (225 ) — 4,059 — Unrealized gain (loss) on securities (15,074 ) 3,409 (11,728 ) (2,273 ) (9,798 ) (6,926 ) 10,502 (11,618 ) Foreign currency gain (loss) (4,474 ) (3,944 ) (13,082 ) 6,169 (4,369 ) (3,998 ) (7,359 ) (3,121 ) Bargain purchase gain — — — — 40,021 — — — Gain (loss) on derivative instruments 4,703 3,622 13,313 (6,499 ) 4,815 3,929 8,329 3,054 Net income 18,616 25,513 10,338 24,658 69,893 25,847 59,026 27,238 Preferred dividends (5,815 ) (1,860 ) (5,860 ) (1,860 ) (9,310 ) (2,304 ) (9,310 ) (5,860 ) Net income available to common stockholders $ 12,801 $ 23,653 $ 4,478 $ 22,798 60,583 $ 23,543 $ 49,716 $ 21,378 Basic and diluted net income per share of common stock $ 0.18 $ 0.47 $ 0.06 $ 0.39 $ 0.83 $ 0.39 $ 0.60 $ 0.32 Basic weighted average shares of common stock outstanding 67,385,191 49,563,822 67,402,311 58,429,155 71,919,549 59,355,613 82,670,237 67,146,882 Diluted weighted average shares of common stock outstanding 68,327,718 50,171,687 68,374,557 59,022,217 72,861,611 59,934,008 83,548,823 67,754,673 Dividend declared per share of common stock $ 0.46 $ 0.44 $ 0.46 $ 0.44 $ 0.46 $ 0.44 $ 0.46 $ 0.46 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Investment activity . Subsequent to year end, the Company closed approximately $193,500 of commercial real estate debt investments, $190,300 of which were funded. In addition the Company funded approximately $67,700 for previously closed loans. Loan Repayments. S ubsequent to year end, the Company received approximately $41,500 from loan repayments. Management Agreement. Following a meeting by the Company’s independent directors in February 2017, which included a discussion of the Manager’s performance and the level of the management fees thereunder, the Company determined not to terminate the Management Agreement. |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate | Schedule IV — Mortgage Loans on Real Estate December 31, 2016 Property Type Location Contractual Interest Final Periodic Face Carrying Commercial mortgage loans Condo Construction Maryland L+15.00% Apr-17 Interest only $51,695 $52,476 Vacation Home Portfolio Various 7.50% Apr-19 Principal and interest 88,876 88,195 Hotel Pennsylvania L+4.55% May-19 Interest only 34,000 33,987 Mixed Use Ohio L+9.00% May-20 Interest only 165,000 163,987 Multifamily North Dakota L+5.90% Nov-19 Interest only 49,706 39,713 Vacation Home Portfolio Various US cities 7.00% Nov-21 Interest only 59,500 59,193 Mixed Use New York L+7.00% Mar-17 Interest only 85,770 86,142 Retail redevelopment Florida L+6.00% Jan-18 Interest only 45,000 45,415 Retail New York L+7.00% Mar-17 Interest only 23,000 23,012 Hotel New York L+5.25% Sept-20 Interest only 108,857 108,768 Retail New York L+7.00% Mar-17 Interest only 5,910 5,921 Hotel U.S. Virgin Islands L+4.95% Jan-21 Interest only 42,000 41,795 Office Virginia L+5.15% Jan-20 Interest only 54,000 53,849 Retail redevelopment Florida L+6.25% Jan-19 Interest only 220,000 218,771 Office Massachusetts L+6.25% Sept-18 Interest only 28,659 28,543 Mixed Use New York L+6.00% Dec-18 Interest only 45,789 45,541 Condo Conversion New York L+6.50% Jun-18 Interest only 41,016 40,825 Hotel New York L+6.30% Aug-21 Interest only 78,140 77,297 Mixed Use Illinois L+5.50% Oct-20 Interest only 129,397 128,271 Retail New York L+7.00% Mar-17 Interest only 7,500 7,489 Data Center Virginia 8.00% Aug-19 Interest only 80,000 79,634 Retail New York L+5.75% Dec-18 Interest only 60,300 59,775 Office New York L+4.70% Dec-18 Interest only 105,000 104,005 Mixed Use Pre-development California L+6.75% Dec-20 Interest only 50,000 49,252 Total commercial mortgage loans $1,659,115 $1,641,856 Subordinate loans (2) Mixed Use North Carolina 11.10% Aug - 22 Interest only $6,525 $6,525 Office Complex Missouri 11.75% Oct - 22 Principal and interest 9,414 9,414 Hotel Portfolio Missouri 11.00% Feb - 18 Principal and interest 23,863 23,863 Warehouse Portfolio Various US cities 11.50% May - 23 Interest only 32,000 32,000 Office Condo New York 11.25% Jul - 22 Interest only 14,000 13,679 Ski Resort Montana 14.00% Sept - 20 Interest only 15,000 14,773 Mixed Use New York L+10.50% Dec - 19 Interest only 99,581 99,660 Senior Housing United Kingdom 3ML+8.25% Dec - 19 Principal and interest 41,693 41,693 Hotel California 10.40% Jan-20 Interest only 20,000 20,000 Multifamily Portfolio Florida L+11.50% May-20 Interest only 22,000 21,967 Multifamily Portfolio Florida L+11.50% May-20 Interest only 15,500 15,477 Mixed Use Various US L+9.05% May-20 Interest only 45,000 45,174 Hotel Arizona 11.50% Jul-25 Interest only 25,000 25,000 Hotel Washington, DC L+9.60% Jul-19 Interest only 20,000 19,978 Condo Development New York L+12.75% Jul-20 Interest only 56,925 56,693 Condo Conversion New York L+12.25% Aug-20 Interest only 59,636 59,442 Mixed Use New York L+10.00% Oct-19 Interest only 30,000 29,926 Hotel New York L+5.25% Sept-20 Interest only 7,573 7,513 Destination Resort Various US cities L+8.90% May-22 Interest only 75,000 72,877 Multifamily New York L+10.50% May-19 Interest only 55,000 54,775 Hotel New York L+12.00% Mar-17 Interest only 50,000 50,228 Condo Pre-development United Kingdom 3ML+12.50% Dec-17 Interest only 123,400 123,400 Multifamily North Dakota L+5.90% Nov-19 Interest only 5,000 — Condo Conversion New York L+10.75% Jul-20 Interest only 48,944 48,399 Healthcare Portfolio Various US L+10.00% Oct-21 Interest only 130,000 128,856 Mixed Use New York L+12.00% Oct-20 Interest only 30,175 29,924 Total subordinate loans $1,061,229 $1,051,236 Total $2,720,344 $2,693,092 (3 ) (1) Assumes all extension options are exercised. (2) Subject to prior liens. (3) The aggregate cost for federal income tax purposes is $2,708,092 . The following table summarizes the changes in the carrying amounts of mortgage loans during 2016 and 2015 . Reconciliation of Carrying Amount of Loans 2016 2015 Balance at beginning of year $ 1,925,652 $ 1,019,702 Funding of loans 1,127,039 1,366,062 Sales — (136,573 ) Collections of principal (331,189 ) (348,516 ) Participation sold (24,051 ) Discount accretion 13,656 9,096 Provision for loan losses (15,000 ) — Foreign currency loss (33,383 ) (6,116 ) Payment-in-kind 30,368 21,997 Balance at the close of year $ 2,693,092 $ 1,925,652 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the Company’s accounts and those of its consolidated subsidiaries. All intercompany amounts have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s most significant estimates include the fair value of financial instruments and loan loss reserve. Actual results could differ from those estimates. On August 31, 2016, the Company, pursuant to the terms and conditions of the Agreement and Plan of Merger, dated February 26, 2016 (as amended, the “AMTG Merger Agreement”) acquired Apollo Residential Mortgage, Inc., (“AMTG”). AMTG merged with and into the Company (“AMTG Merger”) with the Company continuing as the surviving entity. As a result, all operations of AMTG and its former subsidiaries are consolidated with the operations of the Company. As of December 31, 2016, all assets acquired from AMTG were sold. Under Financial Accounting Standards Board (the "FASB") ASC Topic 805, "Business Combinations", or ASC 805, the acquirer in a business combination must recognize, with certain exceptions, the fair values of assets acquired, liabilities assumed, and non-controlling interests when the acquisition constitutes a change in control of the acquired entity. We applied the provisions of ASC 805 in accounting for our acquisition of AMTG. In doing so, we recorded provisional amounts for certain items as of the date of the acquisition, including the fair value of certain assets and liabilities. During the measurement period, a period which shall not exceed one year, we retrospectively adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of such date that, if known, would have affected the measurement of the amounts recognized. See further discussion in "Note 19 - Business Combination." |
Restricted Cash | Restricted Cash Restricted cash represents cash held by the Company's counterparties as collateral against repurchase agreement borrowings. Restricted cash is not available for general corporate purposes but may be applied against amounts due to counterparties under repurchase agreement borrowings, or returned to the Company when collateral requirements are exceeded or at the maturity of the repurchase agreement. |
Classification of Investments and Valuations of Financial Instruments | Classification of Investments and Valuations of Financial Instruments The Company’s investments consist primarily of commercial mortgage loans, subordinate loans, CMBS and other real estate related assets that are classified as either available-for-sale or held-to-maturity. The Company has also elected the fair value option for certain CMBS. |
Classification of Loans and Loan Impairment | Classification of Loans Loans held-for-investment are stated at the principal amount outstanding, net of deferred loan fees and costs in accordance with GAAP. Loan Impairment The Company’s loans are typically collateralized by commercial real estate. As a result, the Company regularly evaluates the extent and impact of any credit migration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan by loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations are sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management and finance personnel, who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and discussions with market participants. For loans classified as held-for-investment, the Company evaluates the loans for possible impairment on a quarterly basis. Impairment occurs when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. Impairment is then measured based on the present value of expected future cash flows discounted at the loan’s effective rate or the fair value of the collateral, if the loan is collateral dependent. Upon measurement of impairment, the Company records an allowance to reduce the carrying value of the loan with a corresponding charge to net income. Significant judgments are required in determining impairment, including assumptions regarding the value of the loan, the value of the underlying collateral and other provisions such as guarantees. |
Fair Value Election | Fair Value Election Securities at estimated fair value consist of CMBS which are pledged under the Company’s master repurchase agreements with UBS AG, London Branch ("UBS") (the "UBS Facility") and Deutsche Bank AG ("DB") (the "DB Facility"). In accordance with GAAP, the Company elected the fair value option for these securities at the date of purchase in order to allow the Company to measure these securities at fair value with the change in estimated fair value included as a component of earnings in order to reflect the performance of the investments in a timely manner. |
Securities Available-for-sale | Securities Available-for-sale The Company has designated investments in certain mortgage-backed securities as available-for-sale because the Company may dispose of them prior to maturity and does not hold them principally for the purpose of selling them in the near term. Securities available-for-sale are carried at estimated fair value with the net unrealized gains or losses reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Unrealized losses on securities that reflect a decline in value that is judged by management to be other than temporary, if any, are charged to earnings. When the estimated fair value of a security is less than amortized cost, the Company considers whether there is an other-than-temporary impairment (“OTTI”) in the value of the security. An impairment is deemed an OTTI if (i) the Company intends to sell the security, (ii) it is more likely than not that the Company will be required to sell the security before recovering its cost basis, or (iii) the Company does not expect to recover the entire amortized cost basis of the security even if the Company does not intend to sell the security or believes it is more likely than not that the Company will be required to sell the security before recovering its cost basis. If the impairment is deemed to be an OTTI, the resulting accounting treatment depends on the factors causing the OTTI. If the OTTI has resulted from (i) the Company’s intention to sell the security, or (ii) its judgment that it is more likely than not that it will be required to sell the security before recovering its cost basis, an impairment loss is recognized in current earnings equal to the difference between its amortized cost basis and fair value. Whereas, if the OTTI has resulted from the Company’s conclusion that it will not recover its cost basis even if the Company does not intend to sell the security or believes it is more likely than not that the Company will be required to sell the security before recovering its cost basis, the credit loss portion of the impairment is recorded in current earnings and the portion of the loss related to other factors, such as changes in interest rates, continues to be recognized in accumulated other comprehensive income. Determining whether there is an OTTI may require management to exercise significant judgment and make significant assumptions, including, but not limited to, estimated cash flows, estimated prepayments, loss assumptions, and assumptions regarding changes in interest rates. As a result, actual impairment losses could differ from reported amounts. Such judgments and assumptions are based upon a number of factors, including (i) credit of the issuer or the borrower, (ii) credit rating of the security, (iii) key terms of the security, (iv) performance of the loan or underlying loans, including debt service coverage and loan-to-value ratios, (v) the value of the collateral for the loan or underlying loans, (vi) the effect of local, industry, and broader economic factors, and (vii) the historical and anticipated trends in defaults and loss severities for similar securities. As of December 31, 2015 , the Company sold all securities available-for-sale. |
Securities, held-to-maturity | Securities, held-to-maturity GAAP requires that at the time of purchase, we designate investment securities as held-to-maturity, available-for-sale, or trading depending on our investment strategy and ability to hold such securities to maturity. Held-to-maturity securities where we have not elected to apply the fair value option are stated at cost plus any premiums or discounts, which are amortized or accreted through the consolidated statements of operations using the effective interest method. |
Investments in unconsolidated joint venture | Investments in unconsolidated joint venture Investments are accounted for under the equity method when the requirements for consolidation are not met, and the Company has significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for the Company's share of net income or loss and cash contributions and distributions each period. Investments in unconsolidated joint ventures are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment analyses are based on current plans, intended holding periods and available information at the time the analyses are prepared. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. |
Interest Income Recognition | Interest Income Recognition Interest income on commercial mortgage loans is accrued based on the actual coupon rate adjusted for accretion of any purchase discounts, the amortization of any purchase premiums and the accretion of any deferred fees, in accordance with GAAP. Interest income on CMBS is accrued using the effective yield method, which includes the accretion of purchase discounts and the amortization of purchase premiums and the stated coupon interest payments. Interest income on securities rated below AA by a nationally recognized statistical rating organization is recognized based on the effective yield method. The effective yield on these securities is based on the projected cash flows from each security, which are estimated based on the Manager’s observation of current information and events and may include assumptions related to prepayment rates and the timing and amount of credit losses. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to cash flow projections. |
Deferred Financing Costs | Deferred Financing Costs Costs incurred in connection with financings are capitalized and amortized over the respective financing terms and are reflected on the accompanying consolidated statement of operations as a component of interest expense. |
Earnings per Share | Earnings per Share GAAP requires use of the two-class method of computing earnings per share for all periods presented for each class of common stock and participating security as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for dividends declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for dividends declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. The remaining earnings are allocated to common stockholders and participating securities, to the extent that each security shares in earnings, as if all of the earnings for the period had been distributed. Each total is then divided by the applicable number of shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding shares of common stock and all potential shares of common stock assumed issued if they are dilutive. The numerator is adjusted for any changes in income or loss that would result from the assumed conversion of these potential shares of common stock. |
Hedging Instruments and Hedging Activities | Hedging Instruments and Hedging Activities Consistent with maintaining its qualification as a REIT, in the normal course of business, the Company uses a variety of derivative financial instruments to manage, or hedge, interest rate and foreign currency risk. Derivatives are used for hedging purposes rather than speculation. The Company determines their fair value using and obtains quotations from a third party to facilitate the process in determining these fair values. If the Company’s hedging activities do not achieve the desired results, reported earnings may be adversely affected. GAAP requires an entity to recognize all derivatives as either assets or liabilities in the balance sheets and to measure those instruments at fair value. To the extent the instrument qualifies for hedge accounting, the fair value adjustments will be recorded as a component of other comprehensive income in stockholders’ equity until the hedged item is recognized in earnings. Whenever the Company decides not to pursue hedge accounting, the fair value adjustments will be recorded in earnings immediately based on changes in the fair market value of those instruments. The Company has not designated any of its derivative instruments as hedges under GAAP and therefore, changes in the fair value of the Company's derivatives are recorded directly in earnings. |
Repurchase Agreements | Repurchase Agreements Securities sold under repurchase agreements are treated as collateralized financing transactions, unless they meet sales treatment. Securities financed through a repurchase agreement remain on the Company’s consolidated balance sheet as an asset and cash received from the purchaser is recorded on the Company’s consolidated balance sheet as a liability. Interest paid in accordance with repurchase agreements is recorded in interest expense. |
Share-based Payments | Share-based Payments The Company accounts for share-based compensation to its independent directors and to the Manager and to employees of the Manager and its affiliates using the fair value based methodology prescribed by GAAP. Compensation cost related to restricted common stock issued to the Company’s independent directors is measured at its estimated fair value at the grant date, and amortized into expense over the vesting period on a straight-line basis. Compensation cost related to restricted common stock issued to the Manager and to employees of the Manager and its affiliates will initially be measured at estimated fair value at the grant date, and remeasured on subsequent dates to the extent the awards are unvested. To amortize compensation expense for the restricted common stock granted to the Manager and to employees of the Manager and its affiliates, the Company uses the graded vesting attribution method. |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT under Sections 856-859 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding net capital gains and determined without regard to the dividends paid deduction, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. The Company has elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to U.S. federal and state income tax at regular corporate tax rates. The Company’s major tax jurisdictions are U.S. federal, New York State and New York City and the statute of limitations is open for all jurisdictions for the years 2013 through 2016 . |
Foreign Currency | Foreign Currency The Company enters into transactions not denominated in U.S. dollars. Foreign exchange gains and losses arising on such transactions are recorded as a gain or loss in the Company's consolidated statements of operations. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains, and losses are translated at the prevailing exchange rate on the dates that they were recorded. |
Principles of Consolidation | Principles of Consolidation We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate all variable interest entities ("VIE") of which we are considered the primarily beneficiary. VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. |
Securitization/Sale and Financing Arrangements | Securitization/Sale and Financing Arrangements We periodically sell our financial assets, such as commercial mortgage loans, CMBS and other assets. In connection with these transactions, we may retain or acquire senior or subordinated interests in the related assets. Gains and losses on such transactions are recognized using the guidance in Accounting Standards Codification (“ASC”) Topic 860, Transfers and Servicing , which is based on a financial components approach that focuses on control. Under this approach, after a transfer of financial assets that meets the criteria for treatment as a sale-legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint, and transferred control-an entity recognizes the financial assets it retains and any liabilities it has incurred, derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished. We determine the gain or loss on sale of the assets by allocating the carrying value of the sold asset between the sold asset and the interests retained based on their relative fair values, as applicable. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the sold asset. If the sold asset is being accounted for pursuant to the fair value option, there is no gain or loss. When a transfer of a financial asset meets the criteria for treatment as a sale (legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint, and transferred control) the Company recognizes the financial assets it retains and any liabilities it has incurred, derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished. The gain or loss on sale of the assets is determined by allocating the carrying value of the sold asset between the sold asset and the interests retained based on their relative fair values, as applicable. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the sold asset. If the sold asset is being accounted for pursuant to the fair value option, there is no gain or loss. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued guidance which broadly amends the accounting guidance for revenue recognition. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The Company does not anticipate that the adoption of this guidance will have a material impact on the Company's consolidated financial statements. In August 2014, the FASB issued guidance regarding management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The new guidance requires that management evaluate each annual and interim reporting period whether conditions exist that give rise to substantial doubt about the entity’s ability to continue as a going concern within one year from the financial statement issuance date, and if so, provide related disclosures. Disclosures are only required if conditions give rise to substantial doubt, whether or not the substantial doubt is alleviated by management’s plans. No disclosures are required specific to going concern uncertainties if an assessment of the conditions does not give rise to substantial doubt. Substantial doubt exists when conditions and events, considered in the aggregate, indicate that it is probable that a company will be unable to meet its obligations as they become due within one year after the financial statement issuance date. If substantial doubt is alleviated as a result of the consideration of management’s plans, a company should disclose information that enables users of financial statements to understand all of the following (or refer to similar information disclosed elsewhere in the footnotes): (1) principal conditions that initially give rise to substantial doubt, (2) management’s evaluation of the significance of those conditions in relation to the company’s ability to meet its obligations, and (3) management’s plans that alleviated substantial doubt. If substantial doubt is not alleviated after considering management’s plans, disclosures should enable investors to understand the underlying conditions, and include the following: (1) a statement indicating that there is substantial doubt about the company’s ability to continue as a going concern within one year after the issuance date, (2) the principal conditions that give rise to substantial doubt, (3) management’s evaluation of the significance of those conditions in relation to the company’s ability to meet its obligations, and (4) management's plans that are intended to mitigate the adverse conditions. The new guidance applies to all companies. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company does not anticipate that the adoption of this guidance will have a material impact on the Company's consolidated financial statements. In February 2015, the FASB issued guidance which amends the guidance related to accounting for the consolidation of certain legal entities. The modifications impact 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 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 $6,763 and $7,353 as of December 31, 2016 and 2015, respectively. Other than this reclassification, the adoption of this guidance did not have an impact on the Company's 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 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 assessing the impact of the guidance will have on the Company's consolidated financial statements when adopted. In August 2016, the FASB issued ASU 2016-15 “Statement of Cash Flows (Topic 230),” or ASU 2016-15. ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The new guidance addresses the classification of various transactions including debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, distributions received from equity method investments, beneficial interests in securitization transactions, and others. The Company is currently assessing the impact that this guidance will have on the Company's consolidated financial statements when adopted. In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash,” or ASU 2016-18. ASU 2016-18 is intended to clarify how entities present restricted cash in the statement of cash flows. The guidance requires entities to show the changes in the total of cash and cash equivalents and restricted cash in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows. When cash and cash equivalents and restricted cash are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. This reconciliation can be presented either on the face of the statement of cash flows or in the notes to the financial statements. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017 and is to be applied retrospectively. Upon the adoption of the new guidance, the Company will change the presentation of restricted cash in the Company's consolidated statement of cash flows to conform to the new requirements. |
Fair Value Disclosure (Tables)
Fair Value Disclosure (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Summarizes Levels in Fair Value Hierarchy of Financial Instruments | The following table summarizes the levels in the fair value hierarchy into which the Company’s financial instruments were categorized as of December 31, 2016 and 2015 : Fair Value as of December 31, 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) $ — $ 331,076 $ — $ 331,076 $ — $ 493,149 $ — $ 493,149 Derivative instruments — 5,906 — 5,906 — 3,327 — 3,327 Total $ — $ 336,982 $ — $ 336,982 $ — $ 496,476 $ — $ 496,476 |
Debt Securities (Tables)
Debt Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value | The amortized cost and estimated fair value of the Company’s debt securities at December 31, 2016 are summarized as follows: Security Description Face Amortized Gross Gross Estimated CMBS (Fair Value Option) $ 375,861 $ 368,247 $ 292 $ (37,463 ) $ 331,076 CMBS (Held-to-Maturity) 146,530 146,352 — — 146,352 Total $ 522,391 $ 514,599 $ 292 $ (37,463 ) $ 477,428 The amortized cost and estimated fair value of the Company’s debt securities at December 31, 2015 are summarized as follows: Security Description Face Amortized Gross Gross Estimated CMBS (Fair Value Option) 511,482 504,253 2,614 (13,718 ) 493,149 CMBS (Held-to-Maturity) 153,250 153,193 — — 153,193 Total $ 664,732 $ 657,446 $ 2,614 $ (13,718 ) $ 646,342 |
Schedule of Continuous Unrealized Loss Position, Debt Securities | The following table presents information about the Company's debt securities that were in an unrealized loss position at December 31, 2016 : Unrealized Loss Position for Less than 12 months Unrealized Loss Position for 12 months or More Security Description Fair Value Unrealized Loss Fair Value Unrealized Loss CMBS (Fair Value Option) 63,589 (1,780 ) 228,206 (35,683 ) Total $ 63,589 $ (1,780 ) $ 228,206 $ (35,683 ) |
Overall Statistics for Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis | The overall statistics for the Company’s CMBS (Fair Value Option) calculated on a weighted average basis as of December 31, 2016 and 2015 are as follows: December 31, December 31, Credit Ratings * B+-NR BB-D Coupon 5.9 % 5.9 % Yield 6.0 % 6.5 % Weighted Average Life 2.5 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 Company’s CMBS (Fair Value Option) calculated on a weighted average basis as of December 31, 2016 and 2015 are as follows: Vintage December 31, December 31, 2005 2.0 % 8.3 % 2006 12.1 20.0 2007 73.5 62.4 2008 12.4 9.3 Total 100 % 100 % Property Type December 31, December 31, Office 34.6 % 32.0 % Retail 29.0 30.2 Multifamily 12.4 13.5 Other * 24.0 24.3 Total 100 % 100 % * No other individual category comprises more than 10% of the total. Location December 31, December 31, South Atlantic 23.8 % 23.0 % Middle Atlantic 16.7 18.1 Pacific 15.3 17.8 East North Central 10.8 12.5 Other * 33.4 28.6 Total 100 % 100 % * No other individual category comprises more than 10% of the total. |
Commercial Mortgage Loans (Tabl
Commercial Mortgage Loans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commercial Mortgage Portfolio Segment [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Schedule of Mortgage Loans on Real Estate | The Company’s commercial mortgage loan portfolio was comprised of the following as of December 31, 2015 : Description Maturity Current Carrying Unfunded Commitment Fixed / Floating Property Size Condo Conversion – New York, NY (1) Sept-16 $ 24,114 $ 24,289 $ — Floating 40,000 sq. ft. Condo Construction - Potomac, MD 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) May-17 34,000 33,994 — Floating 301 rooms Condo Construction - Bethesda, MD Dec-16 50,000 49,960 15,100 Floating 40 units Multifamily - Brooklyn, NY (1) Aug-16 34,500 34,886 — Floating 63 units Mixed Use - Cincinnati, OH (1) 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) Nov-17 49,691 49,665 — Floating 366 units/homes Vacation Home Portfolio - Various U.S. (1) Nov-19 50,000 49,595 — Fixed 24 properties Mixed Use - Brooklyn, NY (1) Mar-17 85,770 85,658 6,730 Floating 330,000 sq. ft. Retail redevelopment - Miami, FL (1) 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) Mar-17 1,653 1,636 9,000 Floating 10,500 sq. ft. Hotel - New York, NY (1) Sept-18 98,373 97,381 40,034 Floating 317 rooms Retail - Brooklyn, NY (1) Mar-17 5,910 5,858 — Floating 5,500 sq. ft. Hotel - U.S. Virgin Islands Jan-18 42,000 41,600 1,500 Floating 180 rooms Office - Richmond, VA Jan-18 54,000 53,475 1,000 Floating 262,000 sq. ft. Total $ 999,583 $ 994,301 $ 73,364 (1) At December 31, 2015 , this loan was pledged to secure borrowings under the JPMorgan Facility or the Goldman Loan. See "Note 8 – Borrowings" for a description of this agreements. (2) Represents contractual maturity date excluding extension options. The Company’s commercial mortgage loan portfolio was comprised of the following at December 31, 2016 : Description Maturity Current Carrying Unfunded Commitment Fixed / Floating Property Size Condominium - Bethesda, MD Apr-17 $ 51,695 $ 52,476 — Floating 50 units Vacation Home Portfolio - Various (1) Apr-19 88,876 88,195 — Fixed 229 properties Hotel - Philadelphia, PA (1) May-17 34,000 33,987 — Floating 301 keys Mixed Use - Cincinnati, OH (1) May-18 165,000 163,987 — Floating 65 acres Multifamily - Williston, ND Nov-17 49,706 39,713 — Floating 366 units/homes Vacation Home Portfolio - Various U.S. (1) Nov-19 59,500 59,193 — Fixed 29 properties Mixed Use - Brooklyn, NY (1) Mar-17 85,770 86,142 6,730 Floating 330,000 sq. ft. Retail redevelopment - Miami, FL (1) Jun-17 45,000 45,415 — Floating 63,300 sq. ft. Retail - Brooklyn, NY (1) Mar-17 23,000 23,012 — Floating 10,500 sq. ft. Hotel - New York, NY (1) Sept-18 108,857 108,768 29,549 Floating 317 keys Retail - Brooklyn, NY (1) Mar-17 5,910 5,921 — Floating 5,500 sq. ft. Hotel - U.S. Virgin Islands (1) Jan-18 42,000 41,795 1,500 Floating 180 keys Office - Richmond, VA (1) Jan-18 54,000 53,849 1,000 Floating 262,000 sq. ft. Retail redevelopment - Miami, FL (1) Jan-18 220,000 218,771 — Floating 113,000 sq. ft. Office - Boston, MA (1) Mar-18 28,659 28,543 2,341 Floating 114,000 sq. ft. Mixed Use - New York, NY (1) Jun-18 45,789 45,541 4,211 Floating 91,584 sq. ft. Condo Conversion - Brooklyn, NY (1) Jun-18 41,016 40,825 4,484 Floating 133,550 sq. ft. Hotel - New York, NY (1) Aug-18 78,140 77,297 26,860 Floating 612 keys Mixed Use - Chicago, IL (1) Oct-18 129,397 128,271 3,603 Floating 737,382 sq. ft. Retail - Brooklyn, NY (1) Mar-17 7,500 7,489 — Floating 6,500 sq. ft. Data Center - Manassas, VA Aug-19 80,000 79,634 — Fixed 460,000 sq. ft. Retail - New York, NY (1) Jun-18 60,300 59,775 4,700 Floating 84,374 sq. ft. Office - New York, NY (1) Jun-18 105,000 104,005 — Floating 419,190 sq. ft. Mixed Use Pre-development - Los Angeles, CA Dec-18 50,000 49,252 30,000 Floating 75,000 sq. ft. Total $ 1,659,115 $ 1,641,856 $ 114,978 (1) At December 31, 2016 , this loan was pledged to secure borrowings under the Company’s master repurchase facility entered into with JPMorgan Chase Bank, N.A. (the “JPMorgan Facility”), the Company's repurchase agreement with Goldman Sachs Bank USA (the “Goldman Loan”) or Company's master repurchase agreement with Deutsche Bank AG (the "DB Repurchase Facility"). See "Note 8 – Borrowings" for a description of this agreements. (2) Represents contractual maturity date excluding extension options. |
Subordinate Loans (Tables)
Subordinate Loans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Subordinate Mortgage Portfolio Segment [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Schedule of Mortgage Loans on Real Estate | The Company’s subordinate loan portfolio was comprised of the following as of December 31, 2015 : Description Maturity Current Carrying Unfunded Commitment Fixed / Floating Subordinate to the Company's commercial mortgage loans Condo Conversion – 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) Sept-18 2,595 2,458 12,478 Floating Multifamily - Williston, ND (1) Nov-17 5,000 5,000 — Floating Total - Subordinate to the Company's commercial mortgage loans $ 26,328 $ 26,095 $12,478 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 Dec-16 19,500 19,377 — Fixed Mixed Use - London, England Jan-16 50,676 50,676 — Fixed Healthcare Portfolio - Various Jun-16 39,223 39,223 — Floating Ski Resort - Big Sky, MT Sept-20 15,000 14,878 — Fixed Mixed Use - New York, NY Dec-17 88,368 87,818 785 Floating Senior Housing - United Kingdom Dec-17 79,735 79,735 — Floating Hotel - Burbank, CA Jan-20 20,000 20,000 — Fixed Multifamily Portfolio - Florida May-17 22,000 21,895 — Floating Multifamily Portfolio - Florida May-17 15,500 15,426 — Floating Mixed Use - Various May-17 45,000 44,854 — Floating Hotel - Phoenix, AZ Jul-25 25,000 25,000 — Fixed Hotel - Washington, DC Jul-17 20,000 19,934 — Floating Condo Development - New York, NY Jul-19 34,184 33,567 41,160 Floating Condo Conversion - New York, NY Aug-18 52,418 51,941 — Floating Mixed Use - New York, NY Oct-18 30,000 29,785 — Floating Destination Resort - Various May-18 75,000 71,362 — Floating Multifamily - New York, NY Nov-18 55,000 54,558 — Floating Hotel - New York, NY Mar-17 50,000 49,522 — Floating Condo Pre-development - United Kingdom Sept-16 81,048 81,048 — Floating Total - Subordinate to third party commercial mortgage loans $ 912,678 $ 905,256 $41,945 Total $ 939,006 $ 931,351 $54,423 (1) At December 31, 2015, this loan was pledged to secure borrowings under the JPMorgan Facility. See "Note 8 – Borrowings" for a description of this facility. (2) Represents contractual maturity date excluding extension options. The Company’s subordinate loan portfolio was comprised of the following as of December 31, 2016 : Description Maturity Current Carrying Unfunded Commitment Fixed / Floating Subordinate to the Company's commercial mortgage loans Hotel - New York, NY Sept-18 $ 7,573 $ 7,513 $ 7,501 Floating Multifamily - Williston, ND Nov-17 5,000 — — Floating Total - Subordinate to the Company's commercial mortgage loans $ 12,573 $ 7,513 $ 7,501 Subordinate to third party commercial mortgage loans Mixed Use – North Carolina Aug-22 $ 6,525 $ 6,525 $ — Fixed Office Complex - Missouri Oct-22 9,414 9,414 — Fixed Hotel Portfolio – Rochester, MN Feb-18 23,863 23,863 — Fixed Warehouse Portfolio - Various May-23 32,000 32,000 — Fixed Office Condo - New York, NY Jul-22 14,000 13,679 — Fixed Ski Resort - Big Sky, MT Sept-20 15,000 14,773 — Fixed Mixed Use - New York, NY Dec-17 99,581 99,660 — Floating Senior Housing - United Kingdom Dec-17 41,693 41,693 — Floating Hotel - Burbank, CA Jan-20 20,000 20,000 — Fixed Multifamily Portfolio - Florida May-17 22,000 21,967 — Floating Multifamily Portfolio - Florida May-17 15,500 15,477 — Floating Mixed Use - Various May-17 45,000 45,174 — Floating Hotel - Phoenix, AZ Jul-25 25,000 25,000 — Fixed Hotel - Washington, DC Jul-17 20,000 19,978 — Floating Condo Development - New York, NY Jul-19 56,925 56,693 19,830 Floating Condo Conversion - New York, NY Aug-18 59,636 59,442 — Floating Mixed Use - New York, NY Oct-18 30,000 29,926 — Floating Destination Resort - Various May-18 75,000 72,877 — Floating Multifamily - New York, NY Nov-18 55,000 54,775 — Floating Hotel - New York, NY Mar-17 50,000 50,228 Floating Condo Pre-development - United Kingdom Sept-17 123,400 123,400 — Floating Condo Conversion - New York, NY Jul-19 48,944 48,399 28,056 Floating Healthcare Portfolio - Various Oct-18 130,000 128,856 — Floating Mixed Use - New York, NY Oct-19 30,175 29,924 — Floating Total - Subordinate to third party commercial mortgage loans $ 1,048,656 $ 1,043,723 $ 47,886 Total $ 1,061,229 $ 1,051,236 $ 55,387 (1) Represents contractual maturity date excluding extension options. |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Weighted Average Maturities and Interest Rates of Borrowings | At December 31, 2016 and 2015 , the Company’s borrowings had the following debt balances, weighted average maturities and interest rates: December 31, 2016 December 31, 2015 Maximum Amount of Borrowings Borrowings Outstanding Maturity (1) Weighted Maximum Amount of Borrowings Borrowings Outstanding Maturity (1) Weighted JPMorgan Facility (3) $943,000 $657,452 January 2019 L + 2.25% $600,000 $445,942 January 2019 L + 2.25% DB Repurchase Facility 300,000 137,355 September 2019 L + 2.66% N/A N/A N/A N/A Goldman Loan N/A 40,657 April 2019 L + 3.50% N/A 45,928 April 2019 L + 3.50% Sub-total 835,464 L + 2.38% 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 177,203 April 2018 3.63 % N/A 300,005 April 2018 3.69 % Sub-total 311,102 3.27 % 433,904 3.39 % less: deferred financing costs (6,763) (7,353) Total / Weighted Average $1,139,803 3.18 % $918,421 2.92 % (1) Maturity date assumes extensions at the Company's option are exercised. (2) Assumes one-month LIBOR at December 31, 2016 and December 31, 2015 was 0.77% and 0.43% respectively. (3) As of December 31, 2016 , the JP Morgan Facility provided for a maximum total borrowings comprised of the $800,000 repurchase facility and a $143,000 asset specific financing . (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 December 31, 2016 , the Company’s borrowings had the following remaining maturities: Less than 1 to 3 3 to 5 More than Total JPMorgan Facility $ 245,908 $ 411,544 $ — $ — $ 657,452 DB Repurchase Facility — 137,355 — — 137,355 Goldman Loan 5,290 35,367 — — 40,657 UBS Facility * 133,899 — — — 133,899 DB Facility 1,450 175,753 — — 177,203 Total $ 386,547 $ 760,019 $ — $ — $ 1,146,566 * Assumes extension options are exercised. |
Schedule of Outstanding, Maximum and Average Balances of Debt | The table below summarizes the outstanding balances, as well as the maximum and average balances as of December 31, 2016 and 2015 . 2016 2015 Balance at Maximum Month-End Average Month-End Balance at Maximum Month-End Average Month-End JPMorgan Facility $ 657,452 $ 783,528 $ 660,741 $ 445,942 $ 445,942 $ 261,261 DB Repurchase Facility 137,355 137,355 19,582 — — — Goldman Loan 40,657 45,928 43,505 45,928 52,524 45,665 UBS Facility 133,899 133,899 133,899 133,899 133,899 133,899 DB Facility 177,203 300,005 246,773 300,005 300,005 300,005 Total $ 1,146,566 $ 925,774 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 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 % 56.7586 3/15/2019 2.21 years August 2019 Notes $ 111,000 5.50 % 6.50 % 56.7586 3/15/2019 2.21 years (1) Effective rate includes the effect of the adjustment for the conversion option (See footnote (2) below), the value of which reduced the initial liability and was recorded in additional paid-in-capital. (2) The Company has the option to settle any conversions in cash, shares of common stock or a combination thereof. The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount of 2019 Notes converted, and includes adjustments relating to cash dividend payments made by the Company to stockholders that have been deferred and carried-forward in accordance with, and are not yet required to be made pursuant to, the terms of the applicable supplemental indenture. The if-converted value of the 2019 Notes does not exceed their principal amount at December 31, 2016 since the closing market price of the Company’s common stock of $16.62 per share does not exceed the implicit conversion prices of $17.62 for the 2019 Notes. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2016 : Type of Derivative 12/31/16 Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx Contracts - GBP 11 148,310 GBP January 2017- December 2017 The following table summarizes our non-designated foreign exchange (“Fx”) forwards as of December 31, 2015 : Type of Derivative 12/31/15 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 consolidated statements of operations related to the Company’s derivatives for the years ended December 31, 2016 , 2015 and 2014 . Amount of gain (loss) recognized in income Location of Gain (Loss) Recognized in Income 2016 2015 2014 Forward currency contract Gain (loss) on derivative instruments - unrealized 2,665 (853 ) 4,070 Forward currency contract Gain (loss) on derivative instruments - realized 28,552 5,169 — Interest rate caps (1) Gain (loss) on derivative instruments - unrealized (57 ) (210 ) — Total $ 31,160 $ 4,106 $ 4,070 (1) With a notional amount of $45,475 and $49,323 at December 31, 2016 and 2015 , respectively. |
Summarizes Gross Asset and Liability Amounts Related to Derivatives | The following table summarizes the gross asset and liability amounts related to the Company’s derivatives at December 31, 2016 and 2015 . December 31, 2016 December 31, 2015 Gross Gross Net Amounts Gross Gross Net Amounts Interest rate caps $ 23 $ — $ 23 $ 106 $ — $ 106 Forward currency contract 5,883 — 5,883 3,221 — 3,221 Total derivative instruments $ 5,906 $ — $ 5,906 $ 3,327 $ — $ 3,327 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs | The following table summarizes the grants, exchanges and forfeitures of restricted common stock and RSUs during 2016 , 2015 and 2014 : Type Date Restricted Stock RSUs Estimate Fair Value Initial Vesting Final Vesting Outstanding at January 1, 2014 208,416 503,750 Canceled upon delivery January 2014 — (288,750 ) n/a n/a n/a Grant April 2014 8,931 — 150 July 2014 April 2017 Grant April 2014 5,000 — 85 July 2014 April 2017 Canceled upon delivery April 2014 — (5,000 ) n/a n/a n/a Grant June 2014 — 10,254 169 December 2014 December 2016 Grant December 2014 51,767 — 855 December 2015 December 2017 Grant December 2014 — 390,000 6,474 December 2015 December 2017 Grant January 2015 — 8,000 132 December 2015 December 2017 Forfeiture January 2015 — (5,000 ) n/a n/a n/a Canceled upon delivery March 2015 — (20,000 ) n/a n/a n/a Grant April 2015 15,950 — 275 July 2015 April 2018 Forfeiture June 2015 — (3,500 ) n/a n/a n/a Grant July 2015 — 1,631 27 June 2016 June 2018 Forfeiture August 2015 — (5,000 ) n/a n/a n/a Grant December 2015 50,000 — 874 December 2016 December 2018 Grant December 2015 — 656,425 11,461 December 2016 December 2018 Canceled 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 Canceled upon delivery July 2016 — (543 ) n/a n/a n/a Forfeiture July 2016 — (12,792 ) n/a n/a n/a Grant July 2016 — 1,528 25 September 2016 September 2016 Forfeiture August 2016 — (15,642 ) n/a n/a n/a Grant September 2016 — 6,146 101 October 2016 October 2016 Canceled upon delivery September 2016 — (41,281 ) n/a n/a n/a Canceled upon delivery October 2016 — (30,900 ) n/a n/a n/a Canceled upon delivery November 2016 — (6,146 ) n/a n/a n/a Grant December 2016 75,000 — 1,251 December 2017 December 2019 Grant December 2016 — 843,271 14,015 December 2017 December 2019 Outstanding at December 31, 2016 432,120 1,703,775 (1) These awards vest based upon the achievement of certain conditions. Below is a summary of restricted stock and RSU vesting dates as of December 31, 2016 . Vesting Date Shares Vesting RSU Vesting Total Awards January 2017 5,161 — 5,161 April 2017 5,164 — 5,164 June 2017 — 544 544 July 2017 4,004 — 4,004 October 2017 3,997 — 3,997 December 2017 53,923 603,189 657,112 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 41,670 486,037 527,707 January 2019 1,419 — 1,419 April 2019 1,424 — 1,424 December 2019 25,000 281,112 306,112 150,110 1,371,426 1,521,536 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | During 2016 and 2015 , the Company has declared the following dividends on its common stock: Declaration Date Record Date Payment Date Amount February 25, 2015 March 31, 2015 April 15, 2015 $ 0.44 April 28, 2015 June 30, 2015 July 15, 2015 $ 0.44 July 28, 2015 September 30, 2015 October 15, 2015 $ 0.44 December 14, 2015 December 31, 2015 January 15, 2016 $ 0.46 March 15, 2016 March 31, 2016 April 15, 2016 $ 0.46 June 17, 2016 June 30, 2016 July 15, 2016 $ 0.46 September 14, 2016 September 30, 2016 October 17, 2016 $ 0.46 December 12, 2016 December 30, 2016 January 17, 2017 $ 0.46 During 2016 and 2015 , the Company declared the following dividends on its Series A Preferred Stock: Declaration Date Record Date Payment Date Amount March 16, 2015 March 31, 2015 April 15, 2015 $ 0.5391 June 9, 2015 June 30, 2015 July 15, 2015 $ 0.5391 September 9, 2015 September 30, 2015 October 15, 2015 $ 0.5391 December 14, 2015 December 31, 2015 January 15, 2016 $ 0.5391 March 15, 2016 March 31, 2016 April 15, 2016 $ 0.5391 June 17, 2016 June 30, 2016 July 15, 2016 $ 0.5391 September 14, 2016 September 30, 2016 October 17, 2016 $ 0.5391 December 12, 2016 December 30, 2016 January 17, 2017 $ 0.5391 During 2016 and 2015 , the Company declared the following dividends on its Series B Preferred Stock: Declaration Date Record Date Payment Date Amount December 14, 2015 December 31, 2015 January 15, 2016 $ 0.6333 March 15, 2016 March 31, 2016 April 15, 2016 $ 0.5000 June 17, 2016 June 30, 2016 July 15, 2016 $ 0.5000 September 14, 2016 September 30, 2016 October 17, 2016 $ 0.5000 December 12, 2016 December 30, 2016 January 17, 2017 $ 0.5000 During 2016 , the Company declared the following dividends on its Series C Preferred Stock: Declaration Date Record Date Payment Date Amount September 14, 2016 September 30, 2016 October 31, 2016 $ 0.5000 December 12, 2016 December 30, 2016 January 31, 2017 $ 0.5000 |
Fair Value of Financial Instr42
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments Disclosure [Abstract] | |
Carrying Value and Estimated Fair Value of Company's Financial Instruments | The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheet at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Carrying Estimated Carrying Estimated Cash and cash equivalents $ 200,996 $ 200,996 $ 67,415 $ 67,415 Restricted cash 62,457 62,457 30,127 30,127 Securities, held-to-maturity 146,352 146,489 153,193 153,230 Commercial first mortgage loans 1,641,856 1,648,896 994,301 999,517 Subordinate loans 1,051,236 1,060,882 931,351 939,545 Borrowings under repurchase agreements (1,146,566 ) (1,146,807 ) (925,774 ) (925,920 ) Convertible senior notes, net (249,994 ) (268,124 ) (248,173 ) (253,986 ) Participations sold (84,979 ) (85,072 ) (118,201 ) (118,226 ) |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 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 income per share of common stock using the two-class method for the years ended December 31, 2016 , 2015 and 2014 : For the year ended December 31, 2016 2015 2014 Numerator: Net income $ 157,876 $ 103,256 $ 82,739 Preferred dividends (30,295 ) (11,884 ) (7,440 ) Net income available to common stockholders 127,581 91,372 75,299 Dividends declared on common stock (141,236 ) (111,864 ) (71,089 ) Dividends on participating securities (2,087 ) (1,350 ) (506 ) Net income (loss) attributable to common stockholders $ (15,742 ) $ (21,842 ) $ 3,704 Denominator: Basic weighted average shares of common stock outstanding 72,371,374 58,674,046 43,464,255 Diluted weighted average shares of common stock outstanding 73,305,101 59,273,280 43,684,805 Basic and diluted net income (loss) per weighted average share of common stock Distributable Earnings $ 1.96 $ 1.91 $ 1.64 Undistributed income (loss) (0.22 ) $ (0.37 ) $ 0.08 Basic and diluted net income per share of common stock $ 1.74 $ 1.54 $ 1.72 |
Business Combination Business44
Business Combination Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions | The bargain purchase gain was computed as follows: Consideration Paid: $ (in thousands) Cash $ 220,159 Common stock issued 218,397 Preferred stock assumed 172,500 Total consideration paid $ 611,056 Assets acquired: Cash and cash equivalents 399,402 Restricted cash 10,552 Investments 1,491,484 Other assets 34,822 Liabilities assumed: Borrowings under repurchase agreements (1,254,518 ) Other liabilities (30,665 ) Net assets acquired 651,077 Bargain purchase gain $ 40,021 The following table provides the pro forma consolidated operational data as if the AMTG Merger had occurred on January 1, 2016: Twelve Months Ended Twelve Months Ended (in thousands, except per share data) December 31, 2016 December 31, 2015 Total revenue $ 349,948 $ 352,264 Net income attributable to common shareholders 89,877 44,547 Common shares outstanding at December 31, 2016 91,422,676 67,195,252 Net income per common share, basic and diluted $ 0.98 $ 0.66 |
Summarized Quarterly Results 45
Summarized Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Summarized Quarterly Results | March 31, June 30, September 30, December 31, 2016 2015 2016 2015 2016 2015 2016 2015 Net interest income: Interest income from securities $ 8,049 $ 8,287 $ 7,607 $ 8,265 $ 8,029 $ 8,293 $ 3,901 $ 8,343 Interest income from securities, held-to-maturity 2,896 3,045 2,826 3,349 2,875 2,956 2,872 2,704 Interest income from commercial mortgage loans 21,127 10,094 24,140 11,968 27,460 15,184 30,200 18,846 Interest income from subordinate loans 29,375 18,610 28,067 21,152 32,207 25,445 32,746 25,623 Interest expense (14,642 ) (11,482 ) (15,722 ) (11,917 ) (17,256 ) (13,187 ) (16,139 ) (12,275 ) Net interest income 46,805 28,554 46,918 32,817 53,315 38,691 53,580 43,241 Operating expenses: General and administrative expenses (8,185 ) (2,355 ) (4,922 ) (2,059 ) (8,352 ) (2,099 ) (3,527 ) (2,979 ) Management fees to related party (5,229 ) (3,341 ) (5,242 ) (3,887 ) (5,903 ) (4,097 ) (7,015 ) (5,294 ) Total operating expenses (13,414 ) (5,696 ) (10,164 ) (5,946 ) (14,255 ) (6,196 ) (10,542 ) (8,273 ) Income (loss) from unconsolidated joint venture 68 — 59 384 80 108 (303 ) 2,972 Interest income from cash balances 2 11 22 6 309 239 760 983 Provision for loan losses — — (15,000 ) — — — — — Realized loss on sale of securities — (443 ) — — (225 ) — 4,059 — Unrealized gain (loss) on securities (15,074 ) 3,409 (11,728 ) (2,273 ) (9,798 ) (6,926 ) 10,502 (11,618 ) Foreign currency gain (loss) (4,474 ) (3,944 ) (13,082 ) 6,169 (4,369 ) (3,998 ) (7,359 ) (3,121 ) Bargain purchase gain — — — — 40,021 — — — Gain (loss) on derivative instruments 4,703 3,622 13,313 (6,499 ) 4,815 3,929 8,329 3,054 Net income 18,616 25,513 10,338 24,658 69,893 25,847 59,026 27,238 Preferred dividends (5,815 ) (1,860 ) (5,860 ) (1,860 ) (9,310 ) (2,304 ) (9,310 ) (5,860 ) Net income available to common stockholders $ 12,801 $ 23,653 $ 4,478 $ 22,798 60,583 $ 23,543 $ 49,716 $ 21,378 Basic and diluted net income per share of common stock $ 0.18 $ 0.47 $ 0.06 $ 0.39 $ 0.83 $ 0.39 $ 0.60 $ 0.32 Basic weighted average shares of common stock outstanding 67,385,191 49,563,822 67,402,311 58,429,155 71,919,549 59,355,613 82,670,237 67,146,882 Diluted weighted average shares of common stock outstanding 68,327,718 50,171,687 68,374,557 59,022,217 72,861,611 59,934,008 83,548,823 67,754,673 Dividend declared per share of common stock $ 0.46 $ 0.44 $ 0.46 $ 0.44 $ 0.46 $ 0.44 $ 0.46 $ 0.46 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)Segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Accounting Policies [Abstract] | |||||||||||
Number of business segments | Segment | 1 | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Provision for loan losses | $ 0 | $ 0 | $ 15,000,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 15,000,000 | $ 0 | $ 0 |
Capitalized financing costs | 6,763,000 | 7,353,000 | 6,763,000 | 7,353,000 | |||||||
Operating loss carryforward | 1,400,000 | 1,400,000 | |||||||||
Accounting Standards Update 2015-03 [Member] | Borrowings under Agreements to Repurchase [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Capitalized financing costs | $ 6,763,000 | 7,353,000 | 6,763,000 | 7,353,000 | |||||||
Commercial Mortgage Portfolio Segment [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Provision for loan losses | 10,000,000 | 0 | |||||||||
Loan receivable, allowance | $ 0 | 0 | |||||||||
Subordinate Mortgage Portfolio Segment [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Provision for loan losses | $ 5,000,000 | $ 0 |
Fair Value Disclosure - Summari
Fair Value Disclosure - Summarizes Levels in Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | $ 5,906 | $ 3,327 |
Total | 336,982 | 496,476 |
Estimate of Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | 5,906 | 3,327 |
Estimate of Fair Value [Member] | AAA Commercial Mortage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
CMBS | 331,076 | 493,149 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 336,982 | 496,476 |
Level 2 [Member] | Estimate of Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | 5,906 | 3,327 |
Level 2 [Member] | Estimate of Fair Value [Member] | AAA Commercial Mortage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
CMBS | $ 331,076 | $ 493,149 |
Debt Securities - Additional In
Debt Securities - Additional Information (Details) ft² in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Oct. 31, 2016USD ($) | Aug. 31, 2016USD ($) | Feb. 28, 2015USD ($) | May 31, 2014USD ($)timeshare_unit | May 31, 2014USD ($)casino | May 31, 2014USD ($)room | May 31, 2014USD ($)ft² | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)option | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Aug. 31, 2014USD ($) | Jun. 30, 2014USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||||
Realized gain (loss) on sale of securities | $ 4,059,000 | $ (225,000) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (443,000) | $ 3,834,000 | $ (443,000) | $ 0 | |||||||||
Commercial Mortgage Backed Securities [Member] | ||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||||
Amortized cost of debt securities sold | $ 24,038,000 | |||||||||||||||||||
Realized gain (loss) on sale of securities | $ (1,245,000) | $ (225,000) | 0 | |||||||||||||||||
Realized gain on sale of debt securities | 43,000 | |||||||||||||||||||
Realized loss on sale of debt securities | 486,000 | |||||||||||||||||||
Proceeds from sale of debt securities, net of debt facility repayment | 1,341,000 | |||||||||||||||||||
Reclassification out of accumulated other comprehensive income | 678,000 | |||||||||||||||||||
Subordinate Mortgage Portfolio Segment [Member] | Hotel [Member] | Hotel - Aruba [Member] | ||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||||
Property size, number of units/rooms/casinos | 114 | 2 | 442 | |||||||||||||||||
Property size, area | ft² | 131,500 | |||||||||||||||||||
Term of loan | 3 years | |||||||||||||||||||
Number of options to extend loan agreement | option | 2 | |||||||||||||||||||
Option to extend loan agreement, term | 1 year | |||||||||||||||||||
Appraised loan to value ratio | 60.00% | |||||||||||||||||||
Subordinate Mortgage Portfolio Segment [Member] | Hotel [Member] | Hotel - Aruba [Member] | First Mortgage [Member] | ||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||||
Original face amount | $ 155,000,000 | $ 155,000,000 | $ 155,000,000 | $ 155,000,000 | ||||||||||||||||
Senior Participation [Member] | Subordinate Mortgage Portfolio Segment [Member] | Hotel [Member] | Hotel - Aruba [Member] | ||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||||
Participations sold | $ 90,000,000 | $ 90,000,000 | ||||||||||||||||||
Junior Participation [Member] | Subordinate Mortgage Portfolio Segment [Member] | Hotel [Member] | Hotel - Aruba [Member] | ||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||||
Participations sold | $ 65,000,000 | $ 65,000,000 | ||||||||||||||||||
Line of Credit [Member] | Wells Fargo [Member] | ||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||||||||||||
Repayments of debt facility | $ 22,254,000 |
Debt Securities - Amortized Cos
Debt Securities - Amortized Cost and Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 28, 2015 |
Schedule of Available-for-sale Securities [Line Items] | |||
Total, Face Amount | $ 522,391 | $ 664,732 | |
Total, Amortized Cost | 514,599 | 657,446 | |
Total, Gross Unrealized Gain | 292 | 2,614 | |
Total, Gross Unrealized Loss | (37,463) | (13,718) | |
Total, Estimated Fair Value | 477,428 | 646,342 | |
Commercial Mortgage Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 24,038 | ||
Held-to-maturity, Face Amount | 146,530 | 153,250 | |
Held-to-maturity, Amortized Cost | 146,352 | 153,193 | |
Held-to-maturity, Gross Unrealized Gain | 0 | 0 | |
Held-to-maturity, Gross Unrealized Loss | 0 | 0 | |
Held-to-maturity, Estimated Fair Value | 146,352 | 153,193 | |
Available-for-sale Securities [Member] | Commercial Mortgage Backed Securities [Member] | Estimate of Fair Value Measurement [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Face Amount | 375,861 | 511,482 | |
Amortized Cost | 368,247 | 504,253 | |
Gross Unrealized Gain | 292 | 2,614 | |
Gross Unrealized Loss | (37,463) | (13,718) | |
Estimated Fair Value | $ 331,076 | $ 493,149 |
Debt Securities - Summary of Co
Debt Securities - Summary of Continuous Unrealized Loss Positions (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Fair Value | |
Unrealized Loss Position for Less than 12 months, Fair Value | $ 63,589 |
Unrealized Loss Position for 12 months or More, Fair Value | 228,206 |
Unrealized Loss | |
Unrealized Loss Position for Less than 12 months | (1,780) |
Unrealized Loss Position for 12 months or More | (35,683) |
Estimate of Fair Value [Member] | Commercial Mortgage Backed Securities [Member] | |
Fair Value | |
Unrealized Loss Position for Less than 12 months, Fair Value | 63,589 |
Unrealized Loss Position for 12 months or More, Fair Value | 228,206 |
Unrealized Loss | |
Unrealized Loss Position for Less than 12 months | (1,780) |
Unrealized Loss Position for 12 months or More | $ (35,683) |
Debt Securities - Overall Stati
Debt Securities - Overall Statistics for Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis (Details) - Commercial Mortgage Backed Securities [Member] | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
B Plus to -NR Credit Rating [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Coupon | 5.90% | |
Yield | 6.00% | |
Weighted Average Life | 2 years 6 months | |
BB to D Credit Rating [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Coupon | 5.90% | |
Yield | 6.50% | |
Weighted Average Life | 1 year 7 months 6 days |
Debt Securities - Percentage Vi
Debt Securities - Percentage Vintage, Property Type, and Location of Collateral Securing Company's AAA-Rated CMBS Investments Calculated on Weighted Average Basis (Details) - Available-for-sale Securities [Member] | 12 Months Ended | |
Dec. 31, 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 | 2.00% | 8.30% |
Vintage Concentration Risk [Member] | Vintage 2006 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 12.10% | 20.00% |
Vintage Concentration Risk [Member] | Vintage 2007 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 73.50% | 62.40% |
Vintage Concentration Risk [Member] | Vintage 2008 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 12.40% | 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 | 34.60% | 32.00% |
Product Concentration Risk [Member] | Retail [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 29.00% | 30.20% |
Product Concentration Risk [Member] | Multifamily [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 12.40% | 13.50% |
Product Concentration Risk [Member] | Other [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 24.00% | 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 | 23.80% | 23.00% |
Geographic Concentration Risk [Member] | Middle Atlantic [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 16.70% | 18.10% |
Geographic Concentration Risk [Member] | Pacific [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 15.30% | 17.80% |
Geographic Concentration Risk [Member] | East North Central [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 10.80% | 12.50% |
Geographic Concentration Risk [Member] | Other [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage | 33.40% | 28.60% |
Commercial Mortgage Loan Portfo
Commercial Mortgage Loan Portfolio (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)ft²apropertyhomekeyunit | Dec. 31, 2015USD ($)ft²apropertyhomekeyunit | |
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 2,720,344 | |
Carrying amount of loans | 2,693,092 | |
Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 1,659,115 | $ 999,583 |
Carrying amount of loans | 1,641,856 | 994,301 |
Unfunded Commitment | 114,978 | 73,364 |
Commercial Mortgage Portfolio Segment [Member] | Condominium [Member] | Condominium - Bethesda, Maryland [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 51,695 | |
Carrying amount of loans | 52,476 | |
Unfunded Commitment | $ 0 | |
Property size, number of units/rooms | unit | 50 | |
Commercial Mortgage Portfolio Segment [Member] | Vacation Home Portfolio [Member] | Vacation Home Portfolio - Various [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 88,876 | 94,147 |
Carrying amount of loans | 88,195 | 93,277 |
Unfunded Commitment | $ 0 | $ 0 |
Number of properties | property | 229 | 229 |
Commercial Mortgage Portfolio Segment [Member] | Vacation Home Portfolio [Member] | Vacation Home Portfolio - Various, United States [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 59,500 | $ 50,000 |
Carrying amount of loans | 59,193 | 49,595 |
Unfunded Commitment | $ 0 | $ 0 |
Number of properties | property | 29 | 24 |
Commercial Mortgage Portfolio Segment [Member] | Hotel [Member] | Hotel - Philadelphia, PA [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 34,000 | $ 34,000 |
Carrying amount of loans | 33,987 | 33,994 |
Unfunded Commitment | $ 0 | $ 0 |
Property size, number of keys | key | 301 | 301 |
Commercial Mortgage Portfolio Segment [Member] | Hotel [Member] | Hotel, New York, NY, September 2018 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 98,373 | |
Carrying amount of loans | 97,381 | |
Unfunded Commitment | $ 29,549 | $ 40,034 |
Property size, number of keys | key | 317 | 317 |
Commercial Mortgage Portfolio Segment [Member] | Hotel [Member] | Hotel - U.S. Virgin Islands [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 42,000 | $ 42,000 |
Carrying amount of loans | 41,795 | 41,600 |
Unfunded Commitment | $ 1,500 | $ 1,500 |
Property size, number of keys | key | 180 | 180 |
Commercial Mortgage Portfolio Segment [Member] | Hotel [Member] | Hotel, New York, NY, August 2018 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 78,140 | |
Carrying amount of loans | 77,297 | |
Unfunded Commitment | $ 26,860 | |
Property size, number of keys | key | 612 | |
Commercial Mortgage Portfolio Segment [Member] | Mixed Use [Member] | Mixed Use - Cincinnati, OH [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 165,000 | $ 165,000 |
Carrying amount of loans | 163,987 | 163,173 |
Unfunded Commitment | $ 0 | $ 0 |
Property size, area | a | 65 | 65 |
Commercial Mortgage Portfolio Segment [Member] | Mixed Use [Member] | Mixed Use - Brooklyn, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 85,770 | $ 85,770 |
Carrying amount of loans | 86,142 | 85,658 |
Unfunded Commitment | $ 6,730 | $ 6,730 |
Property size, area | ft² | 330,000 | 330,000 |
Commercial Mortgage Portfolio Segment [Member] | Mixed Use [Member] | Mixed Use - New York, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 45,789 | |
Carrying amount of loans | 45,541 | |
Unfunded Commitment | $ 4,211 | |
Property size, area | ft² | 91,584 | |
Commercial Mortgage Portfolio Segment [Member] | Mixed Use [Member] | Mixed Use, Chicago, IL [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 129,397 | |
Carrying amount of loans | 128,271 | |
Unfunded Commitment | $ 3,603 | |
Property size, area | ft² | 737,382 | |
Commercial Mortgage Portfolio Segment [Member] | Multifamily [Member] | Multifamily - Williston, ND [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 49,706 | $ 49,691 |
Carrying amount of loans | 39,713 | 49,665 |
Unfunded Commitment | $ 0 | $ 0 |
Property size, number of units/rooms | home | 366 | 366 |
Commercial Mortgage Portfolio Segment [Member] | Multifamily [Member] | Multifamily, Brooklyn, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 34,500 | |
Carrying amount of loans | 34,886 | |
Unfunded Commitment | $ 0 | |
Property size, number of units/rooms | unit | 63 | |
Commercial Mortgage Portfolio Segment [Member] | Retail Redevelopment [Member] | Retail Redevelopment - Miami, FL [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 45,000 | $ 45,000 |
Carrying amount of loans | 45,415 | 44,925 |
Unfunded Commitment | $ 0 | $ 0 |
Property size, area | ft² | 63,300 | 63,300 |
Commercial Mortgage Portfolio Segment [Member] | Retail Redevelopment [Member] | Retail Redevelopment - Miami, FL (2) [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 220,000 | $ 33,000 |
Carrying amount of loans | 218,771 | 32,804 |
Unfunded Commitment | $ 0 | 0 |
Property size, area | ft² | 113,000 | |
Commercial Mortgage Portfolio Segment [Member] | Retail [Member] | Retail, Brooklyn, NY, March 2017 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 23,000 | 1,653 |
Carrying amount of loans | 23,012 | 1,636 |
Unfunded Commitment | $ 0 | $ 9,000 |
Property size, area | ft² | 10,500 | 10,500 |
Commercial Mortgage Portfolio Segment [Member] | Retail [Member] | Retail - Brooklyn, NY, March 2017 - 2 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 5,910 | $ 5,910 |
Carrying amount of loans | 5,921 | 5,858 |
Unfunded Commitment | $ 0 | $ 0 |
Property size, area | ft² | 5,500 | 5,500 |
Commercial Mortgage Portfolio Segment [Member] | Retail [Member] | Retail, Brooklyn, NY, March 2017-3 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 7,500 | |
Carrying amount of loans | 7,489 | |
Unfunded Commitment | $ 0 | |
Property size, area | ft² | 6,500 | |
Commercial Mortgage Portfolio Segment [Member] | Retail [Member] | Retail, New York, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 60,300 | |
Carrying amount of loans | 59,775 | |
Unfunded Commitment | $ 4,700 | |
Property size, area | ft² | 84,374 | |
Commercial Mortgage Portfolio Segment [Member] | Office [Member] | Office - Richmond, VA [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 54,000 | $ 54,000 |
Carrying amount of loans | 53,849 | 53,475 |
Unfunded Commitment | $ 1,000 | $ 1,000 |
Property size, area | ft² | 262,000 | 262,000 |
Commercial Mortgage Portfolio Segment [Member] | Office [Member] | Office - Boston, Massachusetts [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 28,659 | |
Carrying amount of loans | 28,543 | |
Unfunded Commitment | $ 2,341 | |
Property size, area | ft² | 114,000 | |
Commercial Mortgage Portfolio Segment [Member] | Office [Member] | Office, New York, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 105,000 | |
Carrying amount of loans | 104,005 | |
Unfunded Commitment | $ 0 | |
Property size, area | ft² | 419,190 | |
Commercial Mortgage Portfolio Segment [Member] | Condo Conversion [Member] | Condo Conversion - Brooklyn, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 41,016 | |
Carrying amount of loans | 40,825 | |
Unfunded Commitment | $ 4,484 | |
Property size, area | ft² | 133,550 | |
Commercial Mortgage Portfolio Segment [Member] | Condo Conversion [Member] | Condo Conversion, New York, NY, September 2016 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 24,114 | |
Carrying amount of loans | 24,289 | |
Unfunded Commitment | $ 0 | |
Property size, area | ft² | 40,000 | |
Commercial Mortgage Portfolio Segment [Member] | Condo Conversion [Member] | Condo Conversion, New York, NY, June 2016 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 67,300 | |
Carrying amount of loans | 67,038 | |
Unfunded Commitment | $ 0 | |
Property size, area | ft² | 86,000 | |
Commercial Mortgage Portfolio Segment [Member] | Data Center [Member] | Data Center - Manassas, VA [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 80,000 | |
Carrying amount of loans | 79,634 | |
Unfunded Commitment | $ 0 | |
Property size, area | ft² | 460,000 | |
Commercial Mortgage Portfolio Segment [Member] | Mixed Use Pre-development [Member] | Mixed Use Pre-development, Los Angeles, CA [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 50,000 | |
Carrying amount of loans | 49,252 | |
Unfunded Commitment | $ 30,000 | |
Property size, area | ft² | 75,000 | |
Commercial Mortgage Portfolio Segment [Member] | Condo Construction [Member] | Condo Construction Potomac, MD [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 65,125 | |
Carrying amount of loans | 65,087 | |
Unfunded Commitment | $ 0 | |
Property size, number of units/rooms | unit | 50 | |
Commercial Mortgage Portfolio Segment [Member] | Condo Construction [Member] | Condo Construction Bethesda, MD [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 50,000 | |
Carrying amount of loans | 49,960 | |
Unfunded Commitment | $ 15,100 | |
Property size, number of units/rooms | unit | 40 |
Commercial Mortgage Loan Port54
Commercial Mortgage Loan Portfolio - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Mortgage Loans on Real Estate [Line Items] | |||||||||||
Provision for loan losses | $ 0 | $ 0 | $ 15,000,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 15,000,000 | $ 0 | $ 0 |
Commercial Mortgage Portfolio Segment [Member] | |||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||
Provision for loan losses | $ 10,000,000 | $ 0 | |||||||||
Terminal capitalization rate | 11.00% | ||||||||||
Discount Rate | 10.00% | ||||||||||
Multifamily - Williston, ND [Member] | Commercial Mortgage Portfolio Segment [Member] | |||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||
Provision for loan losses | $ 10,000,000 |
Subordinate Loan Portfolio (Det
Subordinate Loan Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | $ 2,720,344 | |
Carrying amount of loans | 2,693,092 | |
Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 1,061,229 | $ 939,006 |
Carrying amount of loans | 1,051,236 | 931,351 |
Unfunded Commitment | 55,387 | 54,423 |
Subordinate Mortgage Portfolio Segment [Member] | Hotel [Member] | Hotel - Burbank, CA [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 20,000 | |
Carrying amount of loans | 20,000 | |
Subordinate Mortgage Portfolio Segment [Member] | Hotel [Member] | Hotel - Phoenix, AZ [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 25,000 | |
Carrying amount of loans | 25,000 | |
Subordinate Mortgage Portfolio Segment [Member] | Hotel [Member] | Hotel - Washington D.C. [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 20,000 | |
Carrying amount of loans | 19,978 | |
Subordinate Mortgage Portfolio Segment [Member] | Hotel [Member] | Hotel, New York, NY, March 2017 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 50,000 | |
Carrying amount of loans | 50,228 | |
Subordinate Mortgage Portfolio Segment [Member] | Multifamily Portfolio [Member] | Multifamily Portfolio - Florida [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 22,000 | |
Carrying amount of loans | 21,967 | |
Subordinate Mortgage Portfolio Segment [Member] | Multifamily Portfolio [Member] | Multifamily Portfolio - Florida (2) [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 15,500 | |
Carrying amount of loans | 15,477 | |
Subordinate Mortgage Portfolio Segment [Member] | Mixed Use [Member] | Mixed Use - North Carolina [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 6,525 | |
Carrying amount of loans | 6,525 | |
Subordinate Mortgage Portfolio Segment [Member] | Mixed Use [Member] | Mixed Use, New York, NY, October 2019 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 30,000 | |
Carrying amount of loans | 29,926 | |
Subordinate Mortgage Portfolio Segment [Member] | Office [Member] | Office Complex - Missouri [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 9,414 | |
Carrying amount of loans | 9,414 | |
Subordinate Mortgage Portfolio Segment [Member] | Warehouse [Member] | Warehouse Portfolio - Various [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 32,000 | |
Carrying amount of loans | 32,000 | |
Subordinate Mortgage Portfolio Segment [Member] | Ski Resort [Member] | Ski Resort Montana [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 15,000 | |
Carrying amount of loans | 14,773 | |
Subordinate Mortgage Portfolio Segment [Member] | Senior Housing Facility [Member] | Senior Housing - United Kingdom [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 41,693 | |
Carrying amount of loans | 41,693 | |
Subordinate Mortgage Portfolio Segment [Member] | Destination Resort [Member] | Destination Resort, Various [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 75,000 | |
Carrying amount of loans | 72,877 | |
Subordinate Mortgage Portfolio Segment [Member] | Condo Pre-development [Member] | Condo Pre-development, United Kingdom [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 123,400 | |
Carrying amount of loans | 123,400 | |
Subordinate Mortgage Portfolio Segment [Member] | Healthcare [Member] | Healthcare Portfolio - Various [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 130,000 | |
Carrying amount of loans | 128,856 | |
Subordinate to Company's Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 12,573 | 26,328 |
Carrying amount of loans | 7,513 | 26,095 |
Unfunded Commitment | 7,501 | 12,478 |
Subordinate to Company's Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Hotel [Member] | Hotel, New York, NY, September 2018 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 7,573 | 2,595 |
Carrying amount of loans | 7,513 | 2,458 |
Unfunded Commitment | 7,501 | 12,478 |
Subordinate to Company's Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Multifamily Portfolio [Member] | Multifamily - Williston, ND [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 5,000 | 5,000 |
Carrying amount of loans | 0 | 5,000 |
Unfunded Commitment | 0 | 0 |
Subordinate to Company's Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Mixed Use [Member] | Mixed Use - Brooklyn, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 12,347 | |
Carrying amount of loans | 12,222 | |
Unfunded Commitment | 0 | |
Subordinate to Company's Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Condo Conversion [Member] | Condo Conversion, New York, NY, September 2016 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 6,386 | |
Carrying amount of loans | 6,415 | |
Unfunded Commitment | 0 | |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 1,048,656 | 912,678 |
Carrying amount of loans | 1,043,723 | 905,256 |
Unfunded Commitment | 47,886 | 41,945 |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Hotel [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 25,000 | |
Carrying amount of loans | 25,000 | |
Unfunded Commitment | 0 | |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Hotel [Member] | Hotel Portfolio - Rochester, MN [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 23,863 | 24,182 |
Carrying amount of loans | 23,863 | 24,182 |
Unfunded Commitment | 0 | 0 |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Hotel [Member] | Hotel - Burbank, CA [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 20,000 | 20,000 |
Carrying amount of loans | 20,000 | 20,000 |
Unfunded Commitment | 0 | 0 |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Hotel [Member] | Hotel - Phoenix, AZ [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 25,000 | |
Carrying amount of loans | 25,000 | |
Unfunded Commitment | 0 | |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Hotel [Member] | Hotel - Washington D.C. [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 20,000 | 20,000 |
Carrying amount of loans | 19,978 | 19,934 |
Unfunded Commitment | 0 | 0 |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Hotel [Member] | Hotel, New York, NY, March 2017 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 50,000 | 50,000 |
Carrying amount of loans | 50,228 | 49,522 |
Unfunded Commitment | 0 | |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Multifamily Portfolio [Member] | Multifamily Portfolio - Florida [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 22,000 | 22,000 |
Carrying amount of loans | 21,967 | 21,895 |
Unfunded Commitment | 0 | 0 |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Multifamily Portfolio [Member] | Multifamily Portfolio - Florida (2) [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 15,500 | 15,500 |
Carrying amount of loans | 15,477 | 15,426 |
Unfunded Commitment | 0 | 0 |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [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 amount of loans | 54,775 | 54,558 |
Unfunded Commitment | 0 | 0 |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Mixed Use [Member] | Mixed Use - North Carolina [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 6,525 | 6,525 |
Carrying amount of loans | 6,525 | 6,525 |
Unfunded Commitment | 0 | 0 |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Mixed Use [Member] | Mixed Use - New York, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 99,581 | |
Carrying amount of loans | 99,660 | |
Unfunded Commitment | 0 | |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Mixed Use [Member] | Mixed Use - Various, May 2017 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 45,000 | 45,000 |
Carrying amount of loans | 45,174 | 44,854 |
Unfunded Commitment | 0 | 0 |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Mixed Use [Member] | Mixed Use, New York, NY, October 2018 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 30,000 | 30,000 |
Carrying amount of loans | 29,926 | 29,785 |
Unfunded Commitment | 0 | 0 |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Mixed Use [Member] | Mixed Use, New York, NY, October 2019 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 30,175 | |
Carrying amount of loans | 29,924 | |
Unfunded Commitment | 0 | |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Mixed Use [Member] | Mixed Use Various, December 2016 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 19,500 | |
Carrying amount of loans | 19,377 | |
Unfunded Commitment | 0 | |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Mixed Use [Member] | Mixed Use - London, England [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 50,676 | |
Carrying amount of loans | 50,676 | |
Unfunded Commitment | 0 | |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Mixed Use [Member] | Mixed Use - New York, NY, December 2017 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 88,368 | |
Carrying amount of loans | 87,818 | |
Unfunded Commitment | 785 | |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Office [Member] | Office Complex - Missouri [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 9,414 | 9,566 |
Carrying amount of loans | 9,414 | 9,566 |
Unfunded Commitment | 0 | 0 |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Office [Member] | Office Condo New York, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 14,000 | 14,000 |
Carrying amount of loans | 13,679 | 13,631 |
Unfunded Commitment | 0 | 0 |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Office [Member] | Office - Michigan [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 8,753 | |
Carrying amount of loans | 8,753 | |
Unfunded Commitment | 0 | |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Warehouse [Member] | Warehouse Portfolio - Various [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 32,000 | 32,000 |
Carrying amount of loans | 32,000 | 32,000 |
Unfunded Commitment | 0 | 0 |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Ski Resort [Member] | Ski Resort Montana [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 15,000 | |
Carrying amount of loans | 14,773 | |
Unfunded Commitment | 0 | |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Ski Resort [Member] | Ski Resort, Big Sky, MT [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 15,000 | |
Carrying amount of loans | 14,878 | |
Unfunded Commitment | 0 | |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Senior Housing Facility [Member] | Senior Housing - United Kingdom [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 41,693 | 79,735 |
Carrying amount of loans | 41,693 | 79,735 |
Unfunded Commitment | 0 | 0 |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Condo Development [Member] | Condo Development - New York, NY [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 56,925 | 34,184 |
Carrying amount of loans | 56,693 | 33,567 |
Unfunded Commitment | 19,830 | 41,160 |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Condo Conversion [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 59,636 | |
Carrying amount of loans | 59,442 | |
Unfunded Commitment | 0 | |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Condo Conversion [Member] | Condo Conversion, New York, NY, August 2018 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 52,418 | |
Carrying amount of loans | 51,941 | |
Unfunded Commitment | 0 | |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Condo Conversion [Member] | Condo Conversion, New York, NY, July 2019 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 48,944 | |
Carrying amount of loans | 48,399 | |
Unfunded Commitment | 28,056 | |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Destination Resort [Member] | Destination Resort, Various [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 75,000 | 75,000 |
Carrying amount of loans | 72,877 | 71,362 |
Unfunded Commitment | 0 | 0 |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Condo Pre-development [Member] | Condo Pre-development, United Kingdom [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 123,400 | 81,048 |
Carrying amount of loans | 123,400 | 81,048 |
Unfunded Commitment | 0 | 0 |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Healthcare [Member] | Condo Conversion, New York, NY, August 2018 [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 130,000 | |
Carrying amount of loans | 128,856 | |
Unfunded Commitment | $ 0 | |
Subordinate to Third Party Commercial Mortgage Loans [Member] | Subordinate Mortgage Portfolio Segment [Member] | Healthcare [Member] | Healthcare Portfolio - Various [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Current Principal Balance | 39,223 | |
Carrying amount of loans | 39,223 | |
Unfunded Commitment | $ 0 |
Subordinate Loans - Narrative (
Subordinate Loans - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Mortgage Loans on Real Estate [Line Items] | |||||||||||
Provision for loan losses | $ 0 | $ 0 | $ 15,000,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 15,000,000 | $ 0 | $ 0 |
Subordinate Mortgage Portfolio Segment [Member] | |||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||
Provision for loan losses | $ 5,000,000 | $ 0 | |||||||||
Terminal capitalization rate | 11.00% | ||||||||||
Discount Rate | 10.00% | ||||||||||
Multifamily - Williston, ND [Member] | Subordinate Mortgage Portfolio Segment [Member] | |||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||
Provision for loan losses | $ 5,000,000 |
Unconsolidated Joint Venture -
Unconsolidated Joint Venture - Additional Information (Details) € in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2016EUR (€) | Feb. 28, 2015USD ($) | Feb. 28, 2015EUR (€) | Sep. 30, 2014USD ($) | Sep. 30, 2014EUR (€) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016EUR (€) | Sep. 30, 2016USD ($) | Sep. 30, 2016EUR (€) | Jun. 30, 2016USD ($) | Jun. 30, 2016EUR (€) | Jan. 31, 2015USD ($) | 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 | $ 39,477 | |||||||||||||||
KBCD Partnership [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership interest (percentage) | 21.00% | 21.00% | ||||||||||||||||
Initial funding for equity method investment | $ 39,477 | € 30,724 | ||||||||||||||||
BKB Bank [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership interest (percentage) | 9.34% | 9.34% | ||||||||||||||||
Company and affiliated investors ownership, percentage | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||
Wholly-owned subsidiary [Member] | Champ Limited Partnership [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership interest (percentage) | 59.00% | 59.00% | ||||||||||||||||
Champ LP [Member] | KBC Bank Deutschland AG [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership interest (percentage) | 35.00% | 35.00% | ||||||||||||||||
Company and affiliated investors ownership, percentage | 100.00% | 100.00% | ||||||||||||||||
Commitment to Invest in KBCD [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Commitment to invest | $ 50,000 | € 38,000 | $ 50,000 | € 38,000 | ||||||||||||||
Unfunded Commitment, Champ L.P. [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Commitment to invest | $ 2,947 | € 2,802 | $ 2,947 | € 2,802 | $ 2,947 | € 2,802 | ||||||||||||
Other commitment, commitment transfer | € | € 427 | |||||||||||||||||
Champ LP [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership interest | 48.00% | 48.00% | ||||||||||||||||
Proceeds from sale of equity method investments | $ 20,794 | € 16,314 | ||||||||||||||||
Foreign exchange adjustments included in other comprehensive loss | $ 2,614 | |||||||||||||||||
Champ LP [Member] | Additional Investment [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Commitment to invest | $ 3,929 | € 3,331 |
Borrowings - Weighted Average M
Borrowings - Weighted Average Maturities and Interest Rates of Borrowings (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Sep. 29, 2016 | |
Debt Instrument [Line Items] | |||
Borrowings under repurchase agreements (net of deferred financing costs of $6,763 and $7,353 in 2016 and 2015, respectively) | $ 1,139,803,000 | $ 918,421,000 | |
Deferred financing costs | (6,763,000) | (7,353,000) | |
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings under repurchase agreements (net of deferred financing costs of $6,763 and $7,353 in 2016 and 2015, respectively) | $ 1,139,803,000 | $ 918,421,000 | |
Weighted average rate | 3.18% | 2.92% | |
Deferred financing costs | $ (6,763,000) | $ (7,353,000) | |
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Basis point | 0.77% | 0.43% | |
Line of Credit [Member] | JP Morgan Chase [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing under facility | $ 943,000,000 | $ 600,000,000 | |
Borrowings under repurchase agreements (net of deferred financing costs of $6,763 and $7,353 in 2016 and 2015, respectively) | 657,452,000 | $ 445,942,000 | |
Line of Credit [Member] | JP Morgan Chase [Member] | General Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit, amount outstanding | 800,000,000 | ||
Line of Credit [Member] | JP Morgan Chase [Member] | Asset Specific Financing [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing under facility | 143,000 | ||
Line of credit, amount outstanding | $ 143,000,000 | ||
Line of Credit [Member] | JP Morgan Chase [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis point | 2.25% | 2.25% | |
Line of Credit [Member] | Deutsche Bank Repurchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing under facility | $ 300,000,000 | $ 300,000,000 | |
Borrowings under repurchase agreements (net of deferred financing costs of $6,763 and $7,353 in 2016 and 2015, respectively) | $ 137,355,000 | ||
Line of Credit [Member] | Deutsche Bank Repurchase Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis point | 2.66% | ||
Line of Credit [Member] | Goldman Sachs [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings under repurchase agreements (net of deferred financing costs of $6,763 and $7,353 in 2016 and 2015, respectively) | $ 40,657,000 | $ 45,928,000 | |
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] | JP Morgan Chase, DB Repurchase Facility, and Goldman Sachs [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings under repurchase agreements (net of deferred financing costs of $6,763 and $7,353 in 2016 and 2015, respectively) | $ 835,464,000 | $ 491,870,000 | |
Line of Credit [Member] | JP Morgan Chase, DB Repurchase Facility, and Goldman Sachs [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Basis point | 2.38% | 2.37% | |
Line of Credit [Member] | UBS [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings under repurchase agreements (net of deferred financing costs of $6,763 and $7,353 in 2016 and 2015, respectively) | $ 133,899,000 | $ 133,899,000 | |
Weighted average rate | 2.79% | 2.79% | |
Line of Credit [Member] | Deutsche Bank [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings under repurchase agreements (net of deferred financing costs of $6,763 and $7,353 in 2016 and 2015, respectively) | $ 177,203,000 | $ 300,005,000 | |
Weighted average rate | 3.63% | 3.69% | |
Line of Credit [Member] | UBS and Deutsche Bank [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings under repurchase agreements (net of deferred financing costs of $6,763 and $7,353 in 2016 and 2015, respectively) | $ 311,102,000 | $ 433,904,000 | |
Weighted average rate | 3.27% | 3.39% | |
Line of Credit [Member] | DB Facility [Member] | Three Month LIBOR [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis point | 1.80% | ||
Line of Credit [Member] | DB Facility [Member] | Three Month LIBOR [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis point | 2.32% |
Borrowings - Remaining Maturiti
Borrowings - Remaining Maturities of Borrowings (Details) - Line of Credit [Member] $ in Thousands | Dec. 31, 2016USD ($) |
Line of Credit Facility [Line Items] | |
Less than 1 year | $ 386,547 |
1 to 3 years | 760,019 |
3 to 5 years | 0 |
More than 5 years | 0 |
Total | 1,146,566 |
JP Morgan Chase [Member] | |
Line of Credit Facility [Line Items] | |
Less than 1 year | 245,908 |
1 to 3 years | 411,544 |
3 to 5 years | 0 |
More than 5 years | 0 |
Total | 657,452 |
Deutsche Bank Repurchase Facility [Member] | |
Line of Credit Facility [Line Items] | |
Less than 1 year | 0 |
1 to 3 years | 137,355 |
3 to 5 years | 0 |
More than 5 years | 0 |
Total | 137,355 |
Goldman Sachs [Member] | |
Line of Credit Facility [Line Items] | |
Less than 1 year | 5,290 |
1 to 3 years | 35,367 |
3 to 5 years | 0 |
More than 5 years | 0 |
Total | 40,657 |
UBS [Member] | |
Line of Credit Facility [Line Items] | |
Less than 1 year | 133,899 |
1 to 3 years | 0 |
Total | 133,899 |
Deutsche Bank [Member] | |
Line of Credit Facility [Line Items] | |
Less than 1 year | 1,450 |
1 to 3 years | 175,753 |
3 to 5 years | 0 |
More than 5 years | 0 |
Total | $ 177,203 |
Borrowings - Summary of Outstan
Borrowings - Summary of Outstanding Balances, Maximum and Average Balances of Borrowings (Details) - Line of Credit [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | ||
Securities sold under agreements to repurchase, gross | $ 1,146,566 | $ 925,774 |
JP Morgan Chase [Member] | ||
Line of Credit Facility [Line Items] | ||
Securities sold under agreements to repurchase, gross | 657,452 | 445,942 |
Maximum Month-End Balance | 783,528 | 445,942 |
Average Month-End Balance | 660,741 | 261,261 |
Deutsche Bank Repurchase Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Securities sold under agreements to repurchase, gross | 137,355 | 0 |
Maximum Month-End Balance | 137,355 | 0 |
Average Month-End Balance | 19,582 | 0 |
Goldman Sachs [Member] | ||
Line of Credit Facility [Line Items] | ||
Securities sold under agreements to repurchase, gross | 40,657 | 45,928 |
Maximum Month-End Balance | 45,928 | 52,524 |
Average Month-End Balance | 43,505 | 45,665 |
UBS [Member] | ||
Line of Credit Facility [Line Items] | ||
Securities sold under agreements to repurchase, gross | 133,899 | 133,899 |
Maximum Month-End Balance | 133,899 | 133,899 |
Average Month-End Balance | 133,899 | 133,899 |
Deutsche Bank [Member] | ||
Line of Credit Facility [Line Items] | ||
Securities sold under agreements to repurchase, gross | 177,203 | 300,005 |
Maximum Month-End Balance | 300,005 | 300,005 |
Average Month-End Balance | $ 246,773 | $ 300,005 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) | Sep. 29, 2016USD ($)extension | Jan. 26, 2015USD ($) | Apr. 30, 2014USD ($) | Sep. 30, 2013USD ($) | Jan. 31, 2010subsidiary | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |||||||
Borrowings under repurchase agreements | $ 1,139,803,000 | $ 918,421,000 | |||||
Line of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings under repurchase agreements | $ 1,139,803,000 | $ 918,421,000 | |||||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on interest rate | 0.77% | 0.43% | |||||
Line of Credit [Member] | JP Morgan Chase [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing under facility | $ 943,000,000 | $ 600,000,000 | |||||
Borrowings under repurchase agreements | 657,452,000 | 445,942,000 | |||||
Line of Credit [Member] | Deutsche Bank Repurchase Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing under facility | $ 300,000,000 | 300,000,000 | |||||
Extension option | 1 year | ||||||
Borrowings under repurchase agreements | 137,355,000 | ||||||
Debt instrument, number of extension available | extension | 2 | ||||||
Line of Credit [Member] | UBS [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings under repurchase agreements | 133,899,000 | 133,899,000 | |||||
Line of Credit [Member] | Deutsche Bank [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings under repurchase agreements | 177,203,000 | 300,005,000 | |||||
Line of Credit [Member] | Goldman Sachs [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings under repurchase agreements | $ 40,657,000 | $ 45,928,000 | |||||
Line of Credit [Member] | Goldman Sachs [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on interest rate | 3.50% | 3.50% | |||||
Line of Credit [Member] | Minimum [Member] | JP Morgan Chase [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on interest rate | 2.25% | 2.25% | |||||
Line of Credit [Member] | Minimum [Member] | Deutsche Bank Repurchase Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on interest rate | 2.66% | ||||||
JP Morgan Facility [Member] | Line of Credit [Member] | JP Morgan Chase [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of subsidiaries | subsidiary | 2 | ||||||
Amended and Restated JPMorgan Facility [Member] | Line of Credit [Member] | JP Morgan Chase [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing under facility | $ 943,000,000 | ||||||
Term of debt instrument | 3 years | ||||||
Extension option | 1 year | ||||||
Threshold amount for margin calls | $ 250,000 | ||||||
Covenant terms, minimum net asset value | $ 750,000,000 | ||||||
Covenant terms, minimum consolidated tangible net worth, additional percentage of net cash proceeds | 75.00% | ||||||
Covenant terms, maximum debt to tangible net worth ratio | 3 | ||||||
Covenant terms, minimum liquidity percentage | 5.00% | ||||||
Covenant terms, consolidated recourse indebtedness | $ 15,000,000 | ||||||
Amended and Restated JPMorgan Facility [Member] | Line of Credit [Member] | Minimum [Member] | JP Morgan Chase [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Estimated fair value of collateral pledged, percentage | 25.00% | ||||||
Amended and Restated JPMorgan Facility [Member] | Line of Credit [Member] | Minimum [Member] | JP Morgan Chase [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on interest rate | 2.25% | ||||||
Amended and Restated JPMorgan Facility [Member] | Line of Credit [Member] | Maximum [Member] | JP Morgan Chase [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Estimated fair value of collateral pledged, percentage | 80.00% | ||||||
Amended and Restated JPMorgan Facility [Member] | Line of Credit [Member] | Maximum [Member] | JP Morgan Chase [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on interest rate | 4.75% | ||||||
Repurchase Facility [Member] | Line of Credit [Member] | JP Morgan Chase [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing under facility | $ 800,000 | ||||||
Asset Specific Financing [Member] | Line of Credit [Member] | JP Morgan Chase [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing under facility | $ 143,000 | ||||||
DB Facility [Member] | Line of Credit [Member] | Deutsche Bank [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Covenant terms, minimum shareholder's equity of gross capital proceeds | 50.00% | ||||||
DB Facility [Member] | Line of Credit [Member] | Deutsche Bank [Member] | Three Month LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing under facility | $ 300,000 | ||||||
DB Facility [Member] | Line of Credit [Member] | Minimum [Member] | Deutsche Bank [Member] | Three Month LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on interest rate | 1.80% | ||||||
DB Facility [Member] | Line of Credit [Member] | Maximum [Member] | Deutsche Bank [Member] | Three Month LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on interest rate | 2.32% | ||||||
Undrawn non-use fee percentage | 1.80% | ||||||
Goldman Facility [Member] | Line of Credit [Member] | Goldman Sachs [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing under facility | $ 52,524,000 | ||||||
Covenant terms, maximum debt to tangible net worth ratio | 3 | ||||||
Covenant terms, minimum consolidated tangible net worth | $ 750,000 | ||||||
Covenant terms, minimum liquidity | $ 15,000 | ||||||
Covenant terms, total recourse indebtedness, percent | 5.00% | ||||||
Covenant terms, minimum EBITDA to interest expense ratio | 1.5 | ||||||
Covenant terms, minimum net income | $ 1 | ||||||
Goldman Facility [Member] | Line of Credit [Member] | Goldman Sachs [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on interest rate | 3.50% | ||||||
UBS Facility [Member] | Line of Credit [Member] | UBS [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing under facility | $ 133,899,000 | ||||||
Estimated fair value of collateral pledged, percentage | 100.00% | ||||||
Covenant terms, minimum net asset value | $ 500,000,000 | ||||||
Covenant terms, maximum debt to tangible net worth ratio | 3 | ||||||
Length of potential extension | 1 year | ||||||
Margin of cash borrowed, percentage | 22.50% | ||||||
UBS Facility [Member] | Line of Credit [Member] | UBS [Member] | Six Month LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on interest rate | 1.55% |
Convertible Senior Notes (Detai
Convertible Senior Notes (Details) | Aug. 18, 2014USD ($) | Mar. 17, 2014USD ($) | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | |||||
Proceeds from issuance of convertible senior notes | $ 0 | $ 0 | $ 256,970,000 | ||
Convertible senior notes, net | 249,994,000 | $ 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] | |||||
Share price (in dollars per share) | $ / shares | $ 16.62 | ||||
Conversion price (in dollars per share) | $ / shares | $ 17.62 | ||||
Equity component of senior notes | $ 11,445,000 | ||||
Interest expense on debt | 14,011,000 | ||||
Additional non-cash interest expense | 3,557,000 | ||||
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, net | 141,531,000 | ||||
Unamortized discount | 2,219,000 | ||||
Effective rate | 6.25% | ||||
Conversion rate | 56.7586 | ||||
Remaining period of amortization (years) | 2 years 2 months 16 days | ||||
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, net | 108,463,000 | ||||
Unamortized discount | $ 2,537,000 | ||||
Effective rate | 6.50% | ||||
Conversion rate | 56.7586 | ||||
Remaining period of amortization (years) | 2 years 2 months 16 days |
Federal Home Loan Bank of Ind63
Federal Home Loan Bank of Indianapolis Membership (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Banking and Thrift [Abstract] | |
Federal Home Loan Bank stock, value | $ 8 |
Participations Sold (Details)
Participations Sold (Details) £ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Jan. 31, 2015USD ($)facility | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Feb. 28, 2015USD ($) | Feb. 28, 2015GBP (£) | Jan. 31, 2015GBP (£) | Aug. 31, 2014USD ($) | Jun. 30, 2014USD ($) | May 31, 2014USD ($) | |
Mortgage Loans on Real Estate [Line Items] | |||||||||
Participation sold, carrying amount | $ 84,979,000 | $ 118,201,000 | |||||||
Mezzanine Loan, Acquired by Investment Funds [Member] | Commercial Mortgage Portfolio Segment [Member] | |||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||
Face amount | $ 30,672,000 | £ 20,000 | |||||||
Hotel - Aruba [Member] | First Mortgage [Member] | Hotel [Member] | Subordinate Mortgage Portfolio Segment [Member] | |||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||
Face amount | $ 155,000,000 | ||||||||
Senior Participation [Member] | Hotel - Aruba [Member] | Hotel [Member] | Subordinate Mortgage Portfolio Segment [Member] | |||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||
Participations sold | $ 90,000,000 | $ 90,000,000 | |||||||
Junior Participation [Member] | Hotel - Aruba [Member] | Hotel [Member] | Subordinate Mortgage Portfolio Segment [Member] | |||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||
Participations sold | $ 65,000,000 | $ 65,000,000 | |||||||
Participating Mortgages [Member] | Subordinate Mortgage Portfolio Segment [Member] | |||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||
Face amount | 85,082,000 | ||||||||
Participation sold, carrying amount | $ 84,979,000 | ||||||||
Participating Mortgages [Member] | Subordinate Mortgage Portfolio Segment [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||
Basis point | 4.40% | ||||||||
United Kingdom [Member] | Mezzanine Loan [Member] | Senior Housing Facility [Member] | Commercial Mortgage Portfolio Segment [Member] | |||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||
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] - Forward Currency Contract [Member] | Dec. 31, 2016GBP (£)contract | Dec. 31, 2015GBP (£)contract |
Derivative [Line Items] | ||
Derivative, Number of Instruments Held | contract | 11 | 5 |
Derivative, notional amount | £ | £ 148,310 | £ 130,272 |
Derivative Instruments - Summ66
Derivative Instruments - Summary of Amounts Recognized on Consolidated Statements of Operations Related to Company's Derivatives (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gain (loss) on derivative instruments - unrealized | $ 2,608,000 | $ (1,063,000) | $ 4,070,000 | ||||||||
Gain (loss) on derivative instruments - realized | 28,552,000 | 5,169,000 | 0 | ||||||||
Gain (loss) on derivative instruments | $ 8,329,000 | $ 4,815,000 | $ 13,313,000 | $ 4,703,000 | $ 3,054,000 | $ 3,929,000 | $ (6,499,000) | $ 3,622,000 | 31,160,000 | 4,106,000 | 4,070,000 |
Forward Currency Contract [Member] | Gain (Loss) on Derivative Instruments [Member] | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gain (loss) on derivative instruments - unrealized | 2,665,000 | (853,000) | $ 4,070,000 | ||||||||
Gain (loss) on derivative instruments - realized | 28,552,000 | 5,169,000 | |||||||||
Interest Rate Cap [Member] | Gain (Loss) on Derivative Instruments [Member] | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Gain (loss) on derivative instruments - unrealized | (57,000) | (210,000) | |||||||||
Derivative, notional amount | $ 45,475,000 | $ 49,323,000 | $ 45,475,000 | $ 49,323,000 |
Derivative Instruments - Summ67
Derivative Instruments - Summarizes Gross Asset and Liability Amounts Related to Derivatives (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Gross Amount of Recognized Assets | $ 5,906 | $ 3,327 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 5,906 | 3,327 |
Interest Rate Cap [Member] | ||
Derivative [Line Items] | ||
Gross Amount of Recognized Assets | 23 | 106 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 23 | 106 |
Forward Currency Contract [Member] | ||
Derivative [Line Items] | ||
Gross Amount of Recognized Assets | 5,883 | 3,221 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | $ 5,883 | $ 3,221 |
Related Party Transactions (Det
Related Party Transactions (Details) € in Thousands, $ in Thousands | Oct. 05, 2016USD ($) | Sep. 21, 2015USD ($) | Jun. 30, 2016EUR (€) | Feb. 28, 2015USD ($) | Feb. 28, 2015EUR (€) | Sep. 30, 2014USD ($) | Sep. 30, 2014EUR (€) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016EUR (€) | Oct. 05, 2016GBP (£) | Sep. 30, 2016EUR (€) | Jun. 30, 2016EUR (€) | Sep. 29, 2015USD ($) | Jan. 31, 2015USD ($) | Jan. 31, 2015EUR (€) | Sep. 30, 2014EUR (€) | Sep. 30, 2013USD ($) | Sep. 30, 2013EUR (€) |
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||
Related party expenses | $ 7,015 | $ 5,903 | $ 5,242 | $ 5,229 | $ 5,294 | $ 4,097 | $ 3,887 | $ 3,341 | $ 23,388 | $ 16,619 | $ 11,960 | |||||||||||||||||
Base management fees incurred but not yet paid | 7,015 | 5,297 | 7,015 | 5,297 | ||||||||||||||||||||||||
Placement agent fees paid | 406 | 987 | 389 | |||||||||||||||||||||||||
Initial funding for equity method investment | $ 362 | 3,929 | 39,477 | |||||||||||||||||||||||||
Limited Liability Company [Member] | ||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||
Rate of management fees | 1.50% | |||||||||||||||||||||||||||
Extension period | 1 year | |||||||||||||||||||||||||||
Voting requirement to termination management agreement, percentage | 66.66% | |||||||||||||||||||||||||||
Period of termination | 180 days | |||||||||||||||||||||||||||
Termination vote threshold rate, percentage | 300.00% | |||||||||||||||||||||||||||
Termination fee calculation period | 24 months | |||||||||||||||||||||||||||
Limited Liability Company [Member] | Management Fees [Member] | ||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||
Related party expenses | $ 23,388 | 16,619 | 11,960 | |||||||||||||||||||||||||
Base management fees incurred but not yet paid | $ 7,015 | 5,297 | 7,015 | 5,297 | ||||||||||||||||||||||||
Limited Liability Company [Member] | Reimbursements [Member] | ||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||
Related party expenses | $ 2,526 | $ 1,421 | $ 985 | |||||||||||||||||||||||||
Affiliated Entity [Member] | ||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||
Agreement fee payment proceeds | $ 750 | |||||||||||||||||||||||||||
Champ Limited Partnership [Member] | Subsidiaries [Member] | ||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||
Indirect ownership interest from limited partnership | 59.00% | 59.00% | ||||||||||||||||||||||||||
KBC Bank Deutschland AG [Member] | Champ LP [Member] | ||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||
Indirect ownership interest from limited partnership | 35.00% | 35.00% | ||||||||||||||||||||||||||
Company and affiliated investors ownership, percentage | 100.00% | 100.00% | ||||||||||||||||||||||||||
KBCD Partnership [Member] | ||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||
Indirect ownership interest from limited partnership | 21.00% | 21.00% | ||||||||||||||||||||||||||
Initial funding for equity method investment | $ 39,477 | € 30,724 | ||||||||||||||||||||||||||
BKB Bank [Member] | ||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||
Indirect ownership interest from limited partnership | 9.34% | 9.34% | 9.34% | |||||||||||||||||||||||||
Company and affiliated investors ownership, percentage | 100.00% | 100.00% | 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 | $ 2,947 | $ 2,947 | $ 2,947 | $ 2,947 | € 2,802 | € 2,802 | € 2,802 | |||||||||||||||||||||
Other commitment, commitment transfer | € | € 427 | |||||||||||||||||||||||||||
Series B Preferred Stock [Member] | Private Placement [Member] | ||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||
Placement agent fees paid | $ 500 | |||||||||||||||||||||||||||
Champ LP [Member] | ||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||
Ownership interest | 48.00% | 48.00% | ||||||||||||||||||||||||||
Proceeds from sale of equity method investments | $ 20,794 | € 16,314 | ||||||||||||||||||||||||||
Champ LP [Member] | Additional Investment [Member] | ||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||
Commitment to invest | $ 3,929 | € 3,331 | ||||||||||||||||||||||||||
First Mortgage [Member] | Commitment to Purchase Loan Portfolio [Member] | ||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||
Commitment to invest | $ 375,355 | |||||||||||||||||||||||||||
Commercial Mortgage Portfolio Segment [Member] | ||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||
Mortgage loan, extension term | 12 months | |||||||||||||||||||||||||||
Commercial Mortgage Portfolio Segment [Member] | Luxury Condominium [Member] | ||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||
Original face amount | $ 123,400 | £ 100,000,000 | ||||||||||||||||||||||||||
Commercial Mortgage Portfolio Segment [Member] | Luxury Condominium [Member] | Pari Passu Interests in Pre-Development Mezzanine Loan [Member] | Affiliated Entity [Member] | ||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||
Original face amount | $ 57,400 | £ 45,000,000 |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 23, 2009 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Recognized stock-based compensation expense | $ 7,090 | $ 4,387 | $ 1,576 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation expense | 2,439 | |||
RSU Vesting [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation expense | 23,279 | |||
LTIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of issued and outstanding shares of common stock provides for grants of restricted common stock, restricted stock units and other equity-based awards | 7.50% | |||
LTIP [Member] | Restricted Stock and Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Recognized stock-based compensation expense | $ 7,090 | $ 4,387 | $ 1,576 | |
LTIP [Member] | RSU Vesting [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, shares delivered | 236,782 | 12,763 | 240,277 | |
Stock units vested | 397,030 | 20,000 | 283,750 | |
Reduction of capital increase related to equity incentive plan | $ 2,626 | $ 122 | $ 876 |
Share-Based Payments - Summary
Share-Based Payments - Summary of Grants, Exchanges and Forfeitures of Restricted Stock and RSUs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2014 | |
LTIP [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Outstanding at December 31, 2016 (in shares) | 432,120 | 208,416 |
LTIP [Member] | RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Outstanding at December 31, 2016 (in shares) | 1,703,775 | 503,750 |
January 2014 [Member] | LTIP [Member] | RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Canceled upon delivery (in shares) | (288,750) | |
April 2014, One [Member] | LTIP [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) | 8,931 | |
Estimate Fair Value on Grant Date | $ 150 | |
April 2014, One [Member] | LTIP [Member] | RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Canceled upon delivery (in shares) | (5,000,000) | |
April 2014, Two [Member] | LTIP [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) | 5,000 | |
Estimate Fair Value on Grant Date | $ 85 | |
June 2014 [Member] | LTIP [Member] | RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Grant (in shares) | 10,254 | |
Estimate Fair Value on Grant Date | $ 169 | |
December 2014, One [Member] | LTIP [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) | 51,767 | |
Estimate Fair Value on Grant Date | $ 855 | |
December 2014, Two [Member] | LTIP [Member] | RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Grant (in shares) | 390,000 | |
Estimate Fair Value on Grant Date | $ 6,474 | |
January 2015 [Member] | LTIP [Member] | RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Grant (in shares) | 8,000 | |
Forfeiture (in shares) | (5,000) | |
Estimate Fair Value on Grant Date | $ 132 | |
March 2015 [Member] | LTIP [Member] | RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Canceled upon delivery (in shares) | (20,000) | |
April 2015 [Member] | LTIP [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Grant (in shares) | 15,950 | |
Estimate Fair Value on Grant Date | $ 275 | |
June 2015 [Member] | LTIP [Member] | RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Forfeiture (in shares) | (3,500) | |
July 2015 [Member] | LTIP [Member] | RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Grant (in shares) | 1,631 | |
Estimate Fair Value on Grant Date | $ 27 | |
August 2015 [Member] | LTIP [Member] | RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Forfeiture (in shares) | (5,000) | |
December 2015, One [Member] | LTIP [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) | 50,000 | |
Estimate Fair Value on Grant Date | $ 874 | |
December 2015, Two [Member] | LTIP [Member] | RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Grant (in shares) | 656,425 | |
Estimate Fair Value on Grant Date | $ 11,461 | |
January 2016 [Member] | LTIP [Member] | RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Canceled upon delivery (in shares) | (318,160) | |
Forfeiture (in shares) | (1,667) | |
February 2016 [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 | |
February 2016 [Member] | LTIP [Member] | RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Estimate Fair Value on Grant Date | $ 729 | |
March 2016 [Member] | LTIP [Member] | RSU [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 | |
Estimate Fair Value on Grant Date | $ 81 | |
April 2016 [Member] | LTIP [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 | |
Estimate Fair Value on Grant Date | $ 275 | |
June 2016 [Member] | LTIP [Member] | RSU [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) | |
July 2016 [Member] | LTIP [Member] | RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Canceled upon delivery (in shares) | (543) | |
Grant (in shares) | 1,528 | |
Forfeiture (in shares) | (12,792) | |
Estimate Fair Value on Grant Date | $ 25 | |
August 2016 [Member] | LTIP [Member] | RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Forfeiture (in shares) | (15,642) | |
September 2016 [Member] | LTIP [Member] | RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Canceled upon delivery (in shares) | (41,281) | |
Grant (in shares) | 6,146 | |
Estimate Fair Value on Grant Date | $ 101 | |
October 2016 [Member] | LTIP [Member] | RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Canceled upon delivery (in shares) | (30,900) | |
November 2016 [Member] | LTIP [Member] | RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Canceled upon delivery (in shares) | (6,146) | |
December 2016 [Member] | LTIP [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) | 75,000 | |
Estimate Fair Value on Grant Date | $ 1,251 | |
December 2016 [Member] | LTIP [Member] | RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Grant (in shares) | 843,271 | |
Estimate Fair Value on Grant Date | $ 14,015 |
Share-Based Payments - Summar71
Share-Based Payments - Summary of Restricted Stock and RSU Vesting Dates (Details) - LTIP [Member] | Dec. 31, 2016shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 1,521,536,000 |
January 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 5,161,000 |
April 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 5,164,000 |
June 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 544,000 |
July 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 4,004,000 |
October 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 3,997,000 |
December 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 657,112,000 |
January 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 2,749,000 |
April 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 2,755,000 |
June 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 544,000 |
July 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 1,420,000 |
October 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 1,424,000 |
December 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 527,707,000 |
January 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 1,419,000 |
April 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 1,424,000 |
December 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 306,112,000 |
Shares Vesting [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 150,110,000 |
Shares Vesting [Member] | January 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 5,161,000 |
Shares Vesting [Member] | April 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 5,164,000 |
Shares Vesting [Member] | June 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 0 |
Shares Vesting [Member] | July 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 4,004,000 |
Shares Vesting [Member] | October 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 3,997,000 |
Shares Vesting [Member] | December 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 53,923,000 |
Shares Vesting [Member] | January 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 2,749,000 |
Shares Vesting [Member] | April 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 2,755,000 |
Shares Vesting [Member] | June 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 0 |
Shares Vesting [Member] | July 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 1,420,000 |
Shares Vesting [Member] | October 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 1,424,000 |
Shares Vesting [Member] | December 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 41,670,000 |
Shares Vesting [Member] | January 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 1,419,000 |
Shares Vesting [Member] | April 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 1,424,000 |
Shares Vesting [Member] | December 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 25,000,000 |
RSU Vesting [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 1,371,426,000 |
RSU Vesting [Member] | January 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 0 |
RSU Vesting [Member] | April 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 0 |
RSU Vesting [Member] | June 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 544,000 |
RSU Vesting [Member] | July 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 0 |
RSU Vesting [Member] | October 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 0 |
RSU Vesting [Member] | December 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 603,189,000 |
RSU Vesting [Member] | January 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 0 |
RSU Vesting [Member] | April 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 0 |
RSU Vesting [Member] | June 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 544,000 |
RSU Vesting [Member] | July 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 0 |
RSU Vesting [Member] | October 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 0 |
RSU Vesting [Member] | December 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 486,037,000 |
RSU Vesting [Member] | January 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 0 |
RSU Vesting [Member] | April 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 0 |
RSU Vesting [Member] | December 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares vesting (in shares) | 281,112,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 21, 2015 | Dec. 31, 2016 | Sep. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | ||||||||
Common stock, shares authorized (in shares) | 450,000,000 | 450,000,000 | 450,000,000 | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | ||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||||
Common stock, shares issued (in shares) | 91,422,676 | 91,422,676 | 67,195,252 | |||||
Common shares outstanding (in shares) | 91,422,676 | 91,422,676 | 67,195,252 | |||||
Proceeds from issuance of common stock, net of offering costs | $ 177,796 | $ 193,148 | $ 158,439 | |||||
Payments of stock offering costs | $ 406 | $ 987 | $ 389 | |||||
Repurchase of common stock | $ 0 | $ 1,741 | $ 0 | |||||
Series A Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock dividend percentage | 8.625% | |||||||
Preferred stock, shares issued (in shares) | 3,450,000 | 3,450,000 | 3,450,000 | |||||
Preferred stock, shares outstanding (in shares) | 3,450,000 | 3,450,000 | 3,450,000 | |||||
Series B Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, shares issued (in shares) | 8,000,000 | 8,000,000 | 8,000,000 | |||||
Preferred stock, shares outstanding (in shares) | 8,000,000 | 8,000,000 | 8,000,000 | |||||
Series B Preferred Stock [Member] | Private Placement [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of stock (in shares) | 8,000,000 | |||||||
Price per share of issued stock (in dollars per share) | $ 24.71 | |||||||
Proceeds from private placement issuance | $ 346,855 | |||||||
Payments of stock offering costs | $ 500 | |||||||
Series C Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock dividend percentage | 8.00% | |||||||
Preferred stock, shares issued (in shares) | 6,900,000 | 6,900,000 | ||||||
Preferred stock, shares outstanding (in shares) | 6,900,000 | 6,900,000 | ||||||
Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Repurchases of common stock (in shares) | 107,432 | 107,432 | ||||||
Stock repurchases during period, price per share (in dollars per share) | $ 16.20 | |||||||
Repurchase of common stock | $ 1,741 | |||||||
Common Stock [Member] | Follow-on public offering [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of stock (in shares) | 10,500,000 | 11,500,000 | 9,706,000 | |||||
Price per share of issued stock (in dollars per share) | $ 16.97 | $ 16.82 | $ 16.35 | $ 16.97 | ||||
Common Stock [Member] | Private Placement [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of stock (in shares) | 8,823,529 | |||||||
Price per share of issued stock (in dollars per share) | $ 17 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock (Details) - $ / shares | Dec. 12, 2016 | Sep. 14, 2016 | Jun. 17, 2016 | Mar. 15, 2016 | Dec. 14, 2015 | Jul. 28, 2015 | Apr. 28, 2015 | Feb. 25, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 |
Class of Stock [Line Items] | ||||||||||||||||
Dividend Amount | $ 0.46 | $ 0.46 | $ 0.46 | $ 0.46 | $ 0.46 | $ 0.44 | $ 0.44 | $ 0.44 | ||||||||
Common Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Dividend Amount | $ 0.46 | $ 0.46 | $ 0.46 | $ 0.46 | $ 0.46 | $ 0.44 | $ 0.44 | $ 0.44 |
Stockholders' Equity - Preferre
Stockholders' Equity - Preferred Stock (Details) - $ / shares | Dec. 12, 2016 | Sep. 14, 2016 | Jun. 17, 2016 | Mar. 15, 2016 | Dec. 14, 2015 | Sep. 09, 2015 | Jun. 09, 2015 | Mar. 16, 2015 |
Series A Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Dividend Amount | $ 0.5391 | $ 0.5391 | $ 0.5391 | $ 0.5391 | $ 0.5391 | $ 0.5391 | $ 0.5391 | |
Series B Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Dividend Amount | $ 0.5000 | $ 0.5000 | $ 0.5000 | $ 0.50 | $ 0.6333 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) € in Thousands, $ in Thousands | 1 Months Ended | ||||||||||||
Feb. 28, 2015USD ($) | Feb. 28, 2015EUR (€) | Dec. 31, 2016USD ($)lawsuit | Dec. 31, 2016EUR (€)lawsuit | Sep. 30, 2016USD ($) | Sep. 30, 2016EUR (€) | Jun. 30, 2016USD ($) | Jun. 30, 2016EUR (€) | Dec. 31, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2014EUR (€) | Sep. 30, 2013USD ($) | Sep. 30, 2013EUR (€) | |
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Number of lawsuits | lawsuit | 2 | 2 | |||||||||||
KBCD Partnership [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Indirect ownership interest from limited partnership | 21.00% | 21.00% | |||||||||||
BKB Bank [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Indirect ownership interest from limited partnership | 9.34% | 9.34% | |||||||||||
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 | $ 2,947 | € 2,802 | $ 2,947 | € 2,802 | $ 2,947 | € 2,802 | |||||||
Champ LP [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Ownership interest | 48.00% | 48.00% | |||||||||||
Proceeds from sale of equity method investments | $ 20,794 | € 16,314 | |||||||||||
Subsidiaries [Member] | Champ Limited Partnership [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Indirect ownership interest from limited partnership | 59.00% | 59.00% | |||||||||||
Champ LP [Member] | KBC Bank Deutschland AG [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Indirect ownership interest from limited partnership | 35.00% | 35.00% | |||||||||||
Commercial and Subordinate Mortgage Loans [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Unfunded Commitment | $ | $ 170,365 |
Fair Value of Financial Instr76
Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Restricted cash | $ 62,457 | $ 30,127 |
Securities, held-to-maturity | 146,352 | 153,193 |
Carrying Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Cash and cash equivalents | 200,996 | 67,415 |
Restricted cash | 62,457 | 30,127 |
Carrying Value [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Securities, held-to-maturity | 146,352 | |
Borrowings under repurchase agreements | (1,146,566) | (925,774) |
Convertible senior notes, net | (249,994) | (248,173) |
Estimate of Fair Value Measurement [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Cash and cash equivalents | 200,996 | 67,415 |
Restricted cash | 62,457 | 30,127 |
Estimate of Fair Value Measurement [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Securities, held-to-maturity | 146,489 | 153,230 |
Borrowings under repurchase agreements | (1,146,807) | (925,920) |
Convertible senior notes, net | (268,124) | (253,986) |
Commercial Mortgage Portfolio Segment [Member] | Carrying Value [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,641,856 | 994,301 |
Commercial Mortgage Portfolio Segment [Member] | Estimate of Fair Value Measurement [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,648,896 | 999,517 |
Subordinate Mortgage Portfolio Segment [Member] | Carrying Value [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,051,236 | 931,351 |
Subordinate Mortgage Portfolio Segment [Member] | Estimate of Fair Value Measurement [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,060,882 | 939,545 |
Participating Mortgages [Member] | Carrying Value [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Participations sold | (84,979) | (118,201) |
Participating Mortgages [Member] | Estimate of Fair Value Measurement [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Participations sold | $ (85,072) | $ (118,226) |
Net Income (Loss) per Share - B
Net Income (Loss) per Share - Basic and Diluted Net Income per Share of Common Stock Using Two-Class Method (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | |||||||||||
Net income | $ 59,026 | $ 69,893 | $ 10,338 | $ 18,616 | $ 27,238 | $ 25,847 | $ 24,658 | $ 25,513 | $ 157,876 | $ 103,256 | $ 82,739 |
Preferred dividends | (9,310) | (9,310) | (5,860) | (5,815) | (5,860) | (2,304) | (1,860) | (1,860) | (30,295) | (11,884) | (7,440) |
Net income available to common stockholders | $ 49,716 | $ 60,583 | $ 4,478 | $ 12,801 | $ 21,378 | $ 23,543 | $ 22,798 | $ 23,653 | 127,581 | 91,372 | 75,299 |
Dividends declared on common stock | (141,236) | (111,864) | (71,089) | ||||||||
Dividends on participating securities | (2,087) | (1,350) | (506) | ||||||||
Net income (loss) attributable to common stockholders | $ (15,742) | $ (21,842) | $ 3,704 | ||||||||
Denominator: | |||||||||||
Basic weighted average shares of common stock outstanding (in shares) | 82,670,237 | 71,919,549 | 67,402,311 | 67,385,191 | 67,146,882 | 59,355,613 | 58,429,155 | 49,563,822 | 72,371,374 | 58,674,046 | 43,464,255 |
Diluted weighted average shares of common stock outstanding (in shares) | 83,548,823 | 72,861,611 | 68,374,557 | 68,327,718 | 67,754,673 | 59,934,008 | 59,022,217 | 50,171,687 | 73,305,101 | 59,273,280 | 43,684,805 |
Basic and diluted net income (loss) per weighted average share of common stock | |||||||||||
Distributable Earnings (in dollars per share) | $ 1.96 | $ 1.91 | $ 1.64 | ||||||||
Undistributed income (loss) (in dollars per share) | (0.22) | (0.37) | 0.08 | ||||||||
Basic and diluted net income per share of common stock (in dollars per share) | $ 0.60 | $ 0.83 | $ 0.06 | $ 0.18 | $ 0.32 | $ 0.39 | $ 0.39 | $ 0.47 | $ 1.74 | $ 1.54 | $ 1.72 |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Additional Information (Details) - shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
RSU Vesting [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Unvested RSUs | 933,727 | 599,234 |
Business Combination Business79
Business Combination Business Combination - Narrative (Details) - USD ($) | Aug. 31, 2016 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||
Proceeds from sale of mortgage based securities | $ 1,100,000,000 | |
Apollo Residential Mortgage, Inc. Merger [Member] | ||
Business Acquisition [Line Items] | ||
Transaction-related expenses | $ 11,350,000 | |
Loans Payable [Member] | ||
Business Acquisition [Line Items] | ||
Repayments of debt | 804,000,000 | |
Loans Payable [Member] | Athene Loan Agreement [Member] | ||
Business Acquisition [Line Items] | ||
Principal amount | 175,000,000 | |
Repayments of debt | $ 175,000,000 |
Business Combination - Fair Val
Business Combination - Fair Value of Net Assets and Consideration Paid (Details) - USD ($) $ in Thousands | Aug. 31, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Liabilities assumed: | ||||||||||||
Bargain Purchase gain | $ 0 | $ 40,021 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 40,021 | $ 0 | $ 0 | |
Apollo Residential Mortgage, Inc. Merger [Member] | ||||||||||||
Consideration Paid: | ||||||||||||
Cash | $ 220,159 | |||||||||||
Total consideration paid | 611,056 | |||||||||||
Assets acquired: | ||||||||||||
Cash and cash equivalents | 399,402 | |||||||||||
Restricted cash | 10,552 | |||||||||||
Investments | 1,491,484 | |||||||||||
Other assets | 34,822 | |||||||||||
Liabilities assumed: | ||||||||||||
Borrowings under repurchase agreements | (1,254,518) | |||||||||||
Other liabilities | (30,665) | |||||||||||
Net assets acquired | 651,077 | |||||||||||
Bargain Purchase gain | 40,021 | |||||||||||
Common Stock [Member] | Apollo Residential Mortgage, Inc. Merger [Member] | ||||||||||||
Consideration Paid: | ||||||||||||
Consideration transferred, equity interests issued and issuable | 218,397 | |||||||||||
Preferred Stock [Member] | Apollo Residential Mortgage, Inc. Merger [Member] | ||||||||||||
Consideration Paid: | ||||||||||||
Consideration transferred, equity interests issued and issuable | $ 172,500 |
Business Combination - Bargain
Business Combination - Bargain Purchase Gain (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||||||||||
Net income available to common stockholders | $ 49,716 | $ 60,583 | $ 4,478 | $ 12,801 | $ 21,378 | $ 23,543 | $ 22,798 | $ 23,653 | $ 127,581 | $ 91,372 | $ 75,299 |
Common shares outstanding (in shares) | 91,422,676 | 67,195,252 | 91,422,676 | 67,195,252 | |||||||
Basic and diluted net income per share of common stock (in dollars per share) | $ 0.60 | $ 0.83 | $ 0.06 | $ 0.18 | $ 0.32 | $ 0.39 | $ 0.39 | $ 0.47 | $ 1.74 | $ 1.54 | $ 1.72 |
Apollo Residential Mortgage, Inc. Merger [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total revenue | $ 349,948 | $ 352,264 | |||||||||
Net income available to common stockholders | $ 89,877 | $ 44,547 | |||||||||
Common shares outstanding (in shares) | 91,422,676 | 67,195,252 | 91,422,676 | 67,195,252 | |||||||
Basic and diluted net income per share of common stock (in dollars per share) | $ 0.98 | $ 0.66 |
Summarized Quarterly Results 82
Summarized Quarterly Results (Unaudited) - Schedule of Summarized Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net interest income: | |||||||||||
Interest income from securities | $ 3,901 | $ 8,029 | $ 7,607 | $ 8,049 | $ 8,343 | $ 8,293 | $ 8,265 | $ 8,287 | $ 27,586 | $ 33,188 | $ 21,189 |
Interest income from securities, held-to-maturity | 2,872 | 2,875 | 2,826 | 2,896 | 2,704 | 2,956 | 3,349 | 3,045 | 11,469 | 12,054 | 4,613 |
Interest income from commercial mortgage loans | 30,200 | 27,460 | 24,140 | 21,127 | 18,846 | 15,184 | 11,968 | 10,094 | 102,927 | 56,092 | 27,802 |
Interest income from subordinate loans | 32,746 | 32,207 | 28,067 | 29,375 | 25,623 | 25,445 | 21,152 | 18,610 | 122,394 | 90,830 | 69,743 |
Interest expense | (16,139) | (17,256) | (15,722) | (14,642) | (12,275) | (13,187) | (11,917) | (11,482) | (63,759) | (48,861) | (26,541) |
Net interest income | 53,580 | 53,315 | 46,918 | 46,805 | 43,241 | 38,691 | 32,817 | 28,554 | 200,617 | 143,303 | 96,806 |
Operating expenses: | |||||||||||
General and administrative expenses | (3,527) | (8,352) | (4,922) | (8,185) | (2,979) | (2,099) | (2,059) | (2,355) | (24,983) | (9,492) | (6,151) |
Management fees to related party | (7,015) | (5,903) | (5,242) | (5,229) | (5,294) | (4,097) | (3,887) | (3,341) | (23,388) | (16,619) | (11,960) |
Total operating expenses | (10,542) | (14,255) | (10,164) | (13,414) | (8,273) | (6,196) | (5,946) | (5,696) | (48,371) | (26,111) | (18,111) |
Income (loss) from unconsolidated joint venture | (303) | 80 | 59 | 68 | 2,972 | 108 | 384 | 0 | (96) | 3,464 | (157) |
Interest income from cash balances | 760 | 309 | 22 | 2 | 983 | 239 | 6 | 11 | 1,094 | 1,239 | 34 |
Provision for loan losses | 0 | 0 | (15,000) | 0 | 0 | 0 | 0 | 0 | (15,000) | 0 | 0 |
Realized loss on sale of securities | 4,059 | (225) | 0 | 0 | 0 | 0 | 0 | (443) | 3,834 | (443) | 0 |
Unrealized gain (loss) on securities | 10,502 | (9,798) | (11,728) | (15,074) | (11,618) | (6,926) | (2,273) | 3,409 | (26,099) | (17,408) | 4,147 |
Foreign currency gain (loss) | (7,359) | (4,369) | (13,082) | (4,474) | (3,121) | (3,998) | 6,169 | (3,944) | (29,284) | (4,894) | (4,050) |
Bargain Purchase gain | 0 | 40,021 | 0 | 0 | 0 | 0 | 0 | 0 | 40,021 | 0 | 0 |
Gain (loss) on derivative instruments | 8,329 | 4,815 | 13,313 | 4,703 | 3,054 | 3,929 | (6,499) | 3,622 | 31,160 | 4,106 | 4,070 |
Net income | 59,026 | 69,893 | 10,338 | 18,616 | 27,238 | 25,847 | 24,658 | 25,513 | 157,876 | 103,256 | 82,739 |
Preferred dividends | (9,310) | (9,310) | (5,860) | (5,815) | (5,860) | (2,304) | (1,860) | (1,860) | (30,295) | (11,884) | (7,440) |
Net income available to common stockholders | $ 49,716 | $ 60,583 | $ 4,478 | $ 12,801 | $ 21,378 | $ 23,543 | $ 22,798 | $ 23,653 | $ 127,581 | $ 91,372 | $ 75,299 |
Basic and diluted net income per share of common stock (in dollars per share) | $ 0.60 | $ 0.83 | $ 0.06 | $ 0.18 | $ 0.32 | $ 0.39 | $ 0.39 | $ 0.47 | $ 1.74 | $ 1.54 | $ 1.72 |
Basic weighted average shares of common stock outstanding (in shares) | 82,670,237 | 71,919,549 | 67,402,311 | 67,385,191 | 67,146,882 | 59,355,613 | 58,429,155 | 49,563,822 | 72,371,374 | 58,674,046 | 43,464,255 |
Diluted weighted average shares of common stock outstanding (in shares) | 83,548,823 | 72,861,611 | 68,374,557 | 68,327,718 | 67,754,673 | 59,934,008 | 59,022,217 | 50,171,687 | 73,305,101 | 59,273,280 | 43,684,805 |
Dividend declared per share of common stock (in dollars per share) | $ 0.46 | $ 0.46 | $ 0.46 | $ 0.46 | $ 0.46 | $ 0.44 | $ 0.44 | $ 0.44 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Feb. 28, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | ||||
Funding of commercial mortgage loans | $ 843,791 | $ 637,582 | $ 403,983 | |
Principal payments received on commercial mortgage loans | $ 210,383 | $ 105,618 | $ 105,501 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Funded amount of mortgages | $ 193,500 | |||
Funding of commercial mortgage loans | 190,300 | |||
Payments to fund previously closed commercial mortgage loans | 67,700 | |||
Principal payments received on commercial mortgage loans | $ 41,500 |
Schedule IV - Mortgage Loans 84
Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | $ 2,720,344 | |
Carrying amount of loans | 2,693,092 | |
Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 1,659,115 | $ 999,583 |
Carrying amount of loans | 1,641,856 | 994,301 |
Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 1,061,229 | 939,006 |
Carrying amount of loans | 1,051,236 | 931,351 |
Condominium [Member] | Condominium - Bethesda, Maryland [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 51,695 | |
Carrying amount of loans | $ 52,476 | |
Vacation Home Portfolio [Member] | Vacation Home Portfolio - Various [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest rate | 7.50% | |
Face amount of loans | $ 88,876 | 94,147 |
Carrying amount of loans | $ 88,195 | 93,277 |
Vacation Home Portfolio [Member] | Vacation Home Portfolio - Various, United States [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest rate | 7.00% | |
Face amount of loans | $ 59,500 | 50,000 |
Carrying amount of loans | 59,193 | 49,595 |
Hotel [Member] | Hotel - Philadelphia, PA [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 34,000 | 34,000 |
Carrying amount of loans | 33,987 | 33,994 |
Hotel [Member] | Hotel, New York, NY, September 2020 [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 108,857 | |
Carrying amount of loans | 108,768 | |
Hotel [Member] | Hotel, New York, NY, September 2020 [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 7,573 | |
Carrying amount of loans | 7,513 | |
Hotel [Member] | Hotel - U.S. Virgin Islands [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 42,000 | 42,000 |
Carrying amount of loans | $ 41,795 | 41,600 |
Hotel [Member] | Hotel Portfolio, Missouri [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest rate | 11.00% | |
Face amount of loans | $ 23,863 | |
Carrying amount of loans | $ 23,863 | |
Hotel [Member] | Hotel - Burbank, CA [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest rate | 10.40% | |
Face amount of loans | $ 20,000 | |
Carrying amount of loans | $ 20,000 | |
Hotel [Member] | Hotel - Phoenix, AZ [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest rate | 11.50% | |
Face amount of loans | $ 25,000 | |
Carrying amount of loans | 25,000 | |
Hotel [Member] | Hotel - Washington D.C. [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 20,000 | |
Carrying amount of loans | 19,978 | |
Hotel [Member] | Hotel, New York, NY, March 2017 [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 50,000 | |
Carrying amount of loans | 50,228 | |
Condo Pre-development [Member] | Condo Pre-development, United Kingdom [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 123,400 | |
Carrying amount of loans | 123,400 | |
Mixed Use [Member] | Mixed Use - Cincinnati, OH [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 165,000 | 165,000 |
Carrying amount of loans | 163,987 | 163,173 |
Mixed Use [Member] | Mixed Use - Brooklyn, NY [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 85,770 | 85,770 |
Carrying amount of loans | 86,142 | 85,658 |
Mixed Use [Member] | Mixed Use - New York, NY [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 45,789 | |
Carrying amount of loans | 45,541 | |
Mixed Use [Member] | Mixed Use, Chicago, IL [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 129,397 | |
Carrying amount of loans | $ 128,271 | |
Mixed Use [Member] | Mixed Use - North Carolina [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest rate | 11.10% | |
Face amount of loans | $ 6,525 | |
Carrying amount of loans | 6,525 | |
Mixed Use [Member] | Mixed Use, New York, NY, December 2019 [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 99,581 | |
Carrying amount of loans | 99,660 | |
Mixed Use [Member] | Mixed Use Various [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 45,000 | |
Carrying amount of loans | 45,174 | |
Mixed Use [Member] | Mixed Use, New York, NY, October 2019 [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 30,000 | |
Carrying amount of loans | 29,926 | |
Mixed Use [Member] | Mixed Use, New York, NY, October 2020 [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 30,175 | |
Carrying amount of loans | 29,924 | |
Multifamily [Member] | Multifamily, New York, New York [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 55,000 | |
Carrying amount of loans | 54,775 | |
Multifamily [Member] | Multifamily - Williston, ND [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 49,706 | 49,691 |
Carrying amount of loans | 39,713 | 49,665 |
Multifamily [Member] | Multifamily - Williston, ND [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 5,000 | |
Carrying amount of loans | 0 | |
Retail Redevelopment [Member] | Retail Redevelopment - Miami, FL [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 45,000 | 45,000 |
Carrying amount of loans | 45,415 | 44,925 |
Retail Redevelopment [Member] | Retail Redevelopment - Miami, FL (2) [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 220,000 | 33,000 |
Carrying amount of loans | 218,771 | 32,804 |
Retail [Member] | Retail, Brooklyn, NY, March 2017 [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 23,000 | 1,653 |
Carrying amount of loans | 23,012 | 1,636 |
Retail [Member] | Retail - Brooklyn, NY, March 2017 - 2 [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 5,910 | 5,910 |
Carrying amount of loans | 5,921 | 5,858 |
Retail [Member] | Retail, Brooklyn, NY, March 2017-3 [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 7,500 | |
Carrying amount of loans | 7,489 | |
Office [Member] | Office - Richmond, VA [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 54,000 | 54,000 |
Carrying amount of loans | 53,849 | $ 53,475 |
Office [Member] | Office - Boston, Massachusetts [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 28,659 | |
Carrying amount of loans | 28,543 | |
Office [Member] | Office, New York, NY [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 105,000 | |
Carrying amount of loans | $ 104,005 | |
Office [Member] | Office Complex - Missouri [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest rate | 11.75% | |
Face amount of loans | $ 9,414 | |
Carrying amount of loans | 9,414 | |
Condo Conversion [Member] | Condo Conversion - Brooklyn, NY [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 41,016 | |
Carrying amount of loans | 40,825 | |
Condo Conversion [Member] | Condo Conversion, New York, NY, July 2020 [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 59,636 | |
Carrying amount of loans | 59,442 | |
Condo Conversion [Member] | Healthcare Portfolio - Various [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 48,944 | |
Carrying amount of loans | 48,399 | |
Healthcare [Member] | Healthcare Portfolio - Various [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 130,000 | |
Carrying amount of loans | $ 128,856 | |
Data Center [Member] | Data Center - Manassas, VA [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest rate | 8.00% | |
Face amount of loans | $ 80,000 | |
Carrying amount of loans | $ 79,634 | |
Warehouse [Member] | Warehouse Portfolio - Various [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest rate | 11.50% | |
Face amount of loans | $ 32,000 | |
Carrying amount of loans | $ 32,000 | |
Office Condo [Member] | Office Condo - NY, NY [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest rate | 11.25% | |
Face amount of loans | $ 14,000 | |
Carrying amount of loans | $ 13,679 | |
Ski Resort [Member] | Ski Resort Montana [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest rate | 14.00% | |
Face amount of loans | $ 15,000 | |
Carrying amount of loans | 14,773 | |
Senior Housing Facility [Member] | Senior Housing - United Kingdom [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 41,693 | |
Carrying amount of loans | 41,693 | |
Multifamily Portfolio [Member] | Multifamily Portfolio - Florida [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 22,000 | |
Carrying amount of loans | 21,967 | |
Multifamily Portfolio [Member] | Multifamily Portfolio - Florida (2) [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 15,500 | |
Carrying amount of loans | 15,477 | |
Condo Development [Member] | Condo Development, New York, NY, July 2020 [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 56,925 | |
Carrying amount of loans | 56,693 | |
Destination Resort [Member] | Destination Resort, Various [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face amount of loans | 75,000 | |
Carrying amount of loans | $ 72,877 | |
London Interbank Offered Rate (LIBOR) [Member] | Condo Construction [Member] | Condominium - Bethesda, Maryland [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 15.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Hotel [Member] | Hotel - Philadelphia, PA [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 4.55% | |
London Interbank Offered Rate (LIBOR) [Member] | Hotel [Member] | Hotel, New York, NY, September 2020 [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 5.25% | |
London Interbank Offered Rate (LIBOR) [Member] | Hotel [Member] | Hotel, New York, NY, September 2020 [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 5.25% | |
London Interbank Offered Rate (LIBOR) [Member] | Hotel [Member] | Hotel - U.S. Virgin Islands [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 4.95% | |
London Interbank Offered Rate (LIBOR) [Member] | Hotel [Member] | Hotel, New York, NY, August 2021 [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 6.30% | |
London Interbank Offered Rate (LIBOR) [Member] | Hotel [Member] | Hotel - Washington D.C. [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 9.60% | |
London Interbank Offered Rate (LIBOR) [Member] | Hotel [Member] | Hotel, New York, NY, March 2017 [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 12.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Mixed Use [Member] | Mixed Use - Cincinnati, OH [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 9.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Mixed Use [Member] | Mixed Use - Brooklyn, NY [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 7.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Mixed Use [Member] | Mixed Use - New York, NY [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 6.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Mixed Use [Member] | Mixed Use, Chicago, IL [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 5.50% | |
London Interbank Offered Rate (LIBOR) [Member] | Mixed Use [Member] | Mixed Use, New York, NY, December 2019 [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 10.50% | |
London Interbank Offered Rate (LIBOR) [Member] | Mixed Use [Member] | Mixed Use Various [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 9.05% | |
London Interbank Offered Rate (LIBOR) [Member] | Mixed Use [Member] | Mixed Use, New York, NY, October 2019 [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 10.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Mixed Use [Member] | Mixed Use, New York, NY, October 2020 [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 12.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Multifamily [Member] | Multifamily, New York, New York [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 10.50% | |
London Interbank Offered Rate (LIBOR) [Member] | Multifamily [Member] | Multifamily - Williston, ND [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 5.90% | |
London Interbank Offered Rate (LIBOR) [Member] | Multifamily [Member] | Multifamily - Williston, ND [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 5.90% | |
London Interbank Offered Rate (LIBOR) [Member] | Retail Redevelopment [Member] | Retail Redevelopment - Miami, FL [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 6.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Retail Redevelopment [Member] | Retail Redevelopment - Miami, FL (2) [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 6.25% | |
London Interbank Offered Rate (LIBOR) [Member] | Retail [Member] | Retail, Brooklyn, NY, March 2017 [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 7.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Retail [Member] | Retail - Brooklyn, NY, March 2017 - 2 [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 7.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Retail [Member] | Retail, Brooklyn, NY, March 2017-3 [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 7.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Retail [Member] | Retail, New York, NY, December 2018 [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 5.75% | |
London Interbank Offered Rate (LIBOR) [Member] | Office [Member] | Office - Richmond, VA [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 5.15% | |
London Interbank Offered Rate (LIBOR) [Member] | Office [Member] | Office - Boston, Massachusetts [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 6.25% | |
London Interbank Offered Rate (LIBOR) [Member] | Office [Member] | Office, New York, NY [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 4.70% | |
London Interbank Offered Rate (LIBOR) [Member] | Condo Conversion [Member] | Condo Conversion - Brooklyn, NY [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 6.50% | |
London Interbank Offered Rate (LIBOR) [Member] | Condo Conversion [Member] | Condo Conversion, New York, NY, July 2020 [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 12.25% | |
London Interbank Offered Rate (LIBOR) [Member] | Condo Conversion [Member] | Healthcare Portfolio - Various [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 10.75% | |
London Interbank Offered Rate (LIBOR) [Member] | Healthcare [Member] | Healthcare Portfolio - Various [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 10.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Mixed Use Pre-development [Member] | Mixed Use Pre-development [Member] | Commercial Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 6.75% | |
London Interbank Offered Rate (LIBOR) [Member] | Multifamily Portfolio [Member] | Multifamily Portfolio - Florida [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 11.50% | |
London Interbank Offered Rate (LIBOR) [Member] | Multifamily Portfolio [Member] | Multifamily Portfolio - Florida (2) [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 11.50% | |
London Interbank Offered Rate (LIBOR) [Member] | Condo Development [Member] | Condo Development, New York, NY, July 2020 [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 12.75% | |
London Interbank Offered Rate (LIBOR) [Member] | Destination Resort [Member] | Destination Resort, Various [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 8.90% | |
Three Month LIBOR [Member] | Condo Pre-development [Member] | Condo Pre-development, United Kingdom [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 12.50% | |
Three Month LIBOR [Member] | Senior Housing Facility [Member] | Senior Housing - United Kingdom [Member] | Subordinate Mortgage Portfolio Segment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on variable interest rate | 8.25% |
Schedule IV - Mortgage Loans 85
Schedule IV - Mortgage Loans on Real Estate (Details 2) $ in Thousands | Dec. 31, 2016USD ($) |
Mortgage Loans on Real Estate [Abstract] | |
Aggregate cost of mortgage loans on real estate | $ 2,708,092 |
Schedule IV - Mortgage Loans 86
Schedule IV - Mortgage Loans on Real Estate - Summary of Changes in Carrying Amounts of Mortgage Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | ||
Balance at beginning of year | $ 1,925,652 | $ 1,019,702 |
Funding of loans | 1,127,039 | 1,366,062 |
Sales | 0 | (136,573) |
Collections of principal | (331,189) | (348,516) |
Participation sold | (24,051) | |
Discount accretion | 13,656 | 9,096 |
Provision for loan losses | (15,000) | 0 |
Foreign currency loss | (33,383) | (6,116) |
Payment-in-kind | 30,368 | 21,997 |
Balance at the close of year | $ 2,693,092 | $ 1,925,652 |