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Debt Obligations (Tables)
 12 Months Ended
Dec. 31, 2013
Repurchase agreements and credit facilities
  
Debt Obligations  
Schedule of borrowings

 

 

 
   December 31, 2013   December 31, 2012  
 
   Debt
Carrying
Value		   Collateral
Carrying
Value		   Weighted
Average
Note Rate		   Debt
Carrying
Value		   Collateral
Carrying
Value		   Weighted
Average
Note Rate		  

Repurchase agreement

   $ 12,497,000   $ 15,536,049     1.75 % $ 35,072,000   $ 43,604,281     1.75 %

Repurchase agreement

     14,425,553     18,944,735     2.00 %   689,619     827,488     1.73 %

$75.0 million warehousing credit facility

     33,300,540     45,705,813     2.46 %   50,000,000     70,075,000     3.00 %

$50.0 million warehousing credit facility

     30,838,180     46,774,000     2.70 %   —     —     —  

$40.0 million warehousing credit facility

     15,063,750     21,800,000     2.20 %   —     —     —  

$33.0 million warehousing credit facility

     33,000,000     55,000,000     2.45 %   —     —     —  

$17.3 million warehousing credit facility

     —     —     —     17,300,000     30,000,000     3.00 %

$12.6 million warehousing credit facility

     —     —     —     12,600,000     18,000,000     3.00 %

$20.0 million revolving credit facility

     20,000,000     —     8.50 %   15,000,000     —     8.50 %
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total repurchase agreements and credit facilities

   $ 159,125,023   $ 203,760,597     3.16 % $ 130,661,619   $ 162,506,769     3.25 %
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           
Collateralized debt obligations
  
Debt Obligations  
Schedule of borrowings

  The following table outlines borrowings and the corresponding collateral under the Company's collateralized debt obligations as of December 31, 2013:

 
    
    
   Collateral    
  
 
   Debt   Loans   Securities   Cash    
  
 
   Face
Value		   Carrying
Value		   Unpaid
Principal(1)		   Carrying
Value(1)		   Face
Value		   Carrying
Value		   Fair
Value		   Restricted
Cash(3)		   Collateral
At-Risk(4)		  

CDO I

   $ 126,753,077   $ 132,399,560   $ 284,758,473   $ 237,194,618   $ —   $ —   $ —   $ 79,986   $ 179,466,954  

CDO II

     196,046,587     201,847,417     362,150,693     312,859,875     —     —     —     1,719,760     187,213,841  

CDO III

     296,754,194     305,376,004     395,783,494     365,236,505     —     —     —     23,607,813     240,503,823  
                                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total CDOs

   $ 619,553,858   $ 639,622,981   $ 1,042,692,660   $ 915,290,998   $ —   $ —   $ —   $ 25,407,559   $ 607,184,618  
                                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                       

 

 

        The following table outlines borrowings and the corresponding collateral under the Company's collateralized debt obligations as of December 31, 2012:

 
    
    
   Collateral    
  
 
   Debt   Loans   Securities   Cash    
  
 
   Face
Value		   Carrying
Value		   Unpaid
Principal(1)		   Carrying
Value(1)		   Face
Value		   Carrying
Value		   Fair
Value(2)		   Restricted
Cash(3)		   Collateral
At-Risk(4)		  

CDO I

   $ 133,994,136   $ 139,856,472   $ 299,881,599   $ 238,852,726   $ —   $ —   $ —   $ 1,036,155   $ 207,772,049  

CDO II

     231,186,301     237,209,429     395,266,909     345,919,525     10,000,000     1,100,000     1,100,000     470,952     188,271,174  

CDO III

     426,458,233     435,386,944     515,403,735     485,235,214     —     —     —     24,819,361     244,697,945  
                                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total CDOs

   $ 791,638,670   $ 812,452,845   $ 1,210,552,243   $ 1,070,007,465   $ 10,000,000   $ 1,100,000   $ 1,100,000   $ 26,326,468   $ 640,741,168  
                                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                       
(1)
Amounts include loans to real estate assets consolidated by the Company that were reclassified to real estate owned and held-for-sale, net on the Consolidated Financial Statements.

(2)
The security with a fair value of $1.1 million was rated a CCC- at December 31, 2012 by Standard & Poor's and was sold in May 2013.

(3)
Represents restricted cash held for principal repayments in the CDOs. Does not include restricted cash related to interest payments, delayed fundings and expenses.

(4)
Amounts represent the face value of collateral in default, as defined by the CDO indenture, as well as assets deemed to be "credit risk." Credit risk assets are reported by each of the CDOs and are generally defined as one that, in the CDO collateral manager's reasonable business judgment, has a significant risk of declining in credit quality or, with a passage of time, becoming a defaulted asset.
Schedule of face amount and gain on extinguishment of the company's CDO bonds repurchased by bond class

 

 

 
   Year Ended December 31,  
 
   2013   2012   2011  
Class:
  Face
Amount		   Gain   Face
Amount		   Gain   Face
Amount		   Gain  

B

   $ —   $ —   $ 13,000,000   $ 4,615,000   $ 5,654,540   $ 2,086,799  

C

     —     —     3,329,509     1,200,182     7,005,291     3,502,815  

D

     —     —     13,350,000     5,819,066     2,433,912     1,428,950  

E

     —     —     13,765,276     6,445,033     2,291,855     1,403,761  

F

     —     —     9,708,556     5,048,417     3,918,343     2,455,892  

G

     —     —     8,672,039     4,777,138     —     —  

H

     9,935,088     4,930,772     4,403,771     2,554,187     —     —  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 9,935,088   $ 4,930,772   $ 66,229,151   $ 30,459,023   $ 21,303,941   $ 10,878,217  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           
Collateralized loan obligations
  
Debt Obligations  
Schedule of borrowings

 The following table outlines borrowings and the corresponding collateral under the Company's CLOs as of December 31, 2013:

 
   Debt   Collateral    
  
 
    
    
   Loans   Cash    
  
 
   Face Value   Carrying
Value		   Unpaid
Principal		   Carrying
Value		   Restricted
Cash(1)		   Collateral
At-Risk(2)		  

CLO I

   $ 87,500,000   $ 87,500,000   $ 114,414,154   $ 113,940,857   $ 10,672,496   $     —  

CLO II

     177,000,000     177,000,000     255,016,564     253,989,391     4,621,675         —  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total CLOs

   $ 264,500,000   $ 264,500,000   $ 369,430,718   $ 367,930,248   $ 15,294,171   $     —  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

  •  

(1)
Represents restricted cash held for principal repayments in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses.

(2)
Amounts represent the face value of collateral in default, as defined by the CLO indenture, as well as assets deemed to be "credit risk." Credit risk assets are reported by each of the CLOs and are generally defined as one that, in the CLO collateral manager's reasonable business judgment, has a significant risk of declining in credit quality or, with a passage of time, becoming a defaulted asset.

        The following table outlines borrowings and the corresponding collateral under the Company's CLOs as of December 31, 2012:

 
   Debt   Collateral  
 
    
    
   Loans   Cash  
 
   Face Value   Carrying
Value		   Unpaid
Principal		   Carrying
Value		   Restricted
Cash		  

CLO I

   $ 87,500,000   $ 87,500,000   $ 125,086,650   $ 124,525,103   $     —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       
Notes payable
  
Debt Obligations  
Schedule of borrowings

 

 

 
   December 31, 2013   December 31, 2012  
 
   Debt
Carrying
Value		   Collateral
Carrying
Value		   Debt
Carrying
Value		   Collateral
Carrying
Value		  

Note payable relating to investment in equity affiliate, expiration July 2016, interest is fixed, the weighted average note rate was 4.06%

   $ —   $ —   $ 50,157,708   $ 55,988,411  

Junior loan participation, secured by the Company's interest in a first mortgage loan with a principal balance of $1.3 million, participation interest was based on a portion of the interest received from the loan which has a fixed rate of 9.57%

    
1,300,000		    
1,300,000		    
1,300,000		    
1,300,000		  

Junior loan participation, maturity of March 2014, secured by the Company's interest in a mezzanine loan with a principal balance of $3.0 million, participation interest is a fixed rate of 15.00%

    
450,000		    
450,000		    
—		    
—		  

Junior loan participation, maturity of October 2018, secured by the Company's interest in a mezzanine loan with a principal balance of $3.0 million, participation interest is a fixed rate of 13.00%

    
750,000		    
750,000		    
—		    
—		  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total notes payable

   $ 2,500,000   $ 2,500,000   $ 51,457,708   $ 57,288,411  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   
Collateralized debt obligations and collateralized loan obligations
  
Debt Obligations  
Summary of the company's CDO and CLO compliance tests as of the most recent determination dates

  The chart below is a summary of the Company's CDO and CLO compliance tests as of the most recent determination dates in January 2014:

Cash Flow Triggers
  CDO I   CDO II   CDO III   CLO I   CLO II  

Overcollateralization(1)

                                

Current

     167.15 %   137.87 %   107.80 %   142.96 %   146.89 %

Limit

     145.00 %   127.30 %   105.60 %   137.86 %   144.25 %

Pass / Fail

     Pass     Pass     Pass     Pass     Pass  

Interest Coverage(2)

                                

Current

     547.23 %   430.96 %   779.18 %   289.34 %   325.74 %

Limit

     160.00 %   147.30 %   105.60 %   120.00 %   120.00 %

Pass / Fail

     Pass     Pass     Pass     Pass     Pass  
(1)
The overcollateralization ratio divides the total principal balance of all collateral in the CDO and CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset's principal balance for purposes of the overcollateralization test is the lesser of the asset's market value or the principal balance of the defaulted asset multiplied by the asset's recovery rate which is determined by the rating agencies. Rating downgrades of CDO and CLO collateral will generally not have a direct impact on the principal balance of a CDO and CLO asset for purposes of calculating the CDO and CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC-) as defined in each CDO and CLO vehicle.

(2)
The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by the Company.
Summary of the Company's CDO and CLO overcollateralization ratios

 

 

Determination Date
  CDO I   CDO II   CDO III   CLO I   CLO II  

January 2014

     167.15 %   137.87 %   107.80 %   142.96 %   146.89 %

October 2013

     166.88 %   133.77 %   106.64 %   142.96 %   146.89 %

July 2013

     176.69 %   139.10 %   106.61 %   142.96 %   146.89 %

April 2013

     174.76 %   138.97 %   106.56 %   142.96 %   146.89 %

January 2013

     172.73 %   138.89 %   105.90 %   142.96 %   —