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Loans (Details) (USD $)
9 Months Ended12 Months Ended
Sep. 30, 2011
Dec. 31, 2010
Investments in mortgages and loans  
Carrying Value$ 1,987,587,000$ 1,425,243,000
Face Amount2,077,006,0001,525,605,000
Loans with variable rates of interest797,600,000332,700,000
Loans with variable rates of interest (as a percent)40.10%23.30%
Weighted average spread of loans (as a percent)4.73%2.30%
Variable rate basis of loansLIBOR, 1-Month LIBOR, 3-Month LIBOR LIBOR, 1-Month LIBOR, 3-Month LIBOR
Risk ratings by class of loan  
Total loans1,987,587,0001,425,243,000
Movement of loans held for investment  
Beginning Balance1,425,243,000 
Acquisitions/Origination1,243,740,000 
Additional fundings (l)44,807,000 
Capitalized Interest4,404,000 
Loans sold(288,812,000) 
Loan maturities(264,615,000) 
Transfer out - loan converted to a security(176,635,000) 
Principal repayments(13,092,000) 
Discount/premium amortization18,461,000 
Unrealized foreign currency remeasurement loss(4,189,000) 
Unrealized loss on loans held for sale at fair value(1,725,000) 
Balance at the end of the period1,987,587,0001,425,243,000
Total loans held for investment
  
Investments in mortgages and loans  
Carrying Value1,816,047,0001,230,783,000
Face Amount1,903,392,0001,330,966,000
Risk ratings by class of loan  
Total loans1,816,047,0001,230,783,000
First Mortgages
  
Investments in mortgages and loans  
Carrying Value765,198,000757,684,000
Face Amount781,829,000797,154,000
Weighted Average Coupon (as a percent)7.80%6.90%
Weighted Average Life (years)3.33.3
Risk ratings by class of loan  
Total loans765,198,000757,684,000
First Mortgages | Rating 2
  
Investments in mortgages and loans  
Carrying Value88,436,000 
Risk ratings by class of loan  
Total loans88,436,000 
First Mortgages | Rating 3
  
Investments in mortgages and loans  
Carrying Value642,689,000 
Risk ratings by class of loan  
Total loans642,689,000 
First Mortgages | Rating 4
  
Investments in mortgages and loans  
Carrying Value34,073,000 
Risk ratings by class of loan  
Total loans34,073,000 
Subordinated Mortgages
  
Investments in mortgages and loans  
Carrying Value415,636,000406,410,000
Face Amount468,215,000465,929,000
Weighted Average Coupon (as a percent)6.70%6.60%
Weighted Average Life (years)4.24.9
Risk ratings by class of loan  
Total loans415,636,000406,410,000
Subordinated Mortgages | Rating 2
  
Investments in mortgages and loans  
Carrying Value129,831,000 
Risk ratings by class of loan  
Total loans129,831,000 
Subordinated Mortgages | Rating 3
  
Investments in mortgages and loans  
Carrying Value232,202,000 
Risk ratings by class of loan  
Total loans232,202,000 
Subordinated Mortgages | Rating 4
  
Investments in mortgages and loans  
Carrying Value53,603,000 
Risk ratings by class of loan  
Total loans53,603,000 
Mezzanine Loans
  
Investments in mortgages and loans  
Carrying Value635,213,00066,689,000
Face Amount653,348,00067,883,000
Weighted Average Coupon (as a percent)8.50%10.80%
Weighted Average Life (years)3.24.8
Risk ratings by class of loan  
Total loans635,213,00066,689,000
Mezzanine Loans | Rating 2
  
Investments in mortgages and loans  
Carrying Value138,294,000 
Risk ratings by class of loan  
Total loans138,294,000 
Mezzanine Loans | Rating 3
  
Investments in mortgages and loans  
Carrying Value489,253,000 
Risk ratings by class of loan  
Total loans489,253,000 
Mezzanine Loans | Rating 4
  
Investments in mortgages and loans  
Carrying Value7,666,000 
Risk ratings by class of loan  
Total loans7,666,000 
First mortgages held for sale at fair value
  
Investments in mortgages and loans  
Carrying Value121,229,000144,163,000
Face Amount122,954,000143,901,000
Weighted Average Coupon (as a percent)5.90%5.70%
Weighted Average Life (years)9.24.9
Risk ratings by class of loan  
Total loans121,229,000144,163,000
First mortgages held for sale at fair value | Rating 2
  
Investments in mortgages and loans  
Carrying Value84,295,000 
Risk ratings by class of loan  
Total loans84,295,000 
First mortgages held for sale at fair value | Rating 3
  
Investments in mortgages and loans  
Carrying Value36,934,000 
Risk ratings by class of loan  
Total loans36,934,000 
Loans held in securitization trust
  
Investments in mortgages and loans  
Carrying Value50,311,00050,297,000
Face Amount50,660,00050,738,000
Weighted Average Coupon (as a percent)5.00%5.00%
Weighted Average Life (years)3.74.2
Risk ratings by class of loan  
Total loans50,311,00050,297,000
Loans held in securitization trust | Rating 2
  
Investments in mortgages and loans  
Carrying Value13,214,000 
Risk ratings by class of loan  
Total loans13,214,000 
Loans held in securitization trust | Rating 3
  
Investments in mortgages and loans  
Carrying Value37,097,000 
Risk ratings by class of loan  
Total loans37,097,000 
Rating 1
  
Investments in mortgages and loans  
Maximum LTV (as a percent)65.00% 
Rating 2
  
Investments in mortgages and loans  
Carrying Value454,070,000 
Maximum LTV (as a percent)70.00% 
Risk ratings by class of loan  
Total loans454,070,000 
Rating 3
  
Investments in mortgages and loans  
Carrying Value1,438,175,000 
Maximum LTV (as a percent)80.00% 
Risk ratings by class of loan  
Total loans1,438,175,000 
Rating 4
  
Investments in mortgages and loans  
Carrying Value95,342,000 
LTV, low end of range (as a percent)80.00% 
LTV, high end of range (as a percent)90.00% 
Risk ratings by class of loan  
Total loans95,342,000 
Rating 5
  
Investments in mortgages and loans  
Threshold LTV (as a percent)90.00% 
California
  
Investments in mortgages and loans  
Face Amount165,500,000 
Risk ratings by class of loan  
Number of units in the portfolio6 
Northern Virginia
  
Investments in mortgages and loans  
Face Amount188,000,000 
Risk ratings by class of loan  
Interest acquired in mezzanine loan (as a percent)90.00% 
Number of units in the portfolio10 
Amount of mortgage collateralized156,500,000 
U.S
  
Investments in mortgages and loans  
Face Amount137,800,000 
Risk ratings by class of loan  
Number of units in the portfolio28 
Amount of mortgage collateralized127,100,000 
North Carolina
  
Investments in mortgages and loans  
Face Amount175,000,000 
Pennsylvania
  
Investments in mortgages and loans  
Face Amount60,500,000 
Risk ratings by class of loan  
Number of units in the portfolio2 
1-month LIBOR
  
Investments in mortgages and loans  
Loans with variable rates of interest670,300,000211,500,000
Weighted average spread of loans (as a percent)0.2394%0.2606%
3-month LIBOR
  
Investments in mortgages and loans  
Loans with variable rates of interest$ 127,300,000$ 121,200,000
Weighted average spread of loans (as a percent)0.3743%0.3028%