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Subsequent Events | 6 Months Ended
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Jun. 30, 2012
Subsequent Events [Abstract] |
Subsequent Events | SUBSEQUENT EVENTS Management has evaluated events and circumstances occurring as of and through the date this Quarterly Report on Form 10-Q was filed with the SEC and made available to the public and has determined that there have been no significant events or circumstances that qualify as "recognized" subsequent events as defined by ASC Topic 855. The following events, which occurred subsequent to June 30, 2012 and before the filing of this Quarterly Report on Form 10-Q, qualify as "nonrecognized subsequent events" as defined by ASC Topic 855: On August 1, 2012, the Company closed an offering of 2,300,000 shares of 8.50% Series A Cumulative Redeemable Preferred Stock, par value of $0.01 per share and liquidation preference $25.00 per share, which includes 300,000 shares issued pursuant to an option to purchase additional shares that was exercised by the underwriters. The Company received net proceeds before expenses of $55,689, including the additional proceeds from the underwriters' overallotment option which was fully exercised. The Company anticipates using the proceeds to acquire additional investments consistent with its investment strategy and for general corporate purposes, which may include, among other things, repayment of maturing obligations, capital expenditures and working capital. The Company entered into a $200,000 committed two-year repurchase financing agreement with Wells Fargo Bank, N.A. on August 6, 2012. The Company anticipates financing certain of its CMBS investments with this facility. The facility will bear interest at a variable rate that will reset monthly based on a spread to the 1-month LIBOR rate. The facility contains customary provisions with respect to collateral maintenance requirements and allows Wells Fargo to request additional collateral if the market value of the collateral pledged declines in value. The facility includes financial covenants with respect to minimum net worth, changes in net worth, and leverage levels.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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