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Subsequent Events | 9 Months Ended
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Sep. 30, 2017
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events On October 13, 2017, the Company closed on an underwritten public offering of 5,400,000 shares of the Company's 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.01 par value per share ("Series D Preferred Stock"), including 400,000 shares of Series D Preferred Stock issued pursuant to the partial exercise of the underwriters' option to purchase up to 750,000 additional shares. Holders of Series D Preferred Stock will be entitled to receive cumulative cash dividends (i) from and including the original issue date to, but excluding, October 15, 2027 at a fixed rate equal to 8.00% per annum of the$25.00 per share liquidation preference (equivalent to $2.00 per annum per share) and (ii) from and including October 15, 2027 at a floating rate equal to three-month LIBOR plus a spread of 5.695% per annum of the $25.00 per share liquidation preference. The Series D Preferred Stock is not redeemable by the Company prior to October 15, 2027, except under circumstances where it is necessary to preserve the Company’s qualification as a REIT for U.S. federal income tax purposes and except in certain instances upon the occurrence of a change of control. The issuance and sale of the 5,400,000 shares of Series D Preferred Stock resulted in total net proceeds to the Company of approximately $130.4 million after deduction of underwriting discounts and commissions and estimated offering expenses. On October 27, 2017, the Company purchased $36.7 million in first loss tranche PO and certain IO securities issued by a Freddie Mac-sponsored multi-family K-Series securitization collateralized by multi-family loans in the amount of approximately $1.3 billion.

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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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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