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Condensed Consolidated Statement of Operations (USD $) In Thousands, except Share data, unless otherwise specified | 3 Months Ended
--- | ---
Mar. 31, 2013 | Mar. 31, 2012
Net interest income: |  |
Interest income from securities | $ 3,087 | $ 5,323
Interest income from commercial mortgage loans | 3,592 | 2,234
Interest income from subordinate loans | 11,454 | 5,313
Interest income from repurchase agreements | 2 | 1,559
Interest expense | (1,068) | (3,242)
Net interest income | 17,067 | 11,187
Operating expenses: |  |
General and administrative expenses (includes $883 and $1,083 of equity based compensation in 2013 and 2012, respectively) | (1,895) | (2,036)
Management fees to related party | (2,160) | (1,289)
Total operating expenses | (4,055) | (3,325)
Interest income from cash balances |  | 1
Realized gain on sale of securities |  | 262
Unrealized gain (loss) on securities | (1,080) | 1,385
Gain (loss) on derivative instruments (includes $72 and $(5) of unrealized gains (losses) in 2013 and 2012, respectively) |  | (417)
Net income | 11,932 | 9,093
Preferred dividends | (1,860) |
Net income available to common stockholders | $ 10,072 | $ 9,093
Basic and diluted net income per share of common stock | $ 0.33 | $ 0.43
Basic and diluted weighted average shares of common stock outstanding | 30,105,939 | 20,966,426
Dividend declared per share of common stock | $ 0.40 | $ 0.40

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