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Condensed Consolidated Statement of Operations (USD $) In Thousands, except Share data, unless otherwise specified | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012
Net interest income: |  |  |  |
Interest income from securities | $ 3,014 | $ 3,230 | $ 6,101 | $ 8,552
Interest income from commercial mortgage loans | 3,676 | 2,791 | 7,268 | 5,026
Interest income from subordinate loans | 11,498 | 5,859 | 22,953 | 11,172
Interest income from repurchase agreements |  | 2,000 | 2 | 3,559
Interest expense | (955) | (1,929) | (2,024) | (5,171)
Net interest income | 17,233 | 11,951 | 34,300 | 23,138
Operating expenses: |  |  |  |
General and administrative expenses (includes $428 and $1,311 of equity based compensation in 2013 and $886 and $1,969 in 2012, respectively) | (1,437) | (2,762) | (3,333) | (4,798)
Management fees to related party | (2,600) | (1,292) | (4,759) | (2,581)
Total operating expenses | (4,037) | (4,054) | (8,092) | (7,379)
Interest income from cash balances | 16 |  | 16 | 1
Realized gain on sale of securities |  |  |  | 262
Unrealized gain (loss) on securities | (1,421) | 2,078 | (2,500) | 3,463
Loss on derivative instruments (includes $57 and $130 of unrealized gains in 2013 and $192 and $188 of unrealized gains in 2012, respectively) | (2) | (65) | (3) | (482)
Net income | 11,789 | 9,910 | 23,721 | 19,003
Preferred dividends | (1,860) |  | (3,720) |
Net income available to common stockholders | $ 9,929 | $ 9,910 | $ 20,001 | $ 19,003
Basic and diluted net income per share of common stock | $ 0.27 | $ 0.47 | $ 0.59 | $ 0.91
Basic and diluted weighted average shares of common stock outstanding | 37,373,885 | 20,991,450 | 33,946,329 | 20,978,938
Dividend declared per share of common stock | $ 0.40 | $ 0.40 | $ 0.80 | $ 0.80

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