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Consolidated Statements of Operations (USD $) In Thousands, except Share data, unless otherwise specified | 3 Months Ended | 12 Months Ended
--- | --- | ---
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011
Net interest income: |  |  |  |  |  |  |  |  |  |  |
Interest income from securities | $ 3,633 | $ 2,533 | $ 3,014 | $ 3,087 | $ 3,120 | $ 3,674 | $ 3,230 | $ 5,323 | $ 12,267 | $ 15,347 | $ 25,323
Interest income from commercial mortgage loans | 3,812 | 4,954 | 3,676 | 3,592 | 2,930 | 2,825 | 2,791 | 2,234 | 16,034 | 10,780 | 9,153
Interest income from subordinate loans | 14,026 | 12,184 | 11,498 | 11,454 | 7,350 | 6,144 | 5,859 | 5,313 | 49,162 | 24,666 | 13,678
Interest income from repurchase agreements | 0 | 0 | 0 | 2 | 366 | 2,361 | 2,000 | 1,559 | 0 | 6,286 | 4,764
Interest expense | (1,450) | (885) | (955) | (1,068) | (1,463) | (1,768) | (1,929) | (3,242) | (4,356) | (8,402) | (14,454)
Net interest income | 20,021 | 18,786 | 17,233 | 17,067 | 12,303 | 13,236 | 11,951 | 11,187 | 73,107 | 48,677 | 38,464
Operating expenses: |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses (includes equity-based compensation of $3,488 in 2013, $3,624 in 2012 and $1,788 in 2011 ) | (2,438) | (1,793) | (1,437) | (1,895) | (1,315) | (2,430) | (2,762) | (2,036) | (7,563) | (8,543) | (5,652)
Management fees to related party | (2,627) | (2,625) | (2,600) | (2,160) | (2,040) | (1,518) | (1,292) | (1,289) | (10,012) | (6,139) | (4,728)
Total operating expenses | (5,065) | (4,418) | (4,037) | (4,055) | (3,355) | (3,948) | (4,054) | (3,325) | (17,575) | (14,682) | (10,380)
Interest income from cash balances | 1 | 3 | 16 | 0 | 6 | 0 | 0 | 1 | 20 | 7 | 13
Realized gain on sale of securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 262 | 0 | 262 | 0
Unrealized gain (loss) on securities | 908 | (1,472) | (1,421) | (1,080) | 16 | 3,010 | 2,078 | 1,385 | (3,065) | 6,489 | 481
Loss on derivative instruments (includes unrealized gains (losses) of $155 in 2013, $323 in 2012 and $(865) in 2011) | (1) | 1 | (2) | 0 | (2) | (87) | (65) | (417) | (2) | (572) | (2,696)
Net income | 15,864 | 12,900 | 11,789 | 11,932 | 8,968 | 12,211 | 9,910 | 9,093 | 52,485 | 40,181 | 25,882
Preferred dividends |  |  |  |  |  |  |  |  | (7,440) | (3,079) | 0
Net income available to common stockholders | $ 14,004 | $ 11,040 | $ 9,929 | $ 10,072 | $ 7,108 | $ 10,992 | $ 9,910 | $ 9,093 | $ 45,045 | $ 37,102 | $ 25,882
Basic and diluted net income per share of common stock (in dollars per share) | $ 0.37 | $ 0.29 | $ 0.27 | $ 0.33 | $ 0.26 | $ 0.52 | $ 0.47 | $ 0.43 | $ 1.26 | $ 1.64 | $ 1.35
Basic weighted average shares of common stock outstanding | 36,886,619 | 36,883,002 | 36,880,410 | 30,105,939 | 27,297,600 | 20,571,478 | 20,570,616 | 20,561,032 | 35,212,211 | 22,259,386 | 18,840,954
Diluted weighted average shares of common stock outstanding | 37,390,369 | 37,379,469 | 37,373,885 | 30,480,689 | 27,608,787 | 20,992,312 | 20,991,450 | 20,966,426 | 35,679,755 | 22,648,819 | 19,089,578

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