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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