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Condensed Consolidated Statement of Operations (USD $) In Thousands, except Share data, unless otherwise specified | 3 Months Ended
--- | ---
Mar. 31, 2014 | Mar. 31, 2013
Net interest income: |  |
Interest income from securities | $ 2,419 | $ 3,087
Interest income from commercial mortgage loans | 4,011 | 3,592
Interest income from subordinate loans | 14,730 | 11,454
Interest income from repurchase agreements | 0 | 2
Interest expense | (1,757) | (1,068)
Net interest income | 19,403 | 17,067
Operating expenses: |  |
General and administrative expenses (includes $426 and $883 of equity based compensation in 2014 and 2013, respectively) | (1,442) | (1,895)
Management fees to related party | (2,565) | (2,160)
Total operating expenses | (4,007) | (4,055)
Unrealized gain (loss) on securities | 2,184 | (1,080)
Loss on derivative instruments (includes $72 of unrealized gains in 2013) | 0 | 0
Net income | 17,580 | 11,932
Preferred dividends | (1,860) | (1,860)
Net income available to common stockholders | $ 15,720 | $ 10,072
Basic and diluted net income per share of common stock | $ 0.42 | $ 0.33
Basic weighted average shares of common stock outstanding | 37,122,842 | 30,105,939
Diluted weighted average shares of common stock outstanding | 37,341,050 | 30,480,689
Dividend declared per share of common stock | $ 0.40 | $ 0.40

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