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v3.3.1.900

Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended
--- | --- | ---
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013
Net interest income: |  |  |  |  |  |  |  |  |  |  |
Interest income from securities | $ 8,343 | $ 8,293 | $ 8,265 | $ 8,287 | $ 8,275 | $ 6,129 | $ 4,366 | $ 2,419 | $ 33,188 | $ 21,189 | $ 12,267
Interest income from securities, held-to-maturity | 2,704 | 2,956 | 3,349 | 3,045 | 3,165 | 1,448 | 0 | 0 | 12,054 | 4,613 | 0
Interest income from commercial mortgage loans | 18,846 | 15,184 | 11,968 | 10,094 | 9,328 | 8,025 | 6,438 | 4,011 | 56,092 | 27,802 | 16,034
Interest income from subordinate loans | 25,623 | 25,445 | 21,152 | 18,610 | 17,021 | 19,754 | 18,238 | 14,730 | 90,830 | 69,743 | 49,162
Interest expense | (12,275) | (13,187) | (11,917) | (11,482) | (10,740) | (8,786) | (5,258) | (1,757) | (48,861) | (26,541) | (4,356)
Net interest income | 43,241 | 38,691 | 32,817 | 28,554 | 27,049 | 26,570 | 23,784 | 19,403 | 143,303 | 96,806 | 73,107
Operating expenses: |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses (includes equity-based compensation of $4,387 in 2015, $1,576 in 2014 and $3,488 in 2013) | (2,979) | (2,099) | (2,059) | (2,355) | (1,796) | (1,434) | (1,479) | (1,442) | (9,492) | (6,151) | (7,563)
Management fees to related party | (5,294) | (4,097) | (3,887) | (3,341) | (3,236) | (3,193) | (2,966) | (2,565) | (16,619) | (11,960) | (10,012)
Total operating expenses | (8,273) | (6,196) | (5,946) | (5,696) | (5,032) | (4,627) | (4,445) | (4,007) | (26,111) | (18,111) | (17,575)
Income from unconsolidated joint venture | 2,972 | 108 | 384 | 0 | (69) | (88) | 0 | 0 | 3,464 | (157) | 0
Interest income from cash balances | 983 | 239 | 6 | 11 | 9 | 21 | 4 | 0 | 1,239 | 34 | 20
Realized loss on sale of securities | 0 | 0 | 0 | (443) | 0 | 0 | 0 | 0 | (443) | 0 | 0
Unrealized gain (loss) on securities | (11,618) | (6,926) | (2,273) | 3,409 | (639) | (2,147) | 4,749 | 2,184 | (17,408) | 4,147 | (3,065)
Foreign currency gain (loss) | (3,121) | (3,998) | 6,169 | (3,944) | (1,413) | (3,596) | 959 | 0 | (4,894) | (4,050) | 0
Gain (loss) on derivative instruments (includes unrealized gains (losses) of $(1,063) in 2015, $4,070 in 2014 and $155 in 2013) | 3,054 | 3,929 | (6,499) | 3,622 | 2,137 | 3,026 | (1,093) | 0 | 4,106 | 4,070 | (2)
Net income | 27,238 | 25,847 | 24,658 | 25,513 | 22,042 | 19,159 | 23,958 | 17,580 | 103,256 | 82,739 | 52,485
Preferred dividends |  |  |  |  |  |  |  |  | (11,884) | (7,440) | (7,440)
Net income available to common stockholders | $ 21,378 | $ 23,543 | $ 22,798 | $ 23,653 | $ 20,182 | $ 17,299 | $ 22,098 | $ 15,720 | $ 91,372 | $ 75,299 | $ 45,045
Basic and diluted net income per share of common stock (in dollars per share) | $ 0.32 | $ 0.39 | $ 0.39 | $ 0.47 | $ 0.43 | $ 0.37 | $ 0.51 | $ 0.42 | $ 1.54 | $ 1.72 | $ 1.26
Basic weighted average shares of common stock outstanding | 67,146,882 | 59,355,613 | 58,429,155 | 49,563,822 | 46,852,646 | 46,848,675 | 42,888,747 | 37,122,842 | 58,674,046 | 43,464,255 | 35,212,211
Diluted weighted average shares of common stock outstanding | 67,754,673 | 59,934,008 | 59,022,217 | 50,171,687 | 47,085,617 | 47,068,929 | 43,099,354 | 37,341,050 | 59,273,280 | 43,684,805 | 35,679,755

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