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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Assets:    
Cash $ 67,415 $ 40,641
Restricted cash 30,127 30,127
Securities available-for-sale, at estimated fair value 0 17,105
Securities, at estimated fair value 493,149 522,730
Securities, held-to-maturity 153,193 154,283
Investment in unconsolidated joint venture 22,583 37,016
Derivative instrument 3,327 4,070
Interest receivable 16,908 10,829
Deferred financing costs, net 7,353 7,444
Other assets 236 1,200
Total Assets 2,719,943 1,845,147
Liabilities:    
Borrowings under repurchase agreements 925,774 622,194
Convertible senior notes, net 248,173 246,464
Participations sold 118,201 89,584
Accounts payable and accrued expenses 9,246 7,578
Payable to related party 5,297 3,240
Dividends payable 37,828 21,018
Total Liabilities $ 1,344,519 $ 990,078
Commitments and Contingencies
Stockholders’ Equity:    
Common stock, $0.01 par value, 450,000,000 shares authorized, 67,195,252 and 46,900,442 shares issued and outstanding in 2015 and 2014, respectively $ 672 $ 469
Additional paid-in-capital 1,410,138 868,035
Retained earnings (accumulated deficit) (32,328) (10,485)
Accumulated other comprehensive loss (3,173) (2,985)
Total Stockholders’ Equity 1,375,424 855,069
Total Liabilities and Stockholders’ Equity 2,719,943 1,845,147
Commercial mortgage loans [Member]    
Assets:    
Loans, held for investment 994,301 458,520
Subordinate Loans [Member]    
Assets:    
Loans, held for investment 931,351 561,182
Series A Preferred Stock [Member]    
Stockholders’ Equity:    
Preferred stock 35 35
Series B Preferred Stock [Member]    
Stockholders’ Equity:    
Preferred stock $ 80 $ 0