XML 42 R29.htm IDEA: XBRL DOCUMENT v3.6.0.2
Summarized Quarterly Results (Unaudited)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Summarized Quarterly Results (Unaudited)
Summarized Quarterly Results (Unaudited)
 
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Net interest income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income from securities
$
8,049

 
$
8,287

 
$
7,607

 
$
8,265

 
$
8,029

 
$
8,293

 
$
3,901

 
$
8,343

Interest income from securities, held-to-maturity
2,896

 
3,045

 
2,826

 
3,349

 
2,875

 
2,956

 
2,872

 
2,704

Interest income from commercial mortgage loans
21,127

 
10,094

 
24,140

 
11,968

 
27,460

 
15,184

 
30,200

 
18,846

Interest income from subordinate loans
29,375

 
18,610

 
28,067

 
21,152

 
32,207

 
25,445

 
32,746

 
25,623

Interest expense
(14,642
)
 
(11,482
)
 
(15,722
)
 
(11,917
)
 
(17,256
)
 
(13,187
)
 
(16,139
)
 
(12,275
)
Net interest income
46,805

 
28,554

 
46,918

 
32,817

 
53,315

 
38,691

 
53,580

 
43,241

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
General and administrative expenses
(8,185
)
 
(2,355
)
 
(4,922
)
 
(2,059
)
 
(8,352
)
 
(2,099
)
 
(3,527
)
 
(2,979
)
Management fees to related party
(5,229
)
 
(3,341
)
 
(5,242
)
 
(3,887
)
 
(5,903
)
 
(4,097
)
 
(7,015
)
 
(5,294
)
Total operating expenses
(13,414
)
 
(5,696
)
 
(10,164
)
 
(5,946
)
 
(14,255
)
 
(6,196
)
 
(10,542
)
 
(8,273
)
Income (loss) from unconsolidated joint venture
68

 
—

 
59

 
384

 
80

 
108

 
(303
)
 
2,972

Interest income from cash balances
2

 
11

 
22

 
6

 
309

 
239

 
760

 
983

Provision for loan losses
—

 
—

 
(15,000
)
 
—

 
—

 
—

 
—

 
—

Realized loss on sale of securities
—

 
(443
)
 
—

 
—

 
(225
)
 
—

 
4,059

 
—

Unrealized gain (loss) on securities
(15,074
)
 
3,409

 
(11,728
)
 
(2,273
)
 
(9,798
)
 
(6,926
)
 
10,502

 
(11,618
)
Foreign currency gain (loss)
(4,474
)
 
(3,944
)
 
(13,082
)
 
6,169

 
(4,369
)
 
(3,998
)
 
(7,359
)
 
(3,121
)
Bargain purchase gain
—

 
—

 
—

 
—

 
40,021

 
—

 
—

 
—

Gain (loss) on derivative instruments
4,703

 
3,622

 
13,313

 
(6,499
)
 
4,815

 
3,929

 
8,329

 
3,054

Net income
18,616

 
25,513

 
10,338

 
24,658

 
69,893

 
25,847

 
59,026

 
27,238

Preferred dividends
(5,815
)
 
(1,860
)
 
(5,860
)
 
(1,860
)
 
(9,310
)
 
(2,304
)
 
(9,310
)
 
(5,860
)
Net income available to common stockholders
$
12,801

 
$
23,653

 
$
4,478

 
$
22,798

 
60,583

 
$
23,543

 
$
49,716

 
$
21,378

Basic and diluted net income per share of common stock
$
0.18

 
$
0.47

 
$
0.06

 
$
0.39

 
$
0.83

 
$
0.39

 
$
0.60

 
$
0.32

Basic weighted average shares of common stock outstanding
67,385,191

 
49,563,822

 
67,402,311

 
58,429,155

 
71,919,549

 
59,355,613

 
82,670,237

 
67,146,882

Diluted weighted average shares of common stock outstanding
68,327,718

 
50,171,687

 
68,374,557

 
59,022,217

 
72,861,611

 
59,934,008

 
83,548,823

 
67,754,673

Dividend declared per share of common stock
$
0.46

 
$
0.44

 
$
0.46

 
$
0.44

 
$
0.46

 
$
0.44

 
$
0.46

 
$
0.46