XML 14 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Consolidated Statement of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Net interest income:        
Interest income from securities $ 3,366 $ 7,607 $ 6,622 $ 15,656
Interest income from securities, held to maturity 1,334 2,826 4,132 5,722
Interest income from commercial mortgage loans 37,089 24,140 71,487 45,267
Interest income from subordinate loans 39,640 28,067 74,030 57,442
Interest expense (19,205) (15,722) (36,235) (30,364)
Net interest income 62,224 46,918 120,036 93,723
Operating expenses:        
General and administrative expenses (includes $3,461 and $7,252 of equity based compensation in 2017 and $1,938 and $3,606 of equity compensation in 2016, respectively) (5,200) (4,922) (10,958) (13,104)
Management fees to related party (7,742) (5,242) (15,175) (10,471)
Total operating expenses (12,942) (10,164) (26,133) (23,575)
Income (loss) from unconsolidated joint venture (3,305) 59 (2,847) 127
Other income 244 22 352 25
Provision for loan losses and impairments (5,000) (15,000) (5,000) (15,000)
Realized (loss) on sale of assets 0 0 (1,042) 0
Unrealized (loss) on securities (4,510) (11,728) (1,658) (26,802)
Foreign currency gain (loss) 6,913 (13,082) 10,085 (17,557)
Gain (loss) on derivative instruments (includes unrealized gains (losses) of ($7,435) and ($10,324) in 2017 and $13,408 and $12,026 in 2016, respectively) (7,389) 13,313 (10,434) 18,015
Net income 36,235 10,338 83,359 28,956
Preferred dividends (9,310) (5,860) (18,620) (11,675)
Net income available to common stockholders $ 26,925 $ 4,478 $ 64,739 $ 17,281
Basic and diluted net income per share (in dollars per share) $ 0.28 $ 0.06 $ 0.68 $ 0.24
Basic weighted average shares of common stock outstanding (shares) 95,428,134 67,402,311 93,530,831 67,393,751
Diluted weighted average shares of common stock outstanding (shares) 96,796,289 68,374,557 94,907,762 68,351,137
Dividend declared per share of common stock (in dollars per share) $ 0.46 $ 0.46 $ 0.92 $ 0.92