XML 15 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statement of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Net interest income:        
Interest income from commercial mortgage loans $ 71,179 $ 41,203 $ 188,434 $ 112,690
Interest income from subordinate loans 37,308 47,268 105,236 121,298
Interest income from securities 0 2,625 0 13,379
Interest expense (31,007) (19,855) (82,184) (56,089)
Net interest income 77,480 71,241 211,486 191,278
Operating expenses:        
General and administrative expenses (includes equity-based compensation of $4,048 and $11,404 in 2018 and $2,635 and $9,887 of equity-based compensation in 2017, respectively) (5,843) (4,629) (16,493) (15,587)
Management fees to related party (9,515) (8,309) (26,620) (23,484)
Total operating expenses (15,358) (12,938) (43,113) (39,071)
Loss from unconsolidated joint venture 0 0 0 (2,847)
Other income 427 359 973 710
Provision for loan losses and impairments 0 0 (5,000) (5,000)
Realized loss on sale of assets 0 (4,076) 0 (5,118)
Unrealized gain on securities 0 13,488 0 11,830
Foreign currency gain (loss) (4,050) 7,763 (23,574) 17,848
Loss on early extinguishment of debt (2,573) 0 (2,573) 0
Gain (loss) on derivative instruments (includes unrealized gains (losses) of $5,045 and $20,986 in 2018 and $(7,302) and $(17,626) in 2017, respectively) 6,291 (7,481) 28,797 (17,916)
Net income 62,217 68,356 166,996 151,714
Preferred dividends (6,836) (11,148) (20,505) (29,768)
Net income available to common stockholders $ 55,381 $ 57,208 $ 146,491 $ 121,946
Net income per share of common stock:        
Basic (in dollars per share) $ 0.42 $ 0.54 $ 1.19 $ 1.23
Diluted (in dollars per share) $ 0.40 $ 0.54 $ 1.14 $ 1.23
Basic weighted average shares of common stock outstanding (in shares) 129,188,343 105,446,704 120,876,240 97,546,437
Diluted weighted average shares of common stock outstanding (in shares) 153,918,435 106,812,721 150,424,889 98,919,689
Dividend declared per share of common stock (in dollars per share) $ 0.46 $ 0.46 $ 1.38 $ 1.38