XML 14 R4.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Statement of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Net interest income:        
Interest income from commercial mortgage loans $ 77,458 $ 65,141 $ 155,744 $ 117,255
Interest income from subordinate loans 41,043 34,075 81,882 67,928
Interest expense (33,511) (28,437) (69,806) (51,177)
Net interest income 84,990 70,779 167,820 134,006
Operating expenses:        
General and administrative expenses (includes equity-based compensation of $4,294 and $8,195 in 2019 and $4,014 and $7,356 in 2018, respectively) (6,574) (5,652) (12,725) (10,650)
Management fees to related party (10,259) (9,013) (19,872) (17,105)
Total operating expenses (16,833) (14,665) (32,597) (27,755)
Other income 484 343 1,002 546
Reversal of (Provision for) loan losses and impairments 15,000 (5,000) 15,000 (5,000)
Realized loss on investments (12,513) 0 (12,513) 0
Foreign currency loss (7,777) (29,649) (883) (19,524)
Net income 61,424 55,346 129,182 104,779
Preferred dividends (4,919) (6,834) (11,754) (13,669)
Net income available to common stockholders $ 56,505 $ 48,512 $ 117,428 $ 91,110
Net income per share of common stock:        
Basic (in dollars per share) $ 0.38 $ 0.39 $ 0.83 $ 0.78
Diluted (in dollars per share) $ 0.37 $ 0.39 $ 0.80 $ 0.78
Basic weighted-average shares of common stock outstanding (in shares) 145,567,963 123,019,993 140,117,813 116,651,305
Diluted weighted-average shares of common stock outstanding 174,101,234 124,629,317 169,418,177 118,281,153
Dividend declared per share of common stock (in dollars per share) $ 0.46 $ 0.46 $ 0.92 $ 0.92
Forward Currency Contract        
Operating expenses:        
Gain on foreign currency forwards (includes unrealized gains (losses) of $10,787 and $(4,198) in 2019 and $24,796 and $15,941 in 2018, respectively) $ 11,186 $ 33,538 $ 4,466 $ 22,506
Interest Rate Swap        
Operating expenses:        
Gain on foreign currency forwards (includes unrealized gains (losses) of $10,787 and $(4,198) in 2019 and $24,796 and $15,941 in 2018, respectively) $ (13,113) $ 0 $ (13,113) $ 0