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Summarized Quarterly Results (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Summarized Quarterly Results (Unaudited)

Summarized Quarterly Results (Unaudited)

($ in thousands except per share data)


						March 31,												June 30,												September 30,												December 31,
						2020						2019						2020						2019						2020						2019						2020						2019
Net interest income:
Interest income from commercial mortgage loans						$81,855						$78,286						$75,641						$77,458						$74,522						$81,136						$77,116						$85,595
Interest income from subordinate loans and other lending assets						34,018						40,839						32,616						41,043						28,857						43,421						22,944						39,630
Interest expense						(41,205)						(36,295)						(37,498)						(33,511)						(34,824)						(39,341)						(35,364)						(43,779)
Net interest income						74,668						82,830						70,759						84,990						68,555						85,216						64,696						81,446
Operating expenses:
General and administrative expenses						(6,531)						(6,151)						(6,425)						(6,574)						(6,624)						(5,839)						(7,269)						(5,533)
Management fees to related party						(10,268)						(9,613)						(9,957)						(10,259)						(9,927)						(10,434)						(9,598)						(10,428)
Total operating expenses						(16,799)						(15,764)						(16,382)						(16,833)						(16,551)						(16,273)						(16,867)						(15,961)
Other income						760						518						591						484						128						429						125						682
Realized loss on investments						—						—						(16,405)						(12,513)						(1,037)						—						(30,190)						—
Reversal of (provision for) loan losses and impairments, net						(183,465)						—						25,169						15,000						6,342						(35,000)						26,354						—
Foreign currency translation gain (loss)						(37,949)						6,894						2,559						(7,777)						27,002						(19,129)						35,304						39,830

Gain (loss) on foreign currency forward contracts						70,491						(6,720)						(2,995)						11,186						(34,537)						24,153						(42,702)						(43,044)
Loss on interest rate hedging instruments						(35,548)						—						(3,095)						(13,113)						(564)						(10,307)						(40)						8,950
Net income (loss)						$(127,842)						$67,758						$60,201						$61,424						$49,338						$29,089						$36,680						$71,903
Preferred dividends						(3,385)						(6,835)						(3,385)						(4,919)						(3,385)						(3,385)						(3,385)						(3,386)
Net income (loss) available to common stockholders						$(131,227)						$60,923						$56,816						$56,505						$45,953						$25,704						$33,295						$68,517
Net income (loss) per share of common stock:
Basic						$(0.86)						$0.45						$0.37						$0.38						$0.31						$0.16						$0.23						$0.44
Diluted						$(0.86)						$0.43						$0.36						$0.37						$0.31						$0.16						$0.23						$0.42
Basic weighted-average shares of common stock outstanding						153,948,191						134,607,107						151,523,513						145,567,963						146,612,313						153,531,678						140,036,383						153,537,074
Diluted weighted-average shares of common stock outstanding						153,948,191						164,683,086						182,083,702						174,101,234						146,612,313						153,531,678						140,036,383						182,070,345
Dividend declared per share of common stock						$0.40						$0.46						$0.35						$0.46						$0.35						$0.46						$0.35						$0.46