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Quarterly Financial Data (unaudited) | 12 Months Ended
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Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Data (unaudited) | Quarterly Financial Data (unaudited) The following table is a comparative breakdown of our unaudited quarterly results for the immediately preceding eight quarters (amounts in thousands, except per share data):
| Three Months Ended
| Mar 31, 2020 |  | Jun 30, 2020 |  | Sep 30, 2020 |  | Dec 31, 2020
Interest income | $ | 210,613 |  |  | $ | 47,970 |  |  | $ | 45,358 |  |  | $ | 46,220 |
Interest expense | 163,531 |  |  | 19,444 |  |  | 19,829 |  |  | 20,264 |
Net interest income | 47,082 |  |  | 28,526 |  |  | 25,529 |  |  | 25,956 |
Non-interest (loss) income: |  |  |  |  |  |  |
Realized (losses) gains, net | (147,918) |  |  | (934) |  |  | (1,067) |  |  | 1,861 |
Realized loss on de-consolidation of Consolidated K-Series | (54,118) |  |  | — |  |  | — |  |  | — |
Unrealized (losses) gains, net | (396,780) |  |  | 102,872 |  |  | 81,198 |  |  | 52,549 |
Income from equity investments | 494 |  |  | 4,112 |  |  | 9,966 |  |  | 12,098 |
Impairment of goodwill | (25,222) |  |  | — |  |  | — |  |  | — |
Other income (loss) | 1,541 |  |  | (1,638) |  |  | 431 |  |  | 763 |
Total non-interest (loss) income | (622,003) |  |  | 104,412 |  |  | 90,528 |  |  | 67,271 |
General and administrative expenses | 10,652 |  |  | 11,761 |  |  | 10,159 |  |  | 9,656 |
Operating expenses | 3,233 |  |  | 2,313 |  |  | 3,265 |  |  | 3,524 |
Total general, administrative and operating expenses | 13,885 |  |  | 14,074 |  |  | 13,424 |  |  | 13,180 |
(Loss) income from operations before income taxes | (588,806) |  |  | 118,864 |  |  | 102,633 |  |  | 80,047 |
Income tax (benefit) expense | (239) |  |  | 1,927 |  |  | (772) |  |  | 65 |
Net (loss) income | (588,567) |  |  | 116,937 |  |  | 103,405 |  |  | 79,982 |
Net loss (income) attributable to non-controlling interest in consolidated variable interest entities | 184 |  |  | 876 |  |  | (1,764) |  |  | 437 |
Net (loss) income attributable to Company | (588,383) |  |  | 117,813 |  |  | 101,641 |  |  | 80,419 |
Preferred stock dividends | (10,297) |  |  | (10,296) |  |  | (10,297) |  |  | (10,296) |
Net (loss) income attributable to Company’s common stockholders | $ | (598,680) |  |  | $ | 107,517 |  |  | $ | 91,344 |  |  | $ | 70,123 |
Basic (loss) earnings per common share | $ | (1.71) |  |  | $ | 0.28 |  |  | $ | 0.24 |  |  | $ | 0.19 |
Diluted (loss) earnings per common share | $ | (1.71) |  |  | $ | 0.28 |  |  | $ | 0.23 |  |  | $ | 0.18 |
Dividends declared per common share | $ | — |  |  | $ | 0.05 |  |  | $ | 0.075 |  |  | $ | 0.10 |
Weighted average shares outstanding-basic | 350,912 |  |  | 377,465 |  |  | 377,744 |  |  | 377,744 |
Weighted average shares outstanding-diluted | 350,912 |  |  | 399,982 |  |  | 399,709 |  |  | 399,009 |
| Three Months Ended
| Mar 31, 2019 |  | Jun 30, 2019 |  | Sep 30, 2019 |  | Dec 31, 2019
Interest income | $ | 147,982 |  |  | $ | 167,258 |  |  | $ | 179,602 |  |  | $ | 199,772 |
Interest expense | 121,779 |  |  | 141,567 |  |  | 147,631 |  |  | 155,773 |
Net interest income | 26,203 |  |  | 25,691 |  |  | 31,971 |  |  | 43,999 |
Non-interest income: |  |  |  |  |  |  |
Realized gains, net | 22,006 |  |  | 4,448 |  |  | 6,102 |  |  | 86 |
Unrealized gains, net | 2,708 |  |  | 77 |  |  | 11,112 |  |  | 21,940 |
Income from equity investments | 5,325 |  |  | 3,517 |  |  | 3,874 |  |  | 10,910 |
Loss on extinguishment of collateralized debt obligations | (2,857) |  |  | — |  |  | — |  |  | — |
Recovery of loan losses | 1,065 |  |  | 1,296 |  |  | 244 |  |  | 175 |
Other income (loss) | 2,618 |  |  | (777) |  |  | 64 |  |  | 515 |
Total non-interest income | 30,865 |  |  | 8,561 |  |  | 21,396 |  |  | 33,626 |
General and administrative expenses | 8,711 |  |  | 9,716 |  |  | 8,238 |  |  | 9,129 |
Operating expenses | 3,933 |  |  | 2,678 |  |  | 4,050 |  |  | 3,380 |
Total general, administrative and operating expenses | 12,644 |  |  | 12,394 |  |  | 12,288 |  |  | 12,509 |
Income from operations before income taxes | 44,424 |  |  | 21,858 |  |  | 41,079 |  |  | 65,116 |
Income tax expense (benefit) | 74 |  |  | (134) |  |  | (187) |  |  | (172) |
Net income | 44,350 |  |  | 21,992 |  |  | 41,266 |  |  | 65,288 |
Net (income) loss attributable to non-controlling interest in consolidated variable interest entities | (211) |  |  | 743 |  |  | 113 |  |  | 195 |
Net income attributable to Company | 44,139 |  |  | 22,735 |  |  | 41,379 |  |  | 65,483 |
Preferred stock dividends | (5,925) |  |  | (6,257) |  |  | (6,544) |  |  | (10,175) |
Net income attributable to Company’s common stockholders | $ | 38,214 |  |  | $ | 16,478 |  |  | $ | 34,835 |  |  | $ | 55,308 |
Basic earnings per common share | $ | 0.22 |  |  | $ | 0.08 |  |  | $ | 0.15 |  |  | $ | 0.20 |
Diluted earnings per common share | $ | 0.21 |  |  | $ | 0.08 |  |  | $ | 0.15 |  |  | $ | 0.20 |
Dividends declared per common share | $ | 0.20 |  |  | $ | 0.20 |  |  | $ | 0.20 |  |  | $ | 0.20 |
Weighted average shares outstanding-basic | 174,421 |  |  | 200,691 |  |  | 234,043 |  |  | 275,121 |
Weighted average shares outstanding-diluted | 194,970 |  |  | 202,398 |  |  | 255,537 |  |  | 296,347 |

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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