Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

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