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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
INCOME        
Interest income $ 23,705 $ 28,128 $ 50,991 $ 57,580
Interest expense (13,058) (15,439) (26,128) (31,124)
Net interest income 10,647 12,689 24,863 26,456
Provision for credit benefit/(losses) 4,328 85 781 239
Net interest income after provision for credit benefit/(losses) 14,975 12,604 24,082 26,217
Income/(loss) from investments in affiliates 672 257 (440) 718
Income/(loss) on sale of mortgage loans [1] 0 7,014 (705) 7,014
Other income 680 828 1,427 1,938
Total revenue, net 16,327 20,703 24,364 35,887
EXPENSE        
Related party expense – loan servicing fees 1,936 2,274 3,950 4,780
Related party expense – management fee 2,143 1,652 3,942 3,340
Loan transaction expense 65 191 (38) 260
Professional fees 732 634 1,537 1,496
Real estate operating expenses 188 887 1,100 1,673
Other expense 2,325 1,219 3,350 2,300
Total expense 7,389 6,857 13,841 13,849
Loss on debt extinguishment 0 182 408 182
Income before provision for income taxes 8,938 13,664 10,115 21,856
Provision for income taxes (benefit) 120 38 (199) 109
Consolidated net income 8,818 13,626 10,314 21,747
Less: consolidated net income attributable to the non-controlling interest 735 599 1,831 1,390
Consolidated net income attributable to common stockholders 8,083 13,027 8,483 20,357
Less: dividends on preferred stock 1,841 0 1,841 0
Consolidated net income attributable to common stockholders $ 6,242 $ 13,027 $ 6,642 $ 20,357
Basic earnings per common share (in dollars per share) $ 0.27 $ 0.67 $ 0.29 $ 1.06
Diluted earnings per common share (in dollars per share) $ 0.27 $ 0.56 $ 0.29 $ 0.93
Weighted average shares - basic (in shares) 22,808,943 19,169,941 22,439,648 18,991,817
Weighted average shares - diluted (in shares) 22,929,849 27,732,587 22,559,916 27,879,608
[1] The Company sold no mortgage loans during the three months ended June 30, 2020. During the six months ended June 30, 2020, the Company sold 26 SBC mortgage loans with a carrying value of $26.1 million and UPB of $26.2 million for a loss of $0.7 million. Comparatively, during the three and six months ended June 30, 2019, the Company sold 962 loans with a carrying value of $176.9 million and UPB of $200.1 million for a gain of $7.0 million.