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Condensed Consolidated Statement of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Net Interest Income        
Interest income $ 39,985 $ 35,300 [1] $ 114,548 $ 95,333 [1]
Interest expense (19,954) (15,678) (57,275) (40,624)
Total net interest income 20,031   57,273  
Other income   1,046   2,857
Total investment income   36,346   98,190
Other Income (Loss)        
Realized gains (losses) on securities and loans, net 3,368   (3,460)  
Realized gains (losses) on financial derivatives, net (9,360)   (31,850)  
Realized gains (losses) on real estate owned, net 1,165   1,205  
Unrealized gains (losses) on securities and loans, net 6,519   51,395  
Unrealized gains (losses) on financial derivatives, net 1,473   (9,136)  
Unrealized gains (losses) on real estate owned, net (22)   (535)  
Other, net 539   4,349  
Total other income (loss) 3,682   11,968  
Expenses        
Base management fee to affiliate (Net of fee rebates) 1,942 [2] 1,830 [3] 5,324 [2] 5,829 [3]
Incentive Fee Expense   424   715
Other investment related expenses        
Servicing expense 1,940 2,200 6,578 5,430
Amortization of Debt Issuance Costs 0   1,671  
Other 1,347 2,184 3,668 5,677
Professional fees 698 820 3,832 2,324
Administration fees   186   549
Compensation expense 712 639 2,687 1,806
Insurance expense   120   366
Directors' fees and expenses   66   205
Share-based long term incentive plan unit expense 100 103 346 296
Other expenses 1,156 418 3,194 1,458
Total expenses 7,795 24,668 26,954 65,279
NET INVESTMENT INCOME   11,678   32,911
Net realized gain (loss) on:        
Investments   8,551   20,747
Financial derivatives, excluding currency hedges   479   (2,251)
Financial derivatives—currency hedges   297   1,881
Foreign currency transactions   775   1,433
Total net realized gain (loss)   10,102   21,810
Change in net unrealized gain (loss) on:        
Investments   (13,372)   (12,767)
Other secured borrowings   (358)   840
Financial derivatives, excluding currency hedges   173   9,922
Financial derivatives—currency hedges   528   1,404
Foreign currency translation   (1,277)   (3,139)
Net unrealized gain (loss)   (14,306)   (3,740)
NET REALIZED AND CHANGE IN NET UNREALIZED GAIN (LOSS) ON INVESTMENTS, OTHER SECURED BORROWINGS, FINANCIAL DERIVATIVES, AND FOREIGN CURRENCY TRANSACTIONS/TRANSLATION   (4,204)   18,070
NET INCREASE IN EQUITY RESULTING FROM OPERATIONS   7,474   50,981
Net Income (Loss) before Income Tax Expense and Earnings from Investments in Unconsolidated Entities 15,918   42,287  
Income Tax Expense (Benefit) 2   378  
Earnings from investments in unconsolidated entities 2,796   6,947  
Net Income (Loss) 18,712   48,856  
Net Income (Loss) Attributable to Non-Controlling Interests 1,419 813 3,511 2,089
Net Income (Loss) Attributable to Common Stockholders $ 17,293 $ 6,661 $ 45,345 $ 48,892
Net Income (Loss) per Share of Common Stock:        
Basic and Diluted (USD per share) $ 0.53 $ 0.22 $ 1.47 $ 1.58
Dividends declared (in usd per share) $ 0.42 $ 0.41 $ 1.39 $ 1.23
[1] Includes interest income and interest expense of a consolidated securitization trust of $1.3 million and $0.7 million, respectively, for the three-month period ended September 30, 2018. Includes interest income and interest expense of a consolidated securitization trust of $3.9 million and $2.4 million, respectively, for the nine-month period ended September 30, 2018. See Note 6 for further details on the Company's consolidated securitization trust.
[2] See Note 13 for further details on management fee rebates.
[3] See Note 9 for further details on management fee rebates.