Condensed Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Quarterly Financial Data (Unaudited) [Abstract]

Quarterly Financial Information [Table Text Block]

Detailed below is unaudited quarterly financial data for the year ended December 31, 2019.

	Three Month Period Ended
	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019
(In thousands except per share amounts)
Net Interest Income
Interest income	$	36,016		$	38,547		$	39,985		$	45,353
Interest expense	(17,618		)	(19,702		)	(19,954		)	(21,205		)
Total net interest income	18,398			18,845			20,031			24,148
Other Income (Loss)
Realized gains (losses) on securities and loans, financial derivatives, and real estate owned, net	(16,950		)	(12,327		)	(4,827		)	(7,266		)
Unrealized gains (losses) on securities and loans, financial derivatives, and real estate owned, net	20,452			13,300			7,970			6,139
Other, net	2,002			1,808			539			1,001
Total other income (loss)	5,504			2,781			3,682			(126		)
Expenses
Base management fee to affiliate (Net of fee rebates of $447, $508, $503, and $509, respectively)(1)	1,722			1,661			1,942			2,663
Incentive fee to affiliate	—			—			—			116
Investment related expenses:
Servicing expense	2,393			2,244			1,940			2,055
Debt issuance costs related to Other secured borrowings, at fair value	—			1,671			—			1,865
Other	1,083			1,238			1,347			1,941
Professional fees	1,956			1,178			698			1,021
Compensation expense	1,072			903			712			962
Other expenses	985			1,053			1,156			1,160
Total expenses	9,211			9,948			7,795			11,783
Net Income (Loss) before Income Tax Expense and Earnings from Investments in Unconsolidated Entities	14,691			11,678			15,918			12,239
Income tax expense (benefit)	—			376			2			1,180
Earnings from investments in unconsolidated entities	1,797			2,354			2,796			3,262
Net Income (Loss)	16,488			13,656			18,712			14,321
Net income (loss) attributable to non-controlling interests	1,080			1,012			1,419			1,733
Dividends on preferred stock	—			—			—			1,466
Net Income (Loss) Attributable to Common Stockholders	$	15,408		$	12,644		$	17,293		$	11,122
Net Income (Loss) per Share of Common Stock:
Basic and Diluted (2)	$	0.52		$	0.43		$	0.53		$	0.31

(1) See Note 13 for further details on management fee rebates.

(2)

For the year ended December 31, 2019 the sum of EPS for the four quarters of the year does not equal EPS as calculated for the entire year (see Note 17) as a result of changes in the number of shares of common stock outstanding during the year due to issuances of shares of common stock, as EPS is calculated using average shares of common stock outstanding during the period.

Detailed below is unaudited quarterly financial data for the year ended December 31, 2018.

	Three Month Period Ended
	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
(In thousands except per share amounts)
INVESTMENT INCOME
Interest income(1)	$	28,092		$	31,941		$	35,300		$	35,694
Other income	716			1,094			1,046			1,157
Total investment income	28,808			33,035			36,346			36,851
EXPENSES
Base management fee to affiliate(2)	1,978			2,021			1,830			1,744
Incentive fee to affiliate	—			291			424			—
Interest expense(1)	11,562			13,383			15,678			16,083
Other investment related expenses	2,952			3,771			4,384			4,201
Other operating expenses	2,074			2,578			2,352			4,609
Total expenses	18,566			22,044			24,668			26,637
NET INVESTMENT INCOME	10,242			10,991			11,678			10,214
NET REALIZED AND CHANGE IN NET UNREALIZED GAIN (LOSS) ON INVESTMENTS, OTHER SECURED BORROWINGS, FINANCIAL DERIVATIVES, AND FOREIGN CURRENCY TRANSACTIONS/TRANSLATION
Net realized gain (loss) on investments, financial derivatives, and foreign currency transactions	13,051			(1,343		)	10,102			9,578
Change in net unrealized gain (loss) on investments, other secured borrowings, financial derivatives, and foreign currency translation	(1,969		)	12,536			(14,306		)	(20,862		)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OTHER SECURED BORROWINGS, FINANCIAL DERIVATIVES, AND FOREIGN CURRENCY	11,082			11,193			(4,204		)	(11,284		)
NET INCREASE (DECREASE) IN EQUITY RESULTING FROM OPERATIONS	21,324			22,184			7,474			(1,070		)
LESS: NET INCREASE IN EQUITY RESULTING FROM OPERATIONS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	285			991			813			1,147
NET INCREASE (DECREASE) IN SHAREHOLDERS' EQUITY RESULTING FROM OPERATIONS	$	21,039		$	21,193		$	6,661		$	(2,217	)
NET INCREASE (DECREASE) IN SHAREHOLDERS' EQUITY RESULTING FROM OPERATIONS PER SHARE:
Basic and Diluted (3)	$	0.67		$	0.69		$	0.22		$	(0.07	)

(1) Includes interest income and interest expense of a consolidated securitization trust of $1.3 million and $0.9 million, respectively, for the three-month period ended March 31, 2018. Includes interest income and interest expense of a consolidated securitization trust of $1.3 million and $0.8 million, respectively, for the three-month period ended June 30, 2018. 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 $2.1 million and $1.2 million, respectively, for the three-month period ended December 31, 2018. See Note 6 for further details on the Company's consolidated securitization trusts.

(2) Net of management fee rebate of $0.3 million, $0.3 million, $0.4 million, and $0.4 million, for the each of the three-month periods ended March 31, 2018, June 30, 2018, September 30, 2018, and December 31, 2018, respectively. See Note 9 for further details on management fee rebates.

(3)

For the year ended December 31, 2018 the sum of EPS for the four quarters of the year does not equal EPS as calculated for the entire year (see Note 13) as a result of changes in shares during the year due to repurchases of common shares, as EPS is calculated using average shares outstanding during the period.