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Condensed Consolidated Statement of Operations - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Net Interest Income            
Interest income $ 45,353 $ 39,985 $ 38,547 $ 36,016 $ 159,901 $ 131,027 [1]
Interest expense (21,205) (19,954) (19,702) (17,618) (78,479) (56,707)
Total net interest income 24,148 20,031 18,845 18,398 81,422  
Other income           4,014
Total investment income           135,041
Other Income (Loss)            
Realized gains (losses) on securities and loans, net         (12,785)  
Realized (gains) losses on financial derivatives, net         (30,912)  
Realized gains (losses) on real estate owned, net         2,327  
Unrealized gains (losses) on securities and loans, net         54,478  
Unrealized gains (losses) on financial derivatives, net         (5,338)  
Unrealized gains (losses) on real estate owned, net         (1,279)  
Other, net 1,001 539 1,808 2,002 5,350  
Total other income (loss) (126) 3,682 2,781 5,504 11,841  
Expenses            
Base management fee to affiliate (Net of fee rebates) 2,663 [2] 1,942 [2] 1,661 [2] 1,722 [2] 7,988 [2] 7,573 [3]
Incentive Fee Expense 116 0 0 0 116 715
Other investment related expenses            
Servicing expense 2,055 1,940 2,244 2,393 8,632 7,715
Debt issuance costs related to Other secured borrowings, at fair value 1,865 0 1,671 0 3,536 1,647
Other 1,941 1,347 1,238 1,083 5,609 7,592
Professional fees 1,021 698 1,178 1,956 4,853 3,902
Administration fees           734
Compensation expense 962 712 903 1,072 3,649 2,233
Insurance expense           487
Directors' fees and expenses           298
Share-based long term incentive plan unit expense         475 415
Other expenses 1,160 1,156 1,053 985 4,354 1,898
Total expenses 11,783 7,795 9,948 9,211 38,737 91,916
NET INVESTMENT INCOME           43,125
Net realized gain (loss) on:            
Investments           25,421
Financial derivatives, excluding currency hedges           (2,639)
Financial derivatives—currency hedges           4,475
Foreign currency transactions         (2,392) 4,131
Total net realized gain (loss)           31,388
Change in net unrealized gain (loss) on:            
Investments           (25,947)
Other secured borrowings           758
Financial derivatives, excluding currency hedges           7,093
Financial derivatives—currency hedges           565
Foreign currency translation           (7,071)
Net unrealized gain (loss)           (24,602)
NET REALIZED AND CHANGE IN NET UNREALIZED GAIN (LOSS) ON INVESTMENTS, OTHER SECURED BORROWINGS, FINANCIAL DERIVATIVES, AND FOREIGN CURRENCY TRANSACTIONS/TRANSLATION           6,786
NET INCREASE IN EQUITY RESULTING FROM OPERATIONS           49,911
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings from Investments in Unconsolidated Entities 12,239 15,918 11,678 14,691 54,526  
Income Tax Expense (Benefit) 1,180 2 376 0 1,558  
Earnings from investments in unconsolidated entities 3,262 2,796 2,354 1,797 10,209  
Net Income (Loss) 14,321 18,712 13,656 16,488 63,177  
Net income (loss) attributable to non-controlling interests 1,733 1,419 1,012 1,080 5,244 3,235
Preferred Stock Dividends, Income Statement Impact 1,466 0 0 0 1,466  
Net Income (Loss) Attributable to Common Stockholders $ 11,122 $ 17,293 $ 12,644 $ 15,408 $ 56,467 $ 46,676
Net Income (Loss) per Share of Common Stock:            
Basic and Diluted (USD per share) $ 0.31 $ 0.53 $ 0.43 $ 0.52 $ 1.76 $ 1.52
[1]
Includes interest income and interest expense of a consolidated securitization trust of $6.0 million and $3.6 million, respectively, for the year ended December 31, 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.