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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Net interest income:                      
Interest income from securities $ 8,343 $ 8,293 $ 8,265 $ 8,287 $ 8,275 $ 6,129 $ 4,366 $ 2,419 $ 33,188 $ 21,189 $ 12,267
Interest income from securities, held-to-maturity 2,704 2,956 3,349 3,045 3,165 1,448 0 0 12,054 4,613 0
Interest income from commercial mortgage loans 18,846 15,184 11,968 10,094 9,328 8,025 6,438 4,011 56,092 27,802 16,034
Interest income from subordinate loans 25,623 25,445 21,152 18,610 17,021 19,754 18,238 14,730 90,830 69,743 49,162
Interest expense (12,275) (13,187) (11,917) (11,482) (10,740) (8,786) (5,258) (1,757) (48,861) (26,541) (4,356)
Net interest income 43,241 38,691 32,817 28,554 27,049 26,570 23,784 19,403 143,303 96,806 73,107
Operating expenses:                      
General and administrative expenses (includes equity-based compensation of $4,387 in 2015, $1,576 in 2014 and $3,488 in 2013) (2,979) (2,099) (2,059) (2,355) (1,796) (1,434) (1,479) (1,442) (9,492) (6,151) (7,563)
Management fees to related party (5,294) (4,097) (3,887) (3,341) (3,236) (3,193) (2,966) (2,565) (16,619) (11,960) (10,012)
Total operating expenses (8,273) (6,196) (5,946) (5,696) (5,032) (4,627) (4,445) (4,007) (26,111) (18,111) (17,575)
Income from unconsolidated joint venture 2,972 108 384 0 (69) (88) 0 0 3,464 (157) 0
Interest income from cash balances 983 239 6 11 9 21 4 0 1,239 34 20
Realized loss on sale of securities 0 0 0 (443) 0 0 0 0 (443) 0 0
Unrealized gain (loss) on securities (11,618) (6,926) (2,273) 3,409 (639) (2,147) 4,749 2,184 (17,408) 4,147 (3,065)
Foreign currency gain (loss) (3,121) (3,998) 6,169 (3,944) (1,413) (3,596) 959 0 (4,894) (4,050) 0
Gain (loss) on derivative instruments (includes unrealized gains (losses) of $(1,063) in 2015, $4,070 in 2014 and $155 in 2013) 3,054 3,929 (6,499) 3,622 2,137 3,026 (1,093) 0 4,106 4,070 (2)
Net income 27,238 25,847 24,658 25,513 22,042 19,159 23,958 17,580 103,256 82,739 52,485
Preferred dividends                 (11,884) (7,440) (7,440)
Net income available to common stockholders $ 21,378 $ 23,543 $ 22,798 $ 23,653 $ 20,182 $ 17,299 $ 22,098 $ 15,720 $ 91,372 $ 75,299 $ 45,045
Basic and diluted net income per share of common stock (in dollars per share) $ 0.32 $ 0.39 $ 0.39 $ 0.47 $ 0.43 $ 0.37 $ 0.51 $ 0.42 $ 1.54 $ 1.72 $ 1.26
Basic weighted average shares of common stock outstanding 67,146,882 59,355,613 58,429,155 49,563,822 46,852,646 46,848,675 42,888,747 37,122,842 58,674,046 43,464,255 35,212,211
Diluted weighted average shares of common stock outstanding 67,754,673 59,934,008 59,022,217 50,171,687 47,085,617 47,068,929 43,099,354 37,341,050 59,273,280 43,684,805 35,679,755