XML 53 R46.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
QUARTERLY FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information
The following table summarizes the consolidated quarterly financial information for the Company ($ in thousands except per share and dividend amounts):
 
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q1 2019
 
 
 
 
 
 
 
 
 
Interest income
 
$
76,196

 
$
82,251

 
$
85,322

 
$
86,466

Net interest income after provision for loan losses
 
24,857

 
30,854

 
32,653

 
34,918

Other income (loss)
 
59,601

 
38,195

 
43,708

 
33,148

Costs and expenses
 
36,839

 
36,989

 
38,069

 
46,390

Income (loss) before taxes
 
47,619

 
32,060

 
38,291

 
21,677

Income tax expense (benefit)
 
2,169

 
1,112

 
2,219

 
(2,854
)
Net income (loss)
 
45,450

 
30,948

 
36,072

 
24,531

Net (income) loss attributable to noncontrolling interest in consolidated joint ventures
 
4

 
(64
)
 
307

 
447

Net (income) loss attributable to noncontrolling interest in operating partnership
 
(4,804
)
 
(3,308
)
 
(4,136
)
 
(2,802
)
Net income (loss) attributable to Class A common shareholders
 
$
40,650

 
$
27,577

 
$
32,242

 
$
22,175

 
 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
 
Basic
 
$
0.38

 
$
0.26

 
$
0.31

 
$
0.21

Diluted
 
$
0.37

 
$
0.26

 
$
0.30

 
$
0.21

 
 
 
 
 
 
 
 
 
Dividends per share of Class A common stock
 
$
0.340

 
$
0.340

 
$
0.340

 
$
0.340

 
 
 
 
 
 
 
 
 
 
 
Q4 2018
 
Q3 2018
 
Q2 2018
 
Q1 2018(1)
 
 
 
 
 
 
 
 
 
Interest income
 
$
90,994

 
$
90,386

 
$
85,230

 
$
78,206

Net interest income after provision for loan losses
 
41,009

 
28,610

 
36,513

 
30,493

Other income (loss)(2)
 
23,411

 
96,194

 
46,381

 
84,334

Costs and expenses
 
36,610

 
40,136

 
38,753

 
43,127

Income (loss) before taxes
 
27,810

 
84,668

 
44,141

 
71,700

Income tax expense (benefit)
 
964

 
1,204

 
573

 
3,902

Net income (loss)
 
26,846

 
83,464

 
43,568

 
67,798

Net (income) loss attributable to noncontrolling interest in consolidated joint ventures
 
268

 
(7,843
)
 
133

 
(8,422
)
Net (income) loss attributable to noncontrolling interest in operating partnership
 
(3,011
)
 
(8,991
)
 
(5,294
)
 
(8,501
)
Net income (loss) attributable to Class A common shareholders
 
$
24,103

 
$
66,630

 
$
38,407

 
$
50,875

 
 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
 
Basic
 
$
0.24

 
$
0.69

 
$
0.40

 
$
0.53

Diluted
 
$
0.24

 
$
0.67

 
$
0.40

 
$
0.53

 
 
 
 
 
 
 
 
 
Dividends per share of Class A common stock(3)
 
$
0.570

 
$
0.325

 
$
0.325

 
$
0.315

 
(1)
See Note 2, Significant Accounting Policies, “Out-of-Period Adjustments” for out-of-period adjustments included in the three month period ended March 31, 2018.
(2)
During the quarter ended December 31, 2018, other income (loss) includes $2.5 million in income from an indemnity counterparty, which is more fully discussed in Note 16, Income Taxes.
(3)
On October 30, 2018, the Company’s board of directors approved the fourth quarter 2018 dividend of $0.570 per share of the Company’s Class A common stock in order to meet its annual REIT taxable income distribution requirement. The dividend was paid as a combination of cash and Class A common stock, subject to shareholder elections.