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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
INCOME        
Interest income $ 27,416,000 $ 24,529,000 $ 79,697,000 $ 67,057,000
Provision for loan losses (365,000) 0 (365,000) 0
Interest expense (12,997,000) (10,775,000) (38,290,000) (27,719,000)
Net interest income 14,054,000 13,754,000 41,042,000 39,338,000
Income from investments in affiliates 239,000 158,000 628,000 543,000
Other income 457,000 314,000 2,600,000 1,117,000
Total income 14,750,000 14,226,000 44,270,000 40,998,000
EXPENSE        
Related party expense – loan servicing fees 2,457,000 2,187,000 7,598,000 6,003,000
Related party expense – management fee 1,456,000 1,428,000 4,428,000 3,830,000
Loan transaction expense (25,000) 290,000 365,000 1,257,000
Professional fees 482,000 497,000 1,597,000 1,484,000
Real estate operating expenses 1,001,000 1,151,000 2,394,000 2,112,000
Other expense 964,000 910,000 2,920,000 2,482,000
Total expense 6,335,000 6,463,000 19,302,000 17,168,000
Loss on debt extinguishment 836,000 0 836,000 218,000
Income before provision for income taxes 7,579,000 7,763,000 24,132,000 23,612,000
Provision for income taxes 84,000 47,000 102,000 96,000
Consolidated net income 7,495,000 7,716,000 24,030,000 23,516,000
Less: consolidated net income attributable to the non-controlling interest (937,000) (246,000) (2,286,000) (773,000)
Consolidated net income attributable to common stockholders $ 6,558,000 $ 7,470,000 $ 21,744,000 $ 22,743,000
Basic earnings per common share (in dollars per share) $ 0.35 $ 0.41 $ 1.16 $ 1.25
Diluted earnings per common share (in dollars per share) $ 0.34 $ 0.38 $ 1.09 $ 1.19
Weighted average shares - basic (in shares) 18,691,393 18,072,045 18,599,088 18,019,434
Weighted average shares - diluted (in shares) 26,592,806 25,246,764 26,488,984 22,380,788