v3.22.2.2
Condensed Consolidated Statement of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Net interest income:        
Interest income from commercial mortgage loans $ 120,821 $ 84,304 $ 304,631 $ 242,107
Interest income from subordinate loans and other lending assets 13,354 18,836 43,719 82,070
Interest expense (72,302) (42,391) (173,949) (117,792)
Net interest income 61,873 60,749 174,401 206,385
Revenue from real estate owned operations 14,428 5,896 42,098 7,270
Total net revenue 76,301 66,645 216,499 213,655
Operating expenses:        
General and administrative expenses (includes equity-based compensation of $4,518 and $13,734 in 2022 and $4,405 and $13,149 in 2021, respectively) (7,184) (6,561) (21,501) (20,235)
Management fees to related party (9,719) (9,583) (28,705) (28,387)
Operating expenses related to real estate owned (13,308) (6,914) (36,094) (8,908)
Depreciation and amortization on real estate owned 0 (1,096) (704) (1,548)
Total operating expenses (30,211) (24,154) (87,004) (59,078)
Other income 285 3,676 353 3,785
Realized gain (loss) on investments 43,577 0 43,577 (20,000)
Reversal of (provision for) loan losses, net 55,564 5,766 37,897 [1] 36,590 [1]
Realized losses and impairments on real estate owned 0 0 0 (550)
Foreign currency translation loss (92,782) (24,413) (210,138) (27,808)
Gain on foreign currency forward contracts (includes unrealized gains of $108,428 and $221,623 in 2022 and $32,376 and $40,857 in 2021, respectively) 129,252 32,947 257,227 39,653
Unrealized gain (loss) on interest rate hedging instruments 1,044 (75) 10,808 171
Net income 183,030 60,392 269,219 186,418
Preferred dividends (3,068) (3,126) (9,204) (9,896)
Net income available to common stockholders $ 179,962 $ 57,266 $ 260,015 $ 176,522
Net income per share of common stock:        
Basic (in dollars per share) $ 1.27 $ 0.40 $ 1.83 $ 1.24
Diluted (in dollars per share) $ 1.13 $ 0.38 $ 1.66 $ 1.18
Basic weighted-average shares of common stock outstanding 140,594,987 139,891,777 140,513,957 139,860,882
Diluted weighted-average shares of common stock outstanding 164,350,132 170,884,172 169,252,602 170,836,682
Dividend declared per share of common stock (in dollars per share) $ 0.35 $ 0.35 $ 1.05 $ 1.05
General and administrative expenses, equity-based compensation $ 4,518 $ 4,405 $ 13,734 $ 13,149
[1] Comprised of $53,000 and $26,000 Specific CECL Reversals and $2,564 and $11,897 of General CECL Reversals for the three and nine months ended September 30, 2022, respectively. Comprised of $0 and $30,000 Specific CECL Reversals and $5,766 and $6,590 of General CECL Reversals for the three and nine months ended September 30, 2021, respectively.