| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | ||
|---|---|---|---|---|---|---|
Interest income: | ||||||
Loans held-for-investment | ||||||
240,022 | 179,284 | 113,050 | 55,627 | 8,410 | ||
Available-for-sale securities | ||||||
1,221 | 1,160 | 1,035 | 1,002 | 84 | ||
Held-to-maturity securities | ||||||
2,239 | 3,194 | 3,726 | 4,192 | 645 | ||
Cash and cash equivalents | ||||||
2,775 | 242 | 26 | 7 | 0 | ||
Total interest income | ||||||
246,257 | 183,880 | 117,837 | 60,828 | 9,139 | ||
Interest expense: | ||||||
Repurchase agreements | ||||||
67,632 | 62,432 | 37,968 | 8,611 | 396 | ||
Securitized debt obligations | ||||||
46,815 | 17,660 | 0 | 0 | - | ||
Convertible senior notes | ||||||
17,971 | 10,783 | 397 | 0 | 0 | ||
Asset-specific financings | ||||||
2,891 | 0 | 0 | - | - | ||
Revolving credit facilities | ||||||
1,673 | 648 | 0 | 0 | - | ||
Note payable to affiliate | ||||||
0 | 0 | 4,098 | 2,418 | 81 | ||
Total interest expense | ||||||
136,982 | 91,523 | 42,463 | 11,029 | 477 | ||
Net interest income | ||||||
109,275 | 92,357 | 75,374 | 49,799 | 8,662 | ||
Other (loss) income: | ||||||
Realized gain on sales of loans held-for-investment | ||||||
- | - | - | - | 181 | ||
Fee income | ||||||
1,210 | 1,446 | 0 | 203 | 14 | ||
Other fee income | ||||||
- | - | - | - | 0 | ||
Total other (loss) income | ||||||
1,210 | 1,446 | 0 | 203 | 195 | ||
Expenses: | ||||||
Management fees | ||||||
14,854 | 12,509 | 9,737 | 7,173 | 1,178 | ||
Incentive fees | ||||||
244 | 0 | 0 | - | - | ||
Servicing expenses | ||||||
3,670 | 2,196 | 1,354 | 605 | 73 | ||
Other operating expenses | ||||||
21,507 | 16,025 | 10,982 | 6,878 | 7,398 | ||
Total expenses | ||||||
40,275 | 30,730 | 22,073 | 14,656 | 8,649 | ||
(Loss) income before income taxes | ||||||
70,210 | 63,073 | 53,301 | 35,346 | 208 | ||
Benefit from income taxes | ||||||
-4 | -2 | -4 | -11 | 70 | ||
Net (loss) income | ||||||
70,214 | 63,075 | 53,305 | 35,357 | 138 | ||
Dividends on preferred stock | ||||||
100 | 100 | 50 | 0 | 0 | ||
Net (loss) income attributable to common stockholders | ||||||
70,114 | 62,975 | 53,255 | 35,357 | 138 | ||
Basic earnings per weighted average common share (in usd per share) | ||||||
1.32 | 1.45 | 0.60 | 0.00 | - | ||
Diluted earnings per weighted average common share (in usd per share) | ||||||
1.32 | 1.42 | 0.60 | 0.00 | - | ||
Basic and diluted earnings per weighted average common share (in usd per share) | ||||||
- | - | - | - | 0.00 | ||
Dividends declared per common share (in usd per share) | ||||||
- | - | - | 0.00 | - | ||
Weighted average basic common shares outstanding (in shares) | ||||||
53,087 | 43,445 | 43,234 | 0 | - | ||
Weighted average diluted common shares outstanding (in shares) | ||||||
53,087 | 52,039 | 43,234 | 0 | - | ||
Basic and diluted weighted average number of shares of common stock outstanding (in shares) | ||||||
- | - | - | - | 0 | ||
Comprehensive (loss) income: | ||||||
Net Income Available to Common Stockholders | ||||||
70,114 | 62,975 | 53,255 | 35,357 | 138 | ||
Net income | ||||||
70,214 | 63,075 | 53,305 | 35,357 | 138 | ||
Other comprehensive (loss) income, net of tax: | ||||||
Unrealized (loss) gain on available-for-sale securities | ||||||
224 | -192 | 112 | -112 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax | ||||||
224 | -192 | 112 | -112 | 0 | ||
Comprehensive (loss) income attributable to common stockholders | ||||||
70,338 | 62,783 | 53,367 | 35,245 | 138 | ||