| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|---|---|---|---|---|---|
Revenues: | ||||||
Interest income: | ||||||
Available-for-sale securities | ||||||
0 | 10,748 | - | - | - | - | - |
Available-for-sale securities | ||||||
- | - | 29,521 | 23,475 | 24,298 | 16,560 | 16,411 |
Residential mortgage loans held-for-sale | ||||||
- | - | 72 | 430 | 2,097 | 3,634 | 0 |
Commercial mortgage loans held-for-investment | ||||||
38,969 | 25,077 | 0 | - | - | - | - |
Multi-family loans held in securitization trusts | ||||||
78 | 20,891 | 54,271 | 58,587 | 68,016 | 21,158 | 0 |
Residential loans held in securitization trusts | ||||||
0 | 2,102 | 5,103 | 10,585 | 19,986 | 4,438 | 0 |
Cash and cash equivalents | ||||||
9 | 134 | 164 | 41 | 16 | 21 | 11 |
Interest expense: | ||||||
Repurchase agreements - available-for-sale securities | ||||||
0 | 7,637 | 13,493 | 6,237 | 6,467 | 2,661 | 2,243 |
Collateralized loan obligations | ||||||
20,882 | 12,578 | 0 | - | - | - | - |
Multi-family securitized debt obligations | ||||||
0 | 19,652 | - | - | - | - | - |
Residential securitized debt obligations | ||||||
0 | 1,685 | - | - | - | - | - |
Repurchase agreements - mortgage loans held-for-sale | ||||||
- | - | - | 237 | 1,323 | 2,203 | 0 |
Multi-family securitized debt obligations | ||||||
- | - | 51,440 | 54,940 | 62,157 | 19,400 | 0 |
Residential securitized debt obligations | ||||||
- | - | 4,059 | 8,117 | 13,156 | 3,575 | 0 |
Net interest income | ||||||
15,413 | 17,400 | 20,139 | 23,588 | 31,309 | 17,971 | 14,180 |
(Increase) decrease in credit reserves | ||||||
- | - | - | 745 | -745 | 0 | - |
Additional other-than-temporary credit impairment losses | ||||||
- | - | - | 183 | 2,890 | 0 | - |
Total impairment losses recognized in earnings | ||||||
- | - | - | 561 | -3,636 | 0 | - |
Other income: | ||||||
Realized (loss) on investments, net | ||||||
-709 | -33,391 | -14,054 | -7,216 | -533 | 3,271 | -31,581 |
Change in unrealized gain on fair value option securities | ||||||
- | - | 9,448 | - | - | - | - |
Change in unrealized gain (loss) on fair value option securities | ||||||
- | - | - | -8,406 | -1,041 | - | - |
Change in unrealized gain (loss) on fair value option securities | ||||||
- | - | - | - | - | 0 | - |
Change in unrealized gain (loss) and net interest income from Linked Transactions | ||||||
- | - | - | - | - | 10,605 | 5,838 |
Realized gain on derivative contracts, net | ||||||
0 | 25,984 | 2,219 | -3,089 | -12,024 | -18,214 | 18,812 |
Change in unrealized (loss) on derivative contracts, net | ||||||
0 | -5,349 | -2,704 | 5,495 | 4,909 | -2,931 | 878 |
Realized (loss) on residential mortgage loans held-for-sale, net | ||||||
- | - | -221 | 94 | 1,216 | -776 | - |
Realized (loss) on mortgage loans held-for-sale | ||||||
- | - | - | - | - | - | 0 |
Change in unrealized gain on residential mortgage loans held-for-sale | ||||||
- | - | 17 | -151 | -197 | 329 | 0 |
Change in unrealized gain (loss) on mortgage servicing rights | ||||||
- | - | - | 827 | 671 | 0 | - |
Unrealized (loss) on mortgage servicing rights | ||||||
-1,297 | 1,033 | -487 | - | - | - | - |
Unrealized gain on multi-family loans held in securitization trusts | ||||||
694 | -6,398 | 3,353 | -5,219 | 6,097 | 1,473 | - |
Change in unrealized gain on residential loans held in securitization trusts | ||||||
0 | 5,650 | -961 | 404 | -8,153 | 3,059 | - |
Other interest expense | ||||||
- | - | 152 | 1,860 | 0 | 0 | - |
Servicing income, net | ||||||
869 | 940 | 922 | 932 | 211 | 0 | - |
Unrealized gain/(loss) on multi-family loans held in securitization trusts | ||||||
- | - | - | - | - | - | 0 |
Unrealized gain/(loss) on residential loans held in securitization trusts | ||||||
- | - | - | - | - | - | 0 |
Other income | ||||||
0 | 155 | 46 | 32 | 85 | 59 | 0 |
Total other (loss) | ||||||
-443 | -11,375 | -2,574 | -19,811 | -10,102 | -3,122 | - |
Total other income (loss) | ||||||
- | - | - | - | - | - | -6,051 |
Expenses: | ||||||
Management fee | ||||||
2,245 | 2,335 | 2,215 | 2,472 | 2,774 | 2,627 | 1,287 |
General and administrative expenses | ||||||
4,335 | 4,006 | 5,454 | 5,867 | 6,660 | 2,901 | 992 |
Operating expenses reimbursable to Manager | ||||||
1,629 | 2,375 | 4,127 | - | - | - | - |
Operating expenses reimbursable to Manager | ||||||
- | - | - | 4,747 | 4,980 | - | 2,103 |
Operating expenses reimbursable to Manager | ||||||
- | - | - | - | - | 3,247 | - |
Other operating expenses | ||||||
-360 | -1,003 | -855 | -1,480 | -2,448 | -2,504 | - |
Other operating expenses | ||||||
- | - | - | - | - | - | 288 |
Compensation expense | ||||||
193 | 252 | 205 | 197 | 256 | 253 | 230 |
Total expenses | ||||||
8,764 | 9,975 | 12,858 | 14,765 | 17,120 | 11,534 | - |
Net income before provision for income taxes | ||||||
6,205 | -3,949 | 4,706 | - | - | - | - |
Net income (loss) before provision for income taxes | ||||||
- | - | - | - | - | 3,313 | - |
Benefit from income taxes | ||||||
-43 | 1,521 | 0 | - | - | 0 | - |
Total expenses | ||||||
- | - | - | - | - | - | 4,901 |
Net income | ||||||
6,248 | -5,471 | 4,706 | -10,426 | 450 | 3,313 | 3,226 |
Dividends to preferred stockholders | ||||||
491 | 3,528 | 3,522 | 3,522 | 3,522 | 2,887 | 44 |
Deemed dividend on preferred stock related to redemption | ||||||
3,093 | 0 | - | - | - | - | - |
Net income (loss) attributable to common stockholders | ||||||
2,664 | -9,000 | 1,184 | -13,948 | -3,071 | 426 | 3,181 |
Earnings (loss) per share: | ||||||
Net income (loss) attributable to common stockholders (basic and diluted) | ||||||
2,664 | -9,000 | 1,184 | -13,948 | -3,071 | 426 | 3,181 |
Weighted average number of shares of common stock outstanding (in shares) | ||||||
23,687 | 23,613 | 20,048 | 14,641 | 14,721 | 12,358 | 6,132 |
Basic and diluted income (loss) per share (in dollars per share) | ||||||
0.11 | -0.38 | 0.06 | -0.95 | -0.21 | 0.03 | 0.52 |
Dividends declared per share of common stock (in dollars per share) | ||||||
0.30 | 0.28 | 0.60 | 2.04 | 1.35 | 1.47 | 1.64 |