|
Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| INTEREST INCOME: |
|
|
|
| Investment securities and other |
$ 46,646 |
$ 26,933 |
$ 18,751 |
| INTEREST EXPENSE: |
|
|
|
| Investment securities and other |
6,655 |
3,645 |
1,518 |
| Securitized debt |
11,293 |
1,945 |
|
| Subordinated debentures |
1,878 |
1,967 |
1,891 |
| Total interest expense |
231,178 |
105,926 |
4,837 |
| NET INTEREST INCOME |
60,549 |
31,422 |
19,454 |
| OTHER INCOME (EXPENSE): |
|
|
|
| Provision for loan losses |
(1,262) |
(766) |
(1,693) |
| Impairment loss on investment securities |
(225) |
|
(250) |
| Realized gain (loss) on investment securities and related hedges, net |
(10,719) |
6,268 |
5,740 |
| Realized gain on distressed residential mortgage loans |
1,600 |
85 |
|
| Unrealized gain (loss) on investment securities and related hedges, net |
5,464 |
(3,947) |
(9,657) |
| Unrealized gain on multi-family loans and debt held in securitization trusts, net |
31,495 |
6,662 |
|
| Other income (including $306, $0, and $0 from related parties, respectively) |
2,709 |
803 |
2,167 |
| Total other income (expense) |
29,062 |
9,105 |
(3,693) |
| Management fees (including $3,360, $892 and $2,740 to related parties, respectively) |
8,133 |
5,010 |
5,445 |
| Expenses related to distressed residential mortgage loans |
3,868 |
|
|
| Other general and administrative expenses (including $698, $652 and $539 to related parties, respectively) |
7,916 |
6,417 |
5,073 |
| Total general, administrative and other expenses |
19,917 |
11,427 |
10,518 |
| INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
69,694 |
29,100 |
5,243 |
| Income tax expense |
739 |
932 |
433 |
| INCOME FROM CONTINUING OPERATIONS |
68,955 |
28,168 |
4,810 |
| Income from discontinued operation - net of tax |
|
14 |
63 |
| NET INCOME |
68,955 |
28,182 |
4,873 |
| Net (loss) income attributable to noncontrolling interest |
|
(97) |
97 |
| Preferred stock dividends |
(3,568) |
|
|
| NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS |
65,387 |
28,279 |
4,776 |
| Basic income per common share (in Dollars per share) |
$ 1.11 |
$ 1.08 |
$ 0.46 |
| Diluted income per common share (in Dollars per share) |
$ 1.11 |
$ 1.08 |
$ 0.46 |
| Weighted average shares outstanding-basic (in Shares) |
59,102 |
26,067 |
10,495 |
| Weighted average shares outstanding-diluted (in Shares) |
59,102 |
26,067 |
10,495 |
|
Multi-Family Loans Held in Securitization Trusts [Member]
|
|
|
|
| INTEREST INCOME: |
|
|
|
| Interest income |
228,631 |
104,410 |
|
|
Residential Mortgage Loans Held in Securitization Trusts, Net [Member]
|
|
|
|
| INTEREST INCOME: |
|
|
|
| Interest income |
4,709 |
5,573 |
5,540 |
|
Residential Distressed Mortgage Loans Held in Securitization Trust [Member]
|
|
|
|
| INTEREST INCOME: |
|
|
|
| Interest income |
11,741 |
432 |
|
| Total interest income |
291,727 |
137,348 |
24,291 |
|
Multi-Family Collateralized Debt Obligations [Member]
|
|
|
|
| INTEREST EXPENSE: |
|
|
|
| Interest expense |
210,229 |
97,032 |
|
|
Residential Collateralized Debt Obligations [Member]
|
|
|
|
| INTEREST EXPENSE: |
|
|
|
| Interest expense |
$ 1,123 |
$ 1,337 |
$ 1,428 |