• | Net income attributable to common stockholders of $24.6 million, or $0.22 per share (basic), and comprehensive income to common stockholders of $21.0 million, or $0.19 per share. |
• | Net interest income of $15.0 million and portfolio net interest margin of 239 basis points. |
• | Book value per common share of $6.00 at December 31, 2017, delivering an economic return of 2.5% for the quarter ended December 31, 2017. |
• | Issued 5.4 million shares of 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock ("Series D Preferred Stock") resulting in total net proceeds of approximately $130.5 million after deducting underwriting fees, commissions and offering expenses. |
• | Sold distressed residential mortgage loans for aggregate proceeds of approximately $37.6 million, which resulted in a net realized gain, before income taxes, of approximately $6.2 million. |
• | Purchased CMBS securities, including a first loss PO security issued by Freddie Mac-sponsored multi-family K-Series securitizations, for an aggregate gross purchase price of $58.7 million. |
• | Purchased Agency-fixed rate RMBS for a gross purchase price of approximately $788.7 million. |
• | Declared fourth quarter dividend of $0.20 per common share that was paid on January 25, 2018. |
• | Net income attributable to common stockholders in 2017 of $76.3 million, or $0.68 per share (basic). |
• | Net interest income of $58.0 million and portfolio net interest margin of 273 basis points. |
• | Delivered economic return of 10.9% for the year ended December 31, 2017. |
• | Declared aggregate 2017 dividends of $0.80 per common share. |
• | Issued $138.0 million aggregate principal amount of convertible notes in a public offering resulting in net proceeds to the Company of approximately $127.0 million. |
• | Purchased CMBS securities, including two first loss PO securities issued by Freddie Mac-sponsored multi-family K-Series securitizations, for an aggregate gross purchase price of approximately $171.2 million. |
• | Funded in aggregate $60.3 million of preferred equity investments in owners of multi-family properties. |
• | Sold distressed residential mortgage loans for aggregate proceeds of approximately $179.7 million resulting in a net realized gain, before income taxes, of approximately $28.0 million. |
Capital Allocation at December 31, 2017: | |||||||||||||||||||
Agency RMBS(1) | Multi-Family (2) | Distressed Residential (3) | Other (4) | Total | |||||||||||||||
Carrying Value | $ | 1,169,535 | $ | 816,805 | $ | 474,128 | $ | 140,325 | $ | 2,600,793 | |||||||||
Liabilities | |||||||||||||||||||
Callable | (928,823 | ) | (309,935 | ) | (161,277 | ) | (25,946 | ) | (1,425,981 | ) | |||||||||
Non-Callable | — | (29,164 | ) | (52,373 | ) | (115,308 | ) | (196,845 | ) | ||||||||||
Convertible | — | — | — | (128,749 | ) | (128,749 | ) | ||||||||||||
Hedges (Net) (5) | 10,763 | — | — | — | 10,763 | ||||||||||||||
Cash (6) | 12,365 | 2,145 | 9,615 | 81,407 | 105,532 | ||||||||||||||
Goodwill | — | — | — | 25,222 | 25,222 | ||||||||||||||
Other | 961 | (4,651 | ) | 15,673 | (26,717 | ) | (14,734 | ) | |||||||||||
Net Capital Allocated | $ | 264,801 | $ | 475,200 | $ | 285,766 | $ | (49,766 | ) | $ | 976,001 | ||||||||
% of Capital Allocated | 27.1 | % | 48.7 | % | 29.3 | % | (5.1 | )% | 100.0 | % | |||||||||
Net Interest Income- Three Months Ended December 31, 2017: | |||||||||||||||||||
Interest Income | $ | 6,083 | $ | 16,570 | $ | 4,424 | $ | 1,432 | $ | 28,509 | |||||||||
Interest Expense | (3,352 | ) | (3,358 | ) | (2,737 | ) | (4,022 | ) | (13,469 | ) | |||||||||
Net Interest Income (Expense) | $ | 2,731 | $ | 13,212 | $ | 1,687 | $ | (2,590 | ) | $ | 15,040 | ||||||||
Portfolio Net Interest Margin - Three Months Ended December 31, 2017 | |||||||||||||||||||
Average Interest Earning Assets (7) | $ | 971,707 | $ | 596,701 | $ | 480,711 | $ | 126,447 | $ | 2,175,566 | |||||||||
Weighted Average Yield on Interest Earning Assets (8) | 2.50 | % | 11.11 | % | 3.68 | % | 4.53 | % | 5.24 | % | |||||||||
Less: Average Cost of Funds (9) | (1.68 | )% | (4.49 | )% | (4.56 | )% | (3.22 | )% | (2.85 | )% | |||||||||
Portfolio Net Interest Margin (10) | 0.82 | % | 6.62 | % | (0.88 | )% | 1.31 | % | 2.39 | % |
(1) | Includes Agency fixed-rate RMBS, Agency ARMs and Agency IOs. |
(2) | The Company, through its ownership of certain securities, has determined it is the primary beneficiary of the Consolidated K-Series and has consolidated the Consolidated K-Series into the Company’s consolidated financial statements. Average Interest Earning Assets for the quarter excludes all Consolidated K-Series assets other than those securities actually owned by the Company. Interest income amounts represent interest income earned by securities that are actually owned by the Company. A reconciliation of net capital allocated to and net interest income from multi-family investments is included below in “Additional Information.” |
(3) | Includes $331.5 million of distressed residential mortgage loans, $36.9 million of distressed residential mortgage loans, at fair value and $101.9 million of Non-Agency RMBS. |
(4) | Other includes $73.8 million of residential mortgage loans held in securitization trusts, $50.2 million of residential second mortgages, at fair value, $12.6 million of investments in unconsolidated entities and $3.5 million of mortgage loans held for sale and mortgage loans held for investment. Mortgage loans held for sale and mortgage loans held for investment are included in the Company’s accompanying consolidated balance sheets in receivables and other assets. Non-callable liabilities consist of $45.0 million in subordinated debentures and $70.3 million in residential collateralized debt obligations. |
(5) | Includes derivative assets and restricted cash posted as margin. |
(6) | Includes $0.5 million held in overnight deposits relating to our Agency IO investments and $9.6 million in deposits held in our distressed residential securitization trusts to be used to pay down outstanding debt. These deposits are included in the Company’s accompanying consolidated balance sheets in receivables and other assets. |
(7) | Our Average Interest Earning Assets is calculated each quarter based on daily average amortized cost. |
(8) | Our Weighted Average Yield on Interest Earning Assets was calculated by dividing our annualized interest income for the quarter by our Average Interest Earning Assets for the quarter. |
(9) | Our Average Cost of Funds was calculated by dividing our annualized interest expense for the quarter by our average interest bearing liabilities, excluding our subordinated debentures and convertible notes, which generated interest expense of approximately $0.6 million and $2.6 million, respectively, for the quarter. Our Average Cost of Funds includes interest expense on our interest rate swaps and amortization of premium on our swaptions. |
(10) | Portfolio Net Interest Margin is the difference between our Weighted Average Yield on Interest Earning Assets and our Average Cost of Funds, excluding the weighted average cost of subordinated debentures and convertible notes. |
Quarter Ended | Agency Fixed-Rate RMBS | Agency ARMs | Agency IOs | Residential Securitizations | ||||||||
December 31, 2017 | 6.3 | % | 12.9 | % | 17.8 | % | 22.1 | % | ||||
September 30, 2017 | 12.8 | % | 9.4 | % | 17.4 | % | 18.2 | % | ||||
June 30, 2017 | 9.6 | % | 16.5 | % | 17.5 | % | 16.8 | % | ||||
March 31, 2017 | 10.6 | % | 8.3 | % | 15.9 | % | 5.1 | % | ||||
December 31, 2016 | 12.3 | % | 21.7 | % | 19.4 | % | 11.1 | % | ||||
September 30, 2016 | 10.0 | % | 20.7 | % | 18.2 | % | 15.9 | % | ||||
June 30, 2016 | 10.2 | % | 17.6 | % | 15.6 | % | 17.8 | % | ||||
March 31, 2016 | 7.9 | % | 13.5 | % | 14.7 | % | 14.8 | % |
• | An increase in net unrealized gains on multi-family loans and debt held in securitization trusts of $11.3 million primarily due to tightening of credit spreads on our multi-family CMBS acquired during the year. |
• | A decrease in realized gains on investment securities and related hedges of $4.1 million due to reduced CMBS sales. |
• | A decrease in other income of $5.4 million, which is primarily due to income recognized from redemptions/payoffs of joint venture investments and a mezzanine loan during the quarter ended September 30, 2017 that was not replicated during the fourth quarter. |
• | A decrease in realized gains on distressed residential mortgage loans of $1.7 million resulting from lower sales activity during the fourth quarter. |
Three Months Ended | ||||||||
General and Administrative Expenses | December 31, 2017 | September 30, 2017 | ||||||
Salaries, benefits and directors’ compensation | $ | 2,415 | $ | 2,456 | ||||
Base management and incentive fees | 163 | 1,386 | ||||||
Other general and administrative expenses | 1,747 | 1,786 | ||||||
Total general and administrative expenses | $ | 4,325 | $ | 5,628 |
Three Months Ended | ||||||||
Operating Expenses | December 31, 2017 | September 30, 2017 | ||||||
Expenses related to distressed residential mortgage loans | $ | 2,064 | $ | 2,225 | ||||
Expenses related to operating real estate and real estate held for sale in consolidated variable interest entities | 1,899 | 3,143 | ||||||
Total operating expenses | $ | 3,963 | $ | 5,368 |
Three Months Ended December 31, 2017 | ||||
Income from operating real estate and real estate held for sale in consolidated variable interest entities | $ | 2,535 | ||
Expenses related to operating real estate and real estate held for sale in consolidated variable interest entities | (1,899 | ) | ||
Net income from operating real estate and real estate held for sale in consolidated variable interest entities | 636 | |||
Net income from operating real estate and real estate held for sale in consolidated variable interest entities attributable to non-controlling interest | (238 | ) | ||
Net income from operating real estate and real estate held for sale in consolidated variable interest entities attributable to Company's common stockholders | $ | 398 |
Quarter Ended December 31, 2017 | ||||||||||
Amount | Shares | Per Share(1) | ||||||||
Beginning Balance | $ | 677,053 | 111,854 | $ | 6.05 | |||||
Common stock issuance, net | 717 | 56 | ||||||||
Preferred stock issuance, net | 130,496 | |||||||||
Preferred stock liquidation preference | (135,000 | ) | ||||||||
Balance after share issuance activity | 673,266 | 111,910 | 6.01 | |||||||
Dividends declared | (22,382 | ) | (0.20 | ) | ||||||
Net change in accumulated other comprehensive income: | ||||||||||
Hedges | (19 | ) | — | |||||||
Investment securities | (3,632 | ) | (0.03 | ) | ||||||
Net income attributable to Company's common stockholders | 24,632 | 0.22 | ||||||||
Ending Balance | $ | 671,865 | 111,910 | $ | 6.00 |
(1) | Outstanding shares used to calculate book value per share for the ending balance is based on outstanding shares as of December 31, 2017 of 111,909,909. |
Multi-family loans held in securitization trusts, at fair value | $ | 9,657,421 | |
Multi-family CDOs, at fair value | (9,189,459 | ) | |
Net carrying value | 467,962 | ||
Investment securities available for sale, at fair value | 141,420 | ||
Total CMBS, at fair value | 609,382 | ||
Preferred equity investments, mezzanine loans and investments in unconsolidated entities | 177,440 | ||
Real estate under development (1) | 22,904 | ||
Real estate held for sale in consolidated variable interest entities | 64,202 | ||
Mortgages and notes payable in consolidated variable interest entities | (57,124 | ) | |
Financing arrangements, portfolio investments | (309,935 | ) | |
Securitized debt | (29,164 | ) | |
Cash and other | (2,505 | ) | |
Net Capital in Multi-Family | $ | 475,200 |
(1) | Included in the Company’s accompanying consolidated balance sheets in receivables and other assets. |
Three Months Ended December 31, 2017 | |||
Interest income, multi-family loans held in securitization trusts | $ | 83,881 | |
Interest income, investment securities, available for sale (1) | 2,400 | ||
Interest income, mezzanine loan and preferred equity investments (1) | 4,119 | ||
Interest expense, multi-family collateralized debt obligation | (73,830 | ) | |
Interest income, Multi-Family, net | 16,570 | ||
Interest expense, investment securities, available for sale | (2,645 | ) | |
Interest expense, securitized debt | (713 | ) | |
Net interest income, Multi-Family | $ | 13,212 |
(1) | Included in the Company’s accompanying consolidated statements of operations in interest income, investment securities and other. |
December 31, 2017 | December 31, 2016 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Investment securities, available for sale, at fair value (including pledged securities of $1,076,187 and $690,592, as of December 31, 2017 and December 31, 2016, respectively and $47,922 and $43,897 held in securitization trusts as of December 31, 2017 and December 31, 2016, respectively) | $ | 1,413,081 | $ | 818,976 | |||
Residential mortgage loans held in securitization trusts, net | 73,820 | 95,144 | |||||
Residential mortgage loans, at fair value | 87,153 | 17,769 | |||||
Distressed residential mortgage loans, net (including $121,791 and $195,347 held in securitization trusts as of December 31, 2017 and December 31, 2016, respectively) | 331,464 | 503,094 | |||||
Multi-family loans held in securitization trusts, at fair value | 9,657,421 | 6,939,844 | |||||
Derivative assets | 846 | 150,296 | |||||
Cash and cash equivalents | 95,191 | 83,554 | |||||
Investment in unconsolidated entities | 51,143 | 79,259 | |||||
Preferred equity and mezzanine loan investments | 138,920 | 100,150 | |||||
Real estate held for sale in consolidated variable interest entities | 64,202 | — | |||||
Goodwill | 25,222 | 25,222 | |||||
Receivables and other assets | 117,822 | 138,323 | |||||
Total Assets (1) | $ | 12,056,285 | $ | 8,951,631 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Liabilities: | |||||||
Financing arrangements, portfolio investments | $ | 1,276,918 | $ | 773,142 | |||
Financing arrangements, residential mortgage loans | 149,063 | 192,419 | |||||
Residential collateralized debt obligations | 70,308 | 91,663 | |||||
Multi-family collateralized debt obligations, at fair value | 9,189,459 | 6,624,896 | |||||
Securitized debt | 81,537 | 158,867 | |||||
Mortgages and notes payable in consolidated variable interest entities | 57,124 | 1,588 | |||||
Derivative liabilities | — | 498 | |||||
Payable for securities purchased | — | 148,015 | |||||
Accrued expenses and other liabilities | 82,126 | 64,381 | |||||
Subordinated debentures | 45,000 | 45,000 | |||||
Convertible notes | 128,749 | — | |||||
Total liabilities (1) | 11,080,284 | 8,100,469 | |||||
Commitments and Contingencies | |||||||
Stockholders' Equity: | |||||||
Preferred stock, $0.01 par value, 7.75% Series B cumulative redeemable, $25 liquidation preference per share, 6,000,000 shares authorized, 3,000,000 shares issued and outstanding | 72,397 | 72,397 | |||||
Preferred stock, $0.01 par value, 7.875% Series C cumulative redeemable, $25 liquidation preference per share, 4,140,000 shares authorized, 3,600,000 shares issued and outstanding | 86,862 | 86,862 | |||||
Preferred stock, $0.01 par value, 8.00% Series D Fixed-to-Floating Rate cumulative redeemable, $25 liquidation preference per share, 5,750,000 shares authorized and 5,400,000 issued and outstanding | 130,496 | — | |||||
Common stock, $0.01 par value, 400,000,000 shares authorized, 111,909,909 and 111,474,521 shares issued and outstanding as of December 31, 2017 and December 31, 2016, respectively | 1,119 | 1,115 | |||||
Additional paid-in capital | 751,155 | 748,599 | |||||
Accumulated other comprehensive income | 5,553 | 1,639 | |||||
Accumulated deficit | (75,717 | ) | (62,537 | ) | |||
Company's stockholders' equity | 971,865 | 848,075 | |||||
Non-controlling interest in consolidated variable interest entities | 4,136 | 3,087 | |||||
Total equity | 976,001 | 851,162 | |||||
Total Liabilities and Stockholders' Equity | $ | 12,056,285 | $ | 8,951,631 |
(1) | Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of December 31, 2017 and December 31, 2016, assets of consolidated VIEs totaled $10,041,468 and $7,330,872, respectively, and the liabilities of consolidated VIEs totaled $9,436,421 and $6,902,536, respectively. |
For the Three Months Ended December 31, | For the Years Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
INTEREST INCOME: | |||||||||||||||
Investment securities and other | $ | 14,194 | $ | 8,081 | $ | 43,909 | $ | 33,696 | |||||||
Multi-family loans held in securitization trusts | 83,881 | 61,767 | 297,124 | 249,191 | |||||||||||
Residential mortgage loans | 1,954 | 1,066 | 6,117 | 3,770 | |||||||||||
Distressed residential mortgage loans | 2,310 | 7,475 | 18,937 | 32,649 | |||||||||||
Total interest income | 102,339 | 78,389 | 366,087 | 319,306 | |||||||||||
INTEREST EXPENSE: | |||||||||||||||
Investment securities and other | 8,212 | 5,356 | 25,344 | 17,764 | |||||||||||
Convertible notes | 2,633 | — | 9,852 | — | |||||||||||
Multi-family collateralized debt obligations | 73,830 | 54,771 | 261,665 | 222,553 | |||||||||||
Residential collateralized debt obligations | 485 | 308 | 1,463 | 1,246 | |||||||||||
Securitized debt | 1,543 | 2,608 | 7,481 | 11,044 | |||||||||||
Subordinated debentures | 596 | 532 | 2,296 | 2,061 | |||||||||||
Total interest expense | 87,299 | 63,575 | 308,101 | 254,668 | |||||||||||
NET INTEREST INCOME | 15,040 | 14,814 | 57,986 | 64,638 | |||||||||||
OTHER INCOME (LOSS): | |||||||||||||||
Recovery of loan losses | 1,288 | 177 | 1,739 | 838 | |||||||||||
Realized (loss) gain on investment securities and related hedges, net | (62 | ) | (8,978 | ) | 3,888 | (3,645 | ) | ||||||||
Realized gain on distressed residential mortgage loans at carrying value, net | 5,025 | 2,875 | 26,049 | 14,865 | |||||||||||
Net gain on residential mortgage loans at fair value | 961 | — | 1,678 | — | |||||||||||
Unrealized gain on investment securities and related hedges, net | 268 | 8,664 | 1,955 | 7,070 | |||||||||||
Unrealized gain on multi-family loans and debt held in securitization trusts, net | 13,688 | 692 | 18,872 | 3,032 | |||||||||||
Income from operating real estate and real estate held for sale in consolidated variable interest entities | 2,535 | — | 7,280 | — | |||||||||||
Other income | 1,515 | 2,245 | 13,552 | 19,078 | |||||||||||
Total other income | 25,218 | 5,675 | 75,013 | 41,238 | |||||||||||
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES: | |||||||||||||||
General and administrative expenses | 4,162 | 3,535 | 18,357 | 15,246 | |||||||||||
Base management and incentive fees | 163 | 1,303 | 4,517 | 9,261 | |||||||||||
Expenses related to distressed residential mortgage loans | 2,064 | 2,382 | 8,746 | 10,714 | |||||||||||
Expenses related to operating real estate and real estate held for sale in consolidated variable interest entities | 1,899 | — | 9,457 | — | |||||||||||
Total general, administrative and operating expenses | 8,288 | 7,220 | 41,077 | 35,221 | |||||||||||
INCOME FROM OPERATIONS BEFORE INCOME TAXES | 31,970 | 13,269 | 91,922 | 70,655 | |||||||||||
Income tax expense | 1,169 | 375 | 3,355 | 3,095 | |||||||||||
NET INCOME | 30,801 | 12,894 | 88,567 | 67,560 | |||||||||||
Net (income) loss attributable to non-controlling interest in consolidated variable interest entities | (184 | ) | 3 | 3,413 | (9 | ) | |||||||||
NET INCOME ATTRIBUTABLE TO COMPANY | 30,617 | 12,897 | 91,980 | 67,551 | |||||||||||
Preferred stock dividends | (5,985 | ) | (3,225 | ) | (15,660 | ) | (12,900 | ) | |||||||
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | 24,632 | $ | 9,672 | $ | 76,320 | $ | 54,651 | |||||||
Basic earnings per common share | $ | 0.22 | $ | 0.09 | $ | 0.68 | $ | 0.50 | |||||||
Diluted earnings per common share | $ | 0.21 | $ | 0.09 | $ | 0.66 | $ | 0.50 | |||||||
Weighted average shares outstanding-basic | 111,871 | 109,911 | 111,836 | 109,594 | |||||||||||
Weighted average shares outstanding-diluted | 131,565 | 109,911 | 130,343 | 109,594 |
For the Three Months Ended | |||||||||||||||||||
December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | December 31, 2016 | |||||||||||||||
Net interest income | $ | 15,040 | $ | 13,320 | $ | 15,708 | $ | 13,918 | $ | 14,814 | |||||||||
Total other income | 25,218 | 24,918 | 8,172 | 16,705 | 5,675 | ||||||||||||||
Total general, administrative and operating expenses | 8,288 | 10,996 | 11,589 | 10,204 | 7,220 | ||||||||||||||
Income from operations before income taxes | 31,970 | 27,242 | 12,291 | 20,419 | 13,269 | ||||||||||||||
Income tax expense | 1,169 | 507 | 442 | 1,237 | 375 | ||||||||||||||
Net income | 30,801 | 26,735 | 11,849 | 19,182 | 12,894 | ||||||||||||||
Net (income) loss attributable to non-controlling interest in consolidated variable interest entities | (184 | ) | 1,110 | 2,487 | — | 3 | |||||||||||||
Net income attributable to Company | 30,617 | 27,845 | 14,336 | 19,182 | 12,897 | ||||||||||||||
Preferred stock dividends | (5,985 | ) | (3,225 | ) | (3,225 | ) | (3,225 | ) | (3,225 | ) | |||||||||
Net income attributable to Company's common stockholders | 24,632 | 24,620 | 11,111 | 15,957 | 9,672 | ||||||||||||||
Basic earnings per common share | $ | 0.22 | $ | 0.22 | $ | 0.10 | $ | 0.14 | $ | 0.09 | |||||||||
Diluted earnings per common share | $ | 0.21 | $ | 0.21 | $ | 0.10 | $ | 0.14 | $ | 0.09 | |||||||||
Weighted average shares outstanding - basic | 111,871 | 111,886 | 111,863 | 111,721 | 109,911 | ||||||||||||||
Weighted average shares outstanding - diluted | 131,565 | 131,580 | 111,863 | 126,602 | 109,911 | ||||||||||||||
Book value per common share | $ | 6.00 | $ | 6.05 | $ | 6.02 | $ | 6.08 | $ | 6.13 | |||||||||
Dividends declared per common share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.24 | |||||||||
Dividends declared per preferred share on Series B Preferred Stock | $ | 0.48 | $ | 0.48 | $ | 0.48 | $ | 0.48 | $ | 0.48 | |||||||||
Dividends declared per preferred share on Series C Preferred Stock | $ | 0.49 | $ | 0.49 | $ | 0.49 | $ | 0.49 | $ | 0.49 | |||||||||
Dividends declared per preferred share on Series D Preferred Stock | $ | 0.51 | — | — | — | — |
Agency RMBS | Multi-Family | Distressed Residential | Other | Total | |||||||||||||||
At December 31, 2017 | |||||||||||||||||||
Carrying value | $ | 1,169,535 | $ | 816,805 | $ | 474,128 | $ | 140,325 | $ | 2,600,793 | |||||||||
Net capital allocated | $ | 264,801 | $ | 475,200 | $ | 285,766 | $ | (49,766 | ) | $ | 976,001 | ||||||||
Three Months Ended December 31, 2017 | |||||||||||||||||||
Average interest earning assets | $ | 971,707 | $ | 596,701 | $ | 480,711 | $ | 126,447 | $ | 2,175,566 | |||||||||
Weighted average yield on interest earning assets | 2.50 | % | 11.11 | % | 3.68 | % | 4.53 | % | 5.24 | % | |||||||||
Less: Average cost of funds | (1.68 | )% | (4.49 | )% | (4.56 | )% | (3.22 | )% | (2.85 | )% | |||||||||
Portfolio net interest margin | 0.82 | % | 6.62 | % | (0.88 | )% | 1.31 | % | 2.39 | % | |||||||||
At September 30, 2017 | |||||||||||||||||||
Carrying value | $ | 417,957 | $ | 723,170 | $ | 535,520 | $ | 136,304 | $ | 1,812,951 | |||||||||
Net capital allocated | $ | 90,526 | $ | 495,882 | $ | 305,668 | $ | (46,071 | ) | $ | 846,005 | ||||||||
Three Months Ended September 30, 2017 | |||||||||||||||||||
Average interest earning assets | $ | 453,323 | $ | 536,537 | $ | 531,050 | $ | 126,848 | $ | 1,647,758 | |||||||||
Weighted average yield on interest earning assets | 1.70 | % | 11.39 | % | 4.37 | % | 4.21 | % | 5.91 | % | |||||||||
Less: Average cost of funds | (1.44 | )% | (4.46 | )% | (4.28 | )% | (2.57 | )% | (3.10 | )% | |||||||||
Portfolio net interest margin | 0.26 | % | 6.93 | % | 0.09 | % | 1.64 | % | 2.81 | % | |||||||||
At June 30, 2017 | |||||||||||||||||||
Carrying value | $ | 449,437 | $ | 749,643 | $ | 568,273 | $ | 133,488 | $ | 1,900,841 | |||||||||
Net capital allocated | $ | 110,497 | $ | 508,068 | $ | 290,414 | $ | (65,536 | ) | $ | 843,443 | ||||||||
Three Months Ended June 30, 2017 | |||||||||||||||||||
Average interest earning assets | $ | 485,194 | $ | 529,285 | $ | 621,936 | $ | 123,711 | $ | 1,760,126 | |||||||||
Weighted average yield on interest earning assets | 1.65 | % | 11.10 | % | 5.91 | % | 3.96 | % | 6.16 | % | |||||||||
Less: Average cost of funds | (1.30 | )% | (4.28 | )% | (4.29 | )% | (2.13 | )% | (3.04 | )% | |||||||||
Portfolio net interest margin | 0.35 | % | 6.82 | % | 1.62 | % | 1.83 | % | 3.12 | % | |||||||||
At March 31, 2017 | |||||||||||||||||||
Carrying value | $ | 481,960 | $ | 733,383 | $ | 645,455 | $ | 132,266 | $ | 1,993,064 | |||||||||
Net capital allocated | $ | 133,070 | $ | 501,133 | $ | 285,708 | $ | (67,165 | ) | $ | 852,746 | ||||||||
Three Months Ended March 31, 2017 | |||||||||||||||||||
Average interest earning assets | $ | 529,485 | $ | 457,943 | $ | 661,738 | $ | 120,372 | $ | 1,769,538 | |||||||||
Weighted average yield on interest earning assets | 1.97 | % | 11.31 | % | 4.69 | % | 3.73 | % | 5.53 | % | |||||||||
Less: Average cost of funds | (1.23 | )% | (4.55 | )% | (3.71 | )% | (2.81 | )% | (2.83 | )% | |||||||||
Portfolio net interest margin | 0.74 | % | 6.76 | % | 0.98 | % | 0.92 | % | 2.70 | % | |||||||||
At December 31, 2016 | |||||||||||||||||||
Carrying value | $ | 529,250 | $ | 628,522 | $ | 671,272 | $ | 127,359 | $ | 1,956,403 | |||||||||
Net capital allocated | $ | 134,054 | $ | 394,401 | $ | 260,575 | $ | 62,132 | $ | 851,162 | |||||||||
Three Months Ended December 31, 2016 | |||||||||||||||||||
Average interest earning assets | $ | 562,802 | $ | 377,751 | $ | 673,639 | $ | 121,761 | $ | 1,735,953 | |||||||||
Weighted average yield on interest earning assets | 1.20 | % | 12.36 | % | 5.48 | % | 3.37 | % | 5.44 | % | |||||||||
Less: Average cost of funds | (1.28 | )% | (5.54 | )% | (3.64 | )% | (2.48 | )% | (2.81 | )% | |||||||||
Portfolio net interest margin | (0.08 | )% | 6.82 | % | 1.84 | % | 0.89 | % | 2.63 | % |