• | Earned net income attributable to common stockholders of $3.7 million, or $0.02 per share (basic), and comprehensive income to common stockholders of $16.9 million, or $0.11 per share. |
• | Earned net interest income of $21.9 million and portfolio net interest margin of 230 basis points. |
• | Recognized book value per common share of $5.65 at December 31, 2018, a decrease of 1% from September 30, 2018, resulting in an economic return of 2.3% for the quarter ended December 31, 2018. |
• | Declared fourth quarter dividend of $0.20 per common share that was paid on January 25, 2019. |
• | Issued 14,375,000 shares of common stock through an underwritten public offering resulting in total net proceeds of approximately $85.3 million after deducting underwriting discounts, commissions and offering expenses. |
• | Acquired credit assets totaling $944.2 million, including distressed residential mortgage loans totaling $482.6 million, other residential mortgage loans totaling $87.5 million, non-Agency RMBS totaling $119.5 million, multi-family CMBS totaling $208.5 million and preferred equity investments in owners of multi-family properties totaling $46.2 million. |
• | Closed on a master repurchase agreement with a maximum aggregate principal amount of $750.0 million to fund the purchase of residential mortgage loans. |
• | Earned net income attributable to common stockholders in 2018 of $79.2 million, or $0.62 per share (basic), and comprehensive income to common stockholders of $51.5 million, or $0.40 per share. |
• | Earned net interest income of $78.7 million and portfolio net interest margin of 253 basis points. |
• | Delivered economic return of 7.50% for the year ended December 31, 2018. |
• | Declared aggregate 2018 dividends of $0.80 per common share. |
• | Completed the issuance of an aggregate of 28,750,000 shares through two underwritten public offerings in August 2018 and November 2018 at an average public offering price of $6.14 per share resulting in aggregate net proceeds to the Company of $171.3 million, after deducting underwriting discounts, commissions, and offering expenses. |
• | Issued and sold 14,588,631 shares of common stock under our at-the-market equity offering program at an average sales price of $6.19 per share, resulting in net proceeds to the Company of $89.0 million, after deducting placement fees. |
• | Acquired credit assets totaling $1.2 billion, including distressed residential mortgage loans totaling $560.7 million, other residential mortgage loans totaling $128.0 million, non-Agency RMBS totaling $196.2 million, multi-family CMBS totaling $249.4 million and preferred equity investments in owners of multi-family properties totaling $113.0 million. |
• | Added 18 professionals in connection with our growth. |
Capital Allocation at December 31, 2018: | |||||||||||||||||||
Agency RMBS (1) | Multi-Family Credit (2) | Residential Credit (3) | Other (4) | Total | |||||||||||||||
Carrying Value | $ | 1,037,730 | $ | 1,166,628 | $ | 1,241,817 | $ | 10,953 | $ | 3,457,128 | |||||||||
Liabilities | |||||||||||||||||||
Callable (5) | (925,230 | ) | (529,617 | ) | (676,658 | ) | — | (2,131,505 | ) | ||||||||||
Non-Callable | — | (30,121 | ) | (65,253 | ) | (45,000 | ) | (140,374 | ) | ||||||||||
Convertible | — | — | — | (130,762 | ) | (130,762 | ) | ||||||||||||
Hedges (Net) (6) | 10,263 | — | — | — | 10,263 | ||||||||||||||
Cash and Restricted Cash(7) | 10,377 | 17,291 | 20,859 | 60,618 | 109,145 | ||||||||||||||
Goodwill | — | — | — | 25,222 | 25,222 | ||||||||||||||
Other | 2,374 | (4,929 | ) | 24,182 | (40,451 | ) | (18,824 | ) | |||||||||||
Net Capital Allocated | $ | 135,514 | $ | 619,252 | $ | 544,947 | $ | (119,420 | ) | $ | 1,180,293 | ||||||||
% of Capital Allocated | 11.5 | % | 52.5 | % | 46.2 | % | (10.2 | )% | 100.0 | % | |||||||||
Net Interest Income- Three Months Ended December 31, 2018: | |||||||||||||||||||
Interest Income | $ | 7,436 | $ | 21,329 | $ | 11,379 | $ | — | $ | 40,144 | |||||||||
Interest Expense | (5,594 | ) | (5,135 | ) | (4,148 | ) | (3,394 | ) | (18,271 | ) | |||||||||
Net Interest Income (Expense) | $ | 1,842 | $ | 16,194 | $ | 7,231 | $ | (3,394 | ) | $ | 21,873 | ||||||||
Portfolio Net Interest Margin - Three Months Ended December 31, 2018 | |||||||||||||||||||
Average Interest Earning Assets (8) | $ | 1,087,267 | $ | 786,394 | $ | 848,777 | $ | — | $ | 2,722,438 | |||||||||
Weighted Average Yield on Interest Earning Assets (9) | 2.74 | % | 10.85 | % | 5.36 | % | — | 5.90 | % | ||||||||||
Less: Average Cost of Funds (10) | (2.46 | )% | (5.00 | )% | (5.01 | )% | — | (3.60 | )% | ||||||||||
Portfolio Net Interest Margin (11) | 0.28 | % | 5.85 | % | 0.35 | % | — | 2.30 | % |
(1) | Includes Agency fixed-rate RMBS and Agency ARMs. |
(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. Carrying Value and Average Interest Earning Assets for the quarter exclude 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 $737.5 million of distressed and other residential mortgage loans at fair value, $228.5 million of distressed residential mortgage loans at carrying value, $214.0 million of non-Agency RMBS, $56.8 million of residential mortgage loans held in securitization trusts and $1.9 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. |
(4) | Other includes $11.0 million of investments in unconsolidated entities. Other non-callable liabilities consist of $45.0 million in subordinated debentures. |
(5) | Includes repurchase agreements. |
(6) | Includes derivative assets and variation margin. |
(7) | Restricted cash is included in the Company’s accompanying consolidated balance sheets in receivables and other assets. |
(8) | Our Average Interest Earning Assets is calculated each quarter based on daily average amortized cost. |
(9) | 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. |
(10) | 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 $0.7 million and $2.7 million, respectively, for the quarter. Our Average Cost of Funds includes interest expense on our interest rate swaps. |
(11) | 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 | Weighted Average | Agency Fixed-Rate RMBS | Agency ARMs | ||||||
December 31, 2018 | 7.2 | % | 6.8 | % | 12.9 | % | |||
September 30, 2018 | 7.8 | % | 7.3 | % | 14.6 | % | |||
June 30, 2018 | 6.6 | % | 5.9 | % | 16.3 | % | |||
March 31, 2018 | 5.8 | % | 5.4 | % | 10.2 | % | |||
December 31, 2017 | 7.0 | % | 6.3 | % | 12.9 | % | |||
September 30, 2017 | 11.9 | % | 12.8 | % | 9.4 | % | |||
June 30, 2017 | 11.4 | % | 9.6 | % | 16.5 | % | |||
March 31, 2017 | 10.0 | % | 10.6 | % | 8.3 | % |
Three Months Ended | ||||||||
Other Income (Loss) | December 31, 2018 | September 30, 2018 | ||||||
(Provision for) recovery of loan losses | $ | (2,492 | ) | $ | 840 | |||
Realized gain on investment securities and related hedges, net | 20 | 299 | ||||||
Realized (loss) gain on distressed residential mortgage loans at carrying value, net | (3,677 | ) | 1,806 | |||||
Net gain on distressed and other residential mortgage loans at fair value | 8,128 | 643 | ||||||
Unrealized (loss) gain on investment securities and related hedges, net | (15,469 | ) | 2,275 | |||||
Unrealized gain on multi-family loans and debt held in securitization trusts, net | 5,714 | 12,303 | ||||||
Income from operating real estate and real estate held for sale in consolidated variable interest entities | 1,404 | 1,380 | ||||||
Other income | 7,589 | 4,757 | ||||||
Total other income | $ | 1,217 | $ | 24,303 |
• | Unrealized gain of $5.7 million on our Consolidated K-Series investments. |
• | Net gain of $8.1 million from our distressed and other residential mortgage loans held at fair value, primarily from $5.0 million unrealized gains and $3.1 million realized gains during the period. |
• | Other income of $7.6 million primarily related to $6.2 million in realized gains recognized from redemptions of multi-family preferred equity investments and $1.8 million in income from other equity investments. |
• | Unrealized loss of $15.5 million from our interest rate swaps accounted for as trading instruments. |
Three Months Ended | ||||||||
General and Administrative Expenses | December 31, 2018 | September 30, 2018 | ||||||
Salaries, benefits and directors’ compensation | $ | 4,295 | $ | 4,219 | ||||
Base management and incentive fees | 2,880 | 844 | ||||||
Other general and administrative expenses | 2,445 | 1,977 | ||||||
Total general and administrative expenses | $ | 9,620 | $ | 7,040 |
Three Months Ended | ||||||||
Operating Expenses | December 31, 2018 | September 30, 2018 | ||||||
Expenses related to distressed and other residential mortgage loans | $ | 3,377 | $ | 2,117 | ||||
Expenses related to operating real estate and real estate held for sale in consolidated variable interest entities | 1,094 | 755 | ||||||
Total operating expenses | $ | 4,471 | $ | 2,872 |
Three Months Ended December 31, 2018 | ||||
Income from operating real estate and real estate held for sale in consolidated variable interest entities | $ | 1,404 | ||
Expenses related to operating real estate and real estate held for sale in consolidated variable interest entities | (1,094 | ) | ||
Net income from operating real estate and real estate held for sale in consolidated variable interest entities | 310 | |||
Net income from operating real estate and real estate held for sale in consolidated variable interest entities attributable to non-controlling interest | (203 | ) | ||
Net income from operating real estate and real estate held for sale in consolidated variable interest entities attributable to Company's common stockholders | $ | 107 |
Quarter Ended December 31, 2018 | ||||||||||
Amount | Shares | Per Share(1) | ||||||||
Beginning Balance | $ | 807,693 | 141,215 | $ | 5.72 | |||||
Common stock issuance, net(2) | 85,949 | 14,375 | ||||||||
Balance after share issuance activity | 893,642 | 155,590 | 5.75 | |||||||
Dividends declared | (31,118 | ) | (0.20 | ) | ||||||
Net change in accumulated other comprehensive income: | ||||||||||
Investment securities(3) | 13,189 | 0.08 | ||||||||
Net income attributable to Company's common stockholders | 3,676 | 0.02 | ||||||||
Ending Balance | $ | 879,389 | 155,590 | $ | 5.65 |
(1) | Outstanding shares used to calculate book value per share for the ending balance is based on outstanding shares as of December 31, 2018 of 155,589,528. |
(2) | Includes amortization and stock based compensation. |
(3) | The $13.2 million increase related to investment securities is primarily due to an increase in value of the Agency RMBS portfolio for the three months ended December 31, 2018. |
Multi-family loans held in securitization trusts, at fair value | $ | 11,679,847 | |
Multi-family CDOs, at fair value | (11,022,248 | ) | |
Net carrying value | 657,599 | ||
Investment securities available for sale, at fair value | 260,485 | ||
Total CMBS, at fair value | 918,084 | ||
Preferred equity investments, mezzanine loans and investments in unconsolidated entities | 228,067 | ||
Real estate under development (1) | 22,000 | ||
Real estate held for sale in consolidated variable interest entities | 29,704 | ||
Mortgages and notes payable in consolidated variable interest entities | (31,227 | ) | |
Financing arrangements, portfolio investments | (529,617 | ) | |
Securitized debt | (30,121 | ) | |
Cash and other | 12,362 | ||
Net Capital in Multi-Family | $ | 619,252 |
(1) | Included in the Company’s accompanying consolidated balance sheets in receivables and other assets. |
Three Months Ended December 31, 2018 | |||
Interest income, multi-family loans held in securitization trusts | $ | 101,533 | |
Interest income, investment securities, available for sale (1) | 2,735 | ||
Interest income, preferred equity investments and mezzanine loans (1) | 5,854 | ||
Interest expense, multi-family collateralized debt obligations | (88,792 | ) | |
Interest income, Multi-Family, net | 21,330 | ||
Interest expense, investment securities, available for sale | (4,400 | ) | |
Interest expense, securitized debt | (736 | ) | |
Net interest income, Multi-Family | $ | 16,194 |
(1) | Included in the Company’s accompanying consolidated statements of operations in interest income, investment securities and other. |
December 31, 2018 | December 31, 2017 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Investment securities, available for sale, at fair value (including pledged securities of $1,464,977 and $1,076,187, as of December 31, 2018 and December 31, 2017, respectively, and $52,700 and $47,922 held in securitization trusts as of December 31, 2018 and December 31, 2017, respectively) | $ | 1,512,252 | $ | 1,413,081 | |||
Residential mortgage loans held in securitization trusts, net | 56,795 | 73,820 | |||||
Distressed and other residential mortgage loans, at fair value | 737,523 | 87,153 | |||||
Distressed residential mortgage loans, net (including $88,096 and $121,791 held in securitization trusts as of December 31, 2018 and December 31, 2017, respectively) | 228,466 | 331,464 | |||||
Multi-family loans held in securitization trusts, at fair value | 11,679,847 | 9,657,421 | |||||
Derivative assets | 10,263 | 10,101 | |||||
Cash and cash equivalents | 103,724 | 95,191 | |||||
Investment in unconsolidated entities | 73,466 | 51,143 | |||||
Preferred equity and mezzanine loan investments | 165,555 | 138,920 | |||||
Real estate held for sale in consolidated variable interest entities | 29,704 | 64,202 | |||||
Goodwill | 25,222 | 25,222 | |||||
Receivables and other assets | 114,821 | 108,567 | |||||
Total Assets (1) | $ | 14,737,638 | $ | 12,056,285 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Liabilities: | |||||||
Financing arrangements, portfolio investments | $ | 1,543,577 | $ | 1,276,918 | |||
Financing arrangements, distressed and other residential mortgage loans | 587,928 | 149,063 | |||||
Residential collateralized debt obligations | 53,040 | 70,308 | |||||
Multi-family collateralized debt obligations, at fair value | 11,022,248 | 9,189,459 | |||||
Securitized debt | 42,335 | 81,537 | |||||
Mortgages and notes payable in consolidated variable interest entities | 31,227 | 57,124 | |||||
Accrued expenses and other liabilities | 101,228 | 82,126 | |||||
Subordinated debentures | 45,000 | 45,000 | |||||
Convertible notes | 130,762 | 128,749 | |||||
Total liabilities (1) | 13,557,345 | 11,080,284 | |||||
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 | 130,496 | |||||
Common stock, $0.01 par value, 400,000,000 shares authorized, 155,589,528 and 111,909,909 shares issued and outstanding as of December 31, 2018 and December 31, 2017, respectively | 1,556 | 1,119 | |||||
Additional paid-in capital | 1,013,391 | 751,155 | |||||
Accumulated other comprehensive (loss) income | (22,135 | ) | 5,553 | ||||
Accumulated deficit | (103,178 | ) | (75,717 | ) | |||
Company's stockholders' equity | 1,179,389 | 971,865 | |||||
Non-controlling interest in consolidated variable interest entities | 904 | 4,136 | |||||
Total equity | 1,180,293 | 976,001 | |||||
Total Liabilities and Stockholders' Equity | $ | 14,737,638 | $ | 12,056,285 |
(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, 2018 and December 31, 2017, assets of consolidated VIEs totaled $11,984,374 and $10,041,468, respectively, and the liabilities of consolidated VIEs totaled $11,191,736 and $9,436,421, respectively. |
For the Three Months Ended December 31, | For the Years Ended December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
INTEREST INCOME: | |||||||||||||||
Investment securities and other | $ | 18,249 | $ | 14,194 | $ | 68,518 | $ | 43,909 | |||||||
Multi-family loans held in securitization trusts | 101,533 | 83,881 | 358,712 | 297,124 | |||||||||||
Distressed and other residential mortgage loans | 9,154 | 4,264 | 28,569 | 25,054 | |||||||||||
Total interest income | 128,936 | 102,339 | 455,799 | 366,087 | |||||||||||
INTEREST EXPENSE: | |||||||||||||||
Investment securities and other | 13,376 | 8,212 | 44,050 | 25,344 | |||||||||||
Convertible notes | 2,673 | 2,633 | 10,643 | 9,852 | |||||||||||
Multi-family collateralized debt obligations | 88,792 | 73,830 | 313,102 | 261,665 | |||||||||||
Residential collateralized debt obligations | 431 | 485 | 1,779 | 1,463 | |||||||||||
Securitized debt | 1,070 | 1,543 | 4,754 | 7,481 | |||||||||||
Subordinated debentures | 721 | 596 | 2,743 | 2,296 | |||||||||||
Total interest expense | 107,063 | 87,299 | 377,071 | 308,101 | |||||||||||
NET INTEREST INCOME | 21,873 | 15,040 | 78,728 | 57,986 | |||||||||||
OTHER INCOME (LOSS): | |||||||||||||||
(Provision for) recovery of loan losses | (2,492 | ) | 1,288 | (1,257 | ) | 1,739 | |||||||||
Realized gain (loss) on investment securities and related hedges, net | 20 | (62 | ) | (11,758 | ) | 3,888 | |||||||||
Realized (loss) gain on distressed residential mortgage loans at carrying value, net | (3,677 | ) | 5,025 | (623 | ) | 26,049 | |||||||||
Net gain on distressed and other residential mortgage loans at fair value | 8,128 | 961 | 8,702 | 1,678 | |||||||||||
Unrealized (loss) gain on investment securities and related hedges, net | (15,469 | ) | 268 | 11,104 | 1,955 | ||||||||||
Unrealized gain on multi-family loans and debt held in securitization trusts, net | 5,714 | 13,688 | 37,581 | 18,872 | |||||||||||
Income from operating real estate and real estate held for sale in consolidated variable interest entities | 1,404 | 2,535 | 6,163 | 7,280 | |||||||||||
Other income | 7,589 | 1,515 | 16,568 | 13,552 | |||||||||||
Total other income | 1,217 | 25,218 | 66,480 | 75,013 | |||||||||||
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES: | |||||||||||||||
General and administrative expenses | 6,740 | 4,162 | 22,868 | 18,357 | |||||||||||
Base management and incentive fees | 2,880 | 163 | 5,366 | 4,517 | |||||||||||
Expenses related to distressed and other residential mortgage loans | 3,377 | 2,064 | 8,908 | 8,746 | |||||||||||
Expenses related to operating real estate and real estate held for sale in consolidated variable interest entities | 1,094 | 1,899 | 4,328 | 9,457 | |||||||||||
Total general, administrative and operating expenses | 14,091 | 8,288 | 41,470 | 41,077 | |||||||||||
INCOME FROM OPERATIONS BEFORE INCOME TAXES | 8,999 | 31,970 | 103,738 | 91,922 | |||||||||||
Income tax (benefit) expense | (511 | ) | 1,169 | (1,057 | ) | 3,355 | |||||||||
NET INCOME | 9,510 | 30,801 | 104,795 | 88,567 | |||||||||||
Net loss (income) attributable to non-controlling interest in consolidated variable interest entities | 91 | (184 | ) | (1,909 | ) | 3,413 | |||||||||
NET INCOME ATTRIBUTABLE TO COMPANY | 9,601 | 30,617 | 102,886 | 91,980 | |||||||||||
Preferred stock dividends | (5,925 | ) | (5,985 | ) | (23,700 | ) | (15,660 | ) | |||||||
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | 3,676 | $ | 24,632 | $ | 79,186 | $ | 76,320 | |||||||
Basic earnings per common share | $ | 0.02 | $ | 0.22 | $ | 0.62 | $ | 0.68 | |||||||
Diluted earnings per common share | $ | 0.02 | $ | 0.21 | $ | 0.61 | $ | 0.66 | |||||||
Weighted average shares outstanding-basic | 148,871 | 111,871 | 127,243 | 111,836 | |||||||||||
Weighted average shares outstanding-diluted | 149,590 | 131,565 | 147,450 | 130,343 |
For the Three Months Ended | |||||||||||||||||||
December 31, 2018 | September 30, 2018 | June 30, 2018 | March 31, 2018 | December 31, 2017 | |||||||||||||||
Net interest income | $ | 21,873 | $ | 19,603 | $ | 17,500 | $ | 19,752 | $ | 15,040 | |||||||||
Total other income | 1,217 | 24,303 | 20,007 | 20,953 | 25,218 | ||||||||||||||
Total general, administrative and operating expenses | 14,091 | 9,912 | 8,769 | 8,698 | 8,288 | ||||||||||||||
Income from operations before income taxes | 8,999 | 33,994 | 28,738 | 32,007 | 31,970 | ||||||||||||||
Income tax (benefit) expense | (511 | ) | (454 | ) | (13 | ) | (79 | ) | 1,169 | ||||||||||
Net income | 9,510 | 34,448 | 28,751 | 32,086 | 30,801 | ||||||||||||||
Net loss (income) attributable to non-controlling interest in consolidated variable interest entities | 91 | (475 | ) | 943 | (2,468 | ) | (184 | ) | |||||||||||
Net income attributable to Company | 9,601 | 33,973 | 29,694 | 29,618 | 30,617 | ||||||||||||||
Preferred stock dividends | (5,925 | ) | (5,925 | ) | (5,925 | ) | (5,925 | ) | (5,985 | ) | |||||||||
Net income attributable to Company's common stockholders | 3,676 | 28,048 | 23,769 | 23,693 | 24,632 | ||||||||||||||
Basic earnings per common share | $ | 0.02 | $ | 0.21 | $ | 0.21 | $ | 0.21 | $ | 0.22 | |||||||||
Diluted earnings per common share | $ | 0.02 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.21 | |||||||||
Weighted average shares outstanding - basic | 148,871 | 132,413 | 115,211 | 112,018 | 111,871 | ||||||||||||||
Weighted average shares outstanding - diluted | 149,590 | 152,727 | 135,164 | 131,761 | 131,565 | ||||||||||||||
Book value per common share | $ | 5.65 | $ | 5.72 | $ | 5.76 | $ | 5.79 | $ | 6.00 | |||||||||
Dividends declared per common share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | |||||||||
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 | $ | 0.50 | $ | 0.50 | $ | 0.50 | $ | 0.50 | $ | 0.51 |
Agency RMBS | Multi-Family Credit | Residential Credit | Other | Total | |||||||||||||||
At December 31, 2018 | |||||||||||||||||||
Carrying value | $ | 1,037,730 | $ | 1,166,628 | $ | 1,241,817 | $ | 10,953 | $ | 3,457,128 | |||||||||
Net capital allocated | $ | 135,514 | $ | 619,252 | $ | 544,947 | $ | (119,420 | ) | $ | 1,180,293 | ||||||||
Three Months Ended December 31, 2018 | |||||||||||||||||||
Average interest earning assets | $ | 1,087,267 | $ | 786,394 | $ | 848,777 | $ | — | $ | 2,722,438 | |||||||||
Weighted average yield on interest earning assets | 2.74 | % | 10.85 | % | 5.36 | % | — | 5.90 | % | ||||||||||
Less: Average cost of funds | (2.46 | )% | (5.00 | )% | (5.01 | )% | — | (3.60 | )% | ||||||||||
Portfolio net interest margin | 0.28 | % | 5.85 | % | 0.35 | % | — | 2.30 | % | ||||||||||
At September 30, 2018 | |||||||||||||||||||
Carrying value | $ | 1,055,433 | $ | 947,851 | $ | 606,495 | $ | 13,450 | $ | 2,623,229 | |||||||||
Net capital allocated | $ | 224,545 | $ | 632,823 | $ | 389,369 | $ | (138,048 | ) | $ | 1,108,689 | ||||||||
Three Months Ended September 30, 2018 | |||||||||||||||||||
Average interest earning assets | $ | 1,121,180 | $ | 681,040 | $ | 597,200 | $ | — | $ | 2,399,420 | |||||||||
Weighted average yield on interest earning assets | 2.67 | % | 11.55 | % | 5.33 | % | — | 5.85 | % | ||||||||||
Less: Average cost of funds | (2.22 | )% | (5.04 | )% | (4.68 | )% | — | (3.30 | )% | ||||||||||
Portfolio net interest margin | 0.45 | % | 6.51 | % | 0.65 | % | — | 2.55 | % | ||||||||||
At June 30, 2018 | |||||||||||||||||||
Carrying value | $ | 1,101,344 | $ | 875,563 | $ | 586,457 | $ | 13,301 | $ | 2,576,665 | |||||||||
Net capital allocated | $ | 250,497 | $ | 557,422 | $ | 320,552 | $ | (112,270 | ) | $ | 1,016,201 | ||||||||
Three Months Ended June 30, 2018 | |||||||||||||||||||
Average interest earning assets | $ | 1,167,278 | $ | 639,637 | $ | 596,382 | $ | — | $ | 2,403,297 | |||||||||
Weighted average yield on interest earning assets | 2.69 | % | 11.43 | % | 4.63 | % | — | 5.50 | % | ||||||||||
Less: Average cost of funds | (2.02 | )% | (4.69 | )% | (4.58 | )% | — | (3.11 | )% | ||||||||||
Portfolio net interest margin | 0.67 | % | 6.74 | % | 0.05 | % | — | 2.39 | % | ||||||||||
At March 31, 2018 | |||||||||||||||||||
Carrying value | $ | 1,161,445 | $ | 836,353 | $ | 598,863 | $ | 12,903 | $ | 2,609,564 | |||||||||
Net capital allocated | $ | 251,405 | $ | 500,813 | $ | 324,866 | $ | (126,297 | ) | $ | 950,787 | ||||||||
Three Months Ended March 31, 2018 | |||||||||||||||||||
Average interest earning assets | $ | 1,208,900 | $ | 612,357 | $ | 604,033 | $ | — | $ | 2,425,290 | |||||||||
Weighted average yield on interest earning assets | 2.64 | % | 11.43 | % | 5.93 | % | — | 5.68 | % | ||||||||||
Less: Average cost of funds | (1.82 | )% | (4.51 | )% | (4.06 | )% | — | (2.82 | )% | ||||||||||
Portfolio net interest margin | 0.82 | % | 6.92 | % | 1.87 | % | — | 2.86 | % | ||||||||||
At December 31, 2017 | |||||||||||||||||||
Carrying value | $ | 1,169,535 | $ | 816,805 | $ | 601,831 | $ | 12,622 | $ | 2,600,793 | |||||||||
Net capital allocated | $ | 264,801 | $ | 475,200 | $ | 318,957 | $ | (82,957 | ) | $ | 976,001 | ||||||||
Three Months Ended December 31, 2017 | |||||||||||||||||||
Average interest earning assets | $ | 971,707 | $ | 596,701 | $ | 607,158 | $ | — | $ | 2,175,566 | |||||||||
Weighted average yield on interest earning assets | 2.50 | % | 11.11 | % | 3.86 | % | — | 5.24 | % | ||||||||||
Less: Average cost of funds | (1.68 | )% | (4.49 | )% | (4.17 | )% | — | (2.85 | )% | ||||||||||
Portfolio net interest margin | 0.82 | % | 6.62 | % | (0.31 | )% | — | 2.39 | % | ||||||||||