Net income attributable to Company's common stockholders | $ | 34,835 | |
Net income attributable to Company's common stockholders per share (basic) | $ | 0.15 | |
Net interest income | $ | 31,971 | |
Net interest margin | 2.40 | % | |
Comprehensive income attributable to Company's common stockholders | $ | 45,747 | |
Comprehensive income attributable to Company's common stockholders per share (basic) | $ | 0.20 | |
Book value per share | $ | 5.77 | |
Economic return on book value (1) | 3.83 | % | |
Economic return on book value (annualized) (1) (2) | 17.00 | % | |
Dividends per share | $ | 0.20 |
(1) | Economic return on book value is based on the periodic change in GAAP book value per share plus dividends declared per common share during the respective period. |
(2) | Economic return on book value for the nine months ended September 30, 2019 on an annualized basis. |
• | Issued 51,750,000 shares of common stock collectively through two underwritten public offerings, resulting in total net proceeds of $310.6 million. |
• | Issued 589,420 shares of preferred stock under an at-the-market preferred equity offering program, resulting in net proceeds of $14.4 million. |
• | Acquired residential, multi-family and other credit assets totaling $396.9 million. |
Agency RMBS | Residential Credit | Multi- Family Credit | Other | Total | |||||||||||||||
Investment securities, available for sale, at fair value | $ | 955,838 | $ | 621,528 | $ | 278,398 | $ | 48,254 | $ | 1,904,018 | |||||||||
Distressed and other residential mortgage loans, at fair value | — | 1,116,128 | — | — | 1,116,128 | ||||||||||||||
Distressed and other residential mortgage loans, net | — | 210,466 | — | — | 210,466 | ||||||||||||||
Investments in unconsolidated entities | — | 61,779 | 107,154 | — | 168,933 | ||||||||||||||
Preferred equity and mezzanine loan investments | — | — | 178,997 | — | 178,997 | ||||||||||||||
Multi-family loans held in securitization trusts, at fair value | — | — | 15,863,264 | — | 15,863,264 | ||||||||||||||
Multi-family collateralized debt obligations, at fair value | — | — | (14,978,199 | ) | — | (14,978,199 | ) | ||||||||||||
Other investments (1) | — | 2,437 | 12,968 | — | 15,405 | ||||||||||||||
Carrying value | $ | 955,838 | $ | 2,012,338 | $ | 1,462,582 | $ | 48,254 | $ | 4,479,012 | |||||||||
Liabilities: | |||||||||||||||||||
Repurchase agreements | (840,864 | ) | (946,309 | ) | (772,707 | ) | — | (2,559,880 | ) | ||||||||||
CDOs and subordinated debentures | — | (42,119 | ) | — | (45,000 | ) | (87,119 | ) | |||||||||||
Convertible notes | — | — | — | (132,395 | ) | (132,395 | ) | ||||||||||||
Hedges (net) (2) | 20,673 | — | — | — | 20,673 | ||||||||||||||
Cash and restricted cash (3) | 9,558 | 9,554 | 5,314 | 42,412 | 66,838 | ||||||||||||||
Goodwill | — | — | — | 25,222 | 25,222 | ||||||||||||||
Other (4) | (3,057 | ) | 109,487 | (11,503 | ) | (60,279 | ) | 34,648 | |||||||||||
Net capital allocated | $ | 142,148 | $ | 1,142,951 | $ | 683,686 | $ | (121,786 | ) | $ | 1,846,999 | ||||||||
Overall leverage ratio (5) | 1.5 | ||||||||||||||||||
Leverage ratio on callable debt (6) | 1.4 | ||||||||||||||||||
Net Interest Income - Three Months Ended September 30, 2019: | |||||||||||||||||||
Interest Income | $ | 6,512 | $ | 23,668 | $ | 28,413 | $ | 681 | $ | 59,274 | |||||||||
Interest Expense | (4,980 | ) | (10,499 | ) | (8,400 | ) | (3,424 | ) | (27,303 | ) | |||||||||
Net Interest Income (Expense) | $ | 1,532 | $ | 13,169 | $ | 20,013 | $ | (2,743 | ) | $ | 31,971 | ||||||||
Portfolio Net Interest Margin - Three Months Ended September 30, 2019 | |||||||||||||||||||
Average Interest Earning Assets (7) (9) | $ | 1,001,567 | $ | 1,772,485 | $ | 1,104,560 | $ | 26,235 | $ | 3,904,847 | |||||||||
Weighted Average Yield on Interest Earning Assets (8) | 2.60 | % | 5.34 | % | 10.29 | % | 10.38 | % | 6.07 | % | |||||||||
Average Cost of Funds (10) | (2.38 | )% | (4.27 | )% | (4.29 | )% | — | (3.67 | )% | ||||||||||
Portfolio Net Interest Margin (11) | 0.22 | % | 1.07 | % | 6.00 | % | 10.38 | % | 2.40 | % |
(1) | Includes real estate under development in the amount of $13.9 million, net of mortgages and notes payable in consolidated variable interest entities in the amount of $0.9 million, and other loan investments in the amount of $2.4 million. Both real estate under development and other loan investments are included in the Company's accompanying condensed consolidated balance sheets in receivables and other assets. |
(2) | Includes derivative liabilities of $40.4 million netted against a $61.1 million variation margin. |
(3) | Restricted cash is included in the Company's accompanying condensed consolidated balance sheets in receivables and other assets. |
(4) | Includes a $66.0 million deposit to be used towards the purchase price of mortgage-backed securities to be issued in a securitization transaction sponsored by Freddie Mac. The deposit is included in receivables and other assets in the accompanying condensed consolidated balance sheets. |
(5) | Represents total debt divided by our total stockholders' equity. Total debt does not include debt associated with Multi-family CDOs amounting to $15.0 billion and Residential CDOs amounting to $42.1 million that are consolidated in the Company's financial statements as they are non-recourse debt for which we have no obligation. |
(6) | Represents repurchase agreement borrowings divided by our total stockholders' equity. |
(7) | Average Interest Earning Assets for the periods indicated exclude all Consolidated K-Series assets other than those securities actually owned by the Company. |
(8) | Our Weighted Average Yield on Interest Earning Assets was calculated by dividing our annualized interest income by our Average Interest Earning Assets for the respective periods. |
(9) | Our Average Interest Earning Assets is calculated each quarter based on daily average amortized cost for the respective periods. |
(10) | Our Average Cost of Funds was calculated by dividing our annualized interest expense 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. |
(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. |
Three Months Ended | ||||||||
September 30, 2019 | June 30, 2019 | |||||||
Investment securities and related hedges | $ | 5,013 | $ | — | ||||
Distressed and other residential mortgage loans at carrying value | (569 | ) | 2,054 | |||||
Distressed and other residential mortgage loans at fair value | 1,658 | 2,393 | ||||||
Total realized gains, net | $ | 6,102 | $ | 4,447 |
Three Months Ended | ||||||||
September 30, 2019 | June 30, 2019 | |||||||
Investment securities and related hedges | $ | (13,336 | ) | $ | (15,007 | ) | ||
Distressed and other residential mortgage loans at fair value | 16,818 | 9,878 | ||||||
Multi-family loans and debt held in securitization trusts | 7,630 | 5,207 | ||||||
Total unrealized gains (losses), net | $ | 11,112 | $ | 78 |
Three Months Ended | ||||||||
September 30, 2019 | June 30, 2019 | |||||||
Income from preferred equity investments accounted for as equity (1) | $ | 2,458 | $ | 1,655 | ||||
Income from joint venture equity investments in multi-family properties | 985 | 1,698 | ||||||
Income from entities that invest in residential properties and loans | 431 | 163 | ||||||
Preferred equity and mezzanine loan premiums resulting from early redemption (2) | — | 522 | ||||||
Losses in Consolidated VIEs (3) | (185 | ) | (1,459 | ) | ||||
Miscellaneous income | 249 | 161 | ||||||
Total other income | $ | 3,938 | $ | 2,740 |
(1) | Includes income earned from preferred equity ownership interests in entities that invest in multi-family properties accounted for under the equity method of accounting. |
(2) | Includes premiums resulting from early redemptions of preferred equity and mezzanine loan investments accounted for as loans. |
(3) | Losses in Consolidated VIEs are offset by allocations to non-controlling interests in the respective Consolidated VIEs, resulting in net losses to the Company of $0.1 million and $0.7 million for the quarters ended September 30, 2019 and June 30, 2019, respectively. |
Three Months Ended | ||||||||
General and Administrative Expenses | September 30, 2019 | June 30, 2019 | ||||||
Salaries, benefits and directors’ compensation | $ | 5,780 | $ | 6,492 | ||||
Base management and incentive fees | (31 | ) | 543 | |||||
Other general and administrative expenses | 2,565 | 2,780 | ||||||
Total general and administrative expenses | $ | 8,314 | $ | 9,815 |
Three Months Ended | ||||||||
Operating Expenses | September 30, 2019 | June 30, 2019 | ||||||
Expenses related to distressed and other residential mortgage loans | $ | 3,974 | $ | 2,579 | ||||
Total operating expenses | $ | 3,974 | $ | 2,579 |
Three Months Ended | |||||||
September 30, 2019 | June 30, 2019 | ||||||
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | 34,835 | $ | 16,478 | |||
OTHER COMPREHENSIVE INCOME | |||||||
Increase in fair value of available for sale securities | |||||||
Agency RMBS | 5,405 | 12,971 | |||||
Non-Agency RMBS | 6,972 | 1,045 | |||||
CMBS | 2,979 | 6,076 | |||||
Total | 15,356 | 20,092 | |||||
Reclassification adjustment for net gain included in net income - CMBS | (4,444 | ) | — | ||||
TOTAL OTHER COMPREHENSIVE INCOME | 10,912 | 20,092 | |||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | 45,747 | $ | 36,570 |
Quarter Ended September 30, 2019 | ||||||||||
Amount | Shares | Per Share(1) | ||||||||
Beginning Balance | $ | 1,211,546 | 210,873 | $ | 5.75 | |||||
Common stock issuance, net(2) | 311,848 | 51,748 | ||||||||
Preferred stock issuance, net | 14,359 | |||||||||
Preferred stock liquidation preference | (14,736 | ) | ||||||||
Balance after share issuance activity | 1,523,017 | 262,621 | 5.80 | |||||||
Dividends declared | (52,524 | ) | (0.20 | ) | ||||||
Net change in accumulated other comprehensive income: | ||||||||||
Investment securities, available for sale (3) | 10,912 | 0.04 | ||||||||
Net income attributable to Company's common stockholders | 34,835 | 0.13 | ||||||||
Ending Balance | $ | 1,516,240 | 262,621 | $ | 5.77 |
(1) | Outstanding shares used to calculate book value per share for the ending balance is based on outstanding shares as of September 30, 2019 of 262,621,039. |
(2) | Includes amortization of stock based compensation. |
(3) | The increases relate to unrealized gains in our investment securities due to improved pricing. |
Three Months Ended September 30, 2019 | |||
Interest income, multi-family loans held in securitization trusts | $ | 139,818 | |
Interest income, investment securities, available for sale (1) | 3,419 | ||
Interest income, preferred equity and mezzanine loan investments | 5,505 | ||
Interest expense, multi-family collateralized debt obligations | (120,329 | ) | |
Interest income, Multi-Family Credit, net | 28,413 | ||
Interest expense, repurchase agreements | (8,400 | ) | |
Net interest income, Multi-Family Credit | $ | 20,013 |
(1) | Included in the Company’s accompanying condensed consolidated statements of operations in interest income, investment securities and other interest earning assets. |
September 30, 2019 | December 31, 2018 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Investment securities, available for sale, at fair value | $ | 1,904,018 | $ | 1,512,252 | |||
Distressed and other residential mortgage loans, at fair value | 1,116,128 | 737,523 | |||||
Distressed and other residential mortgage loans, net | 210,466 | 285,261 | |||||
Investments in unconsolidated entities | 168,933 | 73,466 | |||||
Preferred equity and mezzanine loan investments | 178,997 | 165,555 | |||||
Multi-family loans held in securitization trusts, at fair value | 15,863,264 | 11,679,847 | |||||
Derivative assets | 20,673 | 10,263 | |||||
Cash and cash equivalents | 65,906 | 103,724 | |||||
Real estate held for sale in consolidated variable interest entities | — | 29,704 | |||||
Goodwill | 25,222 | 25,222 | |||||
Receivables and other assets | 205,642 | 114,821 | |||||
Total Assets (1) | $ | 19,759,249 | $ | 14,737,638 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Liabilities: | |||||||
Repurchase agreements | $ | 2,559,880 | $ | 2,131,505 | |||
Residential collateralized debt obligations | 42,119 | 53,040 | |||||
Multi-family collateralized debt obligations, at fair value | 14,978,199 | 11,022,248 | |||||
Convertible notes | 132,395 | 130,762 | |||||
Subordinated debentures | 45,000 | 45,000 | |||||
Mortgages and notes payable in consolidated variable interest entities | 935 | 31,227 | |||||
Securitized debt | — | 42,335 | |||||
Accrued expenses and other liabilities | 153,722 | 101,228 | |||||
Total liabilities (1) | 17,912,250 | 13,557,345 | |||||
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, 3,138,019 and 3,000,000 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively | 75,733 | 72,397 | |||||
Preferred stock, $0.01 par value, 7.875% Series C cumulative redeemable, $25 liquidation preference per share, 6,600,000 and 4,140,000 shares authorized as of September 30, 2019 and December 31, 2018, respectively, 4,144,161 and 3,600,000 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively | 100,170 | 86,862 | |||||
Preferred stock, $0.01 par value, 8.00% Series D Fixed-to-Floating Rate cumulative redeemable, $25 liquidation preference per share, 8,400,000 and 5,750,000 shares authorized as of September 30, 2019 and December 31, 2018, respectively, 5,968,527 and 5,400,000 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively | 144,298 | 130,496 | |||||
Common stock, $0.01 par value, 400,000,000 shares authorized, 262,621,039 and 155,589,528 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively | 2,626 | 1,556 | |||||
Additional paid-in capital | 1,648,661 | 1,013,391 | |||||
Accumulated other comprehensive income (loss) | 21,916 | (22,135 | ) | ||||
Accumulated deficit | (145,896 | ) | (103,178 | ) | |||
Company's stockholders' equity | 1,847,508 | 1,179,389 | |||||
Non-controlling interest in consolidated variable interest entities | (509 | ) | 904 | ||||
Total equity | 1,846,999 | 1,180,293 | |||||
Total Liabilities and Stockholders' Equity | $ | 19,759,249 | $ | 14,737,638 |
(1) | Our condensed 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 September 30, 2019 and December 31, 2018, assets of consolidated VIEs totaled $15,976,914 and $11,984,374, respectively, and the liabilities of consolidated VIEs totaled $15,072,191 and $11,191,736, respectively. |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
INTEREST INCOME: | |||||||||||||||
Investment securities and other interest earning assets | $ | 17,503 | $ | 11,147 | $ | 48,173 | $ | 35,087 | |||||||
Distressed and other residential mortgage loans | 16,776 | 6,770 | 46,266 | 19,415 | |||||||||||
Preferred equity and mezzanine loan investments | 5,505 | 5,874 | 15,660 | 15,182 | |||||||||||
Multi-family loans held in securitization trusts | 139,818 | 86,458 | 384,743 | 257,179 | |||||||||||
Total interest income | 179,602 | 110,249 | 494,842 | 326,863 | |||||||||||
INTEREST EXPENSE: | |||||||||||||||
Repurchase agreements and other interest bearing liabilities | 23,540 | 10,548 | 66,749 | 30,673 | |||||||||||
Residential collateralized debt obligations | 338 | 462 | 1,162 | 1,348 | |||||||||||
Multi-family collateralized debt obligations | 120,329 | 75,145 | 332,041 | 224,310 | |||||||||||
Convertible notes | 2,713 | 2,669 | 8,097 | 7,971 | |||||||||||
Subordinated debentures | 711 | 712 | 2,185 | 2,023 | |||||||||||
Securitized debt | — | 1,110 | 742 | 3,684 | |||||||||||
Total interest expense | 147,631 | 90,646 | 410,976 | 270,009 | |||||||||||
NET INTEREST INCOME | 31,971 | 19,603 | 83,866 | 56,854 | |||||||||||
NON-INTEREST INCOME: | |||||||||||||||
Recovery of loan losses | 244 | 840 | 2,605 | 1,235 | |||||||||||
Realized gains (losses), net | 6,102 | 3,232 | 32,556 | (7,228 | ) | ||||||||||
Unrealized gains (losses), net | 11,112 | 14,094 | 13,898 | 57,518 | |||||||||||
Loss on extinguishment of debt | — | — | (2,857 | ) | — | ||||||||||
Income from real estate held for sale in consolidated variable interest entities | — | 1,380 | 215 | 4,759 | |||||||||||
Other income | 3,938 | 4,757 | 14,405 | 8,981 | |||||||||||
Total non-interest income | 21,396 | 24,303 | 60,822 | 65,265 | |||||||||||
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES: | |||||||||||||||
General and administrative expenses | 8,345 | 6,196 | 25,804 | 16,129 | |||||||||||
Base management and incentive fees | (31 | ) | 844 | 1,235 | 2,486 | ||||||||||
Expenses related to distressed and other residential mortgage loans | 3,974 | 2,117 | 9,805 | 5,531 | |||||||||||
Expenses related to real estate held for sale in consolidated variable interest entities | — | 755 | 482 | 3,234 | |||||||||||
Total general, administrative and operating expenses | 12,288 | 9,912 | 37,326 | 27,380 | |||||||||||
INCOME FROM OPERATIONS BEFORE INCOME TAXES | 41,079 | 33,994 | 107,362 | 94,739 | |||||||||||
Income tax benefit | (187 | ) | (454 | ) | (247 | ) | (547 | ) | |||||||
NET INCOME | 41,266 | 34,448 | 107,609 | 95,286 | |||||||||||
Net loss (income) attributable to non-controlling interest in consolidated variable interest entities | 113 | (475 | ) | 645 | (2,001 | ) | |||||||||
NET INCOME ATTRIBUTABLE TO COMPANY | 41,379 | 33,973 | 108,254 | 93,285 | |||||||||||
Preferred stock dividends | (6,544 | ) | (5,925 | ) | (18,726 | ) | (17,775 | ) | |||||||
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ | 34,835 | $ | 28,048 | $ | 89,528 | $ | 75,510 | |||||||
Basic earnings per common share | $ | 0.15 | $ | 0.21 | $ | 0.44 | $ | 0.63 | |||||||
Diluted earnings per common share | $ | 0.15 | $ | 0.20 | $ | 0.43 | $ | 0.60 | |||||||
Weighted average shares outstanding-basic | 234,043 | 132,413 | 203,270 | 119,955 | |||||||||||
Weighted average shares outstanding-diluted | 255,537 | 152,727 | 224,745 | 140,044 |
For the Three Months Ended | |||||||||||||||||||
September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018 | September 30, 2018 | |||||||||||||||
Net interest income | $ | 31,971 | $ | 25,691 | $ | 26,203 | $ | 21,873 | $ | 19,603 | |||||||||
Total non-interest income | 21,396 | 8,561 | 30,865 | 1,217 | 24,303 | ||||||||||||||
Total general, administrative and operating expenses | 12,288 | 12,394 | 12,644 | 14,091 | 9,912 | ||||||||||||||
Income from operations before income taxes | 41,079 | 21,858 | 44,424 | 8,999 | 33,994 | ||||||||||||||
Income tax (benefit) expense | (187 | ) | (134 | ) | 74 | (511 | ) | (454 | ) | ||||||||||
Net income | 41,266 | 21,992 | 44,350 | 9,510 | 34,448 | ||||||||||||||
Net loss (income) attributable to non-controlling interest in consolidated variable interest entities | 113 | 743 | (211 | ) | 91 | (475 | ) | ||||||||||||
Net income attributable to Company | 41,379 | 22,735 | 44,139 | 9,601 | 33,973 | ||||||||||||||
Preferred stock dividends | (6,544 | ) | (6,257 | ) | (5,925 | ) | (5,925 | ) | (5,925 | ) | |||||||||
Net income attributable to Company's common stockholders | 34,835 | 16,478 | 38,214 | 3,676 | 28,048 | ||||||||||||||
Basic earnings per common share | $ | 0.15 | $ | 0.08 | $ | 0.22 | $ | 0.02 | $ | 0.21 | |||||||||
Diluted earnings per common share | $ | 0.15 | $ | 0.08 | $ | 0.21 | $ | 0.02 | $ | 0.20 | |||||||||
Weighted average shares outstanding - basic | 234,043 | 200,691 | 174,421 | 148,871 | 132,413 | ||||||||||||||
Weighted average shares outstanding - diluted | 255,537 | 202,398 | 194,970 | 149,590 | 152,727 | ||||||||||||||
Book value per common share | $ | 5.77 | $ | 5.75 | $ | 5.75 | $ | 5.65 | $ | 5.72 | |||||||||
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 | $ | 0.50 |
Agency RMBS | Residential Credit | Multi-Family Credit | Other | Total | |||||||||||||||
At September 30, 2019 | |||||||||||||||||||
Carrying value | $ | 955,838 | $ | 2,012,338 | $ | 1,462,582 | $ | 48,254 | $ | 4,479,012 | |||||||||
Net capital allocated | $ | 142,148 | $ | 1,142,951 | $ | 683,686 | $ | (121,786 | ) | $ | 1,846,999 | ||||||||
Three Months Ended September 30, 2019 | |||||||||||||||||||
Average interest earning assets | $ | 1,001,567 | $ | 1,772,485 | $ | 1,104,560 | $ | 26,235 | $ | 3,904,847 | |||||||||
Weighted average yield on interest earning assets | 2.60 | % | 5.34 | % | 10.29 | % | 10.38 | % | 6.07 | % | |||||||||
Less: Average cost of funds | (2.38 | )% | (4.27 | )% | (4.29 | )% | — | (3.67 | )% | ||||||||||
Portfolio net interest margin | 0.22 | % | 1.07 | % | 6.00 | % | 10.38 | % | 2.40 | % | |||||||||
At June 30, 2019 | |||||||||||||||||||
Carrying value | $ | 994,200 | $ | 1,778,276 | $ | 1,402,217 | $ | 24,739 | $ | 4,199,432 | |||||||||
Net capital allocated | $ | 150,314 | $ | 900,599 | $ | 615,275 | $ | (138,506 | ) | $ | 1,527,682 | ||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||||
Average interest earning assets | $ | 1,017,409 | $ | 1,506,973 | $ | 1,018,847 | $ | 1,098 | $ | 3,544,327 | |||||||||
Weighted average yield on interest earning assets | 2.66 | % | 4.97 | % | 10.54 | % | 10.44 | % | 5.91 | % | |||||||||
Less: Average cost of funds | (2.62 | )% | (4.54 | )% | (4.20 | )% | — | (3.75 | )% | ||||||||||
Portfolio net interest margin | 0.04 | % | 0.43 | % | 6.34 | % | 10.44 | % | 2.16 | % | |||||||||
At March 31, 2019 | |||||||||||||||||||
Carrying value | $ | 1,023,938 | $ | 1,467,571 | $ | 1,299,404 | $ | — | $ | 3,790,913 | |||||||||
Net capital allocated | $ | 157,663 | $ | 723,960 | $ | 686,904 | $ | (189,075 | ) | $ | 1,379,452 | ||||||||
Three Months Ended March 31, 2019 | |||||||||||||||||||
Average interest earning assets | $ | 1,053,529 | $ | 1,312,263 | $ | 927,201 | — | $ | 3,292,993 | ||||||||||
Weighted average yield on interest earning assets | 2.87 | % | 5.91 | % | 10.45 | % | — | 6.22 | % | ||||||||||
Less: Average cost of funds | (2.76 | )% | (4.71 | )% | (4.37 | )% | — | (3.82 | )% | ||||||||||
Portfolio net interest margin | 0.11 | % | 1.20 | % | 6.08 | % | — | 2.40 | % | ||||||||||
At December 31, 2018 | |||||||||||||||||||
Carrying value | $ | 1,037,730 | $ | 1,252,770 | $ | 1,166,628 | $ | — | $ | 3,457,128 | |||||||||
Net capital allocated | $ | 135,514 | $ | 555,900 | $ | 619,252 | $ | (130,373 | ) | $ | 1,180,293 | ||||||||
Three Months Ended December 31, 2018 | |||||||||||||||||||
Average interest earning assets | $ | 1,087,267 | $ | 848,777 | $ | 786,394 | — | $ | 2,722,438 | ||||||||||
Weighted average yield on interest earning assets | 2.74 | % | 5.36 | % | 10.85 | % | — | 5.90 | % | ||||||||||
Less: Average cost of funds | (2.46 | )% | (5.01 | )% | (5.00 | )% | — | (3.60 | )% | ||||||||||
Portfolio net interest margin | 0.28 | % | 0.35 | % | 5.85 | % | — | 2.30 | % | ||||||||||
At September 30, 2018 | |||||||||||||||||||
Carrying value | $ | 1,055,433 | $ | 619,945 | $ | 947,851 | $ | — | $ | 2,623,229 | |||||||||
Net capital allocated | $ | 224,545 | $ | 402,819 | $ | 632,823 | $ | (151,498 | ) | $ | 1,108,689 | ||||||||
Three Months Ended September 30, 2018 | |||||||||||||||||||
Average interest earning assets | $ | 1,121,180 | $ | 597,200 | $ | 681,040 | $ | — | $ | 2,399,420 | |||||||||
Weighted average yield on interest earning assets | 2.67 | % | 5.33 | % | 11.55 | % | — | 5.85 | % | ||||||||||
Less: Average cost of funds | (2.22 | )% | (4.68 | )% | (5.04 | )% | — | (3.30 | )% | ||||||||||
Portfolio net interest margin | 0.45 | % | 0.65 | % | 6.51 | % | — | 2.55 | % |