| Discontinued Operations |
Summarized financial information for the discontinued operations are presented below.
|
|
|
|
|
(in thousands) |
November 1,
2017 |
Assets: |
|
Commercial real estate assets |
$ |
2,233,080 |
|
Available-for-sale securities, at fair value |
12,814 |
|
Cash and cash equivalents |
84,183 |
|
Restricted cash |
2,838 |
|
Accrued interest receivable |
6,588 |
|
Other assets |
22,774 |
|
Total Assets |
$ |
2,362,277 |
|
Liabilities: |
|
Repurchase agreements |
$ |
1,516,294 |
|
Dividends payable |
48 |
|
Other liabilities |
10,337 |
|
Total Liabilities |
$ |
1,526,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
(in thousands) |
2018 |
|
2017 |
|
2018 |
|
2017 |
Interest income: |
|
|
|
|
|
Commercial real estate assets |
$ |
— |
|
|
$ |
25,840 |
|
|
$ |
— |
|
|
$ |
49,410 |
|
Available-for-sale securities |
— |
|
|
256 |
|
|
— |
|
|
502 |
|
Other |
— |
|
|
4 |
|
|
— |
|
|
6 |
|
Total interest income |
— |
|
|
26,100 |
|
|
— |
|
|
49,918 |
|
Interest expense |
— |
|
|
7,773 |
|
|
— |
|
|
13,879 |
|
Net interest income |
— |
|
|
18,327 |
|
|
— |
|
|
36,039 |
|
Expenses: |
|
|
|
|
|
|
|
Management fees |
— |
|
|
1,925 |
|
|
— |
|
|
3,587 |
|
Servicing expenses |
— |
|
|
307 |
|
|
— |
|
|
629 |
|
Other operating expenses |
— |
|
|
1,900 |
|
|
— |
|
|
4,173 |
|
Total expenses |
— |
|
|
4,132 |
|
|
— |
|
|
8,389 |
|
Income from discontinued operations before income taxes |
— |
|
|
14,195 |
|
|
— |
|
|
27,650 |
|
Benefit from income taxes |
— |
|
|
(2 |
) |
|
— |
|
|
(1 |
) |
Income from discontinued operations |
— |
|
|
14,197 |
|
|
— |
|
|
27,651 |
|
Income from discontinued operations attributable to noncontrolling interest |
— |
|
|
40 |
|
|
— |
|
|
40 |
|
Income from discontinued operations attributable to common stockholders |
$ |
— |
|
|
$ |
14,157 |
|
|
$ |
— |
|
|
$ |
27,611 |
|
|