| 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 |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
(in thousands) |
2018 |
|
2017 |
|
2018 |
|
2017 |
Interest income: |
|
|
|
|
|
Commercial real estate assets |
$ |
— |
|
|
$ |
30,595 |
|
|
$ |
— |
|
|
$ |
80,005 |
|
Available-for-sale securities |
— |
|
|
265 |
|
|
— |
|
|
767 |
|
Other |
— |
|
|
4 |
|
|
— |
|
|
10 |
|
Total interest income |
— |
|
|
30,864 |
|
|
— |
|
|
80,782 |
|
Interest expense |
— |
|
|
12,497 |
|
|
— |
|
|
26,376 |
|
Net interest income |
— |
|
|
18,367 |
|
|
— |
|
|
54,406 |
|
Expenses: |
|
|
|
|
|
|
|
Management fees |
— |
|
|
3,130 |
|
|
— |
|
|
6,717 |
|
Servicing expenses |
— |
|
|
333 |
|
|
— |
|
|
962 |
|
Other operating expenses |
— |
|
|
3,388 |
|
|
— |
|
|
7,561 |
|
Total expenses |
— |
|
|
6,851 |
|
|
— |
|
|
15,240 |
|
Income from discontinued operations before income taxes |
— |
|
|
11,516 |
|
|
— |
|
|
39,166 |
|
Benefit from income taxes |
— |
|
|
(2 |
) |
|
— |
|
|
(3 |
) |
Income from discontinued operations |
— |
|
|
11,518 |
|
|
— |
|
|
39,169 |
|
Income from discontinued operations attributable to noncontrolling interest |
— |
|
|
2,674 |
|
|
— |
|
|
2,714 |
|
Income from discontinued operations attributable to common stockholders |
$ |
— |
|
|
$ |
8,844 |
|
|
$ |
— |
|
|
$ |
36,455 |
|
|