Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

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Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2015
Equity [Abstract]  
Summary of Changes in Stockholders' Equity

The following table summarizes the changes in our stockholders’ equity for the six months ended June 30, 2015 (dollars in thousands):

 

                                                    Distributions in
Excess of
Accumulated
Earnings		     Total
Stockholders’
Equity		  
    Shares Issued                       Additional
Paid in
Capital		     Notes
Receivable
from
Employees		      
    Preferred
Stock		     Senior Common
Stock		     Common
Stock		     Preferred
Stock		     Senior Common
Stock		     Common
Stock		          

Balance at December 31, 2014

     2,150,000        809,411        19,589,606      $ 2      $ 1      $ 20      $ 369,748      $ (375 )    $ (151,724 )    $ 217,672   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Issuance of senior common stock and common stock, net

     —          186,441        1,554,380        —          —          1        29,672        —          —          29,673   

Distributions declared to common, senior common and preferred stockholders

     —          —          —          —          —          —          —          —          (17,971 )      (17,971 ) 

Principal repayments of employee notes receivable

     —          —          —          —          —          —          —          375        —          375   

Net income

     —          —          —          —          —          —          —          —          1,125        1,125   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance at
June 30, 2015

     2,150,000        995,852        21,143,986      $ 2      $ 1      $ 21      $ 399,420      $ —        $ (168,570 )    $ 230,874   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Dividends Declared

Our Board of Directors declared the following distributions per share for the three and six months ended June 30, 2015 and 2014:

 

     For the three months ended June 30,      For the six months ended June 30,  
     2015      2014      2015      2014  

Common Stock

    $ 0.375       $ 0.375       $ 0.75       $ 0.75   

Senior Common Stock

      0.2625         0.2625         0.525         0.525   

Series A Preferred Stock

      0.4843749         0.4843749         0.9687498         0.9687498   

Series B Preferred Stock

      0.4688         0.4688         0.9375         0.9375   

Series C Preferred Stock

      0.4453         0.4453         0.8906         0.8906   
Summary of Note Issued to Employee for Exercise of Stock Options

The following table is a summary of the note issued to an employee of the Adviser for the exercise of stock options (dollars in thousands). The note, and all corresponding interest, was repaid in full on May 7, 2015:

 

Date Issued

    Outstanding Balance
of Employee Loan at
June 30, 2015		      Outstanding Balance
of Employee Loan at
December 31, 2014		      Maturity Date
of Note		      Interest Rate
on Note		  

Nov 2006

    $ —         $ 375         Nov 2015         8.15 %