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Segment Reporting
 3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Segment Reporting
Segment Reporting
The Company conducts its business through the following reporting segments:
•
The real estate debt, real estate owned and other real estate investments business focuses on originating, acquiring and asset managing commercial real estate debt and equity investments, including first mortgage loans, subordinate mortgages, mezzanine loans and participations in such loans and other real estate investments.
•
The real estate securities business focuses on investing in and asset managing commercial real estate securities primarily consisting of CMBS and may include unsecured REIT debt, CDO notes and other securities.
•
The commercial real estate conduit business operated through the Company's TRS, which is focused on generating risk-adjusted returns by originating and subsequently selling fixed-rate commercial real estate loans into the CMBS securitization market at a profit.
•
The real estate owned business represents real estate acquired by the Company through foreclosure, deed in lieu of foreclosure, or purchase
The following table represents the Company's operations by segment for the three months ended March 31, 2020 and March 31, 2019 (dollars in thousands):
Three Months Ended March 31, 2020
 
Total
 
Real Estate Debt and Other Real Estate Investments
 
Real Estate Securities
 
TRS
 
Real Estate Owned
Interest income
 
$
47,854

 
$
43,369

 
$
3,295

 
$
1,190

 
$
—

Revenue from real estate owned
 
1,629

 
—

 
—

 
—

 
1,629

Interest expense
 
24,492

 
21,708

 
1,807

 
693

 
284

Net income/(loss)
 
(7,400
)
 
(1,183
)
 
1,050

 
(5,982
)
 
(1,285
)
Total assets as of March 31, 2020
 
3,501,885

 
2,775,939

 
519,916

 
132,694

 
73,336

Three Months Ended March 31, 2019
 
 
 
 
 
 
 
 
 
 
Interest income
 
$
46,511

 
$
43,634

 
$
507

 
$
2,370

 
$
—

Revenue from real estate owned
 
—

 
—

 
—

 
—

 
—

Interest expense
 
20,366

 
18,743

 
498

 
1,125

 
—

Net income/(loss)
 
19,890

 
14,725

 
9

 
5,156

 
—

Total assets as of December 31, 2019
 
3,540,620

 
2,964,233

 
388,170

 
131,193

 
57,024


For the purposes of the table above, any expenses not associated with a specific segment have been allocated to the business segments using a percentage derived by using the sum of commercial mortgage loans originated during the year as the denominator and commercial mortgage loans, held for investment, net of allowance and commercial mortgage loans, held-for-sale, measured at fair value as numerator.