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Condensed Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2020
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Quarterly Financial Information | Condensed Quarterly Financial Data (Unaudited) Detailed below is unaudited quarterly financial data for the years ended December 31, 2020 and 2019.
| Three Month Period Ended
| March 31, 2020 |  | June 30, 2020 |  | September 30, 2020 |  | December 31, 2020
(In thousands except per share amounts) |  |  |  |  |  |  |
Net Interest Income |  |  |  |  |  |  |
Interest income | $ | 52,108 |  |  | $ | 39,281 |  |  | $ | 43,075 |  |  | $ | 39,067 |
Interest expense | (22,090) |  |  | (14,686) |  |  | (12,937) |  |  | (11,952) |
Total net interest income | 30,018 |  |  | 24,595 |  |  | 30,138 |  |  | 27,115 |
Other Income (Loss) |  |  |  |  |  |  |
Realized gains (losses) on securities and loans, financial derivatives, and real estate owned, net | 204 |  |  | (27,927) |  |  | (192) |  |  | (9,551) |
Unrealized gains (losses) on securities and loans, financial derivatives, and real estate owned, net | (144,079) |  |  | 52,057 |  |  | 24,032 |  |  | 42,547 |
Other, net | 1,679 |  |  | (435) |  |  | (2,747) |  |  | (795) |
Total other income (loss) | (142,196) |  |  | 23,695 |  |  | 21,093 |  |  | 32,201 |
Expenses |  |  |  |  |  |  |
Base management fee to affiliate (Net of fee rebates of $507, $145, $201, and $198, respectively)(1) | 2,443 |  |  | 2,906 |  |  | 2,981 |  |  | 3,178 |
Incentive fee to affiliate | — |  |  | — |  |  | — |  |  | — |
Investment related expenses: |  |  |  |  |  |  |
Servicing expense | 2,531 |  |  | 2,493 |  |  | 2,379 |  |  | 1,736 |
Debt issuance costs related to Other secured borrowings, at fair value | — |  |  | 2,075 |  |  | — |  |  | 1,819 |
Other | 1,423 |  |  | 707 |  |  | 1,199 |  |  | 1,782 |
Professional fees | 1,277 |  |  | 1,333 |  |  | 1,209 |  |  | 1,186 |
Compensation expense | 788 |  |  | 941 |  |  | 1,085 |  |  | 962 |
Other expenses | 1,752 |  |  | 1,497 |  |  | 1,625 |  |  | 1,531 |
Total expenses | 10,214 |  |  | 11,952 |  |  | 10,478 |  |  | 12,194 |
Net Income (Loss) before Income Tax Expense and Earnings from Investments in Unconsolidated Entities | (122,392) |  |  | 36,338 |  |  | 40,753 |  |  | 47,122 |
Income tax expense (benefit) | (547) |  |  | 1,542 |  |  | 2,494 |  |  | 7,888 |
Earnings from investments in unconsolidated entities | (6,497) |  |  | 5,643 |  |  | 11,443 |  |  | 27,344 |
Net Income (Loss) | (128,342) |  |  | 40,439 |  |  | 49,702 |  |  | 66,578 |
Net income (loss) attributable to non-controlling interests | (885) |  |  | 1,220 |  |  | 1,559 |  |  | 1,475 |
Dividends on preferred stock | 1,941 |  |  | 1,941 |  |  | 1,940 |  |  | 1,941 |
Net Income (Loss) Attributable to Common Stockholders | $ | (129,398) |  |  | $ | 37,278 |  |  | $ | 46,203 |  |  | $ | 63,162 |
Net Income (Loss) per Share of Common Stock: |  |  |  |  |  |  |
Basic and Diluted (2) | $ | (3.04) |  |  | $ | 0.85 |  |  | $ | 1.06 |  |  | $ | 1.44 |
(1)See Note 13 for further details on management fee rebates. (2)For the year ended December 31, 2020 the sum of EPS for the four quarters of the year does not equal EPS as calculated for the entire year (see Note 17) as a result of changes in the number of shares of common stock outstanding during the year due to both issuances and repurchases of shares of common stock, as EPS is calculated using average shares of common stock outstanding during the period.
| Three Month Period Ended
| March 31, 2019 |  | June 30, 2019 |  | September 30, 2019 |  | December 31, 2019
(In thousands except per share amounts) |  |  |  |  |  |  |
Net Interest Income |  |  |  |  |  |  |
Interest income | $ | 36,016 |  |  | $ | 38,547 |  |  | $ | 39,985 |  |  | $ | 45,353 |
Interest expense | (17,618) |  |  | (19,702) |  |  | (19,954) |  |  | (21,205) |
Total net interest income | 18,398 |  |  | 18,845 |  |  | 20,031 |  |  | 24,148 |
Other Income (Loss) |  |  |  |  |  |  |
Realized gains (losses) on securities and loans, financial derivatives, and real estate owned, net | (16,950) |  |  | (12,327) |  |  | (4,827) |  |  | (7,266) |
Unrealized gains (losses) on securities and loans, financial derivatives, and real estate owned, net | 20,452 |  |  | 13,300 |  |  | 7,970 |  |  | 6,139 |
Other, net | 2,002 |  |  | 1,808 |  |  | 539 |  |  | 1,001 |
Total other income (loss) | 5,504 |  |  | 2,781 |  |  | 3,682 |  |  | (126) |
Expenses |  |  |  |  |  |  |
Base management fee to affiliate (Net of fee rebates of $447, $508, $503, and $509, respectively)(1) | 1,722 |  |  | 1,661 |  |  | 1,942 |  |  | 2,663 |
Incentive fee to affiliate | — |  |  | — |  |  | — |  |  | 116 |
Investment related expenses: |  |  |  |  |  |  |
Servicing expense | 2,393 |  |  | 2,244 |  |  | 1,940 |  |  | 2,055 |
Debt issuance costs related to Other secured borrowings, at fair value | — |  |  | 1,671 |  |  | — |  |  | 1,865 |
Other | 1,083 |  |  | 1,238 |  |  | 1,347 |  |  | 1,941 |
Professional fees | 1,956 |  |  | 1,178 |  |  | 698 |  |  | 1,021 |
Compensation expense | 1,072 |  |  | 903 |  |  | 712 |  |  | 962 |
Other expenses | 985 |  |  | 1,053 |  |  | 1,156 |  |  | 1,160 |
Total expenses | 9,211 |  |  | 9,948 |  |  | 7,795 |  |  | 11,783 |
Net Income (Loss) before Income Tax Expense and Earnings from Investments in Unconsolidated Entities | 14,691 |  |  | 11,678 |  |  | 15,918 |  |  | 12,239 |
Income tax expense (benefit) | — |  |  | 376 |  |  | 2 |  |  | 1,180 |
Earnings from investments in unconsolidated entities | 1,797 |  |  | 2,354 |  |  | 2,796 |  |  | 3,262 |
Net Income (Loss) | 16,488 |  |  | 13,656 |  |  | 18,712 |  |  | 14,321 |
Net income (loss) attributable to non-controlling interests | 1,080 |  |  | 1,012 |  |  | 1,419 |  |  | 1,733 |
Dividends on preferred stock | — |  |  | — |  |  | — |  |  | 1,466 |
Net Income (Loss) Attributable to Common Stockholders | $ | 15,408 |  |  | $ | 12,644 |  |  | $ | 17,293 |  |  | $ | 11,122 |
Net Income (Loss) per Share of Common Stock: |  |  |  |  |  |  |
Basic and Diluted (2) | $ | 0.52 |  |  | $ | 0.43 |  |  | $ | 0.53 |  |  | $ | 0.31 |
(1)See Note 13 for further details on management fee rebates. (2)For the year ended December 31, 2019 the sum of EPS for the four quarters of the year does not equal EPS as calculated for the entire year (see Note 17) as a result of changes in the number of shares of common stock outstanding during the year due to issuances of shares of common stock, as EPS is calculated using average shares of common stock outstanding during the period. Condensed Quarterly Financial Data (Unaudited) Detailed below is unaudited quarterly financial data for the year ended December 31, 2018.
| Three Month Period Ended
| March 31, 2018 |  | June 30, 2018 |  | September 30, 2018 |  | December 31, 2018
(In thousands except per share amounts) |  |  |  |  |  |  |
INVESTMENT INCOME |  |  |  |  |  |  |
Interest income(1) | $ | 28,092 |  |  | $ | 31,941 |  |  | $ | 35,300 |  |  | $ | 35,694 |
Other income | 716 |  |  | 1,094 |  |  | 1,046 |  |  | 1,157 |
Total investment income | 28,808 |  |  | 33,035 |  |  | 36,346 |  |  | 36,851 |
EXPENSES |  |  |  |  |  |  |
Base management fee to affiliate(2) | 1,978 |  |  | 2,021 |  |  | 1,830 |  |  | 1,744 |
Incentive fee to affiliate | — |  |  | 291 |  |  | 424 |  |  | — |
Interest expense(1) | 11,562 |  |  | 13,383 |  |  | 15,678 |  |  | 16,083 |
Other investment related expenses | 2,952 |  |  | 3,771 |  |  | 4,384 |  |  | 4,201 |
Other operating expenses | 2,074 |  |  | 2,578 |  |  | 2,352 |  |  | 4,609 |
Total expenses | 18,566 |  |  | 22,044 |  |  | 24,668 |  |  | 26,637 |
NET INVESTMENT INCOME | 10,242 |  |  | 10,991 |  |  | 11,678 |  |  | 10,214 |
NET REALIZED AND CHANGE IN NET UNREALIZED GAIN (LOSS) ON INVESTMENTS, OTHER SECURED BORROWINGS, FINANCIAL DERIVATIVES, AND FOREIGN CURRENCY TRANSACTIONS/TRANSLATION |  |  |  |  |  |  |
Net realized gain (loss) on investments, financial derivatives, and foreign currency transactions | 13,051 |  |  | (1,343) |  |  | 10,102 |  |  | 9,578 |
Change in net unrealized gain (loss) on investments, other secured borrowings, financial derivatives, and foreign currency translation | (1,969) |  |  | 12,536 |  |  | (14,306) |  |  | (20,862) |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OTHER SECURED BORROWINGS, FINANCIAL DERIVATIVES, AND FOREIGN CURRENCY | 11,082 |  |  | 11,193 |  |  | (4,204) |  |  | (11,284) |
NET INCREASE (DECREASE) IN EQUITY RESULTING FROM OPERATIONS | 21,324 |  |  | 22,184 |  |  | 7,474 |  |  | (1,070) |
LESS: NET INCREASE IN EQUITY RESULTING FROM OPERATIONS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 285 |  |  | 991 |  |  | 813 |  |  | 1,147 |
NET INCREASE (DECREASE) IN SHAREHOLDERS' EQUITY RESULTING FROM OPERATIONS | $ | 21,039 |  |  | $ | 21,193 |  |  | $ | 6,661 |  |  | $ | (2,217) |
NET INCREASE (DECREASE) IN SHAREHOLDERS' EQUITY RESULTING FROM OPERATIONS PER SHARE: |  |  |  |  |  |  |
Basic and Diluted (3) | $ | 0.67 |  |  | $ | 0.69 |  |  | $ | 0.22 |  |  | $ | (0.07) |
(1)Includes interest income and interest expense of a consolidated securitization trust of $1.3 million and $0.9 million, respectively, for the three-month period ended March 31, 2018. Includes interest income and interest expense of a consolidated securitization trust of $1.3 million and $0.8 million, respectively, for the three-month period ended June 30, 2018. Includes interest income and interest expense of a consolidated securitization trust of $1.3 million and $0.7 million, respectively, for the three-month period ended September 30, 2018. Includes interest income and interest expense of a consolidated securitization trust of $2.1 million and $1.2 million, respectively, for the three-month period ended December 31, 2018. See Note 6 for further details on the Company's consolidated securitization trusts. (2)Net of management fee rebate of $0.3 million, $0.3 million, $0.4 million, and $0.4 million, for the each of the three-month periods ended March 31, 2018, June 30, 2018, September 30, 2018, and December 31, 2018, respectively. See Note 9 for further details on management fee rebates. (3)For the year ended December 31, 2018 the sum of EPS for the four quarters of the year does not equal EPS as calculated for the entire year (see Note 13) as a result of changes in shares during the year due to repurchases of common shares, as EPS is calculated using average shares outstanding during the period.

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