
	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

(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

(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.


	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.