Quarterly Financial Data (unaudited)

The following table is a comparative breakdown of our unaudited quarterly results for the immediately preceding eight quarters (amounts in thousands, except per share data):



	Three Months Ended
	Mar 31, 2018			Jun 30, 2018			Sep 30, 2018			Dec 31, 2018
Interest income	$	108,891		$	107,723		$	110,249		$	128,936
Interest expense	89,139			90,223			90,646			107,063
Net interest income	19,752			17,500			19,603			21,873

Other income:
(Provision for) recovery of loan losses	(42		)	437			840			(2,492		)
Realized (loss) gain on investment securities and related hedges, net	(3,423		)	(8,654		)	299			20
Realized (loss) gain on distressed residential mortgage loans at carrying value, net	(773		)	2,021			1,806			(3,677		)
Net (loss) gain on distressed and other residential mortgage loans at fair value	(166		)	97			643			8,128
Unrealized gain (loss) on investment securities and related hedges, net	11,692			12,606			2,275			(15,469		)
Unrealized gain on multi-family loans and debt held in securitization trusts, net	7,545			12,019			12,303			5,714
Income from operating real estate and real estate held for sale in consolidated variable interest entities	2,126			1,253			1,380			1,404
Other income	3,994			228			4,757			7,589
Total other income	20,953			20,007			24,303			1,217

General, administrative and operating expenses	8,698			8,769			9,912			14,091
Income from operations before income taxes	32,007			28,738			33,994			8,999
Income tax benefit	(79		)	(13		)	(454		)	(511		)
Net income	32,086			28,751			34,448			9,510
Net (income) loss attributable to non-controlling interest in consolidated variable interest entities	(2,468		)	943			(475		)	91
Net income attributable to Company	29,618			29,694			33,973			9,601
Preferred stock dividends	(5,925		)	(5,925		)	(5,925		)	(5,925		)
Net income attributable to Company's common stockholders	$	23,693		$	23,769		$	28,048		$	3,676

Basic earnings per common share	$	0.21		$	0.21		$	0.21		$	0.02
Diluted earnings per common share	$	0.20		$	0.20		$	0.20		$	0.02
Dividends declared per common share	$	0.20		$	0.20		$	0.20		$	0.20
Weighted average shares outstanding-basic	112,018			115,211			132,413			148,871
Weighted average shares outstanding-diluted	131,761			135,164			152,727			149,590



	Three Months Ended
	Mar 31, 2017			Jun 30, 2017			Sep 30, 2017			Dec 31, 2017
Interest income	$	78,385		$	93,981		$	91,382		$	102,339
Interest expense	64,467			78,273			78,062			87,299
Net interest income	13,918			15,708			13,320			15,040

Other income:
Recovery of (provision for) loan losses	188			(300		)	563			1,288
Realized (loss) gain on investment securities and related hedges, net	(1,223		)	1,114			4,059			(62		)
Realized gain on distressed residential mortgage loans at carrying value, net	11,971			2,364			6,689			5,025
Net gain on distressed and other residential mortgage loans at fair value	—			—			717			961
Unrealized gain (loss) on investment securities and related hedges, net	1,546			(1,051		)	1,192			268
Unrealized gain on multi-family loans and debt held in securitization trusts, net	1,384			1,447			2,353			13,688
Income from operating real estate and real estate held for sale in consolidated variable interest entities	—			2,316			2,429			2,535
Other income	2,839			2,282			6,916			1,515
Total other income	16,705			8,172			24,918			25,218

General, administrative and operating expenses	10,204			11,589			10,996			8,288
Income from operations before income taxes	20,419			12,291			27,242			31,970
Income tax expense	1,237			442			507			1,169
Net income	19,182			11,849			26,735			30,801
Net loss (income) attributable to non-controlling interest in consolidated variable interest entities	—			2,487			1,110			(184		)
Net income attributable to Company	19,182			14,336			27,845			30,617
Preferred stock dividends	(3,225		)	(3,225		)	(3,225		)	(5,985		)
Net income attributable to Company's common stockholders	$	15,957		$	11,111		$	24,620		$	24,632

Basic earnings per common share	$	0.14		$	0.10		$	0.22		$	0.22
Diluted earnings per common share	$	0.14		$	0.10		$	0.21		$	0.21
Dividends declared per common share	$	0.20		$	0.20		$	0.20		$	0.20
Weighted average shares outstanding-basic	111,721			111,863			111,886			111,871
Weighted average shares outstanding-diluted	126,602			111,863			131,580			131,565