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, 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 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



	Three Months Ended
	Mar 31, 2016			Jun 30, 2016			Sep 30, 2016			Dec 31, 2016
Interest income	$	81,626		$	79,766		$	79,525		$	78,389
Interest expense	63,984			63,102			64,007			63,575
Net interest income	17,642			16,664			15,518			14,814

Other income:
Recovery of (provision for) loan losses	645			42			(26		)	177
Realized gain (loss) on investment securities and related hedges, net	1,266			1,761			2,306			(8,978		)
Realized gain on distressed residential mortgage loans at carrying value, net	5,548			26			6,416			2,875
Unrealized (loss) gain on investment securities and related hedges, net	(2,490		)	(667		)	1,563			8,664
Unrealized gain on multi-family loans and debt held in securitization trusts, net	818			784			738			692
Other income	3,073			8,125			5,635			2,245
Total other income	8,860			10,071			16,632			5,675

General, administrative and operating expenses	9,360			9,936			8,705			7,220
Income from operations before income taxes	17,142			16,799			23,445			13,269
Income tax expense	191			2,366			163			375
Net income	16,951			14,433			23,282			12,894
Net loss (income) attributable to non-controlling interest	—			2			(14		)	3
Net income attributable to Company	16,951			14,435			23,268			12,897
Preferred stock dividends	(3,225		)	(3,225		)	(3,225		)	(3,225		)
Net income attributable to Company's common stockholders	$	13,726		$	11,210		$	20,043		$	9,672

Basic earnings per common share	$	0.13		$	0.10		$	0.18		$	0.09
Diluted earnings per common share	$	0.13		$	0.10		$	0.18		$	0.09
Dividends declared per common share	$	0.24		$	0.24		$	0.24		$	0.24
Weighted average shares outstanding-basic	109,402			109,489			109,569			109,911
Weighted average shares outstanding-diluted	109,402			109,489			109,569			109,911