Detailed below is unaudited quarterly financial data for the years ended December 31, 2018 and 2017.



	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.



	Three Month Period Ended
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
(In thousands except per share amounts)
INVESTMENT INCOME
Interest income⁽¹⁾	$	22,886		$	21,788		$	21,145		$	23,810
Other income	939			872			1,232			1,288
Total investment income	23,825			22,660			22,377			25,098
EXPENSES
Base management fee to affiliate⁽²⁾	2,410			2,372			2,161			2,113
Interest expense⁽¹⁾	6,003			7,625			8,166			9,326
Other investment related expenses	1,521			2,058			1,908			4,267
Other operating expenses	2,116			2,173			2,240			2,333
Total expenses	12,050			14,228			14,475			18,039
NET INVESTMENT INCOME	11,775			8,432			7,902			7,059
NET REALIZED AND CHANGE IN NET UNREALIZED GAIN (LOSS) ON INVESTMENTS, FINANCIAL DERIVATIVES, AND FOREIGN CURRENCY TRANSACTIONS/TRANSLATION
Net realized gain (loss) on investments, financial derivatives, and foreign currency transactions	(831		)	(5,347		)	1,205			(5,831		)
Change in net unrealized gain (loss) on investments, financial derivatives, and foreign currency translation	4,786			2,356			(2,512		)	6,970
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FINANCIAL DERIVATIVES, AND FOREIGN CURRENCY	3,955			(2,991		)	(1,307		)	1,139
NET INCREASE (DECREASE) IN EQUITY RESULTING FROM OPERATIONS	15,730			5,441			6,595			8,198
LESS: NET INCREASE IN EQUITY RESULTING FROM OPERATIONS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	452			377			400			754
NET INCREASE (DECREASE) IN SHAREHOLDERS' EQUITY RESULTING FROM OPERATIONS	$	15,278		$	5,064		$	6,195		$	7,444
NET INCREASE (DECREASE) IN SHAREHOLDERS' EQUITY RESULTING FROM OPERATIONS PER SHARE:
Basic and Diluted⁽³⁾	$	0.47		$	0.16		$	0.19		$	0.23


(1)	Includes interest income and interest expense of a consolidated securitization trust of $1.5 million and $0.6 million, respectively, for the thee-month period ended December 31, 2017. See Note 6 for further details on the Company's consolidated securitization trusts.


(2)	Net of management fee rebate of $0.2 million for the each of the three-month periods ended September 30, 2017 and December 31, 2017, respectively. See Note 9 for further details on management fee rebates.


(3)	For the year ended December 31, 2017 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.