Condensed Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2021

Condensed Quarterly Financial Data (Unaudited)

Detailed below is unaudited quarterly financial data for the years ended December 31, 2021 and 2020.


	Three Month Period Ended
	March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021
(In thousands except per share amounts)
Net Interest Income
Interest income	$	40,079	$	45,890	$	40,146	$	49,390
Interest expense	(11,342)		(11,166)		(10,604)		(10,918)
Total net interest income	28,737		34,724		29,542		38,472
Other Income (Loss)
Realized gains (losses) on securities and loans, financial derivatives, and real estate owned, net	10,132		(1,658)		4,527		5,229
Unrealized gains (losses) on securities and loans, financial derivatives, and real estate owned, net	8,138		3,003		(1,385)		(31,462)
Other, net	1,960		4,363		2,986		13,729
Total other income (loss)	20,230		5,708		6,128		(12,504)
Expenses
Base management fee to affiliate (Net of fee rebates of $194, $195, $395, and $1,809, respectively)(1)	3,277		3,355		3,675		3,115
Incentive fee to affiliate	—		7,157		5,255		3,246
Investment related expenses:
Servicing expense	986		974		1,182		1,280
Debt issuance costs related to Other secured borrowings, at fair value	1,665		2,039		—		1,586
Other	2,204		1,818		1,697		3,113
Professional fees	1,198		1,037		1,202		1,979
Compensation expense	1,420		1,412		1,554		1,357
Other expenses	1,579		1,633		1,682		1,764
Total expenses	12,329		19,425		16,247		17,440
Net Income (Loss) before Income Tax Expense and Earnings from Investments in Unconsolidated Entities	36,638		21,007		19,423		8,528
Income tax expense (benefit)	2,017		3,140		(2,009)		(4)
Earnings from investments in unconsolidated entities	6,635		18,602		2,549		30,318
Net Income (Loss)	41,256		36,469		23,981		38,850
Net income (loss) attributable to non-controlling interests	1,459		1,874		1,476		2,284
Dividends on preferred stock	1,941		1,940		1,941		2,295
Net Income (Loss) Attributable to Common Stockholders	$	37,856	$	32,655	$	20,564	$	34,271
Net Income (Loss) per Share of Common Stock:
Basic and Diluted (2)	$	0.86	$	0.75	$	0.41	$	0.61

(1)See Note 13 for further details on management fee rebates.

(2)For the year ended December 31, 2021 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, 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.