The following is a presentation of the quarterly results of operations and comprehensive income for fiscal years 2016 and 2015 (in millions, except per share data).



	Quarter Ended
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Interest income:
Interest income	$	295		$	318		$	315		$	393
Interest expense	99			101			96			98
Net interest income	196			217			219			295
Other gain (loss):
Gain (loss) on sale of investment securities, net	(2		)	55			61			(5		)
Unrealized gain (loss) on investment securities measured at fair value through net income, net	11			—			(6		)	(11		)
Gain (loss) on derivative instruments and other securities, net	(944		)	(367		)	248			753
Management fee income	—			—			4			4
Total other gain (loss), net	(935		)	(312		)	307			741
Expenses:
Management fee expense	27			25			—			—
Compensation and benefits	—			—			9			10
Other operating expenses	6			15			6			7
Total expenses	33			40			15			17
Net income (loss)	(772		)	(135		)	511			1,019
Dividend on preferred stock	7			7			7			7
Net income (loss) available (attributable) to common shareholders	$	(779	)	$	(142	)	$	504		$	1,012

Net income (loss)	$	(772	)	$	(135	)	$	511		$	1,019
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities, net	765			370			(97		)	(1,408		)
Unrealized gain on derivative instruments, net	19			12			7			1
Other comprehensive income (loss)	784			382			(90		)	(1,407		)
Comprehensive income (loss)	12			247			421			(388		)
Dividend on preferred stock	7			7			7			7
Comprehensive income (loss) available (attributable) to common shareholders	$	5		$	240		$	414		$	(395	)

Weighted average number of common shares outstanding - basic and diluted	334.4			331.0			331.0			331.0
Net income (loss) per common share - basic and diluted	$	(2.33	)	$	(0.43	)	$	1.52		$	3.06
Comprehensive income (loss) per common share - basic and diluted	$	0.01		$	0.73		$	1.25		$	(1.19	)
Dividends declared per common share	$	0.60		$	0.60		$	0.56		$	0.54



	Quarter Ended
	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Interest income:
Interest income	$	383		$	414		$	295		$	374
Interest expense	86			81			77			86
Net interest income	297			333			218			288
Other gain (loss):
Gain (loss) on sale of investment securities, net	36			(22		)	(39		)	2
Unrealized gain (loss) on investment securities measured at fair value through net income, net	11			(7		)	10			(9		)
Gain (loss) on derivative instruments and other securities, net	(560		)	244			(788		)	340
Total other gain (loss), net	(513		)	215			(817		)	333
Expenses:
Management fees	30			29			29			28
General and administrative expenses	6			7			5			5
Total expenses	36			36			34			33
Net income (loss)	(252		)	512			(633		)	588
Dividend on preferred stock	7			7			7			7
Net income (loss) available (attributable) to common shareholders	$	(259	)	$	505		$	(640	)	$	581

Net income (loss)	$	(252	)	$	512		$	(633	)	$	588
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities, net	391			(872		)	467			(583		)
Unrealized gain on derivative instruments, net	29			26			24			22
Other comprehensive income (loss)	420			(846		)	491			(561		)
Comprehensive income (loss)	168			(334		)	(142		)	27
Dividend on preferred stock	7			7			7			7
Comprehensive income (loss) available (attributable) to common shareholders	$	161		$	(341	)	$	(149	)	$	20

Weighted average number of common shares outstanding-basic and diluted	352.8			352.1			347.8			341.6
Net income (loss) per common share - basic and diluted	$	(0.73	)	$	1.43		$	(1.84	)	$	1.70
Comprehensive income (loss) per common share - basic and diluted	$	0.46		$	(0.97	)	$	(0.43	)	$	0.06
Dividends declared per common share	$	0.66		$	0.62		$	0.60		$	0.60