14. Quarterly results (Unaudited)

Summarized quarterly results of operations were as follows:

	Three Months Ended
	March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Statement of Operations Data:
Net Interest Income
Interest income	$	27,959,892	$	31,220,535	$	33,592,587	$	36,071,945
Interest expense		8,161,412		10,201,393		11,959,225		13,399,984
		19,798,480		21,019,142		21,633,362		22,671,961

Other Income
Net realized gain/(loss)		(2,428,087)		(10,121,477)		22,286		(1,459,014)
Realized loss on periodic interest settlements of derivative instruments, net		(1,609,977)		(1,857,542)		(2,147,452)		(2,147,981)
Unrealized gain/(loss) on real estate securities and loans, net		12,750,564		25,546,552		14,892,809		(7,661,091)
Unrealized gain/(loss) on derivative and other instruments, net		(125,872)		1,927,169		2,422,713		15,589,346
Other income		28,037		3,845		2,325		21,240
		8,614,665		15,498,547		15,192,681		4,342,500

Expenses
Management fee to affiliate		2,475,816		2,443,780		2,454,083		2,461,414
Other operating expenses		2,793,234		2,851,353		2,602,473		2,718,084
Servicing fees		76,001		86,001		22,991		49,271
Equity based compensation to affiliate		77,478		87,540		60,859		74,811
Excise tax		375,000		375,000		375,000		375,000
		5,797,529		5,843,674		5,515,406		5,678,580

Income/(loss) before equity in earnings/(loss) from affiliates		22,615,616		30,674,015		31,310,637		21,335,881
Equity in earnings/(loss) from affiliates		2,502,046		2,497,116		4,700,800		2,921,499
Net Income/(Loss)		25,117,662		33,171,131		36,011,437		24,257,380

Dividends on preferred stock		3,367,354		3,367,354		3,367,354		3,367,354

Net Income/(Loss) Available to Common Stockholders	$	21,750,308	$	29,803,777	$	32,644,083	$	20,890,026

Earnings/(Loss) Per Share of Common Stock
Basic	$	0.79	$	1.08	$	1.17	$	0.74
Diluted	$	0.78	$	1.07	$	1.17	$	0.74

	Three Months Ended
	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016
Statement of Operations Data:
Net Interest Income
Interest income	$	30,697,158	$	30,200,296	$	30,573,134	$	31,535,524
Interest expense		8,560,299		8,396,997		8,525,365		8,302,370
		22,136,859		21,803,299		22,047,769		23,233,154

Other Income
Net realized gain/(loss)		(12,986,658)		(5,317,085)		9,578,488		(1,665,863)
Realized loss on periodic interest settlements of derivative instruments, net		(2,377,775)		(1,607,539)		(1,034,251)		(990,073)
Unrealized gain/(loss) on real estate securities and loans, net		8,840,770		10,958,117		13,461,216		(30,587,677)
Unrealized gain/(loss) on derivative and other instruments, net		(11,956,002)		202,572		6,961,061		13,405,453
Other income		25,391		1,995		341,345		5,171
		(18,454,274)		4,238,060		29,307,859		(19,832,989)

Expenses
Management fee to affiliate		2,450,143		2,420,782		2,451,387		2,487,115
Other operating expenses		3,046,812		2,664,252		2,870,662		1,708,787
Servicing fees		130,370		106,974		121,806		44,979
Equity based compensation to affiliate		54,971		87,183		75,774		80,664
Excise tax		375,000		375,000		238,167		525,000
		6,057,296		5,654,191		5,757,796		4,846,545

Income/(loss) before equity in earnings/(loss) from affiliates		(2,374,711)		20,387,168		45,597,832		(1,446,380)
Equity in earnings/(loss) from affiliates		(69,716)		689,973		534,133		364,472
Net Income/(Loss)		(2,444,427)		21,077,141		46,131,965		(1,081,908)

Dividends on preferred stock		3,367,354		3,367,354		3,367,354		3,367,354

Net Income/(Loss) Available to Common Stockholders	$	(5,811,781)	$	17,709,787	$	42,764,611	$	(4,449,262)

Earnings/(Loss) Per Share of Common Stock
Basic	$	(0.21)	$	0.63	$	1.54	$	(0.16)
Diluted	$	(0.21)	$	0.63	$	1.54	$	(0.16)