QUARTERLY RESULTS (UNAUDITED)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY RESULTS (UNAUDITED)

NOTE 12 — QUARTERLY RESULTS (UNAUDITED)

Summarized quarterly results of operations were as follows (in thousands, except per share amounts):

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Year Ended December 31, 2019
Interest income on residential mortgage investments	$	83,807		$	85,100		$	77,693		$	73,617
Related interest expense		(63,779	)		(67,945	)		(62,800	)		(51,688	)
		20,028			17,155			14,893			21,929
Other interest income (expense) (a)		(1,469	)		(1,300	)		(845	)		(1,244	)
Other (expense) income(b)		(26,305	)		(79,315	)		(10,852	)		11,987
Net (loss) income	$	(7,746	)	$	(63,460	)	$	3,196		$	32,672
Basic net (loss) income per common share	$	(0.15	)	$	(0.80	)	$	(0.02	)	$	0.30
Diluted net (loss) income per common share		(0.15	)		(0.80	)		(0.02	)		0.29
Year Ended December 31, 2018
Interest income on residential mortgage investments	$	69,138		$	65,202		$	67,649		$	72,902
Related interest expense		(45,021	)		(48,241	)		(54,393	)		(59,321	)
		24,117			16,961			13,256			13,581
Other interest income (expense) (a)		(1,483	)		(1,595	)		(1,560	)		(1,284	)
Other (expense) income(b)		(3,214	)		(2,378	)		(3,016	)		(3,313	)
Net income	$	19,420		$	12,988		$	8,680		$	8,984
Basic and diluted net income per common share	$	0.16		$	0.09		$	0.04		$	0.05

(a) Consists principally of interest on unsecured borrowings, overnight investments and cash collateral receivable with interest rate swap counterparties.

(b) Consists of losses on derivative instruments (net), losses on sales of investments, general and administrative expenses, including compensation-related costs, and miscellaneous other revenue (expense).