Note 15 – Summarized Quarterly Results (Unaudited)

The following tables present information about the Company’s quarterly operating results for the periods indicated below (dollars in thousands):

Summarized Quarterly Results

	2018
	December 31,			September 30,			June 30,			March 31,
Income
Interest income	$	16,958		$	15,323		$	12,019		$	13,415
Interest expense		10,385			9,257			7,324			7,543
Net interest income		6,573			6,066			4,695			5,872
Servicing fee income		16,574			14,017			11,535			8,650
Servicing costs		3,528			2,981			2,394			1,712
Net servicing income		13,046			11,036			9,141			6,938
Other income (loss)
Realized loss on RMBS, net		(2,932	)		(428	)		(121	)		(4,881	)
Realized gain (loss) on derivatives, net		(3,162	)		(707	)		(2,033	)		13
Unrealized gain (loss) on derivatives, net		(30,937	)		8,807			6,009			19,626
Unrealized gain (loss) on investments in MSRs		(21,924	)		6,218			(365	)		12,498
Total Income (Loss)		(39,336	)		30,992			17,326			40,066
Expenses
General and administrative expense		962			1,165			937			877
Management fee to affiliate		1,649			1,599			1,383			1,315
Total Expenses		2,611			2,764			2,320			2,192
Income Before Income Taxes		(41,947	)		28,228			15,006			37,874
(Benefit from) provision for corporate business taxes		(3,137	)		729			1,161			2,635
Net Income (Loss)		(38,810	)		27,499			13,845			35,239
Net income (loss) allocated to noncontrolling interests in Operating Partnership		505			(364	)		(173	)		(456	)
Dividends on preferred stock		1,395			1,372			1,317			1,213
Net Income (Loss) Applicable to Common Stockholders	$	(39,700	)	$	25,763		$	12,355		$	33,570
Net Income (Loss) Per Share of Common Stock		-			-			-			-
Basic	$	(2.42	)	$	1.62		$	0.91		$	2.64
Diluted	$	(2.42	)	$	1.62		$	0.91		$	2.64
Weighted Average Number of Shares of Common Stock Outstanding
Basic		16,382,914			15,864,774			13,616,461			12,713,265
Diluted		16,391,170			15,873,030			13,624,676			12,721,464

	2017
	December 31,			September 30,			June 30,			March 31,
Income
Interest income	$	14,037		$	11,932		$	10,002		$	6,078
Interest expense		7,062			6,096			4,292			2,431
Net interest income		6,975			5,836			5,710			3,647
Servicing fee income		7,660			6,307			5,493			4,574
Servicing costs		1,939			1,626			991			1,227
Net servicing income		5,721			4,681			4,502			3,347
Other income (loss)
Realized loss on RMBS, net		(1	)		(169	)		(77	)		(256	)
Realized gain on investments in Excess MSRs, net		—			—			—			6,678
Realized loss on derivatives, net		(1,260	)		(1,480	)		(1,797	)		(1,017	)
Realized gain on acquired assets, net		—			—			—			—
Unrealized gain (loss) on derivatives, net		8,447			1,684			(4,633	)		1,082
Unrealized gain (loss) on investments in Excess MSRs		—			—			—			—
Unrealized gain (loss) on investments in MSRs		3,688			(2,334	)		(4,507	)		12,312
Total Income (Loss)		23,570			8,218			(802	)		25,793
Expenses
General and administrative expense		849			948			1,045			975
Management fee to affiliate		1,345			948			1,162			892
Total Expenses		2,194			1,896			2,207			1,867
Income Before Income Taxes		21,376			6,322			(3,009	)		23,926
(Benefit from) provision for corporate business taxes		1,143			(537	)		(1,344	)		1,339
Net Income (Loss)		20,233			6,859			(1,665	)		22,587
Net (income) loss allocated to noncontrolling interests in Operating Partnership		(269	)		(93	)		119			(412	)
Dividends on preferred stock		1,240			593			—			—
Net Income (Loss) Applicable to Common Stockholders	$	18,724		$	6,173		$	(1,546	)	$	22,175
Net Income (Loss) Per Share of Common Stock		—			—			—			—
Basic	$	1.47		$	0.49		$	(0.12	)	$	2.90
Diluted	$	1.47		$	0.49		$	(0.12	)	$	2.90
Weighted Average Number of Shares of Common Stock Outstanding
Basic		12,713,265			12,703,577			12,695,090			7,634,038
Diluted		12,721,464			12,711,776			12,701,715			7,640,348

Basic and diluted net income (loss) per share of common stock are computed independently based on the weighted average number of shares of common stock outstanding during each period. Accordingly, the sum of the quarterly net income (loss) per share amounts may not agree to the total for the year.