GAAP net loss for the third quarter was $48 million, down from $116 million last quarter.
On a core basis, net income for the third quarter was $98 million, or $0.50 per share, down from $109 million, or $0.53 per share, last quarter.
GAAP book value ended the quarter at $16.38 per share, down 2.1% from the second quarter, while economic book value ended the quarter at $15.28 a share, down 1.7% from the second quarter.
Third quarter net interest income was $144 million, down from $150 million last quarter.
The yield on average interest-earning assets was 6%, down slightly from 6.1% last quarter, and our average cost of funds was 2.6%, up from 2.5% last quarter.
Our net interest spread was 3.4%, down from 3.6% last quarter.