v3.23.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Net interest income:        
Interest income [1] $ 196,859 $ 195,357 $ 386,109 $ 397,532
Interest expense [2] 131,181 78,467 250,796 142,939
Net interest income 65,678 116,890 135,313 254,593
Increase/(decrease) in provision for credit losses 2,762 4,497 5,824 4,737
Other investment gains (losses):        
Net unrealized gains (losses) on derivatives 17,994 (1,618) 9,443 (1,618)
Net realized gains (losses) on derivatives (6,822) 0 (40,957) 0
Periodic interest cost of swaps, net   0 6,977 0
Net gains (losses) on derivatives 15,331 (1,618) (24,537) (1,618)
Net unrealized gains (losses) on financial instruments at fair value 6,954 (239,246) 71,546 (609,412)
Net realized gains (losses) on sales of investments (21,758) 0 (27,022) 0
Gains (losses) on extinguishment of debt 4,039 (2,897) 6,348 (2,897)
Other investment gains (losses) (421) 980 (303) 980
Total other gains (losses) 4,145 (242,781) 26,032 (612,947)
Other expenses:        
Compensation and benefits 7,677 8,859 18,168 20,211
General and administrative expenses 6,471 5,944 12,247 11,657
Servicing and asset manager fees 8,408 9,315 16,825 18,607
Transaction expenses 8,456 6,727 14,865 10,531
Total other expenses 31,012 30,845 62,105 61,006
Income (loss) before income taxes 36,049 (161,233) 93,416 (424,097)
Income tax expense (benefit) 25 94 26 24
Net income (loss) 36,024 (161,327) 93,390 (424,121)
Dividends on preferred stock 18,438 18,438 36,875 36,845
Net income (loss) available to common shareholders 17,586 (179,765) 56,515 (460,966)
Net income (loss) available to common shareholders $ 17,586 $ (179,765) $ 56,515 $ (460,966)
Net income (loss) per share available to common shareholders:        
Basic (usd per share) $ 0.08 $ (0.76) $ 0.24 $ (1.95)
Diluted (usd per share) $ 0.08 $ (0.76) $ 0.24 $ (1.95)
Weighted average number of common shares outstanding:        
Basic (shares) 231,628,141 235,310,440 231,810,368 236,156,868
Diluted (shares) 233,867,501 235,310,440 234,690,759 236,156,868
[1] Includes interest income of consolidated VIEs of $149,674 and $140,209 for the quarters ended June 30, 2023 and 2022, respectively, and $289,576 and $271,275 for the six months ended June 30, 2023 and 2022, respectively. See accompanying notes to consolidated financial statements for further discussion.
[2] Includes interest expense of consolidated VIEs of $72,624 and $50,193 for the quarters ended June 30, 2023 and 2022, respectively, and $132,776 and $92,684 for the six months ended June 30, 2023 and 2022, respectively. See accompanying notes to consolidated financial statements.

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