v3.23.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Net interest income:    
Interest income [1] $ 189,250,000 $ 202,175,000
Interest expense [2] 119,615,000 64,473,000
Net interest income 69,635,000 137,702,000
Increase/(decrease) in provision for credit losses 3,062,000 240,000
Other investment gains (losses):    
Net unrealized gains (losses) on derivatives (8,551,000) 0
Net realized gains (losses) on derivatives (34,134,000) 0
Periodic interest cost of swaps, net 2,819,000 0
Net gains (losses) on derivatives (39,866,000) 0
Net unrealized gains (losses) on financial instruments at fair value 64,592,000 (370,167,000)
Net realized gains (losses) on sales of investments (5,264,000) 0
Gains (losses) on extinguishment of debt 2,309,000 0
Other investment gains (losses) 117,000 0
Total other gains (losses) 21,888,000 (370,167,000)
Other expenses:    
Compensation and benefits 10,491,000 11,353,000
General and administrative expenses 5,778,000 5,711,000
Servicing and asset manager fees 8,417,000 9,291,000
Transaction expenses 6,409,000 3,804,000
Total other expenses 31,095,000 30,159,000
Income (loss) before income taxes 57,366,000 (262,864,000)
Income tax expense (benefit) 0 (70,000)
Net income (loss) 57,366,000 (262,794,000)
Dividends on preferred stock 18,438,000 18,408,000
Net income (loss) available to common shareholders 38,928,000 (281,202,000)
Net income (loss) available to common shareholders $ 38,928,000 $ (281,202,000)
Net income (loss) per share available to common shareholders:    
Basic (usd per share) $ 0.17 $ (1.19)
Diluted (usd per share) $ 0.17 $ (1.19)
Weighted average number of common shares outstanding:    
Basic (shares) 231,994,620 237,012,702
Diluted (shares) 235,201,614 237,012,702
[1] Includes interest income of consolidated VIEs of $139,902 and $131,066 for the quarters ended March 31, 2023 and 2022, respectively. See accompanying notes to consolidated financial statements for further discussion.
[2] Includes interest expense of consolidated VIEs of $60,152 and $42,491 for the quarters ended March 31, 2023 and 2022, respectively.

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