v3.25.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net interest income:    
Interest income [1] $ 190,616 $ 186,574
Interest expense [2] 121,397 121,468
Net interest income 69,219 65,106
Increase (decrease) in provision for credit losses 3,387 1,347
Other income (losses):    
Net unrealized gains (losses) on derivatives (6,469) 5,189
Realized gains (losses) on derivatives 82 0
Periodic interest on derivatives, net 4,135 5,476
Net gains (losses) on derivatives (2,252) 10,665
Investment management and advisory fees 8,936 0
Net unrealized gains (losses) on financial instruments at fair value 128,895 76,765
Net realized gains (losses) on sales of investments 0 (3,750)
Gains (losses) on extinguishment of debt 2,122 0
Other investment gains (losses) (417) 4,686
Total other income (losses) 137,284 88,366
Other expenses:    
Compensation and benefits 13,085 9,213
General and administrative expenses 6,907 5,720
Servicing and asset manager fees 7,431 7,663
Amortization of intangibles and depreciation expenses 951 0
Transaction expenses 5,688 67
Total other expenses 34,062 22,663
Income before income taxes 169,052 129,462
Income tax expense 1,755 8
Net income 167,297 129,454
Dividends on preferred stock 21,357 18,438
Net income available to common shareholders $ 145,940 $ 111,016
Net income per share available to common shareholders:    
Basic (in dollars per share) $ 1.79 $ 1.37
Diluted (in dollars per share) $ 1.77 $ 1.36
Weighted average number of common shares outstanding:    
Basic (in shares) 81,350,497 81,239,381
Diluted (in shares) 82,394,218 81,718,214
[1] Includes interest income of consolidated VIEs of $144,402 and $146,917 for the quarters ended March 31, 2025, and 2024, respectively. See Note 9 for further discussion.
[2] Includes interest expense of consolidated VIEs of $69,651 and $73,123 for the quarters ended March 31, 2025, and 2024, respectively. See Note 9 for further discussion.

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