v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Net interest income:        
Interest income [1] $ 201,297 $ 186,717 $ 391,914 $ 373,291
Interest expense [2] 135,287 119,422 256,684 240,889
Net interest income 66,010 67,295 135,230 132,402
Increase (decrease) in provision for credit losses 4,409 3,684 7,796 5,032
Other income (losses):        
Net unrealized gains (losses) on derivatives (2,554) 11,955 (9,024) 17,144
Realized gains (losses) on derivatives (17,954) (17,317) (17,872) (17,317)
Periodic interest on derivatives, net 5,067 6,971 9,202 12,448
Net gains (losses) on derivatives (15,441) 1,609 (17,694) 12,275
Investment management and advisory fees 8,810 0 17,745 0
Net unrealized gains (losses) on financial instruments at fair value 6,971 11,231 135,866 87,995
Net realized gains (losses) on sales of investments (1,915) 0 (1,915) (3,750)
Gains (losses) on extinguishment of debt 0 0 2,122 0
Other investment gains (losses) 2,953 1,001 2,536 5,687
Total other income (losses) 1,378 13,841 138,660 102,207
Other expenses:        
Compensation and benefits 11,660 7,011 24,745 16,226
General and administrative expenses 6,815 6,276 13,721 11,993
Servicing and asset manager fees 7,306 7,470 14,737 15,134
Amortization of intangibles and depreciation expenses 949 0 1,902 0
Transaction expenses 390 0 6,077 67
Total other expenses 27,120 20,757 61,182 43,420
Income before income taxes 35,859 56,695 204,912 186,157
Income tax expense 409 31 2,165 39
Net income 35,450 56,664 202,747 186,118
Dividends on preferred stock 21,426 22,751 42,783 41,188
Net income available to common shareholders $ 14,024 $ 33,913 $ 159,964 $ 144,930
Net income per share available to common shareholders:        
Basic (in dollars per share) $ 0.17 $ 0.42 $ 1.97 $ 1.78
Diluted (in dollars per share) $ 0.17 $ 0.41 $ 1.94 $ 1.76
Weighted average number of common shares outstanding:        
Basic (in shares) 81,408,087 81,334,509 81,386,680 81,326,944
Diluted (in shares) 82,600,108 82,281,890 82,564,708 82,301,992
[1] Includes interest income of consolidated VIEs of $141,818 and $144,027 for the quarters ended June 30, 2025, and 2024, respectively, and $286,220 and $290,943 for the six months ended June 30, 2025 and 2024, respectively. See Note 9 for further discussion.
[2] Includes interest expense of consolidated VIEs of $73,038 and $69,692 for the quarters ended June 30, 2025, and 2024, respectively, and $142,690 and $142,815 for the six months ended June 30, 2025 and 2024, respectively. See Note 9 for further discussion.

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