v3.24.1.u1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Net interest income:    
Interest income [1] $ 186,574 $ 189,250
Interest expense [2] 121,468 119,615
Net interest income 65,106 69,635
Increase/(decrease) in provision for credit losses 1,347 3,062
Other investment gains (losses):    
Net unrealized gains (losses) on derivatives 5,189 (8,551)
Realized gains (losses) on derivatives 0 (34,134)
Periodic interest cost of swaps, net 5,476 2,819
Net gains (losses) on derivatives 10,665 (39,866)
Net unrealized gains (losses) on financial instruments at fair value 76,765 64,592
Net realized gains (losses) on sales of investments (3,750) (5,264)
Gains (losses) on extinguishment of debt 0 2,309
Other investment gains (losses) 4,686 117
Total other gains (losses) 88,366 21,888
Other expenses:    
Compensation and benefits 9,213 10,491
General and administrative expenses 5,720 5,778
Servicing and asset manager fees 7,663 8,417
Transaction expenses 67 6,409
Total other expenses 22,663 31,095
Income (loss) before income taxes 129,462 57,366
Income tax expense (benefit) 8 0
Net income (loss) 129,454 57,366
Dividends on preferred stock 18,438 18,438
Net income (loss) available to common shareholders $ 111,016 $ 38,928
Net income (loss) per share available to common shareholders:    
Basic (in dollars per share) $ 0.46 $ 0.17
Diluted (in dollars per share) $ 0.45 $ 0.17
Weighted average number of common shares outstanding:    
Basic (in shares) 243,718,142 231,994,620
Diluted (in shares) 245,154,643 235,201,614
[1] Includes interest income of consolidated VIEs of $146,917 and $139,902 for the quarters ended March 31, 2024 and 2023, respectively. See Note 8 for further discussion.
[2] Includes interest expense of consolidated VIEs of $73,123 and $60,152 for the quarters ended March 31, 2024 and 2023, respectively. See Note 8 for further discussion.

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