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Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest income $ 19,853,000 $ 43,748,000 $ 59,676,000 $ 83,706,000
Interest expense 4,850,000 30,813,000 26,952,000 57,089,000
Net interest income 15,003,000 12,935,000 32,724,000 26,617,000
Loss on derivative instruments, net 8,563,000 117,535,000 204,130,000 179,233,000
Gain (loss) on sale of investments, net 193,099,000 (10,360,000) 277,882,000 (10,360,000)
Fair value adjustments, net 332,000 (16,000) (40,000) (29,000)
Other operating (expense) income, net (222,000) 256,000 (645,000) 25,000
General and administrative expenses:        
Compensation and benefits (2,736,000) (1,747,000) (4,898,000) (3,645,000)
Other general and administrative (2,075,000) (2,518,000) (4,534,000) (4,574,000)
Net income (loss) 194,838,000 (118,985,000) 96,359,000 (171,199,000)
Preferred stock dividends (3,253,000) (3,206,000) (7,094,000) (6,265,000)
Net income (loss) to common shareholders 191,585,000 (122,191,000) 85,351,000 (177,464,000)
Other comprehensive income:        
Unrealized gain on available-for-sale investments, net 28,052,000 100,767,000 185,807,000 187,399,000
Reclassification adjustment for (gain) loss on sale of investments, net (193,099,000) 10,360,000 (277,882,000) 10,360,000
Reclassification adjustment for de-designated cash flow hedges 0 0 0 (165,000)
Total other comprehensive (loss) income (165,047,000) 111,127,000 (92,075,000) 197,594,000
Comprehensive income (loss) to common shareholders $ 26,538,000 $ (11,064,000) $ (6,724,000) $ 20,130,000
Net income (loss) per common share-basic and diluted $ 8.31 $ (4.98) $ 3.71 $ (7.49)
Weighted average common shares-basic and diluted 23,057 24,541 23,010 23,681
Preferred Stock Redemption Premium $ 0 $ 0 $ 3,914,000 $ 0
Accumulated Deficit        
General and administrative expenses:        
Net income (loss)   $ (118,985,000)