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Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest income $ 20,088,000 $ 44,502,000 $ 79,764,000 $ 128,207,000
Interest expense 3,375,000 31,256,000 30,327,000 88,345,000
Net interest income 16,713,000 13,246,000 49,437,000 39,862,000
Gain (loss) on derivative instruments, net (7,974,000) 50,709,000 196,156,000 229,941,000
Gain (loss) on sale of investments, net 20,846,000 4,605,000 298,728,000 (5,755,000)
Fair value adjustments, net 194,000 (13,000) 154,000 (42,000)
Other operating (expense) income, net (207,000) 25,000 (852,000) 50,000
General and administrative expenses:        
Compensation and benefits (2,402,000) (1,786,000) (7,301,000) (5,430,000)
Other general and administrative (2,393,000) (1,972,000) (6,926,000) (6,547,000)
Net income (loss) 40,725,000 (36,604,000) 137,084,000 (207,803,000)
Preferred stock dividends (3,252,000) (3,341,000) (10,346,000) (9,606,000)
Preferred stock redemption charge 0 0 3,914,000 0
Net income (loss) to common shareholders 37,473,000 (39,945,000) 122,824,000 (217,409,000)
Other comprehensive income:        
Unrealized gain on available-for-sale investments, net 27,844,000 59,800,000 213,651,000 247,199,000
Reclassification adjustment for (gain) loss on sale of investments, net (20,846,000) (4,605,000) (298,728,000) 5,755,000
Reclassification adjustment for de-designated cash flow hedges 0 0 0 (165,000)
Total other comprehensive income (loss) 6,998,000 55,195,000 (85,077,000) 252,789,000
Comprehensive income to common shareholders $ 44,471,000 $ 15,250,000 $ 37,747,000 $ 35,380,000
Net income (loss) per common share-basic and diluted $ 1.62 $ (1.65) $ 5.33 $ (9.12)
Weighted average common shares-basic and diluted 23,141 24,174 23,054 23,847