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Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income $ 63,271 $ 20,404 $ 136,329 $ 56,167
Interest expense (65,533) (13,282) (141,983) (19,292)
Net interest (expense) income (2,262) 7,122 (5,654) 36,875
Realized loss on sales of investments, net 0 (70,967) (74,916) (89,517)
Unrealized loss on investments, net (179,100) (69,197) (121,491) (245,551)
Gain on derivative instruments, net 146,953 96,947 195,698 423,570
Total other (losses) gains, net (32,147) (43,217) (709) 88,502
Noninterest Expense [Abstract]        
Compensation and benefits (4,572) (6,104) (11,939) (12,972)
Other general and administrative (3,269) (4,042) (10,471) (11,484)
Other operating expenses (801) (433) (1,662) (1,049)
Total operating expenses (8,642) (10,579) (24,072) (25,505)
Net (loss) income (43,051) (46,674) (30,435) 99,872
Preferred stock dividends (1,923) (1,923) (5,770) (5,770)
Net (loss) income to common shareholders (44,974) (48,597) (36,205) 94,102
Other comprehensive income:        
Unrealized loss on available-for-sale investments, net (41,774) (65,133) (36,424) (217,383)
Reclassification of realized loss on available-for-sale investments, net 0 14,025 0 14,025
Total other comprehensive loss (41,774) (51,108) (36,424) (203,358)
Comprehensive loss to common shareholders $ (86,748) $ (99,705) $ (72,629) $ (109,256)
Weighted average common shares-basic (in shares) 54,556,853 45,347,852 54,175,367 40,452,740
Weighted average common shares-diluted (in shares) 54,556,853 45,347,852 54,175,367 40,740,690
Net income (loss) per common share-basic (in dollars per share) $ (0.82) $ (1.07) $ (0.67) $ 2.33
Net income (loss) per common share-diluted (in dollars per share) (0.82) (1.07) (0.67) 2.31
Common Stock, Dividends, Per Share, Declared $ 0.39 $ 0.39 $ 1.17 $ 1.17