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Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income $ 83,458 $ 63,271 $ 231,038 $ 136,329
Interest Expense, Operating 82,564 65,533 232,048 141,983
Net interest income (expense) 894 (2,262) (1,010) (5,654)
Realized loss on sales of investments, net 0 0 (1,506) (74,916)
Unrealized gain (loss) on investments, net 192,874 (179,100) 80,873 (121,491)
(Loss) gain on derivative instruments, net (154,064) 146,953 11,707 195,698
Total other gains (losses), net 38,810 (32,147) 91,074 (709)
Noninterest Expense [Abstract]        
Compensation and benefits (4,534) (4,572) (14,994) (11,939)
Other general and administrative (3,737) (3,269) (10,799) (10,471)
Other operating expenses (436) (801) (1,459) (1,662)
Total operating expenses (8,707) (8,642) (27,252) (24,072)
Net income (loss) 30,997 (43,051) 62,812 (30,435)
Preferred stock dividends (1,923) (1,923) (5,770) (5,770)
Net income (loss) to common shareholders 29,074 (44,974) 57,042 (36,205)
Other comprehensive income:        
Unrealized gain (loss) on available-for-sale investments, net 41,667 (41,774) 22,613 (36,424)
Total other comprehensive income (loss) 41,667 (41,774) 22,613 (36,424)
Comprehensive income (loss) to common shareholders $ 70,741 $ (86,748) $ 79,655 $ (72,629)
Weighted average common shares-basic (in shares) 75,792,527 54,556,853 67,313,385 54,175,367
Weighted average common shares-diluted (in shares) 76,366,487 54,556,853 67,808,892 54,175,367
Net income (loss) per common share-basic (in dollars per share) $ 0.38 $ (0.82) $ 0.85 $ (0.67)
Net income (loss) per common share-diluted (in dollars per share) $ 0.38 $ (0.82) $ 0.84 $ (0.67)