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v3.20.2

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

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