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Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018
Interest income | $ 96,468 | $ 170,168 | $ 110,051
Interest expense | (32,615) | (114,111) | (59,574)
Net interest income | 63,853 | 56,057 | 50,477
Gain (loss) on sale of investments, net | 308,084 | (5,755) | (23,373)
Loss on derivative instruments, net | 172,290 | 186,949 | 3,461
Gain (loss) on investments, net | 20 | (56) | 52
Other operating (expense) income, net | (1,057) | 22 | (1,567)
General and administrative expenses: |  |  |
Compensation and benefits | (11,743) | (7,520) | (6,605)
Other general and administrative | (9,337) | (8,467) | (8,500)
Net income (loss) | 177,530 | (152,668) | 7,023
Preferred stock dividends | (13,599) | (12,967) | (11,801)
Preferred stock redemption charge | 3,914 | 0 | 0
Net income (loss) to common shareholders | 160,017 | (165,635) | (4,778)
Other comprehensive income: |  |  |
Unrealized gain (loss) on available-for-sale investments, net | 214,539 | 203,995 | (50,218)
Reclassification adjustment for (gain) loss on sale of available-for-sale investments, net | (308,084) | 5,755 | 23,373
Reclassification adjustment for de-designated cash flow hedges | 0 | (165) | (237)
Total other comprehensive (loss) income | (93,545) | 209,585 | (27,082)
Comprehensive income (loss) to common shareholders | $ 66,472 | $ 43,950 | $ (31,860)
Net income (loss) per common share-basic and diluted | $ 6.93 | $ (7.01) | $ (0.25)
Weighted average common shares-basic and diluted | 23,106 | 23,620 | 19,235

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