Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest income:        
Available-for-sale securities $ 105,730 $ 253,807 $ 354,414 $ 489,693
Other 1,597 7,222 8,420 16,819
Total interest income 107,327 261,029 362,834 506,512
Interest expense:        
Repurchase agreements 50,811 177,351 203,416 324,911
Federal Home Loan Bank advances 155 3,941 1,747 10,015
Revolving credit facilities 2,826 6,196 6,357 11,352
Term notes payable 3,553 231 8,357 231
Convertible senior notes 4,769 4,724 9,545 9,459
Total interest expense 62,114 192,443 229,422 355,968
Net interest income 45,213 68,586 133,412 150,544
Other-than-temporary impairments:        
Total other-than-temporary impairment losses 0 (4,848) 0 (5,054)
Other income (loss):        
Gain (loss) on investment securities 53,492 22,441 (1,028,115) 3,149
Servicing income 112,891 130,949 243,688 247,897
Loss on servicing asset (238,791) (252,432) (825,456) (441,406)
Loss on interest rate swap, cap and swaption agreements (46,922) (88,775) (297,518) (172,034)
Gain (loss) on other derivative instruments 76,606 80,664 (56,862) 184,942
Other income (loss) 66 (341) 864 (218)
Total other loss (42,658) (107,494) (1,963,399) (177,670)
Expenses:        
Management fees 11,429 13,635 25,979 25,717
Servicing expenses 23,947 16,746 43,852 36,658
Other operating expenses 13,838 14,013 28,916 29,569
Restructuring charges 145,069 0 145,788 0
Total expenses 194,283 44,394 244,535 91,944
Loss before income taxes (191,728) (88,150) (2,074,522) (124,124)
(Benefit from) provision for income taxes (18,164) 2,407 (31,302) (7,632)
Net loss (173,564) (90,557) (2,043,220) (116,492)
Dividends on preferred stock 18,951 18,950 37,901 37,900
Net loss attributable to common stockholders $ (192,515) $ (109,507) $ (2,081,121) $ (154,392)
Basic loss per weighted average common share (in usd per share) $ (0.70) $ (0.40) $ (7.61) $ (0.59)
Diluted loss per weighted average common share (in usd per share) (0.70) (0.40) (7.61) (0.59)
Dividends declared per common share (in usd per share) $ 0.19 $ 0.40 $ 0.19 $ 0.87
Weighted average basic common shares outstanding (in shares) 273,604,079 272,863,153 273,498,347 262,667,160
Weighted average diluted common shares outstanding (in shares) 273,604,079 272,863,153 273,498,347 262,667,160
Comprehensive (loss) income:        
Net loss $ (173,564) $ (90,557) $ (2,043,220) $ (116,492)
Other comprehensive income (loss), net of tax:        
Unrealized gain (loss) on available-for-sale securities 192,794 310,549 (5,276) 666,701
Other comprehensive income (loss) 192,794 310,549 (5,276) 666,701
Comprehensive income (loss) 19,230 219,992 (2,048,496) 550,209
Dividends on preferred stock 18,951 18,950 37,901 37,900
Comprehensive income (loss) attributable to common stockholders $ 279 $ 201,042 $ (2,086,397) $ 512,309