Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest income:        
Available-for-sale securities $ 35,837 $ 89,200 $ 134,581 $ 443,614
Other 203 516 1,011 8,936
Total interest income 36,040 89,716 135,592 452,550
Interest expense:        
Repurchase agreements 5,761 18,652 21,212 222,068
Revolving credit facilities 5,605 2,391 17,375 8,748
Term notes payable 3,249 3,321 9,685 11,678
Convertible senior notes 7,267 4,821 20,743 14,366
Federal Home Loan Bank advances 0 0 0 1,747
Total interest expense 21,882 29,185 69,015 258,607
Net interest income 14,158 60,531 66,577 193,943
Other income (loss):        
Gain (loss) on investment securities 28,642 (9,107) 119,991 (1,037,222)
Servicing income 122,960 99,114 342,895 342,802
(Loss) gain on servicing asset (42,500) (112,763) 16,887 (938,219)
(Loss) gain on interest rate swap and swaption agreements (3,947) 1,401 5,102 (296,117)
(Loss) gain on other derivative instruments (15,019) 65,596 (239,718) 8,734
Other income (loss) 0 84 (5,701) 948
Total other income (loss) 90,136 44,325 239,456 (1,919,074)
Expenses:        
Management fees 0 5,759 0 31,738
Servicing expenses 21,041 26,197 64,668 70,049
Compensation and benefits 9,198 10,099 28,645 26,503
Other operating expenses 7,406 8,877 22,111 21,389
Restructuring charges 0 (139,788) 0 6,000
Total expenses 37,645 (88,856) 115,424 155,679
Income (loss) before income taxes 66,649 193,712 190,609 (1,880,810)
Provision for (benefit from) income taxes 325 (8,202) 2,088 (39,504)
Net income (loss) 66,324 201,914 188,521 (1,841,306)
Dividends on preferred stock 13,748 18,950 44,711 56,851
Net income (loss) attributable to common stockholders $ 52,576 $ 182,964 $ 143,810 $ (1,898,157)
Basic earnings (loss) per weighted average common share $ 0.17 $ 0.67 $ 0.50 $ (6.94)
Diluted earnings (loss) per weighted average common share $ 0.17 $ 0.64 $ 0.49 $ (6.94)
Weighted average basic common shares (in shares) 307,773,420 273,705,785 285,192,353 273,567,998
Weighted average diluted common shares (in shares) 346,730,073 291,876,935 319,966,115 273,567,998
Comprehensive income (loss):        
Net income (loss) $ 66,324 $ 201,914 $ 188,521 $ (1,841,306)
Other comprehensive (loss) income, net of tax:        
Unrealized (loss) gain on available-for-sale securities (7,350) 36,216 (341,702) 30,940
Other comprehensive (loss) income (7,350) 36,216 (341,702) 30,940
Comprehensive income (loss) 58,974 238,130 (153,181) (1,810,366)
Dividends on preferred stock 13,748 18,950 44,711 56,851
Comprehensive income (loss) attributable to common stockholders $ 45,226 $ 219,180 $ (197,892) $ (1,867,217)