Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income:        
Available-for-sale securities $ 88,472 $ 35,837 $ 188,518 $ 134,581
Other 5,916 203 7,719 1,011
Total interest income 94,388 36,040 196,237 135,592
Interest expense:        
Repurchase agreements 57,868 5,761 85,480 21,212
Revolving credit facilities 15,178 5,605 29,960 17,375
Term notes payable 5,427 3,249 12,608 9,685
Convertible senior notes 4,877 7,267 14,720 20,743
Total interest expense 83,350 21,882 142,768 69,015
Net interest income 11,038 14,158 53,469 66,577
Other income:        
(Loss) gain on investment securities (6,426) 28,642 (256,487) 119,991
Servicing income 148,833 122,960 442,985 342,895
(Loss) gain on servicing asset (6,720) (42,500) 489,461 16,887
Gain (loss) on interest rate swap and swaption agreements 34,806 (3,947) 29,499 5,102
Gain (loss) on other derivative instruments 159,044 (15,019) (43,991) (239,718)
Other loss 0 0 (117) (5,701)
Total other income 329,537 90,136 661,350 239,456
Expenses:        
Servicing expenses 21,152 21,041 68,847 64,668
Compensation and benefits 10,100 9,198 33,312 28,645
Other operating expenses 10,688 7,406 26,465 22,111
Total expenses 41,940 37,645 128,624 115,424
Income before income taxes 298,635 66,649 586,195 190,609
Provision for income taxes 21,023 325 95,733 2,088
Net income 277,612 66,324 490,462 188,521
Dividends on preferred stock 13,747 13,748 41,242 44,711
Net income attributable to common stockholders $ 263,865 $ 52,576 $ 449,220 $ 143,810
Basic earnings per weighted average common share $ 3.04 $ 0.68 $ 5.19 $ 2.01
Diluted earnings per weighted average common share 2.78 0.66 4.80 1.95
Dividends declared per common share (in usd per share) $ 0.68 $ 0.68 $ 2.04 $ 2.04
Weighted average basic common shares (in shares) 86,252,104 76,943,355 86,107,979 71,298,088
Weighted average diluted common shares (in shares) 96,132,100 86,682,518 96,120,844 79,991,529
Comprehensive (loss) income:        
Net income $ 277,612 $ 66,324 $ 490,462 $ 188,521
Other comprehensive loss, net of tax:        
Unrealized loss on available-for-sale securities (551,673) (7,350) (887,729) (341,702)
Other comprehensive loss (551,673) (7,350) (887,729) (341,702)
Comprehensive (loss) income (274,061) 58,974 (397,267) (153,181)
Dividends on preferred stock 13,747 13,748 41,242 44,711
Comprehensive loss attributable to common stockholders $ (287,808) $ 45,226 $ (438,509) $ (197,892)