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 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest income:        
Available-for-sale securities $ 89,200 $ 242,023 $ 443,614 $ 731,716
Other 516 7,717 8,936 24,536
Total interest income 89,716 249,740 452,550 756,252
Interest expense:        
Repurchase agreements 18,652 176,450 222,068 501,361
Federal Home Loan Bank advances 0 391 1,747 10,406
Revolving credit facilities 2,391 3,964 8,748 15,316
Term notes payable 3,321 5,475 11,678 5,706
Convertible senior notes 4,821 4,797 14,366 14,256
Total interest expense 29,185 191,077 258,607 547,045
Net interest income 60,531 58,663 193,943 209,207
Other-than-temporary impairments:        
Total other-than-temporary impairment losses 0 (5,950) 0 (11,004)
Other income (loss):        
(Loss) gain on investment securities (9,107) 248,828 (1,037,222) 251,977
Servicing income 99,114 126,025 342,802 373,922
Loss on servicing asset (112,763) (234,514) (938,219) (675,920)
Gain (loss) on interest rate swap, cap and swaption agreements 1,401 70,620 (296,117) (101,414)
Gain on other derivative instruments 65,596 85,856 8,734 270,798
Other income 84 495 948 277
Total other income (loss) 44,325 297,310 (1,919,074) 119,640
Expenses:        
Management fees 5,759 16,839 31,738 42,556
Servicing expenses 26,197 17,696 70,049 54,354
Other operating expenses 18,976 13,344 47,892 42,913
Restructuring charges (139,788) 0 6,000 0
Total expenses (88,856) 47,879 155,679 139,823
Income (loss) before income taxes 193,712 302,144 (1,880,810) 178,020
Benefit from income taxes (8,202) (3,556) (39,504) (11,188)
Net income (loss) 201,914 305,700 (1,841,306) 189,208
Dividends on preferred stock 18,950 18,951 56,851 56,851
Net income (loss) attributable to common stockholders $ 182,964 $ 286,749 $ (1,898,157) $ 132,357
Basic loss per weighted average common share (in usd per share) $ 0.67 $ 1.05 $ (6.94) $ 0.50
Diluted loss per weighted average common share (in usd per share) 0.64 1.00 (6.94) 0.50
Dividends declared per common share (in usd per share) $ 0.14 $ 0.40 $ 0.33 $ 1.27
Weighted average basic common shares outstanding (in shares) 273,705,785 272,897,575 273,567,998 266,114,772
Weighted average diluted common shares outstanding (in shares) 291,876,935 291,053,718 273,567,998 266,114,772
Comprehensive (loss) income:        
Net income (loss) $ 201,914 $ 305,700 $ (1,841,306) $ 189,208
Other comprehensive income (loss), net of tax:        
Unrealized gain (loss) on available-for-sale securities 36,216 (29,164) 30,940 637,537
Other comprehensive income (loss) 36,216 (29,164) 30,940 637,537
Comprehensive income (loss) 238,130 276,536 (1,810,366) 826,745
Dividends on preferred stock 18,950 18,951 56,851 56,851
Comprehensive income (loss) attributable to common stockholders $ 219,180 $ 257,585 $ (1,867,217) $ 769,894