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 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income:        
Available-for-sale securities $ 104,195 $ 55,399 $ 201,233 $ 100,046
Other 13,567 1,604 33,122 1,803
Total interest income 117,762 57,003 234,355 101,849
Interest expense:        
Repurchase agreements 116,946 19,269 221,301 27,612
Revolving credit facilities 29,684 9,106 55,340 14,782
Term notes payable 8,239 3,925 15,882 7,181
Convertible senior notes 4,692 4,801 9,528 9,843
Total interest expense 159,561 37,101 302,051 59,418
Net interest (expense) income (41,799) 19,902 (67,696) 42,431
Other income (loss):        
Gain (loss) on investment securities 2,172 (197,719) 12,970 (250,061)
Servicing income 175,223 157,526 328,543 294,152
Gain (loss) on servicing asset 21,679 85,557 (6,400) 496,181
Gain (loss) on interest rate swap and swaption agreements 56,533 32,734 (25,621) (5,307)
Gain (loss) on other derivative instruments 47,161 (101,273) (108,610) (203,035)
Other income (loss) 2,200 (73) 2,200 (117)
Total other income (loss) 304,968 (23,248) 203,082 331,813
Expenses:        
Servicing expenses 25,190 22,991 53,556 47,695
Compensation and benefits 8,868 11,019 22,951 23,212
Other operating expenses 11,886 9,152 22,370 15,777
Total expenses 45,944 43,162 98,877 86,684
Income (loss) before income taxes 217,225 (46,508) 36,509 287,560
Provision for income taxes 19,780 25,912 15,872 74,710
Net income (loss) 197,445 (72,420) 20,637 212,850
Dividends on preferred stock (12,115) (13,748) (24,480) (27,495)
Gain on repurchase and retirement of preferred stock 2,454 0 2,454 0
Net income (loss) attributable to common stockholders $ 187,784 $ (86,168) $ (1,389) $ 185,355
Basic earnings (loss) per weighted average common share $ 1.94 $ (1.00) $ (0.02) $ 2.14
Diluted earnings (loss) per weighted average common share $ 1.80 $ (1.00) $ (0.02) $ 2.02
Weighted average basic common shares (in shares) 96,387,877 86,069,431 94,492,389 86,034,722
Weighted average diluted common shares (in shares) 106,062,378 86,069,431 94,492,389 96,085,473
Comprehensive income (loss):        
Net income (loss) $ 197,445 $ (72,420) $ 20,637 $ 212,850
Other comprehensive loss:        
Unrealized loss on available-for-sale securities (156,306) (4,211) (30,375) (336,056)
Other comprehensive loss (156,306) (4,211) (30,375) (336,056)
Comprehensive income (loss) 41,139 (76,631) (9,738) (123,206)
Dividends on preferred stock (12,115) (13,748) (24,480) (27,495)
Gain on repurchase and retirement of preferred stock 2,454 0 2,454 0
Comprehensive income (loss) attributable to common stockholders $ 31,478 $ (90,379) $ (31,764) $ (150,701)