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 |
| X | ||||||||||
- Definition Comprehensive income after adjustments for dividends on preferred stock (declared in the period). No definition available.
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- Definition The amount of interest recognized in the period associated with any convertible debt. No definition available.
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- Definition The amount of interest recognized in the period associated with revolving credit facilities. No definition available.
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- Definition The total net increase or decrease in fair value as a result of changes in the inputs, assumptions or model used to calculated the fair value of servicing assets, as well as other changes in fair value that are not additions or disposals. No definition available.
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| X | ||||||||||
- Definition All amounts that, per contract, are due to the subservicer in exchange for servicing the mortgage servicing rights held by the entity. Depending on the servicing contract, those fees may include some or all of the difference between the interest rate collected on the asset being serviced and the rate to be paid to the entity (the beneficial owners of the asset). No definition available.
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| X | ||||||||||
- Definition Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of contractually specified servicing fee, late fee, and ancillary fee recognized as income for servicing asset and servicing liability. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of increase (decrease) in the fair value of derivatives recognized in the income statement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount of gain (loss) included in earnings for the period from the increase (decrease) in fair value of interest rate derivatives not designated as hedging instruments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Interest expense incurred during the reporting period on long-term borrowings associated with Federal Home Loan Bank and Federal Reserve Bank advances. No definition available.
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| X | ||||||||||
- Definition Gross expenses on securities sold coupled with an agreement to repurchase the same from the same counterparty at a fixed or determinable price within a fixed or variable time period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Interest expense incurred during the reporting period on subordinated notes and debentures. Includes amortization of expenses incurred in the issuance of subordinated notes and debentures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of interest income, amortization of premium and accretion of discount on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale); classified as operating. No definition available.
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| X | ||||||||||
- Definition Interest earned on deposits in United States money market accounts and other United States interest earning accounts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The net amount of operating interest income (expense). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of expenses related to the managing member or general partner for management of the day-to-day business functions of the limited liability company (LLC) or limited partnership (LP). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of unrealized and realized gain (loss) on investment in marketable security, excluding other-than-temporary impairment (OTTI). No definition available.
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| X | ||||||||||
- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount, after tax and adjustment, of unrealized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) and unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount after tax and reclassification adjustments of other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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| X | ||||||||||
- Definition The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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| X | ||||||||||
- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of other-than-temporary impairment (OTTI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), recognized in earnings. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders. No definition available.
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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