Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Interest income:      
Available-for-sale securities $ 167,310 $ 515,685 $ 962,283
Other 1,287 9,365 32,407
Total interest income 168,597 525,050 994,690
Interest expense:      
Repurchase agreements 25,774 233,069 654,280
Revolving credit facilities 22,425 12,261 19,354
Term notes payable 12,936 14,974 10,708
Convertible senior notes 28,038 19,197 19,067
Federal Home Loan Bank advances 0 1,747 10,920
Total interest expense 89,173 281,248 714,329
Net interest income 79,424 243,802 280,361
Total other-than-temporary impairment losses 0 0 (14,312)
Other income (loss):      
Gain (loss) on investment securities 121,617 (999,859) 280,118
Servicing income 468,406 443,351 501,612
(Loss) gain on servicing asset (114,941) (935,697) (697,659)
Gain (loss) on interest rate swap and swaption agreements 42,091 (310,806) (108,289)
(Loss) gain on other derivative instruments (251,283) 90,023 259,998
Other income (loss) (3,845) 1,422 337
Total other income (loss) 262,045 (1,711,566) 236,117
Expenses:      
Management fees 0 31,738 60,102
Servicing expenses 86,250 94,266 74,607
Compensation and benefits 35,041 37,723 33,229
Other operating expenses 28,759 28,626 23,826
Restructuring charges 0 5,706 0
Total expenses 150,050 198,059 191,764
Income (loss) before income taxes 191,419 (1,665,823) 310,402
Provision for (benefit from) income taxes 4,192 (35,688) (13,560)
Net (loss) income 187,227 (1,630,135) 323,962
Dividends on preferred stock 58,458 75,802 75,801
Net (loss) income attributable to common stockholders $ 128,769 $ (1,705,937) $ 248,161
Basic (loss) earnings per weighted average common share $ 0.43 $ (6.24) $ 0.93
Diluted (loss) earnings per weighted average common share $ 0.43 $ (6.24) $ 0.93
Weighted average basic common shares (in shares) 297,772,001 273,600,947 267,826,739
Weighted average diluted common shares (in shares) 298,043,538 273,600,947 267,826,739
Comprehensive (loss) income:      
Net (loss) income $ 187,227 $ (1,630,135) $ 323,962
Other comprehensive loss, net of tax:      
Unrealized loss on available-for-sale securities (455,255) (47,799) 578,583
Other comprehensive loss (455,255) (47,799) 578,583
Comprehensive (loss) income (268,028) (1,677,934) 902,545
Dividends on preferred stock 58,458 75,802 75,801
Comprehensive (loss) income attributable to common stockholders $ (326,486) $ (1,753,736) $ 826,744