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, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net interest income (expense):        
Interest income $ 115,953 $ 117,762 $ 233,736 $ 234,355
Interest expense 154,207 159,561 314,207 302,051
Net interest (expense) income (38,254) (41,799) (80,471) (67,696)
Net servicing income:        
Servicing income 176,015 175,223 342,348 328,543
Servicing costs 4,475 25,190 11,594 53,556
Net Servicing Income 171,540 150,033 330,754 274,987
Other (loss) income:        
(Loss) gain on investment securities (22,437) 2,172 (33,412) 12,970
(Loss) gain on servicing asset (22,857) 21,679 (11,845) (6,400)
Gain (loss) on interest rate swap and swaption agreements 22,012 56,533 120,522 (25,621)
(Loss) gain on other derivative instruments (750) 47,161 46,849 (108,610)
Other income 226 2,200 223 2,200
Total other (loss) income (23,806) 129,745 122,337 (125,461)
Expenses:        
Compensation and benefits 21,244 8,868 47,773 22,951
Other operating expenses 17,699 11,886 38,751 22,370
Total expenses 38,943 20,754 86,524 45,321
Income before income taxes 70,537 217,225 286,096 36,509
Provision for income taxes 14,201 19,780 26,172 15,872
Net income 56,336 197,445 259,924 20,637
Dividends on preferred stock (11,784) (12,115) (23,568) (24,480)
Gain on repurchase and retirement of preferred stock 0 2,454 644 2,454
Net income (loss) attributable to common stockholders $ 44,552 $ 187,784 $ 237,000 $ (1,389)
Basic earnings (loss) per weighted average common share $ 0.43 $ 1.94 $ 2.27 $ (0.02)
Diluted earnings (loss) per weighted average common share $ 0.43 $ 1.80 $ 2.16 $ (0.02)
Weighted average basic common shares (in shares) 103,555,755 96,387,877 103,478,847 94,492,389
Weighted average diluted common shares (in shares) 103,910,812 106,062,378 113,136,629 94,492,389
Comprehensive income (loss):        
Net income $ 56,336 $ 197,445 $ 259,924 $ 20,637
Other comprehensive loss:        
Unrealized loss on available-for-sale securities (44,073) (156,306) (147,151) (30,375)
Other comprehensive loss (44,073) (156,306) (147,151) (30,375)
Comprehensive income (loss) 12,263 41,139 112,773 (9,738)
Dividends on preferred stock (11,784) (12,115) (23,568) (24,480)
Gain on repurchase and retirement of preferred stock 0 2,454 644 2,454
Comprehensive income (loss) attributable to common stockholders $ 479 $ 31,478 $ 89,849 $ (31,764)