Annual report pursuant to Section 13 and 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

v3.22.4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Interest income:      
Available-for-sale securities $ 272,230 $ 167,310 $ 515,685
Other 23,310 1,287 9,365
Total interest income 295,540 168,597 525,050
Interest expense:      
Repurchase agreements 167,455 25,774 233,069
Revolving credit facilities 51,814 22,425 12,261
Term notes payable 19,514 12,936 14,974
Convertible senior notes 19,612 28,038 19,197
Federal Home Loan Bank advances 0 0 1,747
Total interest expense 258,395 89,173 281,248
Net interest income 37,145 79,424 243,802
Other (loss) income:      
(Loss) gain on investment securities (603,937) 121,617 (999,859)
Servicing income 603,911 468,406 443,351
Gain (loss) on servicing asset 425,376 (114,941) (935,697)
Gain (loss) on interest rate swap, cap and swaption agreements 29,499 42,091 (310,806)
Gain (loss) on other derivative instruments 9,310 (251,283) 90,023
Other (loss) income (5) (3,845) 1,422
Total other income (loss) 464,154 262,045 (1,711,566)
Expenses:      
Management fees 0 0 31,738
Servicing expenses 94,119 86,250 94,266
Compensation and benefits 40,723 35,041 37,723
Other operating expenses 42,005 28,759 28,626
Restructuring charges 0 0 5,706
Total expenses 176,847 150,050 198,059
Income (loss) before income taxes 324,452 191,419 (1,665,823)
Provision for (benefit from) income taxes 104,213 4,192 (35,688)
Net income (loss) 220,239 187,227 (1,630,135)
Dividends on preferred stock (53,607) (58,458) (75,802)
Gain on repurchase and retirement of preferred stock 20,149 0 0
Net income (loss) attributable to common stockholders $ 186,781 $ 128,769 $ (1,705,937)
Basic earnings (loss) per weighted average common share $ 2.15 $ 1.72 $ (24.94)
Diluted earnings (loss) per weighted average common share $ 2.13 $ 1.72 $ (24.94)
Weighted average basic common shares (in shares) 86,179,418 74,443,000 68,400,237
Weighted average diluted common shares (in shares) 96,076,175 74,510,884 68,400,237
Comprehensive loss:      
Net income (loss) $ 220,239 $ 187,227 $ (1,630,135)
Other comprehensive loss:      
Unrealized loss on available-for-sale securities (465,057) (455,255) (47,799)
Other comprehensive loss (465,057) (455,255) (47,799)
Comprehensive loss (244,818) (268,028) (1,677,934)
Dividends on preferred stock (53,607) (58,458) (75,802)
Gain on repurchase and retirement of preferred stock 20,149 0 0
Comprehensive loss attributable to common stockholders $ (278,276) $ (326,486) $ (1,753,736)