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, 2024
Dec. 31, 2023
Dec. 31, 2022
Net interest income (expense):      
Interest income $ 450,152 $ 480,364 $ 295,540
Interest expense 607,806 643,225 258,395
Net interest expense (157,654) (162,861) 37,145
Net servicing income:      
Servicing income 681,648 685,777 603,911
Servicing costs 20,069 95,488 94,119
Net servicing income 661,579 590,289 509,792
Other income (loss):      
Loss on investment securities (40,038) (69,970) (603,937)
(Loss) gain on servicing asset (62,674) (111,620) 425,376
Gain (loss) on interest rate swap and swaption agreements 147,871 (52,946) 29,499
Loss on other derivative instruments (41,017) (166,210) 9,310
Gain on mortgage loans held-for-sale 1,482 0 9
Other income 1,199 5,103 (14)
Total other income (loss) 6,823 (395,643) (139,757)
Expenses:      
Compensation and benefits 89,753 52,865 40,723
Other operating expenses 76,241 62,313 42,005
Total expenses 165,994 115,178 82,728
Income (loss) before income taxes 344,754 (83,393) 324,452
Provision for (benefit from) income taxes 46,586 22,978 104,213
Net income (loss) 298,168 (106,371) 220,239
Dividends on preferred stock (47,136) (48,607) (53,607)
Gain on repurchase and retirement of preferred stock 644 2,973 20,149
Net income (loss) attributable to common stockholders $ 251,676 $ (152,005) $ 186,781
Basic earnings (loss) per weighted average common share (in dollars per share) $ 2.41 $ (1.60) $ 2.15
Diluted earnings (loss) per weighted average common share (in dollars per share) $ 2.37 $ (1.60) $ 2.13
Comprehensive income (loss):      
Net income (loss) $ 298,168 $ (106,371) $ 220,239
Other comprehensive (loss) income:      
Unrealized (loss) gain on available-for-sale securities (144,095) 102,282 (465,057)
Other comprehensive (loss) income (144,095) 102,282 (465,057)
Comprehensive income (loss) 154,073 (4,089) (244,818)
Dividends on preferred stock (47,136) (48,607) (53,607)
Gain on repurchase and retirement of preferred stock 644 2,973 20,149
Comprehensive (loss) income attributable to common stockholders $ 107,581 $ (49,723) $ (278,276)