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, 2020
Dec. 31, 2019
Dec. 31, 2018
Interest income:      
Available-for-sale securities $ 515,685 $ 962,283 $ 847,325
Other 9,365 32,407 22,707
Total interest income 525,050 994,690 870,032
Interest expense:      
Repurchase agreements 233,069 654,280 469,437
Federal Home Loan Bank advances 1,747 10,920 20,417
Revolving credit facilities 12,261 19,354 10,820
Term notes payable 14,974 10,708 0
Convertible senior notes 19,197 19,067 18,997
Total interest expense 281,248 714,329 519,671
Net interest income 243,802 280,361 350,361
Other-than-temporary impairments:      
Total other-than-temporary impairment losses 0 (14,312) (470)
Other income (loss):      
(Loss) gain on investment securities (999,859) 280,118 (341,312)
Servicing income 443,351 501,612 343,096
Loss on servicing asset (935,697) (697,659) (69,033)
(Loss) gain on interest rate swap, cap and swaption agreements (310,806) (108,289) 16,043
Gain (loss) on other derivative instruments 90,023 259,998 (54,857)
Other income 1,422 337 3,037
Total other (loss) income (1,711,566) 236,117 (103,026)
Expenses:      
Management fees 31,738 60,102 30,272
Servicing expenses 94,266 74,607 61,136
Compensation and benefits 37,723 33,229 35,503
Other operating expenses 28,626 23,826 27,480
Acquisition transaction costs 0 0 86,703
Restructuring charges 5,706 0 8,238
Total expenses 198,059 191,764 249,332
(Loss) income before income taxes (1,665,823) 310,402 (2,467)
(Benefit from) provision for income taxes (35,688) (13,560) 41,823
Net (loss) income (1,630,135) 323,962 (44,290)
Dividends on preferred stock 75,802 75,801 65,395
Net (loss) income attributable to common stockholders $ (1,705,937) $ 248,161 $ (109,685)
Basic (loss) earnings per weighted average common share $ (6.24) $ 0.93 $ (0.53)
Diluted (loss) earnings per weighted average common share $ (6.24) $ 0.93 $ (0.53)
Weighted average basic common shares outstanding (in shares) 273,600,947 267,826,739 206,020,502
Weighted average diluted common shares outstanding (in shares) 273,600,947 267,826,739 206,020,502
Comprehensive (loss) income:      
Net (loss) income $ (1,630,135) $ 323,962 $ (44,290)
Other comprehensive (loss) income, net of tax:      
Unrealized (loss) gain on available-for-sale securities (47,799) 578,583 (233,914)
Other comprehensive (loss) income (47,799) 578,583 (233,914)
Comprehensive (loss) income (1,677,934) 902,545 (278,204)
Dividends on preferred stock 75,802 75,801 65,395
Comprehensive (loss) income attributable to common stockholders $ (1,753,736) $ 826,744 $ (343,599)