Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest income:        
Available-for-sale securities $ 253,807 $ 183,467 $ 489,693 $ 374,183
Other 7,222 3,893 16,819 7,196
Total interest income 261,029 187,360 506,512 381,379
Interest expense:        
Repurchase agreements 177,351 97,812 324,911 184,392
Federal Home Loan Bank advances 3,941 4,896 10,015 9,354
Revolving credit facilities 6,196 999 11,352 1,803
Term notes payable 231 0 231 0
Convertible senior notes 4,724 4,707 9,459 9,425
Total interest expense 192,443 108,414 355,968 204,974
Net interest income 68,586 78,946 150,544 176,405
Other-than-temporary impairments:        
Total other-than-temporary impairment losses (4,848) (174) (5,054) (268)
Other (loss) income:        
Gain (loss) on investment securities 22,441 (31,882) 3,149 (52,553)
Servicing income 130,949 77,665 247,897 148,855
(Loss) gain on servicing asset (252,432) 9,853 (441,406) 81,660
(Loss) gain, cap on interest rate swap and swaption agreements (88,775) 29,133 (172,034) 179,678
Gain (loss) on other derivative instruments 80,664 7,675 184,942 15,728
Other (loss) income (341) 730 (218) 1,788
Total other (loss) income (107,494) 93,174 (177,670) 375,156
Expenses:        
Management fees 13,635 11,453 25,717 23,161
Servicing expenses 16,746 11,539 36,658 26,093
Other operating expenses 14,013 15,515 29,569 30,007
Total expenses 44,394 38,507 91,944 79,261
(Loss) income from continuing operations before income taxes (88,150) 133,439 (124,124) 472,032
Benefit from income taxes 2,407 (6,051) (7,632) (2,267)
Net (loss) income (90,557) 139,490 (116,492) 474,299
Dividends on preferred stock 18,950 13,747 37,900 27,494
Net (loss) income attributable to common stockholders $ (109,507) $ 125,743 $ (154,392) $ 446,805
Basic (loss) earnings per weighted average common share $ (0.40) $ 0.72 $ (0.59) $ 2.55
Diluted (loss) earnings per weighted average common share (0.40) 0.68 (0.59) 2.36
Dividends declared per common share (in usd per share) $ 0.40 $ 0.47 $ 0.87 $ 0.94
Weighted average basic common shares outstanding (in shares) 272,863,153 175,451,989 262,667,160 175,299,822
Weighted average diluted common shares outstanding (in shares) 272,863,153 193,212,877 262,667,160 193,016,793
Comprehensive income:        
Net (loss) income $ (90,557) $ 139,490 $ (116,492) $ 474,299
Other comprehensive income (loss), net of tax:        
Unrealized gain (loss) on available-for-sale securities 310,549 (34,887) 666,701 (379,664)
Other comprehensive income (loss) 310,549 (34,887) 666,701 (379,664)
Comprehensive income 219,992 104,603 550,209 94,635
Dividends on preferred stock 18,950 13,747 37,900 27,494
Comprehensive income attributable to common stockholders $ 201,042 $ 90,856 $ 512,309 $ 67,141