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 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest income:        
Available-for-sale securities $ 242,023 $ 230,607 $ 731,716 $ 604,790
Other 7,717 6,091 24,536 13,287
Total interest income 249,740 236,698 756,252 618,077
Interest expense:        
Repurchase agreements 176,450 138,343 501,361 322,735
Federal Home Loan Bank advances 391 5,301 10,406 14,655
Revolving credit facilities 3,964 3,973 15,316 5,776
Term notes payable 5,475 0 5,706 0
Convertible senior notes 4,797 4,779 14,256 14,204
Total interest expense 191,077 152,396 547,045 357,370
Net interest income 58,663 84,302 209,207 260,707
Other-than-temporary impairments:        
Total other-than-temporary impairment losses (5,950) (95) (11,004) (363)
Other income (loss):        
Gain (loss) on investment securities 248,828 (42,996) 251,977 (95,549)
Servicing income 126,025 89,618 373,922 238,473
(Loss) gain on servicing asset (234,514) 20,591 (675,920) 102,251
(Loss) gain, cap on interest rate swap and swaption agreements 70,620 75,857 (101,414) 255,535
Gain (loss) on other derivative instruments 85,856 (31,463) 270,798 (15,735)
Other income 495 907 277 2,695
Total other income (loss) 297,310 112,514 119,640 487,670
Expenses:        
Management fees 16,839 (5,041) 42,556 18,120
Servicing expenses 17,696 16,433 54,354 42,526
Other operating expenses 13,344 17,033 42,913 47,040
Acquisition transaction costs 0 86,703 0 86,703
Restructuring charges 0 8,238 0 8,238
Total expenses 47,879 123,366 139,823 202,627
Income from continuing operations before income taxes 302,144 73,355 178,020 545,387
(Benefit from) provision for income taxes (3,556) 37,409 (11,188) 35,142
Net income 305,700 35,946 189,208 510,245
Dividends on preferred stock 18,951 18,951 56,851 46,445
Net income attributable to common stockholders $ 286,749 $ 16,995 $ 132,357 $ 463,800
Basic earnings per weighted average common share $ 1.05 $ 0.08 $ 0.50 $ 2.42
Diluted earnings per weighted average common share 1.00 0.08 0.50 2.28
Dividends declared per common share (in usd per share) $ 0.40 $ 0.47 $ 1.27 $ 1.41
Weighted average basic common shares outstanding (in shares) 272,897,575 224,399,436 266,114,772 191,846,212
Weighted average diluted common shares outstanding (in shares) 291,053,718 224,399,436 266,114,772 209,607,146
Comprehensive income:        
Net income $ 305,700 $ 35,946 $ 189,208 $ 510,245
Other comprehensive income (loss), net of tax:        
Unrealized gain (loss) on available-for-sale securities (29,164) (119,796) 637,537 (499,460)
Other comprehensive income (loss) (29,164) (119,796) 637,537 (499,460)
Comprehensive income 276,536 (83,850) 826,745 10,785
Dividends on preferred stock 18,951 18,951 56,851 46,445
Comprehensive income (loss) attributable to common stockholders $ 257,585 $ (102,801) $ 769,894 $ (35,660)