Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Interest income:    
Available-for-sale securities $ 55,652 $ 248,684
Other 457 6,823
Total interest income 56,109 255,507
Interest expense:    
Repurchase agreements 8,470 152,605
Revolving credit facilities 4,695 3,531
Term notes payable 3,211 4,804
Convertible senior notes 6,350 4,776
Federal Home Loan Bank advances 0 1,592
Total interest expense 22,726 167,308
Net interest income 33,383 88,199
Other income (loss):    
Gain (loss) on investment securities 132,868 (1,081,607)
Servicing income 107,119 130,797
Gain (loss) on servicing asset 327,438 (586,665)
Loss on interest rate swap and swaption agreements (15,599) (250,596)
Loss on other derivative instruments (276,011) (133,468)
Other (loss) income (5,742) 798
Total other income (loss) 270,073 (1,920,741)
Expenses:    
Management fees 0 14,550
Servicing expenses 24,947 19,905
Compensation and benefits 8,188 8,277
Other operating expenses 7,487 6,801
Restructuring charges 0 719
Total expenses 40,622 50,252
Income (loss) before income taxes 262,834 (1,882,794)
Provision for (benefit from) income taxes 22,677 (13,138)
Net income (loss) 240,157 (1,869,656)
Dividends on preferred stock 17,216 18,950
Net income (loss) attributable to common stockholders $ 222,941 $ (1,888,606)
Basic earnings (loss) per weighted average common share $ 0.81 $ (6.91)
Diluted earnings (loss) per weighted average common share $ 0.74 $ (6.91)
Weighted average basic common shares (in shares) 273,710,765 273,392,615
Weighted average diluted common shares (in shares) 311,465,060 273,392,615
Comprehensive loss:    
Net income (loss) $ 240,157 $ (1,869,656)
Other comprehensive loss, net of tax:    
Unrealized loss on available-for-sale securities (271,453) (198,070)
Other comprehensive loss (271,453) (198,070)
Comprehensive loss (31,296) (2,067,726)
Dividends on preferred stock 17,216 18,950
Comprehensive loss attributable to common stockholders $ (48,512) $ (2,086,676)