Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net interest income (expense):      
Interest income $ 411,998 $ 450,152 $ 480,364
Interest expense 490,943 607,806 643,225
Net interest expense (78,945) (157,654) (162,861)
Net servicing income:      
Servicing income 626,723 681,648 685,777
Servicing costs 12,728 20,069 95,488
Net servicing income 613,995 661,579 590,289
Other (loss) income:      
Loss on investment securities (96,178) (40,038) (69,970)
Loss on servicing asset (242,232) (62,674) (111,620)
(Loss) gain on derivative instruments (91,484) 106,854 (219,156)
Gain on mortgage loans held-for-sale 4,705 1,482 0
Other (loss) income 5,199 1,199 5,103
Total other (loss) income (419,990) 6,823 (395,643)
Expenses:      
Compensation and benefits 95,326 89,753 52,865
Other operating expenses 90,162 76,241 62,313
Litigation settlement expense 375,000 0 0
Total expenses 560,488 165,994 115,178
(Loss) income before income taxes (445,428) 344,754 (83,393)
Provision for income taxes 8,872 46,586 22,978
Net (loss) income (454,300) 298,168 (106,371)
Dividends on preferred stock (52,791) (47,136) (48,607)
Gain on repurchase and retirement of preferred stock 0 644 2,973
Net (loss) income attributable to common stockholders $ (507,091) $ 251,676 $ (152,005)
Basic (loss) earnings per weighted average common share (in usd per share) $ (4.88) $ 2.41 $ (1.60)
Diluted (loss) earnings per weighted average common share (in usd per share) $ (4.88) $ 2.37 $ (1.60)
Comprehensive (loss) income:      
Net (loss) income $ (454,300) $ 298,168 $ (106,371)
Other comprehensive income (loss):      
Unrealized gain (loss) on available-for-sale securities 320,437 (144,095) 102,282
Other comprehensive income (loss) 320,437 (144,095) 102,282
Comprehensive (loss) income (133,863) 154,073 (4,089)
Dividends on preferred stock (52,791) (47,136) (48,607)
Gain on repurchase and retirement of preferred stock 0 644 2,973
Comprehensive (loss) income attributable to common stockholders $ (186,654) $ 107,581 $ (49,723)