Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net interest income (expense):    
Interest income $ 88,650 $ 111,382
Interest expense 95,161 131,714
Net interest expense (6,511) (20,332)
Net servicing income:    
Servicing income 130,143 156,859
Servicing costs 1,848 3,197
Net servicing income 128,295 153,662
Other (loss) income:    
Loss on investment securities (10,986) (32,729)
Loss on servicing asset (44,009) (36,221)
Gain (loss) on derivative instruments 15,641 (97,340)
Gain on mortgage loans held-for-sale 2,052 669
Other income 1,317 761
Total other (loss) income (35,985) (164,860)
Expenses:    
Compensation and benefits 26,698 26,589
Other operating expenses 22,749 20,505
Total expenses 49,447 47,094
Income (loss) before income taxes 36,352 (78,624)
Provision for income taxes 4,068 431
Net income (loss) 32,284 (79,055)
Dividends on preferred stock (12,807) (13,186)
Net income (loss) attributable to common stockholders $ 19,477 $ (92,241)
Basic earnings (loss) per weighted average common share (in usd per share) $ 0.18 $ (0.89)
Diluted earnings (loss) per weighted average common share (in usd per share) $ 0.18 $ (0.89)
Comprehensive (loss) income:    
Net income (loss) $ 32,284 $ (79,055)
Other comprehensive (loss) income:    
Unrealized (loss) gain on available-for-sale securities (44,191) 157,172
Other comprehensive (loss) income (44,191) 157,172
Comprehensive (loss) income (11,907) 78,117
Dividends on preferred stock (12,807) (13,186)
Comprehensive (loss) income attributable to common stockholders $ (24,714) $ 64,931