v3.25.2
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Interest income $ 240,303 $ 297,188 $ 480,997 $ 618,480
Interest expense 171,578 209,227 336,829 426,903
Net interest income 68,725 87,961 144,168 191,577
Other revenue:        
Gain on sales, including fee-based services, net 13,658 17,448 26,439 34,114
Mortgage servicing rights 10,930 14,534 19,061 24,733
Servicing revenue, net 27,437 29,910 53,040 61,436
Property operating income 5,452 1,444 9,839 3,014
Gain (loss) on derivative instruments, net 219 (275) 3,619 (5,533)
Other income, net 3,989 2,081 8,407 4,414
Total other revenue 61,685 65,142 120,405 122,178
Other expenses:        
Employee compensation and benefits 41,181 42,836 87,217 90,529
Selling and administrative 14,859 12,823 31,171 26,756
Property operating expenses 6,802 1,584 10,276 3,262
Depreciation and amortization 5,848 2,423 9,592 4,994
Provision for loss sharing (net of recoveries) 4,215 4,333 6,002 4,607
Provision for credit losses (net of recoveries) 19,004 29,564 28,079 48,682
Total other expenses 91,909 93,563 172,337 178,830
Income before extinguishment of debt, (loss) gain on real estate, income from equity affiliates and income taxes 38,501 59,540 92,236 134,925
Loss on extinguishment of debt 0 (412) (2,319) (412)
(Loss) gain on real estate (1,448) 3,813 (4,258) 3,813
Income from equity affiliates 2,654 2,793 1,020 4,211
Provision for income taxes (3,398) (3,901) (6,989) (7,493)
Net income 36,309 61,833 79,690 135,044
Preferred stock dividends 10,342 10,342 20,684 20,684
Net income attributable to noncontrolling interest 2,015 4,094 4,617 9,090
Net income attributable to common stockholders $ 23,952 $ 47,397 $ 54,389 $ 105,270
Earnings per common share        
Basic earnings per common share (in dollars per share) $ 0.12 $ 0.25 $ 0.28 $ 0.56
Diluted earnings per common share (in dollars per share) $ 0.12 $ 0.25 $ 0.28 $ 0.56
Weighted average shares outstanding:        
Basic (in shares) 192,236,206 188,655,801 191,154,501 188,683,095
Diluted (in shares) 209,003,002 205,487,711 207,938,574 205,499,619
Dividends declared per common share (in dollars per share) $ 0.30 $ 0.43 $ 0.73 $ 0.86