v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Statement [Abstract]        
Interest income $ 230,858 $ 240,303 $ 465,905 $ 480,997
Interest expense 177,761 171,578 352,963 336,829
Net interest income 53,097 68,725 112,942 144,168
Other revenue:        
Gain on sales, including fee-based services, net 15,176 13,658 27,681 26,439
Mortgage servicing rights 12,110 10,930 21,770 19,061
Servicing revenue, net 23,879 27,437 49,619 53,040
Property operating income 8,313 5,452 16,373 9,839
Gain on derivative instruments, net 1,041 219 548 3,619
Other income, net 2,260 3,989 4,336 8,407
Total other revenue 62,779 61,685 120,327 120,405
Other expenses:        
Employee compensation and benefits 45,096 41,181 92,779 87,217
Selling and administrative 15,868 14,859 32,821 31,171
Property operating expenses 12,670 6,802 24,635 10,276
Depreciation and amortization 5,929 5,848 13,033 9,592
Impairment loss on real estate owned 13,650 0 26,150 0
Provision for loss sharing, net 13,472 4,215 18,009 6,002
Provision for credit losses, net 38,163 19,004 43,979 28,079
Total other expenses 144,848 91,909 251,406 172,337
(Loss) income before extinguishment of debt, gain (loss) on real estate, income from equity affiliates and income taxes (28,972) 38,501 (18,137) 92,236
Loss on extinguishment of debt 0 0 0 (2,319)
Gain (loss) on real estate 64 (1,448) (2,073) (4,258)
Income from equity affiliates 1,893 2,654 6,304 1,020
Provision for income taxes (3,150) (3,398) (5,235) (6,989)
Net (loss) income (30,165) 36,309 (19,141) 79,690
Preferred stock dividends 10,342 10,342 20,684 20,684
Net (loss) income attributable to noncontrolling interest (3,165) 2,015 (3,112) 4,617
Net (loss) income attributable to common stockholders $ (37,342) $ 23,952 $ (36,713) $ 54,389
Earnings per common share        
Basic (loss) earnings per common share (in dollars per share) $ (0.20) $ 0.12 $ (0.19) $ 0.28
Diluted (loss) earnings per common share (in dollars per share) $ (0.20) $ 0.12 $ (0.19) $ 0.28
Weighted average shares outstanding:        
Basic (in shares) 190,806,800 192,236,206 192,491,494 191,154,501
Diluted (in shares) 190,806,800 209,003,002 192,491,494 207,938,574
Dividends declared per common share (in dollars per share) $ 0.17 $ 0.30 $ 0.47 $ 0.73