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Two Harbors Investment Corporation logo

Two Harbors Investment Corporation Income Statement

Revenue, expenses, and profitability over time

Two Harbors Investment Corporation generated $389.3M in trailing twelve-month revenue, down 0.1% year-over-year. Net income was -$354.7M with a -91.11% net margin. Diluted EPS is $-3.81, which declined 9.3% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$389.3MNet Income (TTM)-$354.7MEps Diluted (TTM)$-3.81
Latest FilingQ1 2026
Report Date2026-04-29
Market Cap$1.3B

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share Declared$0.4$0.5$0.4$0.3$0.3$0.3
Reclassification from AOCI—-$47M-$17.4M-$7.3M-$14.7M-$12.4M
OCI Reclassification Adjustment for Sale of Securities—-$47M-$17.4M-$7.3M-$14.7M-$12.4M
Share-Based Payment Tax Withholding Decrease—$437.5K$437.5K$437.5K$437.5K—
Tax Withholding for Share-Based Payments$0$437.5K$437.5K$437.5K$437.5K—
Common Stock Dividends Per Share$0.4$0.5$0.4$0.3$0.3$0.3
Comprehensive Income Including Noncontrolling Interest$10.2M$78.1M-$208.6M-$66.9M—-$11.9M
Dividends per share declared$0.4$0.5$0.4$0.3$0.3$0.3
OCI - Available-for-sale securities, net of tax-$266.6M$157.2M$50.5M$61M$51.8M-$44.2M
Comprehensive Income Attributable to Parent$10.2M$78.1M-$208.6M-$66.9M—-$11.9M
Net Change in Cash and Restricted Cash$205.9M-$119.9M$100.6M$88.6M$175M-$301.8M
Number of Operating Segments0.251.00———1.00
OCI Net Unrealized Gain (Loss) on Securities-$266.6M$157.2M$50.5M$61M$51.8M-$44.2M
OCI Available for Sale Securities Adjustment-$266.6M$157.2M$50.5M$61M$51.8M-$44.2M
Comprehensive Income Including Noncontrolling Interest$10.2M$78.1M-$208.6M-$66.9M—-$11.9M
Unrealized Gains on Available-for-Sale Securities-$266.6M$157.2M$50.5M$61M$51.8M-$44.2M
Number of reportable segments0.251.00———1.00
Other comprehensive income (loss), after-tax-$266.6M$157.2M$50.5M$61M$51.8M-$44.2M
Payments to acquire available-for-sale debt securities$621.3M$2.6B$3.7B$2.4B$589.8M$1.4B
Dividends per share declared$0.4$0.5$0.4$0.3$0.3$0.3
Common Stock Dividends Per Share Declared$0.4$0.5$0.4$0.3$0.3$0.3
Income Taxes Paid, Net$5.6M$3.7M$5.6M$3.8M$11.4M-$777K
Interest Paid, Net$112M$125.6M$113.2M$182.1M$66.9M$131.2M
OCI Reclassification Adjustment, Sale of Securities, Net of Tax—-$47M-$17.4M-$7.3M-$14.7M-$12.4M
OCI - Available-for-Sale Securities, Net of Tax-$266.6M$157.2M$50.5M$61M$51.8M-$44.2M
Comprehensive income (loss), including noncontrolling interest$10.2M$78.1M-$208.6M-$66.9M—-$11.9M
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation—$437.5K$437.5K$437.5K$437.5K—
Pre-tax stock-based compensation cost$1.6M$6.5M$1.9M$1.5M$3.4M$4.4M
Amortization Of Financing Costs And Discounts$414K$362K$442K$615K$629K$218K
Dividends declared (in dollars per share)$0.4$0.5$0.4$0.3$0.3$0.3
Comprehensive Income (Loss) Attributable to Common Stockholders$0$64.9M-$221.8M-$80.2M—-$24.7M
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest$10.2M$78.1M-$208.6M-$66.9M—-$11.9M
Contractually specified servicing fees, late charges and ancillary fees$167.6M$156.9M$158.4M$166.4M$145.1M$130.1M
Current Federal, State and Local, Tax Expense (Benefit)$3.2M$4.3M$4.3M$4.3M$4.3M—
Federal$2.4M$4.4M$4.4M$4.4M$4.4M—
Total net securities (losses)-$6.8M-$33.5M-$33.2M-$15.9M-$15.8M-$10.9M
Debt Securities, Available-for-Sale, Realized Loss$8.6M$38.8M$40.3M$28.3M$16.3M$15.5M
Debt Securities, Available-for-sale, Gross Realized Gains (Losses), Amortized Cost Sold$1.3B$1.4B$3.8B$4.3B$310.9M$1.1B
Debt Securities, Available-for-sale, Total Credit Loss Expense (Reversal)$284K$94K-$116K-$91K-$8K$15K
Federal$6.7M-$1.3M-$1.3M-$1.3M-$1.3M—
Deferred taxes$8.4M-$2.1M-$2.1M-$2.1M-$2.1M—
State$1.7M-$768.5K-$768.5K-$768.5K-$768.5K—
Average notional amount$13B$20.4B$18.8B$24.3B$18B$13.7B
Dividends, Common Stock$46.9M$47.3M$41M$35.7M$35.9M$36.1M
Dividends, Common Stock, Cash$46.9M$47.3M$41M$35.7M$35.9M$36.1M
Effective tax rates$0-$0-$0-$0-$0—
Other—-$0-$0-$0-$0—
Nondeductible compensation expenses—$1.4M$1.4M$1.4M$1.4M—
Nondeductible compensation expenses, effective tax rate————-1.2%—
State income taxes – net of federal income tax benefit$0$0$0$0$0—
Unrealized (losses) gains on mortgage loans—$117K$73K$107K—-$149K
Float income—$25.6M———$20.4M
Gain Loss On Sale Of Mortgage Loans$569K$624K$954K$1.8M$1.8M$2.2M
Net gains/(losses) on sales of loans$558K$669K$883K$1.6M$1.6M$2.1M
Federal taxes—$5.9M$5.9M$5.9M$5.9M—
State taxes—$300K$300K$300K$300K—
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount$18.1M-$23.4M-$23.4M-$23.4M-$23.4M—
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount—$225K$225K$225K$225K—
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount$5.4M-$354.3K-$354.3K-$354.3K-$354.3K—
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount$2M-$685.3K-$685.3K-$685.3K-$685.3K—
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount$13.9M-$25.1M-$25.1M-$25.1M-$25.1M—
Income Taxes Paid, Net$5.6M$3.7M$5.6M$3.8M$11.4M-$777K
Increase Decrease In Accrued Interest Receivable Net-$3.2M$5.9M—-$8.4M—$688K
Increase (Decrease) In Due To Counterparties, Net$174.3M-$893.1M—-$217.7M-$48.7M-$21.2M
Increase Decrease In Interest Payable Net—-$10.6M—-$34.9M—-$37.4M
Increase (Decrease) in Other Operating Assets and Liabilities, Net$59.8M-$29.3M-$27.1M-$14.7M—-$28.2M
Add - Incremental shares under stock-based compensation plans (in shares)$477.5K$0$0$0$0$446.5K
Interest and Dividend Income, Operating$103.8M$111.4M$117.1M$93.6M$89.9M$88.7M
Convertible senior notes$4.5M$4.5M$4.4M$4.5M$4.5M$710K
Revolving credit facilities$21.6M$20.1M$20.3M$19.1M$16.1M$16.4M
Senior notes$0$0$1.5M$2.9M$2.9M$2.8M
Interest Income, Available-for-sale$92.6M$100.4M$108.8M$83.8M$82M$80.7M
Deposits at banks$11.1M$10.9M$8.1M$9.7M$7.8M$7.8M
Interest Income (Expense), Operating-$34.9M-$20.3M-$19.6M-$23.5M-$15.5M-$6.5M
Interest Paid, Excluding Capitalized Interest, Operating Activity$112M$125.6M$113.2M$182.1M$66.9M$131.2M
Marketable security, gain (loss)-$8M-$32.7M-$32.8M-$16.2M-$14.4M-$11M
UWM Termination Fee paid by CCM—$0———$25.4M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation-$997M$1.8B—-$1.8B—-$320.2M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation$1.2B-$2B—$2.1B—-$38.1M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation—$111.9M$99.1M-$239.2M$117.1M$56.6M
Net Income (Loss) Available To Common Stockholders$264.9M-$92.2M-$272.3M-$141.2M-$1.3M$19.5M
Net Servicing Income$163M$153.7M$156M$162.7M$141.7M$128.3M
Number of operating segments$0.3$1———$1
Number of reportable segments$0.3$1———$1
Unrealized gains (losses) on available-for-sale securities-$266.6M$157.2M$50.5M$61M$51.8M-$44.2M
AOCI before reclass, net of taxes-$255.4M$110.2M$33.1M$53.8M$37M-$56.6M
Other comprehensive income (loss)-$266.6M$157.2M$50.5M$61M$51.8M-$44.2M
Other income, net (Note 6)$850K$761K$1M$4.1M—$1.3M
Earnings allocated to participating share awards$753K$404K$344K$294K$267K$434K
Participating Securities Distributed And Undistributed Earnings Loss Diluted$77K$0$0$0$0$0
Payment For Purchase And Origination, Loan, Mortgage, Held-for-Sale$42M$28.9M$48.7M$49.8M$93.8M$92.3M
Payments for (Proceeds from) Derivative Instrument, Investing Activities-$218M$146.5M$111M$27.5M$0-$50.9M
Payments For Securities Purchased Under Agreements To Resell$711.9M$1.4B$356.7M$842.2M$480.8M$545.5M
Payments of Ordinary Dividends, Common Stock$46.9M$47M$47.2M$41M$35.7M$35.9M
Payments of Ordinary Dividends, Preferred Stock and Preference Stock$11.8M$11.8M$13.2M$13.2M$13.3M$13M
Payment, Tax Withholding, Share-Based Payment Arrangement$0$437.5K$437.5K$437.5K$437.5K—
Payments to Acquire Debt Securities, Available-for-Sale$621.3M$2.6B$3.7B$2.4B$589.8M$1.4B
Payments to Acquire Mortgage Servicing Rights (MSR)$27.5M$1.5M$91.4M$8.6M$2.4M$985K
Floating Annual Rate26.2%26.2%——26.2%26.2%
Principal Payments On Assets Sold Under Agreements To Repurchase$11.7B$11B———$7.6B
Proceeds from repurchase agreements$11.6B$13B———$7.6B
Payoffs and paydowns of loans held-for-sale$2K$1K$1.4M$3K$3K$5K
Proceeds from Issuance of Common Stock$79K$82K$68K$60K$69K$41K
Proceeds from revolver$42M$29M$49M$43.1M$53.7M$57.5M
Proceeds from long-term lines of credit$71M$70M$143M$0$160M$0
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale$190M$180.7M$247.2M$174.6M$160.9M$173.9M
Proceeds from sales of mortgage servicing rights$27.4M$109.8M$109.8M$109.8M$109.8M—
Sale of investments$1.3B$1.3B$3.8B$4.2B$295.1M$1.1B
Residential mortgage loan sales$43.3M$23.1M$46.2M$47.9M$94.1M$88.4M
Proceeds From Securities Purchased Under Agreements To Resell$715.1M$1.6B$356M$912.7M$481.8M$531.8M
Realized And Unrealized Losses (Gains) On Derivative Instruments$36.9M-$107.4M———$26.9M
Reclassified net gains (losses) from AOCI into earnings—-$47M-$17.4M-$7.3M-$14.7M-$12.4M
Repayments Of Convertible Debt$2.4M$0$0$0$0$261.9M
Repayments of Lines of Credit$43M$23.1M$47.7M$44M$52.8M$54.2M
Repayments of Long-term Lines of Credit$50M$157M$64.3M$66.5M$186M$2.5M
Additions from purchases of mortgage servicing rights$28.5M$1.5M———$931K
Servicing Asset At Fair Value Additions$501K$230K$408K$427K$874K$669K
Servicing Asset at Fair Value, Disposition From Sales$27.5M$109M$109M$109M$109M—
Servicing rights obtained in acquisition-$923K$0———$1.5M
Servicing Asset At Fair Value, Total Changes In Fair Value—-$36.2M———-$44M
Servicing Asset At Fair Value, Unrealized Changes In Fair Value—-$36.2M———-$42.5M
Stock-based compensation$1.6M$6.5M$1.9M$1.5M$3.4M$4.4M
Percent of share based award available for grant in succeeding calendar year9.8%9.8%——9.8%9.8%
Dividend reinvestment plan issuances (in shares)19K6.5K5.7K6.1K25.2K3.3K
Stock Issued During Period, Value, Dividend Reinvestment Plan—$83K$100K$100K$100K$41K
Issuance of common stock in connection with the Spin-Off and reclassification of net parent investment$79K$82K$68K$60K$69K$41K
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture$1.6M$6.5M$1.9M$1.5M$3.4M$4.4M
Servicing costs$4.6M$3.2M$2.4M$3.8M$3.4M$1.8M
Comprehensive Income (Loss), Total$10.2M$78.1M-$208.6M-$66.9M—-$11.9M
Cash Dividends, Common Stock$46.9M$47M$47.2M$41M$35.7M$35.9M
Comprehensive Income, Including Noncontrolling Interest$10.2M$78.1M-$208.6M-$66.9M—-$11.9M
OCI Reclassifications to Net Income—-$47M-$17.4M-$7.3M-$14.7M-$12.4M
Common Stock Dividends Per Share Declared$0.4$0.5$0.4$0.3$0.3$0.3
Comprehensive Income Including Noncontrolling Interest$10.2M$78.1M-$208.6M-$66.9M—-$11.9M
OCI Available for Sale Securities Adjustment, Net of Tax-$266.6M$157.2M$50.5M$61M$51.8M-$44.2M
Other Comprehensive Income (Loss) Before Reclassifications, Net of Tax-$255.4M$110.2M$33.1M$53.8M$37M-$56.6M
Total Comprehensive Income$10.2M$78.1M-$208.6M-$66.9M—-$11.9M
Common Stock Dividends Per Share Declared$0.4$0.5$0.4$0.3$0.3$0.3
OCI Unrealized Gain (Loss) on Securities, Pre-tax-$266.6M$157.2M$50.5M$61M$51.8M-$44.2M
Comprehensive Income$10.2M$78.1M-$208.6M-$66.9M—-$11.9M
Other Comprehensive Loss Before Reclassifications, Net-$255.4M$110.2M$33.1M$53.8M$37M-$56.6M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share Declared$0.4$0.5$0.4$0.3$0.3$0.3
Common Stock Dividends Per Share (Declared)$0.4$0.5$0.4$0.3$0.3$0.3
Earnings Allocated to Participating Securities$753K$404K$344K$294K$267K$434K
Common Stock Dividends Per Share Declared$0.4$0.5$0.4$0.3$0.3$0.3
Basic earnings per share$2.55$-0.89$-2.62$-1.36$-0.01$0.18
Diluted earnings per share$2.51$-0.89$-2.62$-1.36$-0.01$0.18
Common Stock Dividends Per Share Declared$0.4$0.5$0.4$0.3$0.3$0.3
Dividends Per Share Declared$0.4$0.5$0.4$0.3$0.3$0.3
Common Stock Dividends Per Share Declared$0.4$0.5$0.4$0.3$0.3$0.3
Incremental Shares from Convertible Debt9M00000
Common Stock Dividends Per Share Declared$0.4$0.5$0.4$0.3$0.3$0.3
Common stock dividends per share declared$0.4$0.5$0.4$0.3$0.3$0.3
Dividends Per Share Declared$0.4$0.5$0.4$0.3$0.3$0.3
Dividends per share declared$0.4$0.5$0.4$0.3$0.3$0.3
Common Stock Dividends Per Share Declared$0.4$0.5$0.4$0.3$0.3$0.3
Dividends per share declared$0.4$0.5$0.4$0.3$0.3$0.3
Dividends per share declared$0.4$0.5$0.4$0.3$0.3$0.3
Dividends per Share Declared$0.4$0.5$0.4$0.3$0.3$0.3
Dividends per share declared$0.45$0.45$0.39$0.34$0.34$0.34
Common Stock Dividends Per Share Declared$0.4$0.5$0.4$0.3$0.3$0.3
Common Stock Dividends Per Share Declared$0.4$0.5$0.4$0.3$0.3$0.3
Common stock dividends per share declared$0.4$0.5$0.4$0.3$0.3$0.3
Common Stock Dividends Per Share Declared$0.4$0.5$0.4$0.3$0.3$0.3
Common Stock Dividends Per Share Declared$0.4$0.5$0.4$0.3$0.3$0.3
Dilutive Securities Effect on Basic EPS, Other$18.2M$0$0$0$0$0
Common stock dividends per share declared$0.4$0.5$0.4$0.3$0.3$0.3
Weighted-average shares, basic103.6M104M104.1M104.1M104.1M104.9M
Weighted-average shares, diluted113.1M104M104.1M104.1M104.1M105.3M

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Stock-Based Compensation Expense$1.6M$6.5M$1.9M$1.5M$3.4M$4.4M
Total stock-based compensation$1.6M$6.5M$1.9M$1.5M$3.4M$4.4M
Share-Based Compensation Expense$1.6M$6.5M$1.9M$1.5M$3.4M$4.4M
Stock-based compensation expense$1.6M$6.5M$1.9M$1.5M$3.4M$4.4M
Stock-Based Compensation Expense (Pre-tax)$1.6M$6.5M$1.9M$1.5M$3.4M$4.4M
Compensation and benefits$21.8M$26.6M$21.5M$21.3M$26M$26.7M
Other Costs and Expenses$19.1M$20.5M$21.3M$23.1M$25.3M$22.7M
Allocated Share-Based Compensation Expense$1.6M$6.5M$1.9M$1.5M$3.4M$4.4M
Share-Based Compensation (Operating)$1.6M$6.5M$1.9M$1.5M$3.4M$4.4M
Share-Based Compensation Expense Before Income Taxes$1.6M$6.5M$1.9M$1.5M$3.4M$4.4M
Other operating charges$19.1M$20.5M$21.3M$23.1M$25.3M$22.7M
Stock-based compensation expense$1.6M$6.5M$1.9M$1.5M$3.4M$4.4M
Other operating expenses$19.1M$20.5M$21.3M$23.1M$25.3M$22.7M
Share-Based Compensation Expense$1.6M$6.5M$1.9M$1.5M$3.4M$4.4M
Share-Based Compensation$1.6M$6.5M$1.9M$1.5M$3.4M$4.4M
Total operating expenses$40.9M$47.1M$242.7M$219.4M$51.3M$49.4M
Stock-Based Compensation (Before Tax)$1.6M$6.5M$1.9M$1.5M$3.4M$4.4M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effective Tax Rate (Continuing Operations)$0-$0-$0-$0-$0—
Effective Tax Rate$0-$0-$0-$0-$0—
Cash Paid for Income Taxes$5.6M$3.7M$5.6M$3.8M$11.4M-$777K
Effective Tax Rate, Continuing Operations$0-$0-$0-$0-$0—
State and Local Income Taxes, Net$837.8K-$98.8K-$98.8K-$98.8K-$98.8K—
Tax Reconciliation: Other Adjustments6.3%———0.3%—
Current State Tax Expense$837.8K-$98.8K-$98.8K-$98.8K-$98.8K—
Effective Income Tax Rate, Continuing Operations$0-$0-$0-$0-$0—
Tax Reconciliation, Other Items$0$0$0$0$0—
Tax Reconciliation, State and Local Taxes$0$0$0$0$0—
Current State and Local Tax Expense (Benefit)$837.8K-$98.8K-$98.8K-$98.8K-$98.8K—
Effective Tax Rate (Continuing Operations)$0-$0-$0-$0-$0—
Income Taxes Paid, Net$5.6M$3.7M$5.6M$3.8M$11.4M-$777K
Current State and Local Tax Expense$837.8K-$98.8K-$98.8K-$98.8K-$98.8K—
Income tax expense$30.9M$431K$1.7M$1.2M$5.6M$4.1M
Effective Tax Rate (Continuing Operations)$0-$0-$0-$0-$0—
Current State and Local Tax Expense (Benefit)$837.8K-$98.8K-$98.8K-$98.8K-$98.8K—
Tax Reconciliation - Tax Exempt Income16.1%———22.5%—
Current Federal Tax Expense$2.4M$4.4M$4.4M$4.4M$4.4M—
Current State and Local Tax Expense$837.8K-$98.8K-$98.8K-$98.8K-$98.8K—
Deferred Income Tax Expense (Benefit)$8.4M-$2.1M-$2.1M-$2.1M-$2.1M—
Deferred State and Local Tax Expense$1.7M-$768.5K-$768.5K-$768.5K-$768.5K—
Effective Tax Rate (Continuing Operations)$0-$0-$0-$0-$0—
Income Taxes Paid, Net$5.6M$3.7M$5.6M$3.8M$11.4M-$777K
Effective Income Tax Rate$0-$0-$0-$0-$0—
Tax Reconciliation: Other Adjustments$5.4M-$354.3K-$354.3K-$354.3K-$354.3K—
Current State and Local Tax Expense (Benefit)$837.8K-$98.8K-$98.8K-$98.8K-$98.8K—
Effective Tax Rate, Continuing Operations$0-$0-$0-$0-$0—
Current State and Local Tax Expense (Benefit)$837.8K-$98.8K-$98.8K-$98.8K-$98.8K—
Income and Other Taxes$5.6M$3.7M$5.6M$3.8M$11.4M-$777K
Current State and Local Tax Expense$837.8K-$98.8K-$98.8K-$98.8K-$98.8K—
Effective Tax Rate Continuing Operations$0-$0-$0-$0-$0—
Tax Reconciliation Other Adjustments$0$0$0$0$0—
Tax Reconciliation State and Local Taxes$0$0$0$0$0—
Deferred Income Tax Expense (Benefit)-$24.6M$2.8M$202K$9.5M—-$4.1M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Earnings Allocated to Participating Share Awards$753K$404K$344K$294K$267K$434K
Common Dividends Declared (Per Share)$0.4$0.5$0.4$0.3$0.3$0.3
Net Income Allocated to Common (Diluted)$282.3M-$92.6M-$272.6M-$141.5M-$1.6M$19M
Comprehensive income (loss), including noncontrolling interest$10.2M$78.1M-$208.6M-$66.9M—-$11.9M
Common Stock Dividends$46.9M$47M$47.2M$41M$35.7M$35.9M
Cash Dividends, Common Stock$46.9M$47.3M$41M$35.7M$35.9M$36.1M
Net Income Available to Common Stockholders (Diluted)$282.3M-$92.6M-$272.6M-$141.5M-$1.6M$19M
Dividends allocated to participating securities$753K$404K$344K$294K$267K$434K
Common Stock Dividends$46.9M$47.3M$41M$35.7M$35.9M$36.1M
Net income$276.7M-$79.1M-$259M-$127.9M$0$32.3M
Preferred stock dividends$11.8M$13.2M$13.2M$13.3M$13M$12.8M
Common Stock Dividends$46.9M$47M$47.2M$41M$35.7M$35.9M

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest Expense on Short-Term Borrowings$55K$55K$129K$111K$129K$109K
Total interest expense (banking)$55K$55K$129K$111K$129K$109K
Interest Expense on Short-Term Borrowings$55K$55K$129K$111K$129K$109K

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Cash Paid for Interest$112M$125.6M$113.2M$182.1M$66.9M$131.2M
Gain (loss) on debt and equity securities-$7.7M-$32.6M-$32.9M-$16.3M-$14.4M-$11M
Other Charges$850K$761K$1M$4.1M—$1.3M
Interest expense$138.7M$131.7M$136.7M$117.1M$105.4M$95.2M
Net investment gains (losses)-$7.7M-$32.6M-$32.9M-$16.3M-$14.4M-$11M
Accretion (Amortization) of Investment Discounts and Premiums-$4.4M-$4.1M-$5.2M-$4.1M-$4.8M-$5M
Servicing asset fair value change from projected cash flows$139.9M$16M$27.4M-$38.7M-$8.9M$4.4M
Interest Expense, Repurchase Agreements$112.5M$107.1M$110.3M$89.9M$81.1M$74.5M
Realized Gain on AFS Securities$1.8M$5.3M$7.2M$12.4M$441K$4.6M
Change in Net Unrealized Gains (Losses) on AFS Securities-$266.6M$157.2M$50.5M$61M$51.8M-$44.2M
Realized Loss on AFS Debt Securities$8.6M$38.8M$40.3M$28.3M$16.3M$15.5M
Other income (expense), net$220.4M-$164.9M-$151M-$46.5M-$57.6M-$36M
Servicing Asset FV Change from Inputs and Assumptions$139.9M$16M$27.4M-$38.7M-$8.9M$4.4M
Servicing Asset FV Change Other-$57.4M-$52.2M-$63.3M-$66.2M-$56.3M-$48.4M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$307.6M-$78.6M-$257.4M-$126.7M$0$36.4M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gain (loss) on sale of loans$558K$669K$883K$1.6M$1.6M$2.1M
Mortgage servicing fees$127.9M$126.2M$124.4M$127.3M$109.4M$105M
Trading revenue$144.3M-$97.2M-$84.1M$69.2M—$16.1M
Trading revenue$144.3M-$97.2M-$84.1M$69.2M—$16.1M
Net interest income-$34.9M-$20.3M-$19.6M-$23.5M-$15.5M-$6.5M
Total interest income$103.8M$111.4M$117.1M$93.6M$89.9M$88.7M
Total revenue$103.8M$111.4M$117.1M$93.6M$89.9M$88.7M
Interest and Fee Income from Mortgages Held-for-Sale$49K$53K$145K$125K$203K$169K
Servicing Ancillary Fee Income$4.5M$5.1M$5.2M$5.3M$4.9M$4.8M