Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)
In Thousands, except Share data, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Interest income:        
Available-for-sale securities $ 123,056 $ 121,303 $ 374,574 $ 386,246
Trading securities 4,308 1,509 8,174 4,034
Mortgage loans held-for-sale 5,268 9,297 12,553 15,409
Mortgage loans held-for-investment in securitization trusts 9,526 5,649 25,180 11,672
Cash and cash equivalents 145 216 506 773
Total interest income 142,303 137,974 420,987 418,134
Interest expense:        
Repurchase agreements 17,509 21,802 56,684 67,373
Collateralized borrowings in securitization trusts 5,678 3,125 16,623 6,112
Federal Home Loan Bank advances 1,531 0 2,439 0
Total interest expense 24,718 24,927 75,746 73,485
Net interest income 117,585 113,047 345,241 344,649
Other-than-temporary impairments:        
Total other-than-temporary impairment losses 0 0 (212) (1,662)
Non-credit portion of loss recognized in other comprehensive (loss) income 0 0 0 0
Net other-than-temporary credit impairment losses 0 0 (212) (1,662)
Other income:        
Gain (loss) on investment securities 59,471 (230,111) 58,504 (152,280)
Gain (loss) on interest rate swap and swaption agreements 28,519 (55,410) (193,028) 223,388
Gain (loss) on other derivative instruments 6,056 20,434 (12,345) 66,055
(Loss) gain on mortgage loans held-for-sale (2,387) (4,443) 6,233 (25,262)
Servicing income 32,264 989 96,573 1,234
(Loss) gain on servicing asset (10,711) 861 (73,042) 816
Other (loss) income (1,515) 8,938 19,948 16,837
Total other income (loss) 111,697 (258,742) (97,157) 130,788
Expenses:        
Management fees 12,258 12,036 36,559 29,388
Securitization deal costs 3,355 2,125 3,355 4,153
Servicing expenses 12,513 862 24,595 1,200
Other operating expenses 12,424 9,155 41,281 24,864
Total expenses 40,550 24,178 105,790 59,605
Income (loss) from continuing operations before income taxes 188,732 (169,873) 142,082 414,170
(Benefit from) provision for income taxes (4,858) 23,726 (62,020) 77,809
Net income (loss) from continuing operations 193,590 (193,599) 204,102 336,361
Income from discontinued operations 0 871 0 3,264
Net income (loss) 193,590 (192,728) 204,102 339,625
Basic earnings (loss) per weighted average common share:        
Continuing operations $ 0.53 $ (0.53) $ 0.56 $ 0.97
Discontinued operations $ 0.00 $ 0.00 $ 0.00 $ 0.01
Net income (loss) $ 0.53 $ (0.53) $ 0.56 $ 0.98
Diluted earnings (loss) per weighted average common share:        
Continuing operations $ 0.53 $ (0.53) $ 0.56 $ 0.97
Discontinued operations $ 0.00 $ 0.00 $ 0.00 $ 0.01
Net income (loss) $ 0.53 $ (0.53) $ 0.56 $ 0.98
Dividends declared per common share $ 0.26 $ 0.28 $ 0.78 $ 0.91
Basic weighted average number of shares of common stock 366,118,866 365,057,767 365,938,150 345,529,611
Diluted weighted average number of shares of common stock 366,118,866 365,166,992 365,938,150 346,370,358
Comprehensive income:        
Net income (loss) 193,590 (192,728) 204,102 339,625
Other comprehensive (loss) income:        
Unrealized (loss) gain on available-for-sale securities, net (40,982) 246,777 331,913 (183,684)
Other comprehensive (loss) income (40,982) 246,777 331,913 (183,684)
Comprehensive income $ 152,608 $ 54,049 $ 536,015 $ 155,941