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
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Interest income:    
Available-for-sale securities $ 79,428 $ 135,525
Trading securities 0 4,695
Residential mortgage loans held-for-sale 7,202 4,271
Residential mortgage loans held-for-investment in securitization trusts 32,771 18,237
Commercial real estate assets 11,072 44
Cash and cash equivalents 290 197
Total interest income 130,763 162,969
Interest expense:    
Repurchase agreements 16,029 20,565
Collateralized borrowings in securitization trusts 19,359 10,708
Federal Home Loan Bank advances 5,972 2,230
Total interest expense 41,360 33,503
Net interest income 89,403 129,466
Other-than-temporary impairments:    
Total other-than-temporary impairment losses (717) (127)
Non-credit portion of loss recognized in other comprehensive income (loss) 0 0
Net other-than-temporary credit impairment losses (717) (127)
Other income (loss):    
Gain on investment securities 29,474 129,457
Loss on interest rate swap and swaption agreements (125,484) (126,443)
Gain on other derivative instruments 16,015 2,967
Gain on residential mortgage loans held-for-sale 10,803 9,092
Servicing income 34,133 32,087
Loss on servicing asset (101,440) (52,403)
Other income (loss) 2,827 (1,857)
Total other loss (133,672) (7,100)
Expenses:    
Management fees 12,044 12,721
Securitization deal costs 3,732 2,611
Servicing expenses 7,861 6,716
Other operating expenses 14,856 16,055
Total expenses 38,493 38,103
(Loss) income before income taxes (83,479) 84,136
Provision for (benefit from) income taxes 5,451 (10,657)
Net (loss) income $ (88,930) $ 94,793
Basic and diluted (loss) earnings per weighted average common share $ (0.25) $ 0.26
Dividends declared per common share $ 0.23 $ 0.26
Basic and diluted weighted average number of shares of common stock outstanding 349,436,015 366,507,657
Comprehensive (loss) income:    
Net (loss) income $ (88,930) $ 94,793
Other comprehensive income (loss), net of tax:    
Unrealized gain (loss) on available-for-sale securities 21,345 (5,931)
Other comprehensive income (loss) 21,345 (5,931)
Comprehensive (loss) income $ (67,585) $ 88,862