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, 2017
Mar. 31, 2016
Interest income:    
Available-for-sale securities $ 135,573 $ 79,428
Commercial real estate assets 23,570 11,072
Residential mortgage loans held-for-investment in securitization trusts 31,628 32,771
Residential mortgage loans held-for-sale 398 7,202
Cash and cash equivalents 453 290
Total interest income 191,622 130,763
Interest expense:    
Repurchase agreements 37,012 16,029
Collateralized borrowings in securitization trusts 25,386 19,359
Federal Home Loan Bank advances 8,793 5,972
Revolving credit facilities 429 0
Convertible senior notes 3,821 0
Total interest expense 75,441 41,360
Net interest income 116,181 89,403
Other-than-temporary impairments:    
Total other-than-temporary impairment losses 0 (717)
Other income (loss):    
(Loss) gain on investment securities (52,352) 29,474
Gain (loss) on interest rate swap and swaption agreements 9,927 (125,484)
(Loss) gain on other derivative instruments (27,864) 16,015
Servicing income 39,773 34,133
Loss on servicing asset (14,565) (101,440)
Gain on residential mortgage loans held-for-sale 1,461 10,803
Other income (loss) 8,035 2,827
Total other loss (35,585) (133,672)
Expenses:    
Management fees 11,470 12,044
Servicing expenses 5,620 7,861
Securitization deal costs 0 3,732
Other operating expenses 16,037 14,856
Total expenses 33,127 38,493
Income (loss) before income taxes 47,469 (83,479)
(Benefit from) provision for income taxes (24,516) 5,451
Net income (loss) $ 71,985 $ (88,930)
Basic and diluted earnings (loss) per weighted average common share $ 0.21 $ (0.25)
Dividends declared per common share $ 0.25 $ 0.23
Basic and diluted weighted average number of shares of common stock outstanding 348,563,930 349,436,015
Comprehensive income (loss):    
Net income (loss) $ 71,985 $ (88,930)
Other comprehensive income (loss), net of tax:    
Unrealized gain (loss) on available-for-sale securities 73,762 21,345
Other comprehensive income (loss) 73,762 21,345
Comprehensive income (loss) $ 145,747 $ (67,585)