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 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest income:        
Available-for-sale securities $ 111,393 $ 116,318 $ 292,333 $ 369,972
Trading securities 0 0 0 8,676
Residential mortgage loans held-for-sale 7,627 9,479 19,789 21,268
Residential mortgage loans held-for-investment in securitization trusts 33,495 24,841 100,765 64,908
Commercial real estate assets 15,907 1,947 40,279 2,841
Cash and cash equivalents 440 249 1,235 667
Total interest income 168,862 152,834 454,401 468,332
Interest expense:        
Repurchase agreements 27,056 18,235 65,782 58,198
Collateralized borrowings in securitization trusts 26,422 15,562 70,965 39,401
Federal Home Loan Bank advances 6,744 3,282 18,804 8,012
Revolving credit facilities 128 0 128 0
Total interest expense 60,350 37,079 155,679 105,611
Net interest income 108,512 115,755 298,722 362,721
Other-than-temporary impairments:        
Total other-than-temporary impairment losses (1,015) (238) (1,822) (535)
Other income (loss):        
Gain on investment securities 28,290 64,123 66,095 263,512
Gain (loss) on interest rate swap and swaption agreements 5,584 (171,656) (132,608) (253,147)
Loss on other derivative instruments (12,028) (455) (44,064) (2,972)
(Loss) gain on residential mortgage loans held-for-sale (889) 16,040 17,648 18,300
Servicing income 38,708 32,010 108,657 94,613
Loss on servicing asset (33,451) (61,549) (211,426) (96,317)
Other income (loss) 5,757 2,201 (977) (16,265)
Total other income (loss) 31,971 (119,286) (196,675) 7,724
Expenses:        
Management fees 11,387 12,617 35,268 38,024
Securitization deal costs 2,080 2,676 6,241 7,771
Servicing expenses 9,073 7,234 24,510 19,849
Other operating expenses 14,780 16,150 47,280 48,032
Restructuring charges 1,189 0 1,189 0
Total expenses 38,509 38,677 114,488 113,676
Income (loss) before income taxes 100,959 (42,446) (14,263) 256,234
Benefit from income taxes (16,827) (7,656) (26,138) (25,270)
Net income (loss) $ 117,786 $ (34,790) $ 11,875 $ 281,504
Basic and diluted earnings (loss) per weighted average common share $ 0.34 $ (0.09) $ 0.03 $ 0.77
Dividends declared per common share $ 0.23 $ 0.26 $ 0.69 $ 0.78
Basic and diluted weighted average number of shares of common stock outstanding 347,627,226 367,365,973 348,218,234 366,985,731
Comprehensive income (loss):        
Net income (loss) $ 117,786 $ (34,790) $ 11,875 $ 281,504
Other comprehensive income (loss), net of tax:        
Unrealized gain (loss) on available-for-sale securities 18,746 (58,031) 179,382 (282,788)
Other comprehensive income (loss) 18,746 (58,031) 179,382 (282,788)
Comprehensive income (loss) $ 136,532 $ (92,821) $ 191,257 $ (1,284)