Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Thousands, except Share data, unless otherwise specified
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Interest income:    
Available-for-sale securities $ 123,913 $ 130,292
Trading securities 1,926 1,264
Mortgage loans held-for-sale 4,586 1,318
Mortgage loans held-for-investment in securitization trust 7,893 1,654
Cash and cash equivalents 217 307
Total interest income 138,535 134,835
Interest expense:    
Repurchase agreements 20,572 23,018
Collateralized borrowings in securitization trust 5,353 818
Federal Home Loan Bank advances 153 0
Total interest expense 26,078 23,836
Net interest income 112,457 110,999
Other-than-temporary impairments:    
Total other-than-temporary impairment losses (212) (236)
Non-credit portion of loss recognized in other comprehensive income (loss) 0 0
Net other-than-temporary credit impairment losses (212) (236)
Other income:    
Gain on investment securities (38,655) 26,968
Gain (loss) on interest rate swap and swaption agreements (105,528) 18,972
Gain (loss) on other derivative instruments 5,801 (16,662)
Gain (loss) on mortgage loans held-for-sale (3,181) 14,323
Servicing income 30,441 0
Gain (loss) on servicing asset (32,760) 0
Other income 460 6,289
Total other income (loss) (143,422) 49,890
Expenses:    
Management fees 12,111 4,761
Securitization deal costs 0 2,028
Servicing expenses 5,225 31
Other operating expenses 14,534 6,530
Total expenses 31,870 13,350
Income from continuing operations before income taxes (63,047) 147,303
Provision for (benefit from) income taxes (33,902) 4,964
Net income from continuing operations (29,145) 142,339
Income (loss) from discontinued operations 0 1,377
Net income attributable to common stockholders (29,145) 143,716
Basic earnings per weighted average common share:    
Continuing operations $ (0.08) $ 0.47
Discontinued operations $ 0.00 $ 0.00
Net income $ (0.08) $ 0.47
Diluted earnings per weighted average common share:    
Continuing operations $ (0.08) $ 0.47
Discontinued operations $ 0.00 $ 0.00
Net income $ (0.08) $ 0.47
Dividends declared per common share $ 0.26 $ 0.32
Basic weighted average number of shares of common stock 365,611,890 305,284,922
Diluted weighted average number of shares of common stock 365,611,890 306,963,711
Comprehensive income (loss):    
Net income attributable to common stockholders (29,145) 143,716
Other comprehensive income (loss):    
Unrealized gain (loss) on available-for-sale securities, net 181,735 104,252
Other comprehensive income (loss) 181,735 104,252
Comprehensive income (loss) $ 152,590 $ 247,968