Annual report pursuant to Section 13 and 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

v3.6.0.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Interest income:      
Available-for-sale securities $ 415,052 $ 458,515 $ 506,268
Trading securities 0 8,676 12,913
Residential mortgage loans held-for-sale 23,037 28,966 16,089
Residential mortgage loans held-for-investment in securitization trusts 133,993 95,740 41,220
Commercial real estate assets 59,819 9,138 0
Cash and cash equivalents 1,589 902 717
Total interest income 633,490 601,937 577,207
Interest expense:      
Repurchase agreements 97,461 73,049 76,177
Collateralized borrowings in securitization trusts 97,729 57,216 26,760
Federal Home Loan Bank advances 26,101 11,921 4,513
Revolving credit facilities 604 0 0
Total interest expense 221,895 142,186 107,450
Net interest income 411,595 459,751 469,757
Other-than-temporary impairments:      
Total other-than-temporary impairment losses (1,822) (535) (392)
Other income (loss):      
(Loss) gain on investment securities (107,374) 363,379 87,201
Gain (loss) on interest rate swap and swaption agreements 45,371 (210,621) (345,647)
Gain (loss) on other derivative instruments 99,379 (5,049) (17,529)
Gain on residential mortgage loans held-for-sale 16,085 14,285 17,297
Servicing income 143,616 127,412 128,160
Loss on servicing asset (83,531) (99,584) (128,388)
Other (loss) income (5,955) (21,790) 18,539
Total other income (loss) 107,591 168,032 (240,367)
Expenses:      
Management fees 46,434 50,294 48,803
Securitization deal costs 6,152 8,971 4,638
Servicing expenses 32,724 28,101 25,925
Other operating expenses 63,483 64,162 56,231
Restructuring charges 2,990 0 0
Total expenses 151,783 151,528 135,597
Income before income taxes 365,581 475,720 93,401
Provision for (benefit from) income taxes 12,303 (16,490) (73,738)
Net income $ 353,278 $ 492,210 $ 167,139
Basic and diluted earnings per weighted average common share $ 1.01 $ 1.35 $ 0.46
Basic and diluted weighted average number of shares of common stock outstanding 348,073,704 365,247,738 366,011,855
Comprehensive income (loss):      
Net income $ 353,278 $ 492,210 $ 167,139
Other comprehensive (loss) income, net of tax:      
Unrealized (loss) gain on available-for-sale securities (159,834) (496,728) 411,054
Other comprehensive (loss) income (159,834) (496,728) 411,054
Comprehensive income (loss) $ 193,444 $ (4,518) $ 578,193