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Selected Quarterly Results (Tables)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data

Following is a presentation of selected quarterly financial data:

 

 

 

Quarter ended

 

 

 

2016

 

 

2015

 

 

 

Dec. 31

 

 

Sept. 30

 

 

June 30

 

 

Mar. 31

 

 

Dec. 31

 

 

Sept. 30

 

 

June 30

 

 

Mar. 31

 

 

 

(dollars in thousands, except per share data)

 

For the quarter ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

68,928

 

 

$

103,326

 

 

$

47,618

 

 

$

52,216

 

 

$

50,569

 

 

$

90,774

 

 

$

69,765

 

 

$

37,657

 

Net income

 

$

31,174

 

 

$

35,408

 

 

$

(5,267

)

 

$

14,496

 

 

$

15,709

 

 

$

38,812

 

 

$

28,071

 

 

$

7,508

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.46

 

 

$

0.52

 

 

$

(0.08

)

 

$

0.20

 

 

$

0.21

 

 

$

0.51

 

 

$

0.37

 

 

$

0.09

 

Diluted

 

$

0.44

 

 

$

0.49

 

 

$

(0.08

)

 

$

0.20

 

 

$

0.21

 

 

$

0.49

 

 

$

0.36

 

 

$

0.09

 

Cash dividends declared per share

 

$

0.47

 

 

$

0.47

 

 

$

0.47

 

 

$

0.47

 

 

$

0.47

 

 

$

0.47

 

 

$

0.61

 

 

$

0.61

 

At period end:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments at fair

   value

 

$

122,088

 

 

$

33,353

 

 

$

16,877

 

 

$

47,500

 

 

$

41,865

 

 

$

31,518

 

 

$

32,417

 

 

$

44,949

 

Mortgage-backed securities at fair

   value

 

 

865,061

 

 

 

708,862

 

 

 

531,612

 

 

 

364,439

 

 

 

322,473

 

 

 

315,599

 

 

 

287,626

 

 

 

316,292

 

Mortgage loans at fair value (1)

 

 

3,394,853

 

 

 

4,000,570

 

 

 

3,497,026

 

 

 

3,836,411

 

 

 

3,839,583

 

 

 

3,688,026

 

 

 

4,944,694

 

 

 

4,226,290

 

Excess servicing spread

 

 

288,669

 

 

 

280,367

 

 

 

294,551

 

 

 

321,976

 

 

 

412,425

 

 

 

418,573

 

 

 

359,102

 

 

 

222,309

 

Real estate acquired in

   settlement of loans (2)

 

 

303,393

 

 

 

314,056

 

 

 

320,120

 

 

 

339,970

 

 

 

350,642

 

 

 

358,011

 

 

 

325,822

 

 

 

317,536

 

Mortgage servicing rights (3)

 

 

656,567

 

 

 

524,529

 

 

 

471,458

 

 

 

455,097

 

 

 

459,741

 

 

 

423,095

 

 

 

394,737

 

 

 

359,160

 

Other assets

 

 

726,871

 

 

 

757,164

 

 

 

635,918

 

 

 

455,047

 

 

 

400,195

 

 

 

357,409

 

 

 

332,976

 

 

 

243,991

 

Total assets

 

$

6,357,502

 

 

$

6,618,901

 

 

$

5,767,562

 

 

$

5,820,440

 

 

$

5,826,924

 

 

$

5,592,231

 

 

$

6,677,374

 

 

$

5,730,527

 

Assets sold under agreements to

   repurchase and mortgage loan

   participation and sale

   agreement

 

$

3,809,918

 

 

$

4,129,543

 

 

$

3,372,026

 

 

$

3,307,414

 

 

$

3,128,780

 

 

$

2,925,110

 

 

$

3,571,181

 

 

$

3,633,922

 

Federal Home Loan Bank

   advances

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

183,000

 

 

 

183,000

 

 

 

138,400

 

 

 

—

 

Credit risk transfer financing at

   fair value

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

649,120

 

 

 

—

 

Notes payable

 

 

425,106

 

 

 

346,132

 

 

 

313,976

 

 

 

356,191

 

 

 

386,015

 

 

 

342,332

 

 

 

297,404

 

 

 

—

 

Borrowings under forward

   purchase agreements

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Asset-backed financing of a VIE

   at fair value

 

 

353,898

 

 

 

384,407

 

 

 

325,939

 

 

 

344,693

 

 

 

247,690

 

 

 

234,287

 

 

 

151,489

 

 

 

162,222

 

Exchangeable senior notes

 

 

246,089

 

 

 

245,824

 

 

 

245,564

 

 

 

245,307

 

 

 

245,054

 

 

 

244,805

 

 

 

244,559

 

 

 

244,317

 

Other liabilities

 

 

171,377

 

 

 

158,077

 

 

 

149,230

 

 

 

152,332

 

 

 

140,272

 

 

 

148,267

 

 

 

99,924

 

 

 

147,907

 

Total liabilities

 

 

5,006,388

 

 

 

5,263,983

 

 

 

4,406,735

 

 

 

4,405,937

 

 

 

4,330,811

 

 

 

4,077,801

 

 

 

5,152,077

 

 

 

4,188,368

 

Shareholders’ equity

 

 

1,351,114

 

 

 

1,354,918

 

 

 

1,360,827

 

 

 

1,414,503

 

 

 

1,496,113

 

 

 

1,514,430

 

 

 

1,525,297

 

 

 

1,542,159

 

Total liabilities and

   shareholders’ equity

 

$

6,357,502

 

 

$

6,618,901

 

 

$

5,767,562

 

 

$

5,820,440

 

 

$

5,826,924

 

 

$

5,592,231

 

 

$

6,677,374

 

 

$

5,730,527

 

 

(1)

Includes mortgage loans acquired for sale at fair value, mortgage loans at fair value, mortgage loans at fair value held by variable interest entity and mortgage loans under forward purchase agreements at fair value.

(2)

Includes REO, REO under forward purchase agreements and real estate held for investment.

(3)

Includes mortgage servicing rights at fair value and mortgage servicing rights at lower of amortized cost or fair value.