Income Taxes (Tables)

9 Months Ended

Sep. 30, 2013

Our income tax provision consisted of the following for the three and nine months ended September 30, 2013 and 2012 (in thousands):

	For the three months ended September 30,					For the nine months ended September 30,
	2013			2012		2013			2012
Current
Federal	$	11,465		$	244	21,396			$	682
Foreign	1,011			—		1,581			—
State	1,892			57		3,753			158
Total current	14,368			301		26,730			840
Deferred
Federal	59			—		122			—
Foreign	(716		)	—		(1,181		)	—
State	10			—		20			—
Total deferred	(647		)	—		(1,039		)	—
Total income tax provision	$	13,721		$	301	$	25,691		$	840

Schedule of tax jurisdictions and the tax effects of temporary differences on their respective net deferred tax assets and liabilities

The following table presents each of these tax jurisdictions and the tax effects of temporary differences on their respective net deferred tax assets and liabilities (in thousands):

	September 30, 2013			December 31, 2012
*U.S.*
Deferred tax asset, net
Reserves and accruals	$	10,595		$	—
Domestic intangible assets	(4,844		)	—
Investment securities and loans	(165		)	—
Investment in unconsolidated entities	(2,102		)	—
Deferred income	39			—
Other U.S. temporary differences	(287		)	—
	3,236			—

*Europe*
Deferred tax liability, net				—
European servicing rights	(7,368		)	—
Net operating and capital loss carryforwards	9,935			—
Valuation allowance	(9,935		)	—
Other European temporary differences	215			—
	(7,153		)	—
Net deferred tax assets (liabilities)	$	(3,917	)	$	—

Schedule of reconciliation of federal income tax determined using statutory federal tax rate to reported income tax provision

The following table is a reconciliation of our federal income tax determined using our statutory federal tax rate to our reported income tax provision for the three and nine months ended September 30, 2013 and 2012 (dollar amounts in thousands):

	Three months ended September 30,										Nine months ended September 30,
	2013					2012					2013					2012
Federal statutory tax rate	$	36,933		35.0	%	$	17,725		35.0	%	$	85,489		35.0	%	$	51,131		35.0	%
REIT and other non-taxable income	(24,886		)	(23.6	)%	(17,481		)	(34.5	)%	(62,818		)	(25.7	)%	(50,449		)	(34.5	)%
State income taxes	1,902			1.8	%	57			0.1	%	3,774			1.5	%	158			0.1	%
Federal benefit of state tax deduction	(666		)	(0.6	)%	—			—	%	(1,321		)	(0.5	)%	—			—	%
Other	438			0.4	%	—			—	%	567			0.2	%	—			—	%
Effective tax rate	$	13,721		13.0	%	$	301		0.6	%	$	25,691		10.5	%	$	840		0.6	%