The following tables present financial information by segment for the three and six months ended June 30, 2015 and 2014.

Business Segment Financial Information



	Three Months Ended June 30, 2015
(In Thousands)	Residential Mortgage Banking			Residential Investments			Commercial Mortgage Banking and Investments			Corporate/ Other			Total
Interest income	$	9,976		$	34,249		$	12,679		$	6,469		$	63,373
Interest expense	(3,298		)	(2,660		)	(3,497		)	(13,553		)	(23,008		)
Net interest income (loss)	6,678			31,589			9,182			(7,084		)	40,365
Reversal of provision for loan losses	—			—			261			—			261
Non-interest income
Mortgage banking and investment activities, net ⁽¹⁾	4,833			(1,104		)	2,614			(684		)	5,659
MSR income (loss), net	—			830			—			—			830
Other income	—			1,299			—			—			1,299
Realized gains, net	—			6,316			—			—			6,316
Total non-interest income, net	4,833			7,341			2,614			(684		)	14,104
Direct operating expenses	(11,033		)	(1,171		)	(3,020		)	(9,994		)	(25,218		)
(Provision for) benefit from income taxes	865			(3,768		)	(143		)	598			(2,448		)
Segment Contribution	$	1,343		$	33,991		$	8,894		$	(17,164	)
Net Income													$	27,064

Non-cash amortization income (expense)	(44		)	9,324			(78		)	(995		)	8,207
Hedging allocations ⁽¹⁾	2,803			(2,753		)	—			(50		)	—



	Three Months Ended June 30, 2014
(In Thousands)	Residential Mortgage Banking			Residential Investments			Commercial Mortgage Banking and Investments			Corporate/ Other			Total
Interest income	$	12,438		$	27,924		$	11,217		$	6,414		$	57,993
Interest expense	(2,161		)	(3,116		)	(4,404		)	(11,470		)	(21,151		)
Net interest income (loss)	10,277			24,808			6,813			(5,056		)	36,842
Reversal of provision (provision) for loan losses	—			—			(289		)	604			315
Non-interest income
Mortgage banking and investment activities, net	1,342			(3,788		)	4,981			(346		)	2,189
MSR income (loss), net	—			(1,777		)	—			—			(1,777		)
Other income	—			—			—			—			—
Realized gains, net	—			992			—			71			1,063
Total non-interest income, net	1,342			(4,573		)	4,981			(275		)	1,475
Direct operating expenses	(9,501		)	(770		)	(2,180		)	(9,831		)	(22,282		)
(Provision for) benefit from income taxes	259			149			(750		)	9			(333		)
Segment Contribution	$	2,377		$	19,614		$	8,575		$	(14,549	)
Net Income													$	16,017

Non-cash amortization income (expense)	(36		)	10,586			(215		)	(2,073		)	8,262



	Six Months Ended June 30, 2015
(In Thousands)	Residential Mortgage Banking			Residential Investments			Commercial Mortgage Banking and Investments			Corporate/ Other			Total
Interest income	$	25,771		$	64,261		$	23,593		$	13,494		$	127,119
Interest expense	(7,076		)	(5,469		)	(6,986		)	(27,438		)	(46,969		)
Net interest income (loss)	18,695			58,792			16,607			(13,944		)	80,150
Reversal of provision for loan losses	—			—			55			—			55
Non-interest income
Mortgage banking and investment activities, net ⁽¹⁾	7,052			(1,123		)	2,321			(1,813		)	6,437
MSR income (loss), net	—			(10,094		)	—			—			(10,094		)
Other income				2,108									2,108
Realized gains, net	—			10,622			—			—			10,622
Total non-interest income, net	7,052			1,513			2,321			(1,813		)	9,073
Direct operating expenses	(21,936		)	(2,289		)	(6,502		)	(19,554		)	(50,281		)
(Provision for) benefit from income taxes	872			(258		)	710			1,544			2,868
Segment Contribution	$	4,683		$	57,758		$	13,191		$	(33,767	)
Net Income													$	41,865

Non-cash amortization income (expense)	(90		)	19,162			(128		)	(1,976		)	16,968
Hedging allocations ⁽¹⁾	2,803			(2,753		)	—			(50		)	—



	Six Months Ended June 30, 2014
(In Thousands)	Residential Mortgage Banking			Residential Investments			Commercial Mortgage Banking and Investments			Corporate/ Other			Total
Interest income	$	23,104		$	55,519		$	21,601		$	13,245		$	113,469
Interest expense	(3,482		)	(5,966		)	(7,708		)	(23,055		)	(40,211		)
Net interest income (loss)	19,622			49,553			13,893			(9,810		)	73,258
Provision for loan losses	—			—			(944		)	(23		)	(967		)
Non-interest income
Mortgage banking and investment activities, net	276			(9,746		)	5,814			(525		)	(4,181		)
MSR income (loss), net	—			(1,171		)	—			—			(1,171		)
Other income	—			—			—			—			—
Realized gains, net	—			1,979			—			176			2,155
Total non-interest income, net	276			(8,938		)	5,814			(349		)	(3,197		)
Direct operating expenses	(16,595		)	(1,865		)	(4,806		)	(18,988		)	(42,254		)
(Provision for) benefit from income taxes	94			1,676			(395		)	135			1,510
Segment Contribution	$	3,397		$	40,426		$	13,562		$	(29,035	)
Net Income													$	28,350

Non-cash amortization income (expense)	(88		)	21,833			(388		)	(4,019		)	17,338


(1)	Intersegment hedging allocation presented in the tables above is included in the mortgage banking and investment activities, net line item of the segment income statements for the three and six months ended June 30, 2015.

The following tables present the components of Corporate/Other for the three and six months ended June 30, 2015 and 2014.



	Three Months Ended June 30,
	2015									2014
(In Thousands)	Legacy Consolidated VIEs			Other			Total			Legacy Consolidated VIEs			Other			Total
Interest income	$	6,462		$	7		$	6,469		$	6,411		$	3		$	6,414
Interest expense	(4,048		)	(9,505		)	(13,553		)	(5,240		)	(6,230		)	(11,470		)
Net interest income (loss)	2,414			(9,498		)	(7,084		)	1,171			(6,227		)	(5,056		)
Reversal of provision for loan losses	—			—			—			604			—			604
Non-interest income
Mortgage banking and investment activities, net	(684		)	—			(684		)	(321		)	(25		)	(346		)
MSR income (loss), net	—			—			—			—			—			—
Realized gains, net	—			—			—			71			—			71
Total non-interest income, net	(684		)	—			(684		)	(250		)	(25		)	(275		)
Direct operating expenses	—			(9,994		)	(9,994		)	(42		)	(9,789		)	(9,831		)
Benefit from income taxes	—			598			598			—			9			9
Total	$	1,730		$	(18,894	)	$	(17,164	)	$	1,483		$	(16,032	)	$	(14,549	)



	Six Months Ended June 30,
	2015									2014
(In Thousands)	Legacy Consolidated VIEs			Other			Total			Legacy Consolidated VIEs			Other			Total
Interest income	$	13,480		$	14		$	13,494		$	13,240		$	5		$	13,245
Interest expense	(8,530		)	(18,908		)	(27,438		)	(10,699		)	(12,356		)	(23,055		)
Net interest income (loss)	4,950			(18,894		)	(13,944		)	2,541			(12,351		)	(9,810		)
Provision for loan losses	—			—			—			(23		)	—			(23		)
Non-interest income
Mortgage banking and investment activities, net	(1,777		)	(36		)	(1,813		)	(464		)	(61		)	(525		)
MSR income (loss), net	—			—			—			—			—			—
Realized gains, net	—			—			—			176			—			176
Total non-interest income, net	(1,777		)	(36		)	(1,813		)	(288		)	(61		)	(349		)
Direct operating expenses	—			(19,554		)	(19,554		)	(94		)	(18,894		)	(18,988		)
Benefit from income taxes	—			1,544			1,544			—			135			135
Total	$	3,173		$	(36,940	)	$	(33,767	)	$	2,136		$	(31,171	)	$	(29,035	)