AVAILABLE FOR SALE SECURITIES

6 Months Ended

Jun. 30, 2017

Investments, Debt and Equity Securities [Abstract]

AVAILABLE FOR SALE SECURITIES

AVAILABLE FOR SALE SECURITIES

During the six months ended June 30, 2016, we purchased 4.1 million shares of Altisource Residential Corporation (“Residential”) common stock for $48.2 million. This investment is classified as available for sale and reflected in the condensed consolidated balance sheets at fair value at the respective balance sheet dates ($53.6 million as of June 30, 2017 and $45.8 million as of December 31, 2016). Unrealized gains and losses on available for sale securities are reflected in other comprehensive income, unless there is an impairment that is other than temporary. In the event that a decline in market value is other than temporary, we would record a charge to earnings and a new cost basis in the investment would be established. During the six months ended June 30, 2017 and 2016, we earned dividends of $1.2 million and $1.0 million, respectively ($0.6 million and $1.0 million for the second quarter of 2017 and 2016, respectively), related to this investment. In addition, during the six months ended June 30, 2016, we incurred expenses of $3.4 million (no comparative amount in 2017) related to this investment.