GAIN (LOSS) ON HLSS EQUITY SECURITIES AND DIVIDENDS RECEIVED

6 Months Ended

Jun. 30, 2016

Other than Temporary Impairment Loss on Securities [Abstract]

GAIN (LOSS) ON HLSS EQUITY SECURITIES AND DIVIDENDS RECEIVED

GAIN (LOSS) ON HLSS EQUITY SECURITIES AND DIVIDENDS RECEIVED

During March 2015, we purchased 1.6 million shares of HLSS common stock in the open market for $30.0 million. This investment was classified as available for sale. On April 6, 2015, HLSS completed the sale of substantially all of its assets to New Residential Investment Corp. (“NRZ”) and adopted a plan of complete liquidation and dissolution. During April 2015, we received liquidating dividends and other dividends from HLSS totaling $20.4 million and we sold all of our 1.6 million shares of HLSS common stock in the open market for $7.7 million. As a result of these transactions, we recognized a net gain of $1.4 million in the second quarter of 2015 and a net loss of $1.9 million for the six months endedJune 30, 2015 (no comparative amounts in 2016) in connection with our investment in HLSS.