on january 5 , 2015 , wmih announced that it had completed an offering ( the “ series b preferred stock financing ” ) of 600,000 shares of its 3 % series b convertible preferred stock , par value $ 0.00001 , liquidation preference $ 1,000 per share ( the “ series b preferred stock ” ) , in the amount of aggregate gross proceeds equal to $ 600 million , pursuant to a purchase agreement ( the “ purchase agreement ” ) with citigroup global markets inc. ( “ citi ” ) and kkr capital markets llc ( “ kcm ” ) , an affiliate of kkr fund holdings l.p. ( “ kkr fund ” ) and kkr management holdings l.p. ( “ kkr management ” ) . the initial net proceeds from the series b preferred stock financing in the amount of $ 598.5 million were deposited into an escrow account and initially invested in united states government securities having a maturity of 180 days or less , in certain money market funds , or cash items . the net proceeds of the series b preferred stock financing will be released from escrow to us from time to time in amounts needed to finance our efforts to explore and fund , in whole or in part , acquisitions , whether completed or not , including reasonable attorney fees and expenses , accounting expenses , due diligence and financial advisor fees and expenses . for further information on the series b preferred stock financing , see note 9 : capital stock , to the consolidated financial information in part ii , item 8 of this annual report on form 10-k . 22 during the year ended december 31 , 2015 , wmih identified a potential acquisition opportunity and participated in a competitive sale process with respect to an operating division of a public company . however , we were not able to reach a definitive agreement for the transaction and discussions ceased on october 13 , 2015. in connection with the foregoing , the company expended time and resources to explore this potential acquisition , including the incurrence of approximately $ 11.1 million in fees and expenses for financial advisory , legal and consulting services . as permitted under the terms of the series b preferred stock financing , the fees and costs associated with the exploration of this acquisition opportunity were paid using a portion of the proceeds of t he series b preferred stock financing . wmih will continue to evaluate acquisition opportunities and work with our strategic partner , an affiliate of kkr & co. l.p. ( together with its affiliates , “ kkr ” ) , to identify , consider and evaluate potential mergers , acquisitions , business combinations and other strategic opportunities . as of december 31 , 2015 , we had not consummated an acquisition and w e can provide no assurances that we will successfully consummate a transaction and , if so , on what terms . in connection with our stated objective to consummate one or more acquisitions of an operating business , we may explore various financing alternatives to fund our external growth strategy , including further improving our capital structure , which may include increasing , reducing and or refinancing debt , pursuing capital raising activities , such as the issuance of new preferred or common equity and or a rights offering to our existing stockholders , launching an exchange offer , and pursuing other transactions involving our outstanding securities . with respect to our current operations , the company currently operates a single business through its subsidiary , wmmrc , whose sole activity is the reinsurance of mortgage insurance policies and wmmrc has been operated in runoff mode since september 26 , 2008. since that date , wmmrc has not underwritten any new policies ( and by extension any new risk ) . wmmrc , through predecessor companies , began reinsuring risks in 1997 and continued through september 25 , 2008. all of wmmrc 's reinsurance agreements are on an excess of loss basis , except for certain reinsurance treaties with gmic and radian during 2007 and 2008 , which are reinsured on a 50 % quota share basis . pursuant to the excess of loss reinsurance agreements , wmmrc reinsures a second loss layer which ranges from 5 % to 10 % of the risk in force in excess of the primary mortgage insurer 's first loss percentages which range from 4 % to 5 % . each calendar year , or book year , is treated separately from other years when calculating losses . in return for accepting a portion of the risk , wmmrc receives , net of ceding commission , a percentage of the premium that ranges from 25 % to 40 % . beginning in 2006 , the u.s. housing market and related credit markets experienced a multi-year downturn . during that period , housing prices declined materially , credit guidelines tightened , delays in mortgage servicing and foreclosure activities occurred , and deterioration in the credit performance of mortgage loans occurred . in addition , the macro-economic environment during that period demonstrated limited economic growth , stubbornly high unemployment , and limited median wage gains . beginning in 2012 , home prices began to rise again although they remain slightly below their 2006 peak . the outlook for the housing market is cautiously optimistic with relatively low interest rates , an improving jobs market , household formation rates and less restrictive credit conditions . story_separator_special_tag accrued interest expense decreased by $ 0.3 million yielding net interest expense of $ 14.9 million for the year ended december 31 , 2013. the accrued interest is converted to pik notes at the next payment date if there is not sufficient cash available to satisfy the required interest payment . net ( loss ) income net operating loss for the year ended december 31 , 2015 totaled $ 15.1 million compared to net operating income of $ 3.1 million and $ 0.3 million for the years ended december 31 , 2014 and december 31 , 2013 , respectively . for the years ended december 31 , 2015 and december 31 , 2014 we reported net loss attributable to common and participating stockholders of $ 79.6 million and $ 6.4 million , respectively . this result compares to net income attributable to common and participating stockholders of $ 0.3 million for the year ended december 31 , 2013 . 26 the primary factors impacting the change in net operating ( loss ) income and net ( loss ) inco me attributable to common and participating stockholders for the year ended december 31 , 2015 compared to the results for the years ended december 31 , 201 4 and december 31 , 201 3 , and for the year ended december 31 , 2014 compared to the results of operations for the year ended december 31 , 2013 , are summarized in the tables below . year ended december 31 , 2015 versus year ended december 31 , 2014 summary of change in net operating ( loss ) income and net ( loss ) attributable to common and participating stockholders ( in thousands ) : replace_table_token_4_th year ended december 31 , 2015 versus year ended december 31 , 2013 summary of change in net operating ( loss ) income and net ( loss ) income attributable to common and participating stockholders ( in thousands ) replace_table_token_5_th 27 year ended december 31 , 2014 versus year ended de cember 31 , 2013 summary of change in net operating income and net ( loss ) income attributable to common and participating stockholders ( in thousands ) replace_table_token_6_th comprehensive ( loss ) income the company has no comprehensive ( loss ) income other than the net ( loss ) income disclosed in the consolidated statements of operations . net premiums earned the majority of wmmrc 's reinsurance contracts require premiums to be written and earned monthly . in a few cases , the premiums earned reflect the pro rata inclusion into income of premiums written over the life of the reinsurance contracts . details of premiums earned are provided in the following table : replace_table_token_7_th for the year ended december 31 , 2015 , premiums earned totaled $ 5.1 million , a decrease of $ 2.1 million and $ 5.8 million when compared to premiums earned of $ 7.2 million and $ 10.9 million during the years ended on december 31 , 2014 and december 31 , 2013 , respectively . the primary factors contributing to these decreased premiums relate to the commutations of certain reinsurance agreements that occurred in the prior two years , whereby wmmrc received a lump sum payment in exchange for the termination of certain trusts and distribution of assets , and wmmrc continuing to operate in runoff mode . the company 's premiums earned are expected to continue to decrease due to wmmrc operating in runoff mode . losses or benefits incurred and losses and loss adjustment expenses losses incurred include losses paid and changes in loss reserves , including reserves for ibnr , premium deficiency reserves net of actual and estimated loss recoverable amounts . details of net losses or benefits incurred for the years ended december 31 , 2015 , 2014 and 2013 , are provided in the following table : year ended december 31 , 2015 year ended december 31 , 2014 year ended december 31 , 2013 losses and loss adjustment ( benefit ) expense $ ( 1,115 ) $ 3,281 $ ( 6,159 ) we establish reserves for each contract based on estimates of the ultimate cost of all losses including losses incurred but not reported . these estimated ultimate reserves are based on reports received from ceding companies , industry data and historical experience as well as our own actuarial estimates . quarterly , we review these estimates on a contract by contract basis and adjust as we deem necessary based on updated information and our internal actuarial estimates . 28 for the years e nded december 31 , 201 5 , 2014 and 201 3 , the loss or benefit ratios for our business were a benefit ratio of 22 % , a loss ratio of 4 6 % and a benefit ratio of 5 6 % , respectively . the loss or benefit ratio is calculated by dividing incurred losses for the period by earned premiums . the ratio provides a measure of underwriting profit or loss . as a result of improvements in economic conditions generally , and the real estate market particularly , incurred losses have been less than previously projected which , in turn , has yielded the improvement in losses ( benefits ) incurred described above . in addition , loss reinsurance contracts ( which represent the significant majority of our loss exposure ) are generally structured with limits set on the aggregate amount of losses that can be incurred over the life of such contract . upon reaching such limits , no additional losses may be realized under the terms of the contract . nevertheless , even when applicable contract limits are reached , revenues from premiums collected continue to be ceded for the remaining life of the contract . beginning in 2013 , a majority of wmmrc 's reinsurance arrangements for the 2005 through 2008 book years reached their respective loss limits . as a result , wmmrc does not expect to incur any additional

liquidity management the objective of liquidity management is to ensure the company has the continuing ability to maintain cash flows that are adequate to fund operations and meet obligations and other commitments on a timely and cost-effective basis . the company establishes and maintains liquidity guidelines for wmih as well as for wmmrc , its principal operating subsidiary . funds held by wmmrc are not available to wmih to satisfy its liquidity needs . any dividend or payment by wmmrc to wmih must be approved by the insurance commissioner of the state of hawaii . in light of the restrictions on dividends applicable to wmmrc , wmih 's principal sources of liquidity are its unrestricted investments , investment income derived from these investments , fees paid to wmih by wmmrc with respect to services provided pursuant to the two services agreements approved by the insurance commissioner of the state of hawaii , cash on hand , cash equivalents and investments held in escrow . in addition , all dividends paid by wmmrc to wmih that constitute runoff proceeds must first be used to make payments on the second lien notes as provided under the second lien indenture . our current sources of liquidity include premium receipts , investment income , cash on hand , approximately $ 571.4 million of restricted cash held in escrow and investment securities . because of the runoff nature of wmmrc 's business , as discussed above , all cash available to wmmrc is primarily used to pay reinsurance losses and loss adjustment expenses , ceding commissions , interest and principal obligations on the runoff notes ( only if wmih is in receipt of runoff proceeds ; otherwise wmih pays interest using the “ payment-in-kind ” ( “ pik ” ) option available under the indentures ) and general administrative expenses . the company monitors operating activities , forecasts liquidity needs and adjusts composition of investment securities in order to address liquidity needs . the company currently has negative monthly operating cash flows mainly due to loss expenses at wmmrc .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity management the objective of liquidity management is to ensure the company has the continuing ability to maintain cash flows that are adequate to fund operations and meet obligations and other commitments on a timely and cost-effective basis . the company establishes and maintains liquidity guidelines for wmih as well as for wmmrc , its principal operating subsidiary . funds held by wmmrc are not available to wmih to satisfy its liquidity needs . any dividend or payment by wmmrc to wmih must be approved by the insurance commissioner of the state of hawaii . in light of the restrictions on dividends applicable to wmmrc , wmih 's principal sources of liquidity are its unrestricted investments , investment income derived from these investments , fees paid to wmih by wmmrc with respect to services provided pursuant to the two services agreements approved by the insurance commissioner of the state of hawaii , cash on hand , cash equivalents and investments held in escrow . in addition , all dividends paid by wmmrc to wmih that constitute runoff proceeds must first be used to make payments on the second lien notes as provided under the second lien indenture . our current sources of liquidity include premium receipts , investment income , cash on hand , approximately $ 571.4 million of restricted cash held in escrow and investment securities . because of the runoff nature of wmmrc 's business , as discussed above , all cash available to wmmrc is primarily used to pay reinsurance losses and loss adjustment expenses , ceding commissions , interest and principal obligations on the runoff notes ( only if wmih is in receipt of runoff proceeds ; otherwise wmih pays interest using the “ payment-in-kind ” ( “ pik ” ) option available under the indentures ) and general administrative expenses . the company monitors operating activities , forecasts liquidity needs and adjusts composition of investment securities in order to address liquidity needs . the company currently has negative monthly operating cash flows mainly due to loss expenses at wmmrc .
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 Suspicious Activity Report : on january 5 , 2015 , wmih announced that it had completed an offering ( the “ series b preferred stock financing ” ) of 600,000 shares of its 3 % series b convertible preferred stock , par value $ 0.00001 , liquidation preference $ 1,000 per share ( the “ series b preferred stock ” ) , in the amount of aggregate gross proceeds equal to $ 600 million , pursuant to a purchase agreement ( the “ purchase agreement ” ) with citigroup global markets inc. ( “ citi ” ) and kkr capital markets llc ( “ kcm ” ) , an affiliate of kkr fund holdings l.p. ( “ kkr fund ” ) and kkr management holdings l.p. ( “ kkr management ” ) . the initial net proceeds from the series b preferred stock financing in the amount of $ 598.5 million were deposited into an escrow account and initially invested in united states government securities having a maturity of 180 days or less , in certain money market funds , or cash items . the net proceeds of the series b preferred stock financing will be released from escrow to us from time to time in amounts needed to finance our efforts to explore and fund , in whole or in part , acquisitions , whether completed or not , including reasonable attorney fees and expenses , accounting expenses , due diligence and financial advisor fees and expenses . for further information on the series b preferred stock financing , see note 9 : capital stock , to the consolidated financial information in part ii , item 8 of this annual report on form 10-k . 22 during the year ended december 31 , 2015 , wmih identified a potential acquisition opportunity and participated in a competitive sale process with respect to an operating division of a public company . however , we were not able to reach a definitive agreement for the transaction and discussions ceased on october 13 , 2015. in connection with the foregoing , the company expended time and resources to explore this potential acquisition , including the incurrence of approximately $ 11.1 million in fees and expenses for financial advisory , legal and consulting services . as permitted under the terms of the series b preferred stock financing , the fees and costs associated with the exploration of this acquisition opportunity were paid using a portion of the proceeds of t he series b preferred stock financing . wmih will continue to evaluate acquisition opportunities and work with our strategic partner , an affiliate of kkr & co. l.p. ( together with its affiliates , “ kkr ” ) , to identify , consider and evaluate potential mergers , acquisitions , business combinations and other strategic opportunities . as of december 31 , 2015 , we had not consummated an acquisition and w e can provide no assurances that we will successfully consummate a transaction and , if so , on what terms . in connection with our stated objective to consummate one or more acquisitions of an operating business , we may explore various financing alternatives to fund our external growth strategy , including further improving our capital structure , which may include increasing , reducing and or refinancing debt , pursuing capital raising activities , such as the issuance of new preferred or common equity and or a rights offering to our existing stockholders , launching an exchange offer , and pursuing other transactions involving our outstanding securities . with respect to our current operations , the company currently operates a single business through its subsidiary , wmmrc , whose sole activity is the reinsurance of mortgage insurance policies and wmmrc has been operated in runoff mode since september 26 , 2008. since that date , wmmrc has not underwritten any new policies ( and by extension any new risk ) . wmmrc , through predecessor companies , began reinsuring risks in 1997 and continued through september 25 , 2008. all of wmmrc 's reinsurance agreements are on an excess of loss basis , except for certain reinsurance treaties with gmic and radian during 2007 and 2008 , which are reinsured on a 50 % quota share basis . pursuant to the excess of loss reinsurance agreements , wmmrc reinsures a second loss layer which ranges from 5 % to 10 % of the risk in force in excess of the primary mortgage insurer 's first loss percentages which range from 4 % to 5 % . each calendar year , or book year , is treated separately from other years when calculating losses . in return for accepting a portion of the risk , wmmrc receives , net of ceding commission , a percentage of the premium that ranges from 25 % to 40 % . beginning in 2006 , the u.s. housing market and related credit markets experienced a multi-year downturn . during that period , housing prices declined materially , credit guidelines tightened , delays in mortgage servicing and foreclosure activities occurred , and deterioration in the credit performance of mortgage loans occurred . in addition , the macro-economic environment during that period demonstrated limited economic growth , stubbornly high unemployment , and limited median wage gains . beginning in 2012 , home prices began to rise again although they remain slightly below their 2006 peak . the outlook for the housing market is cautiously optimistic with relatively low interest rates , an improving jobs market , household formation rates and less restrictive credit conditions . story_separator_special_tag accrued interest expense decreased by $ 0.3 million yielding net interest expense of $ 14.9 million for the year ended december 31 , 2013. the accrued interest is converted to pik notes at the next payment date if there is not sufficient cash available to satisfy the required interest payment . net ( loss ) income net operating loss for the year ended december 31 , 2015 totaled $ 15.1 million compared to net operating income of $ 3.1 million and $ 0.3 million for the years ended december 31 , 2014 and december 31 , 2013 , respectively . for the years ended december 31 , 2015 and december 31 , 2014 we reported net loss attributable to common and participating stockholders of $ 79.6 million and $ 6.4 million , respectively . this result compares to net income attributable to common and participating stockholders of $ 0.3 million for the year ended december 31 , 2013 . 26 the primary factors impacting the change in net operating ( loss ) income and net ( loss ) inco me attributable to common and participating stockholders for the year ended december 31 , 2015 compared to the results for the years ended december 31 , 201 4 and december 31 , 201 3 , and for the year ended december 31 , 2014 compared to the results of operations for the year ended december 31 , 2013 , are summarized in the tables below . year ended december 31 , 2015 versus year ended december 31 , 2014 summary of change in net operating ( loss ) income and net ( loss ) attributable to common and participating stockholders ( in thousands ) : replace_table_token_4_th year ended december 31 , 2015 versus year ended december 31 , 2013 summary of change in net operating ( loss ) income and net ( loss ) income attributable to common and participating stockholders ( in thousands ) replace_table_token_5_th 27 year ended december 31 , 2014 versus year ended de cember 31 , 2013 summary of change in net operating income and net ( loss ) income attributable to common and participating stockholders ( in thousands ) replace_table_token_6_th comprehensive ( loss ) income the company has no comprehensive ( loss ) income other than the net ( loss ) income disclosed in the consolidated statements of operations . net premiums earned the majority of wmmrc 's reinsurance contracts require premiums to be written and earned monthly . in a few cases , the premiums earned reflect the pro rata inclusion into income of premiums written over the life of the reinsurance contracts . details of premiums earned are provided in the following table : replace_table_token_7_th for the year ended december 31 , 2015 , premiums earned totaled $ 5.1 million , a decrease of $ 2.1 million and $ 5.8 million when compared to premiums earned of $ 7.2 million and $ 10.9 million during the years ended on december 31 , 2014 and december 31 , 2013 , respectively . the primary factors contributing to these decreased premiums relate to the commutations of certain reinsurance agreements that occurred in the prior two years , whereby wmmrc received a lump sum payment in exchange for the termination of certain trusts and distribution of assets , and wmmrc continuing to operate in runoff mode . the company 's premiums earned are expected to continue to decrease due to wmmrc operating in runoff mode . losses or benefits incurred and losses and loss adjustment expenses losses incurred include losses paid and changes in loss reserves , including reserves for ibnr , premium deficiency reserves net of actual and estimated loss recoverable amounts . details of net losses or benefits incurred for the years ended december 31 , 2015 , 2014 and 2013 , are provided in the following table : year ended december 31 , 2015 year ended december 31 , 2014 year ended december 31 , 2013 losses and loss adjustment ( benefit ) expense $ ( 1,115 ) $ 3,281 $ ( 6,159 ) we establish reserves for each contract based on estimates of the ultimate cost of all losses including losses incurred but not reported . these estimated ultimate reserves are based on reports received from ceding companies , industry data and historical experience as well as our own actuarial estimates . quarterly , we review these estimates on a contract by contract basis and adjust as we deem necessary based on updated information and our internal actuarial estimates . 28 for the years e nded december 31 , 201 5 , 2014 and 201 3 , the loss or benefit ratios for our business were a benefit ratio of 22 % , a loss ratio of 4 6 % and a benefit ratio of 5 6 % , respectively . the loss or benefit ratio is calculated by dividing incurred losses for the period by earned premiums . the ratio provides a measure of underwriting profit or loss . as a result of improvements in economic conditions generally , and the real estate market particularly , incurred losses have been less than previously projected which , in turn , has yielded the improvement in losses ( benefits ) incurred described above . in addition , loss reinsurance contracts ( which represent the significant majority of our loss exposure ) are generally structured with limits set on the aggregate amount of losses that can be incurred over the life of such contract . upon reaching such limits , no additional losses may be realized under the terms of the contract . nevertheless , even when applicable contract limits are reached , revenues from premiums collected continue to be ceded for the remaining life of the contract . beginning in 2013 , a majority of wmmrc 's reinsurance arrangements for the 2005 through 2008 book years reached their respective loss limits . as a result , wmmrc does not expect to incur any additional

