Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash Flows From Operating Activities    
Net Income $ 37,018 $ 91,736
Adjustments to reconcile net income to net cash provided by operating activities (inclusive of amounts related to discontinued operations):    
Depreciation and amortization 65,986 8,149
Accretion of discount and other amortization (10,074) (22,426)
Interest income in CDOs redirected for reinvestment or CDO bond paydown (949) (817)
Interest income on investments accrued to principal balance (11,274) (12,673)
Interest expense on debt accrued to principal balance 220 219
Non-cash directors' compensation 200 275
Valuation allowance on loans 2,772 1,525
Other-than-temporary impairment on securities   4,449
Change in fair value of investments in excess mortgage servicing rights   (3,894)
Change in fair value of investments in equity method investees   (19,170)
Straight-lining of rental income (12,138)  
Equity in earnings from equity method investments (289)  
Distributions of earnings from equity method investees   1,069
(Gain)/loss on settlement of investments (net) (42,735) (5,063)
Unrealized gain on non-hedge derivatives and hedge ineffectiveness (16,862) (5,409)
(Gain)/loss on extinguishment of debt 3,410 (1,206)
Change in:    
Restricted cash 2,890 3,036
Receivables and other assets 6,572 580
Accounts payable, accrued expenses and other liabilities (8,523) 367
Payment of deferred interest   (648)
Deferred interest received   5,125
Net cash provided by operating activities 16,224 45,224
Cash Flows From Investing Activities    
Principal repayments from repurchased CDO debt 26,567 75,903
Principal repayments from CDO securities 12,997 1,781
Principal repayments from non-Agency RMBS 119 25,178
Return of investments in excess mortgage servicing rights   15,803
Principal repayments from loans and non-CDO securities (excluding non-Agency RMBS) 33,234 146,401
Principal repayment from security accounted for as linked transaction 116,806  
Purchase of real estate securities   (1,034,234)
Purchase of securities accounted for as linked transactions   (103,140)
Purchase of real estate related and other loans   (174,234)
Proceeds from sale of investments 763,336 37,905
Acquisition of investments in real estate (227,535)  
Additions to investments in real estate (9,662) (834)
Contributions to equity method investees   (386,502)
Distributions of capital from equity method investees   12,134
Deposit paid on investments (650) (5,520)
Net cash provided by (used in) investing activities 715,212 (1,389,359)
Cash Flows From Financing Activities    
Repurchases of CDO bonds payable   (9,722)
Repayments of other bonds and notes payable (168,111) (20,157)
Borrowings under repurchase agreements 64,925 2,004,020
Borrowings under repurchase agreements accounted for as linked transactions 5,283 59,968
Repayments of repurchase agreements (518,595) (1,301,819)
Repayments under repurchase agreements accounted for as linked transactions (65,929)  
Repayments of credit facilities, media and golf (4,423)  
Repayments of capital lease liabilities (17)  
Margin deposits under repurchase agreements (12,277) (152,725)
Return of margin deposits under repurchase agreements 12,277 120,225
Borrowings under mortgage notes payable 32,857  
Repayment of mortgage notes payable (6,272)  
Issuance of common stock 240 962,827
Costs related to issuance of common stock   (1,302)
New Media and New Residential spin-offs (23,845) (181,582)
Common stock dividends paid (70,290) (93,619)
Preferred stock dividends paid (2,790) (2,790)
Payment of financing costs (2,491) (35)
Net cash provided by (used in) financing activities (759,458) 1,383,289
Net Increase in Cash and Cash Equivalents (28,022) 39,154
Cash and Cash Equivalents of Continuing Operations, Beginning of Period 74,133 231,898
Cash and Cash Equivalents of Discontinued Operations, Beginning of Period 31,811  
Cash and Cash Equivalents, End of Period 77,922 271,052
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for income taxes 1,153  
Cash paid during the period for interest expense 39,409 25,592
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Preferred stock dividends declared but not paid 930 930
Common stock dividends declared but not paid 35,171 43,021
Reduction of Assets and Liabilities relating to the spin-off of New Media    
Property, plant and equipment, net 266,385  
Goodwill and intangibles, net 271,350  
Restricted cash 6,477  
Receivables and other assets 101,940  
Credit facilities, media 177,955  
Accounts payable, accrued expenses and other laibilities 100,695  
Reduction of Assets and Liabilities relating to the spin-off of New Residential    
Real estate securities, available for sale   1,647,289
Residential mortgage loans, held-for-investment, net   35,865
Investments in excess mortgage servicing rights at fair value   229,936
Investments in equity method investees   392,469
Receivables and other assets   37,844
Repurchase Agreements   1,320,360
Accrued expenses and other liabilities   $ 642