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
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash Flows From Operating Activities    
Net Income $ 4,623 $ 38,013
Adjustments to reconcile net income to net cash provided by operating activities (inclusive of amounts related to discontinued operations):    
Depreciation and amortization 34,955 4,079
Accretion of discount and other amortization (8,639) (8,539)
Interest income in CDOs redirected for reinvestment or CDO bond paydown (328) (536)
Interest income on investments accrued to principal balance (7,214) (6,181)
Interest expense on debt accrued to principal balance 109 109
Valuation allowance on loans 1,246 2,234
Other-than-temporary impairment on securities   539
Change in fair value of investments in excess mortgage servicing rights   (1,858)
Change in fair value of investments in equity method investees   (969)
Straight-lining of rental income (6,107)  
Equity in earnings from equity method investments 39  
Distributions of earnings from equity method investees   1,344
(Gain)/loss on settlement of investments (net) (2,332) 3
Unrealized gain on non-hedge derivatives and hedge ineffectiveness (12,748) (3,126)
Gain on extinguishment of debt   (1,206)
Change in:    
Restricted cash 2,018 995
Receivables and other assets 8,434 (2,277)
Accounts payable, accrued expenses and other liabilities (9,419) 1,995
Net cash provided by operating activities 4,637 24,619
Cash Flows From Investing Activities    
Principal repayments from repurchased CDO debt 4,398 8,656
Principal repayments from CDO securities 601 1,290
Principal repayments from non-Agency RMBS   17,472
Return of investments in excess mortgage servicing rights   10,272
Principal repayments from loans and non-CDO securities (excluding non-Agency RMBS) 25,435 74,944
Principal repayment from security accounted for as linked transaction 26,709  
Purchase of real estate securities   (871,127)
Purchase of real estate related and other loans   (101,313)
Proceeds from sale of investments 532,236  
Acquisition of investments in real estate (22,800)  
Additions to investments in real estate (3,578) (259)
Contributions to equity method investees   (109,588)
Distributions of capital from equity method investees   6,625
Deposit paid on investments (2,448) (2,700)
Net cash provided by (used in) investing activities 560,553 (965,728)
Cash Flows From Financing Activities    
Repurchases of CDO bonds payable   (9,722)
Repayments of other bonds and notes payable (8,384) (9,922)
Borrowings under repurchase agreements 34,713 1,379,928
Borrowings under repurchase agreements accounted for as linked transactions 970  
Repayments of repurchase agreements (516,197) (835,777)
Repayments under repurchase agreements accounted for as linked transactions (7,366)  
Repayments of credit facilities, media and golf (4,248)  
Margin deposits under repurchase agreements (12,277) (62,100)
Return of margin deposits under repurchase agreements 11,867 56,788
Borrowings under mortgage notes payable 17,250  
Repayment of mortgage notes payable (2,739)  
Issuance of common stock   764,759
Costs related to issuance of common stock   (592)
New Media upon spin-off (23,845)  
Common stock dividends paid (35,145) (37,954)
Preferred stock dividends paid (1,395) (1,395)
Payment of financing costs (2,285) (30)
Net cash provided by (used in) financing activities (549,081) 1,243,983
Net Increase in Cash and Cash Equivalents 16,109 302,874
Cash and Cash Equivalents, Beginning of Period 74,133 231,898
Less Cash and Cash Equivalents of Discontinued Operations 31,811  
Cash and Cash Equivalents, End of Period 122,053 534,772
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest expense 76  
Cash paid during the period for income taxes 20,477 12,953
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 35,145 55,666
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 $ 99,857