Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash Flows From Operating Activities      
Net Income $ 152,341 $ 434,110 $ 304,519
Adjustments to reconcile net income to net cash provided by (used in) operating activities (inclusive of amounts related to discontinued operations):      
Depreciation and amortization 30,973 7,451  
Accretion of discount and other amortization (30,621) (45,582)  
Interest income in CDOs redirected for reinvestment or CDO bond paydown (1,895) (5,484)  
Interest income on investments accrued to principal balance (26,588) (22,835)  
Interest expense on debt accrued to principal balance 440 437  
Non-cash directors' compensation 350 280  
Reversal of valuation allowance on loans (25,035) (24,587)  
Other-than-temporary impairment on securities 5,266 18,923  
Impairment of long-lived assets        
Change in fair value of investments in excess mortgage servicing rights (3,894) (9,023)  
Change in investments in equity method investments (19,170)     
Equity in earnings from equity method investments (1,746)     
Distributions of earnings from equity method investees 1,069     
Gain on settlement of investments (net) (17,369) (232,897)  
Gain on deconsolidation        
Unrealized (gain)/loss on non-hedge derivatives and hedge ineffectiveness (10,467) (2,547)  
Gain on extinguishment of debt (4,565) (24,085)  
Change in:      
Restricted cash 8,013 2,223  
Receivables and other assets (19,077) (1,702)  
Accounts payable, accrued expenses and other liabilities 63,684 3,220  
Payment of deferred interest (648) (568)  
Deferred interest received 5,125     
Net cash provided by (used in) operating activities 106,186 97,334  
Cash Flows From Investing Activities      
Principal repayments from repurchased CDO debt 114,592 42,835  
Principal repayments from CDO securities 3,405 2,014  
Principal repayments from non-Agency RMBS 25,178 20,729  
Return of investments in excess mortgage servicing rights 15,803 29,167  
Principal repayments from loans and non-CDO securities (excluding non-Agency RMBS) 351,268 126,125  
Restructuring of investments in media and gold, net of cash and cash equivalents acquired (60,654)     
Purchase of real estate securities (1,307,862) (989,709)  
Purchase of securities accounted for as linked transactions (103,140)     
Purchase of real estate related and other loans (382,771) (27,226)  
Proceeds from sale of investments 46,536 127,000  
Acquisition of investments in excess mortgage servicing rights    (221,832)  
Acquisition of investments in real estate (1,249,410) (185,686)  
Additions to investments in real estate (4,804) (296)  
Proceeds from sale of real estate held for sale        
Acquisition of servicing rights        
Deposit paid on investments (505) (25,857)  
Return of deposit paid on investments    25,582  
Payments on settlement of derivative instruments        
Contributions to equity method investees (386,501)     
Distributions of capital from equity method investees 12,134     
Net cash provided by (used in) investing activities (2,926,731) (1,077,154)  
Cash Flows From Financing Activities      
Repurchases of CDO bonds payable (31,285) (35,748)  
Issuance of other bonds payable        
Repayments of other bonds and notes payable (40,347) (42,443)  
Borrowings under repurchase agreements 2,306,433 782,749  
Borrowings under repurchase agreements accounted for as linked transactions 60,646     
Repayments of repurchase agreements (1,359,161) (93,054)  
Margin deposits under repurchase agreements (207,905) (87,895)  
Return of margin deposits under repurchase agreements 175,405 87,895  
Borrowings under mortgage notes payable 904,509 120,525  
Repayment of mortgage notes payable (747)     
Issuance of common stock 1,264,769 435,821  
Costs related to issuance of common stock (2,471) (1,083)  
Contribution of cash to New Residential upon spin-off (181,582)     
Common stock dividends paid (165,989) (104,196)  
Preferred stock dividends paid (5,580) (5,580)  
Payment of financing costs (40,633) (2,385)  
Purchase of derivative instruments    (244)  
Proceeds from settlement of derivative instruments 217     
Restricted cash returned from refinancing activities 18,312     
Net cash provided by (used in) financing activities 2,694,591 1,054,362  
Net Increase (Decrease) in Cash and Cash Equivalents (125,954) 74,542  
Cash and Cash Equivalents, Beginning of Period 231,898 157,356  
Less Cash and Cash Equivalents of Discontinued Operations        
Cash and Cash Equivalents, End of Period 105,944 231,898  
Supplemental Disclosure of Cash Flow Information      
Cash paid during the period for interest expense 48,892 71,395  
Cash paid during the period for income taxes 899     
Supplemental Schedule of Non-Cash Investing and Financing Activities      
Common stock dividends declared but not paid 35,145 37,954  
Preferred stock dividends declared but not paid 930 930  
Assumption of mortgage notes payable, at fair value 43,128     
Re-issuance of other bonds and notes payable to third parties upon deconsolidation of CDO    29,959  
Issuance of seller financing for acquisition of senior housing facilities, at fair value 9,412     
Purchase price payable on investments in excess mortgage servicing rights    59  
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     
Acquisitions of Assets and Liabilities relating to media and golf investments, non-cash portion      
Investments in other real estate 259,573     
Property, plant and equipment 272,153     
Intangibles 244,885     
Goodwill 126,686     
Receivables and other assets 145,191     
Credit facilities 334,498     
Accounts payable, accrued expenses adn other liabilities 287,439     
Noncontrolling interests 366     
Restated
      
Cash Flows From Operating Activities      
Net Income     304,519
Adjustments to reconcile net income to net cash provided by (used in) operating activities (inclusive of amounts related to discontinued operations):      
Depreciation and amortization     312
Accretion of discount and other amortization     (44,786)
Interest income in CDOs redirected for reinvestment or CDO bond paydown     (10,279)
Interest income on investments accrued to principal balance     (19,507)
Interest expense on debt accrued to principal balance     728
Non-cash directors' compensation     149
Reversal of valuation allowance on loans     (15,163)
Other-than-temporary impairment on securities     15,840
Impairment of long-lived assets     433
Change in fair value of investments in excess mortgage servicing rights     (367)
Change in investments in equity method investments       
Equity in earnings from equity method investments       
Distributions of earnings from equity method investees       
Gain on settlement of investments (net)     (77,310)
Gain on deconsolidation     (45,072)
Unrealized (gain)/loss on non-hedge derivatives and hedge ineffectiveness     11,572
Gain on extinguishment of debt     (66,110)
Change in:      
Restricted cash     1,161
Receivables and other assets     (1,342)
Accounts payable, accrued expenses and other liabilities     1,226
Payment of deferred interest       
Deferred interest received     1,027
Net cash provided by (used in) operating activities     57,031
Cash Flows From Investing Activities      
Principal repayments from repurchased CDO debt     65,912
Principal repayments from CDO securities     10,728
Principal repayments from non-Agency RMBS     118
Return of investments in excess mortgage servicing rights     760
Principal repayments from loans and non-CDO securities (excluding non-Agency RMBS)     82,789
Restructuring of investments in media and gold, net of cash and cash equivalents acquired       
Purchase of real estate securities     (333,895)
Purchase of securities accounted for as linked transactions       
Purchase of real estate related and other loans       
Proceeds from sale of investments     3,885
Acquisition of investments in excess mortgage servicing rights     (40,492)
Acquisition of investments in real estate       
Additions to investments in real estate       
Proceeds from sale of real estate held for sale     650
Acquisition of servicing rights     (2,268)
Deposit paid on investments       
Return of deposit paid on investments       
Payments on settlement of derivative instruments     (14,322)
Contributions to equity method investees       
Distributions of capital from equity method investees       
Net cash provided by (used in) investing activities     (226,135)
Cash Flows From Financing Activities      
Repurchases of CDO bonds payable     (101,954)
Issuance of other bonds payable     142,736
Repayments of other bonds and notes payable     (204,151)
Borrowings under repurchase agreements     321,020
Borrowings under repurchase agreements accounted for as linked transactions       
Repayments of repurchase agreements     (100,012)
Margin deposits under repurchase agreements     (15,754)
Return of margin deposits under repurchase agreements     15,754
Borrowings under mortgage notes payable       
Repayment of mortgage notes payable       
Issuance of common stock     211,567
Costs related to issuance of common stock     (905)
Contribution of cash to New Residential upon spin-off       
Common stock dividends paid     (23,706)
Preferred stock dividends paid     (8,371)
Payment of financing costs     (1,581)
Purchase of derivative instruments       
Proceeds from settlement of derivative instruments       
Restricted cash returned from refinancing activities     58,293
Net cash provided by (used in) financing activities     292,936
Net Increase (Decrease) in Cash and Cash Equivalents     123,832
Cash and Cash Equivalents, Beginning of Period     33,524
Less Cash and Cash Equivalents of Discontinued Operations     (9)
Cash and Cash Equivalents, End of Period     157,347
Supplemental Disclosure of Cash Flow Information      
Cash paid during the period for interest expense     99,096
Cash paid during the period for income taxes       
Supplemental Schedule of Non-Cash Investing and Financing Activities      
Common stock dividends declared but not paid     15,777
Preferred stock dividends declared but not paid     930
Assumption of mortgage notes payable, at fair value       
Re-issuance of other bonds and notes payable to third parties upon deconsolidation of CDO     5,751
Issuance of seller financing for acquisition of senior housing facilities, at fair value       
Purchase price payable on investments in excess mortgage servicing rights     3,250
Reduction of Assets and Liabilities relating to the spin-off of New Residential      
Real estate securities, available for sale       
Residential mortgage loans, held-for-investment, net       
Investments in excess mortgage servicing rights at fair value       
Investments in equity method investees       
Receivables and other assets       
Repurchase Agreements       
Accrued expenses and other liabilities       
Acquisitions of Assets and Liabilities relating to media and golf investments, non-cash portion      
Investments in other real estate       
Property, plant and equipment       
Intangibles       
Goodwill       
Receivables and other assets       
Credit facilities       
Accounts payable, accrued expenses adn other liabilities       
Noncontrolling interests