Annual report pursuant to Section 13 and 15(d)

FAIR VALUE OF FINANCIAL INSTRUMENTS - Changes in Level 3 Investments (Details 3)

v2.4.0.8
FAIR VALUE OF FINANCIAL INSTRUMENTS - Changes in Level 3 Investments (Details 3) (Measured on a Recurring Basis, Level 3 Inputs, USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Balance, Beginning $ 804,866 $ 1,351,533
CDO X Deconsolidation   (920,710) [1]
Spin-off of New Residential (560,783) [1]  
Total gains (losses)    
Included in net income 5,113 [2],[3] (8,607) [2],[3]
Included in other comprehensive income (loss) 41,269 [2] 80,489 [2]
Amortization included in interest income 36,426 58,951
Purchases, sales and settlements    
Purchases 310,332 431,562
Proceeds from sales (126,261) (50,297)
Proceeds from repayments (65,493) (138,055)
Balance, Ending 445,469 804,866
CMBS Conduit
    
Balance, Beginning 254,769 956,905
CDO X Deconsolidation   (767,660) [1]
Spin-off of New Residential    [1]  
Total gains (losses)    
Included in net income 348 [2],[3] (4,947) [2],[3]
Included in other comprehensive income (loss) 14,999 [2] 22,537 [2]
Amortization included in interest income 11,880 33,538
Purchases, sales and settlements    
Purchases    116,087
Proceeds from sales (73,576) (43,259)
Proceeds from repayments (9,485) (58,432)
Balance, Ending 198,935 254,769
CMBS Other
    
Balance, Beginning 121,622 171,913
CDO X Deconsolidation   (40,172) [1]
Spin-off of New Residential    [1]  
Total gains (losses)    
Included in net income (331) [2],[3] (396) [2],[3]
Included in other comprehensive income (loss) 2,168 [2] 12,515 [2]
Amortization included in interest income 969 1,777
Purchases, sales and settlements    
Purchases      
Proceeds from sales (31,989)   
Proceeds from repayments (6,905) (24,015)
Balance, Ending 85,534 121,622
Non-Agency RMBS
    
Balance, Beginning 355,975 128,622
CDO X Deconsolidation   (86,704) [1]
Spin-off of New Residential (560,783) [1]  
Total gains (losses)    
Included in net income 2,372 [2],[3] 828 [2],[3]
Included in other comprehensive income (loss) 24,755 [2] 28,573 [2]
Amortization included in interest income 17,981 17,691
Purchases, sales and settlements    
Purchases 267,160 315,475
Proceeds from sales (11,181) (3,295)
Proceeds from repayments (38,698) (45,215)
Balance, Ending 57,581 355,975
ABS Franchise
    
Balance, Beginning 1,475 38,107
CDO X Deconsolidation   (26,174) [1]
Spin-off of New Residential    [1]  
Total gains (losses)    
Included in net income (82) [2],[3] (4,092) [2],[3]
Included in other comprehensive income (loss) 73 [2] 1,739 [2]
Amortization included in interest income 331 288
Purchases, sales and settlements    
Purchases      
Proceeds from sales (1,359) (3,743)
Proceeds from repayments (438) (4,650)
Balance, Ending    1,475
Equity/Other Securities
    
Balance, Beginning 71,025 55,986
CDO X Deconsolidation      [1]
Spin-off of New Residential    [1]  
Total gains (losses)    
Included in net income 1,638 [2],[3]    [2],[3]
Included in other comprehensive income (loss) (726) [2] 15,125 [2]
Amortization included in interest income 5,265 5,657
Purchases, sales and settlements    
Purchases      
Proceeds from sales (8,156)   
Proceeds from repayments (9,289) (5,743)
Balance, Ending 59,757 71,025
Linked Transactions
    
Balance, Beginning      
CDO X Deconsolidation      [1]
Spin-off of New Residential    [1]  
Total gains (losses)    
Included in net income 1,168 [2],[3]    [2],[3]
Included in other comprehensive income (loss)    [2]    [2]
Amortization included in interest income      
Purchases, sales and settlements    
Purchases 43,172   
Proceeds from sales      
Proceeds from repayments (678)   
Balance, Ending $ 43,662   
[1] CDO X was deconsolidated on September 12, 2012 and the spin-off of New Residential occured on May 15, 2013.
[2] None of the gains (losses) recorded in earnings during the periods is attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting dates.
[3] These gains (losses) are recorded in the following line items in the consolidated statements of income: (See Schedule of gains losses on fair value of RE securities).