Current report filing

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)  
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 (31,811)     
Cash and Cash Equivalents, End of Period 74,133 231,898  
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    
Receivables and other assets 145,191    
Credit facilities 334,498    
Accounts Payable, Accrued Expenses and 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)
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
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
Purchase of real estate securities     (333,895)
Proceeds from sale of investments     3,885
Acquisition of investments in excess mortgage servicing rights     (40,492)
Proceeds from sale of real estate held for sale     650
Acquisition of servicing rights     (2,268)
Payments on settlement of derivative instruments     (14,322)
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
Repayments of repurchase agreements     (100,012)
Margin deposits under repurchase agreements     (15,754)
Return of margin deposits under repurchase agreements     15,754
Issuance of common stock     211,567
Costs related to issuance of common stock     (905)
Common stock dividends paid     (23,706)
Preferred stock dividends paid     (8,371)
Payment of financing costs     (1,581)
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
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
Re-issuance of other bonds and notes payable to third parties upon deconsolidation of CDO     5,751
Purchase price payable on investments in excess mortgage servicing rights     $ 3,250