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
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash Flows From Operating Activities    
Net Income $ 41,464 $ 120,980
Adjustments to reconcile net income to net cash provided by operating activities (inclusive of amounts related to discontinued operations):    
Depreciation and amortization 102,585 15,881
Accretion of discount and other amortization (12,393) (27,851)
Interest income in CDOs redirected for reinvestment or CDO bond paydown (1,747) (1,068)
Interest income on investments accrued to principal balance (15,960) (19,495)
Interest expense on debt accrued to principal balance 332 330
Non-cash directors' compensation 275 275
Valuation allowance (reversal) on loans (1,243) (11,473)
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)
Change in fair value of contingent consideration (1,500)  
Straight-lining of rental income (19,035)  
Equity in earnings from equity method investments (621) (587)
Distributions of earnings from equity method investees   1,069
Gain on settlement of investments (net) (49,742) (6,451)
Unrealized gain on non-hedge derivatives and hedge ineffectiveness (18,432) (7,302)
Loss/(gain) on extinguishment of debt 3,410 (4,565)
Change in:    
Restricted cash 3,278 3,786
Receivables and other assets 6,441 (983)
Accounts payable, accrued expenses and other liabilities (11,494) 8,554
Payment of deferred interest   (648)
Deferred interest received   5,125
Net cash provided by operating activities 25,618 56,962
Cash Flows From Investing Activities    
Principal repayments from repurchased CDO debt 68,265 80,817
Principal repayments from CDO securities 12,997 2,792
Principal repayments from non-Agency RMBS 252 25,178
Return of investments in excess mortgage servicing rights   15,803
Principal repayments from loans and non-CDO securities (excluding non-Agency RMBS) 34,310 186,999
Principal repayment from security accounted for as linked transaction 116,806  
Purchase of real estate securities   (1,113,528)
Purchase of securities accounted for as linked transactions   (103,140)
Purchase of real estate related and other loans   (207,125)
Proceeds from sale of investments 798,122 43,916
Acquisition of investments in real estate (299,244) (224,760)
Additions to investments in real estate (14,275) (1,899)
Contributions to equity method investees   (442,655)
Distributions of capital from equity method investees   12,134
Deposits paid on investments (150) (5,248)
Net cash provided by (used in) investing activities 717,083 (1,730,716)
Cash Flows From Financing Activities    
Repurchases of CDO bonds payable   (31,285)
Repayments of other bonds and notes payable (168,111) (30,300)
Borrowings under repurchase agreements 78,804 2,094,395
Borrowings under credit facilities, golf 3,000  
Borrowings under repurchase agreements accounted for as linked transactions 5,283 59,968
Repayments of repurchase agreements (571,347) (1,326,584)
Repayments under repurchase agreements accounted for as linked transactions (65,929)  
Repayments of credit facilities, media and golf (4,482)  
Repayments of capital lease liabilities (168)  
Margin deposits under repurchase agreements (23,716) (176,414)
Return of margin deposits under repurchase agreements 23,716 143,914
Borrowings under mortgage notes payable 80,145 165,696
Repayment of mortgage notes payable (9,943) (143)
Issuance of common stock 198,671 962,827
Costs related to issuance of common stock (254) (1,699)
New Media and New Residential spin-offs (23,845) (181,582)
Common stock dividends paid (105,462) (136,640)
Preferred stock dividends paid (4,185) (4,185)
Payment of financing costs (3,002) (4,195)
Proceeds from settlement of derivative instruments   217
Net cash provided by (used in) financing activities (590,825) 1,533,990
Net Increase in Cash and Cash Equivalents 151,876 (139,764)
Cash and Cash Equivalents of Continuing Operations, Beginning of Period 73,984 231,518
Cash and Cash Equivalents of Discontinued Operations, Beginning of Period 31,960 380
Cash and Cash Equivalents, End of Period 257,820 92,134
Cash and Cash Equivalents of Continuing Operations, End of Period 257,584 91,985
Cash and Cash Equivalents of Discontinued Operations, End of Period 236 149
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for income taxes 1,351  
Cash paid during the period for interest expense 58,093 35,649
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Assumption of mortgage notes payable   41,443
Issuance of seller financing for acquisition of senior housing facilities   11,432
Costs associated with issuance of common stock 346  
Fair value adjustments relating to seller financing   2,000
Additions ot capital lease assets and liabilities 5,162  
Preferred stock dividends declared but not paid 930 930
Common stock dividends declared but not paid 39,840 29,349
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