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
 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash Flows From Operating Activities    
Net income $ 238,751 $ 423,281
Adjustments to reconcile net income to net cash provided by (used in) operating activities (inclusive of amounts related to discontinued operations):    
Depreciation and amortization 225 161
Accretion of discount and other amortization (33,214) (11,729)
Interest income in CDOs redirected for reinvestment or CDO bonds paydown (8,981) (17,985)
Interest income on investments accrued to principal balance (14,303) (8,077)
Interest expense on debt accrued to principal balance 619 2,279
Deferred interest received 1,027 44
Non-cash directors' compensation 122 60
Reversal of valuation allowance on loans (38,218) (292,668)
Other-than-temporary impairment on securities 13,595 86,822
Impairment on real estate held for sale 433 60
Gain on settlement of real estate held for sale (61)  
Gain on settlement of investments, net (74,402) (17,497)
Unrealized loss on non-hedge derivatives and hedge ineffectiveness 14,483 13,356
Gain on extinguishment of debt (60,402) (141,698)
Change in:    
Restricted cash 1,249 (1,354)
Receivables and other assets 528 3,781
Due to affiliates 113 (78)
Accrued expenses and other liabilities 57 (1,182)
Net cash provided by (used in) operating activities 41,621 37,576
Cash Flows From Investing Activities    
Principal Repayments from repurchased CDO debt 57,108 53
Principal repayments on CDO securities 9,834  
Principal repayments on loans and non- CDO securities 65,756 55,283
Purchase of real estate securities (303,101) (2,291)
Proceeds from sale of real estate securities 3,885 26,022
Acquisition of servicing rights (2,268)  
Purchase of and advance on loans   (6,024)
Margin received on derivative instruments   5,073
Payments on settlement of derivative instruments (14,322) (11,394)
Proceeds from sale of real estate held for sale 650 840
Distributions of capital from equity method investees   161
Net cash provided by (used in) investing activities (182,458) 67,723
Cash Flows From Financing Activities    
Repurchases of CDO bonds payable (91,039) (11,400)
Issuance of other bonds payable 142,736 97,650
Repayments of other bonds payable (194,379) (134,027)
Borrowings under repurchase agreements 291,818  
Repayments of repurchase agreements (89,622) (71,309)
Issuance of common stock 211,567  
Costs related to issuance of common stock (468)  
Cash consideration paid in exchange for junior subordinated notes   (9,715)
Cash consideration paid to redeem preferred stock   (16,001)
Dividends paid (14,906) (19,484)
Payment of deferred financing costs (1,581) (1,677)
Restricted cash returned from refinancing activities 58,367 50,700
Net cash provided by (used in) financing activities 312,493 (115,263)
Net Increase (Decrease) in Cash and Cash Equivalents 171,656 (9,964)
Cash and Cash Equivalents, Beginning of Period 33,524 68,300
Cash and Cash Equivalents, End of Period 205,180 58,336
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest expense 76,730 97,948
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Common stock dividends declared but not paid 15,776  
Preferred stock dividends declared but not paid 930  
Common stock issued to redeem preferred stock   28,457
Face amount of CDO bonds issued in exchange for previously issued junior subordinated notes of $52,094   $ 37,625