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
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash Flows From Operating Activities    
Net income $ 73,471 $ 109,673
Adjustments to reconcile net income to net cash provided by (used in) operating activities (inclusive of amounts related to discontinued operations):    
Depreciation and amortization 87 46
Accretion of discount and other amortization (12,213) (10,771)
Interest income in CDOs redirected for reinvestment or CDO bond paydown (1,230) (3,724)
Interest income on investments accrued to principal balance (5,293) (4,535)
Interest expense on debt accrued to principal balance 109 410
Deferred interest received    1,027
Valuation allowance (reversal) on loans (9,031) (41,307)
Other-than-temporary impairment on securities 1,951 4,101
Impairment on real estate held-for-sale    433
Change in fair value of investments in excess mortgage servicing rights (1,216)   
Gain on settlement of investments (net) and real estate held-for-sale (4,823) (33,158)
Unrealized (gain) loss on non-hedge derivatives and hedge ineffectiveness (2,086) 201
Gain on extinguishment of debt (20,743) (11,042)
Change in:    
Restricted cash 286 109
Receivables and other assets 554 (40)
Due to affiliates    (68)
Accrued expenses and other liabilities (559) (61)
Net cash provided by (used in) operating activities 19,264 11,294
Cash Flows From Investing Activities    
Principal repayments from repurchased CDO debt 4,497 9,726
Principal repayments from CDO securities 198   
Return of investments in excess mortgage servicing rights 2,425   
Principal repayments from loans and non-CDO securities 22,894 37,605
Purchase of real estate securities (4,340) (89,601)
Acquisition of investments in excess mortgage servicing rights (3,072)   
Acquisition of servicing rights    (2,082)
Net cash provided by (used in) investing activities 22,602 (44,352)
Cash Flows From Financing Activities    
Repurchases of CDO bonds payable (9,159) (1,083)
Repayments of other bonds payable (10,450) (10,460)
Borrowings under repurchase agreements 4,117 79,978
Repayments of repurchase agreements (10,133) (2,907)
Issuance of common stock    98,843
Costs related to issuance of common stock    (58)
Common stock dividends paid (15,777)   
Preferred stock dividends paid (1,395) (4,185)
Net cash provided by (used in) financing activities (42,797) 160,128
Net Increase (Decrease) in Cash and Cash Equivalents (931) 127,070
Cash and Cash Equivalents, Beginning of Period 157,356 33,524
Cash and Cash Equivalents, End of Period 156,425 160,594
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest expense 20,726 28,759
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Common stock dividends declared but not paid 21,036   
Preferred stock dividends declared but not paid $ 930 $ 930