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, 2013
Mar. 31, 2012
Cash Flows From Operating Activities    
Net income (loss) $ 38,013 $ 73,471
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities (inclusive of amounts related to discontinued operations):    
Depreciation and amortization 4,079 87
Accretion of discount and other amortization (8,539) (12,213)
Interest income in CDOs redirected for reinvestment or CDO bond paydown (536) (1,230)
Interest income on investments accrued to principal balance (6,181) (5,293)
Interest expense on debt accrued to principal balance 109 109
Valuation allowance (reversal) on loans 2,234 (9,031)
Other-than-temporary impairment on securities 539 1,951
Change in fair value of investments in excess mortgage servicing rights (1,858) (1,216)
Change in fair value of investments in equity method investees (969)   
Distributions of earnings from equity method investees 1,344   
(Gain)/Loss on settlement of investments (net) 3 (4,823)
Unrealized Gain on non-hedge derivatives and hedge ineffectiveness (3,126) (2,086)
Gain on extinguishment of debt (1,206) (20,743)
Change in:    
Restricted cash 995 286
Receivables and other assets (2,277) 554
Due to affiliates 991   
Accrued expenses and other liabilities 1,004 (559)
Net cash provided by (used in) operating activities 24,619 19,264
Cash Flows From Investing Activities    
Principal repayments from repurchased CDO debt 8,656 4,497
Principal repayments from CDO securities 1,290 198
Principal repayments from non-Agency RMBS 17,472   
Return of investments in excess mortgage servicing rights 10,272 2,425
Principal repayments from loans and non-CDO securities (excluding non-Agency RMBS) 74,944 22,894
Purchase of real estate securities (871,127) (4,340)
Purchase of real estate loans (101,313)   
Proceeds from sale of investments      
Acquisition of investments in excess mortgage servicing rights    (3,072)
Additions to investments in real estate (259)   
Contributions to equity method investees (109,588)   
Distributions of capital from equity method investees 6,625   
Deposit paid on investments (2,700)   
Net cash provided by (used in) investing activities (965,728) 22,602
Cash Flows From Financing Activities    
Repurchases of CDO bonds payable (9,722) (9,159)
Repayments of other bonds and notes payable (9,922) (10,450)
Borrowings under repurchase agreements 1,379,928 4,117
Repayments of repurchase agreements (835,777) (10,133)
Margin deposits under repurchase agreements (62,100) (9,634)
Return of margin deposits under repurchase agreements 56,788 9,634
Issuance of common stock 764,759   
Costs related to issuance of common stock (592)   
Common stock dividends paid (37,954) (15,777)
Preferred stock dividends paid (1,395) (1,395)
Payment of deferred financing costs (30)   
Net cash provided by (used in) financing activities 1,243,983 (42,797)
Net Increase (Decrease) in Cash and Cash Equivalents 302,874 (931)
Cash and Cash Equivalents, Beginning of Period 231,898 157,356
Cash and Cash Equivalents, End of Period 534,772 156,425
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest expense 12,953 20,726
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Preferred stock dividends declared but not paid 930 930
Common stock dividends declared but not paid $ 55,666 $ 21,036