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) $ 13,075 $ 2,688
Adjustments to reconcile net income to net cash provided by (used in) operating activities (inclusive of amounts related to discontinued operations):    
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   
Accretion of discount and other amortization (4,798)   
Change in:    
Other assets (366)   
Due to affiliates 2,648 69
Accrued expenses and other liabilities 2,377 (293)
Other operating cash flows:    
Cash proceeds from investments, in excess of interest income 34,436 2,422
Net cash proceeds deemed as capital distributions to Newcastle (45,889) (3,670)
Net cash provided by (used in) operating activities      
Cash Flows From Investing Activities      
Cash Flows From Financing Activities      
Net Increase (Decrease) in Cash and Cash Equivalents      
Cash and Cash Equivalents, Beginning of Period      
Cash and Cash Equivalents, End of Period      
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest expense 868   
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Cash proceeds from investments, in excess of interest income 34,436 2,422
Acquisition of investments in excess mortgage servicing rights    3,072
Acquisition of real estate securities 227,293   
Acquisition of investments in equity method investees at fair value 109,588   
Acquisition of residential mortgage loans, held-for-investment 35,138   
Borrowings under repurchase agreements 768,038   
Repayments of repurchase agreements 3,902   
Capital contributions by Newcastle 372,019 3,072
Contributions in-kind of real estate securities by Newcastle 797,811   
Capital distributions to Newcastle $ 810,025 $ 3,670