Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v2.4.0.8
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash Flows From Operating Activities    
Net income $ 56,865 $ 13,075
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 (6,602) (1,858)
Change in fair value of investments in excess mortgage servicing rights, equity method investees (6,374) (969)
Distributions of earnings from excess mortgage servicing rights, equity method investees 11,940 1,344
Earnings from consumer loan equity method investees (16,360)  
Change in fair value of investments in derivative assets (1,357)  
Accretion of discount and other amortization (42,834) (4,798)
(Gain)/Loss on settlement of investments (net) (4,357)  
Other-than-temporary impairment ("OTTI") 328  
Valuation allowance on loans 164  
Non-cash directors' compensation 78  
Change in:    
Restricted cash (1,269)  
Other assets 5,531 (366)
Due to affiliates (11,172) 2,648
Accrued expenses and other liabilities 1,179 2,377
Other operating cash flows:    
Interest received from servicer advance investments 16,304  
Cash proceeds from investments, in excess of interest income   34,436
Net cash proceeds deemed as capital distributions to Newcastle   (45,889)
Net cash provided by (used in) operating activities 2,064  
Cash Flows From Investing Activities    
Acquisition of investments in excess mortgage servicing rights (19,132)  
Purchase of servicer advance investments (2,205,070)  
Purchase of Agency ARM RMBS (37,922)  
Purchase of Non-Agency RMBS (1,038,721)  
Purchase of derivative assets (71,923)  
Return of investments in excess mortgage servicing rights 8,121  
Return of investments in excess mortgage servicing rights, equity method investees 8,893  
Principal repayments from servicer advance investments 1,442,648  
Principal repayments from Agency ARM RMBS 75,470  
Principal repayments from Non-Agency RMBS 13,890  
Principal repayments from non-performing loans 1,900  
Proceeds from sale of Agency ARM RMBS 162,897  
Proceeds from sale of Non-Agency RMBS 258,449  
Net cash provided by (used in) investing activities (1,400,500)  
Cash Flows From Financing Activities    
Repayments of repurchase agreements (1,080,197)  
Margin deposits under repurchase agreements (43,270)  
Repayments of notes payable (3,117,213)  
Payment of deferred financing fees (5,660)  
Common stock dividends paid (63,297)  
Borrowings under repurchase agreements 1,618,664  
Return of margin deposits under repurchase agreements 66,899  
Borrowings under notes payable 3,862,782  
Noncontrolling interest in equity of consolidated subsidiaries - contributions 142,024  
Noncontrolling interest in equity of consolidated subsidiaries - distributions (113,795)  
Net cash provided by financing activities 1,266,937  
Net Increase in Cash and Cash Equivalents (131,499)  
Cash and Cash Equivalents, Beginning of Period 271,994  
Cash and Cash Equivalents, End of Period 140,495  
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest expense 35,194 868
Prior to Date of Cash Contribution by Newcastle    
Cash proceeds from investments, in excess of interest income   34,436
Acquisition of real estate securities   227,293
Acquisition of investments in excess mortgage servicing rights, 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
Contributions in-kind by Newcastle   797,811
Capital distributions to Newcastle   810,025
Subsequent to Date of Cash Contribution by Newcastle    
Dividends declared but not paid $ 44,312