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
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash Flows From Operating Activities    
Net income $ 122,297 $ 9,162
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 (43,691) (4,739)
Change in fair value of investments in excess mortgage servicing rights, equity method investees (21,096)   
Distributions of earnings from excess mortgage servicing rights, equity method investees 4,822   
Earnings from consumer loan equity method investees (36,164)   
Distributions of earnings from consumer loan equity method investees 769   
Accretion of discount and other amortization (6,596)   
(Gain)/Loss on settlement of investments (net) (58)   
Other-than-temporary impairment ("OTTI") 3,756   
Change in:    
Other assets (3,907)   
Due to affiliates (2,715) 353
Accrued expenses and other liabilities 574 883
Reduction of liability deemed as capital contribution by Newcastle 11,515   
Other operating cash flows:    
Cash proceeds from investments, in excess of interest income 41,435 2,220
Net cash proceeds deemed as capital distributions to Newcastle (52,888) (7,879)
Net cash provided by (used in) operating activities 18,053   
Cash Flows From Investing Activities    
Principal repayments from non-Agency RMBS 23,592   
Principal repayments from Agency RMBS 102,553   
Return of investments in excess mortgage servicing rights 6,600   
Return of investments in excess mortgage servicing rights, equity method investees 4,018  
Purchase of real estate securities (265,100)   
Proceeds from sale of investments 4,421   
Acquisition of investments in excess mortgage servicing rights (2,391)   
Acquisition of investments in excess mortgage servicing rights. equity method investees (53,766)   
Principal paydowns on residential mortgage loans, held-for-investment 1,789   
Net cash provided by (used in) investing activities (178,284)   
Cash Flows From Financing Activities    
Borrowings under repurchase agreements 415,982   
Repayments of repurchase agreements (290,747)   
Margin deposits under repurchase agreements (87,579)   
Return of margin deposits under repurchase agreements 87,216   
Capital contributions by Newcastle 245,058   
Net cash provided by (used in) financing activities 369,930   
Net Increase (Decrease) in Cash and Cash Equivalents 209,699   
Cash and Cash Equivalents, Beginning of Period      
Cash and Cash Equivalents, End of Period 209,699   
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest expense 3,029   
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Cash proceeds from investments in excess mortgage servicing rights, in excess of interest income 41,435 2,220
Acquisition of investments in excess mortgage servicing rights    190,510
Acquisition of real estate securities 242,750   
Acquisition of investments in equity method investees at fair value 125,099   
Acquisition of residential mortgage loans, held-for-investment 35,138   
Acquisition of investments in consumer loan equity method investees 245,421   
Borrowings under repurchase agreements 1,179,068   
Repayments of repurchase agreements 3,902   
Deposit paid on investment in excess mortgage servicing rights    16,801
Purchase price payable on investments in excess mortgage servicing rights    31,382
Capital contributions by Newcastle 648,408 207,311
Contributions in-kind by Newcastle 1,093,684   
Capital distributions to Newcastle, net $ 1,228,054 $ 7,879