Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash Flows From Operating Activities:    
Net income attributable to common stockholders $ 339,625 $ 102,606
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Amortization of premiums and discounts on available-for-sale securities, net 17,527 (5,566)
Other-than-temporary impairment losses 1,662 9,310
Realized and unrealized gains on investment securities, net 152,458 (14,247)
(Gain) loss on mortgage loans held-for-sale 25,262 (592)
Gain on mortgage loans held-for-investment and collateralized borrowings in securitization trust (16,621) 0
Unrealized loss on mortgage servicing rights (816) 0
Loss on termination and option expiration of interest rate swaps and swaptions 21,904 26,084
Unrealized (gain) loss on interest rate swaps and swaptions (293,783) 104,506
Unrealized (gain) loss on other derivative instruments 79,553 (5,889)
Equity based compensation expense 474 462
Depreciation of fixed assets 424 0
Depreciation of real estate 0 458
Purchases of mortgage loans held-for-sale (989,665) (10,797)
Proceeds from sales of mortgage loans held-for-sale 25,404 0
Proceeds from repayment of mortgage loans held-for-sale 24,256 2,040
Net change in assets and liabilities:    
(Increase)/decrease in accrued interest receivable (6,241) (23,482)
(Increase)/decrease in deferred income taxes, net 75,384 (27,288)
(Increase)/decrease in current income tax receivable 4,323 (4,469)
(Increase)/decrease in prepaid and fixed assets (602) (906)
(Increase)/decrease in other receivables 29,687 (99)
(Increase)/decrease in servicing advances (5,368) 0
Increase/(decrease) in accrued interest payable, net (3,278) 6,691
Increase/(decrease) in income taxes payable 2,356 (3,898)
Increase/(decrease) in accrued expenses and other liabilities 9,274 8,096
Net change in assets and liabilities due to purchase of entity 3,306 0
Net cash (used in) provided by operating activities (503,495) 163,020
Cash Flows From Investing Activities:    
Purchases of available-for-sale securities (4,290,011) (8,705,850)
Proceeds from sales of available-for-sale securities 4,056,691 207,083
Principal payments on available-for-sale securities 860,984 542,727
Purchases of other derivative instruments (72,158) (372,509)
Proceeds from sales of other derivative instruments, net 126,347 86,696
Purchases of trading securities (995,625) (996,016)
Proceeds from sales of trading securities 1,000,946 1,001,904
Purchases of beneficial interests in securitization trusts (30,550) 0
Proceeds from repayment of mortgage loans held-for-investment in securitization trust 28,568 0
Purchases of mortgage servicing rights (13,390) 0
Purchases of investments in real estate 0 (191,365)
Purchase of entity (6,404) 0
Increase/(decrease) in due to counterparties, net (135,162) 128,147
(Increase)/decrease in restricted cash (376,006) (39,603)
(Increase)/decrease in escrow deposits of discontinued operations 0 (34,117)
Net cash used in investing activities 154,230 (8,372,903)
Cash Flows From Financing Activities:    
Proceeds from repurchase agreements 145,909,686 45,160,427
Principal payments on repurchase agreements (146,382,131) (37,786,248)
Proceeds from issuance of collateralized borrowings in securitization trust 307,119 0
Principal payments on collateralized borrowings in securitization trust (30,574) 0
Proceeds from issuance of common stock, net of offering costs 763,384 1,362,555
Proceeds from exercise of warrants 102,276 175,725
Repurchase of common stock (23,894) 0
Dividends paid on common stock (394,549) (228,984)
Net cash provided by financing activities 251,317 8,683,475
Net increase in cash and cash equivalents (97,948) 473,592
Cash and cash equivalents at beginning of period 821,108 360,016
Cash and cash equivalents at end of period 723,160 833,608
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 76,762 14,038
Cash (received) paid for taxes (4,254) 3,637
Noncash Investing and Financing Activities:    
Transfers of mortgage loans held-for-sale to mortgage loans held-for-investment in securitization trusts 413,848 0
Consolidation of mortgage loans held-for-investment in securitization trusts 442,767 0
Consolidation of collateralized borrowings in securitization trusts 412,217 0
Distribution of Silver Bay common stock 343,481 0
Cashless exercise of warrants 75 178
Cash dividends declared but not paid at end of period 102,022 106,325
Reconciliation of mortgage loans held-for-sale:    
Mortgage loans held-for-sale at beginning of period 58,607 5,782
Purchases of mortgage loans held-for-sale 989,665 10,797
Transfers to mortgage loans held-for-investment in securitization trusts (413,848) 0
Proceeds from sales of mortgage loans held-for-sale (25,404) 0
Proceeds from repayment of mortgage loans held-for-sale (24,256) (2,040)
Realized and unrealized gains (losses) on mortgage loans held-for-sale (25,027) 14
Mortgage loans held-for-sale at end of period $ 559,737 $ 14,553