Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
ASSETS    
Available-for-sale securities, at fair value $ 12,634,056 $ 12,256,727
Trading securities, at fair value 1,000,312 1,000,180
Assets Sold under Agreements to Repurchase, Market Value 13,615,439 13,950,459
Mortgage loans held-for-sale, at fair value 161,021 544,581
Mortgage loans held-for-investment in securitization trust, at fair value 781,085 792,390
Mortgage servicing rights, at fair value 476,663 514,402
Cash and cash equivalents 1,540,431 1,025,487
Restricted cash 220,202 401,647
Accrued interest receivable 46,724 50,303
Due from counterparties 74,997 25,087
Derivative assets, at fair value 429,419 549,859
Other assets 60,888 13,199
Total Assets 17,425,798 [1] 17,173,862 [1]
Liabilities    
Repurchase agreements 12,021,177 12,250,450
Collateralized borrowings in securitization trust, at fair value 658,953 639,731
Federal Home Loan Bank advances 464,476 0
Derivative liabilities, at fair value 8,395 22,081
Accrued interest payable 16,069 20,277
Due to counterparties 195,928 318,848
Dividends payable 95,172 0
Other liabilities 46,624 67,480
Total liabilities 13,506,794 [1] 13,318,867 [1]
Stockholders' Equity    
Preferred stock, par value $0.01 per share; 50,000,000 shares authorized; no shares issued and outstanding 0 0
Common stock, par value $0.01 per share; 900,000,000 shares authorized and 366,046,045 and 364,935,168 shares issued and outstanding, respectively 3,660 3,649
Additional paid-in capital 3,801,952 3,795,372
Accumulated other comprehensive income 626,470 444,735
Cumulative earnings 999,252 1,028,397
Cumulative distributions to stockholders (1,512,330) (1,417,158)
Total stockholders’ equity 3,919,004 3,854,995
Total Liabilities and Stockholders’ Equity 17,425,798 17,173,862
Variable Interest Entity, Consolidated, Carrying Amount, Assets 785,601 796,896
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities $ 663,785 $ 644,051
[1] The condensed consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs and liabilities of the consolidated VIEs for which creditors do not have recourse to the Company (Two Harbors Investment Corp.). At March 31, 2014 and December 31, 2013, assets of the VIEs totaled $785,601 and $796,896, and liabilities of the VIEs totaled $663,785 and $644,051, respectively. See Note 3 - Variable Interest Entities for additional information.