Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash Flows From Operating Activities:    
Net income attributable to common stockholders $ (29,145) $ 143,716
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 (26) 2,802
Other-than-temporary impairment losses 212 236
Realized and unrealized gains on investment securities, net 38,655 (26,790)
(Gain) loss on mortgage loans held-for-sale 3,181 (14,323)
Gain on mortgage loans held-for-investment and collateralized borrowings in securitization trust (313) (6,289)
Unrealized loss on mortgage servicing rights 32,760 0
Loss on termination and option expiration of interest rate swaps and swaptions 1,240 58,692
Unrealized (gain) loss on interest rate swaps and swaptions 90,452 (91,680)
Unrealized (gain) loss on other derivative instruments 1,162 6,923
Equity based compensation expense (6,481) (23)
Depreciation of fixed assets 207 114
Amortization of intangible assets 400 0
Purchases of mortgage loans held-for-sale (28,867) (147,050)
Proceeds from sales of mortgage loans held-for-sale 403,336 25,404
Proceeds from repayment of mortgage loans held-for-sale 6,296 2,284
Net change in assets and liabilities:    
(Increase)/decrease in accrued interest receivable 3,579 (4,476)
(Increase)/decrease in deferred income taxes, net (41,799) 4,893
(Increase)/decrease in current income tax receivable (321) (303)
(Increase)/decrease in prepaid and fixed assets (400) (187)
(Increase)/decrease in other receivables (10,516) 29,049
(Increase)/decrease in servicing advances (5,416) 0
Increase in Federal Home Loan Bank stock (18,579) 0
Increase in equity investments (3,000) 0
Increase/(decrease) in accrued interest payable, net (4,208) 288
Increase/(decrease) in income taxes payable 7,084 0
Increase/(decrease) in accrued expenses and other liabilities 3,795 (3,810)
Net cash (used in) provided by operating activities 456,250 (20,484)
Cash Flows From Investing Activities:    
Purchases of available-for-sale securities (1,274,784) (2,208,951)
Proceeds from sales of available-for-sale securities 814,872 796,653
Principal payments on available-for-sale securities 224,982 235,530
Purchases of other derivative instruments (12,902) (66,277)
Proceeds from sales of other derivative instruments, net 26,416 (41,323)
Payments to Acquire Trading Securities (98,219) 0
Proceeds from Sales of Trading Securities 98,582 0
Purchases of beneficial interests in securitization trusts 0 (30,550)
Proceeds from repayment of mortgage loans held-for-investment in securitization trust 13,280 697
Purchases of mortgage servicing rights 4,979 0
Increase/(decrease) in due to counterparties, net (172,830) 147,585
(Increase)/decrease in restricted cash 181,445 24,894
Net cash used in investing activities (194,179) (1,141,742)
Cash Flows From Financing Activities:    
Proceeds from repurchase agreements 70,826,091 24,103,888
Principal payments on repurchase agreements (71,055,364) (23,283,833)
Proceeds from issuance of collateralized borrowings in securitization trust 33,483 0
Principal payments on collateralized borrowings in securitization trust (15,923) (697)
Proceeds from Federal Home Loan Bank advances 464,476 0
Proceeds from issuance of common stock, net of offering costs 110 763,042
Proceeds from exercise of warrants 0 63,771
Dividends paid on common stock 0 (164,347)
Net cash provided by financing activities 252,873 1,481,824
Net increase in cash and cash equivalents 514,944 319,598
Cash and cash equivalents at beginning of period 1,025,487 821,108
Cash and cash equivalents at end of period 1,540,431 1,140,706
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 30,286 23,548
Cash (received) paid for taxes 1,134 373
Noncash Investing and Financing Activities:    
Consolidation of mortgage loans held-for-investment in securitization trusts 0 442,767
Consolidation of collateralized borrowings in securitization trusts 0 412,217
Distribution of Silver Bay common stock 0 368,970
Cashless exercise of warrants 0 75
Cash dividends declared but not paid at end of period 95,172 116,821
Reconciliation of mortgage loans held-for-sale:    
Mortgage loans held-for-sale at beginning of period 544,581 58,607
Purchases of mortgage loans held-for-sale 28,867 147,050
Proceeds from sales of mortgage loans held-for-sale (403,336) (25,404)
Proceeds from repayment of mortgage loans held-for-sale (6,296) (2,284)
Realized and unrealized gains (losses) on mortgage loans held-for-sale (2,795) 14,448
Mortgage loans held-for-sale at end of period $ 161,021 $ 192,417