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
Jun. 30, 2014
Dec. 31, 2013
ASSETS    
Available-for-sale securities, at fair value $ 13,108,251 $ 12,256,727
Trading securities, at fair value 1,002,422 1,000,180
Mortgage loans held-for-sale, at fair value 399,841 544,581
Mortgage loans held-for-investment in securitization trusts, at fair value 804,666 792,390
Mortgage servicing rights, at fair value 500,490 514,402
Cash and cash equivalents 1,182,696 1,025,487
Restricted cash 286,965 401,647
Accrued interest receivable 50,110 50,303
Due from counterparties 30,381 25,087
Derivative assets, at fair value 331,601 549,859
Other assets 117,246 13,199
Total Assets 17,814,669 [1] 17,173,862 [1]
Liabilities    
Repurchase agreements 11,391,187 12,250,450
Collateralized borrowings in securitization trusts, at fair value 561,921 639,731
Federal Home Loan Bank advances 1,500,000 0
Derivative liabilities, at fair value 17,097 22,081
Accrued interest payable 16,521 20,277
Due to counterparties 140,975 318,848
Dividends payable 95,189 0
Other liabilities 33,274 67,480
Total liabilities 13,756,164 [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 366,110,919 and 364,935,168 shares issued and outstanding, respectively 3,661 3,649
Additional paid-in capital 3,805,824 3,795,372
Accumulated other comprehensive income 817,630 444,735
Cumulative earnings 1,038,909 1,028,397
Cumulative distributions to stockholders (1,607,519) (1,417,158)
Total stockholders’ equity 4,058,505 3,854,995
Total Liabilities and Stockholders’ Equity 17,814,669 17,173,862
Variable Interest Entity, Consolidated, Carrying Amount, Assets 808,997 796,896
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities $ 566,296 $ 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 June 30, 2014 and December 31, 2013, assets of the VIEs totaled $808,997 and $796,896, and liabilities of the VIEs totaled $566,296 and $644,051, respectively. See Note 3 - Variable Interest Entities for additional information.