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
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash Flows From Operating Activities:    
Net income attributable to common stockholders $ 143,716 $ 51,800
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Amortization of premiums and discounts on RMBS, net 2,802 (5,925)
Other-than-temporary impairment losses 236 4,275
Realized and unrealized gains on investment securities, net 26,790 9,931
(Gain) loss on mortgage loans held-for-sale (14,323) 32
Gain on mortgage loans held-for-investment and collateralized borrowings in securitization trust (6,289) 0
Loss on termination of interest rate swaps and swaptions 58,692 11,265
Unrealized (gain) loss on interest rate swaps and swaptions (91,680) 212
Unrealized loss on other derivative instruments 6,923 8,053
Gain on contribution of entity (1,239) 0
Equity based compensation expense 23 60
Depreciation of fixed assets 114 33
Depreciation of real estate 0 1
Purchases of mortgage loans held-for-sale (147,050) 0
Proceeds from sales of mortgage loans held-for-sale (25,404) 0
Proceeds from repayment of mortgage loans held-for-sale 2,284 26
Net change in assets and liabilities:    
Increase in accrued interest receivable (4,476) (7,364)
Decrease in deferred income taxes, net 4,893 638
Increase in current income tax receivable (303) (7,952)
(Increase)/decrease in prepaid and fixed assets (187) 5
Decrease in other receivables 29,049 0
Increase in accrued interest payable, net 288 2,858
Decrease in income taxes payable 0 (3,898)
(Decrease)/increase in accrued expenses (3,810) 583
Net cash (used in) provided by operating activities (20,484) 44,771
Cash Flows From Investing Activities:    
Purchases of available-for-sale securities (2,208,951) (3,065,659)
Proceeds from sales of available-for-sale securities 796,653 170,102
Principal payments on available-for-sale securities 235,530 130,002
Purchases of other derivative instruments (66,277) (124,337)
(Payments for termination) proceeds from sales of other derivative instruments (41,323) 14,354
Purchases of mortgage loans held-for-investment in securitization trust (442,787) 0
Proceeds from repayment of mortgage loans held-for-investment in securitization trust 717 0
Purchases of investments in real estate 0 (6,108)
Increase in due to counterparties, net 147,585 349,370
Decrease in restricted cash 24,894 12,304
Increase in escrow deposits of discontinued operations 0 (8,496)
Net cash used in investing activities (1,553,959) (2,528,468)
Cash Flows From Financing Activities:    
Proceeds from repurchase agreements 24,103,888 10,564,948
Principal payments on repurchase agreements (23,283,833) (8,531,340)
Proceeds from issuance of collateralized borrowings in securitization trust 412,217 0
Principal payments on collateralized borrowings in securitization trust (697) 0
Proceeds from issuance of common stock, net of offering costs 763,042 692,000
Proceeds from exercise of warrants 63,771 0
Dividends paid on common stock (164,347) (56,239)
Net cash provided by financing activities 1,894,041 2,669,369
Net increase in cash and cash equivalents 319,598 185,672
Cash and cash equivalents at beginning of period 821,108 360,016
Cash and cash equivalents at end of period 1,140,706 545,688
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 23,548 8,609
Cash paid for taxes 373 3,635
Noncash Investing Activities:    
Special dividend of Silver Bay common stock declared but not paid at end of period 368,970 0
Noncash Financing Activities:    
Cashless exercise of warrants 75 0
Cash dividends declared but not paid at end of period 116,821 85,683
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 147,050 0
Proceeds from sales of mortgage loans held-for-sale (25,404) 0
Proceeds from repayment of mortgage loans held-for-sale (2,284) (26)
Realized and unrealized gains (losses) on mortgage loans held-for-sale 14,448 (45)
Mortgage loans held-for-sale at end of period $ 192,417 $ 5,711