XML 35 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statement of Cash Flows (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows provided by operating activities:    
Net income $ 36,621 $ 31,214
Adjustments to reconcile net income to net cash provided by operating activities:    
Premium amortization and (discount accretion), net (4,181) 569
Amortization of deferred financing costs 639 1,551
Equity-based compensation 2,095 3,244
Unrealized (gain) loss on securities 3,973 (6,473)
Unrealized gain on derivative instruments (155) (228)
Realized gain on sale of security    (262)
Changes in operating assets and liabilities:    
Accrued interest receivable, less purchased interest (6,441) 2,608
Other assets 203 (190)
Accounts payable and accrued expenses 509 405
Payable to related party 588 222
Net cash provided by operating activities 33,851 32,660
Cash flows used in investing activities:    
Proceeds from sale of securities available-for-sale    121,338
Proceeds from sale of securities at estimated fair value    16,918
Fees received from commercial mortgage loans 280   
Funding of securities at estimated fair value (70,490) (70,676)
Funding of commercial mortgage loans (32,643) (17,883)
Funding of subordinate loans (213,515) (46,180)
Principal payments received on securities available-for-sale 28,485 99,191
Principal payments received on securities at estimated fair value 49,164 92,009
Principal payments received on commercial mortgage loans 17,898 24,541
Principal payments received on subordinate loans 71,173 26
Principal payments received on repurchase agreements 6,598 36,464
Net cash provided by (used in) investing activities (143,050) 255,748
Cash flows from financing activities:    
Proceeds from issuance of preferred stock    86,250
Proceeds from issuance of common stock 148,804   
Payment of offering costs (814) (3,083)
Repayments of TALF borrowings    (251,327)
Proceeds from repurchase agreement borrowings 70,195 313,860
Repayments of repurchase agreement borrowings (68,187) (361,590)
Increase in restricted cash related to financing activities (15,794)   
Deferred financing costs (504) (1,097)
Dividends on common stock (40,717) (24,995)
Dividends on preferred stock (5,579)   
Net cash provided by (used in) financing activities 87,404 (241,982)
Net increase (decrease) in cash and cash equivalents (21,795) 46,426
Cash and cash equivalents, beginning of period 108,619 21,568
Cash and cash equivalents, end of period 86,824 67,994
Supplemental disclosure of cash flow information:    
Interest paid 2,335 5,872
Supplemental disclosure of non-cash financing activities:    
Dividend declared, not yet paid 17,023 10,114
Deferred financing costs, not yet paid 250   
Offering costs payable    $ 338