XML 36 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash flows from operating activities    
Net income $ 1,973,695 $ 6,233,153
Adjustments to reconcile net income to net cash provided by operating activities    
Net (accretion)/amortization of (discounts)/premiums related to real estate securities and mortgage loans (1,243,337) (958,947)
Change in unrealized gain on real estate securities and mortgage loans (874,371) (6,489,794)
Realized loss on real estate securities    2,061,045
Change in unrealized loss on derivative instruments (495,280) (286,777)
Changes in operating assets and liabilities    
(Increase) / decrease in other assets (524,907) 20,236
Increase in accounts payable and other liabilities 1,163,992 256,180
Increase / (decrease) in accrued interest payable 129,188 (4,858)
Net cash provided by operating activities 128,980 830,238
Cash flows from investing activities    
Acquisitions of real estate securities, net of change in payable for real estate securities purchased (296,721,567) (65,083,042)
Proceeds from principal repayments on real estate securities 7,386,718 2,224,414
Proceeds from sales of real estate securities, net of changes in receivable for real estate securities sold 6,801,398 25,502,294
Acquisition of mortgage loans (10,839,809)   
Restricted cash (used) in / provided by investment activities (6,092,405) 424,597
Net cash used in investing activities (299,465,665) (36,931,737)
Cash flows from financing activities    
Proceeds from issuance of common stock, net 118,862,500   
Proceeds from issuance of preferred stock, net    115,499
Payment of common stock repurchase liability (5,158,750)   
Borrowings from repurchase agreements 222,304,476 47,726,362
Repayments of repurchase agreements (42,775,904) (11,876,913)
Repurchase of preferred stock including dividend (148,379)   
Net cash provided by financing activities 293,083,943 35,964,948
Net decrease in cash (6,252,742) (136,551)
Cash    
Beginning of period 19,061,110 6,326,724
End of period 12,808,368 6,190,173
Supplemental disclosure of cash flow information    
Interest paid on repurchase agreements 384,847 293,598
Taxes paid