Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

v3.5.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash Flows From Operating Activities    
Net income $ 96,948 $ 25,394
Adjustments to reconcile net income to net cash used in operating activities (inclusive of amounts related to discontinued operations):    
Depreciation and amortization 19,250 20,994
Amortization of discount and premium (8,156) (3,166)
Other amortization 7,998 8,108
Net interest income on investments accrued to principal balance (25,570) (19,147)
Amortization of revenue on golf membership deposit liabilities (646) (312)
Amortization of prepaid golf membership dues (20,951) (20,923)
Non-cash directors’ compensation 351 238
Valuation allowance on loans 3,454 7,684
Other-than-temporary impairment on securities and other investments 110 9,860
Equity in earnings from equity method investments, net of distributions (1,129) (975)
Gain on deconsolidation (82,130) 0
Gain on settlement of investments, net (5,146) (24,451)
Unrealized loss on non-hedge derivatives 1,702 89
Loss (gain) on extinguishment of debt, net 607 (15,367)
Change in:    
Restricted cash (2,487) (1,725)
Receivables and other assets (4,307) (1,555)
Accounts payable, accrued expenses and other liabilities 5,405 (4,303)
Net cash used in operating activities (14,697) (19,557)
Cash Flows From Investing Activities    
Principal repayments from investments 133,756 124,015
Purchase of real estate securities (1,618,090) (1,039,220)
Proceeds from sale of investments 1,128,906 1,061,499
Payments for settlement of TBAs (13,675) 0
Acquisition and additions of investments in real estate (9,147) (2,894)
Change in restricted cash from investing activities 0 56,774
Net cash (used in) provided by investing activities (378,250) 200,174
Cash Flows From Financing Activities    
Repurchases of debt obligations 0 (152,281)
Borrowings under debt obligations 1,670,481 1,454,435
Repayments of debt obligations (1,158,754) (1,485,065)
Margin deposits under repurchase agreements and derivatives (41,131) (113,899)
Return of margin deposits under repurchase agreements and derivatives 40,442 112,631
Golf membership deposits received 3,117 3,623
Common stock dividends paid (24,006) (23,919)
Preferred stock dividends paid (4,185) (4,185)
Payment of deferred financing costs (3,670) (500)
Payments for settlement of derivative instruments 0 (13,326)
Other financing activities (709) (500)
Net cash provided by (used in) financing activities 481,585 (222,986)
Net Increase (Decrease) in Cash and Cash Equivalents 88,638 (42,369)
Cash and Cash Equivalents of Continuing Operations, Beginning of Period 45,651 73,727
Cash and Cash Equivalents of Discontinued Operations, Beginning of Period 0 135
Cash and Cash Equivalents, End of Period 134,289 31,493
Cash and Cash Equivalents of Continuing Operations, End of Period 134,289 31,493
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Preferred stock dividends declared but not paid 0 930
Common stock dividends declared but not paid 0 7,978
Financing costs accrued but not paid 600 0
Additions to capital lease assets and liabilities 7,018 7,231
Option exercise $ 0 $ 48