Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash Flows From Operating Activities    
Net (loss) income $ (12,954) $ 73,295
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 5,793 6,031
Amortization of discount and premium 620 463
Other amortization 2,614 2,635
Net interest income on investments accrued to principal balance (3,431) (7,931)
Amortization of revenue on golf membership deposit liabilities (305) (185)
Amortization of prepaid golf membership dues (6,283) (6,222)
Non-cash directors’ compensation 75 0
Valuation allowance on loans 0 2,198
Other-than-temporary impairment on securities 0 110
Equity in earnings from equity method investments, net of distributions (379) (371)
Gain on deconsolidation 0 (82,130)
Loss on settlement of investments, net 473 1,725
Unrealized loss on securities, intent-to-sell 558 0
Unrealized loss on non-hedge derivatives 2,502 341
Loss on extinguishment of debt, net 146 232
Change in:    
Restricted cash 330 (482)
Receivables and other assets (645) (1,313)
Accounts payable, accrued expenses and other liabilities 1,474 2,250
Net cash used in operating activities (9,412) (9,354)
Cash Flows From Investing Activities    
Principal repayments from investments 10,707 5,444
Purchase of real estate securities 0 (364,072)
Proceeds from sale of investments 286,639 361,341
Net proceeds from (payments for) settlement of TBAs 2,474 (7,536)
Acquisition and additions of investments in real estate (3,971) (1,972)
Deposits paid on investments (80) 0
Net cash provided by (used in) investing activities 295,769 (6,795)
Cash Flows From Financing Activities    
Borrowings under debt obligations 1,007 363,741
Repayments of debt obligations (292,237) (352,211)
Margin deposits under repurchase agreements and derivatives (49,545) (9,406)
Return of margin deposits under repurchase agreements and derivatives 50,156 9,636
Golf membership deposits received 695 679
Common stock dividends paid (8,019) (7,999)
Preferred stock dividends paid (1,395) (1,395)
Payment of deferred financing costs (22) (263)
Other financing activities (167) (158)
Net cash (used in) provided by financing activities (299,527) 2,624
Net Decrease in Cash and Cash Equivalents (13,170) (13,525)
Cash and Cash Equivalents, Beginning of Period 140,140 45,651
Cash and Cash Equivalents, End of Period 126,970 32,126
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Preferred stock dividends declared but not paid 930 930
Common stock dividends declared but not paid 0 7,999
Additions to capital lease assets and liabilities $ 254 $ 718