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
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash Flows From Operating Activities    
Net (loss) income $ (18,129) $ 96,948
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 17,952 19,250
Amortization of discount and premium (3,856) (8,156)
Other amortization 7,889 7,998
Net interest income on investments accrued to principal balance (8,458) (25,570)
Amortization of revenue on golf membership deposit liabilities (963) (646)
Amortization of prepaid golf membership dues (20,017) (20,951)
Non-cash directors’ compensation 376 351
Impairment 60 3,564
Equity in earnings from equity method investments, net of distributions (1,149) (1,129)
Gain on deconsolidation 0 (82,130)
Loss (Gain) on settlement of investments, net 5,368 (5,146)
Unrealized loss on securities, intent-to-sell 558 0
Unrealized loss on non-hedge derivatives 688 1,702
Loss on extinguishment of debt 327 607
Change in:    
Restricted cash 368 (2,487)
Accounts receivable, net, other current assets and other assets - noncurrent (1,053) (4,307)
Accounts payable and accrued expenses, deferred revenue, other current liabilities and other liabilities - noncurrrent 5,405 5,405
Net cash used in operating activities (14,634) (14,697)
Cash Flows From Investing Activities    
Principal repayments from investments 100,020 133,756
Purchase of real estate securities 0 (1,618,090)
Proceeds from sale of securities and loans 595,850 1,128,906
Net payments for settlement of TBAs (4,669) (13,675)
Acquisition and additions of property and equipment and intangibles (16,905) (9,147)
Deposits paid on property and equipment (1,486) 0
Contributions to equity method investees (196) 0
Net cash provided by (used in) investing activities 672,614 (378,250)
Cash Flows From Financing Activities    
Borrowings under debt obligations 1,651 1,670,481
Repayments of debt obligations (605,469) (1,158,754)
Margin deposits under repurchase agreements and derivatives (89,692) (41,131)
Return of margin deposits under repurchase agreements and derivatives 87,785 40,442
Golf membership deposits received 2,706 3,117
Common stock dividends paid (8,019) (24,006)
Preferred stock dividends paid (4,185) (4,185)
Payment of deferred financing costs (22) (3,670)
Other financing activities (504) (709)
Net cash (used in) provided by financing activities (615,749) 481,585
Net Increase in Cash and Cash Equivalents 42,231 88,638
Cash and Cash Equivalents, Beginning of Period 140,140 45,651
Cash and Cash Equivalents, End of Period 182,371 134,289
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Preferred stock dividends declared but not paid 930 0
Financing costs accrued but not paid 0 600
Additions to capital lease assets and liabilities 3,601 7,018
Additions to property and equipment and accounts payable $ 4,135 $ 0