Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Income Statement [Abstract]        
Interest income $ 27,544 $ 47,486 $ 103,889 $ 171,642
Interest expense 32,549 20,555 102,340 65,263
Net interest income (expense) (5,005) 26,931 1,549 106,379
Impairment/(Reversal)        
Valuation allowance (reversal) on loans (4,015) (12,998) (1,243) (11,473)
Other-than-temporary impairment on securities       4,405
Portion of other-than-temporary impairment on securities recognized in other comprehensive income (loss), net of the reversal of other comprehensive loss into net income (loss)       44
Total impairment (reversal) (4,015) (12,998) (1,243) (7,024)
Net interest income (expense) after impairment/reversal (990) 39,929 2,792 113,403
Operating Revenues        
Rental income 60,828 20,607 167,208 42,799
Care and ancillary income 6,428 3,763 17,555 8,081
Golf course operations 50,414   140,699  
Sales of food and beverages - golf 18,871   52,333  
Other golf revenue 12,209   33,832  
Total operating revenues 148,750 24,370 411,627 50,880
Other Income        
Gain on settlement of investments, net 7,007 1,388 49,742 6,451
Gain (loss) on extinguishment of debt   3,359 (3,410) 4,565
Other income, net 7,092 1,963 25,258 9,554
Total other income 14,099 6,710 71,590 20,570
Expenses        
Loan and security servicing expense 159 908 1,424 2,963
Property operating expenses 26,519 15,542 74,092 31,827
Operating expenses - golf 67,576   191,119  
Cost of sales - golf 8,420   23,183  
General and administrative expense 8,539 9,350 27,380 23,495
Management fee to affiliate 8,106 7,166 23,618 24,879
Depreciation and amortization 37,023 7,678 97,812 15,717
Total expenses 156,342 40,644 438,628 98,881
Income from continuing operations before income tax 5,517 30,365 47,381 85,972
Income tax expense 334   1,169  
Income from continuing operations 5,183 30,365 46,212 85,972
Income (loss) from discontinued operations, net of tax 127 (1,121) (4,748) 35,008
Net Income 5,310 29,244 41,464 120,980
Preferred dividends (1,395) (1,395) (4,185) (4,185)
Net loss attributable to noncontrolling interests 21   711  
Income Applicable to Common Stockholders $ 3,936 $ 27,849 $ 37,990 $ 116,795
Income Applicable to Common Stock, per share        
Basic $ 0.06 [1] $ 0.57 [1] $ 0.63 [1] $ 2.67 [1]
Diluted $ 0.06 [1] $ 0.56 [1] $ 0.62 [1] $ 2.60 [1]
Income from continuing operations per share of common stock, after preferred dividends and noncontrolling interests        
Basic $ 0.06 [1] $ 0.59 [1] $ 0.71 [1] $ 1.87 [1]
Diluted $ 0.06 [1] $ 0.58 [1] $ 0.69 [1] $ 1.82 [1]
Income (loss) from discontinued operations per share of common stock        
Basic $ 0.00 [1] $ (0.02) [1] $ (0.08) [1] $ 0.80 [1]
Diluted $ 0.00 [1] $ (0.02) [1] $ (0.08) [1] $ 0.78 [1]
Weighted Average Number of Shares of Common Stock Outstanding        
Basic 62,329,023 [1] 48,895,648 [1] 59,848,506 [1] 43,789,831 [1]
Diluted 63,865,796 [1] 50,171,319 [1] 61,630,175 [1] 44,842,947 [1]
Dividends Declared per Share of Common Stock $ 0.60 [1] $ 0.60 [1] $ 1.80 [1] $ 2.94 [1]
[1] All per share amounts and shares outstanding for all periods reflect the 1-for-3 reverse stock split, which was effective after the close of trading on August 18, 2014 and the 1-for-2 reverse stock split, which was effective after the close of trading on October 22, 2014.