Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash Flows From Operating Activities      
Net income (loss) $ 21,554 $ 32,394 $ 152,341
Adjustments to reconcile net income to net cash provided by (used in) operating activities (inclusive of amounts related to discontinued operations):      
Depreciation and amortization 28,645 117,594 30,973
Accretion of discount and other amortization 8,227 (3,819) (30,621)
Net interest income on investments accrued to principal balance (27,246) (20,386) (26,148)
Amortization of revenue on golf membership deposit liabilities (509) (167) 0
Amortization of prepaid golf member dues (29,558) (28,071) 0
Valuation allowance (reversal) on loans 9,541 (2,419) (25,035)
Other-than-temporary impairment on securities and other investments 9,860 0 5,266
Change in fair value on investments in excess mortgage servicing rights 0 0 (3,894)
Change in fair value of investments in equity method investees 0 0 (19,170)
Change in fair value of contingent consideration 0 (1,500) 0
Straight-lining of rental income 0 (21,794) 0
Equity in earnings from equity method investees, net of distributions (1,311) (954) (677)
Gain on settlement of investments (net) (19,305) (51,380) (17,369)
Unrealized gain on non-hedge derivatives and hedge ineffectiveness (1,758) (17,565) (10,467)
Loss/(gain) on extinguishment of debt, net (15,306) 3,410 (4,565)
Non-cash directors' compensation 313 321 350
Change in:      
Restricted cash (2,344) 1,464 10,595
Receivables and other assets (1,805) (314) (19,077)
Accounts payable, accrued expenses and other liabilities 18,361 30,665 63,684
Net cash (used in) provided by operating activities (2,641) 37,479 106,186
Cash Flows From Investing Activities      
Principal repayments from investments 128,191 245,447 494,443
Restructuring of investments in media and golf, net of cash and cash equivalents acquired 0 0 (60,654)
Purchase of real estate securities (1,409,693) (404,638) (1,411,002)
Purchase of real estate related and other loans 0 0 (382,771)
Proceeds from sale of investments 1,425,480 798,580 46,536
Acquisition and additions of investments in real estate (7,637) (315,454) (1,254,214)
Funds reserved for future capital expenditures 0 (3,424) 0
Change in restricted cash from investing activities 56,774 0 0
Return of investment in excess mortgage servicing rights 0 0 15,803
Deposits paid on investments 0 (655) (505)
Contributions to equity method investees, net of distributions 0 0 (374,367)
Net cash provided by (used in) investing activities 193,115 319,856 (2,926,731)
Cash Flows From Financing Activities      
Repurchases of debt obligations (152,281) 0 (31,285)
Borrowings under debt obligations 1,966,666 668,003 3,271,588
Repayments of debt obligations 1,983,438 831,042 1,400,255
Margin deposits under repurchase agreements and derivatives (130,398) (36,752) (207,905)
Return of margin deposits under repurchase agreements and derivatives (128,430) (38,079) (175,405)
Golf membership deposits received 4,711 3,518 0
Issuance of common stock 0 198,702 1,264,769
Costs related to issuance of common stock 0 (595) (2,471)
Contribution of cash upon spin-off 0 (269,091) (181,582)
Common Stock dividends paid (31,897) (145,299) (165,989)
Preferred Stock dividends paid (5,580) (5,580) (5,580)
Payment of deferred financing costs (754) (4,592) (40,633)
Proceeds (payments) from settlement of derivative instruments (13,519) (4,151) 217
Restricted cash returned from refinancing activities 0 0 18,312
Other financing activities (625) (617) 0
Net cash (used in) provided by financing activities (218,685) (389,417) 2,694,591
Net Decrease in Cash and Cash Equivalents (28,211) (32,082) (125,954)
Cash and Cash Equivalents of Continuing Operations, Beginning of Period 73,727 42,721 221,798
Cash and Cash Equivalents of Discontinued Operations, Beginning of Period 135 63,223 10,100
Cash and Cash Equivalents, End of Period 45,651 73,862 105,944
Cash and Cash Equivalents of Continuing Operations, End of Period 45,651 73,727 42,721
Cash and Cash Equivalents of Discontinued Operations, End of Period 0 135 63,223
Supplemental Disclosure of Cash Flow Information      
Cash paid during the period for interest expense 16,438 73,735 48,892
Cash paid during the period for income taxes 268 1,355 899
Supplemental Schedule of Non-Cash Investing and Financing Activities      
Common stock dividends declared but not paid 7,999 7,971 35,145
Preferred stock dividends declared but not paid 930 930 930
Assumption of mortgage notes payable, at fair value 0 0 43,128
Issuance of seller financing for acquisition of senior housing properties, at fair value 0 0 9,412
Addition to capital lease assets and liabilities 7,182 6,529 0
Option exercise $ 752 $ 3,369 $ 885