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
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash Flows From Operating Activities    
Net income $ 76,453 $ 17,487
Adjustments to reconcile net income to net cash (used in) provided by operating activities (inclusive of amounts related to discontinued operations):    
Depreciation and amortization 12,515 13,883
Accretion of discount and other amortization 6,412 1,997
Net interest income on investments accrued to principal balance (16,458) (11,485)
Amortization of revenue on golf membership deposit liabilities (401) (217)
Amortization of prepaid golf membership dues (13,181) (13,275)
Non-cash directors’ compensation 249 238
Valuation allowance on loans 2,843 4,674
Other-than-temporary impairment on securities and other investments 110 9,410
Equity in earnings from equity method investments, net of distributions (745) (642)
Gain on deconsolidation (82,130) 0
(Gain) loss on settlement of investments, net 1,400 (27,877)
Unrealized (gain) loss on non-hedge derivatives 1,957 (293)
Loss (gain) on extinguishment of debt, net 380 (489)
Change in:    
Restricted cash (2,214) (1,055)
Receivables and other assets (3,852) (1,765)
Accounts payable, accrued expenses and other liabilities 5,183 (7,270)
Net cash used in operating activities (11,479) (16,679)
Cash Flows From Investing Activities    
Principal repayments from investments 12,268 112,084
Purchase of real estate securities (745,196) (415,917)
Proceeds from sale of investments 745,865 406,269
Payments for settlement of TBAs (9,945) 0
Acquisition and additions of investments in real estate (6,540) (1,934)
Change in restricted cash from investing activities 0 56,774
Funds reserved for capital expenditures (230) 0
Net cash (used in) provided by investing activities (3,778) 157,276
Cash Flows From Financing Activities    
Repurchases of debt obligations 0 (10,983)
Borrowings under debt obligations 832,174 391,752
Repayments of debt obligations (790,369) (462,180)
Margin deposits under repurchase agreements and derivatives (18,695) (60,046)
Return of margin deposits under repurchase agreements and derivatives 19,753 60,531
Golf membership deposits received 1,948 2,440
Common stock dividends paid (15,998) (15,942)
Preferred stock dividends paid (2,790) (2,790)
Payment of deferred financing costs (3,654) 0
Payments for settlement of derivative instruments 0 (2,555)
Other financing activities (502) (348)
Net cash provided by (used in) financing activities 21,867 (100,121)
Net Increase in Cash and Cash Equivalents 6,610 40,476
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 52,261 114,338
Cash and Cash Equivalents of Continuing Operations, End of Period 52,261 114,338
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 7,977
Financing costs accrued but not paid 616 0
Additions to capital lease assets and liabilities $ 4,731 $ 2,634