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, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash Flows From Operating Activities      
Net income $ 77,336 $ 21,554 $ 32,394
Adjustments to reconcile net income to net cash provided by (used in) operating activities (inclusive of amounts related to discontinued operations):      
Depreciation and amortization 26,496 28,645 117,594
Amortization of discount and premium (6,445) (2,555) (14,482)
Other amortization 10,254 10,782 10,663
Net interest income on investments accrued to principal balance (28,886) (27,246) (20,386)
Amortization of revenue on golf membership deposit liabilities (884) (509) (167)
Amortization of prepaid golf member dues (28,902) (29,558) (28,071)
Valuation allowance (reversal) on loans 4,039 9,541 (2,419)
Other-than-temporary impairment on securities and other investments 6,342 2,355 0
Change in fair value of contingent consideration 0 0 (1,500)
Straight-lining of rental income 0 0 (21,794)
Equity in loss (earnings) from equity method investees, net of distributions 1,338 6,194 (954)
Gain on deconsolidation (82,130) 0 0
Gain on settlement of investments, net (20,555) (19,305) (51,380)
Unrealized loss on securities, intent-to-sell 23,128 0 0
Unrealized (gain) loss on non-hedge derivatives and hedge ineffectiveness (1,222) (1,758) (17,565)
Loss (gain) on extinguishment of debt, net 780 (15,306) 3,410
Non-cash directors' compensation 351 313 321
Change in:      
Restricted cash (6,828) (2,344) 1,464
Receivables and other assets 595 (1,805) (314)
Accounts payable, accrued expenses and other liabilities 28,571 18,361 30,665
Net cash provided by (used in) operating activities 3,378 (2,641) 37,479
Cash Flows From Investing Activities      
Principal repayments from investments 150,459 128,191 245,447
Purchase of real estate securities (3,086,654) (1,409,693) (404,638)
Proceeds from sale of investments 2,777,808 1,425,480 798,580
Net proceeds from settlement of TBAs 18,318 0 0
Acquisition and additions of investments in real estate (12,571) (7,637) (315,454)
Funds reserved for future capital expenditures 0 0 (3,424)
Change in restricted cash from investing activities 0 56,774 0
Deposits paid on investments 0 0 (655)
Net cash (used in) provided by investing activities (152,640) 193,115 319,856
Cash Flows From Financing Activities      
Repurchases of debt obligations 0 (152,281) 0
Borrowings under debt obligations 3,068,280 1,966,666 668,003
Repayments of debt obligations (2,788,183) (1,983,438) (831,042)
Margin deposits under repurchase agreements and derivatives (131,443) (130,398) (36,752)
Return of margin deposits under repurchase agreements and derivatives 133,991 128,430 38,079
Golf membership deposits received 3,865 4,711 3,518
Issuance of common stock 0 0 198,702
Costs related to issuance of common stock 0 0 (595)
Contribution of cash upon spin-off 0 0 (269,091)
Common stock dividends paid (32,011) (31,897) (145,299)
Preferred stock dividends paid (5,580) (5,580) (5,580)
Payment of deferred financing costs (4,248) (754) (4,592)
Net (payments) from settlement of derivative instruments 0 (13,519) (4,151)
Other financing activities (920) (625) (617)
Net cash provided by (used in) financing activities 243,751 (218,685) (389,417)
Net Decrease in Cash and Cash Equivalents 94,489 (28,211) (32,082)
Cash and Cash Equivalents of Continuing Operations, Beginning of Period 45,651 73,727 42,721
Cash and Cash Equivalents of Discontinued Operations, Beginning of Period 0 135 63,223
Cash and Cash Equivalents, End of Period 140,140 45,651 73,862
Cash and Cash Equivalents of Continuing Operations, End of Period 140,140 45,651 73,727
Cash and Cash Equivalents of Discontinued Operations, End of Period 0 0 135
Supplemental Disclosure of Cash Flow Information      
Cash paid during the period for interest expense 12,316 16,438 73,735
Cash paid during the period for income taxes 386 268 1,355
Supplemental Schedule of Non-Cash Investing and Financing Activities      
Common stock dividends declared but not paid 8,019 7,999 7,971
Preferred stock dividends declared but not paid 930 930 930
Financing costs accrued but not paid 22 0 0
Additions to capital lease assets and liabilities 8,240 7,182 6,529
Option exercise $ 410 $ 752 $ 3,369