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, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash Flows From Operating Activities      
Net (loss) income $ (42,201) $ 77,336 $ 21,554
Adjustments to reconcile net income to net cash provided by (used in) operating activities (inclusive of amounts related to discontinued operations):      
Depreciation and amortization 24,304 26,496 28,645
Amortization of discount and premium (3,457) (6,445) (2,555)
Other amortization 10,564 10,254 10,782
Net interest income on investments accrued to principal balance (8,458) (28,886) (27,246)
Amortization of revenue on golf membership deposit liabilities (1,264) (884) (509)
Amortization of prepaid golf member dues (28,919) (28,902) (29,558)
Impairment 60 10,381 11,896
Equity in (earnings) loss from equity method investment, net of distributions (1,536) 1,338 6,194
Gain on deconsolidation 0 (82,130) 0
Loss (gain) on settlement of investments, net 5,429 (20,555) (19,305)
Unrealized loss (gain) on investments 1,128 21,906 (1,758)
Loss (gain) on extinguishment of debt, net 294 780 (15,306)
Non-cash directors' compensation 563 351 313
Change in:      
Restricted cash 408 (6,828) (2,344)
Accounts receivable, net, other current assets and other assets - noncurrent (2,159) 595 (1,805)
Accounts payable and accrued expenses, deferred revenue, other current liabilities and other liabilities - noncurrent 34,089 28,571 18,361
Net cash (used in) provided by operating activities (11,155) 3,378 (2,641)
Cash Flows From Investing Activities      
Principal repayments from investments 100,020 150,459 128,191
Purchase of real estate securities 0 (3,086,654) (1,409,693)
Proceeds from sale of securities and loans 595,850 2,777,808 1,425,480
Net (payments for) proceeds from settlement of TBAs (4,669) 18,318 0
Acquisition and additions of property and equipment and intangibles (33,451) (12,571) (7,637)
Change in restricted cash from investing activities 0 0 56,774
Deposits paid on property and equipment (841) 0 0
Contributions to equity method investment (343) 0 0
Net cash provided by (used in) investing activities 656,566 (152,640) 193,115
Cash Flows From Financing Activities      
Repurchases of debt obligations 0 0 (152,281)
Borrowings under debt obligations 1,651 3,068,280 1,966,666
Repayments of debt obligations (606,568) (2,788,183) (1,983,438)
Margin deposits under repurchase agreements and derivatives (89,692) (131,443) (130,398)
Return of margin deposits under repurchase agreements and derivatives 87,785 133,991 128,430
Golf membership deposits received 3,431 3,865 4,711
Common stock dividends paid (8,019) (32,011) (31,897)
Preferred stock dividends paid (5,580) (5,580) (5,580)
Payment of deferred financing costs (22) (4,248) (754)
Net payments from settlement of derivative instruments 0 0 (13,519)
Other financing activities (845) (920) (625)
Net cash (used in) provided by financing activities (617,859) 243,751 (218,685)
Net Increase (Decrease) in Cash and Cash Equivalents 27,552 94,489 (28,211)
Cash and Cash Equivalents of Continuing Operations, Beginning of Period 140,140 45,651 73,727
Cash and Cash Equivalents of Discontinued Operations, Beginning of Period 0 0 135
Cash and Cash Equivalents, End of Period 167,692 140,140 45,651
Cash and Cash Equivalents of Continuing Operations, End of Period 167,692 140,140 45,651
Supplemental Disclosure of Cash Flow Information      
Cash paid during the period for interest expense 12,414 12,316 16,438
Cash paid during the period for income taxes 1,700 386 268
Supplemental Schedule of Non-Cash Investing and Financing Activities      
Common stock dividends declared but not paid 0 8,019 7,999
Preferred stock dividends declared but not paid 930 930 930
Financing costs accrued but not paid 0 22 0
Additions to capital lease assets and liabilities 4,265 8,240 7,182
Additions to property and equipment and accounts payable 8,557 0 0
Option exercise 0 410 752
Property and equipment sold but not settled $ 800 $ 0 $ 0