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, 2017
Jun. 30, 2016
Cash Flows From Operating Activities    
Net (loss) income $ (17,660) $ 76,453
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 11,765 12,515
Amortization of discount and premium 1,176 1,233
Other amortization 5,250 5,179
Net interest income on investments accrued to principal balance (7,096) (16,458)
Amortization of revenue on golf membership deposit liabilities (621) (401)
Amortization of prepaid golf membership dues (13,208) (13,181)
Non-cash directors’ compensation 375 249
Valuation allowance on loans 32 2,843
Other-than-temporary impairment on securities 0 110
Equity in earnings from equity method investments, net of distributions (762) (745)
Gain on deconsolidation 0 (82,130)
Loss on settlement of investments, net 7,384 1,400
Unrealized loss on securities, intent-to-sell 558 0
Unrealized (gain) loss on non-hedge derivatives (1,114) 1,957
Loss on extinguishment of debt 182 380
Change in:    
Restricted cash 1,067 (2,214)
Receivables and other assets (2,072) (3,852)
Accounts payable, accrued expenses and other liabilities 4,450 5,183
Net cash used in operating activities (10,294) (11,479)
Cash Flows From Investing Activities    
Principal repayments from investments 19,376 12,268
Purchase of real estate securities 0 (745,196)
Proceeds from sale of investments 286,751 745,865
Net payments for settlement of TBAs (4,441) (9,945)
Acquisition and additions of investments in real estate (7,752) (6,540)
Funds reserved for capital expenditures 0 (230)
Deposits paid on investments (147) 0
Net cash provided by (used in) investing activities 293,787 (3,778)
Cash Flows From Financing Activities    
Borrowings under debt obligations 1,651 832,174
Repayments of debt obligations (296,748) (790,369)
Margin deposits under repurchase agreements and derivatives (73,735) (18,695)
Return of margin deposits under repurchase agreements and derivatives 72,653 19,753
Golf membership deposits received 1,733 1,948
Common stock dividends paid (8,019) (15,998)
Preferred stock dividends paid (2,790) (2,790)
Payment of deferred financing costs (22) (3,654)
Other financing activities (326) (502)
Net cash (used in) provided by financing activities (305,603) 21,867
Net (Decrease) Increase in Cash and Cash Equivalents (22,110) 6,610
Cash and Cash Equivalents, Beginning of Period 140,140 45,651
Cash and Cash Equivalents, End of Period 118,030 52,261
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Preferred stock dividends declared but not paid 930 0
Financing costs accrued but not paid 0 616
Additions to capital lease assets and liabilities 2,149 4,731
Additions to investment in real estate and accounts payable $ 1,870 $ 0