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, 2015
Jun. 30, 2014
Cash Flows From Operating Activities    
Net income $ 17,487 $ 36,155
Adjustments to reconcile net income to net cash provided by operating activities (inclusive of amounts related to discontinued operations):    
Depreciation and amortization 13,883 62,913
Accretion of discount and other amortization 1,997 (10,074)
Net interest income on investments accrued to principal balance (11,485) (11,054)
Non-cash directors' compensation 238 200
Valuation allowance on loans 4,674 2,772
Other-than-temporary impairment on securities $ 9,410  
Straight-lining of rental income   (12,138)
Equity in earnings from equity method investments, net of distributions $ (642) (289)
Gain on settlement of investments (net) (27,877) (42,735)
Unrealized gain on non-hedge derivatives and hedge ineffectiveness (293) (16,862)
Loss/(gain) on extinguishment of debt (489) 3,410
Change in:    
Restricted cash (1,055) 1,941
Receivables and other assets (1,765) 6,572
Accounts payable, accrued expenses and other liabilities (18,670) (4,587)
Net cash (used in) provided by operating activities (14,587) 16,224
Cash Flows From Investing Activities    
Principal repayments from investments 112,084 $ 189,723
Purchase of real estate securities (415,917)  
Proceeds from sale of investments 406,269 $ 763,336
Acquisition and additions to investments in real estate (1,934) (237,197)
Change in restricted cash from investing activities $ 56,774  
Deposit paid on investments   (650)
Net cash provided by investing activities $ 157,276 715,212
Cash Flows From Financing Activities    
Repurchase of CDO bonds payable (10,983)  
Borrowings under debt obligations 391,752 103,065
Repayments of debt obligations (462,180) (763,347)
Margin deposits under repurchase agreements and derivatives (60,046) (12,277)
Return of margin deposits under repurchase agreements and derivatives $ 60,531 12,277
Issuance of common stock   240
Contribution of cash to New Media/New Residential upon spin-off   (23,845)
Common stock dividends paid $ (15,942) (70,290)
Preferred stock dividends paid $ (2,790) (2,790)
Payment of deferred financing costs   $ (2,491)
Proceeds (payments) from settlement of derivative instruments $ (2,555)  
Net cash used in financing activities (102,213) $ (759,458)
Net (Decrease) Increase in Cash and Cash Equivalents 40,476 (28,022)
Cash and Cash Equivalents, Beginning of Period 73,727 42,721
Cash and Cash Equivalents of Discontinued Operations, Beginning of Period 135 63,223
Cash and Cash Equivalents, End of Period 114,338 77,922
Cash and Cash Equivalents of Continuing Operations, End of Period 114,338 29,928
Cash and Cash Equivalents of Discontinued Operations, End of Period   47,994
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest expense 260 1,153
Cash paid during the period for income taxes 10,129 39,409
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Preferred stock dividends declared but not paid 930 930
Common stock dividends declared but not paid 7,977 35,171
Additions to capital lease assets and liabilities $ 2,634  
Reduction of Assets and Liabilities relating to the spin-off of New Media    
Property, plant and equipment   266,385
Goodwill and intangibles, net   271,350
Restricted cash   6,477
Receivables and other assets   101,940
Credit facilities, media   177,955
Accounts payable, accrued expenses and other liabilities   $ 100,695