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)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
USD ($)
Mar. 31, 2015
USD ($)
Cash Flows From Operating Activities    
Net income (loss) $ 73,295 $ (878)
Adjustments to reconcile net income to net cash (used in) provided by operating activities (inclusive of amounts related to discontinued operations):    
Depreciation and amortization 6,031 6,764
Accretion of discount and other amortization 3,098 (638)
Net interest income on investments accrued to principal balance (7,931) (4,840)
Amortization of revenue on golf membership deposit liabilities (185) (92)
Amortization of prepaid golf member dues (6,222) (6,196)
Valuation allowance on loans 2,198 357
Other-than-temporary impairment on securities and other investments 110 48
Equity in earnings from equity method investments, net of distributions (371) (314)
Gain on deconsolidation (82,130) 0
(Gain) loss on settlement of investments, net 1,725 (1,043)
Unrealized loss on non-hedge derivatives and hedge ineffectiveness 341 1,029
Loss on extinguishment of debt, net 232 0
Change in:    
Restricted cash (429) (1,570)
Receivables and other assets (1,313) (2,362)
Accounts payable, accrued expenses and other liabilities 2,250 (2,333)
Net cash used in operating activities (9,301) (12,068)
Cash Flows From Investing Activities    
Principal repayments from investments 5,444 37,961
Purchase of real estate securities (364,072) (407,627)
Proceeds from sale of investments 361,341 398,395
Payments for settlement of TBAs (7,536) 0
Acquisition and additions of investments in real estate (1,972) (421)
Funds reserved for capital expenditures (53) 0
Net cash (used in) provided by investing activities (6,848) 28,308
Cash Flows From Financing Activities    
Borrowings under debt obligations 363,741 391,244
Repayments of debt obligations (352,211) (409,350)
Margin deposits under repurchase agreements and derivatives (9,406) (29,985)
Return of margin deposits under repurchase agreements and derivatives 9,636 27,650
Golf membership deposits received 679 966
Common stock dividends paid (7,999) (7,971)
Preferred stock dividends paid (1,395) (1,395)
Payment of deferred financing costs (263) 0
Payments for settlement of derivative instruments 0 (4,872)
Other financing activities (158) (182)
Net cash provided by (used in) financing activities 2,624 (33,895)
Net (Decrease) Increase in Cash and Cash Equivalents (13,525) (17,655)
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 32,126 56,207
Cash and Cash Equivalents of Continuing Operations, End of Period 32,126 56,002
Cash and Cash Equivalents of Discontinued Operations, End of Period 0 205
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 7,999 7,971
Additions to capital lease assets and liabilities $ 718 $ 243