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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating activities:    
Net loss $ (147,980) $ (166,824)
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in unrealized gain on mortgage loans 157,817 155,306
Net realized gain on sales of mortgage loans (73,077) (80,506)
Net realized gain on sales of real estate (62,132) (94,833)
Real estate depreciation and amortization 45,288 12,790
Selling costs and impairment 30,686 50,003
Accretion of interest on re-performing mortgage loans 0 (107)
Share-based compensation 2,824 493
Amortization of deferred financing costs 5,904 8,840
Changes in operating assets and liabilities:    
Accounts receivable, net (4,925) 6,612
Related party receivables 0 2,180
Deferred leasing costs (598) (69)
Prepaid expenses and other assets (4,205) (4,729)
Accounts payable and accrued liabilities 4,377 19,031
Related party payables (586) 4,926
Net cash used in operating activities (46,607) (86,887)
Investing activities:    
Investment in real estate (61,738) (291,688)
Investment in renovations (26,235) (38,334)
Real estate tax advances (3,964) (7,791)
Mortgage loan resolutions and dispositions 470,591 508,712
Mortgage loan payments 6,648 16,438
Disposition of real estate 211,974 315,973
Investment in derivative financial instrument 0 (55)
Net cash provided by investing activities 597,276 503,255
Financing activities:    
Proceeds from exercise of stock options 243 51
Payment of tax withholdings on share-based compensation plan awards (138) (21)
Repurchase of common stock (5,165) (18,784)
Dividends on common stock (24,149) (30,206)
Repayments of other secured debt (144,971) (348,565)
Proceeds from repurchase and loan agreements 111,088 392,506
Repayments of repurchase and loan agreements (400,269) (460,025)
Payment of deferred financing costs (4,399) (8,320)
Net cash used in financing activities (467,760) (473,364)
Net change in cash, cash equivalents and restricted cash 82,909 (56,996)
Cash, cash equivalents and restricted cash as of beginning of the period 129,223 137,268
Cash, cash equivalents and restricted cash as of end of the period 212,132 80,272
Supplemental disclosure of cash flow information:    
Cash paid for interest 39,715 27,983
Income taxes paid 28 180
Seller financing of assets acquired 167,682 489,259
Transfer of mortgage loans to real estate owned, net 42,320 168,395
Changes in accrued capital expenditures 2,910 (1,695)
Changes in receivables from mortgage loan resolutions and dispositions, payments and real estate tax advances to borrowers, net (6,319) (157)
Changes in receivables from real estate owned dispositions (10,266) (11,295)
Dividends declared but not paid $ 8,209 $ 8,226