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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:  
Net income (loss)$ 268,399$ (195,259)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:  
Net impairments recognized in earnings39,77361,704
(Recovery of) provision for loan losses(34,401)150,143
Valuation allowance on loans held for sale2246,036
Gain on extinguishment of debt(271,031)(648)
Income from equity investments(2,105)(2,358)
Employee stock-based compensation411107
Incentive awards plan expense3,395 
Deferred directors' compensation150150
Amortization of premiums/discounts on loans and securities and deferred interest on loans(969)(2,581)
Amortization of deferred gains and losses on settlement of swaps(75)(74)
Amortization of deferred financing costs and premiums/discounts on debt obligations9,3045,596
Deferred interest on senior credit facility 2,954
Loss on interest rate swaps not designated as cash flow hedges6,255 
Changes in assets and liabilities, net:  
Accrued interest receivable3,406351
Deferred income taxes(1,093)877
Prepaid expenses and other assets6241,178
Accounts payable and accrued expenses(2,931)56
Net cash provided by operating activities19,33628,232
Cash flows from investing activities:  
Principal collections and proceeds from securities70,92935,806
Add-on fundings under existing loan commitments (1,562)
Distributions from equity investments4,345 
Principal collections of loans receivable1,879,041183,761
Proceeds from disposition of loans5,75023,548
Contributions to unconsolidated subsidiaries(3,413)(2,917)
Distributions from unconsolidated subsidiaries3,83929
Increase in restricted cash(13,715) 
Net cash provided by investing activities1,946,776238,665
Cash flows from financing activities:  
Repayments under repurchase obligations(306,042)(42,568)
Repayments under senior credit facility(22,932)(3,750)
Repayment of junior subordinated notes(4,640) 
Borrowing under mezzanine loan83,000 
Repayments under mezzanine loan(20,000) 
Repayment of securitized debt obligations(1,679,970)(224,384)
Payment of financing expenses(11,126) 
Purchase of noncontrolling interests(142) 
Purchase of secured notes(405) 
Vesting of restricted class A common stock(85) 
Net cash used in financing activities(1,962,342)(270,702)
Net increase (decrease) in cash and cash equivalents3,770(3,805)
Cash and cash equivalents at beginning of period24,44927,954
Cash and cash equivalents at end of period$ 28,219$ 24,149