Supplemental Disclosures Consolidated Statements of Cash Flows

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Supplemental Disclosures Consolidated Statements of Cash Flows

Note 13. Supplemental Disclosures for Consolidated Statements of Cash Flows

As described in Note 2, following the deconsolidation described in Note 1, our financial statements include five consolidated securitization vehicles. The consolidation of these entities has materially impacted our statement of cash flows, primarily the amounts reported as principal collections of loans and repayments of securitized debt obligations. Notwithstanding the gross presentation on our consolidated statement of cash flows, the consolidation of these entities has no impact on our net cash flow.

Interest paid on our outstanding debt obligations during the three months ended March 31, 2012 and 2011 was $12.3 million and $27.4 million, respectively. This includes interest paid by consolidated variable interest entities. The difference between interest expense on our consolidated statement of operations and interest paid is primarily due to non-cash interest expense recorded on amortization of discount of the Five Mile mezzanine loan, interest rate swaps, loan participations sold and deferred interest on various debt obligations.

Net taxes received by us during the three months ended March 31, 2012 were $1.2 million. Net taxes paid by us during the three months ended March 31, 2011 were $410,000. The taxes received in 2012 relate primarily to an income tax refund of Capital Trust, Inc.’s alternative minimum taxes paid in 2011.

Significant non-cash investing and financing activities, which are not presented on our consolidated statements of cash flows, include the repayments of our loan participations sold assets and liabilities.