Supplemental Disclosures for Consolidated Statements of Cash Flows

12 Months Ended

Dec. 31, 2012

Supplemental Disclosures For Consolidated Statements Of Cash Flows

Supplemental Disclosures for Consolidated Statements of Cash Flows

Note 13. Supplemental Disclosures for Consolidated Statements of Cash Flows

As described in Note 1, our financial statements have historically included the results of consolidated VIEs, including CT Legacy REIT and various 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 years ended December 31, 2012, 2011, and 2010 was $26.4 million, $81.7 million and $105.5 million, respectively. This includes interest paid by consolidated securitization vehicles and CT Legacy REIT. The difference between interest expense on our consolidated statement of operations and interest paid is primarily due to non-cash interest expense recorded from the amortization of discount of the Five Mile Capital mezzanine loan, interest rate swaps, loan participations sold, and deferred interest on various debt obligations.

Net taxes paid by us during the years ended December 31, 2012, 2011, and 2010 were $2.7 million, $4.8 million, and $603,000, respectively.

Significant non-cash investing and financing activities that are not presented on our consolidated statements of cash flows include (i) the repayments of our loan participations sold assets and liabilities, and (ii) the consolidation and deconsolidation of securitization vehicles during the year.