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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net income (loss) $ 17,720 $ (65,244)
Adjustments to reconcile net income (loss) to cash flows from operating activities:    
Provision for (recovery of) loan losses (6,865) [1] 5,392 [1]
Impairment of assets 21,741 7,335
Depreciation and amortization 55,157 53,873
Land cost of sales 10,028 0
Payments for withholding taxes upon vesting of stock-based compensation (18,482) (13,985)
Non-cash expense for stock-based compensation 8,544 14,484
Amortization of discounts/premiums and deferred financing costs on debt 12,937 15,690
Amortization of discounts/premiums and deferred interest on loans (44,953) (26,356)
(Gain) loss from sales of loans (19,067) 596
Earnings from equity method investments (76,848) (34,346)
Distributions from operations of equity method investments 76,719 12,825
Deferred operating lease income (6,787) (9,489)
Income from sales of real estate (61,465) (72,092)
Gain from discontinued operations 0 (22,488)
Loss on early extinguishment of debt, net 24,953 16,768
Repayments and repurchases of debt—debt discount and prepayment penalty (14,532) (22,218)
Other operating activities, net 33,732 3,385
Changes in assets and liabilities:    
Changes in accrued interest and operating lease income receivable, net 1,189 5,460
Changes in deferred expenses and other assets, net (4,904) (13,312)
Changes in accounts payable, accrued expenses and other liabilities (7,247) (6,573)
Cash flows from operating activities 1,570 (150,295)
Cash flows from investing activities:    
Investment originations and fundings (361,858) (170,762)
Capital expenditures on real estate assets (103,511) (76,970)
Acquisitions of real estate assets (2,964) [2] (8,790) [3]
Repayments of and principal collections on loans 454,951 536,170
Net proceeds from sales of loans 65,029 81,171
Net proceeds from sales of real estate 319,813 360,848
Net proceeds from sale of other investments 0 220,281
Distributions from other investments 55,567 27,011
Contributions to other investments (157,431) (7,411)
Changes in restricted cash held in connection with investing activities 27,187 (22,527)
Other investing activities, net (998) 3,292
Cash flows from investing activities 295,785 942,313
Cash flows from financing activities:    
Borrowings from debt obligations 1,349,822 1,237,673
Repayments of debt obligations (1,445,635) (1,678,277)
Preferred dividends paid (38,490) (36,190)
Proceeds from issuance of preferred stock 0 193,510
Payments for deferred financing costs (19,552) (13,383)
Other financing activities, net (4,280) (16,243)
Cash flows from financing activities (158,135) (312,910)
Changes in cash and cash equivalents 139,220 479,108
Cash and cash equivalents at beginning of period 513,568 256,344
Cash and cash equivalents at end of period $ 652,788 $ 735,452
[1] For the three and nine months ended September 30, 2014, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.9 million and $8.5 million, respectively. For the three and nine months ended September 30, 2013, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $44.1 million and $55.1 million, respectively.
[2] During the nine months ended September 30, 2014, the Company purchased two residential units for $3.0 million.
[3] During the nine months ended September 30, 2013, the Company paid $8.8 million to redeem a noncontrolling member's interest.