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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net income (loss) $ (26,131) $ 17,720
Adjustments to reconcile net income (loss) to cash flows from operating activities:    
Provision for (recovery of) loan losses [1] 30,944 (6,865)
Impairment of assets 5,590 21,741
Depreciation and amortization 49,804 55,157
Payments for withholding taxes upon vesting of stock-based compensation (1,683) (18,482)
Non-cash expense for stock-based compensation 10,066 8,544
Amortization of discounts/premiums and deferred financing costs on debt obligations, net 12,745 12,937
Amortization of discounts/premiums and deferred interest on loans, net (61,403) (44,953)
(Gain) loss from sales of loans 0 (19,067)
Earnings from equity method investments (25,904) (76,848)
Distributions from operations of other investments 13,487 76,719
Deferred operating lease income (5,374) (6,787)
Income from sales of real estate and land development (72,294) (63,357)
Loss on early extinguishment of debt, net 279 24,953
Debt discount and prepayment penalty on repayments and repurchases of debt obligations (576) (14,532)
Other operating activities, net 12,292 33,732
Changes in assets and liabilities:    
Changes in accrued interest and operating lease income receivable, net 834 1,189
Changes in deferred expenses and other assets, net 97 (4,904)
Changes in accounts payable, accrued expenses and other liabilities (29,737) (7,247)
Cash flows used in operating activities (86,964) (10,350)
Cash flows from investing activities:    
Originations and fundings of loans receivable, net (435,700) (361,858)
Capital expenditures on real estate assets (122,588) (103,511)
Acquisitions of real estate assets 0 (2,964)
Repayments of and principal collections on loans receivable and other lending investments, net 238,468 454,951
Net proceeds from sales of loans receivable 6,655 65,029
Net proceeds from sales of real estate and land development 310,736 331,733
Distributions from other investments 93,156 55,567
Contributions to other investments (9,304) (157,431)
Changes in restricted cash held in connection with investing activities (9,065) 27,187
Other investing activities, net 12,347 (998)
Cash flows from (used in) investing activities 84,705 307,705
Cash flows from financing activities:    
Borrowings from debt obligations 549,000 1,349,822
Repayments of debt obligations (430,048) (1,445,635)
Proceeds from loan participations payable 138,075 0
Preferred dividends paid (38,490) (38,490)
Repurchase of stock (19,004) 0
Redemption of HPUs (9,811) 0
Payments for deferred financing costs (2,255) (19,552)
Other financing activities, net (939) (4,280)
Cash flows from (used in) financing activities 186,528 (158,135)
Effect of exchange rate changes on cash 412 0
Changes in cash and cash equivalents 184,681 139,220
Cash and cash equivalents at beginning of period 472,061 513,568
Cash and cash equivalents at end of period $ 656,742 $ 652,788
[1] For the three and nine months ended September 30, 2015, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.1 million and $0.6 million, respectively. 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.