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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Oct. 31, 2016
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Cash Flows from Operating Activities:            
Net income   $ 26,735 $ 23,282 $ 57,767 $ 54,666  
Adjustments to reconcile net income to net cash provided by operating activities:            
Net amortization       2,248 5,713  
Realized gain on investment securities and related hedges, net   (4,059) (2,306) (3,951) (5,333)  
Net gain on distressed residential mortgage and residential mortgage loans       (21,741) (11,990)  
Unrealized (gain) loss on investment securities and related hedges, net   (1,192) (1,563) (1,687) 1,594  
Gain on remeasurement of existing membership interest in businesses acquired       0 (5,052)  
Gain on bargain purchase on businesses acquired       0 (65)  
Unrealized gain on loans and debt held in multi-family securitization trusts       (5,184) (2,340)  
Net decrease in loans held for sale       24 432  
Recovery of loan losses   (563) 26 (452) (661)  
Income from unconsolidated entity, mezzanine loan and preferred equity investments       (21,507) (16,934)  
Distributions of income from unconsolidated entity, mezzanine loan and preferred equity investments       17,348 12,085  
Amortization of stock based compensation, net       1,268 514  
Changes in operating assets and liabilities:            
Receivables and other assets       (7,823) 8,288  
Accrued expenses and other liabilities       9,875 3,687  
Net cash provided by operating activities       26,185 44,604  
Cash Flows from Investing Activities:            
Acquisition of businesses, net of cash and restricted cash acquired       0 (28,447)  
Cash received from initial consolidation of variable interest entities       112 0  
Proceeds from sales of investment securities       100,937 198,280  
Purchases of investment securities       (129,923) (339,650)  
Redemption of FHLBI stock       0 5,423  
Purchases of other assets       (23) (85)  
Capital expenditures on operating real estate and real estate held for sale in consolidated variable interest entities       (191) 0  
Funding of mezzanine loans, equity and preferred equity investments       (45,101) (40,860)  
Principal repayments received on mezzanine loans and preferred equity investments       18,947 464  
Return of capital from unconsolidated entity investments       23,395 6,002  
Net proceeds on other derivative instruments settled during the period       3,950 8,155  
Principal paydowns on investment securities - available for sale       170,133 84,592  
Proceeds from sale of real estate owned       5,656 1,525  
Purchases of residential mortgage loans and distressed residential mortgage loans       (81,472) (52,130)  
Purchases of investments held in multi-family securitization trusts       (65,453) 0  
Net cash provided by investing activities       299,227 55,007  
Cash Flows from Financing Activities:            
(Payments made on) net proceeds from financing arrangements, including FHLBI advances and payments       (197,590) 64,185  
Proceeds from issuance of convertible notes, net       126,995 0  
Proceeds from issuance of securitized debt       0 167,724  
Common stock issuance, net       574 385  
Payments made on mortgages and notes payable in consolidated variable interest entities       (266) 0  
Proceeds from mortgages and notes payable in consolidated variable interest entities       4,425 0  
Payments of secured debt       (62,098) (53,354)  
Redemption of preferred debt       0 (16,255)  
Net cash used in financing activities       (328,950) (38,438)  
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash       (3,538) 61,173  
Cash, Cash Equivalents and Restricted Cash - Beginning of Period $ 143,915     139,530 82,742 $ 82,742
Cash, Cash Equivalents and Restricted Cash - End of Period   135,992 143,915 135,992 143,915 $ 139,530
Supplemental Disclosure:            
Cash paid for interest       245,891 226,555  
Cash paid for income taxes       2,153 2,172  
Non-Cash Investment Activities:            
Sales of investment securities not yet settled       1,261 0  
Purchase of investment securities not yet settled       181,718 290,833  
Consolidation of multi-family loans held in securitization trusts       1,537,526 0  
Consolidation of multi-family collateralized debt obligations       1,472,073 0  
Transfer from residential loans to real estate owned       6,221 5,844  
Common Stock            
Cash Flows from Financing Activities:            
Dividends paid on stock       (71,501) (78,811)  
Non-Cash Financing Activities:            
Dividends declared on stock to be paid in subsequent period   22,371 26,296 22,371 26,296  
Preferred Stock            
Cash Flows from Financing Activities:            
Dividends paid on stock       (9,675) (9,675)  
Non-Cash Financing Activities:            
Dividends declared on stock to be paid in subsequent period   $ 3,225 $ 3,225 3,225 3,225  
Distressed residential mortgage loans            
Cash Flows from Investing Activities:            
Principal repayments received on loans       14,190 19,607  
Distressed residential mortgage loans held in securitization trust (net)            
Cash Flows from Investing Activities:            
Principal repayments received on loans       179,108 100,217  
Multi-family collateralized debt obligations, at fair value            
Cash Flows from Investing Activities:            
Principal repayments received on loans       104,962 91,914  
Residential collateralized debt obligations            
Cash Flows from Financing Activities:            
Payments of secured debt       (14,856) (20,736)  
Collateralized debt obligation            
Cash Flows from Financing Activities:            
Payments of secured debt $ (55,900)     $ (104,958) $ (91,901)