Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows From Operating Activities    
Net loss $ (16,295) $ (12,954)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 5,548 5,793
Amortization of discount and premium 288 620
Other amortization 2,711 2,614
Net interest income on investments accrued to principal balance 0 (3,431)
Amortization of revenue on golf membership deposit liabilities (349) (305)
Amortization of prepaid golf membership dues (6,270) (6,283)
Non-cash directors’ compensation 0 75
Stock-based compensation 278 0
Impairment 1,473 0
Equity in earnings from equity method investments, net of distributions (379) (379)
Loss on settlement of investments, net 2 473
Unrealized (gain) loss on investments (242) 3,060
Loss on extinguishment of debt 52 146
Change in:    
Accounts receivable, net, other current assets and other assets - noncurrent (1,983) (645)
Accounts payable and accrued expenses, deferred revenue, other current liabilities and other liabilities - noncurrent (353) 1,404
Net cash used in operating activities (15,519) (9,812)
Cash Flows From Investing Activities    
Principal repayments from investments 0 10,707
Proceeds from sale of securities and loans 0 286,639
Net proceeds for settlement of TBAs 0 2,474
Acquisition and additions of property and equipment and intangibles (13,080) (3,971)
Deposits paid on property and equipment (2,298) (80)
Net cash (used in) provided by investing activities (15,378) 295,769
Cash Flows From Financing Activities    
Borrowings under debt obligations 0 1,007
Repayments of debt obligations (1,141) (292,237)
Margin deposits under repurchase agreements and derivatives 0 (48,406)
Return of margin deposits under repurchase agreements and derivatives 0 50,156
Golf membership deposits received 861 695
Common stock dividends paid 0 (8,019)
Preferred stock dividends paid (1,395) (1,395)
Payment of deferred financing costs 0 (22)
Other financing activities (105) (97)
Net cash used in financing activities (1,780) (298,318)
Net Decrease in Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent (32,677) (12,361)
Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent, Beginning of Period 173,688 146,544
Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent, End of Period 141,011 134,183
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Preferred stock dividends declared but not paid 930 930
Additions to capital lease assets and liabilities 1,170 254
Additions to property and equipment and accounts payable $ 6,599 $ 0