Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.19.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash Flows From Operating Activities      
Net (loss) income $ (38,683) $ (42,201) $ 77,336
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 19,704 24,304 26,496
Amortization of discount and premium 1,159 (3,457) (6,445)
Other amortization 10,965 10,564 10,254
Net interest income on investments accrued to principal balance 0 (8,458) (28,886)
Amortization of revenue on golf membership deposit liabilities (1,549) (1,264) (884)
Amortization of prepaid golf member dues (26,545) (28,919) (28,902)
Stock based compensation 2,304 563 351
Impairment 8,240 60 10,381
Equity in (earnings) loss from equity method investment, net of distributions (1,471) (1,536) 1,338
Gain on deconsolidation 0 0 (82,196)
Other (gains) losses, net (9,651) 5,429 (20,629)
Realized and unrealized (gain) loss on investments (131) 1,128 21,906
Loss on extinguishment of debt, net 1,542 294 780
Change in:      
Accounts receivable, net, other current assets and other assets - noncurrent 3,075 (2,159) 595
Accounts payable and accrued expenses, deferred revenue, other current liabilities and other liabilities - noncurrent 23,839 33,277 27,868
Net cash (used in) provided by operating activities (7,202) (12,375) 9,363
Cash Flows From Investing Activities      
Principal repayments from investments 0 100,020 152,769
Proceeds from sale of property and equipment 78,888 0 0
Purchase of real estate securities 0 0 (3,086,654)
Proceeds from sale of securities and loans 0 595,850 2,777,808
Net (payments for) proceeds from settlement of TBAs 0 (4,669) 18,318
Acquisition and additions of property and equipment and intangibles (62,352) (34,292) (12,571)
Deposits paid on property and equipment 0 0
Deposits received on real estate held-for-sale 9,400 0 0
Contributions to equity method investment (7) (343) 0
Net cash provided by (used in) investing activities 25,929 656,566 (150,330)
Cash Flows From Financing Activities      
Borrowings under debt obligations 0 1,651 3,068,280
Repayments of debt obligations (107,790) (606,568) (2,790,931)
Margin deposits under repurchase agreements and derivatives 0 (89,692) (135,758)
Return of margin deposits under repurchase agreements and derivatives 0 87,785 133,991
Golf membership deposits received 3,143 3,431 3,865
Issuance of common stock 258 0 0
Common stock dividends paid 0 (8,019) (32,011)
Preferred stock dividends paid (5,580) (5,580) (5,580)
Payment of deferred financing costs 0 (22) (4,248)
Proceeds from settlement of derivative instruments 417 0 0
Other financing activities (44) (33) (217)
Net cash (used in) provided by financing activities (109,596) (617,047) 237,391
Net Increase (Decrease) in Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent (90,869) 27,144 96,424
Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent, Beginning of Period 173,688 146,544 50,120
Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent, End of Period 82,819 173,688 146,544
Supplemental Disclosure of Cash Flow Information      
Cash paid during the period for interest expense 10,607 12,414 12,316
Cash paid during the period for income taxes 225 1,700 386
Supplemental Schedule of Non-Cash Investing and Financing Activities      
Common stock dividends declared but not paid 0 0 8,019
Preferred stock dividends declared but not paid 930 930 930
Financing costs accrued but not paid 0 0 22
Additions to capital lease assets and liabilities 4,442 4,265 8,240
Changes in property and equipment not yet paid for 3,174 8,557 0
Option exercise 0 0 410
Property and equipment sold but not settled $ 0 $ 800 $ 0