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
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flows From Operating Activities    
Net loss $ (21,100) $ (17,660)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 9,863 11,765
Amortization of discount and premium 588 1,176
Other amortization 5,481 5,250
Net interest income on investments accrued to principal balance 0 (7,096)
Amortization of revenue on golf membership deposit liabilities (726) (621)
Amortization of prepaid golf membership dues (12,990) (13,208)
Non-cash directors’ compensation 0 375
Stock-based compensation 808 0
Impairment 1,473 32
Equity in earnings from equity method investments, net of distributions (766) (762)
Loss on settlement of investments, net 4,055 7,384
Unrealized (gain) loss on investments (331) (556)
Loss on extinguishment of debt 141 182
Change in:    
Accounts receivable, net, other current assets and other assets - noncurrent (182) (2,072)
Accounts payable and accrued expenses, deferred revenue, other current liabilities and other liabilities - noncurrent 1,801 4,325
Net cash used in operating activities (11,885) (11,486)
Cash Flows From Investing Activities    
Principal repayments from investments 0 19,376
Proceeds from sale of securities and loans 0 286,751
Net payments for settlement of TBAs 0 (4,441)
Acquisition and additions of property and equipment and intangibles (23,715) (7,752)
Deposits paid on property and equipment (4,162) (147)
Net cash (used in) provided by investing activities (27,877) 293,787
Cash Flows From Financing Activities    
Borrowings under debt obligations 0 1,651
Repayments of debt obligations (2,344) (296,748)
Margin deposits under repurchase agreements and derivatives 0 (73,735)
Return of margin deposits under repurchase agreements and derivatives 0 72,653
Golf membership deposits received 1,735 1,733
Common stock dividends paid 0 (8,019)
Preferred stock dividends paid (2,790) (2,790)
Payment of deferred financing costs 0 (22)
Other financing activities (232) (200)
Net cash used in financing activities (3,631) (305,477)
Net Decrease in Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent (43,393) (23,176)
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 130,295 123,368
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 2,416 2,149
Additions to property and equipment and accounts payable $ 6,882 $ 1,870