| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net (loss) income | ||||||
-6,556 | -1,223 | -13,371 | 7,462 | 6,791 | 21,983 | 13,601 |
Adjustments to reconcile net loss (income) to net cash used in operating activities: | ||||||
Provision for doubtful accounts | ||||||
- | - | - | 0 | -7 | 5 | 2 |
Provision for loan losses | ||||||
438 | 5,124 | 4,363 | 1,586 | 1,090 | 436 | 2,637 |
Accretion of deferred loan fees | ||||||
- | - | - | 2,351 | 1,827 | 1,202 | 1,795 |
Amortization of liquidity discount, net | ||||||
- | - | - | -146 | -131 | -119 | 14,867 |
Amortization of debt issuance costs | ||||||
- | - | - | 433 | 423 | 399 | 31 |
Amortization of original issue discount, related to CLOs | ||||||
- | - | - | 2,431 | 1,457 | - | - |
Amortization of original issue discount, related to CLO II, CLO III, and CLO IV | ||||||
- | - | - | - | - | -1,036 | -580 |
Interest paid in kind | ||||||
- | - | - | -53 | -198 | -168 | - |
Loss on sale and payoff of loans and mark-to-market of loans | ||||||
38 | 532 | -797 | 1,918 | 1,604 | - | - |
Interest paid in kind | ||||||
- | - | - | - | - | - | -485 |
(Gain) loss on sale and payoff of loans | ||||||
- | - | - | - | - | -492 | 1,806 |
Gain on repurchase, reissuance or early retirement of debt | ||||||
-458 | -2,838 | -6,107 | 87 | 0 | 0 | - |
Change in other investments: | ||||||
(Income) loss from investments in equity method investees | ||||||
1,557 | 259 | -6,360 | 2,200 | 159 | -3,023 | - |
Unrealized gain on other investments | ||||||
1,781 | 672 | 1,893 | - | - | - | - |
Realized loss on other investments | ||||||
- | -473 | -446 | 8,003 | 3,395 | 755 | 2,895 |
Depreciation and amortization | ||||||
1,659 | 1,482 | 1,322 | 1,280 | 1,177 | 931 | 921 |
Share-based compensation expense | ||||||
1,994 | 1,549 | 2,955 | 5,761 | 8,345 | 9,431 | 5,371 |
Gain on deconsolidation | ||||||
3,520 | - | - | - | - | - | - |
Fair value on other equity investments | ||||||
- | - | - | -1,061 | 3,573 | 19,283 | 16,482 |
Incentive fees reinvested in general partnership interests | ||||||
- | - | - | 0 | -3,614 | -17,863 | -7,753 |
Change in fair value of small business loans | ||||||
- | - | - | - | - | - | 90 |
Change in fair value of total return swap | ||||||
- | - | 412 | -3,064 | 1,950 | 0 | - |
Distributions of investment income from equity method investments | ||||||
1,558 | 1,139 | 155 | - | - | - | - |
Other, net | ||||||
-114 | -296 | -176 | - | - | - | - |
Deferred income taxes | ||||||
- | - | - | - | - | -17,457 | 5,554 |
Net change in operating assets and liabilities: | ||||||
Decrease (increase) in interest receivable | ||||||
5,029 | 745 | -1,170 | -191 | 735 | 841 | 647 |
Decrease in receivables | ||||||
2,419 | -2,624 | - | - | - | - | - |
Decrease (increase) in receivables | ||||||
- | - | 3,976 | -11,261 | -10,064 | - | - |
Increase in receivables | ||||||
- | - | - | - | - | -1,849 | -4,888 |
Decrease in marketable securities | ||||||
-16,131 | -1,951 | 2,103 | -9,771 | -973 | 171 | 14,948 |
Decrease (increase) in restricted cash (excluding restricted cash reserved for lending activities) | ||||||
- | - | - | -1,050 | -814 | - | - |
Decrease (increase) in restricted cash (excluding restricted cash reserved for lending activities) | ||||||
- | - | - | - | - | 4,679 | 3,159 |
Increase in other assets | ||||||
9,479 | -6,138 | 723 | -2,618 | -9,232 | 17,435 | -1,977 |
Decrease in marketable securities sold, but not yet purchased | ||||||
-771 | -3,293 | 3,172 | -8,537 | -1,764 | 1,299 | 2,182 |
Increase (decrease) in interest payable | ||||||
-4,063 | 4,698 | 195 | 940 | -191 | 2,801 | 2,179 |
Decrease in accrued compensation | ||||||
-11,089 | -1,522 | 6,973 | - | - | - | - |
(Decrease) increase in other liabilities | ||||||
4,983 | 1,517 | -7,706 | - | - | - | - |
Decrease in accrued compensation and other liabilities | ||||||
- | - | - | -3,996 | -32,136 | 7,818 | 38,417 |
Net cash used in operating activities | ||||||
-18,891 | 22,647 | 3,237 | 8,878 | -3,810 | 6,444 | 32,039 |
Cash flows from investing activities: | ||||||
Purchases of fixed assets | ||||||
1,388 | 1,153 | 341 | 494 | 2,873 | 1,072 | 350 |
Purchases of other investments | ||||||
12,604 | 1,921 | 6,362 | 7,555 | 22,727 | 49,778 | 76,450 |
Sales or distributions from other investments | ||||||
10,441 | 14,042 | 14,429 | 46,582 | 46,952 | 52,626 | 13,580 |
Funding of loans collateralizing asset-backed securities issued | ||||||
35,153 | 434,820 | 507,557 | 304,606 | 291,660 | 673,586 | -590,932 |
Funding of small business loans | ||||||
- | - | - | - | - | - | 1,250 |
Funding of loans held for investment | ||||||
25,679 | 339,874 | 81,972 | 0 | 640 | 1,172 | 825 |
Sale, payoff and principal receipts of loans collateralizing asset-backed securities issued | ||||||
23,806 | 399,161 | 389,575 | 519,063 | 289,720 | 301,646 | 220,122 |
Sale, payoff and principal receipts of loans held for sale | ||||||
- | - | 32,983 | - | - | - | - |
Sale of loans held for sale | ||||||
- | - | - | 0 | 0 | - | - |
Principal receipts on loans collateralizing asset-backed securities issued | ||||||
- | - | - | 68,030 | 70,387 | 60,755 | 49,324 |
Sale, payoff and principal receipts on loans held for investment | ||||||
7,941 | 29,516 | 2,701 | 274 | 240 | - | - |
Net decrease in cash and restricted cash due to deconsolidation of subsidiaries | ||||||
27,771 | - | - | - | - | - | - |
Sale of loans held for investment | ||||||
- | - | - | 0 | 0 | 0 | - |
Sale of participating interest in loans held for investment | ||||||
- | - | 1,030 | 0 | 0 | - | - |
Principal receipts on loans held for sale | ||||||
- | - | - | 0 | 0 | - | - |
Net change in restricted cash reserved for lending activities | ||||||
- | - | - | 176,134 | 1,552 | -6,975 | -7,125 |
Net changes in cash collateral posted for derivative transactions | ||||||
- | - | -25,000 | 0 | 25,000 | 0 | - |
Cash associated with consolidation / deconsolidation of subsidiaries | ||||||
- | - | - | 0 | 260 | 0 | 13,344 |
Net cash provided by (used in) investing activities | ||||||
-60,448 | -335,049 | -130,514 | 145,160 | 62,587 | -303,606 | -393,000 |
Cash flows from financing activities: | ||||||
Proceeds from bond issuance | ||||||
36,000 | - | 50,000 | 0 | 0 | - | - |
Capital contributions of redeemable non-controlling interest holders | ||||||
- | - | - | - | - | - | 134 |
Proceeds from CLO III warehouse | ||||||
- | - | - | - | - | 207,393 | 64,634 |
Proceeds from issuance of note payable | ||||||
- | - | - | - | - | - | 15,000 |
Proceeds from drawdowns on CLO warehouse facilities | ||||||
16,583 | 286,250 | 61,250 | 0 | 0 | - | 3,045 |
Repayment of note payable | ||||||
- | - | - | - | - | 20,000 | 10,486 |
Repayment of note payable | ||||||
10,600 | 325,000 | - | - | - | 2,895 | - |
Proceeds from issuance of repurchase agreement | ||||||
- | 3,878 | - | - | - | - | - |
Repayment of repurchase agreement | ||||||
- | 3,878 | - | - | - | - | - |
Proceeds from sale of note payable to affiliate | ||||||
- | 829 | - | - | - | - | - |
Proceeds from asset-backed securities issued | ||||||
- | - | - | - | - | 329,339 | 311,562 |
Payment of debt issuance costs | ||||||
1,887 | 1,897 | 1,964 | 0 | 0 | 1,740 | 1,694 |
Redemption/repurchase of bonds payable | ||||||
- | - | - | 385 | 0 | 0 | - |
Repayment of asset-backed securities issued | ||||||
801 | 332,379 | 503,617 | 106,800 | 68,202 | 45,661 | 26,723 |
Repayment of bonds payable | ||||||
35,925 | 9,980 | - | - | - | - | - |
Repurchase of bonds payable | ||||||
- | - | 47,914 | - | - | - | - |
Proceeds of issuance from asset-backed securities issued | ||||||
- | 699,107 | 408,394 | 0 | 0 | - | - |
Reissuance of asset-back securities | ||||||
- | -4,453 | - | - | - | - | - |
Distributions and distribution equivalents paid on common shares and RSUs | ||||||
3,526 | 7,874 | 7,770 | 8,362 | 10,182 | 5,153 | 3,329 |
Capital contributions of nonredeemable non-controlling interest holders | ||||||
- | 449 | 92 | 0 | 464 | 20,954 | - |
Proceeds from issuance of note payable | ||||||
- | - | - | - | - | 5,000 | - |
Proceeds from exercises of share options | ||||||
- | - | 1,218 | 0 | 0 | 48,300 | 46,000 |
Purchase of common shares for treasury | ||||||
8,615 | 3,250 | 2,084 | 4,155 | 1,214 | 11,702 | 5,783 |
Distributions to non-controlling interest shareholders | ||||||
977 | 2,414 | 4,677 | 7,077 | 9,079 | 3,175 | 3,913 |
Purchase of subsidiary shares from non-controlling interest holders | ||||||
- | - | - | 8,209 | 0 | 6,000 | - |
Employee taxes paid on shares withheld for tax-withholding purposes | ||||||
554 | 405 | 1,478 | 2,109 | 3,375 | - | - |
Cash settlement of share-based compensation | ||||||
- | - | - | - | - | 140 | 428 |
Cash settlement of share-based compensation | ||||||
- | - | - | - | - | - | 428 |
Sale of subsidiary shares to non-controlling interest holders | ||||||
- | - | - | - | - | 25,316 | - |
Excess tax benefit related to share-based compensation | ||||||
- | - | - | - | - | 175 | - |
Net cash (used in) provided by financing activities | ||||||
-2,552 | 307,889 | -48,550 | -137,097 | -91,588 | 332,618 | 359,792 |
Net decrease in cash, cash equivalents, and restricted cash | ||||||
-81,891 | -4,513 | -175,827 | - | - | - | - |
Net increase (decrease) in cash and cash equivalents | ||||||
- | - | - | 16,941 | -32,811 | 35,456 | -1,169 |
Supplemental disclosures of cash flow information: | ||||||
Cash paid during the period for interest | ||||||
20,521 | 44,854 | 33,508 | 31,378 | 27,912 | 18,306 | 11,560 |
Cash paid (received) during the period for taxes, net of refunds | ||||||
-2,485 | 2,399 | - | - | - | - | - |
Cash paid during the period for taxes | ||||||
- | - | 2,420 | 961 | 697 | 6,554 | 6,912 |
Non-cash investing and financing activities: | ||||||
Reissuance of common shares from treasury related to vesting of restricted share units | ||||||
2,194 | 1,678 | 5,399 | 5,281 | 7,985 | 7,462 | 714 |
Distributions declared but not yet paid | ||||||
- | 640 | 652 | 639 | 851 | 0 | - |
Acquisition of equity securities in restructuring of loans | ||||||
736 | 809 | 1,023 | - | - | - | - |
Leasehold improvement directly paid for by the lessor | ||||||
1,890 | - | - | - | - | - | - |
Transfer of loans held for investment to loans collateralizing asset-backed securities issued upon securitization of CLO V | ||||||
- | 362,213 | - | - | - | - | - |
Initial recognition of operating lease right-of-use assets | ||||||
23,604 | - | - | - | - | - | - |
Initial recognition of operating lease right-of-use liabilities | ||||||
29,278 | - | - | - | - | - | - |
Carrying value of noncash assets derecognized on deconsolidation of subsidiaries | ||||||
1,226,848 | - | - | - | - | - | - |
Carrying value of noncash liabilities derecognized on deconsolidation of subsidiaries | ||||||
1,161,933 | - | - | - | - | - | - |
Carrying value of non-controlling interest derecognized on deconsolidation of subsidiaries | ||||||
12,842 | - | - | - | - | - | - |
Fair value of marketable securities recognized on deconsolidation of subsidiaries | ||||||
76,879 | - | - | - | - | - | - |
Fair value of other investments recognized on deconsolidation of subsidiaries | ||||||
7,516 | - | - | - | - | - | - |
Acquisition of equity securities in restructuring of loans | ||||||
- | - | - | 0 | 0 | - | - |
CNB [Member] | ||||||
Proceeds from drawdowns on line of credit | ||||||
16,583 | - | - | - | - | - | - |
Repayment of note payable | ||||||
10,600 | - | - | - | - | - | - |
BNP Paribas [Member] | ||||||
Proceeds from drawdowns on line of credit | ||||||
7,750 | 286,250 | - | - | - | - | - |
Repayment of note payable | ||||||
- | 325,000 | - | - | - | - | - |