| Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net income | ||||||
6,889 | 8,679 | 27,980 | 26,236 | 8,095 | 10,817 | -1,169 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||||
Gain on sales of real estate, net | ||||||
4,610 | 14,728 | 24,497 | 21,818 | 3,243 | 2,942 | 4,111 |
Gain on foreclosures of loans | ||||||
- | - | - | - | 464 | 952 | 0 |
Deferred income tax benefit | ||||||
509 | 4,041 | -7,248 | 0 | 0 | - | - |
Distribution received from equity method investee | ||||||
384 | 185 | 180 | 177 | 170 | 160 | 154 |
Income in earnings of equity method investee | ||||||
383 | 185 | 179 | 175 | 169 | 160 | 155 |
(Reversal of) provision for loan losses | ||||||
-239 | -360 | 1,284 | -1,026 | -1,869 | -7,822 | -124 |
Impairment losses on real estate properties | ||||||
1,053 | 1,423 | 3,227 | 1,589 | 179 | 666 | 4,873 |
Depreciation and amortization | ||||||
761 | 1,138 | 1,258 | 2,052 | 2,255 | 2,485 | 2,292 |
Amortization of deferred financing costs | ||||||
267 | 317 | 456 | 367 | 132 | - | - |
Accretion of discount on loans | ||||||
241 | - | - | 536 | 122 | - | - |
Deferred loan fees, net of amortization | ||||||
-385 | - | - | - | - | - | - |
Changes in operating assets and liabilities: | ||||||
Interest and other receivables | ||||||
-575 | 266 | 441 | 282 | 944 | -407 | 856 |
Other assets | ||||||
-227 | -34 | 420 | 122 | 118 | 42 | -140 |
Accounts payable and accrued liabilities | ||||||
-225 | -2,351 | -2,314 | -526 | -752 | -3,059 | 898 |
Due to Manager | ||||||
-35 | -82 | -48 | 124 | -10 | -4 | -30 |
Forward contract liability | ||||||
-459 | 459 | - | 0 | - | - | - |
Net cash provided by (used in) operating activities | ||||||
4,860 | -1,695 | -763 | 5,880 | 2,967 | -607 | 1,756 |
Cash flows from investing activities: | ||||||
Principal collected on loans | ||||||
78,632 | 69,266 | 55,849 | 35,216 | 27,718 | 15,641 | 5,979 |
Investments in loans | ||||||
68,792 | 85,824 | 78,272 | 68,739 | 44,805 | 19,718 | 0 |
Investment in real estate properties | ||||||
496 | 11,232 | 26,406 | 23,607 | 21,605 | 7,919 | 7,995 |
Net proceeds from disposition of real estate properties | ||||||
21,286 | 55,879 | 89,401 | 48,602 | 1,822 | 11,052 | 18,214 |
Purchases of vehicles and equipment | ||||||
- | 16 | 29 | 48 | 22 | 31 | 24 |
Transfer from (to) restricted cash, net | ||||||
- | - | - | 976 | 2,153 | -2,168 | 2,295 |
Maturities of certificates of deposit | ||||||
- | - | - | - | - | - | 2,990 |
Investments in certificates of deposit | ||||||
- | - | - | - | - | - | 996 |
Net cash provided by investing activities | ||||||
30,629 | 28,071 | 40,542 | -9,376 | -38,875 | 1,352 | 16,026 |
Cash flows from financing activities | ||||||
Advances on notes payable | ||||||
243 | 10,543 | 23,966 | 28,603 | 23,331 | - | - |
Repayments on notes payable | ||||||
17,789 | 13,972 | 36,380 | 20,055 | 800 | 467 | 157 |
Advances on lines of credit | ||||||
71,634 | 19,945 | 79,416 | 69,247 | 59,879 | - | - |
Repayments of lines of credit | ||||||
71,461 | 23,366 | 95,356 | 59,782 | 48,429 | - | - |
Payment of deferred financing costs | ||||||
439 | 12 | 279 | 41 | 354 | 95 | - |
Distributions to non-controlling interests | ||||||
- | - | 8,144 | 2,592 | 2,455 | 4,144 | 21 |
Contribution from non-controlling interest | ||||||
- | - | 44 | 279 | 112 | 362 | 0 |
Purchase of members interest in consolidated LLC | ||||||
- | - | - | - | - | - | 7,200 |
Offering costs incurred and paid | ||||||
- | - | - | - | - | 527 | 708 |
Distributions to stockholders for fractional shares | ||||||
- | - | - | - | - | 19 | 0 |
Purchase of treasury stock | ||||||
12,369 | 16,531 | - | 7,502 | 325 | 5,023 | 0 |
Dividends paid | ||||||
6,464 | 4,245 | 4,592 | 4,816 | 1,794 | 3,801 | 796 |
Net cash used in financing activities | ||||||
-36,647 | -27,640 | -41,326 | 3,338 | 29,163 | -13,717 | -8,884 |
Net decrease in cash, cash equivalents and restricted cash | ||||||
-1,156 | -1,263 | -1,546 | - | - | - | - |
Net increase (decrease) in cash and cash equivalents | ||||||
- | - | - | -157 | -6,745 | -12,972 | 8,899 |
Supplemental Disclosures of Cash Flow Information | ||||||
Cash paid during the year for interest (excluding amounts capitalized) | ||||||
1,893 | 1,291 | 2,495 | 1,570 | 915 | 514 | - |
Cash paid during the year for interest that was capitalized | ||||||
- | 472 | 555 | 393 | 213 | 163 | - |
Cash paid during the year for income taxes | ||||||
- | - | - | 93 | 0 | - | - |
Supplemental Disclosure of Non-Cash Activity | ||||||
Cash paid during the period for interest (including amounts capitalized) | ||||||
- | - | - | - | - | - | 524 |
Increase in real estate from loan foreclosures | ||||||
2,062 | - | 700 | 0 | 9,107 | 18,650 | 1,662 |
Decrease in loans, net of allowance for loan losses, from loan foreclosures | ||||||
-1,937 | - | -631 | 0 | -7,671 | -15,609 | -2,000 |
Decrease in interest and other receivables from adding balances to loans | ||||||
- | - | -69 | 0 | 0 | -22 | 0 |
Decrease in interest and other receivables from loan foreclosures | ||||||
-44 | - | - | 0 | -1,436 | -1,380 | -306 |
Increase in loans from sales of real estate | ||||||
8,679 | 450 | 1,595 | 4,650 | 0 | 11,900 | - |
Decrease in deferred gain from loan foreclosure | ||||||
- | - | - | - | - | - | 644 |
Increase in loans from sales of real estate | ||||||
- | - | - | - | - | - | 8,820 |
Increase in deferred gains from sales of real estate | ||||||
- | - | - | - | - | -2,344 | 1,327 |
Deferred financing costs paid from notes payable proceeds | ||||||
- | - | - | - | 1,121 | - | - |
Amortization of deferred financing costs capitalized to construction project | ||||||
- | -76 | -119 | -207 | -120 | - | - |
Increase in notes payable from purchase of real estate | ||||||
- | - | - | - | - | - | -3,300 |
Receivable recorded for sale of golf course (DarkHorse Golf Club, LLC) | ||||||
- | - | - | - | - | - | 1,510 |
Decrease in non-controlling interest from change in ownership interests | ||||||
- | - | - | - | - | - | 2,759 |
Capital expenditures financed through accounts payable | ||||||
- | 42 | 2,654 | 1,666 | 261 | 1,097 | 0 |
Repurchase of treasury stock accrued as forward contract liability | ||||||
- | -2,271 | - | 0 | - | - | - |
Reversal of deferred gain on adoption of ASU 2014-09 | ||||||
302 | - | - | - | - | - | - |
Loan discounts established on adoption of ASU 2014-09 | ||||||
136 | - | - | - | - | - | - |