| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|---|---|---|---|---|---|
Operating activities: | ||||||
Net loss | ||||||
-105,391 | -130,835 | -185,454 | -228,028 | -46,005 | 188,853 | 39,596 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
Gains (Losses) On Real Estate And Mortgage Loans | ||||||
12,856 | -145 | -29,919 | - | - | - | - |
Change in unrealized gain on mortgage loans | ||||||
- | - | - | -195,909 | 88,829 | 350,822 | 61,092 |
Net realized loss (gain) on mortgage loans | ||||||
- | - | - | 85,990 | 94,493 | 55,766 | 10,482 |
Net realized gain on mortgage loans held for sale | ||||||
- | - | - | - | - | 2,771 | 0 |
Net realized gain on sales of real estate | ||||||
- | - | - | 117,617 | 50,932 | 9,482 | 0 |
Depreciation and amortization | ||||||
82,249 | 80,961 | 61,601 | 27,027 | 7,472 | 1,067 | 25 |
Impairment | ||||||
4,458 | 12,734 | 40,108 | 57,913 | 72,230 | 21,788 | 0 |
Accretion of interest on re-performing mortgage loans | ||||||
- | - | - | -142 | 551 | 2,610 | 0 |
Share-based compensation | ||||||
5,926 | 3,024 | 4,139 | 1,287 | 184 | 227 | 244 |
Amortization of deferred financing costs | ||||||
5,353 | 6,099 | 7,443 | 12,519 | 7,348 | 3,427 | 1,102 |
Casualty (Losses) Loss Reversals, Net | ||||||
978 | 552 | 6,021 | 0 | 0 | - | - |
Insurance Recoveries | ||||||
730 | 588 | 3,349 | 0 | 0 | - | - |
Change in fair value of interest rate cap derivatives in profit or loss | ||||||
5,036 | 1,311 | 0 | 0 | - | - | - |
Changes in operating assets and liabilities: | ||||||
Accounts receivable | ||||||
-5,571 | -2,498 | 2,024 | -1,650 | 22,551 | 3,472 | 0 |
Receivable from AAMC | ||||||
- | - | - | -2,180 | -15,311 | -8,199 | 876 |
Deferred leasing costs | ||||||
2,756 | 4,964 | 2,802 | - | 88 | 0 | 0 |
Prepaid expenses and other assets | ||||||
-11,873 | 19,416 | 2,073 | 4,530 | 42 | 293 | 106 |
Accounts payable and accrued liabilities | ||||||
-3,564 | 12,732 | -565 | 19,423 | 16,627 | 522 | 3,201 |
Payable to AAMC | ||||||
1,046 | -183 | -1,115 | 5,266 | -33,391 | 27,512 | 5,825 |
Net cash used in operating activities | ||||||
-2,807 | -35,930 | -48,151 | -113,133 | -217,710 | -173,621 | -22,563 |
Investing activities: | ||||||
Investment in mortgage loans | ||||||
- | - | - | - | - | 1,265,890 | 1,212,620 |
Payments to Acquire Real Estate | ||||||
49,112 | 475,760 | 135,101 | 299,556 | 119,977 | 34,104 | 6,198 |
Investment in renovations | ||||||
30,693 | 32,790 | 38,067 | 53,394 | 27,410 | 12,721 | 465 |
Investment in HavenBrook (Note 3) | ||||||
0 | 11,399 | 0 | 0 | - | - | - |
Proceeds from (investment in) affiliate | ||||||
- | - | - | - | - | - | 18,000 |
Payment of real estate tax advances | ||||||
74 | 283 | 4,233 | 23,479 | 29,862 | 33,719 | 6,472 |
Proceeds from mortgage loan resolutions and dispositions | ||||||
4,343 | 6,045 | 527,195 | 543,099 | 468,111 | 334,366 | 38,967 |
Receipt of mortgage loan payments | ||||||
224 | 307 | 7,238 | -22,870 | -26,206 | -20,900 | -4,901 |
Proceeds from dispositions of real estate | ||||||
190,973 | 81,739 | 264,174 | 378,043 | 154,880 | 23,652 | 685 |
Proceeds from casualty insurance | ||||||
1,697 | 2,588 | 0 | 0 | - | - | - |
Disposition of preferred stock of affiliate | ||||||
- | - | - | - | 18,000 | 0 | - |
Acquisition related deposits | ||||||
- | - | - | - | - | - | 1,150 |
Investment in derivative financial instrument | ||||||
- | - | - | 55 | 0 | 0 | - |
Real estate tax advances | ||||||
74 | 283 | 4,233 | 23,479 | 29,862 | - | - |
Change in restricted cash | ||||||
- | - | - | - | - | -7,404 | -5,878 |
Net cash provided by investing activities | ||||||
117,358 | -429,553 | 621,206 | 567,528 | 489,948 | -974,920 | -1,206,230 |
Financing activities: | ||||||
Proceeds from exercise of stock options | ||||||
151 | 108 | 243 | 83 | 212 | - | - |
Issuance of common stock, including stock option exercises | ||||||
- | - | - | - | - | 491,388 | 684,615 |
Payment of tax withholdings on share-based compensation plan awards | ||||||
84 | 0 | 138 | 24 | 102 | 7,669 | 123 |
Cost of issuance of common stock | ||||||
- | - | - | - | - | 15,290 | 25,729 |
Repurchase of common stock | ||||||
886 | 325 | 5,165 | 21,538 | 24,983 | 0 | 0 |
Dividends on common stock | ||||||
32,526 | 32,261 | 32,162 | 38,286 | 98,334 | 116,025 | 13,087 |
Proceeds from issuance of other secured borrowings | ||||||
- | - | - | - | 220,931 | 339,426 | 0 |
Repayments of other secured debt | ||||||
0 | 0 | 144,971 | 361,544 | 54,823 | 344 | 0 |
Proceeds from repurchase and loan agreements | ||||||
91,467 | 1,116,000 | 112,317 | 793,392 | 347,077 | 1,094,042 | 689,490 |
Repayments of repurchase and loan agreements | ||||||
173,161 | 659,381 | 462,808 | 823,192 | 594,564 | 681,424 | 87,108 |
Payment of financing costs | ||||||
1,648 | 10,656 | 8,106 | 11,331 | 9,832 | 5,385 | 3,282 |
Principal repayments of finance leases | ||||||
1,015 | 0 | 0 | - | - | - | - |
Premium paid for interest rate cap derivatives | ||||||
0 | 28,330 | 0 | 0 | - | - | - |
Net cash (used in) provided by financing activities | ||||||
-117,702 | 385,155 | -540,790 | -462,440 | -214,418 | 1,098,719 | 1,244,776 |
Net change in cash, cash equivalents and restricted cash | ||||||
-3,151 | -80,328 | 32,265 | -8,045 | 57,820 | -49,822 | 15,983 |
Supplemental disclosure of cash flow information: | ||||||
Cash paid for: | ||||||
Interest | ||||||
72,998 | 69,628 | 52,885 | 39,838 | 47,286 | 31,218 | 2,445 |
Income taxes | ||||||
50 | 58 | 28 | 180 | 52 | 11 | 0 |
Non-cash transactions: | ||||||
Seller financing of assets acquired | ||||||
0 | 0 | 401,211 | 489,259 | 0 | 0 | - |
Transfer of mortgage loans to real estate owned, net | ||||||
4,131 | 4,935 | 40,436 | 206,987 | 470,221 | 587,268 | 31,014 |
Transfer of mortgage loans at fair value to mortgage loans held for sale | ||||||
- | - | - | 195,461 | 535,836 | 0 | 0 |
Changes in accrued capital expenditures | ||||||
-1,549 | 526 | 2,245 | -3,212 | -1,388 | 4,151 | 0 |
Changes in receivables from mortgage loan resolutions and dispositions, payments and real estate tax advances to borrowers, net | ||||||
-225 | -333 | -6,152 | -4,945 | -592 | 10,024 | 9,812 |
Changes in receivables from real estate owned dispositions | ||||||
6,829 | -2,341 | -13,456 | -4,377 | 15,252 | 4,640 | 0 |
Change in other comprehensive loss from cash flow hedges | ||||||
-7,261 | -12,653 | 0 | - | - | - | - |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | ||||||
- | - | - | 0 | - | - | - |
Right-of-use lease assets recognized - operating leases | ||||||
1,527 | 0 | 0 | - | - | - | - |
Right-of-use lease assets recognized - finance leases | ||||||
2,032 | 0 | 0 | - | - | - | - |
Operating lease liabilities incurred | ||||||
1,527 | 0 | 0 | - | - | - | - |
Acquisition-related payable | ||||||
- | - | - | - | - | - | 1,191 |