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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 8,232 $ 9,747 $ 8,190
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 2,039 1,937 2,140
Impairment charges 4,677 0 214
Provision for credit losses 280 3,058 4,265
Unrealized loss (gain) on trading securities 2,523 342 1,021
Equity in (earnings) losses of unconsolidated entities (9,582) (4,553) (5,389)
Distributions from unconsolidated entities 16,432 6,759 4,647
(Gain) loss on sale of available-for-sale investment securities, net 0 (445) 0
(Gain) loss on sale of assets (29) (12) (1,734)
(Gain) loss on sale of trading securities (1,593) (2,395) (6,523)
Deferred income tax provision (benefit) 3,982 5,388 25
Equity-based compensation expense 3,515 2,003 1,257
Equity-based compensation received 0 0 (1,138)
Trading securities purchases and sales, net (998) 1,588 10,517
(Gain) loss from discontinued operations 0 0 2
Changes in operating assets and liabilities 3,300 (6,793) 2,635
Net cash provided by (used in) operating activities 32,778 16,624 20,129
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (716) (430) (2,730)
Principal payments received on real estate loans and real estate 0 25 2,049
Investments in unconsolidated real estate entities (7,137) (1,709) (1,545)
Principal payments on leases and loans 587 22 17
Proceeds from sale of loans and investments 24,935 3,819 0
Purchase of loans and investments (33,692) (24,315) (3,213)
Net cash provided by (used in) investing activities (16,023) (22,588) (5,422)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Increase in borrowings 0 2,520 2,001
Principal payments on borrowings (1,140) (3,321) (3,107)
Dividends paid (5,112) (4,272) (1,988)
Proceeds from issuance of common stock 0 15,584 1,252
Repurchases of common stock (19,897) (10,591) (4,607)
Contributions from non-controlling interests - Pelium 4,893 20,292 0
Distributions to non-controlling interests - Pelium (5,102) 0 0
(Increase) decrease in restricted cash (212) (154) 0
Other 0 0 67
Net cash provided by (used in) financing activities (26,570) 20,058 (6,382)
CASH FLOWS FROM DISCONTINUED OPERATIONS:      
Operating activities 0 0 (371)
Net cash provided by (used in) discontinued operations 0 0 (371)
Increase (decrease) in cash (9,815) 14,094 7,954
Cash, beginning of year 33,947 19,853 11,899
Cash, end of year $ 24,132 $ 33,947 $ 19,853