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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2020
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2019
Mar. 31, 2020
Dec. 31, 2019
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:              
Net (loss) income $ (1,256)   $ 291,623        
Adjustments to reconcile net income to net cash provided by operating activities:              
Deferred rent and amortization of intangible assets, liabilities and lease inducements (816)   (193)        
Depreciation and amortization 5,258   9,630        
Reclassification from AOCI to interest expense 0   (1,806)        
Reclassification from other assets to interest expense for swap termination 0   1,421        
Change in fair value of swaps 0   209        
Gain on sale of real estate 0   (377,581)        
Impairment of real estate 0 $ 2,800 66,200        
Loss on early extinguishment of debt 0   25,071        
Amortization of deferred loan costs 266   309        
Amortization of premiums and discounts on debt (25)   4        
Unrealized premium adjustment 451   442        
Amortization and accretion on loans receivable, net (179)   (98)        
Bad debt expense (recovery) 225   (98)        
Deferred income taxes (151)   95        
Stock-based compensation 56   38        
Loans funded, held for sale to secondary market (8,883)   (2,553)        
Proceeds from sale of guaranteed loans 9,520   11,286        
Principal collected on loans subject to secured borrowings 2,014   112        
Other operating activity (297)   (49)        
Changes in operating assets and liabilities:              
Accounts receivable and interest receivable (300)   740        
Other assets (695)   643        
Accounts payable and accrued expenses 489   (4,041)        
Deferred leasing costs (83)   (262)        
Other liabilities (497)   (5,026)        
Due to related parties 886   (1,723)        
Net cash provided by operating activities 5,983   14,393        
CASH FLOWS FROM INVESTING ACTIVITIES:              
Additions to investments in real estate (5,632)   (12,623)        
Proceeds from sale of real estate, net 0   652,891        
Loans funded (2,961)   (851)        
Principal collected on loans 3,319   2,252        
Other investing activity 30   23        
Net cash (used in) provided by investing activities (5,244)   641,692        
CASH FLOWS FROM FINANCING ACTIVITIES:              
Payment of unsecured revolving lines of credit, revolving credit facility and or term note (5,000)   (130,000)        
Proceeds from unsecured revolving lines of credit, revolving credit facility and or term note 11,500   0        
Payment of mortgages payable 0   (46,000)        
Investments in marketable securities in connection with the legal defeasance of mortgages payable 0   (224,086)        
Prepayment penalties and other payments for early extinguishment of debt 0   (5,562)        
Payment of principal on SBA 7(a) loan-backed notes (4,249)   (3,271)        
Payment of principal on secured borrowings (2,014)   (112)        
Payment of deferred preferred stock offering costs (207)   (126)        
Payment of other deferred costs 0   (82)        
Payment of common dividends (1,095)   (5,474)        
Net proceeds from issuance of Series A Preferred Warrants 29   9        
Payment of preferred stock dividends (10,919)   (14,935)        
Redemption of Series A Preferred Stock (186)   (67)        
Net cash used in by financing activities (3,498)   (422,687)        
Change in cash balances included in assets held for sale 0   10        
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (2,759)   233,408        
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:              
Beginning of period 35,947 310,579 77,171 $ 77,171      
End of period 33,188   310,579 35,947      
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:              
Cash and cash equivalents         $ 22,758 $ 23,801 $ 298,841
Restricted cash         10,430 12,146 11,738
Total cash and cash equivalents and restricted cash 33,188 $ 310,579 310,579 $ 35,947 33,188 $ 35,947 310,579
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:              
Cash paid during the period for interest 2,904   5,734        
Federal income taxes paid 0   0        
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:              
Additions to investments in real estate included in accounts payable and accrued expenses 4,859   2,457        
Additions to deferred costs included in accounts payable and accrued expenses 382   145        
Additions to preferred stock offering costs included in accounts payable and accrued expenses 538   281        
Accrual of dividends payable to preferred stockholders         $ 2,209   $ 1,010
Preferred stock offering costs offset against redeemable preferred stock in temporary equity 176   44        
Preferred stock offering costs offset against redeemable preferred stock in permanent equity 2   0        
Reclassification of Series A Preferred Stock from temporary equity to permanent equity 6,948   8,890        
Reclassification of loans receivable, net to real estate owned 0   243        
Reclassification of Series A Preferred Stock from permanent equity to accounts payable and accrued expenses 18   0        
Establishment of right-of use asset and lease liability 0   362        
Marketable securities transferred in connection with the legal defeasance of mortgages payable 0   224,086        
Mortgage notes payable legally defeased 0   205,500        
Mortgage note assumed in connection with our sale of real estate 0   28,200        
Redeemable preferred stock deemed dividends 161   0        
Redeemable preferred stock fees included in accounts payable and accrued expenses 78   0        
Series A Preferred Stock              
CASH FLOWS FROM FINANCING ACTIVITIES:              
Net proceeds from issuance of Series A Preferred Stock 8,497   7,019        
Series D Preferred Stock              
CASH FLOWS FROM FINANCING ACTIVITIES:              
Net proceeds from issuance of Series A Preferred Stock $ 146   $ 0