Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements of Cash Flows

v3.8.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities      
Net income (loss) $ 31,035 $ 14,756 $ 8,034
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 13,171 7,658 3,950
Equity-based compensation 11,304 10,054 10,641
Equity method investments (7,746) 781 98
Non-cash gain on securitization (28,915) (10,912) (3,873)
Gain on sale of receivables and investments 2,137 (2,015) (3,120)
Changes in receivables held-for-sale (3,338) 46,204 11,002
Changes in accounts payable and accrued expenses (327) 3,312 (1,029)
Other (5,604) (12,983) (7,184)
Net cash provided by operating activities 11,717 56,855 18,519
Cash flows from investing activities      
Equity method investments (232,811) (60,774) (200,271)
Equity method distributions received 75,114 48,870 25,307
Proceeds from sales of equity method investments 6,044    
Purchases of receivables (111,161) (300,511) (289,906)
Principal collections from receivables 98,482 116,432 70,093
Proceeds from sales of receivables 78,857 39,978 92,456
Purchases of real estate (170,982) (17,693) (42,913)
Purchases of investments (22,115) (31,335) (33,648)
Principal collections from investments 3,733 1,768 8,919
Proceeds from sales of investments   13,914 21,995
Funding of escrow accounts (37,613)    
Withdrawal from escrow accounts 15,986    
Other (1,414) (1,280) (1,078)
Net cash used in investing activities (297,880) (190,631) (349,046)
Cash flows from financing activities      
Proceeds from credit facilities 302,612 307,900 308,086
Principal payments on credit facilities (515,777) (271,968) (376,455)
Proceeds from non-recourse debt 609,332 97,660 405,765
Principal payments on non-recourse debt (79,459) (69,097) (46,602)
Proceeds from issuance of convertible notes 150,000    
Payments on deferred funding obligations (124,785) (65,741) (82,838)
Net proceeds of common stock issuances 96,899 177,294 180,486
Payments of dividends and distributions (68,234) (49,481) (31,591)
Other (25,392) (12,863) (17,250)
Net cash provided by financing activities 345,196 113,704 339,601
Increase (decrease) in cash, cash equivalents, and restricted cash 59,033 (20,072) 9,074
Cash, cash equivalents, and restricted cash at beginning of period 59,144 79,216 70,142
Cash, cash equivalents, and restricted cash at end of period 118,177 59,144 79,216
Interest paid 48,865 37,858 24,111
Non-cash changes in deferred funding obligations (financing activity) 107,283 127,630 103,049
Non-cash changes in non-recourse debt (financing activity) (5,959)    
Non-cash changes in receivables and investments (investing activity) (85,933) (142,551) (85,457)
Non-cash changes in residual assets (investing activity) $ (28,777) $ (10,912) $ (3,873)