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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - Jun. 30, 2015 - USD ($)
$ in Thousands
Total
CASH FLOWS FROM OPERATING ACTIVITIES  
Consolidated net income $ 9,474
Adjustments to reconcile net income to net cash from operating activities  
Stock-based management fee and compensation expense 921
Non-cash interest income accretion (11,850)
Loss on sale of property 9
Depreciation of property 1
Amortization of prepaid financing costs 435
Net change in operating assets and liabilities  
Prepaid expenses and other assets (3,186)
Receivable from servicer (2,198)
Undistributed income from investment in affiliate (275)
Accrued expenses and other liabilities 1,685
Net cash from operating activities (4,984)
CASH FLOWS FROM INVESTING ACTIVITES  
Purchase of mortgage loans and related balances (233,626)
Principal paydowns on mortgage loans 7,260
Purchase of property held-for-sale and related balances (2,794)
Proceeds from sale of property held-for-sale 357
Distribution from affiliate 67
Renovations of rental property and property held for sale (139)
Net cash from investing activities (228,875)
CASH FLOWS FROM FINANCING ACTIVITIES  
Proceeds from repurchase agreement 153,841
Proceeds from sale or issuance of secured notes 35,213
Repayments on repurchase agreement (15,286)
Repayments on secured notes (3,543)
Sale of common stock, net of offering costs 51,529
Distribution to non-controlling interest (213)
Dividends paid on common stock (4,541)
Net cash from financing activities 217,000
NET CHANGE IN CASH AND CASH EQUIVALENTS (16,859)
CASH AND CASH EQUIVALENTS, beginning of period 53,099
CASH AND CASH EQUIVALENTS, end of period 36,240
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION  
Cash paid for interest $ 2,544
Cash paid for income taxes  
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES  
Transfer of loans to rental property or property held for sale $ 4,965
Transfer of rental property to property held for sale 168
Issuance of common stock for management fees $ 814