XML 144 R7.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements of Cash Flow
$ in Thousands
 12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Operating Activities:      
Net income (loss) attributable to Common Stockholders $ 18,361 $ 23,933 $ 3,604
Net income (loss) 20,122 29,883 5,234
Adjustments to reconcile net income to net cash provided by (used in) operating activities      
Net realized and unrealized (gains) losses (83,868) (28,782) (47,607)
Net (gain) on sale of businesses (7,598) (56,860) (1,944)
Realized (gain) on cash flow hedge 0 0 (877)
Change in fair value of contingent consideration 0 0 3,192
Non-cash compensation expense 6,363 6,657 6,826
Amortization/accretion of premiums and discounts 1,161 1,029 1,316
Depreciation and amortization expense 13,569 12,596 29,992
Non-cash lease expense 7,568 0 0
Bad debt expense 140 243 1,019
Amortization of deferred financing costs 714 934 2,770
Loss on extinguishment of debt 1,241 428 1,163
Deferred tax expense (benefit) 6,815 4,011 (11,249)
Mortgage loans originated for sale (2,048,228) (1,533,365) (1,592,726)
Proceeds from the sale of mortgage loans originated for sale 2,043,097 1,590,546 1,658,646
(Increase) decrease in notes and accounts receivable (33,085) (35,256) (48,085)
(Increase) decrease in reinsurance receivables (119,482) (67,384) (53,256)
(Increase) decrease in deferred acquisition costs 3,570 (22,901) (20,554)
(Increase) decrease in other assets 269 (12,400) (4,849)
Increase (decrease) in unearned premiums 155,549 95,998 87,880
Increase (decrease) in policy liabilities and unpaid claims 12,773 19,608 5,729
Increase (decrease) in deferred revenue 16,397 19,009 4,082
Increase (decrease) in reinsurance payable 26,272 27,043 19,966
Increase (decrease) in other liabilities and accrued expenses 383 6,687 3,205
Operating activities from consolidated CLOs 0 0 (2,954)
Net cash provided by (used in) operating activities 23,742 57,724 46,919
Investing Activities:      
Purchases of investments (389,206) (327,617) (221,096)
Proceeds from sales and maturities of investments 394,331 190,942 296,855
(Increase) decrease in loans owned, at amortized cost, net 0 0 (37,166)
Proceeds from the sale of real estate 11,857 17,705 14,035
Purchases of property, plant and equipment (8,519) (3,749) (1,747)
Proceeds from the sale of businesses 18,329 15,709 14,089
Proceeds from notes receivable 36,690 29,234 50,175
Issuance of notes receivable (67,176) (31,331) (41,861)
Business and asset acquisitions, net of cash and deposits (4,633) 0 (85,826)
Investing activities from consolidated CLOs 0 0 225,317
Net cash provided by (used in) investing activities (8,327) (109,107) 212,775
Financing Activities:      
Dividends paid (5,502) (4,781) (3,499)
Non-controlling interest contributions 61 3,150 2,464
Non-controlling interest distributions (3,585) (241) (2,224)
Payment of debt issuance costs (586) (1,143) (9,588)
Proceeds from borrowings and mortgage notes payable 2,237,329 1,632,469 1,857,571
Principal paydowns of borrowings and mortgage notes payable (2,181,704) (1,617,346) (1,816,537)
Proceeds from the exercise of options for Common Stock 0 0 8,100
Repurchases of Common Stock (9,085) (14,111) (7,300)
Financing activities from consolidated CLOs 0 0 (223,393)
Net cash provided by (used in) financing activities 36,928 (2,003) (194,406)
Net increase (decrease) in cash, cash equivalents and restricted cash 52,343 (53,386) 65,288
Cash, cash equivalents and restricted cash – beginning of period 96,524 142,237 74,258
Cash, cash equivalents and restricted cash – beginning of period - held for sale 2,860 10,533 13,224
Cash, cash equivalents and restricted cash – end of period 151,727 [1] 99,384 [1] 152,770 [1]
Less: Reclassification of cash to assets held for sale 7,137 2,860 10,533
Cash, cash equivalents and restricted cash – end of period 144,590 96,524 142,237
Supplemental Schedule of Non-Cash Investing and Financing Activities:      
Cash paid during the period for interest expense 26,224 25,976 34,113
Cash (received) paid during the period for income taxes 3,301 (5,088) 5,049
Right-of-use asset obtained in exchange for lease liability 33,558    
Acquired real estate properties through, or in lieu of, foreclosure of the related loan 2,596 7,367 15,033
Acquisition of non-controlling interest 2,500 82,190 0
Equity securities acquired through the sale of a subsidiary and asset sales 0 135,675 0
Cancellation of treasury shares 0 33,535 0
Assets of consolidated CLOs deconsolidated due to sale and redemption 0 0 765,603
Liabilities of consolidated CLOs deconsolidated due to sale and redemption 0 0 729,597
Real estate acquired through asset acquisition 0 0 8,178
Seller provided financing related to the sale of subsidiary 0 0 11,000
Intangible assets related to in-place leases acquired through asset acquisition 0 0 2,049
Settlement of contingent consideration payable with Common Stock 0 0 4,838
Debt assumed through acquisitions 0 0 7,586
Reconciliation of cash, cash equivalents and restricted cash shown in the statement of cash flows      
Cash and cash equivalents 133,117 86,003 110,667
Restricted cash 11,473 10,521 31,570
Noncontrolling interest      
Operating Activities:      
Net income (loss) attributable to noncontrolling interests 1,761 5,950 1,630
Tiptree Financial Partners, L.P. | Noncontrolling interest      
Operating Activities:      
Net income (loss) attributable to noncontrolling interests 0 5,500 748
Noncontrolling interests - other | Noncontrolling interest      
Operating Activities:      
Net income (loss) attributable to noncontrolling interests $ 1,761 $ 450 $ 882
[1] Includes cash in assets held for sale